# EDGAR Filing Document

**Accession Number:** 0000914209
**File Stem:** 0001133228-25-011468
**Filing Date:** 2025-10
**Character Count:** 467279
**Document Hash:** e962f0337e99b75755ae95cc980bcb24
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001133228-25-011468.hdr.sgml**: 20251030

**ACCESSION NUMBER**: 0001133228-25-011468

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 43

**CONFORMED PERIOD OF REPORT**: 20250831

**FILED AS OF DATE**: 20251030

**DATE AS OF CHANGE**: 20251030

**EFFECTIVENESS DATE**: 20251030

**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:** 251432154

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

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

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

## Series and Classes Contracts Data

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

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

?xml version='1.0' encoding='ASCII'? 2025-09-1174300185600_PutnamMulti-AssetIncomeFund_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: **August 31**

Date of reporting period: **August 31, 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 Multi-Asset Income Fund**  | ![image](img2199_202405220716489.jpg) |
| Class A [PMIAX] | ![image](img2199_202405220716489.jpg) |
| Annual Shareholder Report \| August 31, 2025  | ![image](img2199_202405220716489.jpg) |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This annual shareholder report contains important information about Putnam Multi-Asset Income Fund for the period September 1, 2024, to August 31, 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 | $91 | 0.88% |

---

\* 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 August 31, 2025, Class A shares of Putnam Multi-Asset Income Fund returned 6.70%. The Fund compares its performance to the Putnam Multi-Asset Income Blended Benchmark†, which returned 7.40% for the same period.

**PERFORMANCE HIGHLIGHTS**

---

| | |
|:---|:---|
| **Top contributors to performance:** | **Top contributors to performance:** |
| ↑ | Global Fixed Income strategy |
| ↑ | High Yield Fixed Income strategy |
| ↑ | International High Dividend Equity strategy |

---

---

| | |
|:---|:---|
| **Top detractors from performance:** | **Top detractors from performance:** |
| ↓ | U.S. High Dividend Equity strategy |

---

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

The Fund utilized futures to manage its duration and yield curve exposure, which had a negative impact on performance.

Putnam Multi-Asset Income Fund PAGE 1 39362-ATSA-1025

------

**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 $** **10,000 INVESTMENT ($** **9,600 AFTER MAXIMUM APPLICABLE SALES CHARGE) –**

**Class A** 12/31/2019 — 8/31/2025

![image](ts5045img003.jpg)

**AVERAGE ANNUAL TOTAL RETURNS (%)** Period Ended August 31, 2025

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **Since Inception**<br>**(12/31/2019)** |
| **Class A**  | 6.70 | 3.70 | 3.97 |
| **Class A (with sales charge)**  | 2.44 | 2.86 | 3.22 |
| **Bloomberg U.S. Aggregate Index**  | 3.14 | -0.68 | 0.57 |
| **Putnam Multi-Asset Income Blended Benchmark**<sup>†</sup>  | 7.40 | 4.28 | 4.84 |

---

† The
 Putnam Multi-Asset Income Blended Benchmark is comprised of 55% Bloomberg U.S. Aggregate Index, 22.5% Russell 3000 Index, 18% JPMorgan Developed High Yield
 Index, and 4.5% MSCI EAFE Index-NR.

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

The Fund incepted on 12/31/2019 and began offering Class A shares on 2/10/2023. Returns for periods before 2/10/2023 are based on the Fund's Class P performance, adjusted to take into account differences in class-specific operating expenses and maximum sales charges. For periods after the share class offering, performance for the specific share class is used, reflecting the applicable expenses and maximum sales charges.

Effective July 12, 2022, the Fund adopted its current investment strategy.

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 August 31, 2025)

---

| | |
|:---|:---|
| **Total Net Assets** | $222866680 |
| **Total Number of Portfolio Holdings (excludes derivatives, except purchased options, if any)** | 1679 |
| **Total Management Fee Paid** | $528712 |
| **Portfolio Turnover Rate** | 101% |

---

Putnam Multi-Asset Income Fund PAGE 2 39362-ATSA-1025

------

**WHAT DID THE FUND INVEST IN?** (as of August 31, 2025)

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

![image](ts5045img004.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 A. Nelson.

This is a summary of certain changes to the Fund since September 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 January 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 Multi-Asset Income Fund PAGE 3 39362-ATSA-1025

96009980107839419972211218119701000010685106769447933410015103291000010603115491028410778121711307127.527.014.89.74.44.13.82.60.70.20.20.10.00.04.9 ------

---

| | |
|:---|:---|
| **Putnam Multi-Asset Income Fund**  | ![image](img2199_202405220716489.jpg) |
| Class C [PMICX] | ![image](img2199_202405220716489.jpg) |
| Annual Shareholder Report \| August 31, 2025  | ![image](img2199_202405220716489.jpg) |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This annual shareholder report contains important information about Putnam Multi-Asset Income Fund for the period September 1, 2024, to August 31, 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 | $168 | 1.63% |

---

\* 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 August 31, 2025, Class C shares of Putnam Multi-Asset Income Fund returned 5.95%. The Fund compares its performance to the Putnam Multi-Asset Income Blended Benchmark†, which returned 7.40% for the same period.

**PERFORMANCE HIGHLIGHTS**

---

| | |
|:---|:---|
| **Top contributors to performance:** | **Top contributors to performance:** |
| ↑ | Global Fixed Income strategy |
| ↑ | High Yield Fixed Income strategy |
| ↑ | International High Dividend Equity strategy |

---

---

| | |
|:---|:---|
| **Top detractors from performance:** | **Top detractors from performance:** |
| ↓ | U.S. High Dividend Equity strategy |

---

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

The Fund utilized futures to manage its duration and yield curve exposure, which had a negative impact on performance.

Putnam Multi-Asset Income Fund PAGE 1 39362-ATSC-1025

------

**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** 12/31/2019 — 8/31/2025

![image](ts5046img003.jpg)

**AVERAGE ANNUAL TOTAL RETURNS (%)** Period Ended August 31, 2025

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **Since Inception**<br>**(12/31/2019)** |
| **Class C**  | 5.95 | 2.92 | 3.18 |
| **Class C (with sales charge)**  | 4.95 | 2.92 | 3.18 |
| **Bloomberg U.S. Aggregate Index**  | 3.14 | -0.68 | 0.57 |
| **Putnam Multi-Asset Income Blended Benchmark**<sup>†</sup>  | 7.40 | 4.28 | 4.84 |

---

† The
 Putnam Multi-Asset Income Blended Benchmark is comprised of 55% Bloomberg U.S. Aggregate Index, 22.5% Russell 3000 Index, 18% JPMorgan Developed High Yield
 Index, and 4.5% MSCI EAFE Index-NR.

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

The Fund incepted on 12/31/2019 and began offering Class C shares on 2/10/2023. Returns for periods before 2/10/2023 are based on the Fund's Class P performance, adjusted to take into account differences in class-specific operating expenses and maximum sales charges. For periods after the share class offering, performance for the specific share class is used, reflecting the applicable expenses and maximum sales charges.

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

Effective July 12, 2022, the Fund adopted its current investment strategy.

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 August 31, 2025)

---

| | |
|:---|:---|
| **Total Net Assets** | $222866680 |
| **Total Number of Portfolio Holdings (excludes derivatives, except purchased options, if any)** | 1679 |
| **Total Management Fee Paid** | $528712 |
| **Portfolio Turnover Rate** | 101% |

---

Putnam Multi-Asset Income Fund PAGE 2 39362-ATSC-1025

------

**WHAT DID THE FUND INVEST IN?** (as of August 31, 2025)

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

![image](ts5046img004.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 A. Nelson.

This is a summary of certain changes to the Fund since September 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 January 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 Multi-Asset Income Fund PAGE 3 39362-ATSC-1025

1000010340110909606984311270119411000010685106769447933410015103291000010603115491028410778121711307127.527.014.89.74.44.13.82.60.70.20.20.10.00.04.9 ------

---

| | |
|:---|:---|
| **Putnam Multi-Asset Income Fund**  | ![image](img2199_202405220716489.jpg) |
| Class P  | ![image](img2199_202405220716489.jpg) |
| Annual Shareholder Report \| August 31, 2025  | ![image](img2199_202405220716489.jpg) |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This annual shareholder report contains important information about Putnam Multi-Asset Income Fund for the period September 1, 2024, to August 31, 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 | $49 | 0.47% |

---

\* 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 August 31, 2025, Class P shares of Putnam Multi-Asset Income Fund returned 7.23%. The Fund compares its performance to the Putnam Multi-Asset Income Blended Benchmark†, which returned 7.40% for the same period.

**PERFORMANCE HIGHLIGHTS**

---

| | |
|:---|:---|
| **Top contributors to performance:** | **Top contributors to performance:** |
| ↑ | Global Fixed Income strategy |
| ↑ | High Yield Fixed Income strategy |
| ↑ | International High Dividend Equity strategy |

---

---

| | |
|:---|:---|
| **Top detractors from performance:** | **Top detractors from performance:** |
| ↓ | U.S. High Dividend Equity strategy |

---

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

The Fund utilized futures to manage its duration and yield curve exposure, which had a negative impact on performance.

Putnam Multi-Asset Income Fund PAGE 1 39362-ATSP-1025

------

**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** 12/31/2019 — 8/31/2025

![image](ts5068img003.jpg)

**AVERAGE ANNUAL TOTAL RETURNS (%)** Period Ended August 31, 2025

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **Since Inception**<br>**(12/31/2019)** |
| **Class P**  | 7.23 | 4.71 | 5.03 |
| **Bloomberg U.S. Aggregate Index**  | 3.14 | -0.68 | 0.57 |
| **Putnam Multi-Asset Income Blended Benchmark**<sup>†</sup>  | 7.40 | 4.28 | 4.84 |

---

† The
 Putnam Multi-Asset Income Blended Benchmark is comprised of 55% Bloomberg U.S. Aggregate Index, 22.5% Russell 3000 Index, 18% JPMorgan Developed High Yield
 Index, and 4.5% MSCI EAFE Index-NR.

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

Effective July 12, 2022, the Fund adopted its current investment strategy.

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 August 31, 2025)

---

| | |
|:---|:---|
| **Total Net Assets** | $222866680 |
| **Total Number of Portfolio Holdings (excludes derivatives, except purchased options, if any)** | 1679 |
| **Total Management Fee Paid** | $528712 |
| **Portfolio Turnover Rate** | 101% |

---

Putnam Multi-Asset Income Fund PAGE 2 39362-ATSP-1025

------

**WHAT DID THE FUND INVEST IN?** (as of August 31, 2025)

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

![image](ts5068img004.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 A. Nelson.

This is a summary of certain changes to the Fund since September 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 January 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 Multi-Asset Income Fund PAGE 3 39362-ATSP-1025

100001049411510102011063212317132071000010685106769447933410015103291000010603115491028410778121711307127.527.014.89.74.44.13.82.60.70.20.20.10.00.04.9 ------

---

| | |
|:---|:---|
| **Putnam Multi-Asset Income Fund**  | ![image](img2199_202405220716489.jpg) |
| Class R [PMIRX] | ![image](img2199_202405220716489.jpg) |
| Annual Shareholder Report \| August 31, 2025  | ![image](img2199_202405220716489.jpg) |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This annual shareholder report contains important information about Putnam Multi-Asset Income Fund for the period September 1, 2024, to August 31, 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 | $116 | 1.12% |

---

\* 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 August 31, 2025, Class R shares of Putnam Multi-Asset Income Fund returned 6.44%. The Fund compares its performance to the Putnam Multi-Asset Income Blended Benchmark†, which returned 7.40% for the same period.

**PERFORMANCE HIGHLIGHTS**

---

| | |
|:---|:---|
| **Top contributors to performance:** | **Top contributors to performance:** |
| ↑ | Global Fixed Income strategy |
| ↑ | High Yield Fixed Income strategy |
| ↑ | International High Dividend Equity strategy |

---

---

| | |
|:---|:---|
| **Top detractors from performance:** | **Top detractors from performance:** |
| ↓ | U.S. High Dividend Equity strategy |

---

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

The Fund utilized futures to manage its duration and yield curve exposure, which had a negative impact on performance.

Putnam Multi-Asset Income Fund PAGE 1 39362-ATSR-1025

------

**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** 12/31/2019 — 8/31/2025

![image](ts5048img003.jpg)

**AVERAGE ANNUAL TOTAL RETURNS (%)** Period Ended August 31, 2025

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **Since Inception**<br>**(12/31/2019)** |
| **Class R**  | 6.44 | 3.45 | 3.71 |
| **Bloomberg U.S. Aggregate Index**  | 3.14 | -0.68 | 0.57 |
| **Putnam Multi-Asset Income Blended Benchmark**<sup>†</sup>  | 7.40 | 4.28 | 4.84 |

---

† The
 Putnam Multi-Asset Income Blended Benchmark is comprised of 55% Bloomberg U.S. Aggregate Index, 22.5% Russell 3000 Index, 18% JPMorgan Developed High Yield
 Index, and 4.5% MSCI EAFE Index-NR.

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

The Fund incepted on 12/31/2019 and began offering Class R shares on 2/10/2023. Returns for periods before 2/10/2023 are based on the Fund's Class P performance, adjusted to take into account differences in class-specific operating expenses and maximum sales charges. For periods after the share class offering, performance for the specific share class is used, reflecting the applicable expenses and maximum sales charges.

Effective July 12, 2022, the Fund adopted its current investment strategy.

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 August 31, 2025)

---

| | |
|:---|:---|
| **Total Net Assets** | $222866680 |
| **Total Number of Portfolio Holdings (excludes derivatives, except purchased options, if any)** | 1679 |
| **Total Management Fee Paid** | $528712 |
| **Portfolio Turnover Rate** | 101% |

---

Putnam Multi-Asset Income Fund PAGE 2 39362-ATSR-1025

------

**WHAT DID THE FUND INVEST IN?** (as of August 31, 2025)

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

![image](ts5048img004.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 A. Nelson.

This is a summary of certain changes to the Fund since September 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 January 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 Multi-Asset Income Fund PAGE 3 39362-ATSR-1025

10000103741118497451003411549122931000010685106769447933410015103291000010603115491028410778121711307127.527.014.89.74.44.13.82.60.70.20.20.10.00.04.9 ------

---

| | |
|:---|:---|
| **Putnam Multi-Asset Income Fund**  | ![image](img2199_202405220716489.jpg) |
| Class R5 [PMILX] | ![image](img2199_202405220716489.jpg) |
| Annual Shareholder Report \| August 31, 2025  | ![image](img2199_202405220716489.jpg) |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This annual shareholder report contains important information about Putnam Multi-Asset Income Fund for the period September 1, 2024, to August 31, 2025.

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

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

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of a** **$10,000 investment**<sup>\*</sup>  |
| Class R5 | $64 | 0.62% |

---

\* 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 August 31, 2025, Class R5 shares of Putnam Multi-Asset Income Fund returned 6.98%. The Fund compares its performance to the Putnam Multi-Asset Income Blended Benchmark†, which returned 7.40% for the same period.

**PERFORMANCE HIGHLIGHTS**

---

| | |
|:---|:---|
| **Top contributors to performance:** | **Top contributors to performance:** |
| ↑ | Global Fixed Income strategy |
| ↑ | High Yield Fixed Income strategy |
| ↑ | International High Dividend Equity strategy |

---

---

| | |
|:---|:---|
| **Top detractors from performance:** | **Top detractors from performance:** |
| ↓ | U.S. High Dividend Equity strategy |

---

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

The Fund utilized futures to manage its duration and yield curve exposure, which had a negative impact on performance.

Putnam Multi-Asset Income Fund PAGE 1 39362-ATSR5-1025

------

**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** 12/31/2019 — 8/31/2025

![image](ts5049img003.jpg)

**AVERAGE ANNUAL TOTAL RETURNS (%)** Period Ended August 31, 2025

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **Since Inception**<br>**(12/31/2019)** |
| **Class R5**  | 6.98 | 3.98 | 4.24 |
| **Bloomberg U.S. Aggregate Index**  | 3.14 | -0.68 | 0.57 |
| **Putnam Multi-Asset Income Blended Benchmark**<sup>†</sup>  | 7.40 | 4.28 | 4.84 |

---

† The
 Putnam Multi-Asset Income Blended Benchmark is comprised of 55% Bloomberg U.S. Aggregate Index, 22.5% Russell 3000 Index, 18% JPMorgan Developed High Yield
 Index, and 4.5% MSCI EAFE Index-NR.

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

The Fund incepted on 12/31/2019 and began offering Class R5 shares on 2/10/2023. Returns for periods before 2/10/2023 are based on the Fund's Class P performance, adjusted to take into account differences in class-specific operating expenses and maximum sales charges. For periods after the share class offering, performance for the specific share class is used, reflecting the applicable expenses and maximum sales charges.

Effective July 12, 2022, the Fund adopted its current investment strategy.

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 August 31, 2025)

---

| | |
|:---|:---|
| **Total Net Assets** | $222866680 |
| **Total Number of Portfolio Holdings (excludes derivatives, except purchased options, if any)** | 1679 |
| **Total Management Fee Paid** | $528712 |
| **Portfolio Turnover Rate** | 101% |

---

Putnam Multi-Asset Income Fund PAGE 2 39362-ATSR5-1025

------

**WHAT DID THE FUND INVEST IN?** (as of August 31, 2025)

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

![image](ts5049img004.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 A. Nelson.

This is a summary of certain changes to the Fund since September 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 January 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 Multi-Asset Income Fund PAGE 3 39362-ATSR5-1025

10000104081127098691022211824126501000010685106769447933410015103291000010603115491028410778121711307127.527.014.89.74.44.13.82.60.70.20.20.10.00.04.9 ------

---

| | |
|:---|:---|
| **Putnam Multi-Asset Income Fund**  | ![image](img2199_202405220716489.jpg) |
| Class R6 [PMIVX] | ![image](img2199_202405220716489.jpg) |
| Annual Shareholder Report \| August 31, 2025  | ![image](img2199_202405220716489.jpg) |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This annual shareholder report contains important information about Putnam Multi-Asset Income Fund for the period September 1, 2024, to August 31, 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 | $53 | 0.51% |

---

\* 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 August 31, 2025, Class R6 shares of Putnam Multi-Asset Income Fund returned 7.17%. The Fund compares its performance to the Putnam Multi-Asset Income Blended Benchmark†, which returned 7.40% for the same period.

**PERFORMANCE HIGHLIGHTS**

---

| | |
|:---|:---|
| **Top contributors to performance:** | **Top contributors to performance:** |
| ↑ | Global Fixed Income strategy |
| ↑ | High Yield Fixed Income strategy |
| ↑ | International High Dividend Equity strategy |

---

---

| | |
|:---|:---|
| **Top detractors from performance:** | **Top detractors from performance:** |
| ↓ | U.S. High Dividend Equity strategy |

---

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

The Fund utilized futures to manage its duration and yield curve exposure, which had a negative impact on performance.

Putnam Multi-Asset Income Fund PAGE 1 39362-ATSR6-1025

------

**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** 12/31/2019 — 8/31/2025

![image](ts5050img003.jpg)

**AVERAGE ANNUAL TOTAL RETURNS (%)** Period Ended August 31, 2025

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **Since Inception**<br>**(12/31/2019)** |
| **Class R6**  | 7.17 | 4.09 | 4.34 |
| **Bloomberg U.S. Aggregate Index**  | 3.14 | -0.68 | 0.57 |
| **Putnam Multi-Asset Income Blended Benchmark**<sup>†</sup>  | 7.40 | 4.28 | 4.84 |

---

† The
 Putnam Multi-Asset Income Blended Benchmark is comprised of 55% Bloomberg U.S. Aggregate Index, 22.5% Russell 3000 Index, 18% JPMorgan Developed High Yield
 Index, and 4.5% MSCI EAFE Index-NR.

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

The Fund incepted on 12/31/2019 and began offering Class R6 shares on 2/10/2023. Returns for periods before 2/10/2023 are based on the Fund's Class P performance, adjusted to take into account differences in class-specific operating expenses and maximum sales charges. For periods after the share class offering, performance for the specific share class is used, reflecting the applicable expenses and maximum sales charges.

Effective July 12, 2022, the Fund adopted its current investment strategy.

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 August 31, 2025)

---

| | |
|:---|:---|
| **Total Net Assets** | $222866680 |
| **Total Number of Portfolio Holdings (excludes derivatives, except purchased options, if any)** | 1679 |
| **Total Management Fee Paid** | $528712 |
| **Portfolio Turnover Rate** | 101% |

---

Putnam Multi-Asset Income Fund PAGE 2 39362-ATSR6-1025

------

**WHAT DID THE FUND INVEST IN?** (as of August 31, 2025)

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

![image](ts5050img004.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 A. Nelson.

This is a summary of certain changes to the Fund since September 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 January 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 Multi-Asset Income Fund PAGE 3 39362-ATSR6-1025

10000104091129398981024811868127191000010685106769447933410015103291000010603115491028410778121711307127.527.014.89.74.44.13.82.60.70.20.20.10.00.04.9 ------

---

| | |
|:---|:---|
| **Putnam Multi-Asset Income Fund**  | ![image](img2199_202405220716489.jpg) |
| Class Y [PMIYX] | ![image](img2199_202405220716489.jpg) |
| Annual Shareholder Report \| August 31, 2025  | ![image](img2199_202405220716489.jpg) |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This annual shareholder report contains important information about Putnam Multi-Asset Income Fund for the period September 1, 2024, to August 31, 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 | $65 | 0.63% |

---

\* 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 August 31, 2025, Class Y shares of Putnam Multi-Asset Income Fund returned 7.05%. The Fund compares its performance to the Putnam Multi-Asset Income Blended Benchmark†, which returned 7.40% for the same period.

**PERFORMANCE HIGHLIGHTS**

---

| | |
|:---|:---|
| **Top contributors to performance:** | **Top contributors to performance:** |
| ↑ | Global Fixed Income strategy |
| ↑ | High Yield Fixed Income strategy |
| ↑ | International High Dividend Equity strategy |

---

---

| | |
|:---|:---|
| **Top detractors from performance:** | **Top detractors from performance:** |
| ↓ | U.S. High Dividend Equity strategy |

---

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

The Fund utilized futures to manage its duration and yield curve exposure, which had a negative impact on performance.

Putnam Multi-Asset Income Fund PAGE 1 39362-ATSY-1025

------

**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** 12/31/2019 — 8/31/2025

![image](ts5052img003.jpg)

**AVERAGE ANNUAL TOTAL RETURNS (%)** Period Ended August 31, 2025

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **Since Inception**<br>**(12/31/2019)** |
| **Class Y**  | 7.05 | 3.98 | 4.24 |
| **Bloomberg U.S. Aggregate Index**  | 3.14 | -0.68 | 0.57 |
| **Putnam Multi-Asset Income Blended Benchmark**<sup>†</sup>  | 7.40 | 4.28 | 4.84 |

---

† The
 Putnam Multi-Asset Income Blended Benchmark is comprised of 55% Bloomberg U.S. Aggregate Index, 22.5% Russell 3000 Index, 18% JPMorgan Developed High Yield
 Index, and 4.5% MSCI EAFE Index-NR.

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

The Fund incepted on 12/31/2019 and began offering Class Y shares on 2/10/2023. Returns for periods before 2/10/2023 are based on the Fund's Class P performance, adjusted to take into account differences in class-specific operating expenses and maximum sales charges. For periods after the share class offering, performance for the specific share class is used, reflecting the applicable expenses and maximum sales charges.

Effective July 12, 2022, the Fund adopted its current investment strategy.

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 August 31, 2025)

---

| | |
|:---|:---|
| **Total Net Assets** | $222866680 |
| **Total Number of Portfolio Holdings (excludes derivatives, except purchased options, if any)** | 1679 |
| **Total Management Fee Paid** | $528712 |
| **Portfolio Turnover Rate** | 101% |

---

Putnam Multi-Asset Income Fund PAGE 2 39362-ATSY-1025

------

**WHAT DID THE FUND INVEST IN?** (as of August 31, 2025)

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

![image](ts5052img004.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 A. Nelson.

This is a summary of certain changes to the Fund since September 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 January 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 Multi-Asset Income Fund PAGE 3 39362-ATSY-1025

10000104091128198791022011821126531000010685106769447933410015103291000010603115491028410778121711307127.527.014.89.74.44.13.82.60.70.20.20.10.00.04.9 ------

&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 August 31, 2024 and August 31, 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 $129,926 in August 31, 2024 and $101,148 in August 31, 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 August 31, 2024 and $0 in August 31, 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 $19,395 in August 31, 2024 and $21,408 in August 31, 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 August 31, 2024 and $0 in August 31, 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 $1,030,797 in August 31, 2024 and $583,796 in August 31, 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

#### Multi-Asset

#### Income

#### Fund

#### Financial

#### Statements

#### and

#### Other

#### Important

#### Information

#### Annual
\|

August

31,

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

#### 59
Notes

to

Consolidated

Financial

Statements

#### 64
Report

of

Independent

Registered

Public

Accounting

Firm

#### 81
Tax

Information

#### 82
Changes

In

and

Disagreements

with

Accountants

#### 83
Results

of

Meeting(s)

of

Shareholders

Remuneration

Paid

to

Directors,

Officers

and

Others

Board

Approval

of

Management

and

Subadvisory

Agreements

Putnam

Asset

Allocation

Funds

Consolidated

Financial

Highlights

#### Putnam

#### Multi-Asset

#### Income

#### Fund
franklintempleton.com

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

consolidated

financial

statements.

a

#### Year

#### Ended

#### August

#### 31,

#### Year

#### Ended

#### August

#### 31,

#### 2023

#### a

#### 2025\*

#### 2024

#### Class

#### A

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

year)

Net

asset

value,

beginning

of

year

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

$10.79

$9.70

$9.64

Income

from

investment

operations

b

:

Net

investment

income

c

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

0.43 0.35 0.20 Net

realized

and

unrealized

gains

(losses)

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

0.27 1.11 (0.02)

Total

from

investment

operations

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

0.70 1.46 0.18 Less

distributions

from:

Net

investment

income

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

(0.45)

(0.37)

(0.12)

Net

asset

value,

end

of

year

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

$11.04

$10.79

$9.70

Total

return

d

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

6.70%

15.38%

1.85%

#### Ratios

#### to

#### average

#### net

#### assets

#### e
Expenses

before

waiver

and

payments

by

affiliates

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

1.10%

1.11%

0.71%

Expenses

net

of

waiver

and

payments

by

affiliates

f

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

0.88%

0.83%

0.46%

Net

investment

income

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

3.91%

3.43%

2.05%

#### Supplemental

#### data
Net

assets,

end

of

year

(000's)

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

$144,905

$147,709

$142,258

Portfolio

turnover

rate

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

101%

143%

109%

\*

Includes

the

consolidated

operations

of

Franklin

Multi-Asset

Income

Ltd.

from

July

7,

2025

through

August

31,

2025. See

Note

1(g).

a

For

the

period

February

10,

2023

(commencement

of

operations)

to

August

31,

2023. b

The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Consolidated

Statement

of

Operations

for

the

period

due

to

the

timing

of

sales

and

repurchases

of

the

Fund's

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

c

Based

on

average

daily

shares

outstanding.

d

Total

return

does

not

reflect

sales

commissions

or

contingent

deferred

sales

charges,

if

applicable,

and

is

not

annualized

for

periods

less

than

one

year.

e

Ratios

are

annualized

for

periods

less

than

one

year.

f

Benefit

of

expense

reduction

rounds

to

less

than

0.01%.

Putnam

Asset

Allocation

Funds

Consolidated

Financial

Highlights

#### Putnam

#### Multi-Asset

#### Income

#### Fund
franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

consolidated

financial

statements.

Annual

Report

a

#### Year

#### Ended

#### August

#### 31,

#### Year

#### Ended

#### August

#### 31,

#### 2023

#### a

#### 2025\*

#### 2024

#### Class

#### C

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

year)

Net

asset

value,

beginning

of

year

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

$10.79

$9.70

$9.64

Income

from

investment

operations

b

:

Net

investment

income

c

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

0.35 0.25 0.16 Net

realized

and

unrealized

gains

(losses)

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

0.28 1.13 (0.02)

Total

from

investment

operations

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

0.63 1.38 0.14 Less

distributions

from:

Net

investment

income

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

(0.37)

(0.29)

(0.08)

Net

asset

value,

end

of

year

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

$11.05

$10.79

$9.70

Total

return

d

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

5.95%

14.50%

1.44%

#### Ratios

#### to

#### average

#### net

#### assets

#### e
Expenses

before

waiver

and

payments

by

affiliates

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

1.85%

1.86%

1.13%

Expenses

net

of

waiver

and

payments

by

affiliates

f

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

1.63%

1.58%

0.88%

Net

investment

income

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

3.16%

2.52%

1.64%

#### Supplemental

#### data
Net

assets,

end

of

year

(000's)

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

$3,680

$6,629

$12,028

Portfolio

turnover

rate

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

101%

143%

109%

\*

Includes

the

consolidated

operations

of

Franklin

Multi-Asset

Income

Ltd.

from

July

7,

2025

through

August

31,

2025. See

Note

1(g).

a

For

the

period

February

10,

2023

(commencement

of

operations)

to

August

31,

2023. b

The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Consolidated

Statement

of

Operations

for

the

period

due

to

the

timing

of

sales

and

repurchases

of

the

Fund's

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

c

Based

on

average

daily

shares

outstanding.

d

Total

return

does

not

reflect

sales

commissions

or

contingent

deferred

sales

charges,

if

applicable,

and

is

not

annualized

for

periods

less

than

one

year.

e

Ratios

are

annualized

for

periods

less

than

one

year.

f

Benefit

of

expense

reduction

rounds

to

less

than

0.01%.

Putnam

Asset

Allocation

Funds

Consolidated

Financial

Highlights

#### Putnam

#### Multi-Asset

#### Income

#### Fund
franklintempleton.com

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

consolidated

financial

statements.

a

#### Year

#### Ended

#### August

#### 31,

#### 2025\*

#### 2024

#### 2023

#### 2022

#### 2021

#### Class

#### P

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

year)

Net

asset

value,

beginning

of

year

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

$10.80

$9.71

$9.59

$11.28

$10.49

Income

from

investment

operations

a

:

Net

investment

income

b

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

0.47 0.40 0.34 0.07 0.04 Net

realized

and

unrealized

gains

(losses)

...........

0.28 1.10 0.05 (1.30)

0.96 Total

from

investment

operations

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

0.75 1.50 0.39 (1.23)

1.00 Less

distributions

from:

Net

investment

income

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

(0.49)

(0.41)

(0.15)

(0.08)

(0.21)

Net

realized

gains

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

—

—

(0.12)

(0.38)

—

Total

distributions

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

(0.49)

(0.41)

(0.27)

(0.46)

(0.21)

Net

asset

value,

end

of

year

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

$11.06

$10.80

$9.71

$9.59

$11.28

Total

return

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

7.23%

15.85%

4.23%

(11.37)%

9.68%

#### Ratios

#### to

#### average

#### net

#### assets

#### c
Expenses

before

waiver

and

payments

by

affiliates

......

0.69%

0.69%

1.78%

2.90%

1.13%

Expenses

net

of

waiver

and

payments

by

affiliates

d

......

0.47%

0.41%

0.41%

0.23%

0.20%

Net

investment

income

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

4.32%

3.92%

3.58%

0.66%

0.40%

#### Supplemental

#### data
Net

assets,

end

of

year

(000's)

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

$46,813

$33,945

$20,177

$17,224

$15,322

Portfolio

turnover

rate

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

101%

143%

109%

124%

144%

\*

Includes

the

consolidated

operations

of

Franklin

Multi-Asset

Income

Ltd.

from

July

7,

2025

through

August

31,

2025. See

Note

1(g).

a

The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Consolidated

Statement

of

Operations

for

the

period

due

to

the

timing

of

sales

and

repurchases

of

the

Fund's

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

b

Based

on

average

daily

shares

outstanding.

c

Ratios

are

annualized

for

periods

less

than

one

year.

d

Benefit

of

expense

reduction

rounds

to

less

than

0.01%.

Putnam

Asset

Allocation

Funds

Consolidated

Financial

Highlights

#### Putnam

#### Multi-Asset

#### Income

#### Fund
franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

consolidated

financial

statements.

Annual

Report

a

#### Year

#### Ended

#### August

#### 31,

#### Year

#### Ended

#### August

#### 31,

#### 2023

#### a

#### 2025\*

#### 2024

#### Class

#### R

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

year)

Net

asset

value,

beginning

of

year

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

$10.79

$9.70

$9.64

Income

from

investment

operations

b

:

Net

investment

income

c

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

0.40 0.32 0.18 Net

realized

and

unrealized

gains

(losses)

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

0.27 1.12 (0.02)

Total

from

investment

operations

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

0.67 1.44 0.16 Less

distributions

from:

Net

investment

income

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

(0.42)

(0.35)

(0.10)

Net

asset

value,

end

of

year

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

$11.04

$10.79

$9.70

Total

return

d

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

6.44%

15.10%

1.71%

#### Ratios

#### to

#### average

#### net

#### assets

#### e
Expenses

before

waiver

and

payments

by

affiliates

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

1.34%

1.36%

0.85%

Expenses

net

of

waiver

and

payments

by

affiliates

f

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

1.12%

1.08%

0.60%

Net

investment

income

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

3.67%

3.22%

1.91%

#### Supplemental

#### data
Net

assets,

end

of

year

(000's)

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

$1,544

$1,556

$2,306

Portfolio

turnover

rate

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

101%

143%

109%

\*

Includes

the

consolidated

operations

of

Franklin

Multi-Asset

Income

Ltd.

from

July

7,

2025

through

August

31,

2025. See

Note

1(g).

a

For

the

period

February

10,

2023

(commencement

of

operations)

to

August

31,

2023. b

The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Consolidated

Statement

of

Operations

for

the

period

due

to

the

timing

of

sales

and

repurchases

of

the

Fund's

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

c

Based

on

average

daily

shares

outstanding.

d

Total

return

is

not

annualized

for

periods

less

than

one

year.

e

Ratios

are

annualized

for

periods

less

than

one

year.

f

Benefit

of

expense

reduction

rounds

to

less

than

0.01%.

Putnam

Asset

Allocation

Funds

Consolidated

Financial

Highlights

#### Putnam

#### Multi-Asset

#### Income

#### Fund
franklintempleton.com

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

consolidated

financial

statements.

a

#### Year

#### Ended

#### August

#### 31,

#### Year

#### Ended

#### August

#### 31,

#### 2023

#### a

#### 2025\*

#### 2024

#### Class

#### R5

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

year)

Net

asset

value,

beginning

of

year

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

$10.80

$9.71

$9.64

Income

from

investment

operations

b

:

Net

investment

income

c

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

0.45 0.38 0.21 Net

realized

and

unrealized

gains

(losses)

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

0.28 1.11 (0.01)

Total

from

investment

operations

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

0.73 1.49 0.20 Less

distributions

from:

Net

investment

income

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

(0.48)

(0.40)

(0.13)

Net

asset

value,

end

of

year

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

$11.05

$10.80

$9.71

Total

return

d

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

6.98%

15.68%

2.09%

#### Ratios

#### to

#### average

#### net

#### assets

#### e
Expenses

before

waiver

and

payments

by

affiliates

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

0.84%

0.83%

0.56%

Expenses

net

of

waiver

and

payments

by

affiliates

f

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

0.62%

0.55%

0.31%

Net

investment

income

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

4.17%

3.72%

2.21%

#### Supplemental

#### data
Net

assets,

end

of

year

(000's)

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

$12

$12

$10

Portfolio

turnover

rate

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

101%

143%

109%

#### \*
Includes

the

consolidated

operations

of

Franklin

Multi-Asset

Income

Ltd.

from

July

7,

2025

through

August

31,

2025. See

Note

1(g).

a

For

the

period

February

10,

2023

(commencement

of

operations)

to

August

31,

2023. #### b
The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Consolidated

Statement

of

Operations

for

the

period

due

to

the

timing

of

sales

and

repurchases

of

the

Fund's

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

#### c
Based

on

average

daily

shares

outstanding.

#### d
Total

return

is

not

annualized

for

periods

less

than

one

year.

#### e
Ratios

are

annualized

for

periods

less

than

one

year.

#### f
Benefit

of

expense

reduction

rounds

to

less

than

0.01%.

Putnam

Asset

Allocation

Funds

Consolidated

Financial

Highlights

#### Putnam

#### Multi-Asset

#### Income

#### Fund
franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

consolidated

financial

statements.

Annual

Report

a

#### Year

#### Ended

#### August

#### 31,

#### Year

#### Ended

#### August

#### 31,

#### 2023

#### a

#### 2025\*

#### 2024

#### Class

#### R6

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

year)

Net

asset

value,

beginning

of

year

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

$10.79

$9.70

$9.64

Income

from

investment

operations

b

:

Net

investment

income

c

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

0.46 0.37 0.22 Net

realized

and

unrealized

gains

(losses)

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

0.29 1.13 (0.02)

Total

from

investment

operations

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

0.75 1.50 0.20 Less

distributions

from:

Net

investment

income

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

(0.49)

(0.41)

(0.14)

Net

asset

value,

end

of

year

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

$11.05

$10.79

$9.70

Total

return

d

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

7.17%

15.81%

2.05%

#### Ratios

#### to

#### average

#### net

#### assets

#### e
Expenses

before

waiver

and

payments

by

affiliates

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

0.73%

0.73%

0.50%

Expenses

net

of

waiver

and

payments

by

affiliates

f

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

0.51%

0.45%

0.25%

Net

investment

income

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

4.28%

3.71%

2.26%

#### Supplemental

#### data
Net

assets,

end

of

year

(000's)

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

$752

$3,894

$4,925

Portfolio

turnover

rate

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

101%

143%

109%

#### \*
Includes

the

consolidated

operations

of

Franklin

Multi-Asset

Income

Ltd.

from

July

7,

2025

through

August

31,

2025. See

Note

1(g).

a

For

the

period

February

10,

2023

(commencement

of

operations)

to

August

31,

2023. #### b
The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Consolidated

Statement

of

Operations

for

the

period

due

to

the

timing

of

sales

and

repurchases

of

the

Fund's

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

#### c
Based

on

average

daily

shares

outstanding.

#### d
Total

return

is

not

annualized

for

periods

less

than

one

year.

#### e
Ratios

are

annualized

for

periods

less

than

one

year.

#### f
Benefit

of

expense

reduction

rounds

to

less

than

0.01%.

Putnam

Asset

Allocation

Funds

Consolidated

Financial

Highlights

#### Putnam

#### Multi-Asset

#### Income

#### Fund
franklintempleton.com

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

consolidated

financial

statements.

a

#### Year

#### Ended

#### August

#### 31,

#### Year

#### Ended

#### August

#### 31,

#### 2023

#### a

#### 2025\*

#### 2024

#### Class

#### Y

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

year)

Net

asset

value,

beginning

of

year

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

$10.79

$9.70

$9.64

Income

from

investment

operations

b

:

Net

investment

income

c

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

0.45 0.37 0.21 Net

realized

and

unrealized

gains

(losses)

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

0.29 1.12 (0.02)

Total

from

investment

operations

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

0.74 1.49 0.19 Less

distributions

from:

Net

investment

income

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

(0.48)

(0.40)

(0.13)

Net

asset

value,

end

of

year

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

$11.05

$10.79

$9.70

Total

return

d

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

7.05%

15.66%

1.98%

#### Ratios

#### to

#### average

#### net

#### assets

#### e
Expenses

before

waiver

and

payments

by

affiliates

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

0.85%

0.86%

0.57%

Expenses

net

of

waiver

and

payments

by

affiliates

f

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

0.63%

0.58%

0.32%

Net

investment

income

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

4.16%

3.62%

2.19%

#### Supplemental

#### data
Net

assets,

end

of

year

(000's)

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

$25,161

$34,753

$39,854

Portfolio

turnover

rate

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

101%

143%

109%

#### \*
Includes

the

consolidated

operations

of

Franklin

Multi-Asset

Income

Ltd.

from

July

7,

2025

through

August

31,

2025. See

Note

1(g).

a

For

the

period

February

10,

2023

(commencement

of

operations)

to

August

31,

2023. #### b
The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Consolidated

Statement

of

Operations

for

the

period

due

to

the

timing

of

sales

and

repurchases

of

the

Fund's

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

#### c
Based

on

average

daily

shares

outstanding.

#### d
Total

return

is

not

annualized

for

periods

less

than

one

year.

#### e
Ratios

are

annualized

for

periods

less

than

one

year.

#### f
Benefit

of

expense

reduction

rounds

to

less

than

0.01%.

Putnam

Asset

Allocation

Funds

Consolidated

Schedule

of

Investments,

August

31,

2025

#### Putnam

#### Multi-Asset

#### Income

#### 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

#### 28.3%

#### Aerospace

#### &

#### Defense

#### 0.5%
a

AeroVironment,

Inc.

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

United

States

$

5,551

a

Astronics

Corp.

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

United

States

4,946

General

Dynamics

Corp.

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

United

States

50,633

General

Electric

Co.

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

United

States

44,307

Leonardo

DRS,

Inc.

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

United

States

1,137

47,367

Lockheed

Martin

Corp.

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

United

States

1,779

810,566

Moog,

Inc.,

A

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

United

States

3,134

Rolls-Royce

Holdings

plc

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

United

Kingdom

7,661

110,474

RTX

Corp.

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

United

States

51,704

Safran

SA

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

France

63,807

Thales

SA

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

France

13,415

a

V2X,

Inc.

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

United

States

6,555

1,212,459

#### Air

#### Freight

#### &

#### Logistics

#### 0.3%
Deutsche

Post

AG

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

Germany

1,023

46,626

FedEx

Corp.

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

United

States

50,373

Hub

Group,

Inc.,

A

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

United

States

7,746

United

Parcel

Service,

Inc.,

B

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

United

States

7,419

648,717

753,462

#### Automobile

#### Components

#### 0.0%

#### †
a

Adient

plc

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

United

States

7,837

a

American

Axle

&

Manufacturing

Holdings,

Inc.

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

United

States

1,681

9,783

Dana,

Inc.

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

United

States

902

18,184

Denso

Corp.

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

Japan

500

7,165

a

Dorman

Products,

Inc.

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

United

States

3,721

a

Gentherm

,

Inc.

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

United

States

3,456

Sumitomo

Electric

Industries

Ltd.

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

Japan

2,400

67,222

Visteon

Corp.

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

United

States

18,470

135,838

#### Automobiles

#### 0.8%
Bayerische

Motoren

Werke

AG

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

Germany

33,165

Ford

Motor

Co.

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

United

States

4,232

49,811

Isuzu

Motors

Ltd.

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

Japan

1,400

18,338

Mercedes-Benz

Group

AG

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

Germany

1,617

101,200

Stellantis

NV

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

United

States

12,349

118,244

Subaru

Corp.

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

Japan

5,885

a

Tesla,

Inc.

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

United

States

2,841

948,525

Toyota

Motor

Corp.

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

Japan

6,300

121,983

1,397,151

#### Banks

#### 1.7%
b

ABN

AMRO

Bank

NV,

CVA,

144A,

Reg

S

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

Netherlands

1,921

55,409

Amalgamated

Financial

Corp.

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

United

States

6,096

Ameris

Bancorp

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

United

States

3,224

ANZ

Group

Holdings

Ltd.

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

Australia

6,602

145,073

Associated

Banc-Corp.

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

United

States

3,236

a

Axos

Financial,

Inc.

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

United

States

19,793

Banco

Bilbao

Vizcaya

Argentaria

SA

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

Spain

4,744

86,336

Banco

de

Sabadell

SA

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

Spain

32,404

123,077

Bank

Leumi

Le-Israel

BM

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

Israel

2,120

40,359

Bank

of

America

Corp.

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

United

States

1,141

57,894

Bank

of

NT

Butterfield

&

Son

Ltd.

(The)

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

United

States

7,716

Banner

Corp.

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

United

States

2,748

Berkshire

Hills

Bancorp,

Inc.

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

United

States

3,972

BNP

Paribas

SA

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

France

1,043

93,729

Putnam

Asset

Allocation

Funds

Consolidated

Schedule

of

Investments

#### Putnam

#### Multi-Asset

#### Income

#### Fund
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)

BOC

Hong

Kong

Holdings

Ltd.

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

China

13,000

$

59,022

CaixaBank

SA

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

Spain

14,837

148,148

Cathay

General

Bancorp

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

United

States

17,219

Central

Pacific

Financial

Corp.

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

United

States

6,170

Citigroup,

Inc.

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

United

States

725

70,013

Citizens

Financial

Group,

Inc.

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

United

States

995

52,019

Commonwealth

Bank

of

Australia

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

Australia

5,113

Credit

Agricole

SA

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

France

4,663

85,296

a

Customers

Bancorp,

Inc.

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

United

States

16,775

Danske

Bank

A/S

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

Denmark

1,418

58,362

Enterprise

Financial

Services

Corp.

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

United

States

10,166

FB

Financial

Corp.

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

United

States

3,060

Financial

Institutions,

Inc.

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

United

States

2,878

First

Bancorp

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

United

States

758

16,850

First

Financial

Corp.

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

United

States

3,717

First

Merchants

Corp.

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

United

States

1,619

Hancock

Whitney

Corp.

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

United

States

19,883

Hanmi

Financial

Corp.

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

United

States

5,057

Heritage

Commerce

Corp.

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

United

States

3,068

Hilltop

Holdings,

Inc.

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

United

States

13,015

Hope

Bancorp,

Inc.

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

United

States

4,708

HSBC

Holdings

plc

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

United

Kingdom

17,240

220,696

Huntington

Bancshares,

Inc.

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

United

States

3,004

53,501

Independent

Bank

Corp.

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

United

States

3,223

Intesa

Sanpaolo

SpA

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

Italy

28,148

177,207

JPMorgan

Chase

&

Co.

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

United

States

48,227

Mercantile

Bank

Corp.

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

United

States

3,053

Metropolitan

Bank

Holding

Corp.

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

United

States

3,652

Mitsubishi

UFJ

Financial

Group,

Inc.

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

Japan

5,300

80,661

National

Bank

Holdings

Corp.,

A

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

United

States

3,059

Nordea

Bank

Abp

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

Finland

8,924

136,183

Northrim

BanCorp

,

Inc.

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

United

States

3,479

Northwest

Bancshares,

Inc.

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

United

States

2,910

OceanFirst

Financial

Corp.

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

United

States

4,450

OFG

Bancorp

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

United

States

10,158

Oversea-Chinese

Banking

Corp.

Ltd.

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

Singapore

1,600

20,863

Pacific

Premier

Bancorp,

Inc.

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

United

States

9,845

Pathward

Financial,

Inc.

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

United

States

13,828

PNC

Financial

Services

Group,

Inc.

(The)

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

United

States

54,764

Popular,

Inc.

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

United

States

52,141

Preferred

Bank

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

United

States

8,496

Regions

Financial

Corp.

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

United

States

1,951

53,438

Simmons

First

National

Corp.,

A

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

United

States

8,146

Swedbank

AB,

A

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

Sweden

2,095

58,959

Synovus

Financial

Corp.

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

United

States

961

49,597

a

Third

Coast

Bancshares,

Inc.

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

United

States

3,386

Towne

Bank

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

United

States

3,045

Truist

Financial

Corp.

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

United

States

1,154

54,030

Trustmark

Corp.

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

United

States

12,162

United

Overseas

Bank

Ltd.

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

Singapore

3,200

87,637

Univest

Financial

Corp.

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

United

States

3,990

US

Bancorp

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

United

States

1,088

53,127

Veritex

Holdings,

Inc.

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

United

States

14,771

Webster

Financial

Corp.

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

United

States

914

56,869

Wells

Fargo

&

Co.

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

United

States

11,170

917,951

Westamerica

BanCorp

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

United

States

3,251

WSFS

Financial

Corp.

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

United

States

3,089

Putnam

Asset

Allocation

Funds

Consolidated

Schedule

of

Investments

#### Putnam

#### Multi-Asset

#### Income

#### 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
(continued)

#### Banks
(continued)

Zions

Bancorp

NA

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

United

States

928

$

53,833

3,598,497

#### Beverages

#### 0.4%
Coca-Cola

Co.

(The)

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

United

States

664

45,809

Diageo

plc

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

United

Kingdom

1,396

38,716

PepsiCo,

Inc.

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

United

States

6,105

907,508

992,033

#### Biotechnology

#### 0.1%
AbbVie,

Inc.

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

United

States

1,203

253,111

a

ACADIA

Pharmaceuticals,

Inc.

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

United

States

705

18,323

a

ADMA

Biologics,

Inc.

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

United

States

6,818

a

Agios

Pharmaceuticals,

Inc.

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

United

States

3,243

a

Akero

Therapeutics,

Inc.

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

United

States

16,075

a

Alkermes

plc

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

United

States

650

18,831

a

Arcturus

Therapeutics

Holdings,

Inc.

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

United

States

4,338

a

Arrowhead

Pharmaceuticals,

Inc.

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

United

States

2,203

a

BioCryst

Pharmaceuticals,

Inc.

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

United

States

1,931

16,047

a

Biohaven

Ltd.

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

United

States

3,186

a

CareDx

,

Inc.

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

United

States

3,210

a

Catalyst

Pharmaceuticals,

Inc.

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

United

States

3,933

a

Exelixis

,

Inc.

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

United

States

1,292

48,347

a

Humacyte

,

Inc.

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

United

States

3,052

4,731

a

Inhibrx

Biosciences,

Inc.

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

United

States

3,553

a

MiMedx

Group,

Inc.

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

United

States

2,762

a

Mineralys

Therapeutics,

Inc.

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

United

States

3,204

a

Nurix

Therapeutics,

Inc.

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

United

States

2,447

a

Protagonist

Therapeutics,

Inc.

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

United

States

17,420

a

Prothena

Corp.

plc

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

Ireland

3,641

a

PTC

Therapeutics,

Inc.

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

United

States

14,651

a

Relay

Therapeutics,

Inc.

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

United

States

2,217

7,959

a

Replimune

Group,

Inc.

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

United

States

1,662

8,975

a

Rhythm

Pharmaceuticals,

Inc.

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

United

States

21,043

a

Rigel

Pharmaceuticals,

Inc.

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

United

States

3,186

a

Scholar

Rock

Holding

Corp.

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

United

States

2,971

a

Stoke

Therapeutics,

Inc.

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

United

States

9,860

a

Tango

Therapeutics,

Inc.

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

United

States

887

5,952

a

Travere

Therapeutics,

Inc.

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

United

States

3,150

a

Vir

Biotechnology,

Inc.

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

United

States

1,506

7,440

a

Zymeworks

,

Inc.

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

United

States

3,199

523,809

#### Broadline

#### Retail

#### 0.7%
a

Amazon.com,

Inc.

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

United

States

6,324

1,448,196

eBay,

Inc.

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

United

States

513

46,483

Prosus

NV

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

China

6,062

Wesfarmers

Ltd.

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

Australia

529

31,686

1,532,427

#### Building

#### Products

#### 0.1%
Apogee

Enterprises,

Inc.

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

United

States

7,432

Assa

Abloy

AB,

B

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

Sweden

1,109

39,186

Cie

de

Saint-Gobain

SA

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

France

921

99,430

a

Gibraltar

Industries,

Inc.

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

United

States

3,129

Johnson

Controls

International

plc

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

United

States

47,566

Owens

Corning

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

United

States

53,611

a

Resideo

Technologies,

Inc.

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

United

States

6,878

Putnam

Asset

Allocation

Funds

Consolidated

Schedule

of

Investments

#### Putnam

#### Multi-Asset

#### Income

#### Fund
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)

#### Building

#### Products
(continued)

Trane

Technologies

plc

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

United

States

$

53,612

UFP

Industries,

Inc.

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

United

States

16,862

327,706

#### Capital

#### Markets

#### 1.0%
3i

Group

plc

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

United

Kingdom

1,023

55,578

Ameriprise

Financial,

Inc.

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

United

States

51,481

b

Amundi

SA,

144A,

Reg

S

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

France

1,279

94,543

Bank

of

New

York

Mellon

Corp.

(The)

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

United

States

609

64,310

Blackstone,

Inc.

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

United

States

47,821

Futu

Holdings

Ltd.,

ADR

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

Hong

Kong

37,120

Goldman

Sachs

Group,

Inc.

(The)

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

United

States

154,267

Invesco

Ltd.

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

United

States

2,364

51,748

Janus

Henderson

Group

plc

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

United

States

1,153

51,101

Morgan

Stanley

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

United

States

3,413

513,588

Nomura

Holdings,

Inc.

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

Japan

4,600

32,730

Northern

Trust

Corp.

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

United

States

52,249

State

Street

Corp.

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

United

States

6,793

780,991

a

StoneX

Group,

Inc.

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

United

States

19,004

UBS

Group

AG

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

Switzerland

1,829

74,092

Virtu

Financial,

Inc.,

A

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

United

States

614

25,739

Virtus

Investment

Partners,

Inc.

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

United

States

9,870

2,116,232

#### Chemicals

#### 0.4%
Avient

Corp.

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

United

States

5,012

Balchem

Corp.

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

United

States

2,918

BASF

SE

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

Germany

1,716

91,156

Cabot

Corp.

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

United

States

3,099

CF

Industries

Holdings,

Inc.

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

United

States

570

49,379

Corteva,

Inc.

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

United

States

1,482

109,950

DuPont

de

Nemours,

Inc.

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

United

States

704

54,152

Eastman

Chemical

Co.

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

United

States

754

53,036

Evonik

Industries

AG

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

Germany

2,562

49,436

Huntsman

Corp.

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

United

States

5,333

59,516

a

Ingevity

Corp.

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

United

States

3,503

Innospec,

Inc.

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

United

States

7,883

a

Intrepid

Potash,

Inc.

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

United

States

3,073

LyondellBasell

Industries

NV,

A

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

United

States

902

50,828

Mativ

Holdings,

Inc.

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

United

States

3,469

Minerals

Technologies,

Inc.

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

United

States

13,352

Mosaic

Co.

(The)

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

United

States

746

24,916

NewMarket

Corp.

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

United

States

54,579

a

Perimeter

Solutions,

Inc.

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

United

States

936

20,957

a

Rayonier

Advanced

Materials,

Inc.

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

United

States

662

3,687

Shin-Etsu

Chemical

Co.

Ltd.

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

Japan

1,200

36,549

700,450

#### Commercial

#### Services

#### &

#### Supplies

#### 0.0%

#### †
ACCO

Brands

Corp.

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

United

States

684

2,750

Brink's

Co.

(The)

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

United

States

17,926

a

Cimpress

plc

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

Ireland

3,661

a

CoreCivic

,

Inc.

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

United

States

4,989

a

GEO

Group,

Inc.

(The)

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

United

States

2,696

HNI

Corp.

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

United

States

2,696

Interface,

Inc.,

A

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

United

States

554

14,803

a

OPENLANE,

Inc.

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

United

States

3,268

Steelcase,

Inc.,

A

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

United

States

4,319

Putnam

Asset

Allocation

Funds

Consolidated

Schedule

of

Investments

#### Putnam

#### Multi-Asset

#### Income

#### 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
(continued)

#### Commercial

#### Services

#### &

#### Supplies
(continued)

UniFirst

Corp.

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

United

States

$

3,023

60,131

#### Communications

#### Equipment

#### 0.5%
a

Arista

Networks,

Inc.

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

United

States

1,620

221,211

a

Calix,

Inc.

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

United

States

11,831

Cisco

Systems,

Inc.

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

United

States

13,461

930,020

a

CommScope

Holding

Co.,

Inc.

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

United

States

5,149

a

Extreme

Networks,

Inc.

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

United

States

844

18,045

a

NETGEAR,

Inc.

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

United

States

521

14,156

a

NetScout

Systems,

Inc.

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

United

States

3,360

Ubiquiti,

Inc.

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

United

States

53,869

a

Viavi

Solutions,

Inc.

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

United

States

3,046

1,260,687

#### Construction

#### &

#### Engineering

#### 0.1%
Argan,

Inc.

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

United

States

17,573

a

Limbach

Holdings,

Inc.

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

United

States

3,437

Obayashi

Corp.

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

Japan

1,500

24,332

Primoris

Services

Corp.

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

United

States

22,050

a

Sterling

Infrastructure,

Inc.

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

United

States

23,397

a

Tutor

Perini

Corp.

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

United

States

18,036

Vinci

SA

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

France

1,041

141,192

250,017

#### Construction

#### Materials

#### 0.1%
Heidelberg

Materials

AG

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

Germany

19,633

Holcim

AG

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

United

States

1,700

142,492

162,125

#### Consumer

#### Finance

#### 0.1%
Bread

Financial

Holdings,

Inc.

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

United

States

18,930

a

Enova

International,

Inc.

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

United

States

18,438

a

LendingClub

Corp.

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

United

States

1,042

17,902

OneMain

Holdings,

Inc.

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

United

States

880

54,437

PROG

Holdings,

Inc.

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

United

States

11,171

Synchrony

Financial

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

United

States

677

51,682

172,560

#### Consumer

#### Staples

#### Distribution

#### &

#### Retail

#### 0.2%
Coles

Group

Ltd.

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

Australia

3,172

49,518

Koninklijke

Ahold

Delhaize

NV

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

Netherlands

1,774

71,089

Target

Corp.

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

United

States

43,767

Tesco

plc

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

United

Kingdom

5,017

28,677

a

United

Natural

Foods,

Inc.

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

United

States

3,365

Walmart,

Inc.

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

United

States

941

91,258

287,674

#### Containers

#### &

#### Packaging

#### 0.0%

#### †
a

O-I

Glass,

Inc.

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

United

States

2,988

Packaging

Corp.

of

America

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

United

States

49,913

52,901

#### Diversified

#### Consumer

#### Services

#### 0.3%
ADT,

Inc.

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

United

States

72,748

633,635

a

Coursera,

Inc.

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

United

States

1,390

15,985

a

Duolingo,

Inc.,

A

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

United

States

41,998

Putnam

Asset

Allocation

Funds

Consolidated

Schedule

of

Investments

#### Putnam

#### Multi-Asset

#### Income

#### Fund
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)

#### Diversified

#### Consumer

#### Services
(continued)

a

Frontdoor

,

Inc.

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

United

States

$

18,590

a

Laureate

Education,

Inc.

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

United

States

683

18,769

a

Udemy,

Inc.

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

United

States

2,813

731,790

#### Diversified

#### REITs

#### 0.0%

#### †
Alexander

&

Baldwin,

Inc.

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

United

States

5,647

Broadstone

Net

Lease,

Inc.

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

United

States

3,532

Covivio

SA

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

France

1,120

73,418

WP

Carey,

Inc.

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

United

States

735

49,319

131,916

#### Diversified

#### Telecommunication

#### Services

#### 0.5%
AT&T,

Inc.

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

United

States

26,046

762,887

a

Bandwidth,

Inc.,

A

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

United

States

4,020

HKT

Trust

&

HKT

Ltd.

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

Hong

Kong

40,000

60,676

IDT

Corp.,

B

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

United

States

8,009

a

Lumen

Technologies,

Inc.

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

United

States

3,945

19,607

Telia

Co.

AB

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

Sweden

1,630

6,085

Telstra

Group

Ltd.

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

Australia

21,175

67,745

Verizon

Communications,

Inc.

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

United

States

1,851

81,870

1,010,899

#### Electric

#### Utilities

#### 0.4%
ALLETE,

Inc.

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

United

States

4,234

Duke

Energy

Corp.

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

United

States

47,894

Edison

International

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

United

States

11,902

668,059

Enel

SpA

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

Italy

16,292

150,345

Exelon

Corp.

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

United

States

1,100

48,048

Fortum

OYJ

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

Finland

6,454

Iberdrola

SA

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

Spain

3,612

68,090

Kansai

Electric

Power

Co.,

Inc.

(The)

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

Japan

1,100

15,262

NRG

Energy,

Inc.

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

United

States

46,288

a

Oklo

,

Inc.,

A

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

United

States

4,124

Origin

Energy

Ltd.

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

Australia

11,639

98,192

Otter

Tail

Corp.

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

United

States

1,680

Portland

General

Electric

Co.

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

United

States

4,577

TXNM

Energy,

Inc.

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

United

States

3,285

1,166,532

#### Electrical

#### Equipment

#### 0.7%
ABB

Ltd.

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

Switzerland

1,722

115,565

Allient

,

Inc.

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

United

States

6,444

EnerSys

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

United

States

16,937

Fujikura

Ltd.

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

Japan

33,936

GE

Vernova

,

Inc.

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

United

States

862

528,380

Mitsubishi

Electric

Corp.

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

Japan

600

14,324

a

NANO

Nuclear

Energy,

Inc.

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

United

States

9,176

a

NEXTracker,

Inc.,

A

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

United

States

11,972

a

NuScale

Power

Corp.,

A

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

United

States

4,470

Powell

Industries,

Inc.

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

United

States

3,726

a

Power

Solutions

International,

Inc.

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

United

States

11,522

Rockwell

Automation,

Inc.

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

United

States

50,141

a

Siemens

Energy

AG

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

Germany

14,255

Vertiv

Holdings

Co.,

A

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

United

States

4,525

577,164

a

Vicor

Corp.

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

United

States

3,067

1,401,079

Putnam

Asset

Allocation

Funds

Consolidated

Schedule

of

Investments

#### Putnam

#### Multi-Asset

#### Income

#### 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
(continued)

#### Electronic

#### Equipment,

#### Instruments

#### &

#### Components

#### 0.0%

#### †
a

Aeva

Technologies,

Inc.

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

United

States

$

3,775

a

Arlo

Technologies,

Inc.

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

United

States

601

10,463

Belden,

Inc.

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

United

States

4,687

Benchmark

Electronics,

Inc.

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

United

States

1,542

a

Itron

,

Inc.

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

United

States

18,195

a

nLight

,

Inc.

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

United

States

5,645

a

Plexus

Corp.

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

United

States

3,151

a

Sanmina

Corp.

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

United

States

4,583

a

ScanSource,

Inc.

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

United

States

3,143

a

TTM

Technologies,

Inc.

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

United

States

17,873

73,057

#### Energy

#### Equipment

#### &

#### Services

#### 0.2%
Halliburton

Co.

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

United

States

2,327

52,893

Kodiak

Gas

Services,

Inc.

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

United

States

2,792

Liberty

Energy,

Inc.,

A

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

United

States

2,779

a

National

Energy

Services

Reunited

Corp.

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

United

States

3,800

a

Oceaneering

International,

Inc.

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

United

States

564

13,762

a

Oil

States

International,

Inc.

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

United

States

670

3,752

Schlumberger

NV

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

United

States

1,530

56,365

TechnipFMC

plc

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

United

Kingdom

1,568

57,640

Weatherford

International

plc

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

United

States

887

56,506

250,289

#### Entertainment

#### 0.1%
Capcom

Co.

Ltd.

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

Japan

1,100

29,683

Cinemark

Holdings,

Inc.

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

United

States

5,392

a

Netflix,

Inc.

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

United

States

49,538

a

Spotify

Technology

SA

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

United

States

158,878

Walt

Disney

Co.

(The)

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

United

States

50,312

293,803

#### Financial

#### Services

#### 0.5%
Banca

Mediolanum

SpA

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

Italy

9,143

Banco

Latinoamericano

de

Comercio

Exterior

SA,

E

.........

Panama

5,259

Compass

Diversified

Holdings

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

United

States

549

4,117

Corebridge

Financial,

Inc.

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

United

States

1,530

53,198

Equitable

Holdings,

Inc.

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

United

States

9,373

499,206

Essent

Group

Ltd.

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

United

States

3,074

Investor

AB,

B

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

Sweden

7,394

Jackson

Financial,

Inc.,

A

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

United

States

22,625

M&G

plc

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

United

Kingdom

26,958

96,565

Mastercard,

Inc.,

A

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

United

States

53,576

Merchants

Bancorp

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

United

States

4,895

a

NMI

Holdings,

Inc.,

A

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

United

States

10,625

Pagseguro

Digital

Ltd.,

A

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

Brazil

1,783

15,976

a

Payoneer

Global,

Inc.

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

United

States

3,037

a

Paysafe

Ltd.

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

United

States

3,034

PennyMac

Financial

Services,

Inc.

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

United

States

8,478

a

StoneCo

Ltd.,

A

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

Brazil

3,047

Western

Union

Co.

(The)

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

United

States

49,343

427,804

1,231,053

#### Food

#### Products

#### 0.3%
Archer-Daniels-Midland

Co.

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

United

States

829

51,929

Calavo

Growers,

Inc.

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

United

States

2,735

Cal-Maine

Foods,

Inc.

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

United

States

20,121

Conagra

Brands,

Inc.

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

United

States

2,509

47,997

Putnam

Asset

Allocation

Funds

Consolidated

Schedule

of

Investments

#### Putnam

#### Multi-Asset

#### Income

#### Fund
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)

#### Food

#### Products
(continued)

Dole

plc

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

United

States

761

$

11,202

Fresh

Del

Monte

Produce,

Inc.

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

United

States

9,215

Hormel

Foods

Corp.

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

United

States

1,726

43,909

Ingredion,

Inc.

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

United

States

50,262

Kraft

Heinz

Co.

(The)

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

United

States

1,778

49,731

Nestle

SA

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

United

States

1,597

150,646

a

Seneca

Foods

Corp.,

A

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

United

States

3,283

a

Simply

Good

Foods

Co.

(The)

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

United

States

1,403

Smithfield

Foods,

Inc.

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

United

States

2,275

57,853

b

WH

Group

Ltd.,

144A,

Reg

S

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

Hong

Kong

115,500

124,116

624,402

#### Gas

#### Utilities

#### 0.0%

#### †
New

Jersey

Resources

Corp.

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

United

States

16,126

Northwest

Natural

Holding

Co.

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

United

States

3,032

Spire,

Inc.

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

United

States

2,911

22,069

#### Ground

#### Transportation

#### 0.4%
CSX

Corp.

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

United

States

1,383

44,961

Union

Pacific

Corp.

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

United

States

3,782

845,542

890,503

#### Health

#### Care

#### Equipment

#### &

#### Supplies

#### 0.3%
a

AngioDynamics

,

Inc.

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

United

States

3,447

a

AtriCure

,

Inc.

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

United

States

3,255

a

Avanos

Medical,

Inc.

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

United

States

2,949

a

Axogen

,

Inc.

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

United

States

5,407

a

Bioventus,

Inc.,

A

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

United

States

2,738

a

Glaukos

Corp.

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

United

States

10,636

Hoya

Corp.

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

Japan

800

103,301

a

Intuitive

Surgical,

Inc.

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

United

States

45,910

a

Lantheus

Holdings,

Inc.

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

United

States

13,670

a

LivaNova

plc

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

United

States

11,556

Medtronic

plc

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

United

States

3,004

278,801

a

Novocure

Ltd.

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

United

States

1,358

16,744

Olympus

Corp.

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

Japan

1,100

12,750

Sonova

Holding

AG

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

Switzerland

32,915

a

Surmodics

,

Inc.

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

United

States

2,859

546,938

#### Health

#### Care

#### Providers

#### &

#### Services

#### 0.1%
a

Castle

Biosciences,

Inc.

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

United

States

589

14,142

Cigna

Group

(The)

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

United

States

49,644

a

GeneDx

Holdings

Corp.,

A

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

United

States

4,921

a

Guardant

Health,

Inc.

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

United

States

26,092

a

Hims

&

Hers

Health,

Inc.

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

United

States

15,542

a

Option

Care

Health,

Inc.

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

United

States

7,744

Select

Medical

Holdings

Corp.

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

United

States

5,841

UnitedHealth

Group,

Inc.

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

United

States

59,185

183,111

#### Health

#### Care

#### REITs

#### 0.0%

#### †
American

Healthcare

REIT,

Inc.

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

United

States

4,450

CareTrust

REIT,

Inc.

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

United

States

632

21,747

LTC

Properties,

Inc.

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

United

States

1,351

National

Health

Investors,

Inc.

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

United

States

3,053

Putnam

Asset

Allocation

Funds

Consolidated

Schedule

of

Investments

#### Putnam

#### Multi-Asset

#### Income

#### 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
(continued)

#### Health

#### Care

#### REITs
(continued)

Omega

Healthcare

Investors,

Inc.

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

United

States

1,209

$

51,467

Sabra

Health

Care

REIT,

Inc.

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

United

States

3,268

85,336

#### Health

#### Care

#### Technology

#### 0.0%

#### †
HealthStream,

Inc.

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

United

States

3,370

a

LifeMD

,

Inc.

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

United

States

2,680

a

Phreesia,

Inc.

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

United

States

12,506

a

Teladoc

Health,

Inc.

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

United

States

2,248

17,377

a

Waystar

Holding

Corp.

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

United

States

7,235

43,168

#### Hotel

#### &

#### Resort

#### REITs

#### 0.0%

#### †
Apple

Hospitality

REIT,

Inc.

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

United

States

2,952

Park

Hotels

&

Resorts,

Inc.

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

United

States

4,447

52,297

Ryman

Hospitality

Properties,

Inc.

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

United

States

15,214

Xenia

Hotels

&

Resorts,

Inc.

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

United

States

1,611

72,074

#### Hotels,

#### Restaurants

#### &

#### Leisure

#### 0.2%
a

Airbnb,

Inc.,

A

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

United

States

54,431

Aristocrat

Leisure

Ltd.

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

Australia

1,229

58,275

Booking

Holdings,

Inc.

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

United

States

106,382

Brightstar

Lottery

plc

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

United

States

902

15,009

a

Brinker

International,

Inc.

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

United

States

21,993

a

DoorDash

,

Inc.,

A

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

United

States

45,126

b

Evolution

AB,

144A,

Reg

S

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

Sweden

3,639

b

FDJ

United,

144A,

Reg

S

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

France

1,722

55,427

Galaxy

Entertainment

Group

Ltd.

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

Macau

2,000

10,603

Golden

Entertainment,

Inc.

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

United

States

2,885

Las

Vegas

Sands

Corp.

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

United

States

893

51,464

a

Life

Time

Group

Holdings,

Inc.

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

United

States

2,820

Monarch

Casino

&

Resort,

Inc.

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

United

States

3,652

Red

Rock

Resorts,

Inc.,

A

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

United

States

3,774

435,480

#### Household

#### Durables

#### 0.0%

#### †
Garmin

Ltd.

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

United

States

51,749

a

Hovnanian

Enterprises,

Inc.,

A

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

United

States

4,351

KB

Home

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

United

States

3,495

a

M/I

Homes,

Inc.

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

United

States

16,199

a

Sonos,

Inc.

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

United

States

3,633

Sony

Group

Corp.

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

Japan

10,933

a

Taylor

Morrison

Home

Corp.,

A

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

United

States

20,413

a

Tri

Pointe

Homes,

Inc.

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

United

States

513

18,124

128,897

#### Household

#### Products

#### 0.1%
Colgate-Palmolive

Co.

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

United

States

560

47,079

Energizer

Holdings,

Inc.

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

United

States

3,638

Kimberly-Clark

Corp.

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

United

States

60,567

Procter

&

Gamble

Co.

(The)

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

United

States

51,038

162,322

#### Independent

#### Power

#### and

#### Renewable

#### Electricity

#### Producers

#### 0.0%

#### †
AES

Corp.

(The)

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

United

States

3,831

51,872

a,c

Glow

Energy

PCL

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

Thailand

35,800

Putnam

Asset

Allocation

Funds

Consolidated

Schedule

of

Investments

#### Putnam

#### Multi-Asset

#### Income

#### Fund
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)

#### Independent

#### Power

#### and

#### Renewable

#### Electricity

#### Producers
(continued)

Vistra

Corp.

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

United

States

$

46,332

98,215

#### Industrial

#### Conglomerates

#### 0.1%
DCC

plc

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

United

Kingdom

11,701

Honeywell

International,

Inc.

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

United

States

46,973

Siemens

AG

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

Germany

502

139,157

197,831

#### Industrial

#### REITs

#### 0.1%
Prologis,

Inc.

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

United

States

55,070

#### Insurance

#### 1.0%
AIA

Group

Ltd.

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

Hong

Kong

3,802

Allianz

SE

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

Germany

194,480

Allstate

Corp.

(The)

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

United

States

48,625

AXA

SA

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

France

2,523

117,516

Axis

Capital

Holdings

Ltd.

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

United

States

47,121

CNA

Financial

Corp.

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

United

States

1,037

51,383

CNO

Financial

Group,

Inc.

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

United

States

16,025

Dai-ichi

Life

Holdings,

Inc.

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

Japan

9,700

79,594

Everest

Group

Ltd.

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

United

States

48,205

Fidelis

Insurance

Holdings

Ltd.

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

United

Kingdom

3,514

a

Genworth

Financial,

Inc.,

A

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

United

States

2,118

18,151

a

Hamilton

Insurance

Group

Ltd.,

B

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

United

States

629

14,995

a

Heritage

Insurance

Holdings,

Inc.

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

United

States

10,747

Horace

Mann

Educators

Corp.

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

United

States

8,736

Legal

&

General

Group

plc

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

United

Kingdom

33,107

110,806

Lincoln

National

Corp.

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

United

States

1,193

51,215

Mercury

General

Corp.

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

United

States

1,856

MetLife,

Inc.

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

United

States

6,818

554,712

Muenchener

Rueckversicherungs

-Gesellschaft

AG

in

Muenchen

Germany

23,602

NN

Group

NV

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

Netherlands

760

52,313

Old

Republic

International

Corp.

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

United

States

1,337

53,440

Phoenix

Group

Holdings

plc

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

United

Kingdom

6,679

61,519

Prudential

Financial,

Inc.

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

United

States

4,015

440,285

a

SiriusPoint

Ltd.

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

Sweden

3,725

Swiss

Re

AG

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

United

States

555

100,590

Tokio

Marine

Holdings,

Inc.

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

Japan

2,000

85,776

Universal

Insurance

Holdings,

Inc.

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

United

States

4,219

Unum

Group

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

United

States

666

46,527

2,253,479

#### Interactive

#### Media

#### &

#### Services

#### 2.2%
Alphabet,

Inc.,

A

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

United

States

12,260

2,610,277

b

Auto

Trader

Group

plc,

144A,

Reg

S

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

United

Kingdom

1,408

15,290

a

Cargurus

,

Inc.,

A

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

United

States

15,051

a

EverQuote

,

Inc.,

A

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

United

States

11,346

a

fuboTV

,

Inc.

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

United

States

3,402

12,009

a

Grindr,

Inc.

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

Singapore

5,803

LY

Corp.

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

Japan

15,100

47,806

Meta

Platforms,

Inc.,

A

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

United

States

2,732

2,018,128

a

Reddit,

Inc.,

A

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

United

States

67,974

a

ZipRecruiter,

Inc.,

A

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

United

States

732

3,660

4,807,344

#### IT

#### Services

#### 0.1%
Fujitsu

Ltd.

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

Japan

900

21,658

Putnam

Asset

Allocation

Funds

Consolidated

Schedule

of

Investments

#### Putnam

#### Multi-Asset

#### Income

#### 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
(continued)

#### IT

#### Services
(continued)

NEC

Corp.

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

Japan

1,100

$

33,496

a

Snowflake,

Inc.,

A

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

United

States

62,290

117,444

#### Leisure

#### Products

#### 0.0%

#### †
Hasbro,

Inc.

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

United

States

596

48,377

a

Latham

Group,

Inc.

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

United

States

3,397

Polaris,

Inc.

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

United

States

17,540

69,314

#### Life

#### Sciences

#### Tools

#### &

#### Services

#### 0.0%

#### †
a

10X

Genomics,

Inc.,

A

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

United

States

1,229

17,218

#### Machinery

#### 0.3%
Alamo

Group,

Inc.

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

United

States

4,018

Albany

International

Corp.,

A

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

United

States

2,921

Allison

Transmission

Holdings,

Inc.

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

United

States

538

46,973

Atmus

Filtration

Technologies,

Inc.

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

United

States

18,298

a

Blue

Bird

Corp.

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

United

States

9,926

Caterpillar,

Inc.

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

United

States

59,923

Cummins,

Inc.

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

United

States

52,196

ESCO

Technologies,

Inc.

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

United

States

5,224

FANUC

Corp.

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

Japan

3,100

86,178

Federal

Signal

Corp.

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

United

States

3,936

Franklin

Electric

Co.,

Inc.

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

United

States

3,425

GEA

Group

AG

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

Germany

23,000

Hyster-Yale,

Inc.

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

United

States

3,300

Komatsu

Ltd.

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

Japan

3,900

132,032

Lincoln

Electric

Holdings,

Inc.

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

United

States

24,506

a

Microvast

Holdings,

Inc.

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

United

States

4,127

11,019

Mueller

Water

Products,

Inc.,

A

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

United

States

3,769

a

Proto

Labs,

Inc.

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

United

States

5,031

REV

Group,

Inc.

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

United

States

10,802

Sandvik

AB

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

Sweden

719

18,184

a

SPX

Technologies,

Inc.

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

United

States

3,929

Tennant

Co.

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

United

States

2,871

Watts

Water

Technologies,

Inc.,

A

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

United

States

23,260

Worthington

Enterprises,

Inc.

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

United

States

4,409

559,130

#### Marine

#### Transportation

#### 0.1%
Costamare

,

Inc.

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

Monaco

604

6,910

Kuehne

+

Nagel

International

AG

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

Switzerland

31,803

Matson,

Inc.

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

United

States

16,856

Nippon

Yusen

KK

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

Japan

1,100

39,652

Safe

Bulkers,

Inc.

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

Monaco

505

2,146

SITC

International

Holdings

Co.

Ltd.

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

China

27,000

95,178

192,545

#### Media

#### 0.5%
Comcast

Corp.,

A

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

United

States

25,825

877,275

a

Magnite

,

Inc.

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

United

States

8,589

New

York

Times

Co.

(The),

A

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

United

States

831

49,727

a

Nexxen

International

Ltd.

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

Israel

4,714

Publicis

Groupe

SA

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

France

23,454

a

PubMatic,

Inc.,

A

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

United

States

3,017

Putnam

Asset

Allocation

Funds

Consolidated

Schedule

of

Investments

#### Putnam

#### Multi-Asset

#### Income

#### Fund
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)

#### Media
(continued)

WPP

plc

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

United

Kingdom

18,843

$

99,917

1,066,693

#### Metals

#### &

#### Mining

#### 0.3%
a

Alpha

Metallurgical

Resources,

Inc.

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

United

States

9,399

BHP

Group

Ltd.,

(AUD

Traded)

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

Australia

5,509

153,552

BHP

Group

Ltd.,

(GBP

Traded)

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

Australia

9,703

a

Coeur

Mining,

Inc.

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

United

States

3,117

Commercial

Metals

Co.

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

United

States

3,403

a

Constellium

SE,

A

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

United

States

1,173

16,997

Fortescue

Ltd.

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

Australia

11,082

139,779

Freeport-McMoRan,

Inc.

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

United

States

1,167

51,815

Hecla

Mining

Co.

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

United

States

646

5,497

Northern

Star

Resources

Ltd.

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

Australia

925

11,544

Rio

Tinto

Ltd.

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

Australia

11,029

Rio

Tinto

plc

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

Australia

2,003

125,211

Southern

Copper

Corp.

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

Mexico

504

48,433

SunCoke

Energy,

Inc.

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

United

States

3,343

592,822

#### Mortgage

#### Real

#### Estate

#### Investment

#### Trusts
(REITs)

#### 0.5%
AGNC

Investment

Corp.

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

United

States

15,872

154,911

Annaly

Capital

Management,

Inc.

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

United

States

2,273

48,165

BrightSpire

Capital,

Inc.,

A

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

United

States

853

4,947

Chimera

Investment

Corp.

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

United

States

3,132

Ladder

Capital

Corp.,

A

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

United

States

2,870

MFA

Financial,

Inc.

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

United

States

2,958

Rithm

Capital

Corp.

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

United

States

58,694

726,632

Starwood

Property

Trust,

Inc.

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

United

States

2,450

49,661

TPG

RE

Finance

Trust,

Inc.

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

United

States

617

5,769

999,045

#### Multi-Utilities

#### 0.1%
Avista

Corp.

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

United

States

12,131

Black

Hills

Corp.

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

United

States

14,055

E.ON

SE

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

Germany

3,755

66,957

Engie

SA

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

France

5,819

120,415

Northwestern

Energy

Group,

Inc.

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

United

States

2,933

Public

Service

Enterprise

Group,

Inc.

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

United

States

584

48,081

264,572

#### Office

#### REITs

#### 0.0%

#### †
COPT

Defense

Properties

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

United

States

2,849

Empire

State

Realty

Trust,

Inc.,

A

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

United

States

2,853

5,702

#### Oil,

#### Gas

#### &

#### Consumable

#### Fuels

#### 1.0%
Aker

BP

ASA

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

Norway

3,407

86,190

Antero

Midstream

Corp.

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

United

States

3,322

59,098

Berry

Corp.

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

United

States

979

3,270

Chevron

Corp.

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

United

States

52,837

ConocoPhillips

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

United

States

500

49,485

Core

Natural

Resources,

Inc.

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

United

States

10,322

Coterra

Energy,

Inc.

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

United

States

2,049

50,078

Dorian

LPG

Ltd.

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

United

States

4,029

ENEOS

Holdings,

Inc.

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

Japan

4,300

25,462

Eni

SpA

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

Italy

1,341

23,972

Putnam

Asset

Allocation

Funds

Consolidated

Schedule

of

Investments

#### Putnam

#### Multi-Asset

#### Income

#### 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
(continued)

#### Oil,

#### Gas

#### &

#### Consumable

#### Fuels
(continued)

Equinor

ASA

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

Norway

2,640

$

65,152

Excelerate

Energy,

Inc.,

A

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

United

States

3,004

Exxon

Mobil

Corp.

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

United

States

5,097

582,536

a

Gulfport

Energy

Corp.

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

United

States

2,959

HF

Sinclair

Corp.

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

United

States

1,211

61,616

International

Seaways,

Inc.

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

United

States

3,316

Kinder

Morgan,

Inc.

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

United

States

1,870

50,453

Marathon

Petroleum

Corp.

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

United

States

55,530

Murphy

Oil

Corp.

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

United

States

11,237

Neste

OYJ

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

Finland

1,870

34,368

OMV

AG

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

Austria

878

48,360

Peabody

Energy

Corp.

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

United

States

951

16,547

Phillips

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

United

States

56,772

Repsol

SA

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

Spain

3,673

60,223

Scorpio

Tankers,

Inc.

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

Monaco

18,295

Shell

plc

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

United

States

1,088

40,059

Teekay

Corp.

Ltd.

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

United

States

1,296

10,627

Teekay

Tankers

Ltd.,

A

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

Canada

16,472

TotalEnergies

SE

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

France

1,110

69,687

Valero

Energy

Corp.

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

United

States

1,609

244,584

Williams

Cos.,

Inc.

(The)

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

United

States

848

49,082

Woodside

Energy

Group

Ltd.

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

Australia

7,849

135,297

World

Kinect

Corp.

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

United

States

2,895

2,003,814

#### Paper

#### &

#### Forest

#### Products

#### 0.0%

#### †
Sylvamo

Corp.

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

United

States

9,134

#### Passenger

#### Airlines

#### 0.0%

#### †
Delta

Air

Lines,

Inc.

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

United

States

872

53,872

International

Consolidated

Airlines

Group

SA

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

United

Kingdom

1,092

5,646

a

Joby

Aviation,

Inc.

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

United

States

505

7,146

Singapore

Airlines

Ltd.

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

Singapore

9,100

46,658

a

SkyWest,

Inc.

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

United

States

20,152

a

Sun

Country

Airlines

Holdings,

Inc.

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

United

States

4,717

138,191

#### Personal

#### Care

#### Products

#### 0.0%

#### †
L'Oreal

SA

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

France

5,603

Unilever

plc

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

United

Kingdom

1,303

82,200

87,803

#### Pharmaceuticals

#### 2.2%
a

Arvinas

,

Inc.

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

United

States

1,570

12,136

Astellas

Pharma,

Inc.

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

Japan

5,000

54,888

AstraZeneca

plc

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

United

Kingdom

40,013

Bristol-Myers

Squibb

Co.

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

United

States

17,401

820,979

Chugai

Pharmaceutical

Co.

Ltd.

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

Japan

2,700

119,317

Daiichi

Sankyo

Co.

Ltd.

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

Japan

2,700

64,562

Eli

Lilly

&

Co.

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

United

States

212,448

GSK

plc

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

United

States

4,654

91,964

Johnson

&

Johnson

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

United

States

6,115

1,083,395

Merck

&

Co.,

Inc.

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

United

States

10,922

918,759

Novartis

AG

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

United

States

2,022

255,929

Novo

Nordisk

A/S,

B

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

Denmark

1,131

63,912

Pfizer,

Inc.

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

United

States

27,390

678,176

Roche

Holding

AG

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

United

States

92,932

Sanofi

SA

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

United

States

44,447

Putnam

Asset

Allocation

Funds

Consolidated

Schedule

of

Investments

#### Putnam

#### Multi-Asset

#### Income

#### Fund
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)

#### Pharmaceuticals
(continued)

a

Supernus

Pharmaceuticals,

Inc.

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

United

States

$

17,822

Takeda

Pharmaceutical

Co.

Ltd.

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

Japan

1,900

57,195

a

WaVe

Life

Sciences

Ltd.

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

United

States

4,090

4,632,964

#### Professional

#### Services

#### 0.5%
Automatic

Data

Processing,

Inc.

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

United

States

2,636

801,476

Heidrick

&

Struggles

International,

Inc.

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

United

States

4,471

a

IBEX

Holdings

Ltd.

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

United

States

3,839

Korn

Ferry

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

United

States

10,083

a

Legalzoom.com,

Inc.

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

United

States

1,439

15,944

Maximus,

Inc.

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

United

States

3,605

Recruit

Holdings

Co.

Ltd.

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

Japan

1,800

103,002

a

Upwork,

Inc.

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

United

States

1,137

17,498

959,918

#### Real

#### Estate

#### Management

#### &

#### Development

#### 0.0%

#### †
a

Anywhere

Real

Estate,

Inc.

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

United

States

760

4,644

a

Cushman

&

Wakefield

plc

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

United

States

1,178

18,577

23,221

#### Residential

#### REITs

#### 0.0%

#### †
Equity

Residential

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

United

States

786

51,970

Invitation

Homes,

Inc.

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

United

States

1,614

50,502

NexPoint

Residential

Trust,

Inc.

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

United

States

3,037

105,509

#### Retail

#### REITs

#### 0.4%
CBL

&

Associates

Properties,

Inc.

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

United

States

3,281

Curbline

Properties

Corp.

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

United

States

7,074

Kite

Realty

Group

Trust

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

United

States

7,576

Link

REIT

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

Hong

Kong

900

4,807

NNN

REIT,

Inc.

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

United

States

1,183

50,763

Simon

Property

Group,

Inc.

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

United

States

4,637

837,720

SITE

Centers

Corp.

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

United

States

1,226

15,055

Tanger

,

Inc.

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

United

States

3,042

Urban

Edge

Properties

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

United

States

733

15,166

944,484

#### Semiconductors

#### &

#### Semiconductor

#### Equipment

#### 3.1%
a

Ambarella,

Inc.

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

United

States

18,228

Applied

Materials,

Inc.

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

United

States

44,209

ASML

Holding

NV

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

Netherlands

247,283

a

Astera

Labs,

Inc.

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

United

States

1,097

199,873

Broadcom,

Inc.

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

United

States

3,366

1,001,015

a

CEVA,

Inc.

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

United

States

2,800

a

Credo

Technology

Group

Holding

Ltd.

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

United

States

33,225

a

Impinj

,

Inc.

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

United

States

21,372

KLA

Corp.

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

United

States

45,344

Lam

Research

Corp.

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

United

States

1,776

177,866

a

MaxLinear

,

Inc.,

A

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

United

States

3,380

NVIDIA

Corp.

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

United

States

23,165

4,034,880

QUALCOMM,

Inc.

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

United

States

5,779

928,859

a

Rambus,

Inc.

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

United

States

22,574

Renesas

Electronics

Corp.

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

Japan

2,800

32,683

a

Rigetti

Computing,

Inc.

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

United

States

3,278

SCREEN

Holdings

Co.

Ltd.

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

Japan

7,559

Putnam

Asset

Allocation

Funds

Consolidated

Schedule

of

Investments

#### Putnam

#### Multi-Asset

#### Income

#### 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
(continued)

#### Semiconductors

#### &

#### Semiconductor

#### Equipment
(continued)

Skyworks

Solutions,

Inc.

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

United

States

670

$

50,210

Tokyo

Electron

Ltd.

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

Japan

700

95,330

6,969,968

#### Software

#### 1.7%
a

8x8,

Inc.

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

United

States

1,133

2,243

A10

Networks,

Inc.

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

United

States

3,542

a

ACI

Worldwide,

Inc.

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

United

States

8,636

Adeia

,

Inc.

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

United

States

3,339

a

Adobe,

Inc.

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

United

States

537

191,548

a

Alarm.com

Holdings,

Inc.

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

United

States

3,166

a

AppLovin

Corp.,

A

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

United

States

51,688

a

Atlassian

Corp.,

A

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

United

States

785

139,557

a

Autodesk,

Inc.

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

United

States

52,240

a

Blend

Labs,

Inc.,

A

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

United

States

3,568

12,916

a

Cerence

,

Inc.

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

United

States

1,358

a

Commvault

Systems,

Inc.

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

United

States

22,957

a

Crowdstrike

Holdings,

Inc.,

A

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

United

States

47,878

a

Domo,

Inc.,

B

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

United

States

685

10,056

a

D-Wave

Quantum,

Inc.

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

Canada

7,404

InterDigital

,

Inc.

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

United

States

23,095

Intuit,

Inc.

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

United

States

45,356

a

Life360,

Inc.

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

United

States

17,004

a

LiveRamp

Holdings,

Inc.

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

United

States

12,201

a

Manhattan

Associates,

Inc.

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

United

States

51,059

Microsoft

Corp.

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

United

States

4,629

2,345,468

OneSpan

,

Inc.

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

United

States

3,176

a

PagerDuty,

Inc.

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

United

States

3,231

a

Palantir

Technologies,

Inc.,

A

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

United

States

64,721

Pegasystems,

Inc.

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

United

States

904

49,006

a

PROS

Holdings,

Inc.

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

United

States

3,270

a

Q2

Holdings,

Inc.

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

United

States

6,141

a

Rapid7,

Inc.

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

United

States

7,104

a

Rubrik,

Inc.,

A

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

United

States

588

52,567

Salesforce,

Inc.

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

United

States

54,325

SAP

SE

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

Germany

122,488

a

ServiceNow,

Inc.

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

United

States

61,470

a

Weave

Communications,

Inc.

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

United

States

3,275

a

Workiva,

Inc.,

A

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

United

States

1,563

a

Xperi

,

Inc.

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

United

States

2,886

3,487,934

#### Specialized

#### REITs

#### 0.2%
CubeSmart

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

United

States

1,218

49,841

EPR

Properties

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

United

States

3,037

164,757

Extra

Space

Storage,

Inc.

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

United

States

51,258

Farmland

Partners,

Inc.

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

United

States

2,953

Gaming

and

Leisure

Properties,

Inc.

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

United

States

1,089

52,283

Millrose

Properties,

Inc.,

A

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

United

States

1,536

54,236

Outfront

Media,

Inc.

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

United

States

891

16,644

PotlatchDeltic

Corp.

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

United

States

2,858

Public

Storage

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

United

States

52,142

VICI

Properties,

Inc.,

A

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

United

States

1,439

48,609

495,581

#### Specialty

#### Retail

#### 0.5%
a

Abercrombie

&

Fitch

Co.,

A

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

United

States

17,864

American

Eagle

Outfitters,

Inc.

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

United

States

3,727

Putnam

Asset

Allocation

Funds

Consolidated

Schedule

of

Investments

#### Putnam

#### Multi-Asset

#### Income

#### Fund
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)

#### Specialty

#### Retail
(continued)

Best

Buy

Co.,

Inc.

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

United

States

2,761

$

203,320

Buckle,

Inc.

(The)

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

United

States

3,905

Fast

Retailing

Co.

Ltd.

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

Japan

62,516

Gap,

Inc.

(The)

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

United

States

2,331

51,305

a

Genesco,

Inc.

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

United

States

3,454

H

&

M

Hennes

&

Mauritz

AB,

B

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

Sweden

1,178

17,312

Home

Depot,

Inc.

(The)

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

United

States

46,779

Industria

de

Diseno

Textil

SA

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

Spain

1,092

54,010

J

Jill,

Inc.

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

United

States

2,782

Ross

Stores,

Inc.

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

United

States

48,121

a

Sally

Beauty

Holdings,

Inc.

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

United

States

4,310

TJX

Cos.,

Inc.

(The)

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

United

States

5,579

762,147

Upbound

Group,

Inc.

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

United

States

3,125

a

Urban

Outfitters,

Inc.

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

United

States

5,098

a

Victoria's

Secret

&

Co.

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

United

States

10,382

ZOZO,

Inc.

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

Japan

1,700

15,797

1,315,954

#### Technology

#### Hardware,

#### Storage

#### &

#### Peripherals

#### 1.6%
Apple,

Inc.

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

United

States

15,275

3,545,939

Canon,

Inc.

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

Japan

2,200

64,383

a

IonQ

,

Inc.

.........................................

United

States

560

23,934

NetApp,

Inc.

.......................................

United

States

47,033

3,681,289

#### Textiles,

#### Apparel

#### &

#### Luxury

#### Goods

#### 0.1%
Carter's,

Inc.

.......................................

United

States

10,938

a

G-III

Apparel

Group

Ltd.

..............................

United

States

4,077

a

Hanesbrands,

Inc.

...................................

United

States

561

3,540

Hermes

International

SCA

.............................

France

93,068

Kering

SA

.........................................

France

9,111

Kontoor

Brands,

Inc.

.................................

United

States

3,090

LVMH

Moet

Hennessy

Louis

Vuitton

SE

..................

France

183,625

NIKE,

Inc.,

B

.......................................

United

States

622

48,124

Pandora

A/S

.......................................

Denmark

38,571

394,144

#### Tobacco

#### 0.3%
British

American

Tobacco

plc

...........................

United

Kingdom

3,311

188,024

Imperial

Brands

plc

..................................

United

Kingdom

1,748

73,823

Philip

Morris

International,

Inc.

.........................

United

States

2,881

481,502

Turning

Point

Brands,

Inc.

.............................

United

States

16,318

759,667

#### Trading

#### Companies

#### &

#### Distributors

#### 0.2%
Boise

Cascade

Co.

..................................

United

States

10,962

a

DNOW,

Inc.

.......................................

United

States

718

11,488

a

Hudson

Technologies,

Inc.

............................

United

States

508

5,161

ITOCHU

Corp.

.....................................

Japan

1,400

79,084

Marubeni

Corp.

.....................................

Japan

3,500

79,433

McGrath

RentCorp

..................................

United

States

4,374

Mitsubishi

Corp.

....................................

Japan

3,600

81,277

Mitsui

&

Co.

Ltd.

....................................

Japan

5,700

131,222

a

NPK

International,

Inc.

...............................

United

States

4,254

Sumitomo

Corp.

....................................

Japan

2,100

58,811

Toyota

Tsusho

Corp.

.................................

Japan

7,985

474,051

Putnam

Asset

Allocation

Funds

Consolidated

Schedule

of

Investments

#### Putnam

#### Multi-Asset

#### Income

#### 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
(continued)

#### Transportation

#### Infrastructure

#### 0.1%
b

Aena

SME

SA,

144A,

Reg

S

...........................

Spain

3,020

$

87,533

#### Water

#### Utilities

#### 0.0%

#### †
American

States

Water

Co.

............................

United

States

2,832

California

Water

Service

Group

.........................

United

States

3,332

H2O

America

......................................

United

States

3,576

United

Utilities

Group

plc

..............................

United

Kingdom

1,185

18,410

28,150

#### Wireless

#### Telecommunication

#### Services

#### 0.0%

#### †
KDDI

Corp.

........................................

Japan

2,100

36,295

Millicom

International

Cellular

SA

.......................

Guatemala

1,251

60,436

Vodafone

Group

plc

.................................

United

Kingdom

28,241

33,816

130,547

#### Total

#### Common

#### Stocks

#### (Cost

#### $50,297,294)

#### ....................................

#### 63,047,157

#### Convertible

#### Preferred

#### Stocks

#### 0.1%

#### Aerospace

#### &

#### Defense

#### 0.1%
Boeing

Co.

(The),

6%

................................

United

States

1,632

121,453

#### Electric

#### Utilities

#### 0.0%

#### †
PG&E

Corp.,

A,

6%

..................................

United

States

891

35,685

#### Financial

#### Services

#### 0.0%

#### †
Apollo

Global

Management,

Inc.,

6.75%

..................

United

States

707

50,699

#### Total

#### Convertible

#### Preferred

#### Stocks

#### (Cost

#### $161,500)

#### ............................

#### 207,837

#### Preferred

#### Stocks

#### 0.1%

#### Automobiles

#### 0.1%
d

Volkswagen

AG,

6.39%

...............................

Germany

843

98,233

#### Total

#### Preferred

#### Stocks

#### (Cost

#### $116,895)

#### .......................................

#### 98,233

#### Rights

#### 0.0%

#### †

#### Biotechnology

#### 0.0%

#### †
a,c

Bluebird

Bio,

Inc.,

CVR,

5/29/25

........................

United

States

a,c

Icosavax

,

Inc.,

CVR,

5/31/25

...........................

United

Kingdom

a,c

Sage

Therapeutics,

Inc.,

CVR,

12/31/30

..................

United

States

1,071

#### Total

#### Rights

#### (Cost

#### $311)

#### ....................................................

#### 308

#### Principal

#### Amount

#### \*

#### Convertible

#### Bonds

#### 0.2%

#### Consumer

#### Staples

#### Distribution

#### &

#### Retail

#### 0.0%

#### †
Chefs'

Warehouse,

Inc.

(The)

,

Senior

Note

,

2.375 %

,

12/15/28

..

United

States

40,000

61,925

#### Food

#### Products

#### 0.0%

#### †
Post

Holdings,

Inc.

,

Senior

Note

,

2.5 %

,

8/15/27

.............

United

States

49,000

57,159

#### Health

#### Care

#### Technology

#### 0.0%

#### †
Teladoc

Health,

Inc.

,

Senior

Note

,

1.25 %

,

6/01/27

...........

United

States

70,000

65,093

Putnam

Asset

Allocation

Funds

Consolidated

Schedule

of

Investments

#### Putnam

#### Multi-Asset

#### Income

#### Fund
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

#### Convertible

#### Bonds
(continued)

#### Professional

#### Services

#### 0.0%

#### †
e

Fiverr

International

Ltd.

,

Senior

Note

,

4.46%

,

11/01/25

........

United

States

65,000

$

64,512

#### Software

#### 0.2%
b

Guidewire

Software,

Inc.

,

Senior

Note

,

144A,

1.25 %

,

11/01/29

..

United

States

74,000

83,509

e

Unity

Software,

Inc.

,

Senior

Note

,

4.79%

,

11/15/26

..........

United

States

70,000

66,150

149,659

#### Total

#### Convertible

#### Bonds

#### (Cost

#### $372,573)
.....................................

#### 398,348

#### Corporate

#### Bonds

#### 27.8%

#### Aerospace

#### &

#### Defense

#### 1.0%
ATI,

Inc.

,

Senior

Bond,

5.125%,

10/01/31

.......................

United

States

15,000

14,652

Senior

Note,

5.875%,

12/01/27

.......................

United

States

135,000

135,244

Senior

Note,

7.25%,

8/15/30

.........................

United

States

75,000

79,063

b

Axon

Enterprise,

Inc.

,

Senior

Note,

144A,

6.125%,

3/15/30

...................

United

States

55,000

56,646

Senior

Note,

144A,

6.25%,

3/15/33

....................

United

States

40,000

41,448

b

BAE

Systems

plc

,

Senior

Bond

,

144A,

5.5 %

,

3/26/54

.........

United

Kingdom

200,000

195,577

Boeing

Co.

(The)

,

Senior

Bond,

2.95%,

2/01/30

.........................

United

States

29,000

27,220

Senior

Bond,

6.125%,

2/15/33

........................

United

States

163,000

173,789

Senior

Bond,

3.6%,

5/01/34

..........................

United

States

46,000

41,024

Senior

Bond,

3.25%,

2/01/35

.........................

United

States

45,000

38,430

Senior

Bond,

3.5%,

3/01/39

..........................

United

States

80,000

63,502

Senior

Bond,

5.875%,

2/15/40

........................

United

States

45,000

45,645

Senior

Bond,

3.9%,

5/01/49

..........................

United

States

61,000

44,423

Senior

Bond,

6.858%,

5/01/54

........................

United

States

69,000

75,747

Senior

Bond,

3.95%,

8/01/59

.........................

United

States

118,000

81,353

Senior

Note,

2.196%,

2/04/26

........................

United

States

205,000

203,062

Senior

Note,

6.259%,

5/01/27

........................

United

States

7,000

7,206

Senior

Note,

6.298%,

5/01/29

........................

United

States

8,000

8,499

b

Bombardier,

Inc.

,

Senior

Note,

144A,

7.875%,

4/15/27

...................

Canada

5,000

5,034

Senior

Note,

144A,

7.5%,

2/01/29

.....................

Canada

5,000

5,221

Senior

Note,

144A,

8.75%,

11/15/30

...................

Canada

60,000

64,736

Senior

Note,

144A,

7.25%,

7/01/31

....................

Canada

10,000

10,555

Senior

Note,

144A,

7%,

6/01/32

......................

Canada

20,000

20,909

Senior

Note,

144A,

6.75%,

6/15/33

....................

Canada

45,000

46,850

Howmet

Aerospace,

Inc.

,

Senior

Bond,

5.95%,

2/01/37

.........................

United

States

105,000

111,775

Senior

Note,

3%,

1/15/29

...........................

United

States

37,000

35,620

Spirit

AeroSystems,

Inc.

,

b

Secured

Note,

144A,

9.75%,

11/15/30

..................

United

States

105,000

115,770

Senior

Bond,

4.6%,

6/15/28

..........................

United

States

115,000

114,782

b

Senior

Secured

Note,

144A,

9.375%,

11/30/29

...........

United

States

25,000

26,472

b

TransDigm

,

Inc.

,

Senior

Secured

Note,

144A,

6.875%,

12/15/30

...........

United

States

65,000

67,451

Senior

Secured

Note,

144A,

7.125%,

12/01/31

...........

United

States

15,000

15,654

Senior

Secured

Note,

144A,

6.25%,

1/31/34

.............

United

States

20,000

20,536

Senior

Sub.

Note,

144A,

6.75%,

1/31/34

................

United

States

50,000

51,650

2,045,545

#### Automobile

#### Components

#### 0.2%
b

Adient

Global

Holdings

Ltd.

,

Senior

Note,

144A,

8.25%,

4/15/31

....................

United

States

115,000

121,178

Putnam

Asset

Allocation

Funds

Consolidated

Schedule

of

Investments

#### Putnam

#### Multi-Asset

#### Income

#### Fund
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)

#### Automobile

#### Components
(continued)

b

Adient

Global

Holdings

Ltd.,

(continued)

Senior

Note,

144A,

7.5%,

2/15/33

.....................

United

States

25,000

$

26,049

b

Dornoch

Debt

Merger

Sub,

Inc.

,

Senior

Note

,

144A,

6.625 %

,

10/15/29

........................................

United

States

80,000

69,530

b,f

IHO

Verwaltungs

GmbH

,

Senior

Secured

Note

,

144A,

PIK,

7.75 %

,

11/15/30

........................................

Germany

200,000

208,107

424,864

#### Automobiles

#### 0.2%
b

Hyundai

Capital

America

,

Senior

Bond,

144A,

6.375%,

4/08/30

...................

United

States

17,000

18,214

Senior

Note,

144A,

6.5%,

1/16/29

.....................

United

States

140,000

148,463

Senior

Note,

144A,

5.35%,

3/19/29

....................

United

States

90,000

92,424

Senior

Note,

144A,

4.55%,

9/26/29

....................

United

States

50,000

50,056

Senior

Note,

144A,

5.4%,

1/08/31

.....................

United

States

46,000

47,512

Senior

Note,

144A,

5.4%,

6/23/32

.....................

United

States

35,000

35,978

392,647

#### Banks

#### 2.3%
b

Australia

&

New

Zealand

Banking

Group

Ltd.

,

Sub.

Bond

,

144A,

2.57%

to

11/24/30,

FRN

thereafter

,

11/25/35

..............

Australia

245,000

218,778

Banco

Santander

SA

,

Sub.

Bond

,

5.179 %

,

11/19/25

.........

Spain

200,000

200,246

Bank

of

America

Corp.

,

Senior

Bond,

5.468%

to

1/22/34,

FRN

thereafter,

1/23/35

...

United

States

173,000

178,822

Sub.

Bond,

5.425%

to

8/14/34,

FRN

thereafter,

8/15/35

.....

United

States

302,000

304,088

Sub.

Bond,

6.11%,

1/29/37

..........................

United

States

100,000

106,269

Sub.

Bond,

3.846%

to

3/07/32,

FRN

thereafter,

3/08/37

.....

United

States

396,000

365,850

Bank

of

Montreal

,

Sub.

Bond

,

3.803%

to

12/14/27,

FRN

thereafter

,

12/15/32

................................

Canada

39,000

38,233

Bank

of

Nova

Scotia

(The)

,

Junior

Sub.

Bond

,

7.35%

to

4/26/30,

FRN

thereafter

,

4/27/85

.............................

Canada

200,000

206,081

Barclays

plc

,

Senior

Note

,

5.367%

to

2/24/30,

FRN

thereafter

,

2/25/31

.........................................

United

Kingdom

200,000

206,344

b

BNP

Paribas

SA

,

Sub.

Bond

,

144A,

2.588%

to

8/11/30,

FRN

thereafter

,

8/12/35

.................................

France

200,000

178,970

b

CaixaBank

SA

,

Senior

Non-Preferred

Note

,

144A,

5.673%

to

3/14/29,

FRN

thereafter

,

3/15/30

......................

Spain

200,000

208,016

Citigroup,

Inc.

,

g

CC,

Junior

Sub.

Bond,

7.125%

to

8/14/29,

FRN

thereafter,

Perpetual

.......................................

United

States

114,000

117,000

g

GG,

Junior

Sub.

Bond,

6.875%

to

8/14/30,

FRN

thereafter,

Perpetual

.......................................

United

States

229,000

233,582

Sub.

Bond,

6.174%

to

5/24/33,

FRN

thereafter,

5/25/34

.....

United

States

39,000

41,101

Sub.

Bond,

4.75%,

5/18/46

..........................

United

States

151,000

131,632

b

Commonwealth

Bank

of

Australia

,

Sub.

Bond

,

144A,

5.837 %

,

3/13/34

.........................................

Australia

295,000

308,714

Fifth

Third

Bancorp

,

Senior

Note,

6.339%

to

7/26/28,

FRN

thereafter,

7/27/29

....

United

States

138,000

145,691

Senior

Note,

4.895%

to

9/05/29,

FRN

thereafter,

9/06/30

....

United

States

5,000

5,088

First-Citizens

Bank

&

Trust

Co.

,

Sub.

Bond

,

6.125 %

,

3/09/28

...

United

States

192,000

199,418

JPMorgan

Chase

&

Co.

,

h

W,

Junior

Sub.

Bond,

FRN,

5.473%,

(3-month

SOFR

+

1.262%),

5/15/47

.................................

United

States

78,000

69,402

Senior

Bond,

5.502%

to

1/23/35,

FRN

thereafter,

1/24/36

...

United

States

64,000

66,112

Senior

Note,

5.14%

to

1/23/30,

FRN

thereafter,

1/24/31

.....

United

States

164,000

169,055

Sub.

Bond,

5.717%

to

9/13/32,

FRN

thereafter,

9/14/33

.....

United

States

168,000

176,432

Putnam

Asset

Allocation

Funds

Consolidated

Schedule

of

Investments

#### Putnam

#### Multi-Asset

#### Income

#### Fund
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)

#### Banks
(continued)

JPMorgan

Chase

&

Co.,

(continued)

Sub.

Bond,

5.576%

to

7/22/35,

FRN

thereafter,

7/23/36

.....

United

States

42,000

$

42,945

Lloyds

Banking

Group

plc

,

Sub.

Bond

,

3.369%

to

12/13/41,

FRN

thereafter

,

12/14/46

................................

United

Kingdom

200,000

145,045

PNC

Financial

Services

Group,

Inc.

(The)

,

Senior

Bond,

5.373%

to

7/20/35,

FRN

thereafter,

7/21/36

...

United

States

29,000

29,481

Sub.

Bond,

4.626%

to

6/05/32,

FRN

thereafter,

6/06/33

.....

United

States

167,000

164,393

Truist

Financial

Corp.

,

Senior

Bond

,

5.711%

to

1/23/34,

FRN

thereafter

,

1/24/35

.................................

United

States

114,000

118,799

US

Bancorp

,

Sub.

Bond

,

2.491%

to

11/02/31,

FRN

thereafter

,

11/03/36

........................................

United

States

179,000

154,098

Wells

Fargo

Bank

NA

,

Sub.

Bond

,

6.6 %

,

1/15/38

............

United

States

250,000

280,238

Westpac

Banking

Corp.

,

Sub.

Bond,

4.421%,

7/24/39

.........................

Australia

66,000

60,300

Sub.

Bond,

2.963%,

11/16/40

........................

Australia

59,000

44,613

4,914,836

#### Biotechnology

#### 0.2%
Amgen,

Inc.

,

Senior

Bond,

4.663%,

6/15/51

........................

United

States

69,000

58,644

Senior

Bond,

5.75%,

3/02/63

.........................

United

States

227,000

218,343

b

Grifols

SA

,

Senior

Note

,

Reg

S,

3.875 %

,

10/15/28

...........

Spain

210,000

EUR

239,978

516,965

#### Broadline

#### Retail

#### 0.1%
b

Kohl's

Corp.

,

Senior

Secured

Note

,

144A,

%

,

6/01/30

......

United

States

30,000

32,253

b

Wayfair

LLC

,

Senior

Secured

Note,

144A,

7.25%,

10/31/29

............

United

States

75,000

76,660

Senior

Secured

Note,

144A,

7.75%,

9/15/30

.............

United

States

75,000

77,674

186,587

#### Building

#### Products

#### 0.2%
b

Builders

FirstSource

,

Inc.

,

Senior

Bond,

144A,

6.375%,

3/01/34

...................

United

States

40,000

41,247

Senior

Bond,

144A,

6.75%,

5/15/35

....................

United

States

35,000

36,544

b

Camelot

Return

Merger

Sub,

Inc.

,

Senior

Secured

Note

,

144A,

8.75 %

,

8/01/28

...................................

United

States

70,000

67,419

Carlisle

Cos.,

Inc.

,

Senior

Bond

,

5.25 %

,

9/15/35

............

United

States

30,000

30,019

b

JH

North

America

Holdings,

Inc.

,

Senior

Secured

Note,

144A,

5.875%,

1/31/31

............

United

States

10,000

10,117

Senior

Secured

Note,

144A,

6.125%,

7/31/32

............

United

States

35,000

35,546

b

Miter

Brands

Acquisition

Holdco,

Inc.

/

MIWD

Borrower

LLC

,

Senior

Secured

Note

,

144A,

6.75 %

,

4/01/32

..............

United

States

75,000

77,362

b

MIWD

Holdco

II

LLC

/

MIWD

Finance

Corp.

,

Senior

Note

,

144A,

5.5 %

,

2/01/30

....................................

United

States

80,000

78,843

b

Quikrete

Holdings,

Inc.

,

Senior

Note,

144A,

6.75%,

3/01/33

....................

United

States

25,000

25,932

Senior

Secured

Note,

144A,

6.375%,

3/01/32

............

United

States

50,000

51,599

b

Smyrna

Ready

Mix

Concrete

LLC

,

Senior

Secured

Note

,

144A,

8.875 %

,

11/15/31

..................................

United

States

75,000

80,059

b

Standard

Building

Solutions,

Inc.

,

Senior

Note,

144A,

6.5%,

8/15/32

.....................

United

States

90,000

92,954

Senior

Note,

144A,

6.25%,

8/01/33

....................

United

States

80,000

81,708

b

Standard

Industries,

Inc.

,

Senior

Bond

,

144A,

4.375 %

,

7/15/30

.

United

States

130,000

124,658

834,007

Putnam

Asset

Allocation

Funds

Consolidated

Schedule

of

Investments

#### Putnam

#### Multi-Asset

#### Income

#### Fund
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

#### 1.3%
Ares

Capital

Corp.

,

Senior

Note,

3.875%,

1/15/26

........................

United

States

228,000

$

227,354

Senior

Note,

7%,

1/15/27

...........................

United

States

77,000

79,371

b

Aretec

Group,

Inc.

,

Senior

Secured

Note

,

144A,

%

,

8/15/30

..

United

States

25,000

27,319

Blackstone

Private

Credit

Fund

,

Senior

Note

,

3.25 %

,

3/15/27

..

United

States

93,000

91,090

Deutsche

Bank

AG

,

Senior

Non-Preferred

Note,

2.311%

to

11/15/26,

FRN

thereafter,

11/16/27

........................................

Germany

254,000

247,840

Intercontinental

Exchange,

Inc.

,

Senior

Note

,

4.35 %

,

6/15/29

...

United

States

130,000

131,070

b

Jane

Street

Group

/

JSG

Finance,

Inc.

,

Senior

Secured

Note,

144A,

6.125%,

11/01/32

...........

United

States

185,000

185,988

Senior

Secured

Note,

144A,

6.75%,

5/01/33

.............

United

States

220,000

227,477

Jefferies

Financial

Group,

Inc.

,

Senior

Note,

5.03%,

3/16/26

.........................

United

States

145,000

144,822

Senior

Note,

6.2%,

4/14/34

..........................

United

States

54,000

57,003

b

KKR

Group

Finance

Co.

VI

LLC

,

Senior

Bond

,

144A,

3.75 %

,

7/01/29

.........................................

United

States

13,000

12,775

LPL

Holdings,

Inc.

,

Senior

Note,

6.75%,

11/17/28

........................

United

States

91,000

97,443

Senior

Note,

5.2%,

3/15/30

..........................

United

States

106,000

108,510

Morgan

Stanley

,

Senior

Note,

5.123%

to

1/31/28,

FRN

thereafter,

2/01/29

....

United

States

247,000

252,304

Senior

Note,

5.23%

to

1/14/30,

FRN

thereafter,

1/15/31

.....

United

States

425,000

438,819

Sub.

Bond,

5.948%

to

1/18/33,

FRN

thereafter,

1/19/38

.....

United

States

30,000

31,183

Sub.

Bond,

5.942%

to

2/06/34,

FRN

thereafter,

2/07/39

.....

United

States

88,000

91,464

b

MSCI,

Inc.

,

Senior

Bond

,

144A,

3.625 %

,

9/01/30

............

United

States

250,000

238,504

b

Stonex

Escrow

Issuer

LLC

,

Secured

Note

,

144A,

6.875 %

,

7/15/32

United

States

55,000

56,572

b

UBS

Group

AG

,

Senior

Bond

,

144A,

9.016%

to

11/14/32,

FRN

thereafter

,

11/15/33

................................

Switzerland

250,000

311,475

3,058,383

#### Chemicals

#### 0.6%
b

Avient

Corp.

,

Senior

Note,

144A,

7.125%,

8/01/30

...................

United

States

55,000

56,864

Senior

Note,

144A,

6.25%,

11/01/31

...................

United

States

30,000

30,579

Celanese

US

Holdings

LLC

,

Senior

Note,

1.4%,

8/05/26

..........................

United

States

110,000

105,878

Senior

Note,

6.665%,

7/15/27

........................

United

States

67,000

68,988

b

Cerdia

Finanz

GmbH

,

Senior

Secured

Note

,

144A,

9.375 %

,

10/03/31

........................................

Germany

65,000

68,951

CF

Industries,

Inc.

,

Senior

Bond,

4.95%,

6/01/43

.........................

United

States

120,000

107,464

b

Senior

Bond,

144A,

4.5%,

12/01/26

....................

United

States

10,000

10,013

DuPont

de

Nemours,

Inc.

,

Senior

Bond

,

5.419 %

,

11/15/48

.....

United

States

198,000

199,481

FMC

Corp.

,

Sub.

Bond

,

8.45%

to

10/31/30,

FRN

thereafter

,

11/01/55

........................................

United

States

255,000

267,058

Huntsman

International

LLC

,

Senior

Bond

,

4.5 %

,

5/01/29

.....

United

States

238,000

229,075

International

Flavors

&

Fragrances,

Inc.

,

Senior

Bond

,

4.45 %

,

9/26/28

.........................................

United

States

95,000

95,371

b

Qnity

Electronics,

Inc.

,

Senior

Note,

144A,

6.25%,

8/15/33

....................

United

States

30,000

31,049

Senior

Secured

Note,

144A,

5.75%,

8/15/32

.............

United

States

45,000

45,803

b

Rain

Carbon,

Inc.

,

Senior

Secured

Note

,

144A,

12.25 %

,

9/01/29

United

States

65,000

69,866

b

SCIH

Salt

Holdings,

Inc.

,

Senior

Note,

144A,

6.625%,

5/01/29

...................

United

States

60,000

60,306

Putnam

Asset

Allocation

Funds

Consolidated

Schedule

of

Investments

#### Putnam

#### Multi-Asset

#### Income

#### Fund
franklintempleton.com

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

consolidated

financial

statements.

a

a

#### Country

#### Principal

#### Amount

#### \*
a

#### Value
a

#### a
a

#### Corporate

#### Bonds
(continued)

#### Chemicals
(continued)

b

SCIH

Salt

Holdings,

Inc.,

(continued)

Senior

Secured

Note,

144A,

4.875%,

5/01/28

............

United

States

80,000

$

78,236

b

Vibrantz

Technologies,

Inc.

,

Senior

Note

,

144A,

%

,

2/15/30

...

United

States

100,000

53,101

Westlake

Corp.

,

Senior

Bond

,

2.875 %

,

8/15/41

.............

United

States

86,000

58,606

b

WR

Grace

Holdings

LLC

,

Senior

Note

,

144A,

5.625 %

,

8/15/29

.

United

States

45,000

42,150

1,678,839

#### Commercial

#### Services

#### &

#### Supplies

#### 0.2%
b

Allied

Universal

Holdco

LLC

,

Senior

Secured

Note

,

144A,

7.875 %

,

2/15/31

...................................

United

States

95,000

99,907

b

Aramark

Services,

Inc.

,

Senior

Bond

,

144A,

%

,

2/01/28

......

United

States

95,000

94,389

b

GFL

Environmental,

Inc.

,

Senior

Secured

Note

,

144A,

6.75 %

,

1/15/31

.........................................

United

States

25,000

26,130

b

Madison

IAQ

LLC

,

Senior

Note,

144A,

5.875%,

6/30/29

...................

United

States

67,000

66,385

Senior

Secured

Note,

144A,

4.125%,

6/30/28

............

United

States

45,000

43,785

b

Prime

Security

Services

Borrower

LLC

/

Prime

Finance,

Inc.

,

Secured

Note

,

144A,

6.25 %

,

1/15/28

...................

United

States

90,000

90,056

b

RR

Donnelley

&

Sons

Co.

,

Senior

Secured

Note

,

144A,

9.5 %

,

8/01/29

.........................................

United

States

120,000

121,856

b

Veritiv

Operating

Co.

,

Senior

Secured

Note

,

144A,

10.5 %

,

11/30/30

........................................

United

States

30,000

32,512

b

Waste

Pro

USA,

Inc.

,

Senior

Note

,

144A,

%

,

2/01/33

........

United

States

70,000

73,369

b

Wrangler

Holdco

Corp.

,

Senior

Note

,

144A,

6.625 %

,

4/01/32

...

Canada

30,000

31,294

679,683

#### Communications

#### Equipment

#### 0.1%
b

CommScope

LLC

,

Senior

Note

,

144A,

7.125 %

,

7/01/28

.......

United

States

60,000

60,240

Motorola

Solutions,

Inc.

,

Senior

Bond,

2.3%,

11/15/30

.........................

United

States

32,000

28,806

Senior

Note,

4.85%,

8/15/30

.........................

United

States

37,000

37,705

Senior

Note,

5.2%,

8/15/32

..........................

United

States

106,000

108,717

b

Viasat

,

Inc.

,

Senior

Note

,

144A,

7.5 %

,

5/30/31

..............

United

States

65,000

61,099

296,567

#### Construction

#### &

#### Engineering

#### 0.0%

#### †
b

Arcosa

,

Inc.

,

Senior

Note

,

144A,

6.875 %

,

8/15/32

...........

United

States

35,000

36,539

MasTec

,

Inc.

,

Senior

Note

,

5.9 %

,

6/15/29

.................

United

States

46,000

48,083

84,622

#### Consumer

#### Finance

#### 1.0%
AerCap

Ireland

Capital

DAC

/

AerCap

Global

Aviation

Trust

,

Senior

Bond,

3.3%,

1/30/32

..........................

Ireland

205,000

187,770

Senior

Note,

5.1%,

1/19/29

..........................

Ireland

150,000

153,596

b

Aircastle

Ltd.

/

Aircastle

Ireland

DAC

,

Senior

Note

,

144A,

5.25 %

,

3/15/30

.........................................

United

States

150,000

153,167

Ally

Financial,

Inc.

,

Senior

Bond

,

%

,

11/01/31

.............

United

States

171,000

195,797

b

Avolon

Holdings

Funding

Ltd.

,

Senior

Note,

144A,

5.75%,

11/15/29

...................

Ireland

147,000

152,739

Senior

Note,

144A,

4.9%,

10/10/30

....................

Ireland

155,000

155,899

Capital

One

Financial

Corp.

,

Senior

Note

,

7.624%

to

10/29/30,

FRN

thereafter

,

10/30/31

............................

United

States

66,000

74,907

b

Encore

Capital

Group,

Inc.

,

Senior

Secured

Note

,

144A,

8.5 %

,

5/15/30

.........................................

United

States

60,000

63,450

b

FirstCash

,

Inc.

,

Senior

Note

,

144A,

6.875 %

,

3/01/32

.........

United

States

175,000

181,814

Putnam

Asset

Allocation

Funds

Consolidated

Schedule

of

Investments

#### Putnam

#### Multi-Asset

#### Income

#### Fund
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

#### Finance
(continued)

Ford

Motor

Credit

Co.

LLC

,

Senior

Note

,

5.8 %

,

3/05/27

.......

United

States

205,000

$

206,672

General

Motors

Financial

Co.,

Inc.

,

Senior

Note,

5.8%,

1/07/29

..........................

United

States

105,000

109,069

Senior

Note,

4.9%,

10/06/29

.........................

United

States

76,000

76,600

b

Macquarie

Airfinance

Holdings

Ltd.

,

Senior

Note,

144A,

6.4%,

3/26/29

.....................

United

Kingdom

10,000

10,526

Senior

Note,

144A,

5.15%,

3/17/30

....................

United

Kingdom

87,000

88,192

Senior

Note,

144A,

6.5%,

3/26/31

.....................

United

Kingdom

101,000

108,277

OneMain

Finance

Corp.

,

Senior

Bond,

5.375%,

11/15/29

.......................

United

States

165,000

163,249

Senior

Note,

7.5%,

5/15/31

..........................

United

States

70,000

73,424

Senior

Note,

7.125%,

11/15/31

.......................

United

States

10,000

10,394

2,165,542

#### Consumer

#### Staples

#### Distribution

#### &

#### Retail

#### 0.2%
b

7-Eleven,

Inc.

,

Senior

Bond,

144A,

1.8%,

2/10/31

.....................

United

States

30,000

25,901

Senior

Note,

144A,

1.3%,

2/10/28

.....................

United

States

269,000

251,177

b

Alimentation

Couche-Tard,

Inc.

,

Senior

Bond

,

144A,

3.55 %

,

7/26/27

.........................................

Canada

146,000

144,462

b

US

Foods,

Inc.

,

Senior

Note,

144A,

7.25%,

1/15/32

....................

United

States

20,000

21,025

Senior

Note,

144A,

5.75%,

4/15/33

....................

United

States

55,000

55,317

497,882

#### Containers

#### &

#### Packaging

#### 0.5%
b

Ardagh

Metal

Packaging

Finance

USA

LLC

/

Ardagh

Metal

Packaging

Finance

plc

,

Senior

Note

,

Reg

S,

%

,

9/01/29

....

United

States

100,000

EUR

107,204

Berry

Global,

Inc.

,

Senior

Secured

Note,

1.65%,

1/15/27

..................

United

States

143,000

138,151

Senior

Secured

Note,

5.5%,

4/15/28

...................

United

States

11,000

11,350

b

Clydesdale

Acquisition

Holdings,

Inc.

,

Senior

Secured

Note

,

144A,

6.75 %

,

4/15/32

...............................

United

States

85,000

87,393

b

Graham

Packaging

Co.,

Inc.

,

Senior

Note

,

144A,

7.125 %

,

8/15/28

United

States

80,000

80,197

b

Mauser

Packaging

Solutions

Holding

Co.

,

Secured

Note,

144A,

9.25%,

4/15/27

...................

United

States

70,000

69,747

Senior

Secured

Note,

144A,

7.875%,

4/15/27

............

United

States

90,000

91,184

b

Toucan

FinCo

Ltd.

/

Toucan

FinCo

Can,

Inc.

/

Toucan

FinCo

US

LLC

,

Senior

Secured

Note

,

144A,

9.5 %

,

5/15/30

...........

Canada

150,000

150,028

WestRock

MWV

LLC

,

Senior

Bond

,

8.2 %

,

1/15/30

...........

United

States

115,000

132,410

867,664

#### Distributors

#### 0.1%
b

American

Builders

&

Contractors

Supply

Co.,

Inc.

,

Senior

Note,

144A,

3.875%,

11/15/29

..................

United

States

65,000

61,700

Senior

Secured

Note,

144A,

4%,

1/15/28

................

United

States

55,000

53,845

b

RB

Global

Holdings,

Inc.

,

Senior

Note

,

144A,

7.75 %

,

3/15/31

..

Canada

60,000

63,039

178,584

#### Diversified

#### Consumer

#### Services

#### 0.1%
Service

Corp.

International

,

Senior

Note

,

%

,

5/15/31

........

United

States

220,000

206,974

#### Diversified

#### REITs

#### 0.3%
GLP

Capital

LP

/

GLP

Financing

II,

Inc.

,

Senior

Bond,

6.75%,

12/01/33

........................

United

States

11,000

11,874

Putnam

Asset

Allocation

Funds

Consolidated

Schedule

of

Investments

#### Putnam

#### Multi-Asset

#### Income

#### Fund
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

#### REITs
(continued)

GLP

Capital

LP

/

GLP

Financing

II,

Inc.,

(continued)

Senior

Note,

5.375%,

4/15/26

........................

United

States

182,000

$

182,716

VICI

Properties

LP

,

Senior

Bond,

5.75%,

4/01/34

.........................

United

States

90,000

92,622

Senior

Note,

4.75%,

2/15/28

.........................

United

States

115,000

115,955

Senior

Note,

5.125%,

11/15/31

.......................

United

States

13,000

13,169

b

VICI

Properties

LP

/

VICI

Note

Co.,

Inc.

,

Senior

Note,

144A,

3.75%,

2/15/27

....................

United

States

41,000

40,533

Senior

Note,

144A,

4.5%,

1/15/28

.....................

United

States

133,000

132,626

Senior

Note,

144A,

3.875%,

2/15/29

...................

United

States

128,000

125,016

714,511

#### Diversified

#### Telecommunication

#### Services

#### 0.6%
b

Altice

France

SA

,

Senior

Secured

Note

,

144A,

5.5 %

,

10/15/29

.

France

200,000

171,658

AT&T,

Inc.

,

Senior

Bond,

2.25%,

2/01/32

.........................

United

States

108,000

93,567

Senior

Bond,

2.55%,

12/01/33

........................

United

States

161,000

135,568

Senior

Bond,

4.75%,

5/15/46

.........................

United

States

12,000

10,457

Senior

Bond,

3.55%,

9/15/55

.........................

United

States

69,000

45,925

b

CCO

Holdings

LLC

/

CCO

Holdings

Capital

Corp.

,

Senior

Bond,

144A,

5.375%,

6/01/29

...................

United

States

215,000

213,465

Senior

Bond,

144A,

4.75%,

3/01/30

....................

United

States

95,000

91,361

Senior

Bond,

144A,

4.75%,

2/01/32

....................

United

States

120,000

111,390

b

Frontier

Communications

Holdings

LLC

,

Senior

Secured

Note,

144A,

5.875%,

10/15/27

...........

United

States

50,000

50,020

Senior

Secured

Note,

144A,

8.75%,

5/15/30

.............

United

States

60,000

62,756

Sprint

Capital

Corp.

,

Senior

Bond

,

6.875 %

,

11/15/28

.........

United

States

119,000

128,042

1,114,209

#### Electric

#### Utilities

#### 1.8%
American

Electric

Power

Co.,

Inc.

,

Senior

Bond,

5.625%,

3/01/33

........................

United

States

140,000

146,736

J,

Senior

Bond,

4.3%,

12/01/28

.......................

United

States

77,000

77,443

b

American

Transmission

Systems,

Inc.

,

Senior

Bond

,

144A,

2.65 %

,

1/15/32

...................................

United

States

36,000

32,020

Duke

Energy

Carolinas

LLC

,

Senior

Bond

,

4.25 %

,

12/15/41

...

United

States

51,000

44,045

Duke

Energy

Corp.

,

Senior

Bond,

5.45%,

6/15/34

.........................

United

States

28,000

28,922

Senior

Bond,

5.8%,

6/15/54

..........................

United

States

21,000

20,504

Senior

Note,

4.85%,

1/05/29

.........................

United

States

246,000

250,791

Duke

Energy

Ohio,

Inc.

,

Senior

Bond

,

3.65 %

,

2/01/29

........

United

States

20,000

19,693

b

Evergy

Missouri

West,

Inc.

,

Senior

Note

,

144A,

5.15 %

,

12/15/27

United

States

243,000

247,573

Eversource

Energy

,

Senior

Note

,

5.45 %

,

3/01/28

............

United

States

92,000

94,690

Exelon

Corp.

,

Senior

Bond,

5.625%,

6/15/35

........................

United

States

90,000

93,159

Senior

Note,

5.15%,

3/15/29

.........................

United

States

246,000

253,284

FirstEnergy

Transmission

LLC

,

Senior

Note

,

4.55 %

,

1/15/30

...

United

States

50,000

50,452

Georgia

Power

Co.

,

Senior

Bond,

4.95%,

5/17/33

.........................

United

States

114,000

115,441

Senior

Bond,

5.25%,

3/15/34

.........................

United

States

36,000

36,917

NextEra

Energy

Capital

Holdings,

Inc.

,

Senior

Bond,

5.9%,

3/15/55

..........................

United

States

42,000

41,904

Senior

Note,

5.3%,

3/15/32

..........................

United

States

144,000

149,001

Northern

States

Power

Co.

,

Senior

Bond

,

5.05 %

,

5/15/35

.....

United

States

144,000

145,646

Putnam

Asset

Allocation

Funds

Consolidated

Schedule

of

Investments

#### Putnam

#### Multi-Asset

#### Income

#### Fund
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)

b

NRG

Energy,

Inc.

,

g

Junior

Sub.

Bond,

144A,

10.25%

to

3/14/28,

FRN

thereafter,

Perpetual

.......................................

United

States

70,000

$

77,212

Senior

Bond,

144A,

6.25%,

11/01/34

...................

United

States

80,000

82,070

Senior

Secured

Note,

144A,

2%,

12/02/25

...............

United

States

18,000

17,860

Senior

Secured

Note,

144A,

2.45%,

12/02/27

............

United

States

133,000

127,070

Oncor

Electric

Delivery

Co.

LLC

,

Senior

Secured

Bond

,

4.95 %

,

9/15/52

.........................................

United

States

168,000

149,457

Pacific

Gas

and

Electric

Co.

,

Senior

Bond,

5.9%,

6/15/32

..........................

United

States

61,000

63,492

Senior

Bond,

6.95%,

3/15/34

.........................

United

States

22,000

24,115

Senior

Bond,

4.95%,

7/01/50

.........................

United

States

64,000

53,058

Senior

Bond,

6.75%,

1/15/53

.........................

United

States

110,000

113,748

Senior

Note,

2.1%,

8/01/27

..........................

United

States

36,000

34,520

Senior

Note,

3.3%,

12/01/27

.........................

United

States

170,000

166,055

Senior

Note,

5.55%,

5/15/29

.........................

United

States

31,000

31,888

PacifiCorp

,

Senior

Bond

,

2.7 %

,

9/15/30

...................

United

States

73,000

67,494

PG&E

Corp.

,

Junior

Sub.

Bond,

7.375%

to

3/14/30,

FRN

thereafter,

3/15/55

United

States

45,000

44,770

Senior

Secured

Bond,

5.25%,

7/01/30

..................

United

States

145,000

141,403

Southern

Co.

(The)

,

Senior

Bond,

5.7%,

3/15/34

..........................

United

States

107,000

112,110

Senior

Note,

5.5%,

3/15/29

..........................

United

States

31,000

32,333

Virginia

Electric

and

Power

Co.

,

Senior

Bond

,

5.05 %

,

8/15/34

..

United

States

108,000

109,025

b

Vistra

Operations

Co.

LLC

,

Senior

Note,

144A,

7.75%,

10/15/31

...................

United

States

135,000

143,519

Senior

Note,

144A,

6.875%,

4/15/32

...................

United

States

45,000

47,256

Senior

Secured

Bond,

144A,

6.95%,

10/15/33

............

United

States

137,000

151,438

Senior

Secured

Bond,

144A,

6%,

4/15/34

...............

United

States

75,000

78,218

Senior

Secured

Bond,

144A,

5.7%,

12/30/34

.............

United

States

144,000

146,934

Senior

Secured

Note,

144A,

3.7%,

1/30/27

..............

United

States

151,000

149,592

4,012,858

#### Electrical

#### Equipment

#### 0.3%
b

Energizer

Gamma

Acquisition

BV

,

Senior

Note

,

Reg

S,

3.5 %

,

6/30/29

.........................................

United

States

100,000

EUR

114,381

b

Sensata

Technologies

BV

,

Senior

Note

,

144A,

5.875 %

,

9/01/30

.

United

States

235,000

237,250

b

Vertiv

Group

Corp.

,

Senior

Secured

Note

,

144A,

4.125 %

,

11/15/28

........................................

United

States

188,000

183,661

535,292

#### Electronic

#### Equipment,

#### Instruments

#### &

#### Components

#### 0.2%
CDW

LLC

/

CDW

Finance

Corp.

,

Senior

Note

,

3.25 %

,

2/15/29

..

United

States

105,000

100,562

Flex

Ltd.

,

Senior

Note

,

5.25 %

,

1/15/32

...................

United

States

113,000

115,377

b

TTM

Technologies,

Inc.

,

Senior

Note

,

144A,

%

,

3/01/29

......

United

States

145,000

138,856

354,795

#### Energy

#### Equipment

#### &

#### Services

#### 0.1%
b

Aris

Water

Holdings

LLC

,

Senior

Note

,

144A,

7.25 %

,

4/01/30

..

United

States

80,000

84,470

b

Kodiak

Gas

Services

LLC

,

Senior

Note

,

144A,

7.25 %

,

2/15/29

..

United

States

70,000

72,449

b

Nabors

Industries,

Inc.

,

Senior

Note

,

144A,

8.875 %

,

8/15/31

...

United

States

115,000

103,664

b

Precision

Drilling

Corp.

,

Senior

Note,

144A,

7.125%,

1/15/26

...................

Canada

26,000

26,005

Senior

Note,

144A,

6.875%,

1/15/29

...................

Canada

50,000

50,459

b

Transocean

Aquila

Ltd.

,

Senior

Secured

Note

,

144A,

%

,

9/30/28

United

States

16,308

16,778

Putnam

Asset

Allocation

Funds

Consolidated

Schedule

of

Investments

#### Putnam

#### Multi-Asset

#### Income

#### Fund
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)

#### Energy

#### Equipment

#### &

#### Services
(continued)

b

Transocean

Titan

Financing

Ltd.

,

Senior

Secured

Note

,

144A,

8.375 %

,

2/01/28

...................................

United

States

97,143

$

99,881

Transocean,

Inc.

,

Senior

Bond

,

6.8 %

,

3/15/38

..............

United

States

95,000

74,809

b

Weatherford

International

Ltd.

,

Senior

Note

,

144A,

8.625 %

,

4/30/30

.........................................

United

States

100,000

102,553

631,068

#### Entertainment

#### 0.1%
b

Banijay

Entertainment

SAS

,

Senior

Secured

Note

,

144A,

8.125 %

,

5/01/29

.........................................

France

215,000

223,826

b

Cinemark

USA,

Inc.

,

Senior

Note

,

144A,

5.25 %

,

7/15/28

......

United

States

70,000

69,617

b

Live

Nation

Entertainment,

Inc.

,

Senior

Secured

Note

,

144A,

6.5 %

,

5/15/27

....................................

United

States

70,000

70,778

Netflix,

Inc.

,

Senior

Bond,

5.875%,

11/15/28

.......................

United

States

45,000

47,538

Senior

Bond,

5.4%,

8/15/54

..........................

United

States

40,000

39,018

b

Pinewood

Finco

plc

,

Senior

Secured

Note

,

144A,

%

,

3/27/30

..

United

Kingdom

100,000

GBP

136,467

587,244

#### Financial

#### Services

#### 0.7%
Corebridge

Financial,

Inc.

,

Senior

Note

,

3.85 %

,

4/05/29

.......

United

States

115,000

113,436

b

Freedom

Mortgage

Corp.

,

Senior

Note

,

144A,

12.25 %

,

10/01/30

United

States

65,000

72,135

b

Freedom

Mortgage

Holdings

LLC

,

Senior

Note

,

144A,

8.375 %

,

4/01/32

.........................................

United

States

120,000

123,848

b

GGAM

Finance

Ltd.

,

Senior

Note

,

144A,

%

,

2/15/27

........

Ireland

30,000

30,795

Global

Payments,

Inc.

,

Senior

Note

,

2.15 %

,

1/15/27

.........

United

States

82,000

79,742

b

Jefferson

Capital

Holdings

LLC

,

Senior

Note,

144A,

9.5%,

2/15/29

.....................

United

States

95,000

100,999

Senior

Note,

144A,

8.25%,

5/15/30

....................

United

States

60,000

62,876

b

Nationstar

Mortgage

Holdings,

Inc.

,

Senior

Bond,

144A,

5.75%,

11/15/31

...................

United

States

90,000

91,135

Senior

Note,

144A,

7.125%,

2/01/32

...................

United

States

75,000

78,235

b

Osaic

Holdings,

Inc.

,

Senior

Note,

144A,

8%,

8/01/33

......................

United

States

90,000

91,262

Senior

Secured

Note,

144A,

6.75%,

8/01/32

.............

United

States

45,000

45,887

b

PHH

Escrow

Issuer

LLC

/

PHH

Corp.

,

Senior

Note

,

144A,

9.875 %

,

11/01/29

..................................

United

States

165,000

165,656

b

PRA

Group,

Inc.

,

Senior

Note

,

144A,

8.875 %

,

1/31/30

........

United

States

145,000

152,483

b

Rocket

Cos.,

Inc.

,

Senior

Note

,

144A,

6.375 %

,

8/01/33

.......

United

States

90,000

93,508

1,301,997

#### Food

#### Products

#### 0.4%
b,f

Chobani

Holdco

II

LLC

,

Senior

Note

,

144A,

PIK,

8.75 %

,

10/01/29

United

States

31,258

32,951

b

Chobani

LLC

/

Chobani

Finance

Corp.,

Inc.

,

Senior

Note

,

144A,

7.625 %

,

7/01/29

...................................

United

States

80,000

83,622

b

Froneri

Lux

FinCo

SARL

,

Senior

Secured

Note

,

144A,

%

,

8/01/32

.........................................

United

Kingdom

200,000

201,260

JBS

USA

Holding

Lux

SARL

/

JBS

USA

Food

Co.

/

JBS

Lux

Co.

SARL

,

Senior

Note,

3%,

2/02/29

...........................

United

States

187,000

178,985

Senior

Note,

6.75%,

3/15/34

.........................

United

States

137,000

150,325

b

JBS

USA

LUX

SARL

/

JBS

USA

Food

Co.

/

JBS

USA

Foods

Group,

Inc.

,

Senior

Bond

,

144A,

5.95 %

,

4/20/35

...........

United

States

34,000

35,381

Kellanova

,

Senior

Bond,

4.5%,

4/01/46

..........................

United

States

16,000

13,721

B,

Senior

Bond,

7.45%,

4/01/31

.......................

United

States

21,000

24,104

Putnam

Asset

Allocation

Funds

Consolidated

Schedule

of

Investments

#### Putnam

#### Multi-Asset

#### Income

#### Fund
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)

#### Food

#### Products
(continued)

b

Mars,

Inc.

,

Senior

Bond,

144A,

5.65%,

5/01/45

....................

United

States

60,000

$

59,197

Senior

Bond,

144A,

5.7%,

5/01/55

.....................

United

States

50,000

48,815

Senior

Bond,

144A,

5.8%,

5/01/65

.....................

United

States

29,000

28,484

Senior

Note,

144A,

4.65%,

4/20/31

....................

United

States

11,000

11,187

Senior

Note,

144A,

5%,

3/01/32

......................

United

States

50,000

51,067

Senior

Note,

144A,

5.2%,

3/01/35

.....................

United

States

68,000

68,673

Pilgrim's

Pride

Corp.

,

Senior

Note

,

3.5 %

,

3/01/32

...........

United

States

42,000

37,978

1,025,750

#### Gas

#### Utilities

#### 0.0%

#### †
CenterPoint

Energy

Resources

Corp.

,

Senior

Bond

,

5.4 %

,

7/01/34

.........................................

United

States

59,000

60,397

#### Ground

#### Transportation

#### 0.5%
b

Ashtead

Capital,

Inc.

,

Senior

Bond,

144A,

4.375%,

8/15/27

...................

United

Kingdom

200,000

199,712

Senior

Note,

144A,

4%,

5/01/28

......................

United

Kingdom

200,000

197,938

b

Beacon

Mobility

Corp.

,

Senior

Secured

Note

,

144A,

7.25 %

,

8/01/30

.........................................

United

States

50,000

51,861

b

SMBC

Aviation

Capital

Finance

DAC

,

Senior

Note

,

144A,

5.3 %

,

4/03/29

.........................................

Ireland

290,000

298,235

b

Transnet

SOC

Ltd.

,

Senior

Note

,

Reg

S,

8.25 %

,

2/06/28

......

South

Africa

200,000

210,466

b

Watco

Cos.

LLC

/

Watco

Finance

Corp.

,

Senior

Note

,

144A,

7.125 %

,

8/01/32

...................................

United

States

100,000

104,632

1,062,844

#### Health

#### Care

#### Equipment

#### &

#### Supplies

#### 0.3%
b

Bausch

+

Lomb

Corp.

,

Senior

Secured

Note

,

144A,

8.375 %

,

10/01/28

........................................

United

States

40,000

41,716

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

118,317

GE

HealthCare

Technologies,

Inc.

,

Senior

Note

,

5.65 %

,

11/15/27

United

States

110,000

113,465

b

Insulet

Corp.

,

Senior

Note

,

144A,

6.5 %

,

4/01/33

............

United

States

15,000

15,564

b

Medline

Borrower

LP

,

Senior

Note,

144A,

5.25%,

10/01/29

...................

United

States

45,000

44,592

Senior

Secured

Note,

144A,

3.875%,

4/01/29

............

United

States

80,000

76,870

410,524

#### Health

#### Care

#### Providers

#### &

#### Services

#### 1.0%
Centene

Corp.

,

Senior

Note

,

2.625 %

,

8/01/31

..............

United

States

155,000

131,456

b

CHS/Community

Health

Systems,

Inc.

,

Senior

Secured

Note,

144A,

5.25%,

5/15/30

.............

United

States

30,000

26,918

Senior

Secured

Note,

144A,

10.875%,

1/15/32

...........

United

States

65,000

68,866

Senior

Secured

Note,

144A,

9.75%,

1/15/34

.............

United

States

70,000

70,983

b

Concentra

Health

Services,

Inc.

,

Senior

Note

,

144A,

6.875 %

,

7/15/32

.........................................

United

States

65,000

67,464

CVS

Health

Corp.

,

Junior

Sub.

Bond,

7%

to

3/09/30,

FRN

thereafter,

3/10/55

...

United

States

180,000

187,849

Senior

Bond,

4.78%,

3/25/38

.........................

United

States

167,000

153,751

Senior

Note,

5%,

9/15/32

...........................

United

States

161,000

161,787

b

DaVita,

Inc.

,

Senior

Note,

144A,

6.875%,

9/01/32

...................

United

States

180,000

186,353

Senior

Note,

144A,

6.75%,

7/15/33

....................

United

States

15,000

15,558

Putnam

Asset

Allocation

Funds

Consolidated

Schedule

of

Investments

#### Putnam

#### Multi-Asset

#### Income

#### Fund
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)

HCA,

Inc.

,

Senior

Bond,

5.25%,

6/15/26

.........................

United

States

23,000

$

23,042

Senior

Bond,

5.6%,

4/01/34

..........................

United

States

50,000

51,415

Senior

Bond,

6%,

4/01/54

...........................

United

States

79,000

76,316

Senior

Note,

3.625%,

3/15/32

........................

United

States

33,000

30,700

Humana,

Inc.

,

Senior

Note

,

5.75 %

,

3/01/28

................

United

States

156,000

161,497

Icon

Investments

Six

DAC

,

Senior

Secured

Note

,

5.809 %

,

5/08/27

.........................................

United

States

200,000

204,247

Tenet

Healthcare

Corp.

,

Senior

Secured

Note,

5.125%,

11/01/27

................

United

States

185,000

184,583

Senior

Secured

Note,

6.125%,

6/15/30

.................

United

States

275,000

279,553

2,082,338

#### Health

#### Care

#### REITs

#### 0.1%
b

MPT

Operating

Partnership

LP

/

MPT

Finance

Corp.

,

Senior

Secured

Note

,

144A,

8.5 %

,

2/15/32

....................

United

States

155,000

162,627

#### Health

#### Care

#### Technology

#### 0.1%
b

AthenaHealth

Group,

Inc.

,

Senior

Note

,

144A,

6.5 %

,

2/15/30

...

United

States

90,000

88,367

b

IQVIA,

Inc.

,

Senior

Note

,

144A,

6.25 %

,

6/01/32

.............

United

States

185,000

190,932

279,299

#### Hotel

#### &

#### Resort

#### REITs

#### 0.1%
b

RHP

Hotel

Properties

LP

/

RHP

Finance

Corp.

,

Senior

Note,

144A,

7.25%,

7/15/28

....................

United

States

20,000

20,599

Senior

Note,

144A,

6.5%,

4/01/32

.....................

United

States

85,000

87,416

Senior

Note,

144A,

6.5%,

6/15/33

.....................

United

States

40,000

41,343

b

XHR

LP

,

Senior

Note

,

144A,

6.625 %

,

5/15/30

..............

United

States

25,000

25,692

175,050

#### Hotels,

#### Restaurants

#### &

#### Leisure

#### 1.2%
b

1011778

BC

ULC

/

New

Red

Finance,

Inc.

,

Secured

Bond

,

144A,

%

,

10/15/30

.....................................

Canada

80,000

74,874

b

Boyd

Gaming

Corp.

,

Senior

Bond

,

144A,

4.75 %

,

6/15/31

......

United

States

195,000

187,805

b

Caesars

Entertainment,

Inc.

,

Senior

Note,

144A,

4.625%,

10/15/29

..................

United

States

70,000

66,799

Senior

Note,

144A,

6%,

10/15/32

.....................

United

States

35,000

34,338

Senior

Secured

Note,

144A,

7%,

2/15/30

................

United

States

130,000

134,517

b

Carnival

Corp.

,

Senior

Note,

144A,

5.75%,

3/15/30

....................

United

States

69,000

70,782

Senior

Note,

144A,

5.875%,

6/15/31

...................

United

States

80,000

82,062

Senior

Note,

144A,

5.75%,

8/01/32

....................

United

States

255,000

259,526

Senior

Note,

144A,

6.125%,

2/15/33

...................

United

States

40,000

41,101

Senior

Secured

Note,

144A,

4%,

8/01/28

................

United

States

291,000

285,986

b

Churchill

Downs,

Inc.

,

Senior

Note

,

144A,

5.75 %

,

4/01/30

.....

United

States

90,000

90,070

b

Fertitta

Entertainment

LLC

/

Fertitta

Entertainment

Finance

Co.,

Inc.

,

Senior

Note

,

144A,

6.75 %

,

1/15/30

.................

United

States

105,000

98,834

b

Great

Canadian

Gaming

Corp.

/

Raptor

LLC

,

Senior

Secured

Note

,

144A,

8.75 %

,

11/15/29

.........................

Canada

70,000

66,863

b

Hilton

Domestic

Operating

Co.,

Inc.

,

Senior

Note

,

144A,

5.75 %

,

9/15/33

.........................................

United

States

145,000

146,287

Hyatt

Hotels

Corp.

,

Senior

Note,

5.25%,

6/30/29

.........................

United

States

110,000

113,016

Senior

Note,

5.375%,

12/15/31

.......................

United

States

70,000

71,742

b

Light

&

Wonder

International,

Inc.

,

Senior

Note,

144A,

7.25%,

11/15/29

...................

United

States

195,000

200,172

Putnam

Asset

Allocation

Funds

Consolidated

Schedule

of

Investments

#### Putnam

#### Multi-Asset

#### Income

#### Fund
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

Light

&

Wonder

International,

Inc.,

(continued)

Senior

Note,

144A,

7.5%,

9/01/31

.....................

United

States

15,000

$

15,668

b

Mohegan

Tribal

Gaming

Authority

/

MS

Digital

Entertainment

Holdings

LLC

,

Senior

Secured

Note

,

144A,

8.25 %

,

4/15/30

..

United

States

70,000

72,387

b

NCL

Corp.

Ltd.

,

Senior

Note,

144A,

7.75%,

2/15/29

....................

United

States

50,000

53,444

Senior

Note,

144A,

6.75%,

2/01/32

....................

United

States

30,000

30,958

Senior

Secured

Note,

144A,

8.125%,

1/15/29

............

United

States

30,000

31,567

b

Penn

Entertainment,

Inc.

,

Senior

Note

,

144A,

5.625 %

,

1/15/27

.

United

States

75,000

74,973

b

Royal

Caribbean

Cruises

Ltd.

,

Senior

Note,

144A,

5.625%,

9/30/31

...................

United

States

55,000

55,913

Senior

Note,

144A,

6.25%,

3/15/32

....................

United

States

15,000

15,491

Senior

Note,

144A,

6%,

2/01/33

......................

United

States

125,000

128,324

b

Scientific

Games

Holdings

LP

/

Scientific

Games

US

FinCo

,

Inc.

,

Senior

Note

,

144A,

6.625 %

,

3/01/30

....................

United

States

75,000

72,032

b

Station

Casinos

LLC

,

Senior

Note

,

144A,

6.625 %

,

3/15/32

.....

United

States

70,000

72,043

b

Viking

Cruises

Ltd.

,

Senior

Note,

144A,

7%,

2/15/29

......................

United

States

30,000

30,223

Senior

Note,

144A,

9.125%,

7/15/31

...................

United

States

80,000

86,243

b

Wynn

Resorts

Finance

LLC

/

Wynn

Resorts

Capital

Corp.

,

Senior

Note

,

144A,

7.125 %

,

2/15/31

.........................

United

States

185,000

199,253

2,963,293

#### Household

#### Durables

#### 0.6%
b

Ashton

Woods

USA

LLC

/

Ashton

Woods

Finance

Co.

,

Senior

Note

,

144A,

6.875 %

,

8/01/33

.........................

United

States

35,000

35,095

DR

Horton,

Inc.

,

Senior

Bond,

5%,

10/15/34

..........................

United

States

118,000

118,090

Senior

Bond,

5.5%,

10/15/35

.........................

United

States

280,000

286,928

b

LGI

Homes,

Inc.

,

Senior

Note

,

144A,

8.75 %

,

12/15/28

........

United

States

100,000

104,810

Newell

Brands,

Inc.

,

Senior

Note,

6.375%,

5/15/30

........................

United

States

30,000

29,662

Senior

Note,

6.625%,

5/15/32

........................

United

States

45,000

44,039

b

Senior

Note,

144A,

8.5%,

6/01/28

.....................

United

States

45,000

47,620

b

Taylor

Morrison

Communities,

Inc.

,

Senior

Bond,

144A,

5.125%,

8/01/30

...................

United

States

60,000

59,869

Senior

Note,

144A,

5.875%,

6/15/27

...................

United

States

30,000

30,292

Senior

Note,

144A,

5.75%,

1/15/28

....................

United

States

35,000

35,465

Toll

Brothers

Finance

Corp.

,

Senior

Bond,

4.35%,

2/15/28

.........................

United

States

75,000

75,221

Senior

Bond,

3.8%,

11/01/29

.........................

United

States

92,000

89,928

b

Weekley

Homes

LLC

/

Weekley

Finance

Corp.

,

Senior

Note

,

144A,

4.875 %

,

9/15/28

..............................

United

States

60,000

58,623

1,015,642

#### Household

#### Products

#### 0.0%

#### †
b

Energizer

Holdings,

Inc.

,

Senior

Note

,

144A,

4.375 %

,

3/31/29

..

United

States

30,000

28,750

#### Independent

#### Power

#### and

#### Renewable

#### Electricity

#### Producers

#### 0.3%
b

AES

Andes

SA

,

Senior

Note

,

144A,

6.25 %

,

3/14/32

..........

Chile

200,000

207,281

b

Alexander

Funding

Trust

II

,

Senior

Secured

Note

,

144A,

7.467 %

,

7/31/28

.........................................

United

States

100,000

107,137

b

Calpine

Corp.

,

Senior

Bond

,

144A,

%

,

2/01/31

.............

United

States

65,000

64,510

Constellation

Energy

Generation

LLC

,

Senior

Bond,

6.125%,

1/15/34

........................

United

States

26,000

28,223

Senior

Bond,

6.5%,

10/01/53

.........................

United

States

62,000

66,942

Putnam

Asset

Allocation

Funds

Consolidated

Schedule

of

Investments

#### Putnam

#### Multi-Asset

#### Income

#### Fund
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)

Constellation

Energy

Generation

LLC,

(continued)

Senior

Bond,

5.75%,

3/15/54

.........................

United

States

113,000

$

110,672

b,g

Vistra

Corp.

,

Junior

Sub.

Bond

,

144A,

8%

to

10/14/26,

FRN

thereafter

,

Perpetual

...............................

United

States

65,000

66,391

651,156

#### Industrial

#### REITs

#### 0.0%

#### †
Prologis

LP

,

Senior

Bond

,

2.25 %

,

4/15/30

.................

United

States

53,000

48,761

#### Insurance

#### 0.8%
b

Acrisure

LLC

/

Acrisure

Finance,

Inc.

,

Senior

Note,

144A,

8.5%,

6/15/29

.....................

United

States

85,000

89,440

Senior

Secured

Note,

144A,

7.5%,

11/06/30

.............

United

States

85,000

88,146

b

Alliant

Holdings

Intermediate

LLC

/

Alliant

Holdings

Co-Issuer

,

Senior

Note,

144A,

5.875%,

11/01/29

..................

United

States

105,000

103,829

Senior

Note,

144A,

7.375%,

10/01/32

..................

United

States

25,000

25,787

Senior

Secured

Note,

144A,

7%,

1/15/31

................

United

States

115,000

119,032

Arthur

J

Gallagher

&

Co.

,

Senior

Note

,

4.85 %

,

12/15/29

......

United

States

80,000

81,593

b

Athene

Global

Funding

,

Secured

Note,

144A,

5.526%,

7/11/31

..................

United

States

175,000

180,860

Secured

Note,

144A,

5.322%,

11/13/31

.................

United

States

96,000

98,338

Senior

Secured

Bond,

144A,

5.543%,

8/22/35

............

United

States

75,000

74,694

Athene

Holding

Ltd.

,

Senior

Bond,

5.875%,

1/15/34

........................

United

States

52,000

53,919

Senior

Bond,

6.25%,

4/01/54

.........................

United

States

25,000

24,713

Brown

&

Brown,

Inc.

,

Senior

Bond,

5.55%,

6/23/35

.........................

United

States

57,000

58,131

Senior

Note,

4.9%,

6/23/30

..........................

United

States

139,000

140,809

Senior

Note,

5.25%,

6/23/32

.........................

United

States

42,000

42,967

CNA

Financial

Corp.

,

Senior

Bond

,

5.125 %

,

2/15/34

.........

United

States

69,000

69,077

b

CNO

Global

Funding

,

Secured

Note

,

144A,

4.95 %

,

9/09/29

....

United

States

85,000

87,023

F&G

Annuities

&

Life,

Inc.

,

Senior

Note

,

6.5 %

,

6/04/29

.......

United

States

110,000

114,735

Fidelity

National

Financial,

Inc.

,

Senior

Bond

,

3.2 %

,

9/17/51

...

United

States

69,000

42,785

b

Jones

Deslauriers

Insurance

Management,

Inc.

,

Senior

Note,

144A,

10.5%,

12/15/30

...................

Canada

75,000

79,697

Senior

Secured

Note,

144A,

8.5%,

3/15/30

..............

Canada

35,000

37,044

b

Massachusetts

Mutual

Life

Insurance

Co.

,

Sub.

Bond

,

144A,

3.729 %

,

10/15/70

..................................

United

States

116,000

75,555

b

Metropolitan

Life

Global

Funding

I

,

Senior

Secured

Bond

,

144A,

2.95 %

,

4/09/30

...................................

United

States

325,000

306,626

1,994,800

#### Interactive

#### Media

#### &

#### Services

#### 0.3%
Meta

Platforms,

Inc.

,

Senior

Bond,

5.4%,

8/15/54

..........................

United

States

108,000

103,686

Senior

Bond,

5.75%,

5/15/63

.........................

United

States

135,000

134,686

Senior

Bond,

5.55%,

8/15/64

.........................

United

States

124,000

120,093

b

Snap,

Inc.

,

Senior

Note

,

144A,

6.875 %

,

3/01/33

............

United

States

140,000

141,604

500,069

#### IT

#### Services

#### 0.2%
b

Ahead

DB

Holdings

LLC

,

Senior

Note

,

144A,

6.625 %

,

5/01/28

..

United

States

50,000

50,164

b

Cogent

Communications

Group

LLC

/

Cogent

Finance,

Inc.

,

Senior

Secured

Note

,

144A,

6.5 %

,

7/01/32

...............

United

States

160,000

152,512

Putnam

Asset

Allocation

Funds

Consolidated

Schedule

of

Investments

#### Putnam

#### Multi-Asset

#### Income

#### Fund
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

$

68,444

b

Gartner,

Inc.

,

Senior

Note,

144A,

3.625%,

6/15/29

...................

United

States

27,000

25,802

Senior

Note,

144A,

3.75%,

10/01/30

...................

United

States

180,000

169,487

466,409

#### Leisure

#### Products

#### 0.1%
Brunswick

Corp.

,

Senior

Bond,

2.4%,

8/18/31

..........................

United

States

97,000

83,886

Senior

Bond,

5.1%,

4/01/52

..........................

United

States

126,000

95,890

Senior

Note,

5.85%,

3/18/29

.........................

United

States

87,000

90,236

270,012

#### Life

#### Sciences

#### Tools

#### &

#### Services

#### 0.0%

#### †
Illumina,

Inc.

,

Senior

Note

,

4.65 %

,

9/09/26

................

United

States

86,000

86,246

#### Machinery

#### 0.2%
b

Chart

Industries,

Inc.

,

Senior

Note

,

144A,

9.5 %

,

1/01/31

......

United

States

25,000

26,793

b

Terex

Corp.

,

Senior

Note,

144A,

5%,

5/15/29

......................

United

States

50,000

49,219

Senior

Note,

144A,

6.25%,

10/15/32

...................

United

States

55,000

55,713

Westinghouse

Air

Brake

Technologies

Corp.

,

Senior

Bond

,

5.611 %

,

3/11/34

...................................

United

States

161,000

167,204

298,929

#### Media

#### 1.2%
Charter

Communications

Operating

LLC

/

Charter

Communications

Operating

Capital

Corp.

,

i

Senior

Secured

Bond,

5.85%,

12/01/35

.................

United

States

50,000

50,107

Senior

Secured

Note,

2.25%,

1/15/29

..................

United

States

92,000

85,619

b

Clear

Channel

Outdoor

Holdings,

Inc.

,

Senior

Note,

144A,

7.75%,

4/15/28

....................

United

States

30,000

29,207

Senior

Secured

Note,

144A,

7.875%,

4/01/30

............

United

States

40,000

41,697

Senior

Secured

Note,

144A,

7.5%,

3/15/33

..............

United

States

120,000

122,222

Comcast

Corp.

,

Senior

Bond,

3.999%,

11/01/49

.......................

United

States

26,000

19,594

Senior

Bond,

3.45%,

2/01/50

.........................

United

States

63,000

42,882

b

Directv

Financing

LLC

,

Senior

Secured

Note

,

144A,

8.875 %

,

2/01/30

.........................................

United

States

30,000

29,802

b

Directv

Financing

LLC

/

Directv

Financing

Co-Obligor,

Inc.

,

Senior

Secured

Note,

144A,

5.875%,

8/15/27

............

United

States

30,000

29,873

Senior

Secured

Note,

144A,

10%,

2/15/31

...............

United

States

60,000

59,685

Discovery

Communications

LLC

,

Senior

Note

,

4.125 %

,

5/15/29

.

United

States

75,000

71,096

EchoStar

Corp.

,

Senior

Secured

Note

,

10.75 %

,

11/30/29

......

United

States

100,000

107,716

b

EW

Scripps

Co.

(The)

,

Senior

Secured

Note

,

144A,

9.875 %

,

8/15/30

.........................................

United

States

145,000

136,446

b

Gray

Media,

Inc.

,

Secured

Note,

144A,

9.625%,

7/15/32

..................

United

States

100,000

100,589

Senior

Bond,

144A,

5.375%,

11/15/31

..................

United

States

85,000

62,732

Senior

Secured

Note,

144A,

7.25%,

8/15/33

.............

United

States

30,000

29,577

Interpublic

Group

of

Cos.,

Inc.

(The)

,

Senior

Bond

,

2.4 %

,

3/01/31

United

States

62,000

55,532

b

McGraw-Hill

Education,

Inc.

,

Senior

Note,

144A,

8%,

8/01/29

......................

United

States

120,000

122,520

Senior

Secured

Note,

144A,

5.75%,

8/01/28

.............

United

States

65,000

65,382

Senior

Secured

Note,

144A,

7.375%,

9/01/31

............

United

States

90,000

94,560

Putnam

Asset

Allocation

Funds

Consolidated

Schedule

of

Investments

#### Putnam

#### Multi-Asset

#### Income

#### Fund
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

Nexstar

Media,

Inc.

,

Senior

Note

,

144A,

4.75 %

,

11/01/28

......

United

States

50,000

$

49,112

b

Outfront

Media

Capital

LLC

/

Outfront

Media

Capital

Corp.

,

Senior

Bond,

144A,

4.625%,

3/15/30

...................

United

States

45,000

42,976

Senior

Note,

144A,

5%,

8/15/27

......................

United

States

25,000

24,815

Senior

Secured

Note,

144A,

7.375%,

2/15/31

............

United

States

40,000

42,236

Paramount

Global

,

Senior

Bond,

4.2%,

6/01/29

..........................

United

States

69,000

68,028

Senior

Bond,

4.95%,

1/15/31

.........................

United

States

75,000

74,556

Senior

Bond,

4.375%,

3/15/43

........................

United

States

39,000

29,664

Senior

Note,

3.7%,

6/01/28

..........................

United

States

38,000

37,193

b

Sinclair

Television

Group,

Inc.

,

Senior

Secured

Note

,

144A,

8.125 %

,

2/15/33

...................................

United

States

175,000

179,441

b

Sirius

XM

Radio

LLC

,

Senior

Bond

,

144A,

3.875 %

,

9/01/31

....

United

States

135,000

121,494

Time

Warner

Cable

Enterprises

LLC

,

Senior

Secured

Bond

,

8.375 %

,

7/15/33

...................................

United

States

320,000

373,420

b

Univision

Communications,

Inc.

,

Senior

Secured

Note

,

144A,

9.375 %

,

8/01/32

...................................

United

States

70,000

73,760

2,473,533

#### Metals

#### &

#### Mining

#### 0.4%
b

Big

River

Steel

LLC

/

BRS

Finance

Corp.

,

Senior

Secured

Note

,

144A,

6.625 %

,

1/31/29

..............................

United

States

70,000

70,182

b

Cleveland-Cliffs,

Inc.

,

Senior

Note

,

144A,

%

,

3/15/32

........

United

States

60,000

59,724

Commercial

Metals

Co.

,

Senior

Bond

,

4.375 %

,

3/15/32

.......

United

States

140,000

131,756

b

Constellium

SE

,

Senior

Note

,

Reg

S,

3.125 %

,

7/15/29

........

United

States

100,000

EUR

114,144

b

Fortescue

Treasury

Pty.

Ltd.

,

Senior

Bond

,

144A,

6.125 %

,

4/15/32

.........................................

Australia

65,000

66,752

b

Glencore

Funding

LLC

,

Senior

Bond

,

144A,

5.634 %

,

4/04/34

...

Australia

128,000

131,405

b

Hudbay

Minerals,

Inc.

,

Senior

Note

,

144A,

6.125 %

,

4/01/29

....

Canada

70,000

70,819

b

Novelis

Corp.

,

Senior

Bond,

144A,

4.75%,

1/30/30

....................

United

States

95,000

91,420

Senior

Note,

144A,

6.875%,

1/30/30

...................

United

States

60,000

62,295

Senior

Note,

144A,

6.375%,

8/15/33

...................

United

States

90,000

90,992

b

TMS

International

Corp.

,

Senior

Note

,

144A,

6.25 %

,

4/15/29

...

United

States

80,000

77,442

United

States

Steel

Corp.

,

Senior

Bond

,

6.65 %

,

6/01/37

......

United

States

35,000

36,402

1,003,333

#### Mortgage

#### Real

#### Estate

#### Investment

#### Trusts
(REITs)

#### 0.0%

#### †
b

Apollo

Commercial

Real

Estate

Finance,

Inc.

,

Senior

Secured

Note

,

144A,

4.625 %

,

6/15/29

.........................

United

States

80,000

76,976

#### Multi-Utilities

#### 0.2%
Consolidated

Edison

Co.

of

New

York,

Inc.

,

12-A

,

Senior

Bond

,

4.2 %

,

3/15/42

....................................

United

States

24,000

20,384

DTE

Energy

Co.

,

Senior

Bond

,

5.85 %

,

6/01/34

.............

United

States

66,000

69,371

NiSource,

Inc.

,

Senior

Note

,

5.2 %

,

7/01/29

................

United

States

174,000

179,655

Puget

Sound

Energy,

Inc.

,

Senior

Bond

,

5.448 %

,

6/01/53

.....

United

States

74,000

70,201

Sempra,

Inc.

,

Senior

Bond

,

5.5 %

,

8/01/33

.................

United

States

63,000

64,762

Southern

Co.

Gas

Capital

Corp.

,

Senior

Bond

,

4.95 %

,

9/15/34

.

United

States

123,000

122,571

526,944

#### Oil,

#### Gas

#### &

#### Consumable

#### Fuels

#### 2.6%
b

Aker

BP

ASA

,

Senior

Bond

,

144A,

5.8 %

,

10/01/54

...........

Norway

100,000

89,366

Canadian

Natural

Resources

Ltd.

,

Senior

Bond,

7.2%,

1/15/32

..........................

Canada

124,000

138,103

Putnam

Asset

Allocation

Funds

Consolidated

Schedule

of

Investments

#### Putnam

#### Multi-Asset

#### Income

#### Fund
franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

consolidated

financial

statements.

Annual

Report

a

a

#### Country

#### Principal

#### Amount

#### \*
a

#### Value
a

#### a
a

#### Corporate

#### Bonds
(continued)

#### Oil,

#### Gas

#### &

#### Consumable

#### Fuels
(continued)

Canadian

Natural

Resources

Ltd.,

(continued)

b

Senior

Note,

144A,

5%,

12/15/29

.....................

Canada

81,000

$

82,650

Cheniere

Energy

Partners

LP

,

Senior

Bond,

3.25%,

1/31/32

.........................

United

States

66,000

59,783

Senior

Note,

4.5%,

10/01/29

.........................

United

States

256,000

255,559

b

Columbia

Pipelines

Operating

Co.

LLC

,

Senior

Bond,

144A,

6.544%,

11/15/53

..................

United

States

73,000

75,614

Senior

Note,

144A,

5.927%,

8/15/30

...................

United

States

72,000

76,619

b

Coronado

Finance

Pty.

Ltd.

,

Senior

Secured

Note

,

144A,

9.25 %

,

10/01/29

........................................

Australia

25,000

20,638

b

Crescent

Energy

Finance

LLC

,

Senior

Note

,

144A,

8.375 %

,

1/15/34

.........................................

United

States

115,000

116,783

b

DT

Midstream,

Inc.

,

Senior

Bond

,

144A,

5.8 %

,

12/15/34

......

United

States

149,000

152,122

Eastern

Energy

Gas

Holdings

LLC

,

Senior

Bond,

5.8%,

1/15/35

..........................

United

States

71,000

74,060

Senior

Bond,

5.65%,

10/15/54

........................

United

States

28,000

26,765

Enbridge,

Inc.

,

Senior

Bond,

4.25%,

12/01/26

........................

Canada

64,000

64,031

Senior

Note,

4.9%,

6/20/30

..........................

Canada

65,000

66,387

Energy

Transfer

LP

,

g

B,

Junior

Sub.

Bond,

6.625%

to

2/14/28,

FRN

thereafter,

Perpetual

.......................................

United

States

220,000

219,127

Senior

Bond,

6.5%,

2/01/42

..........................

United

States

14,000

14,528

Senior

Note,

5.25%,

7/01/29

.........................

United

States

279,000

288,007

Senior

Note,

5.2%,

4/01/30

..........................

United

States

81,000

83,343

b

Expand

Energy

Corp.

,

Senior

Note

,

144A,

6.75 %

,

4/15/29

.....

United

States

175,000

177,358

b

Global

Partners

LP

/

GLP

Finance

Corp.

,

Senior

Note

,

144A,

7.125 %

,

7/01/33

...................................

United

States

130,000

133,159

b

Hess

Midstream

Operations

LP

,

Senior

Note,

144A,

5.875%,

3/01/28

...................

United

States

45,000

45,783

Senior

Note,

144A,

5.125%,

6/15/28

...................

United

States

115,000

114,817

Senior

Note,

144A,

6.5%,

6/01/29

.....................

United

States

35,000

36,211

Senior

Note,

144A,

5.5%,

10/15/30

....................

United

States

115,000

115,700

b

Hilcorp

Energy

I

LP

/

Hilcorp

Finance

Co.

,

Senior

Note

,

144A,

8.375 %

,

11/01/33

..................................

United

States

70,000

73,149

b

KazMunayGas

National

Co.

JSC

,

Senior

Bond

,

Reg

S,

6.375 %

,

10/24/48

........................................

Kazakhstan

200,000

192,155

Kinder

Morgan,

Inc.

,

Senior

Bond

,

7.75 %

,

1/15/32

...........

United

States

133,000

154,042

b

Kinetik

Holdings

LP

,

Senior

Note

,

144A,

5.875 %

,

6/15/30

......

United

States

145,000

146,333

b

Matador

Resources

Co.

,

Senior

Note

,

144A,

6.5 %

,

4/15/32

....

United

States

90,000

91,368

Occidental

Petroleum

Corp.

,

Senior

Bond,

7.5%,

5/01/31

..........................

United

States

52,000

58,089

Senior

Bond,

6.2%,

3/15/40

..........................

United

States

420,000

415,075

Senior

Note,

5.2%,

8/01/29

..........................

United

States

100,000

101,351

ONEOK,

Inc.

,

Senior

Bond,

6.05%,

9/01/33

.........................

United

States

26,000

27,368

Senior

Note,

4.75%,

10/15/31

........................

United

States

131,000

131,072

Senior

Note,

6.1%,

11/15/32

.........................

United

States

99,000

105,144

Ovintiv

,

Inc.

,

Senior

Bond

,

6.25 %

,

7/15/33

.................

United

States

31,000

32,275

SM

Energy

Co.

,

Senior

Bond

,

6.75 %

,

9/15/26

..............

United

States

65,000

64,924

South

Bow

USA

Infrastructure

Holdings

LLC

,

Senior

Note,

5.026%,

10/01/29

.......................

Canada

133,000

134,703

Senior

Note,

5.584%,

10/01/34

.......................

Canada

69,000

68,477

b

Sunoco

LP

,

Senior

Note

,

144A,

6.25 %

,

7/01/33

.............

United

States

85,000

86,925

Putnam

Asset

Allocation

Funds

Consolidated

Schedule

of

Investments

#### Putnam

#### Multi-Asset

#### Income

#### Fund
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)

Targa

Resources

Partners

LP

/

Targa

Resources

Partners

Finance

Corp.

,

Senior

Bond,

5%,

1/15/28

...........................

United

States

141,000

$

141,157

Senior

Bond,

4.875%,

2/01/31

........................

United

States

53,000

52,821

b

TGNR

Intermediate

Holdings

LLC

,

Senior

Note

,

144A,

5.5 %

,

10/15/29

........................................

United

States

105,000

102,578

b

Venture

Global

Calcasieu

Pass

LLC

,

Senior

Secured

Note

,

144A,

6.25 %

,

1/15/30

...................................

United

States

305,000

317,806

b

Venture

Global

LNG,

Inc.

,

g

Junior

Sub.

Bond,

144A,

9%

to

9/29/29,

FRN

thereafter,

Perpetual

.......................................

United

States

80,000

79,494

Senior

Secured

Note,

144A,

9.5%,

2/01/29

..............

United

States

75,000

82,503

Senior

Secured

Note,

144A,

8.375%,

6/01/31

............

United

States

105,000

110,229

Senior

Secured

Note,

144A,

9.875%,

2/01/32

............

United

States

70,000

76,265

b

Venture

Global

Plaquemines

LNG

LLC

,

Senior

Secured

Bond,

144A,

7.75%,

5/01/35

.............

United

States

20,000

22,281

Senior

Secured

Bond,

144A,

6.75%,

1/15/36

.............

United

States

50,000

52,504

Senior

Secured

Note,

144A,

7.5%,

5/01/33

..............

United

States

20,000

21,950

Senior

Secured

Note,

144A,

6.5%,

1/15/34

..............

United

States

25,000

26,115

Viper

Energy

Partners

LLC

,

Senior

Bond,

5.7%,

8/01/35

..........................

United

States

82,000

82,270

Senior

Note,

4.9%,

8/01/30

..........................

United

States

34,000

34,292

b

Vnom

Sub,

Inc.

,

Senior

Note

,

144A,

5.375 %

,

11/01/27

........

United

States

35,000

34,999

Williams

Cos.,

Inc.

(The)

,

Senior

Bond

,

5.6 %

,

3/15/35

........

United

States

96,000

98,565

5,744,792

#### Paper

#### &

#### Forest

#### Products

#### 0.2%
b

Georgia-Pacific

LLC

,

Senior

Note

,

144A,

4.95 %

,

6/30/32

......

United

States

131,000

133,630

b

Magnera

Corp.

,

Senior

Note,

144A,

4.75%,

11/15/29

...................

United

States

30,000

26,516

Senior

Secured

Note,

144A,

7.25%,

11/15/31

............

United

States

25,000

23,682

Mercer

International,

Inc.

,

Senior

Note,

5.125%,

2/01/29

........................

Germany

65,000

51,321

b

Senior

Note,

144A,

12.875%,

10/01/28

.................

Germany

40,000

38,910

274,059

#### Passenger

#### Airlines

#### 0.1%
b

American

Airlines,

Inc.

/

AAdvantage

Loyalty

IP

Ltd.

,

Senior

Secured

Note

,

144A,

5.5 %

,

4/20/26

....................

United

States

36,250

36,345

b

AS

Mileage

Plan

IP

Ltd.

,

Senior

Secured

Note

,

144A,

5.021 %

,

10/20/29

........................................

United

States

190,000

190,423

b

United

Airlines,

Inc.

,

Senior

Secured

Note

,

144A,

4.625 %

,

4/15/29

United

States

95,000

93,550

320,318

#### Personal

#### Care

#### Products

#### 0.3%
b

Coty,

Inc.

/

HFC

Prestige

Products,

Inc.

/

HFC

Prestige

International

US

LLC

,

Senior

Secured

Note,

144A,

4.75%,

1/15/29

.............

United

States

75,000

73,474

Senior

Secured

Note,

144A,

6.625%,

7/15/30

............

United

States

45,000

46,069

Kenvue

,

Inc.

,

Senior

Note,

4.85%,

5/22/32

.........................

United

States

13,000

13,245

Senior

Note,

4.9%,

3/22/33

..........................

United

States

213,000

216,463

b

Opal

Bidco

SAS

,

Senior

Secured

Note

,

144A,

6.5 %

,

3/31/32

...

France

200,000

203,650

552,901

Putnam

Asset

Allocation

Funds

Consolidated

Schedule

of

Investments

#### Putnam

#### Multi-Asset

#### Income

#### Fund
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

#### 0.5%
b

Endo

Finance

Holdings,

Inc.

,

Senior

Secured

Note

,

144A,

8.5 %

,

4/15/31

.........................................

United

States

40,000

$

42,634

Pfizer

Investment

Enterprises

Pte.

Ltd.

,

Senior

Bond,

4.75%,

5/19/33

.........................

United

States

230,000

230,546

Senior

Bond,

5.3%,

5/19/53

..........................

United

States

90,000

83,909

Royalty

Pharma

plc

,

Senior

Bond,

5.4%,

9/02/34

..........................

United

States

73,000

73,967

Senior

Note,

5.15%,

9/02/29

.........................

United

States

88,000

90,433

Teva

Pharmaceutical

Finance

Netherlands

III

BV

,

Senior

Note

,

6.75 %

,

3/01/28

...................................

Israel

230,000

238,855

Wyeth

LLC

,

Senior

Bond

,

5.95 %

,

4/01/37

.................

United

States

6,000

6,404

Zoetis,

Inc.

,

Senior

Bond,

2%,

5/15/30

...........................

United

States

72,000

65,274

Senior

Bond,

5%,

8/17/35

...........................

United

States

285,000

283,945

1,115,967

#### Professional

#### Services

#### 0.0%

#### †
b

CACI

International,

Inc.

,

Senior

Note

,

144A,

6.375 %

,

6/15/33

..

United

States

100,000

103,269

#### Real

#### Estate

#### Management

#### &

#### Development

#### 0.0%

#### †
b

Anywhere

Real

Estate

Group

LLC

/

Anywhere

Co-Issuer

Corp.

,

Secured

Note

,

144A,

%

,

4/15/30

.....................

United

States

51,000

50,252

#### Semiconductors

#### &

#### Semiconductor

#### Equipment

#### 0.3%
Broadcom,

Inc.

,

b

Senior

Bond,

144A,

3.187%,

11/15/36

..................

United

States

66,000

55,130

Senior

Note,

5.05%,

7/12/29

.........................

United

States

251,000

258,144

b

Foundry

JV

Holdco

LLC

,

Senior

Secured

Note

,

144A,

5.9 %

,

1/25/33

.........................................

United

States

200,000

209,795

Intel

Corp.

,

Senior

Bond

,

4.15 %

,

8/05/32

..................

United

States

205,000

195,177

Marvell

Technology,

Inc.

,

Senior

Note

,

4.75 %

,

7/15/30

........

United

States

40,000

40,378

758,624

#### Software

#### 0.3%
Atlassian

Corp.

,

Senior

Bond,

5.5%,

5/15/34

..........................

United

States

26,000

26,584

Senior

Note,

5.25%,

5/15/29

.........................

United

States

57,000

58,728

b

Cloud

Software

Group,

Inc.

,

Secured

Note,

144A,

9%,

9/30/29

.....................

United

States

40,000

41,740

Senior

Secured

Note,

144A,

6.5%,

3/31/29

..............

United

States

60,000

60,708

b

McAfee

Corp.

,

Senior

Note

,

144A,

7.375 %

,

2/15/30

..........

United

States

95,000

87,839

Oracle

Corp.

,

Senior

Bond

,

3.65 %

,

3/25/41

................

United

States

176,000

137,841

b

Rocket

Software,

Inc.

,

Senior

Note

,

144A,

6.5 %

,

2/15/29

......

United

States

65,000

62,595

ServiceNow,

Inc.

,

Senior

Bond

,

1.4 %

,

9/01/30

..............

United

States

176,000

154,347

Synopsys,

Inc.

,

Senior

Bond,

5.15%,

4/01/35

.........................

United

States

123,000

124,119

Senior

Bond,

5.7%,

4/01/55

..........................

United

States

8,000

7,862

b

UKG,

Inc.

,

Senior

Secured

Note

,

144A,

6.875 %

,

2/01/31

......

United

States

90,000

93,126

855,489

#### Specialized

#### REITs

#### 0.6%
American

Tower

Corp.

,

Senior

Bond,

3.125%,

1/15/27

........................

United

States

251,000

247,373

Senior

Bond,

2.9%,

1/15/30

..........................

United

States

106,000

99,551

Senior

Bond,

2.7%,

4/15/31

..........................

United

States

87,000

78,954

Putnam

Asset

Allocation

Funds

Consolidated

Schedule

of

Investments

#### Putnam

#### Multi-Asset

#### Income

#### Fund
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.

,

Senior

Bond,

3.65%,

9/01/27

.........................

United

States

82,000

$

81,013

Senior

Bond,

3.8%,

2/15/28

..........................

United

States

69,000

68,133

Senior

Bond,

4.75%,

5/15/47

.........................

United

States

27,000

23,374

Senior

Note,

4.9%,

9/01/29

..........................

United

States

105,000

106,361

EPR

Properties

,

Senior

Bond

,

4.5 %

,

6/01/27

...............

United

States

43,000

42,891

Equinix,

Inc.

,

Senior

Bond

,

3.2 %

,

11/18/29

................

United

States

220,000

210,273

b

Iron

Mountain,

Inc.

,

Senior

Note

,

144A,

6.25 %

,

1/15/33

.......

United

States

145,000

148,468

b

Millrose

Properties,

Inc.

,

Senior

Note

,

144A,

6.375 %

,

8/01/30

..

United

States

160,000

161,548

Weyerhaeuser

Co.

,

Senior

Bond

,

7.375 %

,

3/15/32

..........

United

States

14,000

15,980

1,283,919

#### Specialty

#### Retail

#### 0.4%
Bath

&

Body

Works,

Inc.

,

Senior

Bond

,

6.875 %

,

11/01/35

.....

United

States

135,000

140,750

b,f

Carvana

Co.

,

Senior

Secured

Note,

144A,

PIK,

9%,

12/01/28

...........

United

States

60,159

61,567

Senior

Secured

Note,

144A,

PIK,

9%,

6/01/31

............

United

States

64,200

72,470

Dick's

Sporting

Goods,

Inc.

,

Senior

Bond,

3.15%,

1/15/32

.........................

United

States

84,000

76,389

Senior

Bond,

4.1%,

1/15/52

..........................

United

States

115,000

81,671

b

Specialty

Building

Products

Holdings

LLC

/

SBP

Finance

Corp.

,

Senior

Secured

Note

,

144A,

7.75 %

,

10/15/29

.............

United

States

35,000

35,156

b

White

Cap

Buyer

LLC

,

Senior

Note

,

144A,

6.875 %

,

10/15/28

...

United

States

125,000

124,986

592,989

#### Technology

#### Hardware,

#### Storage

#### &

#### Peripherals

#### 0.2%
Hewlett

Packard

Enterprise

Co.

,

Senior

Bond,

5%,

10/15/34

..........................

United

States

40,000

39,340

Senior

Bond,

5.6%,

10/15/54

.........................

United

States

97,000

89,653

Senior

Note,

4.55%,

10/15/29

........................

United

States

83,000

83,526

Senior

Note,

4.85%,

10/15/31

........................

United

States

83,000

83,742

b

Seagate

Data

Storage

Technology

Pte.

Ltd.

,

Senior

Note,

144A,

3.125%,

7/15/29

...................

United

States

30,000

26,987

Senior

Note,

144A,

5.875%,

7/15/30

...................

United

States

80,000

81,160

404,408

#### Textiles,

#### Apparel

#### &

#### Luxury

#### Goods

#### 0.6%
b

Beach

Acquisition

Bidco

LLC

,

f

Senior

Note,

144A,

PIK,

10%,

7/15/33

..................

United

States

200,000

212,791

Senior

Secured

Note,

144A,

5.25%,

7/15/32

.............

United

States

100,000

EUR

119,811

b

Crocs,

Inc.

,

Senior

Note

,

144A,

4.25 %

,

3/15/29

.............

United

States

50,000

47,678

b

Hanesbrands,

Inc.

,

Senior

Note

,

144A,

%

,

2/15/31

..........

United

States

110,000

117,053

b

Levi

Strauss

&

Co.

,

Senior

Bond

,

144A,

3.5 %

,

3/01/31

.......

United

States

115,000

106,199

PVH

Corp.

,

Senior

Note

,

5.5 %

,

6/13/30

...................

United

States

115,000

117,300

Tapestry,

Inc.

,

Senior

Bond,

3.05%,

3/15/32

.........................

United

States

29,000

25,984

Senior

Bond,

5.5%,

3/11/35

..........................

United

States

96,000

97,090

Senior

Note,

5.1%,

3/11/30

..........................

United

States

79,000

80,777

b

Under

Armour

,

Inc.

,

Senior

Note

,

144A,

7.25 %

,

7/15/30

.......

United

States

50,000

50,047

974,730

#### Tobacco

#### 0.2%
Philip

Morris

International,

Inc.

,

Senior

Note,

5.125%,

2/15/30

........................

United

States

223,000

230,863

Putnam

Asset

Allocation

Funds

Consolidated

Schedule

of

Investments

#### Putnam

#### Multi-Asset

#### Income

#### Fund
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)

#### Tobacco
(continued)

Philip

Morris

International,

Inc.,

(continued)

Senior

Note,

4.375%,

4/30/30

........................

United

States

90,000

$

90,539

Senior

Note,

4.75%,

11/01/31

........................

United

States

94,000

95,404

416,806

#### Trading

#### Companies

#### &

#### Distributors

#### 0.5%
b

Aviation

Capital

Group

LLC

,

Senior

Note,

144A,

5.375%,

7/15/29

...................

United

States

156,000

160,193

Senior

Note,

144A,

5.125%,

4/10/30

...................

United

States

145,000

147,514

b

Boise

Cascade

Co.

,

Senior

Note

,

144A,

4.875 %

,

7/01/30

.....

United

States

95,000

92,962

b

EquipmentShare.com,

Inc.

,

Secured

Note,

144A,

9%,

5/15/28

.....................

United

States

70,000

74,224

Secured

Note,

144A,

8.625%,

5/15/32

..................

United

States

50,000

53,918

b

Foundation

Building

Materials,

Inc.

,

Senior

Note

,

144A,

%

,

3/01/29

.........................................

United

States

85,000

86,007

b

Herc

Holdings,

Inc.

,

Senior

Note,

144A,

5.5%,

7/15/27

.....................

United

States

130,000

129,940

Senior

Note,

144A,

6.625%,

6/15/29

...................

United

States

40,000

41,228

Senior

Note,

144A,

7%,

6/15/30

......................

United

States

20,000

20,829

Senior

Note,

144A,

7.25%,

6/15/33

....................

United

States

15,000

15,746

b

Imola

Merger

Corp.

,

Senior

Secured

Note

,

144A,

4.75 %

,

5/15/29

United

States

75,000

73,166

b

QXO

Building

Products,

Inc.

,

Senior

Secured

Note

,

144A,

6.75 %

,

4/30/32

.........................................

United

States

135,000

139,766

b

United

Rentals

North

America,

Inc.

,

Senior

Bond

,

144A,

6.125 %

,

3/15/34

.........................................

United

States

60,000

62,222

b

WESCO

Distribution,

Inc.

,

Senior

Note,

144A,

6.375%,

3/15/29

...................

United

States

20,000

20,617

Senior

Note,

144A,

6.625%,

3/15/32

...................

United

States

80,000

83,050

Senior

Note,

144A,

6.375%,

3/15/33

...................

United

States

30,000

31,135

1,232,517

#### Wireless

#### Telecommunication

#### Services

#### 0.6%
b

Connect

Finco

SARL

/

Connect

US

Finco

LLC

,

Senior

Secured

Note

,

144A,

%

,

9/15/29

............................

United

Kingdom

200,000

208,616

Rogers

Communications,

Inc.

,

Senior

Note,

5%,

2/15/29

...........................

Canada

182,000

185,912

Senior

Note,

3.8%,

3/15/32

..........................

Canada

73,000

68,525

Sub.

Bond,

7.125%

to

4/14/35,

FRN

thereafter,

4/15/55

.....

Canada

90,000

93,472

NC5,

Sub.

Bond,

7%

to

4/14/30,

FRN

thereafter,

4/15/55

....

Canada

185,000

190,232

T-Mobile

USA,

Inc.

,

Senior

Bond,

2.875%,

2/15/31

........................

United

States

65,000

59,714

Senior

Bond,

5.05%,

7/15/33

.........................

United

States

38,000

38,402

Senior

Note,

3.375%,

4/15/29

........................

United

States

138,000

133,721

Senior

Note,

3.875%,

4/15/30

........................

United

States

8,000

7,837

Senior

Note,

6.7%,

12/15/33

.........................

United

States

85,000

94,134

b

Zegona

Finance

plc

,

Senior

Secured

Note

,

144A,

8.625 %

,

7/15/29

.........................................

United

Kingdom

200,000

213,058

1,293,623

#### Total

#### Corporate

#### Bonds

#### (Cost

#### $60,069,383)
....................................

#### 61,920,510
Putnam

Asset

Allocation

Funds

Consolidated

Schedule

of

Investments

#### Putnam

#### Multi-Asset

#### Income

#### Fund
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

j

#### Senior

#### Floating

#### Rate

#### Interests

#### 0.7%

#### Automobile

#### Components

#### 0.0%

#### †
k

DexKo

Global,

Inc.,

First

Lien,

Closing

Date

Dollar

CME

Term

Loan,

8.221%,

(1-month

SOFR

+

3.75%),

10/04/28

........

United

States

44,616

$

43,757

k

#### Chemicals

#### 0.0%

#### †
Hexion

Holdings

Corp.,

Second

Lien,

Initial

CME

Term

Loan,

11.853%,

(1-month

SOFR

+

7.438%),

3/15/30

............

United

States

56,471

55,941

Nouryon

Finance

BV,

First

Lien,

November

2024

Dollar

CME

Term

Loan,

B1,

7.601%,

(1-month

SOFR

+

3.25%),

4/03/28

..

Netherlands

33,620

33,767

Nouryon

Finance

BV,

First

Lien,

November

2024

Dollar

CME

Term

Loan,

B2,

7.611%,

(1-month

SOFR

+

3.25%),

4/03/28

..

Netherlands

34,477

34,628

Vibrantz

Technologies,

Inc.,

First

Lien,

Initial

CME

Term

Loan,

8.728%,

(3-month

SOFR

+

4.25%),

4/23/29

..............

United

States

34,214

27,290

151,626

a

a

a

a

a

a

#### Communications

#### Equipment

#### 0.1%
i,k

CommScope,

Inc.,

First

Lien,

Initial

CME

Term

Loan,

9.066%,

(1-month

SOFR

+

4.75%),

12/18/29

....................

United

States

85,000

86,660

#### Consumer

#### Finance

#### 0.0%

#### †
k

Shift4

Payments

LLC,

First

Lien,

Amendment

No.

CME

Term

Loan,

7.048%,

(3-month

SOFR

+

2.75%),

6/30/32

.........

United

States

15,000

15,147

#### Containers

#### &

#### Packaging

#### 0.0%

#### †
k

Klockner

Pentaplast

of

America,

Inc.,

First

Lien,

USD

CME

Term

Loan,

B,

9.019%,

(6-month

SOFR

+

4.725%),

2/12/26

......

Luxembourg

48,852

29,963

#### Distributors

#### 0.0%

#### †
k

Verde

Purchaser

LLC,

First

Lien,

Second

Refinancing

CME

Term

Loan,

8.296%,

(3-month

SOFR

+

4%),

11/30/30

...........

United

States

22,854

22,631

#### Diversified

#### Consumer

#### Services

#### 0.0%

#### †
k

Ascend

Learning

LLC,

Second

Lien,

Initial

CME

Term

Loan,

10.166%,

(1-month

SOFR

+

5.75%),

12/10/29

............

United

States

37,616

37,710

#### Food

#### Products

#### 0.1%
i,k

Froneri

International

Ltd.,

First

Lien,

CME

Term

Loan,

6.594%,

(12-month

SOFR

+

2.5%),

7/16/32

.....................

United

Kingdom

85,157

85,120

k

#### Health

#### Care

#### Equipment

#### &

#### Supplies

#### 0.0%

#### †
Bausch

+

Lomb

Corp.,

First

Lien,

Third

Amendment

CME

Term

Loan,

8.566%,

(1-month

SOFR

+

4.25%),

1/15/31

.........

United

States

61,419

61,583

Medline

Borrower

LP,

First

Lien,

2028

Refinancing

CME

Term

Loan,

6.356%,

(1-month

SOFR

+

2%),

10/23/28

...........

United

States

39,342

39,387

100,970

a

a

a

a

a

a

k

#### Hotels,

#### Restaurants

#### &

#### Leisure

#### 0.2%
i

Fertitta

Entertainment

LLC,

First

Lien,

Initial

CME

Term

Loan,

B,

7.566%,

(1-month

SOFR

+

3.25%),

1/29/29

..............

United

States

89,057

89,119

Great

Canadian

Gaming

Corp.,

First

Lien,

CME

Term

Loan,

B,

9.074%,

(3-month

SOFR

+

4.75%),

11/01/29

.............

Canada

6,013

5,789

IRB

Holding

Corp.,

First

Lien,

2024

Second

Replacement

CME

Term

Loan,

B,

6.816%,

(1-month

SOFR

+

2.5%),

12/15/27

...

United

States

98,252

98,283

Scientific

Games

Holdings

LP,

First

Lien,

2024

Refinancing

Dollar

CME

Term

Loan,

7.286%,

(3-month

SOFR

+

3%),

4/04/29

...

United

States

34,650

34,339

227,530

a

a

a

a

a

a

Putnam

Asset

Allocation

Funds

Consolidated

Schedule

of

Investments

#### Putnam

#### Multi-Asset

#### Income

#### Fund
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

j

#### Senior

#### Floating

#### Rate

#### Interests
(continued)

#### IT

#### Services

#### 0.0%

#### †
k

Fortress

Intermediate

3,

Inc.,

First

Lien,

CME

Term

Loan,

B,

7.351%,

(1-month

SOFR

+

3%),

6/27/31

................

United

States

54,588

$

54,826

#### Machinery

#### 0.0%

#### †
k

Filtration

Group

Corp.,

First

Lien,

2025

Incremental

Dollar

CME

Term

Loan,

B,

7.066%,

(1-month

SOFR

+

2.75%),

10/23/28

..

United

States

29,922

30,091

k

#### Media

#### 0.1%
Clear

Channel

Outdoor

Holdings,

Inc.,

First

Lien,

2024

Refinancing

CME

Term

Loan,

8.43%,

(1-month

SOFR

+

4%),

8/23/28

.........................................

United

States

54,606

54,742

DIRECTV

Financing

LLC,

First

Lien,

2024

Refinancing

CME

Term

Loan,

B,

9.82%,

(3-month

SOFR

+

5.25%),

8/02/29

........

United

States

83,441

83,076

137,818

a

a

a

a

a

a

#### Mortgage

#### Real

#### Estate

#### Investment

#### Trusts
(REITs)

#### 0.0%

#### †
k

Apollo

Commercial

Real

Estate

Finance,

Inc.,

First

Lien,

Initial

CME

Term

Loan,

7.616%,

(1-month

SOFR

+

3.25%),

6/13/30

.

United

States

9,000

9,090

k

#### Passenger

#### Airlines

#### 0.0%

#### †
AAdvantage

Loyalty

IP

Ltd.,

First

Lien,

2025

Incremental

CME

Term

Loan,

7.575%,

(3-month

SOFR

+

3.25%),

5/28/32

.....

United

States

4,988

5,020

AAdvantage

Loyalty

IP

Ltd.,

First

Lien,

CME

Term

Loan,

6.575%,

(3-month

SOFR

+

2.25%),

4/20/28

.....................

United

States

72,042

71,918

76,938

a

a

a

a

a

a

k

#### Pharmaceuticals

#### 0.1%
1261229

BC

Ltd.,

First

Lien,

Initial

CME

Term

Loan,

10.566%,

(1-month

SOFR

+

6.25%),

10/08/30

....................

United

States

45,000

44,556

Endo

Finance

Holdings,

Inc.,

First

Lien,

2024

Refinancing

CME

Term

Loan,

8.356%,

(1-month

SOFR

+

4%),

4/23/31

.......

United

States

80,393

80,805

125,361

a

a

a

a

a

a

k

#### Software

#### 0.0%

#### †
Rocket

Software,

Inc.,

First

Lien,

CME

Term

Loan,

8.106%,

(1-month

SOFR

+

3.75%),

11/28/28

....................

United

States

56,288

56,499

UKG,

Inc.,

First

Lien,

Initial

CME

Term

Loan,

6.81%,

(3-month

SOFR

+

2.5%),

2/10/31

.............................

United

States

9,900

9,907

66,406

a

a

a

a

a

a

k

#### Specialty

#### Retail

#### 0.1%
LBM

Acquisition

LLC,

First

Lien,

Amendment

No.

Incremental

CME

Term

Loan,

8.21%,

(1-month

SOFR

+

3.75%),

6/06/31

..

United

States

34,561

33,685

White

Cap

Supply

Holdings

LLC,

First

Lien,

CME

Term

Loan,

C,

7.566%,

(1-month

SOFR

+

3.25%),

10/19/29

.............

United

States

98,122

98,290

131,975

a

a

a

a

a

a

k

#### Textiles,

#### Apparel

#### &

#### Luxury

#### Goods

#### 0.0%

#### †
i

Beach

Acquisition

Bidco

LLC,

First

Lien,

CME

Term

Loan,

B,

7.316%,

(12-month

SOFR

+

3.25%),

6/25/32

.............

United

States

3,538

3,565

Flash

Charm,

Inc.,

First

Lien,

CME

Term

Loan,

B2,

7.796%,

(3-month

SOFR

+

3.5%),

3/02/28

......................

United

States

59,399

55,315

58,880

a

a

a

a

a

a

Putnam

Asset

Allocation

Funds

Consolidated

Schedule

of

Investments

#### Putnam

#### Multi-Asset

#### Income

#### Fund
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

j

#### Senior

#### Floating

#### Rate

#### Interests
(continued)

k

#### 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

5,000

$

5,049

Foundation

Building

Materials,

Inc.,

First

Lien,

CME

Term

Loan,

8.308%,

(3-month

SOFR

+

4%),

1/29/31

................

United

States

74,248

74,629

79,678

a

a

a

a

a

a

#### Wireless

#### Telecommunication

#### Services

#### 0.0%

#### †
k

Connect

Finco

SARL,

First

Lien,

Amendment

No.

CME

Term

Loan,

8.816%,

(1-month

SOFR

+

4.5%),

9/13/29

..........

United

Kingdom

44,438

43,955

#### Total

#### Senior

#### Floating

#### Rate

#### Interests

#### (Cost

#### $1,631,517)
.........................

#### 1,616,132

#### Foreign

#### Government

#### and

#### Agency

#### Securities

#### 4.5%
b

Angola

Government

Bond

,

Senior

Bond

,

Reg

S,

8.75 %

,

4/14/32

Angola

200,000

185,138

Argentina

Government

Bond

,

Senior

Bond,

4.125%,

7/09/35

........................

Argentina

280,000

178,570

Senior

Note,

0.75%,

7/09/30

.........................

Argentina

128,000

96,173

b

Bahrain

Government

Bond

,

Senior

Bond

,

Reg

S,

7.375 %

,

5/14/30

Bahrain

200,000

213,730

Brazil

Government

Bond

,

Senior

Bond,

4.5%,

5/30/29

..........................

Brazil

200,000

198,360

Senior

Bond,

4.75%,

1/14/50

.........................

Brazil

330,000

238,204

b

Bulgaria

Government

Bond

,

Senior

Bond

,

Reg

S,

%

,

3/05/37

..

Bulgaria

80,000

78,950

Chile

Government

Bond

,

Senior

Bond

,

4.34 %

,

3/07/42

.......

Chile

340,000

295,749

Colombia

Government

Bond

,

Senior

Bond,

8%,

4/20/33

...........................

Colombia

250,000

268,773

Senior

Bond,

8%,

11/14/35

...........................

Colombia

200,000

210,800

b

Comision

Federal

de

Electricidad

,

Senior

Bond

,

Reg

S,

3.875 %

,

7/26/33

.........................................

Mexico

200,000

173,241

b

Dominican

Republic

Government

Bond

,

Senior

Bond,

Reg

S,

4.5%,

1/30/30

....................

Dominican

Republic

150,000

145,695

Senior

Bond,

Reg

S,

7.45%,

4/30/44

...................

Dominican

Republic

100,000

107,305

Ecopetrol

SA

,

Senior

Bond

,

6.875 %

,

4/29/30

...............

Colombia

170,000

173,179

b

Ecuador

Government

Bond

,

Senior

Bond

,

Reg

S,

6.9 %

,

7/31/35

Ecuador

179,126

135,468

b

Egypt

Government

Bond

,

Senior

Bond,

Reg

S,

7.6%,

3/01/29

....................

Egypt

200,000

204,750

Senior

Bond,

Reg

S,

7.3%,

9/30/33

....................

Egypt

200,000

183,169

b

El

Salvador

Government

Bond

,

Senior

Bond

,

Reg

S,

8.625 %

,

2/28/29

.........................................

El

Salvador

75,000

79,069

b

Electricite

de

France

SA

,

Senior

Bond,

144A,

5.75%,

1/13/35

....................

France

155,000

159,561

Senior

Bond,

144A,

4.75%,

10/13/35

...................

France

135,000

132,932

b

Gabonese

Republic

,

Senior

Bond

,

Reg

S,

6.625 %

,

2/06/31

....

Gabon

200,000

164,312

b

Ghana

Government

Bond

,

Senior

Bond

,

144A,

%

,

7/03/35

....

Ghana

130,000

107,273

b

Guatemala

Government

Bond

,

Senior

Bond,

144A,

6.25%,

8/15/36

....................

Guatemala

240,000

246,749

Senior

Note,

144A,

7.05%,

10/04/32

....................

Guatemala

200,000

217,925

b

Hungary

Government

Bond

,

Senior

Note

,

Reg

S,

5.25 %

,

6/16/29

Hungary

200,000

204,391

Indonesia

Government

Bond

,

Senior

Bond

,

4.65 %

,

9/20/32

....

Indonesia

390,000

390,001

b

Ivory

Coast

Government

Bond

,

Senior

Bond

,

Reg

S,

6.125 %

,

6/15/33

.........................................

Ivory

Coast

400,000

372,240

Mexico

Government

Bond

,

Senior

Bond

,

4.28 %

,

8/14/41

......

Mexico

380,000

298,300

b

Nigeria

Government

Bond

,

Senior

Bond,

Reg

S,

6.5%,

11/28/27

...................

Nigeria

200,000

201,762

Senior

Bond,

Reg

S,

7.375%,

9/28/33

..................

Nigeria

200,000

188,942

Putnam

Asset

Allocation

Funds

Consolidated

Schedule

of

Investments

#### Putnam

#### Multi-Asset

#### Income

#### Fund
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

Oman

Government

Bond

,

Senior

Bond

,

Reg

S,

7.375 %

,

10/28/32

Oman

300,000

$

346,997

Panama

Government

Bond

,

Senior

Bond

,

%

,

3/01/38

.......

Panama

300,000

331,830

b

Paraguay

Government

Bond

,

Senior

Bond

,

Reg

S,

3.849 %

,

6/28/33

.........................................

Paraguay

240,000

221,520

Peru

Government

Bond

,

Senior

Bond

,

2.783 %

,

1/23/31

.......

Peru

200,000

183,240

Petroleos

Mexicanos

,

Senior

Bond,

5.95%,

1/28/31

.........................

Mexico

100,000

93,558

Senior

Bond,

6.75%,

9/21/47

.........................

Mexico

30,000

23,531

Senior

Note,

6.49%,

1/23/27

.........................

Mexico

170,000

170,716

Senior

Note,

10%,

2/07/33

...........................

Mexico

100,000

112,036

Philippines

Government

Bond

,

Senior

Bond,

3.75%,

1/14/29

.........................

Philippines

200,000

196,999

Senior

Bond,

5.5%,

2/04/35

..........................

Philippines

200,000

210,551

b

Qatar

Government

Bond

,

Senior

Bond

,

Reg

S,

3.75 %

,

4/16/30

.

Qatar

300,000

296,621

b

Romania

Government

Bond

,

Senior

Bond,

Reg

S,

6.125%,

1/22/44

..................

Romania

150,000

137,499

Senior

Note,

144A,

6.625%,

2/17/28

....................

Romania

220,000

229,106

b

Saudi

Arabia

Government

Bond

,

Senior

Bond

,

Reg

S,

4.5 %

,

10/26/46

........................................

Saudi

Arabia

230,000

193,145

b

Serbia

Government

Bond

,

Senior

Bond

,

144A,

6.5 %

,

9/26/33

..

Serbia

200,000

213,394

South

Africa

Government

Bond

,

Senior

Bond

,

%

,

10/12/46

...

South

Africa

200,000

142,586

Turkiye

Government

Bond

,

Senior

Bond,

7.625%,

5/15/34

........................

Turkiye

200,000

210,636

Senior

Note,

8.6%,

9/24/27

..........................

Turkiye

200,000

213,226

b

Ukraine

Government

Bond

,

Senior

Bond,

144A,

2/01/35

..........................

Ukraine

30,270

15,716

Senior

Bond,

144A,

4.5%,

2/01/35

.....................

Ukraine

61,419

32,766

Senior

Bond,

144A,

2/01/36

..........................

Ukraine

25,225

13,147

Senior

Bond,

144A,

4.5%,

2/01/36

.....................

Ukraine

78,967

41,862

Senior

Note,

144A,

2/01/30

..........................

Ukraine

9,585

4,883

Senior

Note,

144A,

2/01/34

..........................

Ukraine

35,820

14,338

Senior

Note,

144A,

4.5%,

2/01/34

.....................

Ukraine

35,096

18,922

b

United

Arab

Emirates

Government

Bond

,

Senior

Bond

,

Reg

S,

2.875 %

,

10/19/41

..................................

United

Arab

Emirates

230,000

174,247

Uruguay

Government

Bond

,

Senior

Bond,

7.875%,

1/15/33

........................

Uruguay

120,000

143,068

Senior

Bond,

5.1%,

6/18/50

..........................

Uruguay

60,000

55,669

b

Uzbekistan

Government

Bond

,

Senior

Note

,

Reg

S,

6.9 %

,

2/28/32

.........................................

Uzbekistan

200,000

212,873

#### Total

#### Foreign

#### Government

#### and

#### Agency

#### Securities

#### (Cost

#### $9,509,015)
.............

#### 10,105,393

#### U.S.

#### Government

#### and

#### Agency

#### Securities

#### 10.0%
U.S.

Treasury

Bonds

,

4.25%,

11/15/40

..................................

United

States

2,360,000

2,252,878

l

2.75%,

8/15/42

...................................

United

States

5,000,000

3,800,000

3%,

2/15/49

.....................................

United

States

5,000,000

3,633,301

2%,

8/15/51

.....................................

United

States

1,370,000

773,595

2.875%,

5/15/52

..................................

United

States

220,000

151,774

3.625%,

2/15/53

..................................

United

States

470,000

376,303

U.S.

Treasury

Notes

,

2.75%,

2/15/28

...................................

United

States

2,080,000

2,039,416

1.25%,

9/30/28

...................................

United

States

2,100,000

1,957,840

2.375%,

3/31/29

..................................

United

States

1,160,000

1,112,331

1.5%,

2/15/30

....................................

United

States

90,000

82,123

2.75%,

8/15/32

...................................

United

States

660,000

612,885

3.375%,

5/15/33

..................................

United

States

2,770,000

2,655,629

Putnam

Asset

Allocation

Funds

Consolidated

Schedule

of

Investments

#### Putnam

#### Multi-Asset

#### Income

#### Fund
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

#### U.S.

#### Government

#### and

#### Agency

#### Securities
(continued)

U.S.

Treasury

Notes,

(continued)

3.875%,

8/15/33

..................................

United

States

1,650,000

$

1,633,113

4.375%,

5/15/34

..................................

United

States

1,180,000

1,203,301

#### Total

#### U.S.

#### Government

#### and

#### Agency

#### Securities

#### (Cost

#### $23,152,426)
...............

#### 22,284,489

#### Asset-Backed

#### Securities

#### 4.2%

#### Banks

#### 0.3%
Capital

One

Multi-Asset

Execution

Trust

,

2023-A1

,

A

,

4.42 %

,

5/15/28

.

.........................................

United

States

625,000

626,475

#### Capital

#### Markets

#### 0.2%
b,k

Magnetite

XL

Ltd.

,

2024-40A

,

A1

,

144A,

FRN

,

5.768 %

,

(3-month

SOFR

+

1.45 %),

7/15/37

.

............................

United

States

500,000

502,382

#### Consumer

#### Finance

#### 1.2%
American

Express

Credit

Account

Master

Trust

,

2022-4

,

A

,

4.95 %

,

10/15/27

.

........................................

United

States

605,000

605,452

BA

Credit

Card

Trust

,

2022-A2

,

A2

,

%

,

4/15/28

.

............

United

States

615,000

615,892

b

Golden

Credit

Card

Trust

,

2022-4A

,

A

,

144A,

4.31 %

,

9/15/27

.

..

Canada

972,000

971,952

Harley-Davidson

Motorcycle

Trust

,

2022-A

,

A3

,

3.06 %

,

2/15/27

.

United

States

Hyundai

Auto

Receivables

Trust

,

2023-B

,

A3

,

5.48 %

,

4/17/28

.

..

United

States

447,351

450,701

Toyota

Auto

Receivables

Owner

Trust

,

2023-B

,

A3

,

4.71 %

,

2/15/28

.

.........................................

United

States

60,206

60,392

2,704,784

a

a

a

a

a

a

#### Financial

#### Services

#### 2.5%
b,k

Allegro

CLO

XII

Ltd.

,

2020-1A

,

A1R

,

144A,

FRN

,

5.765 %

,

(3-month

SOFR

+

1.44 %),

7/21/37

.

....................

United

States

250,000

251,375

b,k

Bain

Capital

Credit

CLO

Ltd.

,

2022-2A

,

A1R

,

144A,

FRN

,

5.482 %

,

(3-month

SOFR

+

1.15 %),

4/22/35

.

....................

United

States

250,000

250,170

b,k

Birch

Grove

CLO

Ltd.

,

2021-2A

,

A1R

,

144A,

FRN

,

5.725 %

,

(3-month

SOFR

+

1.4 %),

10/19/37

.

....................

United

States

125,000

125,532

b,k

Birch

Grove

CLO

Ltd.

,

2024-8A

,

A1

,

144A,

FRN

,

5.955 %

,

(3-month

SOFR

+

1.63 %),

4/20/37

.

....................

Jersey

150,000

150,383

b,k

CBAM

Ltd.

,

2017-2A

,

AR

,

144A,

FRN

,

5.774 %

,

(3-month

SOFR

+

1.452 %),

7/17/34

.

.................................

United

States

200,000

200,474

b

Chase

Auto

Owner

Trust

,

2025-1A

,

A3

,

144A,

4.29 %

,

6/25/30

.

..

United

States

50,000

50,394

b,i,k

CIFC

Funding

Ltd.

,

2021-7A

,

AR

,

144A,

FRN

,

Zero

Cpn

.,

(3-month

SOFR

+

1.09 %),

1/23/35

.

....................

United

States

488,000

488,366

b,k

Diameter

Capital

CLO

Ltd.

,

2024-7A

,

A1A

,

144A,

FRN

,

5.805 %

,

(3-month

SOFR

+

1.48 %),

7/20/37

.

....................

United

States

250,000

251,625

b,k

Elevation

CLO

Ltd.

,

2018-10A,

AR,

144A,

FRN,

5.245%,

(3-month

SOFR

+

0.92%),

10/20/31

........................................

United

States

117,296

117,391

2021-13A,

A1R,

144A,

FRN,

5.378%,

(3-month

SOFR

+

1.06%),

7/15/34

...................................

United

States

250,000

250,302

b

FIGRE

Trust

,

2025-FL1

,

A1

,

144A,

5.265 %

,

7/25/55

.

.........

United

States

150,000

150,673

b

FirstKey

Homes

Trust

,

2020-SFR2

,

A

,

144A,

1.266 %

,

10/19/37

.

.

United

States

909,328

902,540

b,k

ICG

US

CLO

Ltd.

,

2017-1A

,

ARR

,

144A,

FRN

,

5.745 %

,

(3-month

SOFR

+

1.432 %),

7/28/34

.

...........................

United

States

250,000

250,794

b,k

J.P.

Morgan

Mortgage

Trust

,

2023-HE2

,

A1

,

144A,

FRN

,

6.045 %

,

(30-day

SOFR

Average

+

1.7 %),

3/20/54

.

................

United

States

161,796

162,788

b,k

Madison

Park

Funding

XXX

Ltd.

,

2018-30A

,

A1R

,

144A,

FRN

,

5.678 %

,

(3-month

SOFR

+

1.36 %),

7/16/37

.

..............

United

States

250,000

250,950

b,k

Oaktree

CLO

Ltd.

,

2021-1A

,

A1R

,

144A,

FRN

,

5.668 %

,

(3-month

SOFR

+

1.35 %),

1/15/38

.

............................

United

States

250,000

250,494

Putnam

Asset

Allocation

Funds

Consolidated

Schedule

of

Investments

#### Putnam

#### Multi-Asset

#### Income

#### Fund
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,k

Signal

Peak

CLO

Ltd.

,

2018-5A

,

A1R

,

144A,

FRN

,

5.868 %

,

(3-month

SOFR

+

1.55 %),

4/25/37

.

....................

United

States

250,000

$

250,447

b,k

Sound

Point

CLO

XXXII

Ltd.

,

2021-4A

,

A

,

144A,

FRN

,

5.73 %

,

(3-month

SOFR

+

1.412 %),

10/25/34

.

..................

United

States

250,000

250,497

b,k

Symphony

CLO

XXIII

Ltd.

,

2020-23A

,

AR2

,

144A,

FRN

,

5.218 %

,

(3-month

SOFR

+

0.9 %),

1/15/34

.

.....................

United

States

238,711

238,684

b

Towd

Point

Mortgage

Trust

,

2024-CES4,

A1,

144A,

5.122%,

9/25/64

.................

United

States

78,528

78,577

k

2025-HE1,

A1A,

144A,

FRN,

5.698%,

(30-day

SOFR

Average

+

1.35%),

7/25/65

...................................

United

States

100,000

100,097

b,k

Venture

XIX

CLO

Ltd.

,

2014-19A

,

ARR

,

144A,

FRN

,

5.839 %

,

(3-month

SOFR

+

1.522 %),

1/15/32

.

...................

United

States

123,910

124,160

b,k

Venture

XV

CLO

Ltd.

,

2013-15A

,

AR3

,

144A,

FRN

,

5.759 %

,

(3-month

SOFR

+

1.442 %),

7/15/32

.

...................

United

States

192,164

192,515

b,k

Wise

CLO

Ltd.

,

2023-2A

,

A

,

144A,

FRN

,

6.118 %

,

(3-month

SOFR

+

1.8 %),

1/15/37

.

..................................

Jersey

250,000

250,454

5,589,682

a

a

a

a

a

a

#### Total

#### Asset-Backed

#### Securities

#### (Cost

#### $9,312,852)
..............................

#### 9,423,323

#### Commercial

#### Mortgage-Backed

#### Securities

#### 2.6%

#### Financial

#### Services

#### 2.6%
b,k

AREIT

Trust

,

2022-CRE6

,

A

,

144A,

FRN

,

5.592 %

,

(30-day

SOFR

Average

+

1.25 %),

1/20/37

...........................

United

States

156,158

156,268

m

Banc

of

America

Commercial

Mortgage

Trust

,

2015-UBS7

,

AS

,

FRN

,

3.989 %

,

9/15/48

..............................

United

States

205,000

204,462

m,n

BANK

,

2020-BN26

,

XA

,

IO,

FRN

,

1.306 %

,

3/15/63

..........

United

States

3,735,045

150,486

Barclays

Commercial

Mortgage

Trust

,

2019-C5

,

C

,

3.71 %

,

11/15/52

........................................

United

States

402,000

359,463

m,n

BBCMS

Mortgage

Trust

,

2025-5C34

,

XA

,

IO,

FRN

,

1.395 %

,

5/15/58

.........................................

United

States

1,630,836

78,262

m,n

Benchmark

Mortgage

Trust

,

2020-B21

,

XA

,

IO,

FRN

,

1.526 %

,

12/17/53

........................................

United

States

5,442,037

302,683

m,n

BMO

Mortgage

Trust

,

2025-5C10

,

XA

,

IO,

FRN

,

1.58 %

,

5/15/58

United

States

1,021,959

55,125

m

Citigroup

Commercial

Mortgage

Trust

,

2016-P6

,

B

,

FRN

,

4.293 %

,

12/10/49

........................................

United

States

368,000

341,073

COMM

Mortgage

Trust

,

b

2013-CR6,

B,

144A,

3.397%,

3/10/46

...................

United

States

158,971

154,005

m

2015-CR26,

B,

FRN,

4.67%,

10/10/48

..................

United

States

332,000

326,558

m

2015-DC1,

B,

FRN,

4.035%,

2/10/48

...................

United

States

352,000

335,792

m

2015-LC19,

B,

FRN,

3.829%,

2/10/48

...................

United

States

192,041

188,518

m

2017-COR2,

C,

FRN,

4.74%,

9/10/50

...................

United

States

127,000

121,252

CSAIL

Commercial

Mortgage

Trust

,

2016-C6,

AS,

3.346%,

1/15/49

........................

United

States

171,000

167,107

m,n

2019-C15,

XA,

IO,

FRN,

1.155%,

3/15/52

................

United

States

5,177,066

139,601

m

CSMC

Trust

,

2016-NXSR

,

AS

,

FRN

,

4.049 %

,

12/15/49

.......

United

States

176,000

171,230

m

J.P.

Morgan

Chase

Commercial

Mortgage

Securities

Trust

,

2013-

C10

,

C

,

FRN

,

4.238 %

,

12/15/47

.......................

United

States

35,255

34,140

m

JPMDB

Commercial

Mortgage

Securities

Trust

,

2018-C8

,

C

,

FRN

,

4.915 %

,

6/15/51

...................................

United

States

133,000

119,781

b,m,n

LCCM

Trust

,

2017-LC26

,

XA

,

IO,

144A,

FRN

,

1.669 %

,

7/12/50

.

United

States

2,919,938

54,362

m

Morgan

Stanley

Bank

of

America

Merrill

Lynch

Trust

,

2013-C9,

B,

FRN,

3.708%,

5/15/46

....................

United

States

196,060

190,167

2015-C22,

B,

FRN,

3.883%,

4/15/48

...................

United

States

138,000

130,105

2016-C32,

AS,

FRN,

3.994%,

12/15/49

.................

United

States

410,000

404,211

n

2016-C32,

XA,

IO,

FRN,

0.778%,

12/15/49

...............

United

States

8,928,627

51,741

Putnam

Asset

Allocation

Funds

Consolidated

Schedule

of

Investments

#### Putnam

#### Multi-Asset

#### Income

#### Fund
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)

m

Morgan

Stanley

Capital

I

Trust

,

2018-L1

,

C

,

FRN

,

4.938 %

,

10/15/51

........................................

United

States

263,000

$

239,528

m,n

Wachovia

Bank

Commercial

Mortgage

Trust

,

2006-C29

,

IO,

FRN

,

0.488 %

,

11/15/48

..................................

United

States

10,976

Wells

Fargo

Commercial

Mortgage

Trust

,

2015-C31,

AS,

4.049%,

11/15/48

......................

United

States

193,000

192,222

2017-C39,

B,

4.025%,

9/15/50

........................

United

States

491,000

462,373

2019-C49,

B,

4.546%,

3/15/52

........................

United

States

581,000

567,800

m

WFRBS

Commercial

Mortgage

Trust

,

2013-C11

,

B

,

FRN

,

3.714 %

,

3/15/45

.........................................

United

States

146,802

145,080

5,843,415

a

a

a

a

a

a

#### Total

#### Commercial

#### Mortgage-Backed

#### Securities

#### (Cost

#### $5,365,348)
...............

#### 5,843,415

#### Mortgage-Backed

#### Securities

#### 15.7%

#### Federal

#### Home

#### Loan

#### Mortgage

#### Corp.
(FHLMC)

#### Fixed

#### Rate

#### 3.6%
FHLMC

Pool,

Year,

2.5%,

10/01/36

....................

United

States

885,706

831,874

FHLMC

Pool,

Year,

2%,

3/01/51

......................

United

States

1,122,174

899,046

FHLMC

Pool,

Year,

2.5%,

1/01/52

.....................

United

States

540,549

456,248

FHLMC

Pool,

Year,

2.5%,

1/01/52

.....................

United

States

1,067,677

903,358

FHLMC

Pool,

Year,

2.5%,

4/01/52

.....................

United

States

2,185,804

1,842,758

FHLMC

Pool,

Year,

3%,

3/01/43

-

8/01/52

...............

United

States

1,199,770

1,063,351

FHLMC

Pool,

Year,

3.5%,

8/01/43

.....................

United

States

167,506

157,035

FHLMC

Pool,

Year,

4%,

9/01/49

......................

United

States

914,576

870,942

FHLMC

Pool,

Year,

4.5%,

9/01/52

.....................

United

States

474,792

460,638

FHLMC

Pool,

Year,

5.5%,

12/01/52

....................

United

States

243,078

246,733

FHLMC

Pool,

Year,

6%,

9/01/53

......................

United

States

338,450

349,077

8,081,060

#### Federal

#### National

#### Mortgage

#### Association
(FNMA)

#### Fixed

#### Rate

#### 8.8%
FNMA,

3.5%,

6/01/56

................................

United

States

1,094,248

989,679

FNMA,

Year,

1.5%,

7/01/36

.........................

United

States

937,036

841,777

FNMA,

Year,

2%,

3/01/36

...........................

United

States

915,560

845,484

FNMA,

Year,

1.5%,

1/01/51

.........................

United

States

1,302,081

988,546

FNMA,

Year,

2%,

10/01/50

..........................

United

States

1,136,435

912,492

FNMA,

Year,

2%,

10/01/51

..........................

United

States

1,143,563

921,936

FNMA,

Year,

2%,

2/01/52

...........................

United

States

1,142,460

920,045

FNMA,

Year,

2%,

3/01/52

...........................

United

States

1,122,871

904,275

FNMA,

Year,

2.5%,

11/01/51

.........................

United

States

534,341

451,010

FNMA,

Year,

2.5%,

3/01/52

.........................

United

States

1,084,187

917,028

FNMA,

Year,

3%,

2/01/43

...........................

United

States

397,990

363,646

FNMA,

Year,

3%,

2/01/52

...........................

United

States

996,003

878,171

FNMA,

Year,

3%,

3/01/52

...........................

United

States

1,060,174

921,528

FNMA,

Year,

3.5%,

6/01/42

-

7/01/43

..................

United

States

311,709

292,450

FNMA,

Year,

3.5%,

6/01/52

.........................

United

States

2,018,527

1,834,711

FNMA,

Year,

4.5%,

8/01/52

-

1/01/53

..................

United

States

468,309

454,000

FNMA,

Year,

5%,

1/01/49

-

8/01/49

....................

United

States

42,871

42,987

FNMA,

Year,

5.5%,

1/01/38

-

11/01/52

.................

United

States

616,987

629,330

FNMA,

Year,

6.5%,

4/01/53

.........................

United

States

354,124

369,194

o

Uniform

Mortgage-Backed

Securities,

5%,

TBA,

9/25/55

......

United

States

1,000,000

986,362

o

Uniform

Mortgage-Backed

Securities,

5.5%,

TBA,

9/25/55

.....

United

States

1,000,000

1,005,786

o

Uniform

Mortgage-Backed

Securities,

6%,

TBA,

9/25/55

......

United

States

2,000,000

2,043,440

o

Uniform

Mortgage-Backed

Securities,

6.5%,

TBA,

9/25/55

.....

United

States

1,000,000

1,036,426

19,550,303

Putnam

Asset

Allocation

Funds

Consolidated

Schedule

of

Investments

#### Putnam

#### Multi-Asset

#### Income

#### Fund
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)

#### Government

#### National

#### Mortgage

#### Association
(GNMA)

#### Fixed

#### Rate

#### 3.3%
GNMA

II,

Year,

2.5%,

2/20/52

-

3/20/52

.................

United

States

1,041,124

$

887,579

GNMA

II,

Year,

3.5%,

3/20/47

........................

United

States

935,426

861,460

o

GNMA

II,

Single-family,

Year,

2%,

9/15/55

...............

United

States

1,000,000

819,439

GNMA

II,

Single-family,

Year,

3%,

11/20/53

-

1/20/54

.......

United

States

841,664

748,456

GNMA

II,

Single-family,

Year,

3.5%,

10/20/49

-

11/20/49

....

United

States

44,150

39,728

GNMA

II,

Single-family,

Year,

4%,

9/20/52

-

1/20/53

.......

United

States

1,010,625

951,651

GNMA

II,

Single-family,

Year,

5%,

5/20/49

...............

United

States

37,458

37,426

o

GNMA

II,

Single-family,

Year,

5%,

9/15/55

...............

United

States

2,000,000

1,980,309

GNMA

II,

Single-family,

Year,

5.5%,

5/20/49

.............

United

States

15,481

15,780

GNMA

II,

Single-family,

Year,

6%,

11/20/53

..............

United

States

907,077

941,528

7,283,356

#### Total

#### Mortgage-Backed

#### Securities

#### (Cost

#### $35,522,492)
..........................

#### 34,914,719

#### Residential

#### Mortgage-Backed

#### Securities

#### 3.9%

#### Financial

#### Services

#### 3.9%
b

A&D

Mortgage

Trust

,

2023-NQM2,

A1,

144A,

6.132%,

5/25/68

................

United

States

270,972

271,758

2023-NQM5,

A1,

144A,

7.049%,

11/25/68

...............

United

States

444,853

451,255

b,k

Chase

Home

Lending

Mortgage

Trust

,

2024-11,

A11,

144A,

FRN,

5.598%,

(30-day

SOFR

Average

+

1.25%),

11/25/55

..................................

United

States

105,512

105,431

2025-7,

A11,

144A,

FRN,

5.748%,

(30-day

SOFR

Average

+

1.4%),

5/25/56

....................................

United

States

61,353

61,401

b

COLT

Mortgage

Loan

Trust

,

2023-3

,

A1

,

144A,

7.18 %

,

9/25/68

.

United

States

565,232

573,629

b

Cross

Mortgage

Trust

,

2024-H3

,

A1

,

144A,

6.272 %

,

6/25/69

...

United

States

419,941

425,154

b,k

FHLMC

STACR

REMIC

Trust

,

2021-DNA5,

M2,

144A,

FRN,

5.998%,

(30-day

SOFR

Average

+

1.65%),

1/25/34

.................................

United

States

13,759

13,817

2021-DNA6,

M2,

144A,

FRN,

5.848%,

(30-day

SOFR

Average

+

1.5%),

10/25/41

.................................

United

States

41,222

41,381

2021-DNA7,

M2,

144A,

FRN,

6.148%,

(30-day

SOFR

Average

+

1.8%),

11/25/41

..................................

United

States

108,000

108,950

2021-HQA4,

M1,

144A,

FRN,

5.298%,

(30-day

SOFR

Average

+

0.95%),

12/25/41

................................

United

States

10,031

10,019

2022-DNA5,

M1A,

144A,

FRN,

7.298%,

(30-day

SOFR

Average

+

2.95%),

6/25/42

.................................

United

States

228,010

232,681

2022-DNA6,

M1A,

144A,

FRN,

6.498%,

(30-day

SOFR

Average

+

2.15%),

9/25/42

.................................

United

States

61,737

62,167

2022-HQA2,

M1A,

144A,

FRN,

6.998%,

(30-day

SOFR

Average

+

2.65%),

7/25/42

.................................

United

States

48,075

49,069

2022-HQA3,

M1A,

144A,

FRN,

6.648%,

(30-day

SOFR

Average

+

2.3%),

8/25/42

..................................

United

States

308,732

314,748

2023-DNA1,

M1A,

144A,

FRN,

6.45%,

(30-day

SOFR

Average

+

2.1%),

3/25/43

..................................

United

States

15,847

16,105

2023-HQA2,

M1A,

144A,

FRN,

6.348%,

(30-day

SOFR

Average

+

2%),

6/25/43

....................................

United

States

12,007

12,062

2023-HQA3,

A1,

144A,

FRN,

6.198%,

(30-day

SOFR

Average

+

1.85%),

11/25/43

..................................

United

States

33,043

33,419

2023-HQA3,

M1,

144A,

FRN,

6.198%,

(30-day

SOFR

Average

+

1.85%),

11/25/43

.................................

United

States

9,819

9,889

2024-HQA2,

A1,

144A,

FRN,

5.598%,

(30-day

SOFR

Average

+

1.25%),

8/25/44

...................................

United

States

227,700

228,834

2025-DNA1,

A1,

144A,

FRN,

5.298%,

(30-day

SOFR

Average

+

0.95%),

1/25/45

...................................

United

States

46,900

46,925

2025-DNA2,

A1,

144A,

FRN,

5.448%,

(30-day

SOFR

Average

+

1.1%),

5/25/45

....................................

United

States

125,138

125,440

Putnam

Asset

Allocation

Funds

Consolidated

Schedule

of

Investments

#### Putnam

#### Multi-Asset

#### Income

#### Fund
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,k

FHLMC

STACR

REMIC

Trust,

(continued)

2025-DNA2,

M1,

144A,

FRN,

5.548%,

(30-day

SOFR

Average

+

1.2%),

5/25/45

..................................

United

States

633,838

$

636,483

k

FNMA

Connecticut

Avenue

Securities

Trust

,

2017-C06,

2M2,

FRN,

7.263%,

(30-day

SOFR

Average

+

2.914%),

2/25/30

..................................

United

States

269,945

274,751

2018-C04,

2M2,

FRN,

7.013%,

(30-day

SOFR

Average

+

2.664%),

12/25/30

.................................

United

States

57,549

59,257

b

2019-HRP1,

M2,

144A,

FRN,

6.613%,

(30-day

SOFR

Average

+

2.264%),

11/25/39

................................

United

States

b

2021-R03,

1M2,

144A,

FRN,

5.998%,

(30-day

SOFR

Average

+

1.65%),

12/25/41

..................................

United

States

35,000

35,236

b

2022-R01,

1M2,

144A,

FRN,

6.248%,

(30-day

SOFR

Average

+

1.9%),

12/25/41

...................................

United

States

58,000

58,590

b

2022-R02,

2M1,

144A,

FRN,

5.548%,

(30-day

SOFR

Average

+

1.2%),

1/25/42

....................................

United

States

15,141

15,146

b

2022-R02,

2M2,

144A,

FRN,

7.348%,

(30-day

SOFR

Average

+

3%),

1/25/42

.....................................

United

States

543,000

556,061

b

2022-R03,

1M2,

144A,

FRN,

7.848%,

(30-day

SOFR

Average

+

3.5%),

3/25/42

....................................

United

States

13,000

13,470

b

2022-R04,

1M2,

144A,

FRN,

7.448%,

(30-day

SOFR

Average

+

3.1%),

3/25/42

....................................

United

States

13,000

13,390

b

2022-R05,

2M1,

144A,

FRN,

6.248%,

(30-day

SOFR

Average

+

1.9%),

4/25/42

....................................

United

States

66,472

66,707

b

2022-R06,

1M1,

144A,

FRN,

7.098%,

(30-day

SOFR

Average

+

2.75%),

5/25/42

...................................

United

States

251,525

256,719

b

2022-R07,

1M1,

144A,

FRN,

7.3%,

(30-day

SOFR

Average

+

2.95%),

6/25/42

...................................

United

States

200,606

205,298

b

2022-R08,

1M1,

144A,

FRN,

6.898%,

(30-day

SOFR

Average

+

2.55%),

7/25/42

...................................

United

States

135,109

138,203

b

2023-R01,

1M1,

144A,

FRN,

6.75%,

(30-day

SOFR

Average

+

2.4%),

12/25/42

...................................

United

States

13,206

13,510

b

2023-R02,

1M1,

144A,

FRN,

6.648%,

(30-day

SOFR

Average

+

2.3%),

1/25/43

....................................

United

States

29,040

29,662

b

2023-R06,

1M1,

144A,

FRN,

6.048%,

(30-day

SOFR

Average

+

1.7%),

7/25/43

....................................

United

States

37,023

37,257

b

2023-R07,

2M1,

144A,

FRN,

6.3%,

(30-day

SOFR

Average

+

1.95%),

9/25/43

...................................

United

States

9,096

9,155

b

2024-R03,

2M1,

144A,

FRN,

5.5%,

(30-day

SOFR

Average

+

1.15%),

3/25/44

...................................

United

States

8,379

8,387

b

2024-R04,

1M1,

144A,

FRN,

5.448%,

(30-day

SOFR

Average

+

1.1%),

5/25/44

....................................

United

States

11,031

11,040

b

2024-R06,

1A1,

144A,

FRN,

5.498%,

(30-day

SOFR

Average

+

1.15%),

9/25/44

...................................

United

States

45,703

45,871

b

2024-R06,

1M1,

144A,

FRN,

5.398%,

(30-day

SOFR

Average

+

1.05%),

9/25/44

...................................

United

States

6,265

6,267

b

2025-R01,

1A1,

144A,

FRN,

5.3%,

(30-day

SOFR

Average

+

0.95%),

1/25/45

...................................

United

States

40,129

40,151

b

2025-R01,

1M1,

144A,

FRN,

5.45%,

(30-day

SOFR

Average

+

1.1%),

1/25/45

....................................

United

States

40,054

40,104

b

2025-R02,

1A1,

144A,

FRN,

5.35%,

(30-day

SOFR

Average

+

1%),

2/25/45

.....................................

United

States

89,761

89,899

b

2025-R02,

1M1,

144A,

FRN,

5.5%,

(30-day

SOFR

Average

+

1.15%),

2/25/45

...................................

United

States

244,467

245,070

b

2025-R03,

2A1,

144A,

FRN,

5.798%,

(30-day

SOFR

Average

+

1.45%),

3/25/45

...................................

United

States

143,489

144,672

b

2025-R04,

1A1,

144A,

FRN,

5.348%,

(30-day

SOFR

Average

+

1%),

5/25/45

.....................................

United

States

85,311

85,497

Putnam

Asset

Allocation

Funds

Consolidated

Schedule

of

Investments

#### Putnam

#### Multi-Asset

#### Income

#### Fund
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)

k

FNMA

Connecticut

Avenue

Securities

Trust,

(continued)

b

2025-R04,

1M1,

144A,

FRN,

5.548%,

(30-day

SOFR

Average

+

1.2%),

5/25/45

....................................

United

States

227,829

$

228,256

b

GCAT

Trust

,

2020-NQM2

,

A3

,

144A,

3.935 %

,

4/25/65

........

United

States

15,125

14,759

b

HOMES

Trust

,

2024-NQM1

,

A1

,

144A,

5.915 %

,

7/25/69

......

United

States

81,308

82,049

b

J.P.

Morgan

Mortgage

Trust

,

2024-CES1

,

A1A

,

144A,

5.919 %

,

6/25/54

.........................................

United

States

61,626

62,053

b

Mill

City

Mortgage

Loan

Trust

,

2023-NQM1

,

A1

,

144A,

6.05 %

,

10/25/67

........................................

United

States

244,301

244,713

k

MortgageIT

Trust

,

2004-1

,

M2

,

FRN

,

5.442 %

,

(1-month

SOFR

+

1.119 %),

11/25/34

.................................

United

States

73,431

68,518

b

OBX

Trust

,

2023-NQM8

,

A1

,

144A,

7.045 %

,

9/25/63

.........

United

States

100,320

101,715

k

RALI

Trust

,

2006-QO5

,

1A1

,

FRN

,

4.867 %

,

(1-month

SOFR

+

0.544 %),

5/25/46

..................................

United

States

128,158

114,745

b,k

Station

Place

Securitization

Trust

,

2024-10,

A,

144A,

FRN,

5.223%,

(1-month

SOFR

+

0.9%),

10/27/25

........................................

United

States

190,000

190,960

2025-1,

A,

144A,

FRN,

5.223%,

(1-month

SOFR

+

0.9%),

7/23/26

.........................................

United

States

427,000

427,229

2025-3,

A,

144A,

FRN,

5.223%,

(1-month

SOFR

+

0.9%),

9/23/26

.........................................

United

States

410,000

410,899

k

Structured

Asset

Mortgage

Investments

II

Trust

,

2007-AR1

,

2A1

,

FRN

,

4.797 %

,

(1-month

SOFR

+

0.474 %),

1/25/37

.........

United

States

440,802

391,576

8,667,661

a

a

a

a

a

a

#### Total

#### Residential

#### Mortgage-Backed

#### Securities

#### (Cost

#### $8,610,934)
................

#### 8,667,661

#### Agency

#### Commercial

#### Mortgage-Backed

#### Securities

#### 0.2%

#### Financial

#### Services

#### 0.2%
k

FHLMC

,

5471

,

FD

,

FRN

,

5.198 %

,

(30-day

SOFR

Average

+

0.85 %),

11/25/54

..................................

United

States

129,676

129,464

k

FNMA

,

2024-93

,

FD

,

FRN

,

5.398 %

,

(30-day

SOFR

Average

+

1.05 %),

12/25/54

..................................

United

States

298,485

299,020

428,484

a

a

a

a

a

a

#### Total

#### Agency

#### Commercial

#### Mortgage-Backed

#### Securities

#### (Cost

#### $427,232)
.........

#### 428,484

#### Total

#### Long

#### Term

#### Investments

#### (Cost

#### $204,549,772)

#### .............................

#### 218,956,009

#### a

#### Short

#### Term

#### Investments

#### 5.1%
a

a

#### Country

#### Shares
a

#### Value
a

a

#### a
a

#### Management

#### Investment

#### Companies

#### 5.1%
p,q

Putnam

Short

Term

Investment

Fund,

Class

P,

4.566%

.......

United

States

11,277,701

11,277,701

#### Total

#### Management

#### Investment

#### Companies

#### (Cost

#### $11,277,701)

#### ..................

#### 11,277,701
Putnam

Asset

Allocation

Funds

Consolidated

Schedule

of

Investments

#### Putnam

#### Multi-Asset

#### Income

#### Fund
franklintempleton.com

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

consolidated

financial

statements.

#### Short

#### Term

#### Investments
(continued)

a

a

#### Country

#### Shares
a

#### Value
a

a

#### a
a

#### Money

#### Market

#### Funds

#### 0.0%

#### †
q,r

JPMorgan

US

Dollar

Treasury

Liquidity

Fund,

4.4%

..........

United

States

35,019

$

35,019

#### Total

#### Money

#### Market

#### Funds

#### (Cost

#### $35,019)

#### ....................................

#### 35,019

#### Total

#### Short

#### Term

#### Investments

#### (Cost

#### $11,312,720

####)
..............................

#### 11,312,720

#### a

#### Total

#### Investments

#### (Cost

#### $215,862,492)

#### 103.4%

#### ................................

#### $230,268,729

#### TBA

#### Sale

#### Commitments

#### (0.5)%

#### ..............................................

#### (1,020,140)

#### Other

#### Assets,

#### less

#### Liabilities

#### (2.9)%

#### .........................................

#### (6,381,909)

#### Net

#### Assets

#### 100.0%

#### .........................................................

#### $222,866,680

#### a

#### Principal

#### Amount

#### \*
s

#### TBA

#### Sale

#### Commitments

#### (0.5)%

#### Mortgage-Backed

#### Securities

#### (0.5)%

#### Government

#### National

#### Mortgage

#### Association
(GNMA)

#### Fixed

#### Rate

#### (0.5)%
GNMA

II,

Single-family,

Year,

6%,

9/15/55

...............

United

States

(1,000,000)

(1,020,140)

#### Total

#### TBA

#### Sale

#### Commitments

#### (Proceeds

#### $(1,018,320))

#### .........................

#### $(1,020,140)
\*

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

August

31,

2025,

the

aggregate

value

of

these

securities

was

$53,425,038,

representing

24.0%

of

net

assets.

c

Fair

valued

using

significant

unobservable

inputs.

See

Note

regarding

fair

value

measurements.

d

Variable

rate

security.

The

rate

shown

represents

the

yield

at

period

end.

e

The

rate

shown

represents

the

yield

at

period

end.

f

Income

may

be

received

in

additional

securities

and/or

cash.

g

Perpetual

security

with

no

stated

maturity

date.

h

The

coupon

rate

shown

represents

the

rate

at

period

end.

i

A

portion

or

all

of

the

security

purchased

on

a

delayed

delivery

basis.

See

Note

1(d).

j

See

Note

(f)

regarding

senior

floating

rate

interests.

k

The

coupon

rate

shown

represents

the

rate

inclusive

of

any

caps

or

floors,

if

applicable,

in

effect

at

period

end.

l

A

portion

or

all

of

the

security

has

been

segregated

as

collateral

for

certain

derivative

contracts.

At

August

31,

2025,

the

value

of

this

security

pledged

amounted

to

$368,600,

representing

0.2%

net

assets.

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

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.

o

Security

purchased

on

a

to-be-announced

(TBA)

basis.

See

Note

(d).

p

See

Note

(g)

regarding

investments

in

affiliated

management

investment

companies.

q

The

rate

shown

is

the

annualized

seven-day

effective

yield

at

period

end.

r

The

security

is

owned

by

Franklin

Multi-Asset

Income

Ltd.,

a

wholly-owned

subsidiary

of

the

Fund.

See

Note

1(g).

s

Security

sold

on

a

to-be-announced

(TBA)

basis

resulting

in

a

short

position.

As

such,

the

Fund

is

not

subject

to

fees

and

expenses

associated

with

short

sale

transactions.

See

Note

(d).

Putnam

Asset

Allocation

Funds

Consolidated

Schedule

of

Investments

#### Putnam

#### Multi-Asset

#### Income

#### Fund
franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

consolidated

financial

statements.

Annual

Report

At

August

31,

2025,

the

Fund

had

the

following futures

contracts

outstanding.

See

Note

1(e).

At

August

31,

2025,

the

Fund

had

the

following

forward

exchange

contracts

outstanding.

See

Note

(e).

#### Futures

#### Contracts

#### Description

#### Type

#### Number

#### of

#### Contracts

#### Notional

#### Amount

#### \*

#### Expiration

#### Date

#### Value/

#### Unrealized

#### Appreciation
(Depreciation)

#### Equity

#### contracts
Russell

2000

E-Mini

Index

......................

Short

$

829,430

9/19/25

$

(41,767)

S&P

500

E-Mini

Index

.........................

Short

2,265,462

9/19/25

(8,770)

#### Interest

#### rate

#### contracts
U.S.

Treasury

Year

Notes

....................

Long

10,462,500

12/19/25

23,878

U.S.

Treasury

Year

Ultra

Notes

................

Short

11,326,219

12/19/25

(37,260)

U.S.

Treasury

Year

Notes

.....................

Long

3,753,703

12/31/25

819

U.S.

Treasury

Year

Notes

.....................

Long

3,831,406

12/31/25

5,421

U.S.

Treasury

Long

Bonds

.....................

Short

571,250

12/19/25

(1,372)

U.S.

Treasury

Ultra

Bonds

......................

Long

3,147,188

12/19/25

3,651

Total

Futures

Contracts

......................................................................

$(55,400)

\*

As

of

period

end.

#### Forward

#### Exchange

#### Contracts

#### Currency

#### Counter-

#### party

#### a

#### Type

#### Quantity

#### Contract

#### Amount

#### \*

#### Settlement

#### Date

#### Unrealized

#### Appreciation

#### Unrealized

#### Depreciation

#### a

#### OTC

#### Forward

#### Exchange

#### Contracts
British

Pound

......

BOFA

Sell

355,200

481,776

9/17/25

$

1,617

$

—

British

Pound

......

BZWS

Buy

103,100

139,203

9/17/25

—

British

Pound

......

GSCO

Sell

13,400

18,055

9/17/25

—

(59) British

Pound

......

MSCO

Buy

59,600

79,752

9/17/25

815

—

British

Pound

......

SSBT

Buy

53,100

71,694

9/17/25

—

Danish

Krone

......

BOFA

Buy

178,800

27,844

9/17/25

—

Danish

Krone

......

BOFA

Sell

13,900

2,138

9/17/25

—

(43) Danish

Krone

......

CITI

Sell

99,500

15,301

9/17/25

—

(309) Danish

Krone

......

SSBT

Buy

100,500

15,517

9/17/25

—

Danish

Krone

......

UBSW

Sell

259,100

39,828

9/17/25

—

(822) Euro

.............

BOFA

Sell

226,000

262,545

9/17/25

933

(3,025)

Euro

.............

BZWS

Sell

150,800

174,499

9/17/25

—

(2,082)

Euro

.............

JPHQ

Sell

191,200

219,256

9/17/25

—

(4,633)

Euro

.............

MSCO

Buy

21,000

24,577

9/17/25

—

Euro

.............

SSBT

Sell

341,100

391,198

9/17/25

—

(8,218)

Euro

.............

UBSW

Sell

124,800

143,155

9/17/25

—

(2,981)

Norwegian

Krone

...

MSCO

Buy

56,400

5,469

9/17/25

—

Norwegian

Krone

...

MSCO

Sell

522,600

51,545

9/17/25

—

(449) Norwegian

Krone

...

SSBT

Sell

487,800

48,090

9/17/25

—

(441) Swedish

Krona

.....

BOFA

Sell

15,400

1,604

9/17/25

—

(25) Swedish

Krona

.....

BZWS

Buy

93,300

9,780

9/17/25

—

Swedish

Krona

.....

MSCO

Buy

27,000

2,831

9/17/25

—

Swedish

Krona

.....

SSBT

Buy

1,897,400

198,877

9/17/25

1,779

—

Swedish

Krona

.....

TDOM

Buy

33,300

3,491

9/17/25

—

Swiss

Franc

.......

BOFA

Buy

53,600

66,037

9/17/25

1,067

—

Swiss

Franc

.......

BZWS

Buy

4,200

5,176

9/17/25

—

Swiss

Franc

.......

MSCO

Buy

7,500

9,252

9/17/25

—

Swiss

Franc

.......

MSCO

Sell

8,700

10,958

9/17/25

—

Putnam

Asset

Allocation

Funds

Consolidated

Schedule

of

Investments

#### Putnam

#### Multi-Asset

#### Income

#### Fund
franklintempleton.com

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

consolidated

financial

statements.

At

August

31,

2025,

the

Fund

had

the

following

interest

rate

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)

Swiss

Franc

.......

UBSW

Buy

36,300

44,870

9/17/25

$

576

$

—

Australian

Dollar

....

BOFA

Buy

82,600

54,384

10/15/25

—

(287) Australian

Dollar

....

CITI

Sell

15,100

9,883

10/15/25

—

(6) Australian

Dollar

....

MSCO

Sell

161,100

106,074

10/15/25

566

—

Australian

Dollar

....

UBSW

Sell

32,100

20,896

10/15/25

—

(127) Israeli

New

Shekel

..

UBSW

Buy

213,800

63,808

10/15/25

—

Hong

Kong

Dollar

...

CITI

Buy

456,500

58,675

11/19/25

—

Hong

Kong

Dollar

...

GSCO

Buy

145,900

18,752

11/19/25

—

Hong

Kong

Dollar

...

UBSW

Sell

709,600

91,187

11/19/25

—

(70) Japanese

Yen

......

BZWS

Sell

5,612,700

38,592

11/19/25

—

Japanese

Yen

......

MSCO

Buy

14,221,900

97,066

11/19/25

527

—

Japanese

Yen

......

SSBT

Sell

1,422,900

9,711

11/19/25

—

(53) Japanese

Yen

......

UBSW

Buy

5,460,800

37,270

11/19/25

—

Singapore

Dollar

....

BZWS

Buy

130,400

102,475

11/19/25

—

(217) Singapore

Dollar

....

JPHQ

Buy

4,800

3,772

11/19/25

—

(8) Singapore

Dollar

....

MSCO

Buy

39,500

30,970

11/19/25

—

Singapore

Dollar

....

SSBT

Buy

12,400

9,722

11/19/25

—

Singapore

Dollar

....

UBSW

Buy

4,600

3,606

11/19/25

—

Total

Forward

Exchange

Contracts

...................................................

$9,771

$(23,855)

Net

unrealized

appreciation

(depreciation)

............................................

$(14,084)

\*

In

U.S.

dollars

unless

otherwise

indicated.

a

May

be

comprised

of

multiple

contracts

with

the

same

counterparty,

currency

and

settlement

date.

#### 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

3.65%

....

Annual

9/17/30

798,000

$

(11,891)

$

2,733

$

(14,624)

Receive

Fixed

3.9%

...

Annual

Pay

Floating

1-day

SOFR

............

Annual

9/17/35

37,000

658

605

Receive

Fixed

4.05%

..

Annual

Pay

Floating

1-day

SOFR

............

Annual

9/17/55

470,000

(2,455)

(847) (1,608)

Total

Interest

Rate

Swap

Contracts

.................................

$(13,688)

$

2,491

$(16,179)

\*

In

U.S.

dollars

unless

otherwise

indicated.

See

Note

regarding

other

derivative

information.

See

A

bbreviations

on

.

Putnam

Asset

Allocation

Funds

Consolidated

Financial

Statements

Consolidated

Statement

of

Assets

and

Liabilities

August

31,

2025

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

consolidated

financial

statements.

Annual

Report

#### Putnam

#### Multi-

#### Asset

#### Income

#### Fund
Assets:

Investments

in

securities:

Cost

-

Unaffiliated

issuers

...................................................................

$204,584,791

Cost

-

Non-controlled

affiliates

(Note

g)

........................................................

11,277,701

Value

-

Unaffiliated

issuers

..................................................................

$218,991,028

Value

-

Non-controlled

affiliates

(Note

g)

.......................................................

11,277,701

Cash

....................................................................................

48,532

Receivables:

Investment

securities

sold

...................................................................

25,190

Receivable

for

sales

of

TBA

securities

(Note

d)

..................................................

1,018,320

Capital

shares

sold

........................................................................

43,579

Dividends

and

interest

.....................................................................

1,616,676

Deposits

with

brokers

for:

Centrally

cleared

swap

contracts

............................................................

15,112

Unrealized

appreciation

on

OTC

forward

exchange

contracts

..........................................

9,771

Prepaid

expenses

..........................................................................

143,316

Other

assets

..............................................................................

Total

assets

..........................................................................

233,189,629

Liabilities:

Payables:

Investment

securities

purchased

..............................................................

769,564

Payable

for

purchases

of

TBA

securities

(Note

d)

................................................

7,837,930

Capital

shares

redeemed

...................................................................

131,030

Management

fees

.........................................................................

55,798

Administrative

fees

........................................................................

1,192

Distribution

fees

..........................................................................

34,655

Transfer

agent

fees

........................................................................

73,978

Professional

fees

.........................................................................

144,357

Trustees'

fees

and

expenses

.................................................................

189,999

Variation

margin

on

futures

contracts

...........................................................

2,422

Variation

margin

on

centrally

cleared

swap

contracts

...............................................

2,754

Unrealized

depreciation

on

OTC

forward

exchange

contracts

..........................................

23,855

TBA

sale

commitments,

at

value

(proceeds

$1,018,320)

(Note

1d)

......................................

1,020,140

Accrued

expenses

and

other

liabilities

...........................................................

35,275

Total

liabilities

.........................................................................

10,322,949

Net

assets,

at

value

.................................................................

$222,866,680

Net

assets

consist

of:

Paid-in

capital

.............................................................................

$288,443,614

Total

distributable

earnings

(losses)

.............................................................

(65,576,934)

Net

assets,

at

value

.................................................................

$222,866,680

Putnam

Asset

Allocation

Funds

Consolidated

Financial

Statements

Consolidated

Statement

of

Assets

and

Liabilities

(continued)

August

31,

2025

franklintempleton.com

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

consolidated

financial

statements.

#### Putnam

#### Multi-

#### Asset

#### Income

#### Fund

#### Class

#### A:
Net

assets,

at

value

.......................................................................

$144,905,191

Shares

outstanding

........................................................................

13,123,068

Net

asset

value

per

share

a

,b

..................................................................

$11.04

Maximum

offering

price

per

share

(net

asset

value

per

share

÷

.00

%)

b

................................

$11.50

#### Class

#### C:
Net

assets,

at

value

.......................................................................

$3,679,592

Shares

outstanding

........................................................................

332,965

Net

asset

value

and

maximum

offering

price

per

share

a

,b

............................................

$11.05

#### Class

#### P:
Net

assets,

at

value

.......................................................................

$46,812,515

Shares

outstanding

........................................................................

4,234,451

Net

asset

value

and

maximum

offering

price

per

share

b

.............................................

$11.06

#### Class

#### R:
Net

assets,

at

value

.......................................................................

$1,544,281

Shares

outstanding

........................................................................

139,834

Net

asset

value

and

maximum

offering

price

per

share

b

.............................................

$11.04

#### Class

#### R5:
Net

assets,

at

value

.......................................................................

$11,843

Shares

outstanding

........................................................................

1,072

Net

asset

value

and

maximum

offering

price

per

share

b

.............................................

$11.05

#### Class

#### R6:
Net

assets,

at

value

.......................................................................

$752,461

Shares

outstanding

........................................................................

68,108

Net

asset

value

and

maximum

offering

price

per

share

b

.............................................

$11.05

#### Class

#### Y:
Net

assets,

at

value

.......................................................................

$25,160,797

Shares

outstanding

........................................................................

2,277,094

Net

asset

value

and

maximum

offering

price

per

share

b

.............................................

$11.05

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

August

31,

2025

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

consolidated

financial

statements.

Annual

Report

#### Putnam

#### Multi-

#### Asset

#### Income

#### Fund
Investment

income:

Dividends:

(net

of

foreign

taxes

of

$48,324)

Unaffiliated

issuers

........................................................................

$1,633,873

Non-controlled

affiliates

(Note

g)

.............................................................

529,812

Interest:

Unaffiliated

issuers:

Paydown

gain

(loss)

.....................................................................

442,262

Paid

in

cash

a

...........................................................................

8,174,098

Total

investment

income

...................................................................

10,780,045

Expenses:

Management

fees

(Note

a)

...................................................................

1,022,310

Administrative

fees

(Note

b)

..................................................................

4,450

Distribution

fees:

(Note

3c)

&nbsp;&nbsp;&nbsp;&nbsp;Class

A

................................................................................

359,774

&nbsp;&nbsp;&nbsp;&nbsp;Class

C

................................................................................

51,041

&nbsp;&nbsp;&nbsp;&nbsp;Class

R

................................................................................

7,492

Transfer

agent

fees:

(Note

3e)

&nbsp;&nbsp;&nbsp;&nbsp;Class

A

................................................................................

240,424

&nbsp;&nbsp;&nbsp;&nbsp;Class

C

................................................................................

8,465

&nbsp;&nbsp;&nbsp;&nbsp;Class

P

................................................................................

4,196

&nbsp;&nbsp;&nbsp;&nbsp;Class

R

................................................................................

2,450

&nbsp;&nbsp;&nbsp;&nbsp;Class

R5

...............................................................................

&nbsp;&nbsp;&nbsp;&nbsp;Class

R6

...............................................................................

1,003

&nbsp;&nbsp;&nbsp;&nbsp;Class

Y

................................................................................

51,275

Custodian

fees

(Note

4)

......................................................................

58,474

Reports

to

shareholders

fees

..................................................................

25,438

Registration

and

filing

fees

....................................................................

94,203

Professional

fees

...........................................................................

174,372

Trustees'

fees

and

expenses

(Note

3f)

...........................................................

8,271

Organization

costs

..........................................................................

13,746

Other

....................................................................................

14,750

Total

expenses

.........................................................................

2,142,152

Expense

reductions

(Note

4)

...............................................................

(6,037)

Expenses

waived/paid

by

affiliates

(Note

g

and

h)

..............................................

(493,598)

Net

expenses

.........................................................................

1,642,517

Net

investment

income

................................................................

9,137,528

Putnam

Asset

Allocation

Funds

Consolidated

Financial

Statements

Consolidated

Statement

of

Operations\*

(continued)

for

the

year

ended

August

31,

2025

franklintempleton.com

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

consolidated

financial

statements.

#### Putnam

#### Multi-

#### Asset

#### Income

#### Fund
Realized

and

unrealized

gains

(losses):

Net

realized

gain

(loss)

from:

Investments:

Unaffiliated

issuers

......................................................................

8,112,581

Written

options

...........................................................................

108,483

Foreign

currency

transactions

................................................................

(1,923)

Forward

exchange

contracts

.................................................................

(2,044)

Futures

contracts

.........................................................................

(946,707)

TBA

sale

commitments

.....................................................................

(49,257)

Swap

contracts

...........................................................................

(68,530)

Net

realized

gain

(loss)

..................................................................

7,152,603

Net

change

in

unrealized

appreciation

(depreciation)

on:

Investments:

Unaffiliated

issuers

......................................................................

(1,557,990)

Translation

of

other

assets

and

liabilities

denominated

in

foreign

currencies

..............................

2,828

Written

options

...........................................................................

(99,937)

Forward

exchange

contracts

.................................................................

4,837

Futures

contracts

.........................................................................

18,077

TBA

sale

commitments

.....................................................................

(1,989)

Swap

contracts

...........................................................................

(2,069)

Net

change

in

unrealized

appreciation

(depreciation)

............................................

(1,636,243)

Net

realized

and

unrealized

gain

(loss)

............................................................

5,516,360

Net

increase

(decrease)

in

net

assets

resulting

from

operations

..........................................

$14,653,888

\*

Includes

the

consolidated

operations

of

Franklin

Multi-Asset

Income

Ltd.

from

July

7,

2025

through

August

31,

2025. See

Note

1(g).

a

Includes

amortization

of

premium

and

accretion

of

discount.

Putnam

Asset

Allocation

Funds

Consolidated

Financial

Statements

Consolidated

Statements

of

Changes

in

Net

Assets

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

consolidated

financial

statements.

Annual

Report

#### Putnam

#### Multi-Asset

#### Income

#### Fund

#### Year

#### Ended

#### August

#### 31,

#### 2025\*

#### Year

#### Ended

#### August

#### 31,

#### 2024
Increase

(decrease)

in

net

assets:

Operations:

Net

investment

income

.................................................

$9,137,528

$7,658,327

Net

realized

gain

(loss)

.................................................

7,152,603

8,641,712

Net

change

in

unrealized

appreciation

(depreciation)

...........................

(1,636,243)

15,445,826

Net

increase

(decrease)

in

net

assets

resulting

from

operations

................

14,653,888

31,745,865

Distributions

to

shareholders:

Class

A

.............................................................

(6,036,883)

(5,262,981)

Class

C

.............................................................

(172,750)

(232,105)

Class

P

.............................................................

(1,937,247)

(1,028,128)

Class

R

.............................................................

(58,978)

(64,357)

Class

R5

............................................................

(513) (424) Class

R6

............................................................

(92,248)

(179,104)

Class

Y

.............................................................

(1,364,653)

(1,390,964)

Total

distributions

to

shareholders

..........................................

(9,663,272)

(8,158,063)

Capital

share

transactions:

(Note

2)

Class

A

.............................................................

(5,977,438)

(9,918,896)

Class

C

.............................................................

(3,018,473)

(6,182,483)

Class

P

.............................................................

11,592,931

10,723,638

Class

R

.............................................................

(47,409)

(926,376)

Class

R5

............................................................

—

Class

R6

............................................................

(3,127,380)

(1,516,505)

Class

Y

.............................................................

(10,043,007)

(8,828,149)

Total

capital

share

transactions

............................................

(10,620,776)

(16,648,568)

Net

increase

(decrease)

in

net

assets

...................................

(5,630,160)

6,939,234

Net

assets:

Beginning

of

year

.......................................................

228,496,840

221,557,606

End

of

year

...........................................................

$222,866,680

$228,496,840

\*

Includes

the

consolidated

operations

of

Franklin

Multi-Asset

Income

Ltd.

from

July

7,

2025

through

August

31,

2025. See

Note

1(g).

Putnam

Asset

Allocation

Funds

Notes

to

Consolidated

Financial

Statements

#### Putnam

#### Multi-Asset

#### Income

#### 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

Multi-Asset

Income

Fund

(Fund)

is

included

in

this

report.

The

Fund

offers seven

classes

of

shares:

Class

A,

Class

C,

Class

P,

Class

R,

Class

R5,

Class

R6

and

Class

Y. Class

C

shares

automatically

convert

to

Class

A

shares

on

a

monthly

basis,

after

they

have

been

held

for

years.

Each

class

of

shares

may

differ

by

its

initial

sales

load,

contingent

deferred

sales

charges,

voting

rights

on

matters

affecting

a

single

class,

its

exchange

privilege

and

fees

due

to

differing

arrangements

for

distribution

and

transfer

agent

fees.

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.

Over-the-counter

(OTC)

securities

are

valued

within

the

range

of

the

most

recent

quoted

bid

and

ask

prices.

Securities

that

trade

in

multiple

markets

or

on

multiple

exchanges

are

valued

according

to

the

broadest

and

most

representative

market.

Certain

equity

securities

are

valued

based

upon

fundamental

characteristics

or

relationships

to

similar

securities.

Debt

securities

generally

trade

in

the OTC

market

rather

than

on

a

securities

exchange.

The

Fund's

pricing

services

use

multiple

valuation

techniques

to

determine

fair

value.

In

instances

where

sufficient

market

activity

exists,

the

pricing

services

may

utilize

a

market-based

approach

through

which

quotes

from

market

makers

are

used

to

determine

fair

value.

In

instances

where

sufficient

market

activity

may

not

exist

or

is

limited,

the

pricing

services

also

utilize

proprietary

valuation

models

which

may

consider

market

characteristics

such

as

benchmark

yield

curves,

credit

spreads,

estimated

default

rates,

anticipated

market

interest

rate

volatility,

coupon

rates,

anticipated

timing

of

principal

repayments,

underlying

collateral,

and

other

unique

security

features

in

order

to

estimate

the

relevant

cash

flows,

which

are

then

discounted

to

calculate

the

fair

value.

Securities

denominated

in

a

foreign

currency

are

converted

into

their

U.S.

dollar

equivalent

at

the

foreign

exchange

rate

in

effect

at

p.m.

Eastern

time

on

the

date

that

the

values

of

the

foreign

debt

securities

are

determined.

Investments

in open-end mutual

funds

are

valued

at

the

closing

NAV.

Certain

derivative

financial

instruments

are

centrally

cleared

or

trade

in

the

OTC

market.

The

Fund's

pricing

services

use

various

techniques

including

industry

standard

option

pricing

models

and

proprietary

discounted

cash

flow

models

to

determine

the

fair

value

of

those

instruments.

The

Fund's

net

benefit

or

obligation

under

the

derivative

contract,

as

measured

by

the

fair

value

of

the

contract,

is

included

in

net

assets.

The

Fund

has

procedures

to

determine

the

fair

value

of

financial

instruments

for

which

market

prices

are

not

reliable

or

readily

available.

Under

these

procedures,

the Fund

primarily

employs

a

market-based

approach

which

may

use

related

or

comparable

assets

or

liabilities,

recent

transactions,

market

multiples,

and

other

relevant

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

Putnam

Asset

Allocation

Funds

Notes

to

Consolidated

Financial

Statements

franklintempleton.com

Annual

Report

#### Putnam

#### Multi-Asset

#### Income

#### Fund
(continued)

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

August

31,

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

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. #### 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

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

#### Multi-Asset

#### Income

#### Fund
(continued)

value

at

delivery

may

be

more

or

less

than

the

trade

date

purchase

price.

Although

the

Fund

will

generally

purchase

these

securities

with

the

intention

of

holding

the

securities, it

may

sell

the

securities

before

the

settlement

date.

The

Fund

may

also

enter

into

TBA

sale

commitments

to

hedge

its

portfolio

positions,

to

sell

mortgage-backed

securities

it

owns

under

delayed

delivery

arrangements

or

to

take

a

short

position

in

mortgage-backed

securities.

Proceeds

of

TBA

sale

commitments

are

not

received

until

the

contractual

settlement

date.

During

the

time

a

TBA

sale

commitment

is

outstanding,

either

equivalent

deliverable

securities

or

an

offsetting

TBA

purchase

commitment

deliverable

on

or

before

the

sale

commitment

date

are

held

as

"cover"

for

the

transaction,

or

other

liquid

assets

in

an

amount

equal

to

the

notional

value

of

the

TBA

sale

commitment

are

segregated.

If

the

TBA

sale

commitment

is

closed

through

the

acquisition

of

an

offsetting

TBA

purchase

commitment,

the

Fund

realizes

a

gain

or

loss.

If

the

Fund

delivers

securities

under

the

commitment,

the

Fund

realizes

a

gain

or

a

loss

from

the

sale

of

the

securities

based

upon

the

unit

price

established

at

the

date

the

commitment

was

entered

into.

TBA

commitments,

which

are

accounted

for

as

purchase

and

sale

transactions,

may

be

considered

securities

themselves,

and

involve

a

risk

of

loss

due

to

changes

in

the

value

of

the

security

prior

to

the

settlement

date

as

well

as

the

risk

that

the

counterparty

to

the

transaction

will

not

perform

its

obligations.

Counterparty

risk

is

mitigated

by

having

a

master

agreement

between

the

Fund

and

the

counterparty.

Unsettled

TBA

commitments

are

valued

at

their

fair

value

according

to

the

procedures

described

in

the

Financial

Instrument

Valuation

note.

The

contract

is

marked

to

market

daily

and

the

change

in

fair

value

is

recorded

by

the

Fund

as

an

unrealized

gain

or

loss.

Based

on

market

circumstances,

the

investment

manager

will

determine

whether

to

take

delivery

of

the

underlying

securities

or

to

dispose

of

the

TBA

commitments

prior

to

settlement.

e. #### Derivative

#### Financial

#### Instruments
The

Fund invested

in

derivative

financial

instruments

in

order

to

manage

risk

or

gain

exposure

to

various

other

investments

or

markets.

Derivatives

are

financial

contracts

based

on

an

underlying

or

notional

amount,

require

no

initial

investment

or

an

initial

net

investment

that

is

smaller

than

would

normally

be

required

to

have

a

similar

response

to

changes

in

market

factors,

and

require

or

permit

net

settlement.

Derivatives

contain

various

risks

including

the

potential

inability

of

the

counterparty

to

fulfill

their

obligations

under

the

terms

of

the

contract,

the

potential

for

an

illiquid

secondary

market,

and/or

the

potential

for

market

movements

which

expose

the

Fund

to

gains

or

losses

in

excess

of

the

amounts

shown

in

the

Consolidated

Statement

of

Assets

and

Liabilities.

Realized

gain

and

loss

and

unrealized

appreciation

and

depreciation

on

these

contracts

for

the

period

are

included

in

the

Consolidated

Statement

of

Operations.

Derivative

counterparty

credit

risk

is

managed

through

a

formal

evaluation

of

the

creditworthiness

of

all

potential

counterparties.

The

Fund

attempts

to

reduce

its

exposure

to

counterparty

credit

risk

on

OTC

derivatives,

whenever

possible,

by

entering

into

International

Swaps

and

Derivatives

Association

(ISDA)

master

agreements

with

certain

counterparties.

These

agreements

contain

various

provisions,

including

but

not

limited

to

collateral

requirements,

events

of

default,

or

early

termination.

Termination

events

applicable

to

the

counterparty

include

certain

deteriorations

in

the

credit

quality

of

the

counterparty.

Termination

events

applicable

to

the

Fund

include

failure

of

the

Fund

to

maintain

certain

net

asset

levels

and/

or

limit

the

decline

in

net

assets

over

various

periods

of

time.

In

the

event

of

default

or

early

termination,

the

ISDA

master

agreement

gives

the

non-defaulting

party

the

right

to

net

and

close-out

all

transactions

traded,

whether

or

not

arising

under

the

ISDA

agreement,

to

one

net

amount

payable

by

one

counterparty

to

the

other.

However,

absent

an

event

of

default

or

early

termination,

OTC

derivative

assets

and

liabilities

are

presented

gross

and

not

offset

in

the

Consolidated

Statement

of

Assets

and

Liabilities.

Early

termination

by

the

counterparty

may

result

in

an

immediate

payment

by

the

Fund

of

any

net

liability

owed

to

that

counterparty

under

the

ISDA

agreement.

At

August

31,

2025,

the

Fund

had

OTC

derivatives

in

a

net

liability

position

of

$16,409.

1. #### Organization

#### and

#### Significant

#### Accounting

#### Policies
(continued)

d. #### Securities

#### Purchased

#### on

#### a

#### When-Issued,

#### Forward Commitment or

#### Delayed

#### Delivery

#### Basis

#### and

#### TBA

#### Basis
(continued)

Putnam

Asset

Allocation

Funds

Notes

to

Consolidated

Financial

Statements

franklintempleton.com

Annual

Report

#### Putnam

#### Multi-Asset

#### Income

#### Fund
(continued)

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

OTC

forward

exchange

contracts

primarily

to

manage

and/or

gain exposure

to

certain

foreign

currencies.

A

forward

exchange

contract

is

an

agreement

between

the

Fund

and

a

counterparty

to

buy

or

sell

a

foreign

currency at

a

specific

exchange

rate

on

a

future

date.

Forward

exchange

contracts

outstanding

at

period

end,

if

any,

are

listed

in

the

Fund's

Consolidated

Schedule

of

Investments.

The

Fund

entered

into

exchange

traded

futures

contracts

primarily

to

manage

and/or

gain

exposure

to

interest

rate

and

equity

price

risk.

A

futures

contract

is

an

agreement

between

the

Fund

and

a

counterparty

to

buy

or

sell

an

asset

at

a

specified

price

on

a

future

date.

Required

initial

margins

are

pledged

by

the

Fund,

and

the

daily

change

in

fair

value

is

accounted

for

as

a

variation

margin

payable

or

receivable

in

the

Consolidated

Statement

of

Assets

and

Liabilities.

Futures

contracts

outstanding

at

period

end,

if

any,

are

listed

in

the

Fund's

Consolidated

Schedule

of

Investments.

The

Fund entered

into

interest

rate

swap

contracts

primarily

to

manage

interest

rate

risk.

An

interest

rate

swap

is

an

agreement

between

the

Fund

and

a

counterparty

to

exchange

cash

flows

based

on

the

difference

between

two

interest

rates,

applied

to

a

notional

amount.

These

agreements

may

be

privately

negotiated

in

the

over-the-

counter

market

(OTC

interest

rate

swaps)

or

may

be

executed

on

a

registered

exchange

(centrally

cleared

interest

rate

swaps).

For

centrally

cleared

interest

rate

swaps,

required

initial

margins

are

pledged

by

the

Fund,

and

the

daily

change

in

fair

value

is

accounted

for

as

a

variation

margin

payable

or

receivable

in

the

Consolidated

Statement

of

Assets

and

Liabilities.

Over

the

term

of

the

contract,

contractually

required

payments

to

be

paid

and

to

be

received

are

accrued

daily

and

recorded

as

unrealized

appreciation

or

depreciation

until

the

payments

are

made,

at

which

time

they

are

realized.

Interest

rate

swap

contracts

outstanding

at

period

end,

if

any,

are

listed

in

the

Fund's

Consolidated

Schedule

of

Investments.

The

Fund

purchased

or

wrote

OTC

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

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

#### Multi-Asset

#### Income

#### Fund
(continued)

less

than

the

stated

maturity.

Senior

secured

corporate

loans

in

which

the Fund

invests

are

generally

readily

marketable,

but

may

be

subject

to

certain

restrictions

on

resale.

g. #### Investments

#### in

#### Franklin

#### Multi-Asset

#### Income

#### Ltd.

#### (FT

#### Subsidiary)
Effective

July

7,

2025,

the

Fund

can

invest

in

certain

financial

instruments,

warrants

or

commodities

through

its

investments

in

FT

Subsidiary.

FT

Subsidiary,

a

Cayman

Islands

exempted

company

with

limited

liability,

is

a

wholly-

owned

subsidiary

of

the

Fund.

FT

Subsidiary

is

able

to

invest

in

certain

financial

instruments

consistent

with

the

investment

objective

of

the

Fund.

At

August

31,

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

August

31,

2025,

the

net

assets

of

FT

Subsidiary

were

$14,044,

representing 0.01% of

the

Fund's

consolidated

net

assets.

The

Fund's

investment

in

FT

Subsidiary

is

limited

to

25%

of

consolidated

assets.

h. #### Income

#### and

#### Deferred

#### Taxes
It

is the Fund's

policy

to

qualify

as

a

regulated

investment

company

under

the

Internal

Revenue

Code. The Fund

intends

to

distribute

to

shareholders

substantially

all

of

its

taxable

income

and

net

realized

gains

to

relieve

it

from

federal

income

and if

applicable,

excise

taxes.

As

a

result,

no

provision

for

U.S.

federal

income

taxes

is

required.

The

Fund

may

be

subject

to

foreign

taxation

related

to

income

received,

capital

gains

on

the

sale

of

securities

and

certain

foreign

currency

transactions

in

the

foreign

jurisdictions

in

which it

invests.

Foreign

taxes,

if

any,

are

recorded

based

on

the

tax

regulations

and

rates

that

exist

in

the

foreign

markets

in

which

the

Fund

invests.

When

a

capital

gain

tax

is

determined

to

apply,

the

Fund

records

an

estimated

deferred

tax

liability

in

an

amount

that

would

be

payable

if

the

securities

were

disposed

of

on

the

valuation

date.

The Fund

may

recognize

an

income

tax

liability

related

to

its

uncertain

tax

positions

under

U.S.

GAAP

when

the

uncertain

tax

position

has

a

less

than

50%

probability

that

it

will

be

sustained

upon

examination

by

the

tax

authorities

based

on

its

technical

merits.

As

of

August

31,

2025, the Fund

has

determined

that

no

tax

liability

is

required

in

its

consolidated

financial

statements

related

to

uncertain

tax

positions

for

any

open

tax

years

(or

expected

to

be

taken

in

future

tax

years).

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

separately

in

the

Consolidated

Statement

of

Operations.

The

Fund

may

receive

other

income

from

investments

in

senior

secured

corporate

loans

or

unfunded

commitments,

including

amendment

fees,

consent

fees

or

commitment

fees.

These

fees

are

recorded

as

income

when

received

by

the

Fund.

Facility

fees

are

recognized

as

income

over

the

expected

term

of

the

loan.

Distributions

to

shareholders

are

recorded

on

the

ex-dividend

date.

Distributable

earnings

are

determined

according

to

income

tax

regulations

(tax

basis)

and

may

differ

from

earnings

recorded

in

accordance

with

U.S.

GAAP.

These

differences

may

be

permanent

or

temporary.

Permanent

differences

are

reclassified

among

capital

accounts

to

reflect

their

tax

character.

These

reclassifications

have

no

impact

on

net

assets

or

the

results

of

operations.

Temporary

differences

are

not

reclassified,

as

they

may

reverse

in

subsequent

periods.

Realized

and

unrealized

gains

and

losses

and

net

investment

income,

excluding

class

specific

expenses,

are

allocated

daily

to

each

class

of

shares

based

upon

the

relative

proportion

of

net

assets

of

each

class.

Differences

in

per

share

distributions

by

class

are

generally

due

to

differences

in

class

specific

expenses.

Common

expenses

incurred

by

the

Trust

are

allocated

among

the

Funds

based

on

the

ratio

of

net

assets

of

each

Fund

to

the

combined

net

assets

of

the

Trust

or

based

on

1. #### Organization

#### and

#### Significant

#### Accounting

#### Policies
(continued)

f. #### Senior

#### Floating

#### Rate

#### Interests
(continued)

Putnam

Asset

Allocation

Funds

Notes

to

Consolidated

Financial

Statements

franklintempleton.com

Annual

Report

#### Putnam

#### Multi-Asset

#### Income

#### Fund
(continued)

the

ratio

of

number

of

shareholders

of

each

Fund

to

the

combined

number

of

shareholders

of

the

Trust.

Fund

specific

expenses

are

charged

directly

to

the

Fund

that

incurred

the

expense.

j. #### Accounting

#### Estimates
The

preparation

of

financial

statements

in

accordance

with

U.S.

GAAP

requires

management

to

make

estimates

and

assumptions

that

affect

the

reported

amounts

of

assets

and

liabilities

at

the

date

of

the

financial

statements

and

the

amounts

of

income

and

expenses

during

the

reporting

period.

Actual

results

could

differ

from

those

estimates.

k. #### Guarantees

#### and

#### Indemnifications
Under

the Trust's

organizational

documents,

its

officers

and trustees

are

indemnified

by

the Trust against

certain

liabilities

arising

out

of

the

performance

of

their

duties

to

the

Trust.

Additionally,

in

the

normal

course

of

business,

the Trust,

on

behalf

of

the

Fund, enters

into

contracts

with

service

providers

that

contain

general

indemnification

clauses.

The Trust's

maximum

exposure

under

these

arrangements

is

unknown

as

this

would

involve

future

claims

that

may

be

made

against

the Trust

that

have

not

yet

occurred.

Currently,

the Trust

expects

the

risk

of

loss

to

be

remote.

2. #### Shares

#### of

#### Beneficial

#### Interest
At

August

31,

2025,

there

were

an

unlimited

number

of

shares

authorized

(without

par

value).

Transactions

in

the

Fund's

shares

were

as

follows:

#### Year

#### Ended

#### August

#### 31,

#### 2025

#### Year

#### Ended

#### August

#### 31,

#### 2024

#### Shares

#### Amount

#### Shares

#### Amount

#### Class

#### A

#### Shares:
Shares

sold

a

...................................

1,160,275

$12,484,017

1,198,291

$12,019,313

Shares

issued

in

reinvestment

of

distributions

..........

550,533

5,899,318

507,436

5,131,453

Shares

redeemed

...............................

(2,276,681)

(24,360,773)

(2,678,846)

(27,069,662)

Net

increase

(decrease)

..........................

(565,873)

$(5,977,438)

(973,119)

$(9,918,896)

#### Class

#### C

#### Shares:
Shares

sold

...................................

30,066

$323,867

42,801

$430,639

Shares

issued

in

reinvestment

of

distributions

..........

16,030

171,750

22,967

230,777

Shares

redeemed

a

..............................

(327,269)

(3,514,090)

(691,508)

(6,843,899)

Net

increase

(decrease)

..........................

(281,173)

$(3,018,473)

(625,740)

$(6,182,483)

#### Class

#### P

#### Shares:
Shares

sold

...................................

4,359,398

$47,202,041

1,760,985

$17,855,156

Shares

issued

in

reinvestment

of

distributions

..........

180,481

1,937,194

101,263

1,028,128

Shares

redeemed

...............................

(3,447,595)

(37,546,304)

(798,730)

(8,159,646)

Net

increase

(decrease)

..........................

1,092,284

$11,592,931

1,063,518

$10,723,638

#### Class

#### R

#### Shares:
Shares

sold

...................................

4,975

$53,044

6,164

$62,775

Shares

issued

in

reinvestment

of

distributions

..........

5,460

58,525

6,350

64,165

Shares

redeemed

...............................

(14,745)

(158,978)

(105,979)

(1,053,316)

Net

increase

(decrease)

..........................

(4,310)

$(47,409)

(93,465)

$(926,376)

1. #### Organization

#### and

#### Significant

#### Accounting

#### Policies
(continued)

i. #### Security

#### Transactions,

#### Investment

#### Income,

#### Expenses

#### and

#### Distributions
(continued)

Putnam

Asset

Allocation

Funds

Notes

to

Consolidated

Financial

Statements

franklintempleton.com

Annual

Report

#### Putnam

#### Multi-Asset

#### Income

#### Fund
(continued)

3. #### Transactions

#### with

#### Affiliates
Franklin

Resources,

Inc.

is

the

holding

company

for

various

subsidiaries

that

together

are

referred

to

as

Franklin

Templeton.

Certain

officers

and trustees

of

the Fund are

also

officers

and/or

directors

of

the

following

subsidiaries:

a. #### Management

#### Fees
The

Fund

pays Advisers

a

management

fee

(based

on

the

Fund's

average

net

assets

and

computed

and

paid

monthly)

at

annual

rates

that

may

vary

based

on

the

average

of

the

aggregate

net

assets

of

all

open-end

mutual

funds

sponsored

by

Putnam

Management

(including

open-end

funds

managed

by

affiliates

of

Putnam

Management

that

have

been

deemed

to

#### Year

#### Ended

#### August

#### 31,

#### 2025

#### Year

#### Ended

#### August

#### 31,

#### 2024

#### Shares

#### Amount

#### Shares

#### Amount

#### Class

#### R5

#### Shares:
Shares

issued

in

reinvestment

of

distributions

..........

—

$—

$203

Net

increase

(decrease)

..........................

—

$—

$203

#### Class

#### R6

#### Shares:
Shares

sold

...................................

30,657

$329,123

82,296

$820,028

Shares

issued

in

reinvestment

of

distributions

..........

8,561

91,725

17,774

178,878

Shares

redeemed

...............................

(331,839)

(3,548,228)

(246,819)

(2,515,411)

Net

increase

(decrease)

..........................

(292,621)

$(3,127,380)

(146,749)

$(1,516,505)

#### Class

#### Y

#### Shares:
Shares

sold

...................................

187,789

$2,028,074

258,267

$2,635,403

Shares

issued

in

reinvestment

of

distributions

..........

125,454

1,344,290

135,893

1,371,098

Shares

redeemed

...............................

(1,255,706)

(13,415,371)

(1,281,440)

(12,834,650)

Net

increase

(decrease)

..........................

(942,463)

$(10,043,007)

(887,280)

$(8,828,149)

a

May

include

a

portion

of

Class

C

shares

that

were

automatically

converted

to

Class

A. #### Subsidiary

#### Affiliation
Franklin

Advisers,

Inc.

(Advisers)

Investment

manager

Franklin

Templeton

Investment

Management

Limited

(FTIML)

Subadvisor

Putnam

Investment

Management,

LLC

(Putnam

Management)

Subadvisor

Putnam

Advisory

Company,

LLC

(PAC)

Subadvisor

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

#### Multi-Asset

#### Income

#### 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

August

31,

2025,

the

gross

effective

investment

management

fee

rate

was 0.454%

of

the

Fund's

average daily

net

assets.

Advisers

retained

Putnam

Management

as

subadvisor

for

the

Fund.

Pursuant

to

the

agreement,

Putnam

Management

provides

certain

advisory

and

related

services

to

the

Fund.

Advisers

pays

a

monthly

fee

to

Putnam

Management

based

on

the

costs

of

Putnam

Management

in

providing

these

services

to

the

Fund,

which

may

include

a

mark-up

not

to

exceed

15%

over

such

costs.

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.

Under

a

subadvisory

agreement,

PAC

provides

subadvisory

services

to

the

Fund.

The

subadvisory

fee

is

paid by

Advisers based

on

the

average

net

assets

managed

by

PAC,

and

is

not

an

additional

expense

of

the

Fund.

b. #### Administrative

#### Fees
Under

an

agreement

with

Advisers,

FT

Services

provides

administrative

services

to

the

Fund.

The

fee

is

paid

by Advisers

based

on

the Fund's

average

daily

net

assets,

and

is

not

an

additional

expense

of

the

Fund.

The

Fund

reimburses

Advisers

an

allocated

amount

for

the

compensation

and

related

expenses

of

certain

officers

of

the

Fund

and

their

staff

who

provide

administrative

services

to

the

Fund.

The

aggregate

amount

of

all

such

reimbursements

is

determined

annually

by

the

Trustees.

c. #### Distribution

#### Fees
The

Fund

has

adopted

distribution

plans

(the

Plans)

with

respect

to

the

following

share

classes

pursuant

to

Rule

12b–1

under

the

1940

Act.

The

purpose

of

the

Plans

is

to

compensate

Distributors

for

services

provided

and

expenses

incurred

in

distributing

shares

of

the

Fund.

The

Plans

provide

payments

by

the

Fund

to

Distributors

at

an

annual

rate

of

up

to

the

following

amounts

(Maximum

%)

of

the

average

net

assets

attributable

to

each

class.

The

Trustees

have

approved

payment

by

the

Fund

at

the

following

annual

rate

(Approved

%)

of

the

average

net

assets

attributable

to

each

class.

#### Annualized

#### Fee

#### Rate

#### Net

#### Assets
0.630%

of

the

first

$5

billion,

0.580%

of

the

next

$5

billion,

0.530%

of

the

next

$10

billion,

0.480%

of

the

next

$10

billion,

0.430%

of

the

next

$50

billion,

0.410%

of

the

next

$50

billion,

0.400%

of

the

next

$100

billion

and

0.395%

of

any

excess

thereafter.

3. #### Transactions

#### with

#### Affiliates
(continued)

a. #### Management

#### Fees
(continued)

Putnam

Asset

Allocation

Funds

Notes

to

Consolidated

Financial

Statements

franklintempleton.com

Annual

Report

#### Putnam

#### Multi-Asset

#### Income

#### Fund
(continued)

d. #### Sales

#### Charges/Underwriting

#### Agreements
Front-end

sales

charges

and

contingent

deferred

sales

charges

(CDSC)

do

not

represent

expenses

of

the

Fund.

These

charges

are

deducted

from

the

proceeds

of

sales

of

Fund

shares

prior

to

investment

or

from

redemption

proceeds

prior

to

remittance,

as

applicable.

Distributors

has

advised

the

Fund

of

the

following

commission

transactions

related

to

the

sales

and

redemptions

of

the

Fund's

shares

for

the

year:

e. #### Transfer

#### Agent

#### Fees
PSERV,

an

affiliate

of

Advisers,

provides

investor

servicing

agent

functions

to

the

Fund.

PSERV

received

fees

for

investor

servicing

for

Class

A,

Class

C, Class

R and

Class

Y

shares

that

included

(1) a

per

account

fee

for

each

direct

and

underlying

non-defined

contribution

account

(retail

account)

of

the

Fund;

(2) a

specified

rate

of

the

Fund's

assets

attributable

to

defined

contribution

plan

accounts;

and

(3) a

specified

rate

based

on

the

average

net

assets

in

retail

accounts.

PSERV

has

agreed

that

the

aggregate

investor

servicing

fees

for

each

Fund's

retail

and

defined

contribution

accounts

for

these

share

classes

will

not

exceed

an

annual

rate

of

0.25%

of the

Fund's

average

assets

attributable

to

such

accounts.

Class

P

shares

paid

a

monthly

fee

based

on

the

average

net

assets

of

Class

P

shares

at

an

annual

rate

of

0.01%.

Class

R5

shares

paid

a

monthly

fee

based

on

the

average

net

assets

of

Class

R5

shares

at

an

annual

rate

of

0.15%.

Class

R6

shares

paid

a

monthly

fee

based

on

the

average

net

assets

of

Class

R6

shares

at

an

annual

rate

of

0.05%.

f. #### Trustee

#### Fees
The

Fund

has

adopted

a

Trustee

Fee

Deferral

Plan

(the

Deferral

Plan)

which

allows

the

Trustees to

defer

the

receipt

of

all

or

a

portion

of

Trustees'

fees

payable

from

July

1,

1995

through

December

31,

2023. The

deferred

fees

remain

invested

in

certain

Putnam

funds

until

distribution

in

accordance

with

the

Deferral

Plan.

The

Fund

has

adopted

an

unfunded

noncontributory

defined

benefit

pension

plan

(the

Pension

Plan)

covering

all

Trustees

of

the

Fund

who

have

served

as

a

Trustee

for

at

least

five

years

and

were

first

elected

prior

to

2004. Benefits

under

the

Pension

Plan

are

equal

to

50%

of

the

Trustee's

average

annual

attendance

and

retainer

fees

for

the

three

years

ended

December

31,

2005. The

retirement

benefit

is

payable

during

a

Trustee's

lifetime,

beginning

the

year

following

retirement,

for

the

number

of

years

of

service

through

December

31,

2006. Pension

expense

for

the

Fund

is

included

in

the

Trustees' fees

and

expenses

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. #### 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

..............................

$7,978

CDSC

retained

..............................................................................

$425

3. #### Transactions

#### with

#### Affiliates
(continued)

c. #### Distribution

#### Fees
(continued)

Putnam

Asset

Allocation

Funds

Notes

to

Consolidated

Financial

Statements

franklintempleton.com

Annual

Report

#### Putnam

#### Multi-Asset

#### Income

#### Fund
(continued)

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

August

31,

2025,

the

Fund

held

investments

in

affiliated

management

investment

companies

as

follows:

h. #### Waiver

#### and

#### Expense

#### Reimbursements
Advisers has

contractually

agreed,

through

December

30,

2026,

to

waive

fees

and/or

reimburse

the

Fund's

expenses

to

the

extent

necessary

to

limit

the

cumulative

expenses

of

the

Fund,

exclusive

of

brokerage,

interest,

taxes,

investment-related

expenses,

extraordinary

expenses,

acquired

fund

fees

and

expenses

and

payments

under

the

Fund's

investor

servicing

contract,

investment

management

contract

and

distribution

plans,

on

a

fiscal

year-to-date

basis

to

an

annual

rate

of

0.20%

of

the

Fund's

average

net

assets

over

such

fiscal

year-to-date

period.

Advisers

has

also

contractually

agreed

to

waive

fees

(and,

to

the

extent

necessary,

bear

other

expenses)

of

the

Fund

through

December

30,

2026,

to

the

extent

that

total

expenses

of

the

Fund

(excluding

brokerage,

interest,

taxes,

investment-related

expenses,

payments

under

distribution

plans,

extraordinary

expenses,

payments

under

the

Fund's

investor

servicing

contract

and

acquired

fund

fees

and

expenses,

but

including

payments

under

the

Fund's

investment

management

contract)

would

exceed

an

annual

rate

of

0.40%

of

the

Fund's

average

net

assets.

i. #### Other

#### Affiliated

#### Transactions
At

August

31,

2025,

one

or

more

of

the

funds

in

Putnam

Target

Date

Funds

owned

5%

or

more

of

the

Fund's

outstanding

shares,

totaling

14.7%

of

the

Fund's

outstanding

shares.

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

August

31,

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

#### Multi-Asset

#### Income

#### Fund

#### Non-Controlled

#### Affiliates
Dividends

Putnam

Government

Money

Market

Fund,

Class

G,

4.079%

.

$2,432,711

$41,913,797

$(44,346,508)

$—

$—

$—

—

$77,661

Putnam

Short

Term

Investment

Fund,

Class

P,

4.566%

......

$

6,785,670

$

70,796,504

$

(66,304,473)

$

—

$

—

$

11,277,701

11,277,701

$

452,151

#### Total

#### Affiliated

#### Securities

#### ...
$9,218,381

$112,710,301

$(110,650,981)

$—

$—

$11,277,701

$529,812

3. #### Transactions

#### with

#### Affiliates
(continued)

Putnam

Asset

Allocation

Funds

Notes

to

Consolidated

Financial

Statements

franklintempleton.com

Annual

Report

#### Putnam

#### Multi-Asset

#### Income

#### Fund
(continued)

5. #### Income

#### Taxes
For

tax

purposes,

capital

losses

may

be

carried

over

to

offset

future

capital

gains.

At

August

31,

2025,

the

capital

loss

carryforwards

were

as

follows:

During

the

year

ended

August

31,

2025,

the

Fund

utilized

$6,835,814

of

capital

loss

carryforwards.

The

tax

character

of

distributions

paid

during

the

years

ended

August

31,

2025

and

2024,

was

as

follows:

At

August

31,

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

wash

sales

and

passive

foreign

investment

company

shares.

6. #### Investment

#### Transactions
Purchases

and

sales

of

investments (excluding

short

term

securities) for

the

year

ended

August

31,

2025,

aggregated

$222,040,369 and

$231,079,140,

respectively.

7. #### Credit

#### Risk
At

August

31,

2025,

the

Fund

had 13.7% of

its

portfolio

invested

in

high

yield

securities,

senior

secured

floating

rate

loans,

or

other

securities rated

below

investment

grade

and

unrated

securities.

These

securities

may

be

more

sensitive

to

economic

conditions

causing

greater

price

volatility

and

are

potentially

subject

to

a

greater

risk

of

loss

due

to

default

than

higher

rated

securities.

Capital

loss

carryforwards

not

subject

to

expiration:

Short

term

................................................................................

$

48,624,183

Long

term

................................................................................

31,255,425

Total

capital

loss

carryforwards

...............................................................

$79,879,608

#### 2025

#### 2024
Distributions

paid

from:

Ordinary

income

..........................................................

$9,663,272

$8,158,063

Cost

of

investments

..........................................................................

$215,078,160

Unrealized

appreciation

........................................................................

$19,361,619

Unrealized

depreciation

........................................................................

(5,274,362)

Net

unrealized

appreciation

(depreciation)

..........................................................

$14,087,257

Distributable

earnings:

Undistributed

ordinary

income

...................................................................

$211,278

Putnam

Asset

Allocation

Funds

Notes

to

Consolidated

Financial

Statements

franklintempleton.com

Annual

Report

#### Putnam

#### Multi-Asset

#### Income

#### Fund
(continued)

8. #### Other

#### Derivative

#### Information
At

August

31,

2025,

investments

in

derivative

contracts

are

reflected

in

the

Consolidated Statement of

Assets

and

Liabilities

as

follows:

For

the

year

ended

August

31,

2025,

the

effect

of

derivative

contracts

in

the Consolidated

Statement

of

Operations

was

as

follows:

#### Asset

#### Derivatives

#### Liability

#### Derivatives

#### Derivative

#### Contracts

#### Not

#### Accounted

#### for

#### as

#### Hedging

#### Instruments

#### Consolidated

#### Statement

#### of

#### Assets

#### and

#### Liabilities

#### Location

#### Fair

#### Value

#### Consolidated

#### Statement

#### of

#### Assets

#### and

#### Liabilities

#### Location

#### Fair

#### Value

#### Putnam

#### Multi-Asset

#### Income

#### Fund
Interest

rate

contracts

.......

Variation

margin

on

futures

contracts

$

33,769

a

Variation

margin

on

futures

contracts

$

38,632

a

Variation

margin

on

centrally

cleared

swap

contracts

b

Variation

margin

on

centrally

cleared

swap

contracts

16,232

b

Foreign

exchange

contracts

..

Unrealized

appreciation

on

OTC

forward

exchange

contracts

9,771

Unrealized

depreciation

on

OTC

forward

exchange

contracts

23,855

Equity

contracts

...........

Variation

margin

on

futures

contracts

—

Variation

margin

on

futures

contracts

50,537

a

Total

....................

$43,593

$129,256

a

This

amount

reflects

the

cumulative

appreciation

(depreciation)

of

futures

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.

b

This

amount

reflects

the

cumulative

appreciation

(depreciation)

of

centrally

cleared

swap

contracts

as

reported

in

the

Consolidated

Schedule

of

Investments.

Only

the

variation

margin

receivable/payable

at

year

end

is

separately

reported

within

the

Consolidated

Statement

of

Assets

and

Liabilities.

Prior

variation

margin

movements

were

recorded

to

cash

upon

receipt

or

payment.

#### Derivative

#### Contracts

#### Not

#### Accounted

#### for

#### as

#### Hedging

#### Instruments

#### Consolidated

#### Statement

#### of

#### Operations

#### Location

#### Net

#### Realized

#### Gain
(Loss)

#### for

#### the

#### Year

#### Consolidated

#### Statement

#### of

#### Operations

#### Location

#### Net

#### Change

#### in

#### Unrealized

#### Appreciation
(Depreciation)

#### for

#### the

#### Year

#### Putnam

#### Multi-Asset

#### Income

#### Fund
Net

realized

gain

(loss)

from:

Net

change

in

unrealized

&nbsp;&nbsp;&nbsp;&nbsp;appreciation

(depreciation)

on:

Interest

rate

contracts

..........

Futures

contracts

$(1,333,478)

Futures

contracts

$43,619

Swap

contracts

(68,530)

Swap

contracts

(2,069)

Foreign

exchange

contracts

.....

Forward

exchange

contracts

(2,044)

Forward

exchange

contracts

4,837

Equity

contracts

..............

Investments

(340,630)

a

Investments

312,830

a

Written

options

108,483

Written

options

(99,937)

Futures

contracts

386,771

Futures

contracts

(25,542)

Total

.......................

$(1,249,428)

$233,738

Putnam

Asset

Allocation

Funds

Notes

to

Consolidated

Financial

Statements

franklintempleton.com

Annual

Report

#### Putnam

#### Multi-Asset

#### Income

#### Fund
(continued)

For

the

year

ended

August

31,

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

regarding

derivative

financial

instruments.

See

Abbreviations

on

.

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

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

#### Multi-Asset

#### Income

#### Fund
Futures

contracts

..........................................................................

$

23,164,434

Swap

contracts

............................................................................

3,246,231

Forwards

exchange

contracts

.................................................................

2,837,607

Options

..................................................................................

7,984,262

8. #### Other

#### Derivative

#### Information
(continued)

Putnam

Asset

Allocation

Funds

Notes

to

Consolidated

Financial

Statements

franklintempleton.com

Annual

Report

#### Putnam

#### Multi-Asset

#### Income

#### Fund
(continued)

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

August

31,

2025,

in

valuing

the

Fund's assets

and

liabilities carried

at

fair

value,

is

as

follows:

#### Level

#### 1

#### Level

#### 2

#### Level

#### 3

#### Total

#### Putnam

#### Multi-Asset

#### Income

#### Fund

#### Assets:
Investments

in

Securities:

Common

Stocks

:

Aerospace

&

Defense

...................

$

1,024,763

$

187,696

$

—

$

1,212,459

Air

Freight

&

Logistics

...................

706,836

46,626

—

753,462

Automobile

Components

.................

61,451

74,387

—

135,838

Automobiles

..........................

998,336

398,815

—

1,397,151

Banks

...............................

1,916,367

1,682,130

—

3,598,497

Beverages

...........................

953,317

38,716

—

992,033

Biotechnology

.........................

523,809

—

—

523,809

Broadline

Retail

.......................

1,494,679

37,748

—

1,532,427

Building

Products

......................

189,090

138,616

—

327,706

Capital

Markets

........................

1,859,289

256,943

—

2,116,232

Chemicals

...........................

523,309

177,141

—

700,450

Commercial

Services

&

Supplies

...........

60,131

—

—

60,131

Communications

Equipment

..............

1,260,687

—

—

1,260,687

Construction

&

Engineering

...............

84,493

165,524

—

250,017

Construction

Materials

..................

—

162,125

—

162,125

Consumer

Finance

.....................

172,560

—

—

172,560

Consumer

Staples

Distribution

&

Retail

......

138,390

149,284

—

287,674

Containers

&

Packaging

.................

52,901

—

—

52,901

Diversified

Consumer

Services

............

731,790

—

—

731,790

Diversified

REITs

......................

58,498

73,418

—

131,916

Diversified

Telecommunication

Services

.....

876,393

134,506

—

1,010,899

Electric

Utilities

........................

828,189

338,343

—

1,166,532

Electrical

Equipment

....................

1,222,999

178,080

—

1,401,079

Electronic

Equipment,

Instruments

&

Components

........................

73,057

—

—

73,057

Energy

Equipment

&

Services

.............

250,289

—

—

250,289

Entertainment

.........................

264,120

29,683

—

293,803

Financial

Services

......................

1,117,951

113,102

—

1,231,053

Food

Products

........................

349,640

274,762

—

624,402

Gas

Utilities

..........................

22,069

—

—

22,069

Ground

Transportation

..................

890,503

—

—

890,503

Health

Care

Equipment

&

Supplies

.........

397,972

148,966

—

546,938

Health

Care

Providers

&

Services

..........

183,111

—

—

183,111

Health

Care

REITs

.....................

85,336

—

—

85,336

Health

Care

Technology

.................

43,168

—

—

43,168

Hotel

&

Resort

REITs

...................

72,074

—

—

72,074

Hotels,

Restaurants

&

Leisure

.............

307,536

127,944

—

435,480

Household

Durables

....................

117,964

10,933

—

128,897

Household

Products

....................

162,322

—

—

162,322

Independent

Power

and

Renewable

Electricity

Producers

..........................

98,204

—

98,215

Industrial

Conglomerates

................

46,973

150,858

—

197,831

10. #### Fair

#### Value

#### Measurements
(continued)

Putnam

Asset

Allocation

Funds

Notes

to

Consolidated

Financial

Statements

franklintempleton.com

Annual

Report

#### Putnam

#### Multi-Asset

#### Income

#### Fund
(continued)

#### Level

#### 1

#### Level

#### 2

#### Level

#### 3

#### Total

#### Putnam

#### Multi-Asset

#### Income

#### Fund
(continued)

#### Assets:
(continued)

Investments

in

Securities:

(continued)

Common

Stocks:

(continued)

Industrial

REITs

.......................

$

55,070

$

—

$

—

$

55,070

Insurance

............................

1,423,481

829,998

—

2,253,479

Interactive

Media

&

Services

..............

4,744,248

63,096

—

4,807,344

IT

Services

...........................

62,290

55,154

—

117,444

Leisure

Products

.......................

69,314

—

—

69,314

Life

Sciences

Tools

&

Services

............

17,218

—

—

17,218

Machinery

............................

299,736

259,394

—

559,130

Marine

Transportation

...................

121,090

71,455

—

192,545

Media

...............................

943,322

123,371

—

1,066,693

Metals

&

Mining

.......................

142,004

450,818

—

592,822

Mortgage

Real

Estate

Investment

Trusts

(REITs)

............................

999,045

—

—

999,045

Multi-Utilities

..........................

77,200

187,372

—

264,572

Office

REITs

..........................

5,702

—

—

5,702

Oil,

Gas

&

Consumable

Fuels

.............

1,415,044

588,770

—

2,003,814

Paper

&

Forest

Products

.................

9,134

—

—

9,134

Passenger

Airlines

.....................

85,887

52,304

—

138,191

Personal

Care

Products

.................

—

87,803

—

87,803

Pharmaceuticals

.......................

3,747,805

885,159

—

4,632,964

Professional

Services

...................

856,916

103,002

—

959,918

Real

Estate

Management

&

Development

....

23,221

—

—

23,221

Residential

REITs

......................

105,509

—

—

105,509

Retail

REITs

..........................

939,677

4,807

—

944,484

Semiconductors

&

Semiconductor

Equipment

.

6,587,113

382,855

—

6,969,968

Software

.............................

3,365,446

122,488

—

3,487,934

Specialized

REITs

......................

495,581

—

—

495,581

Specialty

Retail

........................

1,166,319

149,635

—

1,315,954

Technology

Hardware,

Storage

&

Peripherals

.

3,616,906

64,383

—

3,681,289

Textiles,

Apparel

&

Luxury

Goods

..........

69,769

324,375

—

394,144

Tobacco

.............................

497,820

261,847

—

759,667

Trading

Companies

&

Distributors

..........

36,239

437,812

—

474,051

Transportation

Infrastructure

..............

—

87,533

—

87,533

Water

Utilities

.........................

9,740

18,410

—

28,150

Wireless

Telecommunication

Services

.......

60,436

70,111

—

130,547

Convertible

Preferred

Stocks

................

207,837

—

—

207,837

Preferred

Stocks

.........................

—

98,233

—

98,233

Rights

.................................

—

—

Convertible

Bonds

.......................

—

398,348

—

398,348

Corporate

Bonds

........................

—

61,920,510

—

61,920,510

Senior

Floating

Rate

Interests

...............

—

1,616,132

—

1,616,132

Foreign

Government

and

Agency

Securities

....

—

10,105,393

—

10,105,393

U.S.

Government

and

Agency

Securities

.......

—

22,284,489

—

22,284,489

Asset-Backed

Securities

...................

—

9,423,323

—

9,423,323

Commercial

Mortgage-Backed

Securities

......

—

5,843,415

—

5,843,415

Mortgage-Backed

Securities

................

—

34,914,719

—

34,914,719

Residential

Mortgage-Backed

Securities

.......

—

8,667,661

—

8,667,661

Agency

Commercial

Mortgage-Backed

Securities

—

428,484

—

428,484

Short

Term

Investments

...................

11,312,720

—

—

11,312,720

Total

Investments

in

Securities

...........

$63,789,405

$166,479,005

a

$319

$230,268,729

10. #### Fair

#### Value

#### Measurements
(continued)

Putnam

Asset

Allocation

Funds

Notes

to

Consolidated

Financial

Statements

franklintempleton.com

Annual

Report

#### Putnam

#### Multi-Asset

#### Income

#### 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 has adopted

the

FASB

Accounting

Standards

Update

(ASU)

2023-07,

*Segment* 

*Reporting* 

*(Topic* 

*280)* 

*-* 

*Improvements* 

*to* 

*Reportable* 

*Segment* 

*Disclosures.*

The

update

is

limited

to

disclosure

requirements

and

does

not

impact

the Fund's

financial

position

or

results

of

operations.

The Fund operates

as

a

single

operating

segment,

which

is

an

investment

portfolio.

The

portfolio

managers

assigned

to

the

Funds

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 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.

#### Level

#### 1

#### Level

#### 2

#### Level

#### 3

#### Total

#### Putnam

#### Multi-Asset

#### Income

#### Fund
(continued)

#### Assets:
(continued)

Other

Financial

Instruments:

Forward

Exchange

Contracts

...............

$—

$9,771

$—

$9,771

Futures

Contracts

.......................

33,769

—

—

33,769

Swap

Contracts

.........................

—

—

Total

Other

Financial

Instruments

.........

$33,769

$9,824

$—

$43,593

#### Liabilities:
Other

Financial

Instruments:

TBA

Sale

Commitments

...................

$

—

$

1,020,140

$

—

$

1,020,140

Forward

Exchange

Contracts

...............

—

23,855

—

23,855

Futures

Contracts

........................

89,169

—

—

89,169

Swap

Contracts

.........................

—

16,232

—

16,232

Total

Other

Financial

Instruments

.........

$89,169

$1,060,227

$—

$1,149,396

a

Includes

foreign

securities

valued

at

$10,876,531,

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

#### Multi-Asset

#### Income

#### Fund
(continued)

13. #### Subsequent

#### Events
The

Fund

has

evaluated

subsequent

events

through

the

issuance

of

the

consolidated

financial

statements

and

determined

that

no

events

have

occurred

that

require

disclosure.

#### Abbreviations

#### Counterparty

#### BOFA
Bank

of

America

NA

#### BZWS
Barclays

Bank

plc

#### CITI
Citibank

NA

#### GSCO
Goldman

Sachs

Group,

Inc.

#### JPHQ
JPMorgan

Chase

Bank

NA

#### MSCO
Morgan

Stanley

#### SSBT
State

Street

Bank

and

Trust

Co.

#### TDOM
Toronto

Dominion

Bank

#### UBSW
UBS

AG

#### Cu

#### r

#### rency

#### AUD
Australian

Dollar

#### EUR
Euro

#### GBP
British

Pound

#### USD
United

States

Dollar

#### Selected

#### Portfolio

#### ADR
American

Depositary

Receipt

#### CME
Chicago

Mercantile

Exchange

#### CLO
Collateralized

Loan

Obligation

#### CVR
Contingent

Value

Right

#### EURIBOR
Euro

Inter-Bank

Offer

Rate

#### FHLMC
Federal

Home

Loan

Mortgage

Corp.

#### FNMA
Federal

National

Mortgage

Association

#### FRN
Floating

Rate

Note

#### GNMA
Government

National

Mortgage

Association

#### IO
Interest

Only

#### PIK
Payment-In-Kind

#### REIT
Real

Estate

Investment

Trust

#### REMIC
Real

Estate

Mortgage

Investment

Conduit

#### SOFR
Secured

Overnight

Financing

Rate

#### STACR
Structured

Agency

Credit

Risk

The

following

reference

rates,

and

their

values

as

of

period

end,

are

used

for

security

descriptions:

#### Reference

#### Index

#### Reference

#### Rate
1-day

SOFR

........................

4.34%

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

Multi-Asset

Income

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

Multi-Asset

Income

Fund

(one

of

the

funds

constituting

Putnam

Asset

Allocation

Funds)

and

its

subsidiary

(collectively

referred

to

hereafter

as

the

"Fund")

as

of

August

31,

2025,

the

related

consolidated

statement

of

operations

for

the

year

ended

August

31,

2025,

the

consolidated

statement

of

changes

in

net

assets

for

the

year

ended

August

31,

2025,

the

statement

of

changes

in

net

assets

for

the

year

ended

August

31,

2024,

including

the

related

notes,

and

the

financial

highlights

for

each

of

the

periods

indicated

therein

(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

August

31,

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

August

31,

2025

and

the

financial

highlights

for

each

of

the

periods

indicated

therein

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

August

31,

2025

by

correspondence

with

the

custodian,

transfer

agent,

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

October

20,

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

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

August

31,

2025:

#### Pursuant

#### to:

#### Amount

#### Reported
Income

Eligible

for

Dividends

Received

Deduction

(DRD)

§854(b)(1)(A)

$940,716

Qualified

Dividend

Income

Earned

(QDI)

§854(b)(1)(B)

$1,429,597

Qualified

Net

Interest

Income

(QII)

§871(k)(1)(C)

$6,118,767

Section

163(j)

Interest

Earned

§163(j)

$7,328,967

Putnam

Asset

Allocation

Funds

franklintempleton.com

Annual

Report

#### Putnam

#### Multi-Asset

#### Income

#### 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")

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

(as

well

as

the

initial

approval

of

the

management

and

subadvisory

contracts

of

its

wholly-

owned

subsidiary),

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

had

sufficiently

low

expenses

that

these

expense

limitations

were

not

operative

during

their

fiscal

years

ending

in

2024. However,

in

the

case

of

your

fund,

the

second

expense

limitation

applied

during

its

fiscal

year

ending

in

2024. The

Advisor

and

PSERV

have

agreed

to

maintain

these

expense

limitations

until

at

least

December

30,

2026. In

addition,

the

Advisor

contractually

agreed

to

waive

fees

and/or

reimburse

expenses

of

your

fund

to

the

extent

that

the

total

annual

fund

operating

expenses

of

the

fund

(excluding

payments

under

the

fund's

distribution

plans,

investor

servicing

fees,

brokerage,

interest,

taxes,

investment-related

expenses,

extraordinary

expenses

and

acquired

fund

fees

and

expenses)

would

exceed

an

annual

rate

of

0.40%

of

its

average

net

assets

through

at

least

December

30,

2026. During

its

fiscal

year

ending

in

2024,

your

fund's

expenses

were

reduced

as

a

result

of

this

expense

limitation.

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

first

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

Putnam

Asset

Allocation

Funds

franklintempleton.com

Annual

Report

and

the

other

funds

in

the

custom

peer

group

and

the

applicable

contractual

management

fee

schedule)

and

also

in

the

first

quintile

in

total

expenses

(excluding

any

applicable

12b-1

fees)

as

of

December

31,

2024. The

first

quintile

represents

the

least

expensive

funds

and

the

fifth

quintile

the

most

expensive

funds.

The

fee

and

expense

data

reported

by

Broadridge

as

of

December

31,

2024

reflected

the

most

recent

fiscal

year-end

data

available

in

Broadridge's

database

at

that

time.

In

connection

with

their

review

of

fund

management

fees

and

total

expenses,

the

Trustees

also

reviewed

the

costs

of

the

services

provided

and

the

profits

realized

by

the

Advisor

and

its

affiliates

from

their

contractual

relationships

with

the

funds.

This

information

included

trends

in

revenues,

expenses

and

profitability

of

the

Advisor

and

its

affiliates

relating

to

the

investment

management,

investor

servicing

and

distribution

services

provided

to

the

funds,

as

applicable.

In

this

regard,

the

Trustees

also

reviewed

an

analysis

of

the

revenues,

expenses

and

profitability

of

the

Advisor

and

its

affiliates,

allocated

on

a

fund-by-fund

basis,

with

respect

to

(as

applicable)

the

funds'

management,

distribution

and

investor

servicing

contracts.

For

each

fund,

the

analysis

presented

information

about

revenues,

expenses

and

profitability

in

2024

for

each

of

the

applicable

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

Putnam

Asset

Allocation

Funds

franklintempleton.com

Annual

Report

Effective

Federal

Funds

rate

from

5.25%

at

year-end

2023

to

4.25%

at

year-end

2024,

with

three

cuts

in

the

latter

part

of

the

year,

while

also

trying

to

manage

inflation

concerns.

Ten-year

Treasury

yields

ended

2024

at

4.6%

up

from

3.9%

at

year-end

2023. Corporate

earnings

and

employment

figures

continued

to

generally

show

strength

during

the

year,

while

geopolitical

tensions

were

closely

watched.

For

the

one-year

period

ended

December

31,

2024,

the

Trustees

noted

that

the

funds,

on

an

asset-weighted

basis,

ranked

in

the

27th

percentile

of

their

peers

as

determined

by

Lipper

Inc.

("Lipper")

and,

on

an

asset-weighted

basis,

outperformed

their

benchmarks

by

3.0%

gross

of

fees

over

the

one-year

period.

The

Committee

also

noted

that

the

funds'

aggregate

performance

over

longer-term

periods

continued

to

be

strong,

with

the

funds,

on

an

asset-weighted

basis,

ranking

in

the

20th,

22nd

and

20th

percentiles

of

their

Lipper

peers

over

the

three-year,

five-year

and

ten-year

periods

ended

December

31,

2024,

respectively.

The

Trustees

further

noted

that

the

funds,

in

the

aggregate,

outperformed

their

benchmarks

on

a

gross

basis

for

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

three-year

period

ended

December

31,

2024,

your

fund's

performance

was

in

the

top

decile

of

its

Lipper

peer

group.

Over

the

one-year

period

and

the

period

since

inception

ended

December

31,

2024,

there

were

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

One-year

period

Three-year

period

Five-year

period

st

1st

1st

Putnam

Asset

Allocation

Funds

franklintempleton.com

Annual

Report

and

supplement

the

Advisor's

internal

research

efforts.

The

Trustees

indicated

their

continued

intent

to

monitor

regulatory

and

industry

developments

in

this

area

with

the

assistance

of

their

Contract

Committee.

In

addition,

with

the

assistance

of

their

Contract

Committee,

the

Trustees

indicated

their

continued

intent

to

monitor

the

allocation

of

the

funds'

brokerage

in

order

to

ensure

that

the

principle

of

seeking

best

price

and

execution

remains

paramount

in

the

portfolio

trading

process.

The

Advisor

may

also

receive

benefits

from

payments

that

funds

make

to

the

Advisor

for

distribution

services

and

investor

services.

In

conjunction

with

the

annual

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.

39362-AFSOI

10/25©

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.](pmaif-efp18119_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.](pmaif-efp18119_ex99cert.htm)

Exhibit 99.CERT

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[(b) Certifications pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 attached hereto.](pmaif-efp18119_ex99906cert.htm)

Exhibit 99.906CERT

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this Report to be signed on its behalf by the undersigned, there unto duly authorized.

**Putnam Asset Allocation Funds**

---

| | |
|:---|:---|
| By: | /s/ Jonathan S. Horwitz |
|  | Jonathan S. Horwitz |
|  | Principal Executive Officer |
| Date: | October 29, 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: | October 29, 2025 |

---

---

| | |
|:---|:---|
| By: | /s/ Jeffrey White |
|  | Jeffrey White |
|  | Principal Financial Officer |
| Date: | October 29, 2025 |

---

## Ex-99.Codeeth

**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: October 29, 2025 |
| /s/ Jonathan S. Horwitz |
| Jonathan S. Horwitz |
| Principal Executive Officer |

---

**<u>CERTIFICATIONS</u>**

I, Jeffrey White, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;1. I have reviewed this report on Form N-CSR of **Putnam Asset Allocation Funds**;

&nbsp;&nbsp;&nbsp;&nbsp;2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to
state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not
misleading with respect to the period covered by this report;

&nbsp;&nbsp;&nbsp;&nbsp;3. Based on my knowledge, the financial information included in this report, and the financial statements
on which the financial information is based, fairly present in all material respects the financial condition, results of operations, changes
in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of,
and for, the periods presented in this report;

&nbsp;&nbsp;&nbsp;&nbsp;4. The registrant's other certifying officers and I are responsible for establishing and maintaining
disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial
reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision,
to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others
within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under
our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements
for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions
about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report
based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the period
covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control
over financial reporting; and

&nbsp;&nbsp;&nbsp;&nbsp;5. The registrant's other certifying officers and I have disclosed to the registrant's auditors
and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are
reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information;
and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's
internal control over financial reporting.

---

| |
|:---|
| Date: October 29, 2025 |
| /s/ Jeffrey White |
| Jeffrey White |
| Principal Financial Officer |

---

## Exhibit 99.906

CERTIFICATIONS PURSUANT TO SECTION 906

EX-99.906CERT

**CERTIFICATION**

**Jonathan S. Horwitz,** Principal Executive Officer, and **Jeffrey White,** Principal Financial Officer of **Putnam Asset Allocation Funds** (the "Registrant"), each certify to the best of their knowledge that:

&nbsp;&nbsp;&nbsp;&nbsp;1. The Registrant's periodic report on Form N-CSR for the period ended **August 31, 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: October 29, 2025 | Date: October 29, 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.