# EDGAR Filing Document

**Accession Number:** 0000914209
**File Stem:** 0001133228-26-008631
**Filing Date:** 2026-6
**Character Count:** 467925
**Document Hash:** 6852083e80769eb4287a02b1ae66e167
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001133228-26-008631.hdr.sgml**: 20260601

**ACCESSION NUMBER**: 0001133228-26-008631

**CONFORMED SUBMISSION TYPE**: N-CSRS

**PUBLIC DOCUMENT COUNT**: 32

**CONFORMED PERIOD OF REPORT**: 20260331

**FILED AS OF DATE**: 20260601

**DATE AS OF CHANGE**: 20260601

**EFFECTIVENESS DATE**: 20260601

**FILER**: 

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

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

**FILING VALUES:**
- **FORM TYPE:** N-CSRS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-07121
- **FILM NUMBER:** 261050109

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

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

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

## Series and Classes Contracts Data

### Putnam Dynamic Asset Allocation Conservative Fund (Series ID: S000000779)

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

?xml version='1.0' encoding='ASCII'? 2026-04-2074300184800_PutnamDynamicAssetAllocationConservativeFund_ClassA_TSRSemiAnnual

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

**FORM N-CSR**

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

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

**Putnam Asset Allocation Funds**

(Exact name of registrant as specified in charter)

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

(Address of principal executive offices) (Zip code)

Stephen Tate, Vice President

100 Federal Street

Boston, Massachusetts 02110

Copy to:

Bryan Chegwidden, Esq.

Ropes & Gray LLP

1211 Avenue of the Americas

New York, New York 10036

James E. Thomas, Esq.

Ropes & Gray LLP

800 Boylston Street

Boston, Massachusetts 02199

(Name and address of agent for service)

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

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

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

ITEM 1. REPORT TO STOCKHOLDERS.

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

---

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

---

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

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

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of a** **$10,000 investment**<sup>\*</sup><sup>,</sup><sup>†</sup>  |
| Class A | $46 | 0.92% |

---

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

† Annualized.

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

---

| | |
|:---|:---|
| **Total Net Assets** | $801334304 |
| **Total Number of Portfolio Holdings (excludes derivatives, except purchased options, if any)** | 2146 |
| **Portfolio Turnover Rate** | 95% |

---

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

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

![image](ts7131img003.jpg)

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

† Certain
 categories may represent less than 0.1%.

---

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

---

Putnam Dynamic Asset Allocation Conservative Fund PAGE 1 38957-STSA-0526

48.015.412.22.21.61.51.21.10.80.10.10.10.00.00.00.015.7 ------

---

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

---

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

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

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of a** **$10,000 investment**<sup>\*</sup><sup>,</sup><sup>†</sup>  |
| Class C | $83 | 1.67% |

---

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

† Annualized.

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

---

| | |
|:---|:---|
| **Total Net Assets** | $801334304 |
| **Total Number of Portfolio Holdings (excludes derivatives, except purchased options, if any)** | 2146 |
| **Portfolio Turnover Rate** | 95% |

---

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

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

![image](ts7132img003.jpg)

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

† Certain
 categories may represent less than 0.1%.

---

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

---

Putnam Dynamic Asset Allocation Conservative Fund PAGE 1 38957-STSC-0526

48.015.412.22.21.61.51.21.10.80.10.10.10.00.00.00.015.7 ------

---

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

---

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

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

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

---

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

---

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

† Annualized.

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

---

| | |
|:---|:---|
| **Total Net Assets** | $801334304 |
| **Total Number of Portfolio Holdings (excludes derivatives, except purchased options, if any)** | 2146 |
| **Portfolio Turnover Rate** | 95% |

---

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

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

![image](ts7141img003.jpg)

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

† Certain
 categories may represent less than 0.1%.

---

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

---

Putnam Dynamic Asset Allocation Conservative Fund PAGE 1 38957-STSP-0526

------

---

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

---

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

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

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of a** **$10,000 investment**<sup>\*</sup><sup>,</sup><sup>†</sup>  |
| Class R | $59 | 1.17% |

---

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

† Annualized.

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

---

| | |
|:---|:---|
| **Total Net Assets** | $801334304 |
| **Total Number of Portfolio Holdings (excludes derivatives, except purchased options, if any)** | 2146 |
| **Portfolio Turnover Rate** | 95% |

---

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

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

![image](ts7134img003.jpg)

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

† Certain
 categories may represent less than 0.1%.

---

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

---

Putnam Dynamic Asset Allocation Conservative Fund PAGE 1 38957-STSR-0526

48.015.412.22.21.61.51.21.10.80.10.10.10.00.00.00.015.7 ------

---

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

---

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

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

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of a** **$10,000 investment**<sup>\*</sup><sup>,</sup><sup>†</sup>  |
| Class R5 | $35 | 0.69% |

---

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

† Annualized.

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

---

| | |
|:---|:---|
| **Total Net Assets** | $801334304 |
| **Total Number of Portfolio Holdings (excludes derivatives, except purchased options, if any)** | 2146 |
| **Portfolio Turnover Rate** | 95% |

---

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

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

![image](ts7136img003.jpg)

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

† Certain
 categories may represent less than 0.1%.

---

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

---

Putnam Dynamic Asset Allocation Conservative Fund PAGE 1 38957-STSR5-0526

48.015.412.22.21.61.51.21.10.80.10.10.10.00.00.00.015.7 ------

---

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

---

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

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

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of a** **$10,000 investment**<sup>\*</sup><sup>,</sup><sup>†</sup>  |
| Class R6 | $31 | 0.62% |

---

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

† Annualized.

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

---

| | |
|:---|:---|
| **Total Net Assets** | $801334304 |
| **Total Number of Portfolio Holdings (excludes derivatives, except purchased options, if any)** | 2146 |
| **Portfolio Turnover Rate** | 95% |

---

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

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

![image](ts7138img003.jpg)

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

† Certain
 categories may represent less than 0.1%.

---

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

---

Putnam Dynamic Asset Allocation Conservative Fund PAGE 1 38957-STSR6-0526

48.015.412.22.21.61.51.21.10.80.10.10.10.00.00.00.015.7 ------

---

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

---

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

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

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of a** **$10,000 investment**<sup>\*</sup><sup>,</sup><sup>†</sup>  |
| Class Y | $34 | 0.67% |

---

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

† Annualized.

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

---

| | |
|:---|:---|
| **Total Net Assets** | $801334304 |
| **Total Number of Portfolio Holdings (excludes derivatives, except purchased options, if any)** | 2146 |
| **Portfolio Turnover Rate** | 95% |

---

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

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

![image](ts7139img003.jpg)

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

† Certain
 categories may represent less than 0.1%.

---

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

---

Putnam Dynamic Asset Allocation Conservative Fund PAGE 1 38957-STSY-0526

48.015.412.22.21.61.51.21.10.80.10.10.10.00.00.00.015.7 ------

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

ITEM 2. CODE OF ETHICS.

Not applicable.

ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.

Not applicable.

ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.

Not applicable.

ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS.

Not applicable.

ITEM 6. SCHEDULE OF INVESTMENTS.

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

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

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

#### Putnam

#### Dynamic

#### Asset

#### Allocation

#### Conservative

#### Fund

#### Financial

#### Statements

#### and

#### Other

#### Important

#### Information

#### Semi-Annual
\|

March

31, 2026

#### If

#### you

#### need

#### assistance

#### accessing

#### this

#### content,

#### please

#### reach

#### out

#### to

#### your

#### sales

#### representative

#### or

#### send

#### an

#### email

#### to

#### accessibility@franklintempleton.com

#### .

#### Table

#### of

#### Contents
franklintempleton.com

Financial

Statements

and

Other

Important

Information—Semiannual

Consolidated

Financial

Highlights

and

Consolidated

Schedule

of

Investments

#### 2
Consolidated

Financial

Statements

#### 78
Notes

to

Consolidated

Financial

Statements

#### 83
Changes

In

and

Disagreements

with

Accountants

#### 101
Results

of

Meeting(s)

of

Shareholders

Remuneration

Paid

to

Directors,

Officers

and

Others

Board

Approval

of

Management

and

Subadvisory

Agreements

Putnam

Asset

Allocation

Funds

Consolidated

Financial

Highlights

#### Putnam

#### Dynamic

#### Asset

#### Allocation

#### Conservative

#### Fund
franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

consolidated

financial

statements.

a

#### Six

#### Months

#### Ended

#### March

#### 31,

#### 2026
(unaudited)

#### Year

#### Ended

#### September

#### 30,

#### 2025\*

#### 2024

#### 2023

#### 2022

#### 2021

#### Class

#### A

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

.....

$11.34

$11.11

$9.44

$9.49

$11.83

$11.22

Income

from

investment

operations

a

:

Net

investment

income

b

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

0.10 0.23 0.23 0.21 0.16 0.14 Net

realized

and

unrealized

gains

(losses)

0.02 0.55 1.70 0.35 (1.99)

0.87 Total

from

investment

operations

........

0.12 0.78 1.93 0.56 (1.83)

1.01 Less

distributions

from:

Net

investment

income

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

(0.22)

(0.36)

(0.26)

(0.19)

(0.16)

(0.16)

Net

realized

gains

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

(0.13)

(0.19)

—

(0.42)

(0.35)

(0.24)

Total

distributions

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

(0.35)

(0.55)

(0.26)

(0.61)

(0.51)

(0.40)

Net

asset

value,

end

of

period

..........

$11.11

$11.34

$11.11

$9.44

$9.49

$11.83

Total

return

c

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

1.00%

7.46%

20.64%

5.97%

(16.17)%

9.14%

#### Ratios

#### to

#### average

#### net

#### assets

#### d
Expenses

e

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

0.92%

f

0.96%

f

1.00%

1.03%

0.98%

0.97%

Net

investment

income

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

1.77%

2.10%

2.27%

2.18%

1.51%

1.21%

#### Supplemental

#### data
Net

assets,

end

of

period

(000's)

........

$351,701

$353,722

$368,551

$324,689

$354,957

$461,749

Portfolio

turnover

rate

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

95%

243%

372%

456%

361%

380%

\*

Includes

the

consolidated

operations

of

Franklin

Dynamic

Asset

Allocation

Conservative

Ltd.

from

July

7,

2025

through

September

30,

2025. See

Note

1(h).

a

The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Consolidated

Statement

of

Operations

for

the

period

due

to

the

timing

of

sales

and

repurchases

of

the

Fund's

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

b

Based

on

average

daily

shares

outstanding.

c

Total

return

does

not

reflect

sales

commissions

or

contingent

deferred

sales

charges,

if

applicable,

and

is

not

annualized

for

periods

less

than

one

year.

d

Ratios

are

annualized

for

periods

less

than

one

year.

e

Benefit

of

expense

reduction

rounds

to

less

than

0.01%.

f

Benefit

of

waiver

and

payments

by

affiliates

rounds

to

less

than

0.01%.

Putnam

Asset

Allocation

Funds

Consolidated

Financial

Highlights

#### Putnam

#### Dynamic

#### Asset

#### Allocation

#### Conservative

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

consolidated

financial

statements.

Semiannual

Report

a

#### Six

#### Months

#### Ended

#### March

#### 31,

#### 2026
(unaudited)

#### Year

#### Ended

#### September

#### 30,

#### 2025\*

#### 2024

#### 2023

#### 2022

#### 2021

#### Class

#### C

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

.....

$11.13

$10.92

$9.29

$9.34

$11.66

$11.06

Income

from

investment

operations

a

:

Net

investment

income

b

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

0.06 0.14 0.15 0.14 0.08 0.05 Net

realized

and

unrealized

gains

(losses)

—

c

0.56 1.66 0.35 (1.97)

0.86 Total

from

investment

operations

........

0.06 0.70 1.81 0.49 (1.89)

0.91 Less

distributions

from:

Net

investment

income

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

(0.17)

(0.30)

(0.18)

(0.12)

(0.08)

(0.07)

Net

realized

gains

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

(0.13)

(0.19)

—

(0.42)

(0.35)

(0.24)

Total

distributions

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

(0.30)

(0.49)

(0.18)

(0.54)

(0.43)

(0.31)

Net

asset

value,

end

of

period

..........

$10.89

$11.13

$10.92

$9.29

$9.34

$11.66

Total

return

d

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

0.53%

6.76%

19.63%

5.27%

(16.88)%

8.36%

#### Ratios

#### to

#### average

#### net

#### assets

#### e
Expenses

f

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

1.67%

g

1.71%

g

1.75%

1.78%

1.73%

1.72%

Net

investment

income

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

1.02%

1.35%

1.50%

1.43%

0.76%

0.47%

#### Supplemental

#### data
Net

assets,

end

of

period

(000's)

........

$30,945

$32,979

$41,800

$51,143

$67,579

$99,034

Portfolio

turnover

rate

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

95%

243%

372%

456%

361%

380%

\*

Includes

the

consolidated

operations

of

Franklin

Dynamic

Asset

Allocation

Conservative

Ltd.

from

July

7,

2025

through

September

30,

2025. See

Note

1(h).

a

The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Consolidated

Statement

of

Operations

for

the

period

due

to

the

timing

of

sales

and

repurchases

of

the

Fund's

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

b

Based

on

average

daily

shares

outstanding.

c

Amount

rounds

to

less

than

$0.01

per

share.

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%.

g

Benefit

of

waiver

and

payments

by

affiliates

rounds

to

less

than

0.01%.

Putnam

Asset

Allocation

Funds

Consolidated

Financial

Highlights

#### Putnam

#### Dynamic

#### Asset

#### Allocation

#### Conservative

#### Fund
(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

consolidated

financial

statements.

a

#### Six

#### Months

#### Ended

#### March

#### 31,

#### 2026
(unaudited)

#### Year

#### Ended

#### September

#### 30,

#### 2025\*

#### 2024

#### 2023

#### 2022

#### 2021

#### Class

#### P

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

.....

$11.41

$11.16

$9.49

$9.52

$11.88

$11.26

Income

from

investment

operations

a

:

Net

investment

income

b

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

0.14 0.27 0.28 0.22 0.21 0.19 Net

realized

and

unrealized

gains

(losses)

(0.01)

0.56 1.68 0.40 (2.02)

0.87 Total

from

investment

operations

........

0.13 0.83 1.96 0.62 (1.81)

1.06 Less

distributions

from:

Net

investment

income

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

(0.24)

(0.39)

(0.29)

(0.23)

(0.20)

(0.20)

Net

realized

gains

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

(0.13)

(0.19)

—

(0.42)

(0.35)

(0.24)

Total

distributions

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

(0.37)

(0.58)

(0.29)

(0.65)

(0.55)

(0.44)

Net

asset

value,

end

of

period

..........

$11.17

$11.41

$11.16

$9.49

$9.52

$11.88

Total

return

c

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

1.08%

7.90%

20.98%

6.55%

(15.95)%

9.61%

#### Ratios

#### to

#### average

#### net

#### assets

#### d
Expenses

before

waiver

and

payments

by

affiliates

and

expense

reduction

........

0.56%

0.60%

0.63%

0.64%

0.60%

0.59%

Expenses

net

of

waiver

and

payments

by

affiliates

and

expense

reduction

e

........

0.55%

0.60%

f

0.63%

0.64%

0.60%

0.59%

Net

investment

income

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

2.45%

2.46%

2.68%

2.31%

1.92%

1.60%

#### Supplemental

#### data
Net

assets,

end

of

period

(000's)

........

$229,095

$23,903

$16,755

$8,748

$169,945

$180,544

Portfolio

turnover

rate

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

95%

243%

372%

456%

361%

380%

\*

Includes

the

consolidated

operations

of

Franklin

Dynamic

Asset

Allocation

Conservative

Ltd.

from

July

7,

2025

through

September

30,

2025. See

Note

1(h).

a

The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Consolidated

Statement

of

Operations

for

the

period

due

to

the

timing

of

sales

and

repurchases

of

the

Fund's

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

b

Based

on

average

daily

shares

outstanding.

c

Total

return

is

not

annualized

for

periods

less

than

one

year.

d

Ratios

are

annualized

for

periods

less

than

one

year.

e

Benefit

of

expense

reduction

rounds

to

less

than

0.01%.

f

Benefit

of

waiver

and

payments

by

affiliates

rounds

to

less

than

0.01%.

Putnam

Asset

Allocation

Funds

Consolidated

Financial

Highlights

#### Putnam

#### Dynamic

#### Asset

#### Allocation

#### Conservative

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

consolidated

financial

statements.

Semiannual

Report

a

#### Six

#### Months

#### Ended

#### March

#### 31,

#### 2026
(unaudited)

#### Year

#### Ended

#### September

#### 30,

#### 2025\*

#### 2024

#### 2023

#### 2022

#### 2021

#### Class

#### R

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

.....

$11.78

$11.52

$9.79

$9.81

$12.21

$11.57

Income

from

investment

operations

a

:

Net

investment

income

b

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

0.09 0.21 0.21 0.19 0.14 0.12 Net

realized

and

unrealized

gains

(losses)

0.02 0.58 1.75 0.38 (2.06)

0.89 Total

from

investment

operations

........

0.11 0.79 1.96 0.57 (1.92)

1.01 Less

distributions

from:

Net

investment

income

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

(0.20)

(0.34)

(0.23)

(0.17)

(0.13)

(0.13)

Net

realized

gains

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

(0.13)

(0.19)

—

(0.42)

(0.35)

(0.24)

Total

distributions

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

(0.33)

(0.53)

(0.23)

(0.59)

(0.48)

(0.37)

Net

asset

value,

end

of

period

..........

$11.56

$11.78

$11.52

$9.79

$9.81

$12.21

Total

return

c

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

0.91%

7.21%

20.20%

5.80%

(16.39)%

8.82%

#### Ratios

#### to

#### average

#### net

#### assets

#### d
Expenses

e

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

1.17%

f

1.21%

f

1.25%

1.28%

1.23%

1.22%

Net

investment

income

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

1.53%

1.85%

2.01%

1.93%

1.23%

0.97%

#### Supplemental

#### data
Net

assets,

end

of

period

(000's)

........

$5,035

$4,866

$4,208

$4,172

$5,032

$8,115

Portfolio

turnover

rate

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

95%

243%

372%

456%

361%

380%

\*

Includes

the

consolidated

operations

of

Franklin

Dynamic

Asset

Allocation

Conservative

Ltd.

from

July

7,

2025

through

September

30,

2025. See

Note

1(h).

a

The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Consolidated

Statement

of

Operations

for

the

period

due

to

the

timing

of

sales

and

repurchases

of

the

Fund's

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

b

Based

on

average

daily

shares

outstanding.

c

Total

return

is

not

annualized

for

periods

less

than

one

year.

d

Ratios

are

annualized

for

periods

less

than

one

year.

e

Benefit

of

expense

reduction

rounds

to

less

than

0.01%.

f

Benefit

of

waiver

and

payments

by

affiliates

rounds

to

less

than

0.01%.

Putnam

Asset

Allocation

Funds

Consolidated

Financial

Highlights

#### Putnam

#### Dynamic

#### Asset

#### Allocation

#### Conservative

#### Fund
(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

consolidated

financial

statements.

a

#### Six

#### Months

#### Ended

#### March

#### 31,

#### 2026
(unaudited)

#### Year

#### Ended

#### September

#### 30,

#### 2025\*

#### 2024

#### 2023

#### 2022

#### 2021

#### Class

#### R5

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

.....

$11.44

$11.18

$9.50

$9.53

$11.88

$11.26

Income

from

investment

operations

a

:

Net

investment

income

b

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

0.12 0.26 0.26 0.22 0.20 0.17 Net

realized

and

unrealized

gains

(losses)

—

c

0.57 1.70 0.38 (2.01)

0.88 Total

from

investment

operations

........

0.12 0.83 1.96 0.60 (1.81)

1.05 Less

distributions

from:

Net

investment

income

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

(0.23)

(0.38)

(0.28)

(0.21)

(0.19)

(0.19)

Net

realized

gains

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

(0.13)

(0.19)

—

(0.42)

(0.35)

(0.24)

Total

distributions

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

(0.36)

(0.57)

(0.28)

(0.63)

(0.54)

(0.43)

Net

asset

value,

end

of

period

..........

$11.20

$11.44

$11.18

$9.50

$9.53

$11.88

Total

return

d

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

1.02%

7.87%

20.92%

6.32%

(15.97)%

9.49%

#### Ratios

#### to

#### average

#### net

#### assets

#### e
Expenses

f

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

0.69%

g

0.70%

g

0.74%

0.75%

0.71%

0.70%

Net

investment

income

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

2.10%

2.29%

2.49%

2.26%

1.80%

1.49%

#### Supplemental

#### data
Net

assets,

end

of

period

(000's)

........

$151

$2

$5

$15

$3,726

$4,959

Portfolio

turnover

rate

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

95%

243%

372%

456%

361%

380%

#### \*
Includes

the

consolidated

operations

of

Franklin

Dynamic

Asset

Allocation

Conservative

Ltd.

from

July

7,

2025

through

September

30,

2025. See

Note

1(h).

#### a
The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Consolidated

Statement

of

Operations

for

the

period

due

to

the

timing

of

sales

and

repurchases

of

the

Fund's

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

#### b
Based

on

average

daily

shares

outstanding.

#### c
Amount

rounds

to

less

than

$0.01

per

share.

#### 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%.

#### g
Benefit

of

waiver

and

payments

by

affiliates

rounds

to

less

than

0.01%.

Putnam

Asset

Allocation

Funds

Consolidated

Financial

Highlights

#### Putnam

#### Dynamic

#### Asset

#### Allocation

#### Conservative

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

consolidated

financial

statements.

Semiannual

Report

a

#### Six

#### Months

#### Ended

#### March

#### 31,

#### 2026
(unaudited)

#### Year

#### Ended

#### September

#### 30,

#### 2025\*

#### 2024

#### 2023

#### 2022

#### 2021

#### Class

#### R6

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

.....

$11.41

$11.17

$9.50

$9.54

$11.89

$11.27

Income

from

investment

operations

a

:

Net

investment

income

b

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

0.12 0.26 0.27 0.25 0.20 0.18 Net

realized

and

unrealized

gains

(losses)

0.02 0.56 1.69 0.36 (2.01)

0.88 Total

from

investment

operations

........

0.14 0.82 1.96 0.61 (1.81)

1.06 Less

distributions

from:

Net

investment

income

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

(0.24)

(0.39)

(0.29)

(0.23)

(0.19)

(0.20)

Net

realized

gains

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

(0.13)

(0.19)

—

(0.42)

(0.35)

(0.24)

Total

distributions

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

(0.37)

(0.58)

(0.29)

(0.65)

(0.54)

(0.44)

Net

asset

value,

end

of

period

..........

$11.18

$11.41

$11.17

$9.50

$9.54

$11.89

Total

return

c

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

1.15%

7.78%

20.93%

6.43%

(15.89)%

9.54%

#### Ratios

#### to

#### average

#### net

#### assets

#### d
Expenses

e

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

0.62%

f

0.64%

f

0.67%

0.68%

0.64%

0.63%

Net

investment

income

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

2.08%

2.42%

2.60%

2.53%

1.85%

1.57%

#### Supplemental

#### data
Net

assets,

end

of

period

(000's)

........

$61,533

$63,906

$67,809

$62,971

$77,067

$112,853

Portfolio

turnover

rate

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

95%

243%

372%

456%

361%

380%

#### \*
Includes

the

consolidated

operations

of

Franklin

Dynamic

Asset

Allocation

Conservative

Ltd.

from

July

7,

2025

through

September

30,

2025. See

Note

1(h).

#### a
The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Consolidated

Statement

of

Operations

for

the

period

due

to

the

timing

of

sales

and

repurchases

of

the

Fund's

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

#### b
Based

on

average

daily

shares

outstanding.

#### c
Total

return

is

not

annualized

for

periods

less

than

one

year.

#### d
Ratios

are

annualized

for

periods

less

than

one

year.

#### e
Benefit

of

expense

reduction

rounds

to

less

than

0.01%.

#### f
Benefit

of

waiver

and

payments

by

affiliates

rounds

to

less

than

0.01%.

Putnam

Asset

Allocation

Funds

Consolidated

Financial

Highlights

#### Putnam

#### Dynamic

#### Asset

#### Allocation

#### Conservative

#### Fund
(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

consolidated

financial

statements.

a

#### Six

#### Months

#### Ended

#### March

#### 31,

#### 2026
(unaudited)

#### Year

#### Ended

#### September

#### 30,

#### 2025\*

#### 2024

#### 2023

#### 2022

#### 2021

#### Class

#### Y

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

.....

$11.42

$11.17

$9.50

$9.54

$11.89

$11.27

Income

from

investment

operations

a

:

Net

investment

income

b

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

0.12 0.26 0.26 0.24 0.19 0.17 Net

realized

and

unrealized

gains

(losses)

—

c

0.56 1.69 0.36 (2.01)

0.88 Total

from

investment

operations

........

0.12 0.82 1.95 0.60 (1.82)

1.05 Less

distributions

from:

Net

investment

income

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

(0.23)

(0.38)

(0.28)

(0.22)

(0.18)

(0.19)

Net

realized

gains

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

(0.13)

(0.19)

—

(0.42)

(0.35)

(0.24)

Total

distributions

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

(0.36)

(0.57)

(0.28)

(0.64)

(0.53)

(0.43)

Net

asset

value,

end

of

period

..........

$11.18

$11.42

$11.17

$9.50

$9.54

$11.89

Total

return

d

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

1.03%

7.79%

20.80%

6.31%

(15.98)%

9.45%

#### Ratios

#### to

#### average

#### net

#### assets

#### e
Expenses

f

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

0.67%

g

0.71%

g

0.75%

0.78%

0.73%

0.72%

Net

investment

income

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

2.04%

2.35%

2.52%

2.43%

1.75%

1.46%

#### Supplemental

#### data
Net

assets,

end

of

period

(000's)

........

$122,875

$104,958

$85,693

$72,630

$132,583

$219,011

Portfolio

turnover

rate

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

95%

243%

372%

456%

361%

380%

#### \*
Includes

the

consolidated

operations

of

Franklin

Dynamic

Asset

Allocation

Conservative

Ltd.

from

July

7,

2025

through

September

30,

2025. See

Note

1(h).

#### a
The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Consolidated

Statement

of

Operations

for

the

period

due

to

the

timing

of

sales

and

repurchases

of

the

Fund's

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

#### b
Based

on

average

daily

shares

outstanding.

#### c
Amount

rounds

to

less

than

$0.01

per

share.

#### 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%.

#### g
Benefit

of

waiver

and

payments

by

affiliates

rounds

to

less

than

0.01%.

Putnam

Asset

Allocation

Funds

Consolidated

Schedule

of

Investments

(unaudited),

March

31,

2026

#### Putnam

#### Dynamic

#### Asset

#### Allocation

#### Conservative

#### Fund
franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

consolidated

financial

statements.

Semiannual

Report

a

a

#### Country

#### Shares
a

#### Value
a

a

#### a
a

#### Common

#### Stocks

#### 53.0%

#### Aerospace

#### &

#### Defense

#### 1.5%
a

AeroVironment,

Inc.

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

United

States

$

5,125

Airbus

SE

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

France

6,263

1,184,164

a

Astronics

Corp.

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

United

States

939

62,659

a

Boeing

Co.

(The)

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

United

States

853

169,773

Curtiss-Wright

Corp.

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

United

States

196,844

a

Firefly

Aerospace,

Inc.

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

United

States

1,839

52,356

General

Dynamics

Corp.

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

United

States

1,788

613,677

General

Electric

Co.

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

United

States

7,586

2,152,679

a

Kratos

Defense

&

Security

Solutions,

Inc.

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

United

States

13,749

Leonardo

DRS,

Inc.

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

United

States

4,229

188,275

Leonardo

SpA

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

Italy

1,038

70,604

Lockheed

Martin

Corp.

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

United

States

4,310

2,604,921

Melrose

Industries

plc

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

United

Kingdom

28,728

194,667

Moog,

Inc.,

A

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

United

States

20,485

Northrop

Grumman

Corp.

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

United

States

2,037

1,389,723

RTX

Corp.

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

United

States

7,474

1,441,735

Safran

SA

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

France

2,089

683,582

Thales

SA

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

France

1,376

403,505

TransDigm

Group,

Inc.

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

United

States

478,650

a

V2X,

Inc.

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

United

States

33,976

11,961,149

#### Air

#### Freight

#### &

#### Logistics

#### 0.2%
Expeditors

International

of

Washington,

Inc.

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

United

States

1,374

196,798

FedEx

Corp.

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

United

States

4,650

1,656,237

Hub

Group,

Inc.,

A

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

United

States

999

36,004

United

Parcel

Service,

Inc.,

B

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

United

States

1,982

194,989

2,084,028

#### Automobile

#### Components

#### 0.0%

#### †
a

Adient

plc

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

United

States

1,517

30,659

Aisin

Corp.

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

Japan

19,900

280,353

BorgWarner,

Inc.

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

United

States

3,803

206,351

Dana,

Inc.

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

United

States

3,021

101,657

a

Gentherm,

Inc.

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

United

States

532

14,779

Sumitomo

Electric

Industries

Ltd.

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

Japan

1,700

96,594

Visteon

Corp.

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

United

States

866

78,901

809,294

#### Automobiles

#### 1.1%
Ford

Motor

Co.

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

United

States

16,209

187,052

General

Motors

Co.

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

United

States

25,721

1,916,215

Subaru

Corp.

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

Japan

5,900

95,057

a

Tesla,

Inc.

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

United

States

16,243

6,038,335

Toyota

Motor

Corp.

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

Japan

5,300

110,173

8,346,832

#### Banks

#### 3.1%
AIB

Group

plc

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

Ireland

37,559

400,947

Amalgamated

Financial

Corp.

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

United

States

996

38,715

Ameris

Bancorp

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

United

States

16,144

Associated

Banc-Corp.

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

United

States

599

15,490

a

Axos

Financial,

Inc.

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

United

States

1,019

86,707

Banco

Bilbao

Vizcaya

Argentaria

SA

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

Spain

20,626

445,513

Banco

de

Sabadell

SA

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

Spain

28,590

102,418

Banco

Santander

SA

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

Spain

79,282

888,808

Bank

Hapoalim

BM

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

Israel

16,754

393,468

Bank

Leumi

Le-Israel

BM

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

Israel

24,064

538,140

Putnam

Asset

Allocation

Funds

Consolidated

Schedule

of

Investments

(unaudited)

#### Putnam

#### Dynamic

#### Asset

#### Allocation

#### Conservative

#### Fund
(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

consolidated

financial

statements.

a

a

#### Country

#### Shares
a

#### Value
a

a

#### a
a

#### Common

#### Stocks
(continued)

#### Banks
(continued)

Bank

of

America

Corp.

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

United

States

43,822

$

2,136,322

Bank

of

Hawaii

Corp.

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

United

States

578

42,917

Bank

of

NT

Butterfield

&

Son

Ltd.

(The)

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

United

States

931

48,859

Banner

Corp.

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

United

States

14,867

Barclays

plc

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

United

Kingdom

112,593

589,254

BNP

Paribas

SA

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

France

7,032

669,894

BOC

Hong

Kong

Holdings

Ltd.

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

China

13,000

71,721

CaixaBank

SA

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

Spain

4,741

56,834

Cathay

General

Bancorp

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

United

States

1,680

83,765

Central

Pacific

Financial

Corp.

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

United

States

901

28,796

Citigroup,

Inc.

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

United

States

52,662

5,972,397

Citizens

Financial

Group,

Inc.

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

United

States

3,211

192,564

Credit

Agricole

SA

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

France

6,073

113,348

a

Customers

Bancorp,

Inc.

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

United

States

1,165

80,863

Danske

Bank

A/S

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

Denmark

6,901

340,099

Enterprise

Financial

Services

Corp.

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

United

States

787

42,585

Erste

Group

Bank

AG

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

Austria

6,892

744,510

Financial

Institutions,

Inc.

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

United

States

513

16,267

First

Bancorp

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

United

States

3,934

84,030

First

Financial

Corp.

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

United

States

16,116

First

Horizon

Corp.

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

United

States

9,004

204,931

First

Merchants

Corp.

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

United

States

7,165

Flushing

Financial

Corp.

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

United

States

1,703

26,158

Hancock

Whitney

Corp.

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

United

States

1,093

69,504

Hanmi

Financial

Corp.

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

United

States

964

25,411

Heritage

Commerce

Corp.

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

United

States

1,413

17,634

Hilltop

Holdings,

Inc.

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

United

States

1,709

61,216

Hope

Bancorp,

Inc.

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

United

States

2,046

22,854

HSBC

Holdings

plc

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

United

Kingdom

68,942

1,132,207

Independent

Bank

Corp.

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

United

States

601

20,013

Intesa

Sanpaolo

SpA

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

Italy

50,959

308,194

JPMorgan

Chase

&

Co.

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

United

States

3,672

1,080,156

Lloyds

Banking

Group

plc

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

United

Kingdom

507,230

628,679

Mercantile

Bank

Corp.

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

United

States

15,504

Metropolitan

Bank

Holding

Corp.

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

United

States

17,824

Mitsubishi

UFJ

Financial

Group,

Inc.

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

Japan

63,400

1,073,611

National

Bank

Holdings

Corp.,

A

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

United

States

1,469

57,526

National

Bank

of

Greece

SA

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

Greece

32,097

495,831

NatWest

Group

plc

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

United

Kingdom

73,818

546,840

Northrim

BanCorp,

Inc.

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

United

States

679

15,536

Northwest

Bancshares,

Inc.

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

United

States

1,216

15,431

a

NU

Holdings

Ltd.,

A

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

Brazil

6,754

97,055

OFG

Bancorp

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

United

States

1,086

43,940

Origin

Bancorp,

Inc.

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

United

States

17,247

PNC

Financial

Services

Group,

Inc.

(The)

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

United

States

6,021

1,252,910

Popular,

Inc.

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

United

States

1,506

202,060

Preferred

Bank

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

United

States

17,322

Shore

Bancshares,

Inc.

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

United

States

856

15,990

Simmons

First

National

Corp.,

A

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

United

States

1,896

36,877

SmartFinancial,

Inc.

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

United

States

8,324

Southern

Missouri

Bancorp,

Inc.

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

United

States

16,944

Sumitomo

Mitsui

Financial

Group,

Inc.

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

Japan

18,100

595,134

a

Third

Coast

Bancshares,

Inc.

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

United

States

13,808

Towne

Bank

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

United

States

14,343

Trustmark

Corp.

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

United

States

1,443

60,808

UniCredit

SpA

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

Italy

7,744

555,584

United

Community

Banks,

Inc.

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

United

States

513

16,154

Univest

Financial

Corp.

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

United

States

587

20,111

Putnam

Asset

Allocation

Funds

Consolidated

Schedule

of

Investments

(unaudited)

#### Putnam

#### Dynamic

#### Asset

#### Allocation

#### Conservative

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

consolidated

financial

statements.

Semiannual

Report

a

a

#### Country

#### Shares
a

#### Value
a

a

#### a
a

#### Common

#### Stocks
(continued)

#### Banks
(continued)

US

Bancorp

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

United

States

4,042

$

210,224

Valley

National

Bancorp

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

United

States

1,383

16,983

WaFd,

Inc.

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

United

States

15,103

Wells

Fargo

&

Co.

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

United

States

2,798

222,749

Westamerica

BanCorp

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

United

States

17,887

WSFS

Financial

Corp.

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

United

States

17,609

Zions

Bancorp

NA

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

United

States

3,534

203,629

23,803,378

#### Beverages

#### 0.8%
a

Boston

Beer

Co.,

Inc.

(The),

A

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

United

States

849

195,610

Carlsberg

A/S,

B

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

Denmark

4,698

583,653

Coca-Cola

Co.

(The)

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

United

States

26,224

1,994,335

Coca-Cola

Consolidated,

Inc.

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

United

States

964

184,837

Coca-Cola

Europacific

Partners

plc

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

United

Kingdom

3,081

279,354

Coca-Cola

HBC

AG

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

Italy

5,371

302,544

a

Monster

Beverage

Corp.

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

United

States

14,420

1,044,873

PepsiCo,

Inc.

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

United

States

6,917

1,074,141

5,659,347

#### Biotechnology

#### 1.2%
AbbVie,

Inc.

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

United

States

9,713

2,112,480

a

ACADIA

Pharmaceuticals,

Inc.

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

United

States

3,430

76,352

a

ADMA

Biologics,

Inc.

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

United

States

922

8,307

a

Alkermes

plc

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

United

States

2,996

105,939

a

Alnylam

Pharmaceuticals,

Inc.

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

United

States

614

203,154

Amgen,

Inc.

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

United

States

533

187,536

a

Amicus

Therapeutics,

Inc.

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

United

States

1,139

16,470

a

AnaptysBio,

Inc.

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

United

States

1,315

72,930

a

Arrowhead

Pharmaceuticals,

Inc.

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

United

States

2,002

125,525

a

Atrium

Therapeutics,

Inc.

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

United

States

a

BioCryst

Pharmaceuticals,

Inc.

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

United

States

10,030

95,486

a

Capricor

Therapeutics,

Inc.

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

United

States

670

20,368

a

Corvus

Pharmaceuticals,

Inc.

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

United

States

917

13,416

a

Enanta

Pharmaceuticals,

Inc.

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

United

States

1,319

16,659

a

Exelixis,

Inc.

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

United

States

19,629

841,888

a

Genmab

A/S

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

Denmark

54,403

a

ImmunityBio,

Inc.

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

United

States

10,859

83,289

a

Incyte

Corp.

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

United

States

13,054

1,228,642

a

Inhibrx

Biosciences,

Inc.

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

United

States

976

65,616

a

Insmed,

Inc.

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

United

States

1,405

229,746

a

Ironwood

Pharmaceuticals,

Inc.,

A

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

United

States

11,279

39,589

a

Kodiak

Sciences,

Inc.

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

United

States

629

23,977

a

Mineralys

Therapeutics,

Inc.

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

United

States

1,800

48,762

a

Monte

Rosa

Therapeutics,

Inc.

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

United

States

3,718

61,161

a

Natera,

Inc.

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

United

States

1,045

208,990

a

Neurocrine

Biosciences,

Inc.

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

United

States

2,759

363,471

a

Olema

Pharmaceuticals,

Inc.

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

United

States

953

14,209

a

Praxis

Precision

Medicines,

Inc.

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

United

States

16,754

a

Precigen,

Inc.

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

United

States

15,156

58,654

a

Protagonist

Therapeutics,

Inc.

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

United

States

1,095

115,413

a

PTC

Therapeutics,

Inc.

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

United

States

15,261

a

Puma

Biotechnology,

Inc.

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

United

States

3,181

20,327

Regeneron

Pharmaceuticals,

Inc.

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

United

States

4,229

3,267,495

a

Rhythm

Pharmaceuticals,

Inc.

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

United

States

931

80,969

a

Rigel

Pharmaceuticals,

Inc.

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

United

States

541

14,629

a

Stoke

Therapeutics,

Inc.

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

United

States

2,249

73,227

a

Tango

Therapeutics,

Inc.

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

United

States

2,073

43,367

Putnam

Asset

Allocation

Funds

Consolidated

Schedule

of

Investments

(unaudited)

#### Putnam

#### Dynamic

#### Asset

#### Allocation

#### Conservative

#### Fund
(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

consolidated

financial

statements.

a

a

#### Country

#### Shares
a

#### Value
a

a

#### a
a

#### Common

#### Stocks
(continued)

#### Biotechnology
(continued)

a

Travere

Therapeutics,

Inc.

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

United

States

2,541

$

75,493

a

Vertex

Pharmaceuticals,

Inc.

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

United

States

193,798

a

Zymeworks,

Inc.

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

United

States

1,041

26,067

10,320,100

#### Broadline

#### Retail

#### 1.7%
Alibaba

Group

Holding

Ltd.

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

China

21,600

338,569

a

Amazon.com,

Inc.

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

United

States

61,371

12,781,738

eBay,

Inc.

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

United

States

2,117

192,689

a

Etsy,

Inc.

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

United

States

3,589

179,378

Next

plc

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

United

Kingdom

624

105,424

Prosus

NV

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

China

10,801

500,039

14,097,837

#### Building

#### Products

#### 0.4%
Allegion

plc

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

United

States

1,309

190,185

Apogee

Enterprises,

Inc.

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

United

States

14,858

Cie

de

Saint-Gobain

SA

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

France

5,677

470,024

a

Gibraltar

Industries,

Inc.

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

United

States

14,792

a

Janus

International

Group,

Inc.

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

United

States

2,759

14,209

Johnson

Controls

International

plc

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

United

States

4,113

538,597

a

Modine

Manufacturing

Co.

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

United

States

16,470

a

Resideo

Technologies,

Inc.

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

United

States

650

21,912

Trane

Technologies

plc

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

United

States

2,783

1,159,787

UFP

Industries,

Inc.

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

United

States

999

92,028

2,532,862

#### Capital

#### Markets

#### 1.9%
3i

Group

plc

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

United

Kingdom

9,363

305,150

Affiliated

Managers

Group,

Inc.

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

United

States

690

190,923

Ameriprise

Financial,

Inc.

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

United

States

183,537

Bank

of

New

York

Mellon

Corp.

(The)

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

United

States

1,825

216,500

BlackRock,

Inc.

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

United

States

713

685,699

Charles

Schwab

Corp.

(The)

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

United

States

14,971

1,406,975

CME

Group,

Inc.

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

United

States

4,141

1,223,044

Deutsche

Bank

AG

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

Germany

10,856

323,075

b

Euronext

NV,

144A,

Reg

S

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

Netherlands

2,952

474,038

Goldman

Sachs

Group,

Inc.

(The)

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

United

States

4,638

3,923,702

Hong

Kong

Exchanges

&

Clearing

Ltd.

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

Hong

Kong

1,600

80,717

Interactive

Brokers

Group,

Inc.,

A

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

United

States

2,952

197,991

Invesco

Ltd.

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

United

States

8,320

202,093

Janus

Henderson

Group

plc

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

United

States

4,023

206,662

Japan

Exchange

Group,

Inc.

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

Japan

17,700

206,700

Morgan

Stanley

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

United

States

1,272

209,333

Nasdaq,

Inc.

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

United

States

5,503

467,150

Nomura

Holdings,

Inc.

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

Japan

52,000

409,450

Northern

Trust

Corp.

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

United

States

1,493

208,378

Raymond

James

Financial,

Inc.

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

United

States

572

82,820

SBI

Holdings,

Inc.

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

Japan

11,700

216,641

State

Street

Corp.

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

United

States

21,554

2,727,874

Stifel

Financial

Corp.

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

United

States

2,692

198,993

a

StoneX

Group,

Inc.

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

United

States

1,336

107,748

UBS

Group

AG

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

Switzerland

18,629

726,408

Virtu

Financial,

Inc.,

A

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

United

States

4,803

211,236

Virtus

Investment

Partners,

Inc.

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

United

States

30,094

15,422,931

Putnam

Asset

Allocation

Funds

Consolidated

Schedule

of

Investments

(unaudited)

#### Putnam

#### Dynamic

#### Asset

#### Allocation

#### Conservative

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

consolidated

financial

statements.

Semiannual

Report

a

a

#### Country

#### Shares
a

#### Value
a

a

#### a
a

#### Common

#### Stocks
(continued)

#### Chemicals

#### 0.9%
Air

Liquide

SA

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

France

1,530

$

316,249

Asahi

Kasei

Corp.

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

Japan

5,100

49,901

Avient

Corp.

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

United

States

629

22,833

a

Axalta

Coating

Systems

Ltd.

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

United

States

6,798

188,305

Balchem

Corp.

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

United

States

70,504

Cabot

Corp.

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

United

States

18,602

CF

Industries

Holdings,

Inc.

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

United

States

11,380

1,477,579

Corteva,

Inc.

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

United

States

15,326

1,282,939

DuPont

de

Nemours,

Inc.

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

United

States

2,379

108,958

Eastman

Chemical

Co.

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

United

States

4,351

332,068

Ecolab,

Inc.

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

United

States

734

195,259

a

Ingevity

Corp.

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

United

States

21,939

Innospec,

Inc.

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

United

States

31,253

a

Intrepid

Potash,

Inc.

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

United

States

599

25,619

Linde

plc

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

United

States

1,588

787,267

Mativ

Holdings,

Inc.

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

United

States

1,706

14,842

Minerals

Technologies,

Inc.

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

United

States

991

70,282

NewMarket

Corp.

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

United

States

197,413

NOF

Corp.

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

Japan

7,100

141,729

a

Perimeter

Solutions,

Inc.

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

United

States

3,427

83,687

PPG

Industries,

Inc.

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

United

States

5,341

570,846

a

Rayonier

Advanced

Materials,

Inc.

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

United

States

2,427

26,867

Sherwin-Williams

Co.

(The)

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

United

States

2,248

720,596

Solstice

Advanced

Materials,

Inc.

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

United

States

4,369

332,743

7,088,280

#### Commercial

#### Services

#### &

#### Supplies

#### 0.0%

#### †
Brink's

Co.

(The)

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

United

States

853

88,396

a

Cimpress

plc

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

Ireland

15,768

a

CoreCivic,

Inc.

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

United

States

823

15,563

HNI

Corp.

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

United

States

11,987

a

OPENLANE,

Inc.

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

United

States

598

17,432

Republic

Services,

Inc.,

A

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

United

States

853

186,824

Veralto

Corp.

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

United

States

1,956

172,950

508,920

#### Communications

#### Equipment

#### 0.6%
a

Arista

Networks,

Inc.

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

United

States

12,649

1,553,044

a

BK

Technologies

Corp.

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

United

States

16,344

a

Calix,

Inc.

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

United

States

937

45,904

a

Ciena

Corp.

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

United

States

2,387

926,705

Cisco

Systems,

Inc.

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

United

States

32,290

2,505,381

a

Extreme

Networks,

Inc.

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

United

States

6,046

91,174

a

NETGEAR,

Inc.

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

United

States

2,416

52,765

a

NetScout

Systems,

Inc.

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

United

States

640

20,346

Telefonaktiebolaget

LM

Ericsson,

B

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

Sweden

19,573

223,137

Ubiquiti,

Inc.

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

United

States

207,846

a

Viavi

Solutions,

Inc.

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

United

States

1,089

36,242

a

Vistance

Networks,

Inc.

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

United

States

792

14,414

5,693,302

#### Construction

#### &

#### Engineering

#### 0.2%
ACS

Actividades

de

Construccion

y

Servicios

SA

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

Spain

4,226

515,383

Argan,

Inc.

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

United

States

130,171

Comfort

Systems

USA,

Inc.

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

United

States

212,364

a

Dycom

Industries,

Inc.

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

United

States

20,329

a

NWPX

Infrastructure,

Inc.

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

United

States

15,806

Primoris

Services

Corp.

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

United

States

818

117,007

Putnam

Asset

Allocation

Funds

Consolidated

Schedule

of

Investments

(unaudited)

#### Putnam

#### Dynamic

#### Asset

#### Allocation

#### Conservative

#### Fund
(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

consolidated

financial

statements.

a

a

#### Country

#### Shares
a

#### Value
a

a

#### a
a

#### Common

#### Stocks
(continued)

#### Construction

#### &

#### Engineering
(continued)

a

Sterling

Infrastructure,

Inc.

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

United

States

$

140,508

Tutor

Perini

Corp.

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

United

States

1,291

99,652

Vinci

SA

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

France

4,431

665,090

1,916,310

#### Construction

#### Materials

#### 0.4%
CRH

plc,

(GBP

Traded)

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

United

States

3,808

398,395

CRH

plc,

(USD

Traded)

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

United

States

9,192

966,263

Holcim

AG

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

United

States

5,718

472,661

Vulcan

Materials

Co.

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

United

States

2,796

761,351

2,598,670

#### Consumer

#### Finance

#### 0.3%
Ally

Financial,

Inc.

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

United

States

5,173

202,937

American

Express

Co.

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

United

States

654

197,822

Bread

Financial

Holdings,

Inc.

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

United

States

1,276

95,560

Capital

One

Financial

Corp.

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

United

States

11,380

2,076,053

a

Enova

International,

Inc.

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

United

States

551

74,842

a

LendingClub

Corp.

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

United

States

5,921

84,789

PROG

Holdings,

Inc.

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

United

States

1,532

43,953

Synchrony

Financial

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

United

States

2,954

200,931

2,976,887

#### Consumer

#### Staples

#### Distribution

#### &

#### Retail

#### 1.0%
Andersons,

Inc.

(The)

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

United

States

21,678

a

BJ's

Wholesale

Club

Holdings,

Inc.

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

United

States

5,012

493,281

Costco

Wholesale

Corp.

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

United

States

2,115

2,107,449

Dollar

General

Corp.

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

United

States

1,964

233,186

a

Dollar

Tree,

Inc.

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

United

States

1,884

206,317

Koninklijke

Ahold

Delhaize

NV

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

Netherlands

9,914

461,687

Kroger

Co.

(The)

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

United

States

10,532

762,096

a

Maplebear,

Inc.

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

United

States

7,970

298,556

Target

Corp.

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

United

States

1,630

197,556

Tesco

plc

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

United

Kingdom

46,402

291,638

a

United

Natural

Foods,

Inc.

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

United

States

579

26,090

Walmart,

Inc.

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

United

States

15,297

1,901,111

7,000,645

#### Containers

#### &

#### Packaging

#### 0.1%
Avery

Dennison

Corp.

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

United

States

1,099

189,775

Ball

Corp.

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

United

States

9,457

559,003

Crown

Holdings,

Inc.

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

United

States

1,862

186,665

Greif,

Inc.,

A

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

United

States

16,432

a

O-I

Glass,

Inc.

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

United

States

1,233

12,959

964,834

#### Distributors

#### 0.0%

#### †
a

GigaCloud

Technology,

Inc.,

A

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

United

States

525

23,824

Gold.com,

Inc.

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

United

States

19,639

43,463

#### Diversified

#### Consumer

#### Services

#### 0.0%

#### †
ADT,

Inc.

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

United

States

30,067

197,540

a

Coursera,

Inc.

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

United

States

12,660

73,681

a

Frontdoor,

Inc.

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

United

States

12,951

a

Laureate

Education,

Inc.

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

United

States

2,849

99,259

Perdoceo

Education

Corp.

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

United

States

510

18,977

Putnam

Asset

Allocation

Funds

Consolidated

Schedule

of

Investments

(unaudited)

#### Putnam

#### Dynamic

#### Asset

#### Allocation

#### Conservative

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

consolidated

financial

statements.

Semiannual

Report

a

a

#### Country

#### Shares
a

#### Value
a

a

#### a
a

#### Common

#### Stocks
(continued)

#### Diversified

#### Consumer

#### Services
(continued)

a

Udemy,

Inc.

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

United

States

7,115

$

32,871

435,279

#### Diversified

#### REITs

#### 0.0%

#### †
American

Assets

Trust,

Inc.

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

United

States

879

16,182

Broadstone

Net

Lease,

Inc.

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

United

States

897

16,388

32,570

#### Diversified

#### Telecommunication

#### Services

#### 0.6%
AT&T,

Inc.

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

United

States

94,897

2,751,064

a

Bandwidth,

Inc.,

A

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

United

States

1,291

23,006

Comcast

Corp.,

A

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

United

States

17,112

491,286

Deutsche

Telekom

AG

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

Germany

21,904

817,529

IDT

Corp.,

B

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

United

States

601

29,509

a

Lumen

Technologies,

Inc.

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

United

States

2,297

15,964

Telstra

Group

Ltd.

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

Australia

85,174

314,429

Verizon

Communications,

Inc.

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

United

States

3,853

193,421

4,636,208

#### Electric

#### Utilities

#### 1.1%
American

Electric

Power

Co.,

Inc.

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

United

States

1,494

195,834

Constellation

Energy

Corp.

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

United

States

2,662

743,364

Duke

Energy

Corp.

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

United

States

1,487

194,708

Edison

International

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

United

States

3,567

261,033

Enel

SpA

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

Italy

52,850

577,800

Eversource

Energy

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

United

States

2,646

183,315

Exelon

Corp.

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

United

States

3,990

195,590

a

Hawaiian

Electric

Industries,

Inc.

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

United

States

521

7,732

Iberdrola

SA

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

Spain

31,925

730,896

Kansai

Electric

Power

Co.,

Inc.

(The)

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

Japan

25,500

423,965

NextEra

Energy,

Inc.

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

United

States

19,883

1,846,733

NRG

Energy,

Inc.

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

United

States

5,552

811,369

a

Oklo,

Inc.,

A

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

United

States

12,397

PG&E

Corp.

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

United

States

12,756

224,123

Portland

General

Electric

Co.

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

United

States

726

38,311

PPL

Corp.

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

United

States

19,334

738,559

Southern

Co.

(The)

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

United

States

2,161

208,580

TXNM

Energy,

Inc.

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

United

States

14,615

Xcel

Energy,

Inc.

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

United

States

2,387

189,623

7,598,547

#### Electrical

#### Equipment

#### 1.2%
ABB

Ltd.

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

Switzerland

15,638

1,271,494

Allient,

Inc.

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

United

States

671

39,649

AMETEK,

Inc.

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

United

States

901

193,138

a

Bloom

Energy

Corp.,

A

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

United

States

1,640

222,204

EnerSys

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

United

States

644

111,876

Fujikura

Ltd.

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

Japan

1,800

49,504

GE

Vernova,

Inc.

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

United

States

4,258

3,716,808

Mitsubishi

Electric

Corp.

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

Japan

18,400

601,810

a

Nextpower,

Inc.,

A

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

United

States

1,141

137,548

a

Nidec

Corp.

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

Japan

19,100

242,536

a

Power

Solutions

International,

Inc.

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

United

States

600

36,528

Prysmian

SpA

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

Italy

2,087

246,456

Rockwell

Automation,

Inc.

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

United

States

519

186,259

Schneider

Electric

SE

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

United

States

1,818

495,190

Vertiv

Holdings

Co.,

A

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

United

States

5,864

1,469,401

Putnam

Asset

Allocation

Funds

Consolidated

Schedule

of

Investments

(unaudited)

#### Putnam

#### Dynamic

#### Asset

#### Allocation

#### Conservative

#### Fund
(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

consolidated

financial

statements.

a

a

#### Country

#### Shares
a

#### Value
a

a

#### a
a

#### Common

#### Stocks
(continued)

#### Electrical

#### Equipment
(continued)

a

Vicor

Corp.

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

United

States

$

50,715

9,071,116

#### Electronic

#### Equipment,

#### Instruments

#### &

#### Components

#### 0.0%

#### †
Advanced

Energy

Industries,

Inc.

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

United

States

142,315

a

Arlo

Technologies,

Inc.

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

United

States

2,780

39,559

a

Daktronics,

Inc.

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

United

States

7,194

a

Fabrinet

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

Thailand

23,468

a

Insight

Enterprises,

Inc.

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

United

States

13,134

a

Itron,

Inc.

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

United

States

962

86,224

a

Kimball

Electronics,

Inc.

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

United

States

670

15,872

a

nLight,

Inc.

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

United

States

1,279

72,929

a

Ouster,

Inc.

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

United

States

2,749

50,499

a

Sanmina

Corp.

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

United

States

23,076

a

ScanSource,

Inc.

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

United

States

15,427

a

TTM

Technologies,

Inc.

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

United

States

1,326

129,179

618,876

#### Energy

#### Equipment

#### &

#### Services

#### 0.3%
Baker

Hughes

Co.,

A

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

United

States

3,292

200,977

a

Forum

Energy

Technologies,

Inc.

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

United

States

1,204

70,627

Halliburton

Co.

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

United

States

5,784

225,518

Kodiak

Gas

Services,

Inc.

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

United

States

24,611

Liberty

Energy,

Inc.,

A

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

United

States

928

26,726

a

National

Energy

Services

Reunited

Corp.

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

United

States

1,961

42,103

a

Oceaneering

International,

Inc.

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

United

States

2,642

93,712

a

Oil

States

International,

Inc.

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

United

States

6,044

70,352

Patterson-UTI

Energy,

Inc.

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

United

States

2,575

27,887

a

ProPetro

Holding

Corp.

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

United

States

1,261

18,171

SLB

Ltd.

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

United

States

2,099

107,868

TechnipFMC

plc

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

United

Kingdom

25,091

1,734,541

a

Transocean

Ltd.

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

United

States

17,246

114,341

Weatherford

International

plc

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

United

States

2,169

205,144

2,962,578

#### Entertainment

#### 0.9%
Cinemark

Holdings,

Inc.

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

United

States

1,012

28,862

a

Live

Nation

Entertainment,

Inc.

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

United

States

4,373

666,926

a

Netflix,

Inc.

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

United

States

37,404

3,596,395

Nexon

Co.

Ltd.

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

Japan

3,400

64,045

Nintendo

Co.

Ltd.

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

Japan

6,000

342,514

a

ROBLOX

Corp.,

A

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

United

States

3,101

175,393

a

Spotify

Technology

SA

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

United

States

3,064

1,485,764

Universal

Music

Group

NV

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

Netherlands

18,577

360,595

Walt

Disney

Co.

(The)

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

United

States

1,939

186,881

6,907,375

#### Financial

#### Services

#### 1.4%
Apollo

Global

Management,

Inc.

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

United

States

5,984

666,737

Banco

Latinoamericano

de

Comercio

Exterior

SA,

E

.........

Panama

578

29,524

a

Berkshire

Hathaway,

Inc.,

B

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

United

States

947

453,802

Corebridge

Financial,

Inc.

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

United

States

7,768

185,344

Equitable

Holdings,

Inc.

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

United

States

20,144

747,544

Essent

Group

Ltd.

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

United

States

15,136

a

Fiserv,

Inc.

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

United

States

1,549

86,434

Investor

AB,

B

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

Sweden

17,207

651,710

Jackson

Financial,

Inc.,

A

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

United

States

1,044

110,372

Mastercard,

Inc.,

A

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

United

States

11,837

5,914,475

Putnam

Asset

Allocation

Funds

Consolidated

Schedule

of

Investments

(unaudited)

#### Putnam

#### Dynamic

#### Asset

#### Allocation

#### Conservative

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

consolidated

financial

statements.

Semiannual

Report

a

a

#### Country

#### Shares
a

#### Value
a

a

#### a
a

#### Common

#### Stocks
(continued)

#### Financial

#### Services
(continued)

MGIC

Investment

Corp.

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

United

States

7,290

$

191,362

a

NMI

Holdings,

Inc.,

A

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

United

States

1,294

48,538

Pagseguro

Digital

Ltd.,

A

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

Brazil

8,278

82,945

a

Payoneer

Global,

Inc.

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

United

States

3,296

15,920

PayPal

Holdings,

Inc.

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

United

States

4,192

189,604

PennyMac

Financial

Services,

Inc.

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

United

States

32,076

a

StoneCo

Ltd.,

A

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

Brazil

4,349

61,408

Visa,

Inc.,

A

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

United

States

5,519

1,668,063

11,150,994

#### Food

#### Products

#### 0.2%
Ajinomoto

Co.,

Inc.

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

Japan

4,500

127,221

Archer-Daniels-Midland

Co.

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

United

States

3,047

221,486

Associated

British

Foods

plc

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

United

Kingdom

10,375

259,711

Calavo

Growers,

Inc.

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

United

States

614

15,835

Cal-Maine

Foods,

Inc.

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

United

States

928

73,451

Dole

plc

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

United

States

3,141

44,885

Indofood

CBP

Sukses

Makmur

Tbk.

PT

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

Indonesia

289,400

125,199

Ingredion,

Inc.

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

United

States

1,668

187,917

Mondelez

International,

Inc.,

A

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

United

States

3,311

190,846

Nestle

SA

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

United

States

1,486

145,763

a

Seneca

Foods

Corp.,

A

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

United

States

30,073

a

Simply

Good

Foods

Co.

(The)

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

United

States

512

7,347

Tyson

Foods,

Inc.,

A

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

United

States

1,575

100,910

b

WH

Group

Ltd.,

144A,

Reg

S

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

Hong

Kong

412,500

542,205

2,072,849

#### Gas

#### Utilities

#### 0.1%
National

Fuel

Gas

Co.

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

United

States

2,348

220,618

New

Jersey

Resources

Corp.

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

United

States

1,646

90,398

Northwest

Natural

Holding

Co.

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

United

States

17,935

Spire,

Inc.

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

United

States

18,108

Tokyo

Gas

Co.

Ltd.

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

Japan

4,100

193,094

540,153

#### Ground

#### Transportation

#### 0.2%
Canadian

National

Railway

Co.

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

Canada

2,666

274,400

Canadian

Pacific

Kansas

City

Ltd.

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

Canada

6,682

525,606

CSX

Corp.

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

United

States

4,930

202,376

JB

Hunt

Transport

Services,

Inc.

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

United

States

1,168

247,499

a

Lyft,

Inc.,

A

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

United

States

14,864

197,691

Norfolk

Southern

Corp.

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

United

States

647

185,689

a

Uber

Technologies,

Inc.

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

United

States

2,621

188,529

Union

Pacific

Corp.

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

United

States

776

188,273

2,010,063

#### Health

#### Care

#### Equipment

#### &

#### Supplies

#### 0.7%
Abbott

Laboratories

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

United

States

1,797

184,498

a

AtriCure,

Inc.

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

United

States

527

15,035

a

Avanos

Medical,

Inc.

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

United

States

1,215

17,022

a

Axogen,

Inc.

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

United

States

1,602

53,074

Becton

Dickinson

&

Co.

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

United

States

4,771

750,144

BioMerieux

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

France

539

57,583

a

Boston

Scientific

Corp.

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

United

States

18,448

1,157,612

a

Dexcom,

Inc.

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

United

States

3,278

205,858

a

Edwards

Lifesciences

Corp.

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

United

States

2,326

186,266

a

Glaukos

Corp.

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

United

States

518

55,768

a

Haemonetics

Corp.

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

United

States

13,470

Putnam

Asset

Allocation

Funds

Consolidated

Schedule

of

Investments

(unaudited)

#### Putnam

#### Dynamic

#### Asset

#### Allocation

#### Conservative

#### Fund
(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

consolidated

financial

statements.

a

a

#### Country

#### Shares
a

#### Value
a

a

#### a
a

#### Common

#### Stocks
(continued)

#### Health

#### Care

#### Equipment

#### &

#### Supplies
(continued)

a

Hologic,

Inc.

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

United

States

2,568

$

194,115

Hoya

Corp.

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

Japan

7,900

1,369,547

a

IDEXX

Laboratories,

Inc.

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

United

States

1,201

674,830

a

Insulet

Corp.

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

United

States

830

174,167

a

Intuitive

Surgical,

Inc.

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

United

States

2,027

934,427

a

Lantheus

Holdings,

Inc.

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

United

States

1,277

96,860

a

LivaNova

plc

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

United

States

981

62,352

Medtronic

plc

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

United

States

2,167

187,771

a

Novocure

Ltd.

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

United

States

6,265

68,289

Olympus

Corp.

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

Japan

17,300

164,823

Stryker

Corp.

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

United

States

545

179,082

a

Varex

Imaging

Corp.

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

United

States

1,370

14,536

6,817,129

#### Health

#### Care

#### Providers

#### &

#### Services

#### 0.4%
a

AMN

Healthcare

Services,

Inc.

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

United

States

2,709

49,683

Cardinal

Health,

Inc.

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

United

States

927

195,884

a

Castle

Biosciences,

Inc.

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

United

States

2,076

50,966

Cencora,

Inc.

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

United

States

586

184,086

Cigna

Group

(The)

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

United

States

704

187,792

a

Cross

Country

Healthcare,

Inc.

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

United

States

782

7,351

CVS

Health

Corp.

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

United

States

2,527

181,489

Fresenius

SE

&

Co.

KGaA

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

Germany

752

39,026

a

GeneDx

Holdings

Corp.,

A

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

United

States

11,110

a

Guardant

Health,

Inc.

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

United

States

1,301

120,173

HCA

Healthcare,

Inc.

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

United

States

175,099

a

HealthEquity,

Inc.

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

United

States

16,380

a

Hims

&

Hers

Health,

Inc.

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

United

States

655

13,598

McKesson

Corp.

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

United

States

2,144

1,855,332

a

Omada

Health,

Inc.

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

United

States

1,011

12,708

Select

Medical

Holdings

Corp.

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

United

States

992

16,160

a

Tenet

Healthcare

Corp.

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

United

States

832

157,007

UnitedHealth

Group,

Inc.

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

United

States

3,705

1,002,536

Universal

Health

Services,

Inc.,

B

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

United

States

958

171,453

4,447,833

#### Health

#### Care

#### REITs

#### 0.0%

#### †
American

Healthcare

REIT,

Inc.

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

United

States

15,704

CareTrust

REIT,

Inc.

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

United

States

3,081

112,919

LTC

Properties,

Inc.

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

United

States

15,756

National

Health

Investors,

Inc.

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

United

States

17,061

Omega

Healthcare

Investors,

Inc.

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

United

States

4,130

180,977

Sabra

Health

Care

REIT,

Inc.

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

United

States

853

16,403

358,820

#### Health

#### Care

#### Technology

#### 0.2%
a

Doximity,

Inc.,

A

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

United

States

7,772

181,088

HealthStream,

Inc.

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

United

States

718

14,870

a

Phreesia,

Inc.

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

United

States

4,518

37,861

a

Teladoc

Health,

Inc.

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

United

States

13,731

74,834

a

Veeva

Systems,

Inc.,

A

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

United

States

9,570

1,681,066

a

Waystar

Holding

Corp.

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

United

States

620

14,948

2,004,667

#### Hotel

#### &

#### Resort

#### REITs

#### 0.0%

#### †
Apple

Hospitality

REIT,

Inc.

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

United

States

1,234

14,203

DiamondRock

Hospitality

Co.

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

United

States

1,802

16,885

Ryman

Hospitality

Properties,

Inc.

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

United

States

721

66,527

Putnam

Asset

Allocation

Funds

Consolidated

Schedule

of

Investments

(unaudited)

#### Putnam

#### Dynamic

#### Asset

#### Allocation

#### Conservative

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

consolidated

financial

statements.

Semiannual

Report

a

a

#### Country

#### Shares
a

#### Value
a

a

#### a
a

#### Common

#### Stocks
(continued)

#### Hotel

#### &

#### Resort

#### REITs
(continued)

Xenia

Hotels

&

Resorts,

Inc.

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

United

States

1,072

$

15,898

113,513

#### Hotels,

#### Restaurants

#### &

#### Leisure

#### 0.9%
a

Airbnb,

Inc.,

A

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

United

States

18,806

2,374,822

Aristocrat

Leisure

Ltd.

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

Australia

10,699

340,070

Booking

Holdings,

Inc.

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

United

States

408,401

Brightstar

Lottery

plc

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

United

States

4,442

56,591

a

Brinker

International,

Inc.

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

United

States

721

102,937

Compass

Group

plc

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

United

Kingdom

22,173

618,647

a

DoorDash,

Inc.,

A

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

United

States

1,100

165,165

Galaxy

Entertainment

Group

Ltd.

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

Macau

9,000

40,679

Golden

Entertainment,

Inc.

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

United

States

583

15,560

Hilton

Worldwide

Holdings,

Inc.

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

United

States

5,314

1,615,881

InterContinental

Hotels

Group

plc

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

United

States

996

131,347

Las

Vegas

Sands

Corp.

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

United

States

5,905

318,161

a

Life

Time

Group

Holdings,

Inc.

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

United

States

536

14,440

Monarch

Casino

&

Resort,

Inc.

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

United

States

17,590

Red

Rock

Resorts,

Inc.,

A

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

United

States

14,994

Starbucks

Corp.

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

United

States

6,354

569,255

a

Viking

Holdings

Ltd.

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

United

States

2,857

209,932

7,014,472

#### Household

#### Durables

#### 0.4%
Garmin

Ltd.

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

United

States

978

226,906

a

Hovnanian

Enterprises,

Inc.,

A

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

United

States

17,635

KB

Home

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

United

States

13,921

a

M/I

Homes,

Inc.

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

United

States

532

65,143

PulteGroup,

Inc.

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

United

States

11,218

1,319,349

a

Sonos,

Inc.

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

United

States

6,058

81,177

Sony

Group

Corp.

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

Japan

28,600

596,102

a

Taylor

Morrison

Home

Corp.,

A

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

United

States

1,459

84,972

Toll

Brothers,

Inc.

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

United

States

1,333

181,915

a

Tri

Pointe

Homes,

Inc.

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

United

States

2,091

97,712

2,684,832

#### Household

#### Products

#### 0.7%
Colgate-Palmolive

Co.

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

United

States

25,833

2,201,747

Procter

&

Gamble

Co.

(The)

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

United

States

14,577

2,105,502

Reckitt

Benckiser

Group

plc

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

United

Kingdom

5,677

381,723

Unilever

Indonesia

Tbk.

PT

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

Indonesia

1,215,300

131,615

4,820,587

#### Independent

#### Power

#### and

#### Renewable

#### Electricity

#### Producers

#### 0.1%
AES

Corp.

(The)

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

United

States

13,946

196,499

RWE

AG

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

Germany

9,548

642,378

Vistra

Corp.

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

United

States

1,223

183,854

1,022,731

#### Industrial

#### Conglomerates

#### 0.4%
3M

Co.

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

United

States

1,283

186,330

CK

Hutchison

Holdings

Ltd.

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

United

Kingdom

10,500

80,598

Hitachi

Ltd.

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

Japan

18,700

548,574

Honeywell

International,

Inc.

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

United

States

7,703

1,741,109

Jardine

Matheson

Holdings

Ltd.

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

Indonesia

7,100

510,371

Sekisui

Chemical

Co.

Ltd.

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

Japan

6,600

110,805

Siemens

AG

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

Germany

1,255

305,761

Putnam

Asset

Allocation

Funds

Consolidated

Schedule

of

Investments

(unaudited)

#### Putnam

#### Dynamic

#### Asset

#### Allocation

#### Conservative

#### Fund
(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

consolidated

financial

statements.

a

a

#### Country

#### Shares
a

#### Value
a

a

#### a
a

#### Common

#### Stocks
(continued)

#### Industrial

#### Conglomerates
(continued)

Smiths

Group

plc

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

United

Kingdom

4,539

$

138,513

3,622,061

#### Industrial

#### REITs

#### 0.1%
LXP

Industrial

Trust

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

United

States

14,942

Prologis,

Inc.

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

United

States

6,547

865,382

880,324

#### Insurance

#### 1.1%
Aflac,

Inc.

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

United

States

1,757

192,760

AIA

Group

Ltd.

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

Hong

Kong

45,600

506,676

Allianz

SE

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

Germany

1,578

666,419

Allstate

Corp.

(The)

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

United

States

5,776

1,197,596

American

International

Group,

Inc.

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

United

States

12,337

928,359

AXA

SA

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

France

1,234

56,704

Axis

Capital

Holdings

Ltd.

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

United

States

5,084

515,568

a

Brighthouse

Financial,

Inc.

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

United

States

3,327

199,221

Chubb

Ltd.

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

United

States

649

211,529

CNO

Financial

Group,

Inc.

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

United

States

1,963

80,601

Daiichi

Life

Group,

Inc.

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

Japan

4,900

45,188

Everest

Group

Ltd.

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

United

States

583

190,554

Fidelis

Insurance

Holdings

Ltd.

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

United

Kingdom

937

17,906

a

Genworth

Financial,

Inc.,

A

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

United

States

10,144

82,369

Globe

Life,

Inc.

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

United

States

3,360

467,611

Hamilton

Insurance

Group

Ltd.,

B

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

United

States

2,878

85,851

Hanover

Insurance

Group,

Inc.

(The)

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

United

States

1,090

188,951

a

Heritage

Insurance

Holdings,

Inc.

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

United

States

2,455

64,444

Horace

Mann

Educators

Corp.

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

United

States

15,536

MetLife,

Inc.

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

United

States

11,272

797,156

Muenchener

Rueckversicherungs-Gesellschaft

AG

in

Muenchen

Germany

575

363,136

NN

Group

NV

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

Netherlands

7,132

556,980

Primerica,

Inc.

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

United

States

747

187,109

Progressive

Corp.

(The)

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

United

States

940

186,346

Prudential

Financial,

Inc.

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

United

States

2,027

198,018

Prudential

plc

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

Hong

Kong

21,552

299,640

QBE

Insurance

Group

Ltd.

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

Australia

24,065

355,121

Reinsurance

Group

of

America,

Inc.

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

United

States

944

192,727

RenaissanceRe

Holdings

Ltd.

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

United

States

719

213,708

a

SiriusPoint

Ltd.

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

United

States

1,945

41,895

Talanx

AG

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

Germany

1,797

222,984

Travelers

Cos.,

Inc.

(The)

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

United

States

710

207,093

Unipol

Assicurazioni

SpA

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

Italy

4,481

104,095

Universal

Insurance

Holdings,

Inc.

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

United

States

835

28,524

Unum

Group

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

United

States

2,541

185,569

9,853,944

#### Interactive

#### Media

#### &

#### Services

#### 3.3%
Alphabet,

Inc.,

A

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

United

States

42,376

12,185,643

Alphabet,

Inc.,

C

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

United

States

15,494

4,444,609

a

Cargurus,

Inc.,

A

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

United

States

2,098

71,437

a

EverQuote,

Inc.,

A

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

United

States

2,349

36,222

a

fuboTV,

Inc.,

A

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

United

States

1,363

12,894

a

Grindr,

Inc.

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

Singapore

1,293

15,633

LY

Corp.

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

Japan

87,200

210,251

Meta

Platforms,

Inc.,

A

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

United

States

16,035

9,174,105

a

Nextdoor

Holdings,

Inc.

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

United

States

9,869

13,817

26,164,611

Putnam

Asset

Allocation

Funds

Consolidated

Schedule

of

Investments

(unaudited)

#### Putnam

#### Dynamic

#### Asset

#### Allocation

#### Conservative

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

consolidated

financial

statements.

Semiannual

Report

a

a

#### Country

#### Shares
a

#### Value
a

a

#### a
a

#### Common

#### Stocks
(continued)

#### IT

#### Services

#### 0.2%
Accenture

plc,

A

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

United

States

4,954

$

982,329

a

Fastly,

Inc.,

A

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

United

States

677

19,674

Fujitsu

Ltd.

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

Japan

2,500

51,127

a

GoDaddy,

Inc.,

A

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

United

States

2,096

173,276

NEC

Corp.

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

Japan

8,900

221,459

a

Snowflake,

Inc.,

A

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

United

States

4,020

606,296

VeriSign,

Inc.

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

United

States

798

198,191

2,252,352

#### Leisure

#### Products

#### 0.2%
Bandai

Namco

Holdings,

Inc.

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

Japan

16,000

394,726

Hasbro,

Inc.

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

United

States

2,404

225,014

Polaris,

Inc.

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

United

States

1,382

75,319

695,059

#### Life

#### Sciences

#### Tools

#### &

#### Services

#### 0.3%
a

10X

Genomics,

Inc.,

A

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

United

States

4,024

85,430

a

CryoPort,

Inc.

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

United

States

976

8,081

Lonza

Group

AG

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

Switzerland

838

537,592

a

Medpace

Holdings,

Inc.

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

United

States

200,719

Mesa

Laboratories,

Inc.

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

United

States

603

53,317

Thermo

Fisher

Scientific,

Inc.

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

United

States

2,686

1,320,250

a

Waters

Corp.

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

United

States

636

189,401

2,394,790

#### Machinery

#### 0.9%
Alamo

Group,

Inc.

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

United

States

14,682

Albany

International

Corp.,

A

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

United

States

17,438

Allison

Transmission

Holdings,

Inc.

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

United

States

1,685

197,246

Atmus

Filtration

Technologies,

Inc.

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

United

States

1,765

100,199

a

Blue

Bird

Corp.

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

United

States

1,614

91,659

Caterpillar,

Inc.

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

United

States

5,439

3,853,314

a

Chart

Industries,

Inc.

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

United

States

22,949

Cummins,

Inc.

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

United

States

245,875

Deere

&

Co.

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

United

States

188,142

Ebara

Corp.

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

Japan

6,800

192,495

ESCO

Technologies,

Inc.

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

United

States

29,825

FANUC

Corp.

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

Japan

700

24,400

Federal

Signal

Corp.

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

United

States

14,599

Franklin

Electric

Co.,

Inc.

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

United

States

14,747

GEA

Group

AG

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

Germany

3,199

229,425

Graco,

Inc.

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

United

States

2,282

193,171

Hyster-Yale,

Inc.

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

United

States

14,662

Illinois

Tool

Works,

Inc.

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

United

States

92,403

Ingersoll

Rand,

Inc.

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

United

States

8,732

699,608

Kennametal,

Inc.

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

United

States

546

19,727

Komatsu

Ltd.

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

Japan

4,100

163,264

Lincoln

Electric

Holdings,

Inc.

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

United

States

841

209,476

a

Microvast

Holdings,

Inc.

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

United

States

7,367

11,051

Minebea

Mitsumi,

Inc.

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

Japan

15,000

249,076

Mueller

Water

Products,

Inc.,

A

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

United

States

679

18,666

Otis

Worldwide

Corp.

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

United

States

10,115

779,664

PACCAR,

Inc.

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

United

States

1,635

188,842

Parker-Hannifin

Corp.

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

United

States

184,419

Pentair

plc

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

United

States

2,136

186,067

a

Proto

Labs,

Inc.

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

United

States

27,256

Schindler

Holding

AG

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

Switzerland

872

287,231

a

SPX

Technologies,

Inc.

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

United

States

15,195

Putnam

Asset

Allocation

Funds

Consolidated

Schedule

of

Investments

(unaudited)

#### Putnam

#### Dynamic

#### Asset

#### Allocation

#### Conservative

#### Fund
(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

consolidated

financial

statements.

a

a

#### Country

#### Shares
a

#### Value
a

a

#### a
a

#### Common

#### Stocks
(continued)

#### Machinery
(continued)

Tennant

Co.

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

United

States

$

16,135

Terex

Corp.

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

United

States

15,721

Watts

Water

Technologies,

Inc.,

A

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

United

States

115,245

Worthington

Enterprises,

Inc.

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

United

States

16,737

Yangzijiang

Shipbuilding

Holdings

Ltd.

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

China

131,400

390,309

9,130,920

#### Marine

#### Transportation

#### 0.0%

#### †
Matson,

Inc.

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

United

States

659

108,036

SITC

International

Holdings

Co.

Ltd.

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

China

46,000

201,412

309,448

#### Media

#### 0.1%
a

Charter

Communications,

Inc.,

A

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

United

States

1,454

313,890

a

Ibotta,

Inc.,

A

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

United

States

723

21,668

Informa

plc

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

United

Kingdom

8,169

82,047

a

Magnite,

Inc.

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

United

States

829

9,849

New

York

Times

Co.

(The),

A

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

United

States

2,449

205,055

a

PubMatic,

Inc.,

A

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

United

States

2,898

23,706

656,215

#### Metals

#### &

#### Mining

#### 0.7%
a

Alpha

Metallurgical

Resources,

Inc.

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

United

States

17,858

ArcelorMittal

SA

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

Luxembourg

2,501

129,706

BHP

Group

Ltd.,

(AUD

Traded)

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

Australia

39,314

1,422,480

BHP

Group

Ltd.,

(GBP

Traded)

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

Australia

1,495

54,187

a

Boliden

AB

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

Sweden

2,138

112,078

a

Century

Aluminum

Co.

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

United

States

16,844

a

Coeur

Mining,

Inc.

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

United

States

3,230

60,627

Commercial

Metals

Co.

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

United

States

16,955

a

Constellium

SE,

A

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

United

States

3,745

92,052

Fortescue

Ltd.

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

Australia

35,102

501,594

Freeport-McMoRan,

Inc.

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

United

States

24,798

1,457,626

Glencore

plc

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

Australia

148,168

1,122,206

Hecla

Mining

Co.

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

United

States

6,785

126,405

Norsk

Hydro

ASA

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

Norway

11,583

123,456

Rio

Tinto

plc

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

Australia

5,557

515,544

SunCoke

Energy,

Inc.

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

United

States

2,622

17,069

5,786,687

#### Mortgage

#### Real

#### Estate

#### Investment

#### Trusts
(REITs)

#### 0.0%

#### †
Chimera

Investment

Corp.

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

United

States

1,276

16,014

Ladder

Capital

Corp.,

A

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

United

States

1,498

14,635

MFA

Financial,

Inc.

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

United

States

1,709

16,372

Rithm

Capital

Corp.

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

United

States

20,408

193,468

240,489

#### Multi-Utilities

#### 0.1%
Ameren

Corp.

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

United

States

1,852

203,572

Avista

Corp.

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

United

States

1,601

64,264

Black

Hills

Corp.

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

United

States

1,146

79,544

CMS

Energy

Corp.

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

United

States

2,553

198,062

Consolidated

Edison,

Inc.

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

United

States

1,755

198,631

DTE

Energy

Co.

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

United

States

1,312

191,841

Engie

SA

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

France

13,386

431,397

Northwestern

Energy

Group,

Inc.

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

United

States

16,155

Public

Service

Enterprise

Group,

Inc.

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

United

States

2,449

198,247

Putnam

Asset

Allocation

Funds

Consolidated

Schedule

of

Investments

(unaudited)

#### Putnam

#### Dynamic

#### Asset

#### Allocation

#### Conservative

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

consolidated

financial

statements.

Semiannual

Report

a

a

#### Country

#### Shares
a

#### Value
a

a

#### a
a

#### Common

#### Stocks
(continued)

#### Multi-Utilities
(continued)

WEC

Energy

Group,

Inc.

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

United

States

1,760

$

203,755

1,785,468

#### Office

#### REITs

#### 0.1%
COPT

Defense

Properties

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

United

States

528

16,157

Empire

State

Realty

Trust,

Inc.,

A

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

United

States

2,867

14,908

Vornado

Realty

Trust

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

United

States

15,144

393,593

424,658

#### Oil,

#### Gas

#### &

#### Consumable

#### Fuels

#### 2.5%
Antero

Midstream

Corp.

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

United

States

8,574

195,487

BP

plc

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

United

States

61,169

478,758

California

Resources

Corp.

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

United

States

23,466

Cheniere

Energy,

Inc.

................................

United

States

8,169

2,318,035

Chevron

Corp.

.....................................

United

States

1,231

254,694

ConocoPhillips

.....................................

United

States

8,644

1,141,008

Coterra

Energy,

Inc.

.................................

United

States

6,346

222,998

Delek

US

Holdings,

Inc.

..............................

United

States

17,036

Devon

Energy

Corp.

.................................

United

States

4,427

222,767

DHT

Holdings,

Inc.

..................................

United

States

1,219

22,271

Dorian

LPG

Ltd.

....................................

United

States

606

20,725

ENEOS

Holdings,

Inc.

................................

Japan

41,400

373,020

Eni

SpA

..........................................

Italy

5,146

146,320

Equinor

ASA

.......................................

Norway

14,289

608,774

Exxon

Mobil

Corp.

...................................

United

States

16,648

2,824,500

Galp

Energia

SGPS

SA,

B

............................

Portugal

23,186

555,944

a

Gulfport

Energy

Corp.

................................

United

States

17,137

HF

Sinclair

Corp.

...................................

United

States

3,914

244,194

Inpex

Corp.

........................................

Japan

21,500

635,959

Kinder

Morgan,

Inc.

..................................

United

States

6,452

216,336

Marathon

Petroleum

Corp.

............................

United

States

1,095

267,377

Murphy

Oil

Corp.

....................................

United

States

1,360

56,100

a

Par

Pacific

Holdings,

Inc.

.............................

United

States

20,045

Peabody

Energy

Corp.

...............................

United

States

2,776

91,469

Repsol

SA

.........................................

Spain

6,345

178,602

Scorpio

Tankers,

Inc.

.................................

Monaco

1,268

94,669

Shell

plc,

(EUR

Traded)

...............................

United

States

32,040

1,498,226

Shell

plc,

(GBP

Traded)

...............................

United

States

1,323

61,275

Teekay

Corp.

Ltd.

...................................

United

States

4,658

56,874

Teekay

Tankers

Ltd.,

A

...............................

Canada

1,190

87,251

TotalEnergies

SE

...................................

France

10,998

1,009,332

Valero

Energy

Corp.

.................................

United

States

5,529

1,366,105

Williams

Cos.,

Inc.

(The)

..............................

United

States

3,235

235,443

World

Kinect

Corp.

..................................

United

States

643

14,834

15,577,031

#### Paper

#### &

#### Forest

#### Products

#### 0.0%

#### †
Sylvamo

Corp.

.....................................

United

States

14,953

#### Passenger

#### Airlines

#### 0.5%
Delta

Air

Lines,

Inc.

..................................

United

States

3,337

221,844

International

Consolidated

Airlines

Group

SA

...............

United

Kingdom

71,819

340,875

a

Joby

Aviation,

Inc.

...................................

United

States

5,330

44,026

Qantas

Airways

Ltd.

.................................

Australia

58,158

341,635

Ryanair

Holdings

plc

.................................

Italy

12,880

362,596

Ryanair

Holdings

plc,

ADR

............................

Italy

3,748

216,635

a

SkyWest,

Inc.

......................................

United

States

1,037

95,228

Southwest

Airlines

Co.

...............................

United

States

29,883

1,122,704

Putnam

Asset

Allocation

Funds

Consolidated

Schedule

of

Investments

(unaudited)

#### Putnam

#### Dynamic

#### Asset

#### Allocation

#### Conservative

#### Fund
(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

consolidated

financial

statements.

a

a

#### Country

#### Shares
a

#### Value
a

a

#### a
a

#### Common

#### Stocks
(continued)

#### Passenger

#### Airlines
(continued)

a

Sun

Country

Airlines

Holdings,

Inc.

......................

United

States

1,649

$

27,241

a

United

Airlines

Holdings,

Inc.

...........................

United

States

2,002

184,324

2,957,108

#### Personal

#### Care

#### Products

#### 0.1%
Unilever

plc

........................................

United

Kingdom

7,989

438,591

#### Pharmaceuticals

#### 2.7%
a

Arvinas,

Inc.

.......................................

United

States

5,901

62,551

AstraZeneca

plc,

(GBP

Traded)

.........................

United

Kingdom

5,603

1,095,611

AstraZeneca

plc,

(USD

Traded)

.........................

United

Kingdom

5,538

1,092,204

Bristol-Myers

Squibb

Co.

..............................

United

States

18,778

1,138,886

Chugai

Pharmaceutical

Co.

Ltd.

........................

Japan

13,300

733,475

a

Corcept

Therapeutics,

Inc.

............................

United

States

5,440

219,286

Daiichi

Sankyo

Co.

Ltd.

...............................

Japan

19,400

347,079

Eli

Lilly

&

Co.

......................................

United

States

6,391

5,878,250

Galderma

Group

AG

.................................

Switzerland

4,250

835,269

GSK

plc

..........................................

United

States

20,432

562,809

Ipsen

SA

..........................................

France

1,472

275,093

Johnson

&

Johnson

.................................

United

States

820

200,441

a

Maze

Therapeutics,

Inc.

..............................

United

States

1,629

48,626

Merck

&

Co.,

Inc.

...................................

United

States

28,065

3,375,939

Novartis

AG

.......................................

United

States

11,308

1,735,715

Novo

Nordisk

A/S,

ADR

...............................

Denmark

12,418

456,362

Novo

Nordisk

A/S,

B

.................................

Denmark

12,741

466,250

Otsuka

Holdings

Co.

Ltd.

.............................

Japan

4,100

290,981

Pfizer,

Inc.

.........................................

United

States

7,281

204,450

Roche

Holding

AG

..................................

United

States

2,484

991,342

Sanofi

SA

.........................................

United

States

13,179

1,272,694

a

Supernus

Pharmaceuticals,

Inc.

........................

United

States

1,505

77,793

21,361,106

#### Professional

#### Services

#### 0.2%
Automatic

Data

Processing,

Inc.

........................

United

States

1,090

221,466

Broadridge

Financial

Solutions,

Inc.

......................

United

States

1,000

162,480

a

IBEX

Holdings

Ltd.

..................................

United

States

620

16,628

Korn

Ferry

........................................

United

States

651

40,980

a

Legalzoom.com,

Inc.

.................................

United

States

6,932

39,304

Leidos

Holdings,

Inc.

.................................

United

States

1,107

172,161

Maximus,

Inc.

......................................

United

States

13,397

a

Paylocity

Holding

Corp.

...............................

United

States

1,639

177,078

Recruit

Holdings

Co.

Ltd.

.............................

Japan

7,500

326,775

a

Upwork,

Inc.

.......................................

United

States

6,840

74,966

Verisk

Analytics,

Inc.,

A

...............................

United

States

880

166,980

1,412,215

#### Real

#### Estate

#### Management

#### &

#### Development

#### 0.1%
a

CBRE

Group,

Inc.,

A

.................................

United

States

6,000

812,760

a

Cushman

&

Wakefield

Ltd.

............................

United

States

13,102

160,631

a

Jones

Lang

LaSalle,

Inc.

..............................

United

States

658

200,243

Kennedy-Wilson

Holdings,

Inc.

.........................

United

States

1,624

17,572

1,191,206

#### Residential

#### REITs

#### 0.1%
Invitation

Homes,

Inc.

................................

United

States

40,371

1,003,219

Mid-America

Apartment

Communities,

Inc.

................

United

States

1,421

173,533

Putnam

Asset

Allocation

Funds

Consolidated

Schedule

of

Investments

(unaudited)

#### Putnam

#### Dynamic

#### Asset

#### Allocation

#### Conservative

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

consolidated

financial

statements.

Semiannual

Report

a

a

#### Country

#### Shares
a

#### Value
a

a

#### a
a

#### Common

#### Stocks
(continued)

#### Residential

#### REITs
(continued)

Sun

Communities,

Inc.

...............................

United

States

1,441

$

181,508

1,358,260

#### Retail

#### REITs

#### 0.2%
Alexander's,

Inc.

....................................

United

States

15,117

Brixmor

Property

Group,

Inc.

...........................

United

States

6,550

188,640

CBL

&

Associates

Properties,

Inc.

.......................

United

States

604

23,212

Kite

Realty

Group

Trust

...............................

United

States

719

17,651

Simon

Property

Group,

Inc.

............................

United

States

7,158

1,335,182

SITE

Centers

Corp.

..................................

United

States

5,881

31,757

Tanger,

Inc.

........................................

United

States

16,140

Urban

Edge

Properties

...............................

United

States

742

14,825

1,642,524

#### Semiconductors

#### &

#### Semiconductor

#### Equipment

#### 6.4%
a

Advanced

Micro

Devices,

Inc.

..........................

United

States

5,642

1,147,752

Advantest

Corp.

....................................

Japan

1,000

138,007

a

Ambarella,

Inc.

.....................................

United

States

1,625

83,647

Applied

Materials,

Inc.

................................

United

States

824

281,635

ASML

Holding

NV

...................................

Netherlands

1,882

2,502,602

Broadcom,

Inc.

.....................................

United

States

25,920

8,022,499

a

CEVA,

Inc.

........................................

United

States

6,669

a

Cirrus

Logic,

Inc.

....................................

United

States

1,530

221,269

a

Credo

Technology

Group

Holding

Ltd.

....................

United

States

1,480

138,928

a

FormFactor,

Inc.

....................................

United

States

18,040

a

Impinj,

Inc.

........................................

United

States

50,426

Infineon

Technologies

AG

.............................

Germany

12,434

564,083

a

Kioxia

Holdings

Corp.

................................

Japan

4,400

574,640

KLA

Corp.

.........................................

United

States

216,444

Kulicke

&

Soffa

Industries,

Inc.

.........................

Singapore

15,444

Lam

Research

Corp.

.................................

United

States

22,737

4,857,987

Marvell

Technology,

Inc.

..............................

United

States

8,524

844,302

a

MaxLinear,

Inc.,

A

...................................

United

States

1,083

18,833

Micron

Technology,

Inc.

...............................

United

States

639

215,880

a

Navitas

Semiconductor

Corp.,

A

........................

United

States

1,773

15,549

NVIDIA

Corp.

......................................

United

States

148,560

25,908,864

QUALCOMM,

Inc.

...................................

United

States

20,176

2,598,265

a

Rambus,

Inc.

......................................

United

States

1,226

105,473

a

Rigetti

Computing,

Inc.

...............................

United

States

6,374

SCREEN

Holdings

Co.

Ltd.

............................

Japan

3,800

226,391

a

Semtech

Corp.

.....................................

United

States

15,455

a

Silicon

Laboratories,

Inc.

..............................

United

States

15,611

Taiwan

Semiconductor

Manufacturing

Co.

Ltd.

.............

Taiwan

8,000

462,676

49,273,745

#### Software

#### 3.1%
a

ACI

Worldwide,

Inc.

..................................

United

States

732

30,019

a

Adobe,

Inc.

........................................

United

States

9,999

2,430,557

a

Alarm.com

Holdings,

Inc.

.............................

United

States

13,518

a

Appian

Corp.,

A

.....................................

United

States

552

13,309

a

Arteris,

Inc.

........................................

United

States

3,333

54,795

a

Atlassian

Corp.,

A

...................................

United

States

2,355

160,729

a

Autodesk,

Inc.

......................................

United

States

4,911

1,175,693

a

Blend

Labs,

Inc.,

A

..................................

United

States

17,412

29,600

a

Cadence

Design

Systems,

Inc.

.........................

United

States

4,173

1,159,552

a

Cerence,

Inc.

......................................

United

States

2,205

13,914

a

Commvault

Systems,

Inc.

.............................

United

States

551

42,917

a

Crowdstrike

Holdings,

Inc.,

A

...........................

United

States

168,657

Putnam

Asset

Allocation

Funds

Consolidated

Schedule

of

Investments

(unaudited)

#### Putnam

#### Dynamic

#### Asset

#### Allocation

#### Conservative

#### Fund
(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

consolidated

financial

statements.

a

a

#### Country

#### Shares
a

#### Value
a

a

#### a
a

#### Common

#### Stocks
(continued)

#### Software
(continued)

a

Daily

Journal

Corp.

..................................

United

States

$

13,988

a

DocuSign,

Inc.,

A

...................................

United

States

4,044

191,726

a

Dropbox,

Inc.,

A

....................................

United

States

7,533

171,150

a

Fortinet,

Inc.

.......................................

United

States

1,271

103,866

InterDigital,

Inc.

.....................................

United

States

100,868

Intuit,

Inc.

.........................................

United

States

176,843

a

LiveRamp

Holdings,

Inc.

..............................

United

States

2,068

54,843

a

Manhattan

Associates,

Inc.

............................

United

States

1,291

171,858

Microsoft

Corp.

.....................................

United

States

41,948

15,527,891

a

Nice

Ltd.

..........................................

Israel

2,852

314,885

OneSpan,

Inc.

......................................

United

States

1,419

14,942

Oracle

Corp.

.......................................

United

States

3,439

505,911

Oracle

Corp.

Japan

..................................

Japan

1,200

65,079

a

PagerDuty,

Inc.

.....................................

United

States

7,673

47,649

a

Palantir

Technologies,

Inc.,

A

...........................

United

States

3,968

580,439

Pegasystems,

Inc.

...................................

United

States

4,169

177,433

a

Q2

Holdings,

Inc.

...................................

United

States

17,359

a

Rapid7,

Inc.

.......................................

United

States

3,770

20,773

RingCentral,

Inc.,

A

..................................

United

States

4,687

174,310

a

Rubrik,

Inc.,

A

......................................

United

States

3,445

168,702

Salesforce,

Inc.

.....................................

United

States

974

181,817

SAP

SE

..........................................

Germany

3,043

518,779

a

SEMrush

Holdings,

Inc.,

A

.............................

United

States

1,362

16,262

a

ServiceNow,

Inc.

....................................

United

States

7,933

829,395

a

Teradata

Corp.

.....................................

United

States

6,522

167,159

a

Weave

Communications,

Inc.

..........................

United

States

3,122

14,424

a

Workday,

Inc.,

A

....................................

United

States

1,303

169,286

a

Workiva,

Inc.,

A

.....................................

United

States

14,729

a

Zoom

Communications,

Inc.,

A

.........................

United

States

2,541

204,271

26,009,897

#### Specialized

#### REITs

#### 0.3%
American

Tower

Corp.

................................

United

States

7,927

1,368,042

EPR

Properties

.....................................

United

States

3,473

173,511

Farmland

Partners,

Inc.

...............................

United

States

1,434

16,104

Outfront

Media,

Inc.

.................................

United

States

3,517

93,201

Public

Storage

.....................................

United

States

640

173,363

VICI

Properties,

Inc.,

A

...............................

United

States

20,245

553,093

2,377,314

#### Specialty

#### Retail

#### 0.2%
a

Abercrombie

&

Fitch

Co.,

A

............................

United

States

1,070

97,766

American

Eagle

Outfitters,

Inc.

.........................

United

States

1,339

22,361

a

AutoZone,

Inc.

.....................................

United

States

182,400

Avolta

AG

.........................................

Switzerland

1,138

68,230

Buckle,

Inc.

(The)

...................................

United

States

15,209

a

Chewy,

Inc.,

A

......................................

United

States

7,744

209,088

Fast

Retailing

Co.

Ltd.

................................

Japan

158,043

Home

Depot,

Inc.

(The)

...............................

United

States

524

172,338

a

O'Reilly

Automotive,

Inc.

..............................

United

States

2,053

189,512

Ross

Stores,

Inc.

...................................

United

States

1,214

262,989

a

Sally

Beauty

Holdings,

Inc.

............................

United

States

1,469

20,346

TJX

Cos.,

Inc.

(The)

.................................

United

States

2,828

451,632

a

Ulta

Beauty,

Inc.

....................................

United

States

159,427

a

Urban

Outfitters,

Inc.

.................................

United

States

22,553

a

Victoria's

Secret

&

Co.

...............................

United

States

1,635

75,799

2,107,693

Putnam

Asset

Allocation

Funds

Consolidated

Schedule

of

Investments

(unaudited)

#### Putnam

#### Dynamic

#### Asset

#### Allocation

#### Conservative

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

consolidated

financial

statements.

Semiannual

Report

a

a

#### Country

#### Shares
a

#### Value
a

a

#### a
a

#### Common

#### Stocks
(continued)

#### Technology

#### Hardware,

#### Storage

#### &

#### Peripherals

#### 3.0%
Apple,

Inc.

........................................

United

States

86,509

$

21,955,119

a

Everpure,

Inc.,

A

....................................

United

States

3,233

190,876

a

IonQ,

Inc.

.........................................

United

States

2,503

72,161

a

Sandisk

Corp.

......................................

United

States

269,384

Seagate

Technology

Holdings

plc

.......................

United

States

2,453

960,987

23,448,527

#### Textiles,

#### Apparel

#### &

#### Luxury

#### Goods

#### 0.0%

#### †
Asics

Corp.

........................................

Japan

6,800

182,819

Carter's,

Inc.

.......................................

United

States

1,839

65,763

G-III

Apparel

Group

Ltd.

..............................

United

States

728

20,166

Hermes

International

SCA

.............................

France

227,322

LVMH

Moet

Hennessy

Louis

Vuitton

SE

..................

France

30,066

Pandora

A/S

.......................................

Denmark

2,065

147,594

Tapestry,

Inc.

......................................

United

States

1,486

209,689

883,419

#### Tobacco

#### 0.7%
British

American

Tobacco

plc

...........................

United

Kingdom

13,836

803,302

Imperial

Brands

plc

..................................

United

Kingdom

12,478

505,956

Philip

Morris

International,

Inc.

.........................

United

States

21,680

3,584,571

4,893,829

#### Trading

#### Companies

#### &

#### Distributors

#### 0.3%
AerCap

Holdings

NV

.................................

Ireland

1,800

246,924

Bunzl

plc

..........................................

United

Kingdom

1,576

47,446

McGrath

RentCorp

..................................

United

States

18,417

Mitsubishi

Corp.

....................................

Japan

4,300

147,516

Mitsui

&

Co.

Ltd.

....................................

Japan

19,100

738,266

a

NPK

International,

Inc.

...............................

United

States

1,156

16,750

Sunbelt

Rentals

Holdings,

Inc.

..........................

United

States

4,693

299,373

United

Rentals,

Inc.

..................................

United

States

903

657,890

2,172,582

#### Transportation

#### Infrastructure

#### 0.0%

#### †
b

Aena

SME

SA,

144A,

Reg

S

...........................

Spain

4,398

129,729

#### Water

#### Utilities

#### 0.0%

#### †
American

States

Water

Co.

............................

United

States

16,258

California

Water

Service

Group

.........................

United

States

15,461

31,719

#### Wireless

#### Telecommunication

#### Services

#### 0.3%
KDDI

Corp.

........................................

Japan

36,500

621,476

T-Mobile

US,

Inc.

...................................

United

States

4,552

956,057

Vodafone

Group

plc

.................................

United

Kingdom

294,031

443,502

2,021,035

#### Total

#### Common

#### Stocks

#### (Cost

#### $290,635,714)

#### ...................................

#### 424,649,770

#### Management

#### Investment

#### Companies

#### 0.1%

#### Capital

#### Markets

#### 0.1%
iShares

Russell

1000

Value

ETF

........................

United

States

2,723

581,823

#### Total

#### Management

#### Investment

#### Companies

#### (Cost

#### $591,602)

#### .....................

#### 581,823
Putnam

Asset

Allocation

Funds

Consolidated

Schedule

of

Investments

(unaudited)

#### Putnam

#### Dynamic

#### Asset

#### Allocation

#### Conservative

#### Fund
(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

consolidated

financial

statements.

a

a

#### Country

#### Shares
a

#### Value
a

a

#### a
a

#### Convertible

#### Preferred

#### Stocks

#### 0.0%

#### †

#### Aerospace

#### &

#### Defense

#### 0.0%

#### †
Boeing

Co.

(The),

6%

................................

United

States

1,022

$

66,307

#### Financial

#### Services

#### 0.0%

#### †
Apollo

Global

Management,

Inc.,

6.75%

..................

United

States

747

43,670

#### Software

#### 0.0%

#### †
Oracle

Corp.,

D,

6.5%

................................

United

States

1,573

70,801

#### Total

#### Convertible

#### Preferred

#### Stocks

#### (Cost

#### $166,678)

#### ............................

#### 180,778

#### Preferred

#### Stocks

#### 0.1%

#### Technology

#### Hardware,

#### Storage

#### &

#### Peripherals

#### 0.1%
c

Samsung

Electronics

Co.

Ltd.,

1.05%

....................

South

Korea

4,360

351,955

#### Total

#### Preferred

#### Stocks

#### (Cost

#### $149,266)

#### .......................................

#### 351,955

#### Rights

#### 0.0%

#### †

#### Biotechnology

#### 0.0%

#### †
a,d

Akero

Therapeutics,

Inc.,

CVR,

6/30/31

...................

United

States

1,346

875

a,d

Blueprint

Medicines

Corp.,

CVR,

12/31/28

.................

United

States

a,d

Icosavax,

Inc.,

CVR,

2/19/31

...........................

United

Kingdom

687

a,d,e

Pfizer,

Inc.,

CVR,

3/31/32

.............................

United

States

2,038

a,d

Sage

Therapeutics,

Inc.,

CVR,

12/31/30

..................

United

States

4,187

754

4,052

#### Total

#### Rights

#### (Cost

#### $4,059)

#### ..................................................

#### 4,052

#### Principal

#### Amount

#### \*

#### Convertible

#### Bonds

#### 0.0%

#### †

#### Consumer

#### Staples

#### Distribution

#### &

#### Retail

#### 0.0%

#### †
Chefs'

Warehouse,

Inc.

(The)

,

Senior

Note

,

2.375 %

,

12/15/28

..

United

States

40,000

59,160

#### Energy

#### Equipment

#### &

#### Services

#### 0.0%

#### †
Nabors

Industries,

Inc.

,

Senior

Note

,

1.75 %

,

6/15/29

.........

United

States

40,000

36,440

#### Food

#### Products

#### 0.0%

#### †
Post

Holdings,

Inc.

,

Senior

Note

,

2.5 %

,

8/15/27

.............

United

States

52,000

56,394

#### Oil,

#### Gas

#### &

#### Consumable

#### Fuels

#### 0.0%

#### †
b

Crescent

Energy

Co.

,

Senior

Note

,

144A,

2.75 %

,

3/15/31

.....

United

States

75,000

86,287

#### Software

#### 0.0%

#### †
Guidewire

Software,

Inc.

,

Senior

Note

,

1.25 %

,

11/01/29

.......

United

States

76,000

75,858

#### Technology

#### Hardware,

#### Storage

#### &

#### Peripherals

#### 0.0%

#### †
Seagate

HDD

Cayman

,

Senior

Note

,

3.5 %

,

6/01/28

..........

United

States

15,000

71,264

#### Total

#### Convertible

#### Bonds

#### (Cost

#### $373,382)
.....................................

#### 385,403

#### Corporate

#### Bonds

#### 17.0%

#### Aerospace

#### &

#### Defense

#### 0.7%
ATI,

Inc.

,

Senior

Bond,

5.125%,

10/01/31

.......................

United

States

15,000

14,834

Senior

Note,

5.875%,

12/01/27

.......................

United

States

120,000

120,058

Senior

Note,

4.875%,

10/01/29

.......................

United

States

25,000

24,686

Senior

Note,

7.25%,

8/15/30

.........................

United

States

75,000

77,824

Putnam

Asset

Allocation

Funds

Consolidated

Schedule

of

Investments

(unaudited)

#### Putnam

#### Dynamic

#### Asset

#### Allocation

#### Conservative

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

consolidated

financial

statements.

Semiannual

Report

a

a

#### Country

#### Principal

#### Amount

#### \*
a

#### Value
a

#### a
a

#### Corporate

#### Bonds
(continued)

#### Aerospace

#### &

#### Defense
(continued)

b

Axon

Enterprise,

Inc.

,

Senior

Note,

144A,

6.125%,

3/15/30

...................

United

States

55,000

$

56,048

Senior

Note,

144A,

6.25%,

3/15/33

....................

United

States

60,000

61,295

b

BAE

Systems

plc

,

Senior

Bond,

144A,

5.3%,

3/26/34

.....................

United

Kingdom

305,000

312,497

Senior

Note,

144A,

5.125%,

3/26/29

...................

United

Kingdom

250,000

255,175

Boeing

Co.

(The)

,

Senior

Bond,

2.95%,

2/01/30

.........................

United

States

41,000

38,597

Senior

Bond,

6.125%,

2/15/33

........................

United

States

75,000

79,778

Senior

Bond,

6.875%,

3/15/39

........................

United

States

43,000

47,273

Senior

Bond,

5.875%,

2/15/40

........................

United

States

45,000

45,234

Senior

Bond,

3.375%,

6/15/46

........................

United

States

85,000

58,789

Senior

Note,

2.7%,

2/01/27

..........................

United

States

153,000

150,893

Senior

Note,

6.259%,

5/01/27

........................

United

States

79,000

80,386

Senior

Note,

6.298%,

5/01/29

........................

United

States

815,000

855,846

b

Bombardier,

Inc.

,

Senior

Bond,

144A,

7.45%,

5/01/34

....................

Canada

150,000

162,400

Senior

Note,

144A,

8.75%,

11/15/30

...................

Canada

60,000

63,888

Senior

Note,

144A,

7%,

6/01/32

......................

Canada

5,000

5,195

Senior

Note,

144A,

6.75%,

6/15/33

....................

Canada

50,000

51,698

b

Efesto

Bidco

SpA

Efesto

US

LLC

,

XR

,

Senior

Secured

Note

,

144A,

7.5 %

,

2/15/32

...............................

Italy

200,000

199,261

b

Honeywell

Aerospace,

Inc.

,

Senior

Note

,

144A,

4.3 %

,

3/16/31

..

United

States

210,000

207,799

Howmet

Aerospace,

Inc.

,

Senior

Note,

3%,

1/15/29

...........................

United

States

413,000

398,524

Senior

Note,

4.85%,

10/15/31

........................

United

States

106,000

107,250

RTX

Corp.

,

Senior

Bond,

4.125%,

11/16/28

.......................

United

States

253,000

251,996

Senior

Bond,

5.15%,

2/27/33

.........................

United

States

54,000

55,096

Senior

Bond,

4.875%,

10/15/40

.......................

United

States

119,000

113,360

Spirit

AeroSystems,

Inc.

,

Senior

Bond

,

4.6 %

,

6/15/28

........

United

States

420,000

420,413

b

TransDigm,

Inc.

,

Senior

Secured

Note,

144A,

6.875%,

12/15/30

...........

United

States

60,000

61,518

Senior

Secured

Note,

144A,

7.125%,

12/01/31

...........

United

States

15,000

15,501

Senior

Secured

Note,

144A,

6.625%,

3/01/32

............

United

States

5,000

5,106

Senior

Secured

Note,

144A,

6%,

1/15/33

................

United

States

185,000

185,102

Senior

Secured

Note,

144A,

6.25%,

1/31/34

.............

United

States

25,000

25,296

Senior

Sub.

Note,

144A,

6.75%,

1/31/34

................

United

States

385,000

390,334

4,998,950

#### Automobile

#### Components

#### 0.1%
b

Adient

Global

Holdings

Ltd.

,

Senior

Note

,

144A,

8.25 %

,

4/15/31

United

States

115,000

119,360

b

Clarios

Global

LP

/

Clarios

US

Finance

Co.

,

Senior

Note

,

144A,

6.75 %

,

9/15/32

...................................

United

States

60,000

60,518

b

Dornoch

Debt

Merger

Sub,

Inc.

,

Senior

Note

,

144A,

6.625 %

,

10/15/29

........................................

United

States

85,000

75,967

b

Forvia

SE

,

Senior

Note

,

144A,

6.75 %

,

9/15/33

..............

France

200,000

195,391

b,f

IHO

Verwaltungs

GmbH

,

Senior

Secured

Note,

144A,

PIK,

7.75%,

11/15/30

.........

Germany

200,000

203,454

Senior

Secured

Note,

144A,

PIK,

8%,

11/15/32

...........

Germany

200,000

205,050

859,740

#### Automobiles

#### 0.1%
b

Hyundai

Capital

America

,

Senior

Bond,

144A,

6.375%,

4/08/30

...................

United

States

17,000

17,846

Senior

Note,

144A,

4.875%,

11/01/27

..................

United

States

200,000

200,911

Putnam

Asset

Allocation

Funds

Consolidated

Schedule

of

Investments

(unaudited)

#### Putnam

#### Dynamic

#### Asset

#### Allocation

#### Conservative

#### Fund
(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

consolidated

financial

statements.

a

a

#### Country

#### Principal

#### Amount

#### \*
a

#### Value
a

#### a
a

#### Corporate

#### Bonds
(continued)

#### Automobiles
(continued)

b

Hyundai

Capital

America,

(continued)

Senior

Note,

144A,

6.5%,

1/16/29

.....................

United

States

380,000

$

396,803

Senior

Note,

144A,

5.35%,

3/19/29

....................

United

States

98,000

99,816

Senior

Note,

144A,

4.55%,

9/26/29

....................

United

States

55,000

54,782

Senior

Note,

144A,

5.4%,

1/08/31

.....................

United

States

48,000

49,001

b

Nissan

Motor

Co.

Ltd.

,

Senior

Bond

,

144A,

8.125 %

,

7/17/35

...

Japan

200,000

205,949

1,025,108

#### Banks

#### 2.8%
b

ABN

AMRO

Bank

NV

,

Senior

Non-Preferred

Note

,

144A,

4.988%

to

12/02/27,

FRN

thereafter

,

12/03/28

...................

Netherlands

300,000

302,355

b,g

Australia

&

New

Zealand

Banking

Group

Ltd.

,

Junior

Sub.

Bond

,

144A,

6.75%

to

6/14/26,

FRN

thereafter

,

Perpetual

.........

Australia

200,000

200,914

Banco

Santander

SA

,

Senior

Non-Preferred

Bond,

4.379%,

4/12/28

............

Spain

200,000

199,376

Sub.

Bond,

3.225%

to

8/21/31,

FRN

thereafter,

11/22/32

....

Spain

1,400,000

1,257,185

Bank

of

America

Corp.

,

Senior

Bond,

2.496%

to

2/12/30,

FRN

thereafter,

2/13/31

...

United

States

450,000

416,063

Senior

Note,

1.734%

to

7/21/26,

FRN

thereafter,

7/22/27

....

United

States

1,690,000

1,675,962

h

Sub.

Bond,

FRN,

4.696%,

(3-month

SOFR

+

1.022%),

9/15/26

United

States

65,000

65,116

Sub.

Bond,

6.11%,

1/29/37

..........................

United

States

722,000

757,609

Sub.

Bond,

3.846%

to

3/07/32,

FRN

thereafter,

3/08/37

.....

United

States

1,133,000

1,050,025

L,

Sub.

Bond,

4.183%,

11/25/27

......................

United

States

245,000

244,237

Bank

of

Nova

Scotia

(The)

,

Junior

Sub.

Bond

,

7.35%

to

4/26/30,

FRN

thereafter

,

4/27/85

.............................

Canada

200,000

202,109

b

Banque

Federative

du

Credit

Mutuel

SA

,

Senior

Preferred

Note

,

144A,

4.541 %

,

1/15/31

..............................

France

200,000

197,323

Barclays

plc

,

Senior

Note

,

5.367%

to

2/24/30,

FRN

thereafter

,

2/25/31

.........................................

United

Kingdom

200,000

203,530

b

BNP

Paribas

SA

,

Sub.

Bond

,

144A,

4.375 %

,

5/12/26

.........

France

200,000

199,937

b

CaixaBank

SA

,

Senior

Non-Preferred

Note,

144A,

4.634%

to

7/02/28,

FRN

thereafter,

7/03/29

.................................

Spain

200,000

200,369

Senior

Non-Preferred

Note,

144A,

5.673%

to

3/14/29,

FRN

thereafter,

3/15/30

.................................

Spain

200,000

205,533

Citigroup,

Inc.

,

Senior

Bond,

3.887%

to

1/09/27,

FRN

thereafter,

1/10/28

...

United

States

321,000

319,498

Senior

Bond,

3.668%

to

7/23/27,

FRN

thereafter,

7/24/28

...

United

States

1,408,000

1,393,321

Senior

Note,

4.503%

to

9/10/30,

FRN

thereafter,

9/11/31

....

United

States

320,000

316,439

Sub.

Bond,

4.45%,

9/29/27

..........................

United

States

402,000

402,105

Sub.

Bond,

4.75%,

5/18/46

..........................

United

States

168,000

141,635

b

Commonwealth

Bank

of

Australia

,

Senior

Bond

,

144A,

3.15 %

,

9/19/27

.........................................

Australia

564,000

556,734

b

Federation

des

Caisses

Desjardins

du

Quebec

,

Senior

Note

,

144A,

4.565 %

,

8/26/30

..............................

Canada

400,000

398,457

First-Citizens

Bank

&

Trust

Co.

,

Sub.

Bond

,

6.125 %

,

3/09/28

...

United

States

580,000

594,809

Huntington

Bancshares,

Inc.

,

Sub.

Bond

,

2.487%

to

8/14/31,

FRN

thereafter

,

8/15/36

.................................

United

States

385,000

330,706

b

Intesa

Sanpaolo

SpA

,

Senior

Preferred

Bond

,

144A,

3.875 %

,

1/12/28

.........................................

Italy

400,000

395,913

JPMorgan

Chase

&

Co.

,

h

W,

Junior

Sub.

Bond,

FRN,

4.914%,

(3-month

SOFR

+

1.262%),

5/15/47

.................................

United

States

179,000

157,701

Senior

Note,

6.07%

to

10/21/26,

FRN

thereafter,

10/22/27

...

United

States

305,000

307,935

Sub.

Bond,

3.625%,

12/01/27

........................

United

States

1,887,000

1,866,393

Sub.

Bond,

5.717%

to

9/13/32,

FRN

thereafter,

9/14/33

.....

United

States

790,000

818,306

Putnam

Asset

Allocation

Funds

Consolidated

Schedule

of

Investments

(unaudited)

#### Putnam

#### Dynamic

#### Asset

#### Allocation

#### Conservative

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

consolidated

financial

statements.

Semiannual

Report

a

a

#### Country

#### Principal

#### Amount

#### \*
a

#### Value
a

#### a
a

#### Corporate

#### Bonds
(continued)

#### Banks
(continued)

Mitsubishi

UFJ

Financial

Group,

Inc.

,

Senior

Note

,

5.159%

to

4/23/30,

FRN

thereafter

,

4/24/31

......................

Japan

335,000

$

339,885

PNC

Financial

Services

Group,

Inc.

(The)

,

Senior

Bond,

5.373%

to

7/20/35,

FRN

thereafter,

7/21/36

...

United

States

24,000

24,115

Sub.

Bond,

4.626%

to

6/05/32,

FRN

thereafter,

6/06/33

.....

United

States

648,000

630,781

Toronto-Dominion

Bank

(The)

,

Sub.

Bond

,

3.625%

to

9/14/26,

FRN

thereafter

,

9/15/31

.............................

Canada

494,000

491,198

h

Truist

Bank

,

Sub.

Bond

,

FRN

,

4.632 %

,

(5-year

CMT

T-Note

+

1.15 %),

9/17/29

...................................

United

States

390,000

386,887

Truist

Financial

Corp.

,

Senior

Note

,

5.435%

to

1/23/29,

FRN

thereafter

,

1/24/30

.................................

United

States

150,000

153,556

US

Bancorp

,

Sub.

Bond

,

2.491%

to

11/02/31,

FRN

thereafter

,

11/03/36

........................................

United

States

593,000

512,892

Wells

Fargo

&

Co.

,

Senior

Bond,

3.35%

to

3/01/32,

FRN

thereafter,

3/02/33

....

United

States

2,203,000

2,023,375

Senior

Note,

5.574%

to

7/24/28,

FRN

thereafter,

7/25/29

....

United

States

155,000

158,578

Westpac

Banking

Corp.

,

Sub.

Bond

,

2.963 %

,

11/16/40

.......

Australia

116,000

86,272

20,185,134

#### Biotechnology

#### 0.2%
AbbVie,

Inc.

,

Senior

Note,

4.8%,

3/15/29

..........................

United

States

230,000

233,727

Senior

Note,

4.125%,

3/15/31

........................

United

States

105,000

103,499

Amgen,

Inc.

,

Senior

Bond,

4.663%,

6/15/51

........................

United

States

302,000

253,542

Senior

Note,

5.15%,

3/02/28

.........................

United

States

320,000

324,831

b

Genmab

A/S

/

Genmab

Finance

LLC

,

Senior

Secured

Note

,

144A,

6.25 %

,

12/15/32

..............................

Denmark

280,000

287,268

b

Grifols

SA

,

Senior

Note

,

Reg

S,

3.875 %

,

10/15/28

...........

Spain

215,000

EUR

243,435

1,446,302

#### Broadline

#### Retail

#### 0.1%
Amazon.com,

Inc.

,

Senior

Note,

4.1%,

11/20/30

.........................

United

States

80,000

79,096

Senior

Note,

4.25%,

3/13/31

.........................

United

States

160,000

158,857

b

Kohl's

Corp.

,

Senior

Secured

Note

,

144A,

%

,

6/01/30

......

United

States

35,000

37,035

b

Match

Group

Holdings

II

LLC

,

Senior

Note

,

144A,

4.625 %

,

6/01/28

.........................................

United

States

189,000

184,892

b

Wayfair

LLC

,

Senior

Secured

Note,

144A,

7.25%,

10/31/29

............

United

States

75,000

76,609

Senior

Secured

Note,

144A,

7.75%,

9/15/30

.............

United

States

185,000

192,753

Senior

Secured

Note,

144A,

6.75%,

11/15/32

............

United

States

335,000

337,811

1,067,053

#### Building

#### Products

#### 0.0%

#### †
b

JH

North

America

Holdings,

Inc.

,

Senior

Secured

Note,

144A,

5.875%,

1/31/31

............

United

States

10,000

9,924

Senior

Secured

Note,

144A,

6.125%,

7/31/32

............

United

States

40,000

39,905

Johnson

Controls

International

plc

,

Senior

Bond

,

4.95 %

,

7/02/64

United

States

264,000

223,124

b

Miter

Brands

Acquisition

Holdco,

Inc.

/

MIWD

Borrower

LLC

,

Senior

Secured

Note

,

144A,

6.75 %

,

4/01/32

..............

United

States

75,000

71,878

b

Quikrete

Holdings,

Inc.

,

Senior

Secured

Note

,

144A,

6.375 %

,

3/01/32

.........................................

United

States

230,000

233,393

b

Smyrna

Ready

Mix

Concrete

LLC

,

Senior

Secured

Note

,

144A,

8.875 %

,

11/15/31

..................................

United

States

70,000

72,238

Putnam

Asset

Allocation

Funds

Consolidated

Schedule

of

Investments

(unaudited)

#### Putnam

#### Dynamic

#### Asset

#### Allocation

#### Conservative

#### Fund
(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

consolidated

financial

statements.

a

a

#### Country

#### Principal

#### Amount

#### \*
a

#### Value
a

#### a
a

#### Corporate

#### Bonds
(continued)

#### Building

#### Products
(continued)

b

Standard

Building

Solutions,

Inc.

,

Senior

Note,

144A,

6.5%,

8/15/32

.....................

United

States

90,000

$

90,126

Senior

Note,

144A,

6.25%,

8/01/33

....................

United

States

85,000

84,126

b

Standard

Industries,

Inc.

,

Senior

Bond,

144A,

4.375%,

7/15/30

...................

United

States

70,000

66,022

Senior

Bond,

144A,

3.375%,

1/15/31

...................

United

States

40,000

35,880

926,616

#### Capital

#### Markets

#### 1.1%
Ares

Capital

Corp.

,

Senior

Note,

2.15%,

7/15/26

.........................

United

States

199,000

197,369

Senior

Note,

7%,

1/15/27

...........................

United

States

110,000

111,513

Senior

Note,

2.875%,

6/15/27

........................

United

States

212,000

206,456

b

Aretec

Group,

Inc.

,

Senior

Secured

Note

,

144A,

%

,

8/15/30

..

United

States

21,000

22,332

b

Blackstone

Holdings

Finance

Co.

LLC

,

Senior

Bond

,

144A,

1.6 %

,

3/30/31

.........................................

United

States

134,000

115,197

Blackstone

Private

Credit

Fund

,

Senior

Note

,

3.25 %

,

3/15/27

..

United

States

88,000

85,825

Goldman

Sachs

Group,

Inc.

(The)

,

Senior

Bond,

4.223%

to

4/30/28,

FRN

thereafter,

5/01/29

...

United

States

1,677,000

1,667,758

Senior

Note,

4.153%

to

10/20/28,

FRN

thereafter,

10/21/29

..

United

States

368,000

364,610

Intercontinental

Exchange,

Inc.

,

Senior

Bond,

1.85%,

9/15/32

.........................

United

States

149,000

125,808

Senior

Note,

4%,

9/15/27

...........................

United

States

98,000

97,684

b

Jane

Street

Group

/

JSG

Finance,

Inc.

,

Senior

Secured

Note,

144A,

6.125%,

11/01/32

...........

United

States

195,000

193,002

Senior

Secured

Note,

144A,

6.75%,

5/01/33

.............

United

States

430,000

436,570

Jefferies

Financial

Group,

Inc.

,

Senior

Note

,

4.5 %

,

9/15/26

....

United

States

170,000

169,472

b

KKR

Group

Finance

Co.

III

LLC

,

Senior

Bond

,

144A,

5.125 %

,

6/01/44

.........................................

United

States

163,000

144,032

LPL

Holdings,

Inc.

,

Senior

Note,

6.75%,

11/17/28

........................

United

States

166,000

174,017

Senior

Note,

5.2%,

3/15/30

..........................

United

States

172,000

173,346

Moody's

Corp.

,

Senior

Bond,

2%,

8/19/31

...........................

United

States

463,000

407,914

Senior

Bond,

5%,

8/05/34

...........................

United

States

51,000

51,003

Morgan

Stanley

,

Senior

Bond,

3.772%

to

1/23/28,

FRN

thereafter,

1/24/29

...

United

States

1,758,000

1,734,922

Senior

Note,

5.123%

to

1/31/28,

FRN

thereafter,

2/01/29

....

United

States

305,000

308,442

Senior

Note,

4.994%

to

4/11/28,

FRN

thereafter,

4/12/29

....

United

States

104,000

104,967

Senior

Note,

4.493%

to

1/15/31,

FRN

thereafter,

1/16/32

....

United

States

70,000

68,843

Senior

Note,

4.708%

to

3/11/31,

FRN

thereafter,

3/12/32

....

United

States

145,000

144,055

Sub.

Bond,

3.95%,

4/23/27

..........................

United

States

398,000

395,715

b

MSCI,

Inc.

,

Senior

Bond

,

144A,

3.625 %

,

9/01/30

............

United

States

292,000

276,139

Nasdaq,

Inc.

,

Senior

Bond,

5.55%,

2/15/34

.........................

United

States

30,000

30,872

Senior

Note,

5.35%,

6/28/28

.........................

United

States

69,000

70,443

S&P

Global,

Inc.

,

Senior

Bond,

2.5%,

12/01/29

.........................

United

States

51,000

47,907

Senior

Bond,

1.25%,

8/15/30

.........................

United

States

93,000

81,117

b

Stonex

Escrow

Issuer

LLC

,

Secured

Note

,

144A,

6.875 %

,

7/15/32

United

States

175,000

176,982

b

UBS

Group

AG

,

Senior

Bond

,

144A,

3.869%

to

1/11/28,

FRN

thereafter

,

1/12/29

.................................

Switzerland

311,000

307,503

8,491,815

Putnam

Asset

Allocation

Funds

Consolidated

Schedule

of

Investments

(unaudited)

#### Putnam

#### Dynamic

#### Asset

#### Allocation

#### Conservative

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

consolidated

financial

statements.

Semiannual

Report

a

a

#### Country

#### Principal

#### Amount

#### \*
a

#### Value
a

#### a
a

#### Corporate

#### Bonds
(continued)

#### Chemicals

#### 0.1%
b

ARC

Falcon

I,

Inc.

/

Arclin

USA

LLC

/

New

Arclin

US

Holding

Corp.

,

Senior

Secured

Note

,

144A,

9.75 %

,

3/01/33

.........

United

States

135,000

$

130,095

b

Avient

Corp.

,

Senior

Note

,

144A,

6.25 %

,

11/01/31

...........

United

States

30,000

30,235

Celanese

US

Holdings

LLC

,

Senior

Note

,

1.4 %

,

8/05/26

......

United

States

145,000

143,015

CF

Industries,

Inc.

,

Senior

Bond

,

4.95 %

,

6/01/43

............

United

States

110,000

98,244

b

Element

Solutions,

Inc.

,

Senior

Note

,

144A,

3.875 %

,

9/01/28

...

United

States

150,000

146,142

FMC

Corp.

,

Sub.

Bond

,

8.45%

to

10/31/30,

FRN

thereafter

,

11/01/55

........................................

United

States

70,000

45,133

b

Rain

Carbon,

Inc.

,

Senior

Secured

Note

,

144A,

12.25 %

,

9/01/29

United

States

285,000

293,578

b

SCIH

Salt

Holdings,

Inc.

,

Senior

Note,

144A,

6.625%,

5/01/29

...................

United

States

65,000

64,729

Senior

Secured

Note,

144A,

4.875%,

5/01/28

............

United

States

80,000

79,135

b

Solstice

Advanced

Materials,

Inc.

,

Senior

Note

,

144A,

5.625 %

,

9/30/33

.........................................

United

States

160,000

157,925

1,188,231

#### Commercial

#### Services

#### &

#### Supplies

#### 0.4%
b

Aramark

Services,

Inc.

,

Senior

Bond

,

144A,

%

,

2/01/28

......

United

States

122,000

121,348

b

Clean

Harbors,

Inc.

,

Senior

Note

,

144A,

6.375 %

,

2/01/31

.....

United

States

80,000

81,302

b

GFL

Environmental,

Inc.

,

Senior

Note

,

144A,

6.75 %

,

1/15/31

...

United

States

25,000

25,902

b

Madison

IAQ

LLC

,

Senior

Secured

Note

,

144A,

4.125 %

,

6/30/28

United

States

40,000

39,092

b

Neptune

Bidco

US,

Inc.

,

Senior

Secured

Note,

144A,

9.29%,

4/15/29

.............

United

States

20,000

20,072

Senior

Secured

Note,

144A,

9.5%,

2/15/33

..............

United

States

330,000

320,591

Republic

Services,

Inc.

,

Senior

Note

,

%

,

11/15/29

..........

United

States

576,000

588,635

b

RR

Donnelley

&

Sons

Co.

,

Senior

Secured

Note

,

144A,

9.5 %

,

8/01/29

.........................................

United

States

370,000

374,815

b

Veritiv

Operating

Co.

,

Senior

Secured

Note

,

144A,

10.5 %

,

11/30/30

........................................

United

States

30,000

31,215

Waste

Connections,

Inc.

,

Senior

Bond,

3.5%,

5/01/29

..........................

United

States

240,000

235,665

Senior

Bond,

3.2%,

6/01/32

..........................

United

States

38,000

35,125

Senior

Bond,

5%,

3/01/34

...........................

United

States

55,000

55,384

Waste

Management,

Inc.

,

Senior

Note

,

4.875 %

,

2/15/29

......

United

States

147,000

149,538

b

Waste

Pro

USA,

Inc.

,

Senior

Note

,

144A,

%

,

2/01/33

........

United

States

125,000

126,719

b

Wrangler

Holdco

Corp.

,

Senior

Note

,

144A,

6.625 %

,

4/01/32

...

Canada

30,000

30,911

2,236,314

#### Communications

#### Equipment

#### 0.1%
Motorola

Solutions,

Inc.

,

Senior

Bond,

2.3%,

11/15/30

.........................

United

States

78,000

70,361

Senior

Bond,

5.55%,

8/15/35

.........................

United

States

271,000

277,167

Senior

Note,

4.85%,

8/15/30

.........................

United

States

91,000

91,678

b

Viasat,

Inc.

,

Senior

Note

,

144A,

7.5 %

,

5/30/31

..............

United

States

205,000

202,839

642,045

#### Construction

#### &

#### Engineering

#### 0.0%

#### †
b

Arcosa,

Inc.

,

Senior

Note

,

144A,

6.875 %

,

8/15/32

...........

United

States

35,000

35,889

#### Consumer

#### Finance

#### 0.9%
AerCap

Ireland

Capital

DAC

/

AerCap

Global

Aviation

Trust

,

Senior

Bond,

3.65%,

7/21/27

.........................

Ireland

450,000

445,308

Senior

Bond,

3.3%,

1/30/32

..........................

Ireland

596,000

541,506

Ally

Financial,

Inc.

,

Senior

Bond,

8%,

11/01/31

..........................

United

States

297,000

329,846

Putnam

Asset

Allocation

Funds

Consolidated

Schedule

of

Investments

(unaudited)

#### Putnam

#### Dynamic

#### Asset

#### Allocation

#### Conservative

#### Fund
(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

consolidated

financial

statements.

a

a

#### Country

#### Principal

#### Amount

#### \*
a

#### Value
a

#### a
a

#### Corporate

#### Bonds
(continued)

#### Consumer

#### Finance
(continued)

Ally

Financial,

Inc.,

(continued)

Senior

Note,

4.75%,

6/09/27

.........................

United

States

207,000

$

207,446

Senior

Note,

2.2%,

11/02/28

.........................

United

States

172,000

162,010

American

Express

Co.

,

Senior

Bond,

5.667%

to

4/24/35,

FRN

thereafter,

4/25/36

...

United

States

326,000

337,074

Senior

Note,

5.098%

to

2/15/27,

FRN

thereafter,

2/16/28

....

United

States

170,000

170,948

b

Avolon

Holdings

Funding

Ltd.

,

Senior

Note,

144A,

5.75%,

11/15/29

...................

Ireland

343,000

351,555

Senior

Note,

144A,

4.9%,

10/10/30

....................

Ireland

155,000

153,999

Capital

One

Financial

Corp.

,

Senior

Note,

4.493%

to

9/10/30,

FRN

thereafter,

9/11/31

....

United

States

95,000

93,303

Sub.

Bond,

2.359%

to

7/28/31,

FRN

thereafter,

7/29/32

.....

United

States

926,000

798,621

b

Encore

Capital

Group,

Inc.

,

Senior

Secured

Note

,

144A,

8.5 %

,

5/15/30

.........................................

United

States

300,000

317,385

b

FirstCash,

Inc.

,

Senior

Note

,

144A,

6.875 %

,

3/01/32

.........

United

States

530,000

540,848

b

Gabx

Leasing

LLC

,

Senior

Note

,

144A,

4.625 %

,

4/15/31

......

United

States

170,000

167,638

General

Motors

Financial

Co.,

Inc.

,

Senior

Note,

4.2%,

10/27/28

.........................

United

States

70,000

69,296

Senior

Note,

4.9%,

10/06/29

.........................

United

States

207,000

208,083

b

Jefferson

Capital

Holdings

LLC

,

Senior

Note,

144A,

9.5%,

2/15/29

.....................

United

States

100,000

104,997

Senior

Note,

144A,

8.25%,

5/15/30

....................

United

States

200,000

208,649

b

Macquarie

Airfinance

Holdings

Ltd.

,

Senior

Note

,

144A,

5.15 %

,

3/17/30

.........................................

United

Kingdom

296,000

294,627

OneMain

Finance

Corp.

,

Senior

Bond,

5.375%,

11/15/29

.......................

United

States

55,000

53,078

Senior

Note,

7.5%,

5/15/31

..........................

United

States

70,000

70,418

Senior

Note,

7.125%,

11/15/31

.......................

United

States

120,000

119,001

Senior

Note,

6.5%,

3/15/33

..........................

United

States

50,000

47,842

b

PRA

Group,

Inc.

,

Senior

Note

,

144A,

8.875 %

,

1/31/30

........

United

States

155,000

156,607

5,950,085

#### Consumer

#### Staples

#### Distribution

#### &

#### Retail

#### 0.2%
b

7-Eleven,

Inc.

,

Senior

Note

,

144A,

1.3 %

,

2/10/28

............

United

States

329,000

310,472

b

Alimentation

Couche-Tard,

Inc.

,

Senior

Bond,

144A,

3.55%,

7/26/27

....................

Canada

233,000

230,404

Senior

Bond,

144A,

2.95%,

1/25/30

....................

Canada

156,000

147,342

b

US

Foods,

Inc.

,

Senior

Note,

144A,

7.25%,

1/15/32

....................

United

States

190,000

196,843

Senior

Note,

144A,

5.75%,

4/15/33

....................

United

States

60,000

59,792

944,853

#### Containers

#### &

#### Packaging

#### 0.1%
AptarGroup,

Inc.

,

Senior

Note

,

4.75 %

,

3/30/31

.............

United

States

75,000

74,369

Berry

Global,

Inc.

,

Senior

Secured

Note,

1.65%,

1/15/27

..................

United

States

154,000

150,813

Senior

Secured

Note,

5.5%,

4/15/28

...................

United

States

13,000

13,263

b

Senior

Secured

Note,

144A,

4.875%,

7/15/26

............

United

States

11,000

11,001

b

Clydesdale

Acquisition

Holdings,

Inc.

,

Senior

Secured

Note

,

144A,

6.75 %

,

4/15/32

...............................

United

States

145,000

137,363

b

Mauser

Packaging

Solutions

Holding

Co.

,

Secured

Note,

144A,

9.25%,

4/15/30

...................

United

States

70,000

65,099

Senior

Secured

Note,

144A,

7.875%,

4/15/30

............

United

States

80,000

80,057

b

Toucan

FinCo

Ltd.

/

Toucan

FinCo

Can,

Inc.

/

Toucan

FinCo

US

LLC

,

Senior

Secured

Note

,

144A,

9.5 %

,

5/15/30

...........

Canada

305,000

269,719

Putnam

Asset

Allocation

Funds

Consolidated

Schedule

of

Investments

(unaudited)

#### Putnam

#### Dynamic

#### Asset

#### Allocation

#### Conservative

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

consolidated

financial

statements.

Semiannual

Report

a

a

#### Country

#### Principal

#### Amount

#### \*
a

#### Value
a

#### a
a

#### Corporate

#### Bonds
(continued)

#### Containers

#### &

#### Packaging
(continued)

WestRock

MWV

LLC

,

Senior

Bond,

8.2%,

1/15/30

..........................

United

States

336,000

$

377,119

Senior

Bond,

7.95%,

2/15/31

.........................

United

States

87,000

98,649

1,277,452

#### Distributors

#### 0.0%

#### †
b

American

Builders

&

Contractors

Supply

Co.,

Inc.

,

Senior

Note,

144A,

3.875%,

11/15/29

..................

United

States

80,000

75,898

Senior

Secured

Note,

144A,

4%,

1/15/28

................

United

States

30,000

29,458

105,356

#### Diversified

#### Consumer

#### Services

#### 0.0%

#### †
Service

Corp.

International

,

Senior

Bond

,

3.375 %

,

8/15/30

....

United

States

55,000

50,778

#### Diversified

#### REITs

#### 0.1%
Equinix

Asia

Financing

Corp.

Pte.

Ltd.

,

Senior

Note

,

4.4 %

,

3/15/31

.........................................

United

States

90,000

88,139

GLP

Capital

LP

/

GLP

Financing

II,

Inc.

,

Senior

Bond

,

3.25 %

,

1/15/32

.........................................

United

States

193,000

172,235

VICI

Properties

LP

,

Senior

Note,

4.75%,

2/15/28

.........................

United

States

343,000

343,440

Senior

Note,

5.125%,

11/15/31

.......................

United

States

228,000

226,463

b

VICI

Properties

LP

/

VICI

Note

Co.,

Inc.

,

Senior

Note

,

144A,

3.75 %

,

2/15/27

...................................

United

States

136,000

134,998

965,275

#### Diversified

#### Telecommunication

#### Services

#### 0.6%
b

APLD

ComputeCo

LLC

,

Senior

Secured

Note

,

144A,

6.75 %

,

3/15/31

.........................................

United

States

190,000

188,734

b

APLD

ComputeCo

LLC

,

Senior

Secured

Note

,

144A,

9.25 %

,

12/15/30

........................................

United

States

215,000

221,708

AT&T,

Inc.

,

Senior

Bond,

2.55%,

12/01/33

........................

United

States

450,000

380,994

Senior

Bond,

4.75%,

5/15/46

.........................

United

States

346,000

290,995

Senior

Bond,

3.55%,

9/15/55

.........................

United

States

1,258,000

818,778

Senior

Note,

4.1%,

2/15/28

..........................

United

States

50,000

49,770

b

Black

Pearl

Compute

LLC

,

Senior

Secured

Note

,

144A,

6.125 %

,

2/15/31

.........................................

United

States

100,000

101,905

b

CCO

Holdings

LLC

/

CCO

Holdings

Capital

Corp.

,

Senior

Bond,

144A,

5.375%,

6/01/29

...................

United

States

270,000

266,456

Senior

Bond,

144A,

4.75%,

3/01/30

....................

United

States

200,000

189,901

Senior

Bond,

144A,

4.25%,

2/01/31

....................

United

States

65,000

59,285

Senior

Bond,

144A,

4.75%,

2/01/32

....................

United

States

475,000

429,857

Senior

Note,

144A,

7%,

2/01/33

......................

United

States

65,000

65,244

b

Cipher

Compute

LLC

,

Senior

Secured

Note

,

144A,

7.125 %

,

11/15/30

........................................

United

States

165,000

171,151

Comcast

Corp.

,

Senior

Bond,

3.999%,

11/01/49

.......................

United

States

162,000

117,583

Senior

Bond,

3.45%,

2/01/50

.........................

United

States

97,000

63,669

Senior

Bond,

2.987%,

11/01/63

.......................

United

States

108,000

57,259

Deutsche

Telekom

International

Finance

BV

,

Senior

Bond

,

8.75 %

,

6/15/30

.........................................

Germany

106,000

121,778

b

Frontier

Communications

Holdings

LLC

,

Senior

Secured

Note

,

144A,

8.75 %

,

5/15/30

...............................

United

States

60,000

61,610

Sprint

Capital

Corp.

,

Senior

Bond

,

6.875 %

,

11/15/28

.........

United

States

111,000

117,384

Putnam

Asset

Allocation

Funds

Consolidated

Schedule

of

Investments

(unaudited)

#### Putnam

#### Dynamic

#### Asset

#### Allocation

#### Conservative

#### Fund
(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

consolidated

financial

statements.

a

a

#### Country

#### Principal

#### Amount

#### \*
a

#### Value
a

#### a
a

#### Corporate

#### Bonds
(continued)

#### Diversified

#### Telecommunication

#### Services
(continued)

b

SV

RNO

Property

Owner

LLC

,

Senior

Secured

Note

,

144A,

5.875 %

,

3/01/31

...................................

United

States

130,000

$

128,581

Telefonica

Emisiones

SA

,

Senior

Bond

,

4.895 %

,

3/06/48

......

Spain

672,000

556,351

Verizon

Communications,

Inc.

,

Senior

Bond,

4.4%,

11/01/34

.........................

United

States

236,000

224,771

Senior

Bond,

5.401%,

7/02/37

........................

United

States

790,000

787,497

Senior

Bond,

3.7%,

3/22/61

..........................

United

States

473,000

315,589

Senior

Note,

2.1%,

3/22/28

..........................

United

States

181,000

173,865

b

WULF

Compute

LLC

,

Senior

Secured

Note

,

144A,

7.75 %

,

10/15/30

........................................

United

States

190,000

200,890

6,161,605

#### Electric

#### Utilities

#### 1.0%
American

Electric

Power

Co.,

Inc.

,

Senior

Bond,

5.625%,

3/01/33

........................

United

States

110,000

113,720

J,

Senior

Bond,

4.3%,

12/01/28

.......................

United

States

363,000

362,240

b

American

Transmission

Systems,

Inc.

,

Senior

Bond

,

144A,

2.65 %

,

1/15/32

...................................

United

States

86,000

77,097

b

California

Buyer

Ltd.

/

Atlantica

Sustainable

Infrastructure

plc

,

Senior

Note

,

144A,

6.375 %

,

2/15/32

....................

United

Kingdom

300,000

293,302

Commonwealth

Edison

Co.

,

Senior

Bond

,

5.9 %

,

3/15/36

......

United

States

135,000

143,434

Duke

Energy

Corp.

,

Senior

Bond,

3.15%,

8/15/27

.........................

United

States

433,000

426,651

Senior

Bond,

4.2%,

6/15/49

..........................

United

States

350,000

266,859

Duke

Energy

Indiana

LLC

,

Senior

Bond

,

6.45 %

,

4/01/39

......

United

States

166,000

180,954

Duke

Energy

Ohio,

Inc.

,

Senior

Bond

,

3.65 %

,

2/01/29

........

United

States

189,000

185,756

b

Enel

Finance

International

NV

,

Senior

Note

,

144A,

4.375 %

,

9/30/30

.........................................

Italy

310,000

304,591

Evergy

Kansas

Central,

Inc.

,

Senior

Bond

,

5.7 %

,

3/15/53

.....

United

States

102,000

100,435

b

Evergy

Missouri

West,

Inc.

,

Senior

Note

,

144A,

5.15 %

,

12/15/27

United

States

316,000

319,184

Eversource

Energy

,

Senior

Note

,

5.45 %

,

3/01/28

............

United

States

31,000

31,513

IPALCO

Enterprises,

Inc.

,

Senior

Secured

Note

,

4.25 %

,

5/01/30

United

States

125,000

120,500

NextEra

Energy

Capital

Holdings,

Inc.

,

Senior

Bond,

5.45%,

3/15/35

.........................

United

States

664,000

675,372

Senior

Note,

5.05%,

3/15/30

.........................

United

States

420,000

427,987

b

NRG

Energy,

Inc.

,

g

Junior

Sub.

Bond,

144A,

10.25%

to

3/14/28,

FRN

thereafter,

Perpetual

.......................................

United

States

70,000

75,553

Senior

Bond,

144A,

6.25%,

11/01/34

...................

United

States

315,000

317,768

Senior

Bond,

144A,

6%,

1/15/36

......................

United

States

140,000

138,810

Senior

Note,

144A,

3.375%,

2/15/29

...................

United

States

110,000

104,335

Senior

Secured

Bond,

144A,

7%,

3/15/33

...............

United

States

95,000

102,896

Oncor

Electric

Delivery

Co.

LLC

,

Senior

Secured

Bond,

5.3%,

6/01/42

...................

United

States

72,000

68,560

Senior

Secured

Bond,

3.75%,

4/01/45

..................

United

States

364,000

280,382

Pacific

Gas

and

Electric

Co.

,

Senior

Note,

2.1%,

8/01/27

..........................

United

States

48,000

46,539

Senior

Note,

6.1%,

1/15/29

..........................

United

States

489,000

506,161

Senior

Note,

5.55%,

5/15/29

.........................

United

States

211,000

216,067

b

Palomino

Funding

Trust

I

,

Senior

Secured

Note

,

144A,

7.233 %

,

5/17/28

.........................................

United

States

250,000

261,300

PG&E

Corp.

,

Junior

Sub.

Bond,

7.375%

to

3/14/30,

FRN

thereafter,

3/15/55

United

States

50,000

50,362

Senior

Secured

Bond,

5.25%,

7/01/30

..................

United

States

95,000

93,796

Putnam

Asset

Allocation

Funds

Consolidated

Schedule

of

Investments

(unaudited)

#### Putnam

#### Dynamic

#### Asset

#### Allocation

#### Conservative

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

consolidated

financial

statements.

Semiannual

Report

a

a

#### Country

#### Principal

#### Amount

#### \*
a

#### Value
a

#### a
a

#### Corporate

#### Bonds
(continued)

#### Electric

#### Utilities
(continued)

Public

Service

Electric

and

Gas

Co.

,

Senior

Bond

,

5.5 %

,

3/01/40

United

States

140,000

$

140,448

Southern

Co.

(The)

,

Senior

Note

,

5.5 %

,

3/15/29

............

United

States

195,000

200,954

b

Vistra

Operations

Co.

LLC

,

Senior

Note,

144A,

5%,

7/31/27

......................

United

States

65,000

64,801

Senior

Note,

144A,

4.375%,

5/01/29

...................

United

States

150,000

146,524

Senior

Note,

144A,

7.75%,

10/15/31

...................

United

States

45,000

47,158

Senior

Note,

144A,

6.875%,

4/15/32

...................

United

States

50,000

51,777

Senior

Secured

Bond,

144A,

4.3%,

7/15/29

..............

United

States

193,000

189,769

Senior

Secured

Bond,

144A,

6%,

4/15/34

...............

United

States

153,000

157,398

Senior

Secured

Note,

144A,

4.7%,

1/31/31

..............

United

States

80,000

78,757

Wisconsin

Electric

Power

Co.

,

Senior

Bond,

4.6%,

10/01/34

.........................

United

States

137,000

135,016

Senior

Note,

4.15%,

10/15/30

........................

United

States

165,000

162,848

7,667,574

#### Electrical

#### Equipment

#### 0.0%

#### †
b

Energizer

Gamma

Acquisition

BV

,

Senior

Note

,

Reg

S,

3.5 %

,

6/30/29

.........................................

United

States

100,000

EUR

109,068

#### Electronic

#### Equipment,

#### Instruments

#### &

#### Components

#### 0.0%

#### †
Amphenol

Corp.

,

Senior

Note

,

3.9 %

,

11/15/28

..............

United

States

85,000

84,387

CDW

LLC

/

CDW

Finance

Corp.

,

Senior

Note

,

3.25 %

,

2/15/29

..

United

States

95,000

90,506

b

Sensata

Technologies,

Inc.

,

Senior

Bond

,

144A,

3.75 %

,

2/15/31

United

States

155,000

143,880

b

TTM

Technologies,

Inc.

,

Senior

Note

,

144A,

%

,

3/01/29

......

United

States

205,000

197,048

515,821

#### Energy

#### Equipment

#### &

#### Services

#### 0.2%
b

Archrock

Services

LP

/

Archrock

Partners

Finance

Corp.

,

Senior

Note

,

144A,

%

,

2/01/34

............................

United

States

150,000

148,621

b

Borr

IHC

Ltd.

/

Borr

Finance

LLC

,

Senior

Secured

Note

,

144A,

10.375 %

,

11/15/30

.................................

Mexico

180,583

183,452

b

Kodiak

Gas

Services

LLC

,

Senior

Bond,

144A,

6.75%,

10/01/35

...................

United

States

30,000

30,500

Senior

Note,

144A,

7.25%,

2/15/29

....................

United

States

70,000

72,563

Senior

Note,

144A,

5.875%,

4/01/31

...................

United

States

75,000

75,418

Senior

Note,

144A,

6.5%,

10/01/33

....................

United

States

290,000

293,332

b

Nabors

Industries,

Inc.

,

Senior

Note

,

144A,

8.875 %

,

8/15/31

...

United

States

40,000

41,696

b

Transocean

Aquila

Ltd.

,

Senior

Secured

Note

,

144A,

%

,

9/30/28

United

States

12,308

12,656

Transocean

International

Ltd.

,

Senior

Bond,

6.8%,

3/15/38

..........................

United

States

100,000

96,139

b

Senior

Note,

144A,

8.5%,

5/15/31

.....................

United

States

100,000

104,941

b

Senior

Secured

Note,

144A,

8.75%,

2/15/30

.............

United

States

164,500

171,592

b

Senior

Secured

Note,

144A,

7.875%,

10/15/32

...........

United

States

135,000

144,341

b

Weatherford

International

Ltd.

,

Senior

Note,

144A,

8.625%,

4/30/30

...................

United

States

40,000

40,791

Senior

Note,

144A,

6.75%,

10/15/33

...................

United

States

170,000

173,811

1,589,853

#### Entertainment

#### 0.2%
b

Banijay

Entertainment

SAS

,

Senior

Secured

Note

,

144A,

8.125 %

,

5/01/29

.........................................

France

290,000

299,034

Discovery

Global

Holdings,

Inc.

,

Senior

Bond

,

5.05 %

,

3/15/42

..

United

States

60,000

39,678

b

Live

Nation

Entertainment,

Inc.

,

Senior

Secured

Note

,

144A,

6.5 %

,

5/15/27

....................................

United

States

50,000

50,095

Putnam

Asset

Allocation

Funds

Consolidated

Schedule

of

Investments

(unaudited)

#### Putnam

#### Dynamic

#### Asset

#### Allocation

#### Conservative

#### Fund
(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

consolidated

financial

statements.

a

a

#### Country

#### Principal

#### Amount

#### \*
a

#### Value
a

#### a
a

#### Corporate

#### Bonds
(continued)

#### Entertainment
(continued)

Netflix,

Inc.

,

Senior

Bond,

5.875%,

11/15/28

.......................

United

States

45,000

$

46,826

b

Senior

Bond,

Reg

S,

3.875%,

11/15/29

.................

United

States

395,000

EUR

464,105

b

Senior

Bond,

144A,

5.375%,

11/15/29

..................

United

States

346,000

357,434

b,i

OAK-Eagle

Acquireco,

Inc.

,

Senior

Note,

144A,

8.75%,

7/01/34

....................

United

States

75,000

78,566

Senior

Secured

Note,

144A,

7.25%,

7/01/33

.............

United

States

160,000

165,879

b

Pinewood

Finco

plc

,

Senior

Secured

Note

,

144A,

%

,

3/27/30

..

United

Kingdom

100,000

GBP

129,462

Walt

Disney

Co.

(The)

,

Senior

Bond

,

7.75 %

,

12/01/45

........

United

States

183,000

227,499

1,858,578

#### Financial

#### Services

#### 0.2%
Corebridge

Financial,

Inc.

,

Senior

Note

,

3.85 %

,

4/05/29

.......

United

States

188,000

183,627

b

CrossCountry

Intermediate

HoldCo

LLC

,

Senior

Note,

144A,

6.5%,

10/01/30

....................

United

States

85,000

81,123

Senior

Note,

144A,

6.75%,

12/01/32

...................

United

States

135,000

127,162

b

Freedom

Mortgage

Corp.

,

Senior

Note

,

144A,

12.25 %

,

10/01/30

United

States

145,000

156,559

b

Freedom

Mortgage

Holdings

LLC

,

Senior

Note

,

144A,

8.375 %

,

4/01/32

.........................................

United

States

245,000

241,259

b

GGAM

Finance

Ltd.

,

Senior

Note

,

144A,

%

,

2/15/27

........

Ireland

25,000

25,274

b

Neuberger

Berman

Group

LLC

/

Neuberger

Berman

Finance

Corp.

,

Senior

Bond

,

144A,

4.875 %

,

4/15/45

..............

United

States

146,000

124,887

b

Osaic

Holdings,

Inc.

,

Senior

Note,

144A,

8%,

8/01/33

......................

United

States

195,000

192,663

Senior

Secured

Note,

144A,

6.75%,

8/01/32

.............

United

States

100,000

100,087

b

Petronas

Capital

Ltd.

,

Senior

Note

,

144A,

4.95 %

,

1/03/31

.....

Malaysia

220,000

224,920

b

PHH

Escrow

Issuer

LLC

/

PHH

Corp.

,

Senior

Note

,

144A,

9.875 %

,

11/01/29

..................................

United

States

260,000

251,129

b

Rocket

Cos.,

Inc.

,

Senior

Note,

144A,

6.125%,

8/01/30

...................

United

States

240,000

242,363

Senior

Note,

144A,

7.125%,

2/01/32

...................

United

States

115,000

118,631

Senior

Note,

144A,

6.375%,

8/01/33

...................

United

States

150,000

151,799

b

Shift4

Payments

LLC

/

Shift4

Payments

Finance

Sub,

Inc.

,

Senior

Note

,

144A,

5.5 %

,

5/15/33

...........................

United

States

100,000

EUR

109,257

2,330,740

#### Food

#### Products

#### 0.2%
Bunge

Ltd.

Finance

Corp.

,

Senior

Note

,

3.2 %

,

4/21/31

.......

United

States

40,000

37,356

b,f

Chobani

Holdco

II

LLC

,

Senior

Note

,

144A,

PIK,

8.75 %

,

10/01/29

United

States

32,742

33,343

b

Chobani

LLC

/

Chobani

Finance

Corp.,

Inc.

,

Senior

Note

,

144A,

7.625 %

,

7/01/29

...................................

United

States

80,000

81,849

b

Froneri

Lux

FinCo

SARL

,

Senior

Secured

Note

,

144A,

%

,

8/01/32

.........................................

United

Kingdom

200,000

195,195

b

Industrial

F&B

Investments

III,

Inc.

,

Senior

Secured

Note

,

144A,

7.75 %

,

2/11/33

....................................

United

States

100,000

101,125

JBS

NV

/

JBS

USA

Foods

Group

Holdings,

Inc.

/

JBS

USA

Food

Co.

Holdings

,

Senior

Bond,

5.5%,

1/15/36

..........................

United

States

409,000

409,444

Senior

Note,

3%,

2/02/29

...........................

United

States

82,000

78,707

Kellanova

,

Senior

Bond,

4.5%,

4/01/46

..........................

United

States

10,000

8,500

B,

Senior

Bond,

7.45%,

4/01/31

.......................

United

States

44,000

49,632

Kraft

Heinz

Foods

Co.

,

Senior

Bond,

6.875%,

1/26/39

........................

United

States

51,000

55,182

Senior

Bond,

4.625%,

10/01/39

.......................

United

States

51,000

45,001

Putnam

Asset

Allocation

Funds

Consolidated

Schedule

of

Investments

(unaudited)

#### Putnam

#### Dynamic

#### Asset

#### Allocation

#### Conservative

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

consolidated

financial

statements.

Semiannual

Report

a

a

#### Country

#### Principal

#### Amount

#### \*
a

#### Value
a

#### a
a

#### Corporate

#### Bonds
(continued)

#### Food

#### Products
(continued)

b

Mars,

Inc.

,

Senior

Bond,

144A,

5.65%,

5/01/45

....................

United

States

39,000

$

38,536

Senior

Bond,

144A,

5.7%,

5/01/55

.....................

United

States

96,000

93,672

Senior

Bond,

144A,

5.8%,

5/01/65

.....................

United

States

20,000

19,638

Senior

Note,

144A,

4.6%,

3/01/28

.....................

United

States

295,000

296,896

Senior

Note,

144A,

4.65%,

4/20/31

....................

United

States

188,000

189,388

Senior

Note,

144A,

5%,

3/01/32

......................

United

States

334,000

338,053

Senior

Note,

144A,

5.2%,

3/01/35

.....................

United

States

43,000

43,425

McCormick

&

Co.,

Inc.

,

Senior

Note

,

4.15 %

,

2/15/29

.........

United

States

130,000

128,763

2,243,705

#### Gas

#### Utilities

#### 0.0%

#### †
Southern

California

Gas

Co.

,

Senior

Bond

,

5.05 %

,

9/01/34

....

United

States

59,000

59,366

#### Ground

#### Transportation

#### 0.2%
b

Ashtead

Capital,

Inc.

,

Senior

Bond,

144A,

4.375%,

8/15/27

...................

United

Kingdom

485,000

482,492

Senior

Bond,

144A,

2.45%,

8/12/31

....................

United

Kingdom

205,000

180,254

b

Beacon

Mobility

Corp.

,

Senior

Secured

Note

,

144A,

7.25 %

,

8/01/30

.........................................

United

States

55,000

56,858

CSX

Corp.

,

Senior

Bond

,

4.1 %

,

3/15/44

..................

United

States

226,000

186,723

b

ERAC

USA

Finance

LLC

,

Senior

Bond

,

144A,

3.3 %

,

12/01/26

..

United

States

111,000

110,329

b

Penske

Truck

Leasing

Co.

LP

/

PTL

Finance

Corp.

,

Senior

Bond,

144A,

3.4%,

11/15/26

....................

United

States

118,000

117,168

Senior

Note,

144A,

4.4%,

7/01/27

.....................

United

States

105,000

104,679

Ryder

System,

Inc.

,

Senior

Note

,

4.95 %

,

9/01/29

............

United

States

236,000

239,144

b

SMBC

Aviation

Capital

Finance

DAC

,

Senior

Bond,

144A,

5.7%,

7/25/33

.....................

Ireland

200,000

204,412

Senior

Note,

144A,

5.3%,

4/03/29

.....................

Ireland

310,000

314,807

b

Watco

Cos.

LLC

/

Watco

Finance

Corp.

,

Senior

Note

,

144A,

7.125 %

,

8/01/32

...................................

United

States

120,000

123,359

2,120,225

#### Health

#### Care

#### Equipment

#### &

#### Supplies

#### 0.3%
b

Bausch

+

Lomb

Corp.

,

Senior

Secured

Note

,

144A,

8.375 %

,

10/01/28

........................................

United

States

40,000

41,350

b,h

Bausch

+

Lomb

Netherlands

BV

and

Bausch

&

Lomb,

Inc.

,

Senior

Secured

Note

,

144A,

FRN

,

5.891 %

,

(3-month

EURIBOR

+

3.875 %),

1/15/31

..................................

United

States

100,000

EUR

115,915

Becton

Dickinson

&

Co.

,

Senior

Bond

,

2.823 %

,

5/20/30

.......

United

States

363,000

338,589

DH

Europe

Finance

II

SARL

,

Senior

Bond

,

3.4 %

,

11/15/49

....

United

States

163,000

114,510

GE

HealthCare

Technologies,

Inc.

,

Senior

Note,

4.15%,

12/15/28

........................

United

States

150,000

149,048

Senior

Note,

4.8%,

8/14/29

..........................

United

States

157,000

158,454

b

Insulet

Corp.

,

Senior

Note

,

144A,

6.5 %

,

4/01/33

............

United

States

215,000

219,609

b

Medline

Borrower

LP

,

Senior

Note,

144A,

5.25%,

10/01/29

...................

United

States

75,000

74,385

Senior

Secured

Note,

144A,

3.875%,

4/01/29

............

United

States

390,000

377,489

1,589,349

#### Health

#### Care

#### Providers

#### &

#### Services

#### 0.6%
b

CHS/Community

Health

Systems,

Inc.

,

Senior

Secured

Note,

144A,

5.25%,

5/15/30

.............

United

States

280,000

264,075

Senior

Secured

Note,

144A,

10.875%,

1/15/32

...........

United

States

208,000

223,415

Senior

Secured

Note,

144A,

9.75%,

1/15/34

.............

United

States

120,000

124,694

Putnam

Asset

Allocation

Funds

Consolidated

Schedule

of

Investments

(unaudited)

#### Putnam

#### Dynamic

#### Asset

#### Allocation

#### Conservative

#### Fund
(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

consolidated

financial

statements.

a

a

#### Country

#### Principal

#### Amount

#### \*
a

#### Value
a

#### a
a

#### Corporate

#### Bonds
(continued)

#### Health

#### Care

#### Providers

#### &

#### Services
(continued)

b

Concentra

Health

Services,

Inc.

,

Senior

Note

,

144A,

6.875 %

,

7/15/32

.........................................

United

States

85,000

$

87,985

CVS

Health

Corp.

,

Junior

Sub.

Bond,

7%

to

3/09/30,

FRN

thereafter,

3/10/55

...

United

States

120,000

123,752

Senior

Bond,

1.875%,

2/28/31

........................

United

States

45,000

39,302

Senior

Bond,

4.78%,

3/25/38

.........................

United

States

96,000

88,519

Senior

Note,

5.4%,

6/01/29

..........................

United

States

85,000

87,031

Senior

Note,

5%,

9/15/32

...........................

United

States

115,000

115,139

b

DaVita,

Inc.

,

Senior

Note,

144A,

4.625%,

6/01/30

...................

United

States

250,000

240,525

Senior

Note,

144A,

6.875%,

9/01/32

...................

United

States

260,000

266,578

Senior

Note,

144A,

6.75%,

7/15/33

....................

United

States

15,000

15,272

HCA,

Inc.

,

Senior

Bond,

4.5%,

2/15/27

..........................

United

States

84,000

84,009

Senior

Bond,

4.125%,

6/15/29

........................

United

States

75,000

73,980

Senior

Note,

5.45%,

4/01/31

.........................

United

States

220,000

225,547

Senior

Note,

3.625%,

3/15/32

........................

United

States

401,000

372,772

Humana,

Inc.

,

Senior

Note

,

5.75 %

,

3/01/28

................

United

States

200,000

204,004

Icon

Investments

Six

DAC

,

Senior

Secured

Note

,

5.809 %

,

5/08/27

.........................................

United

States

200,000

201,068

b

Kedrion

SpA

,

Senior

Secured

Note

,

144A,

6.5 %

,

9/01/29

......

Italy

395,000

383,026

Tenet

Healthcare

Corp.

,

b

Senior

Note,

144A,

6%,

11/15/33

......................

United

States

220,000

222,780

Senior

Secured

Note,

6.125%,

6/15/30

.................

United

States

120,000

120,930

UnitedHealth

Group,

Inc.

,

Senior

Bond

,

3.95 %

,

10/15/42

......

United

States

329,000

266,872

3,831,275

#### Health

#### Care

#### REITs

#### 0.1%
b

MPT

Operating

Partnership

LP

/

MPT

Finance

Corp.

,

Senior

Secured

Note

,

144A,

8.5 %

,

2/15/32

....................

United

States

375,000

380,476

#### Health

#### Care

#### Technology

#### 0.1%
b

AthenaHealth

Group,

Inc.

,

Senior

Note

,

144A,

6.5 %

,

2/15/30

...

United

States

140,000

131,557

b

IQVIA,

Inc.

,

Senior

Note

,

144A,

6.25 %

,

6/01/32

.............

United

States

485,000

493,119

624,676

#### 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

20,432

Senior

Note,

144A,

6.5%,

4/01/32

.....................

United

States

155,000

157,920

Senior

Note,

144A,

6.5%,

6/15/33

.....................

United

States

90,000

91,709

Senior

Note,

144A,

5.75%,

3/15/34

....................

United

States

65,000

64,197

b

XHR

LP

,

Senior

Note

,

144A,

6.625 %

,

5/15/30

..............

United

States

25,000

25,271

359,529

#### Hotels,

#### Restaurants

#### &

#### Leisure

#### 0.3%
b

1011778

BC

ULC

/

New

Red

Finance,

Inc.

,

Secured

Bond

,

144A,

%

,

10/15/30

.....................................

Canada

180,000

169,281

Airbnb,

Inc.

,

Senior

Note

,

4.65 %

,

3/16/31

.................

United

States

75,000

74,862

b

Boyd

Gaming

Corp.

,

Senior

Bond

,

144A,

4.75 %

,

6/15/31

......

United

States

160,000

152,267

b

Caesars

Entertainment,

Inc.

,

Senior

Note,

144A,

4.625%,

10/15/29

..................

United

States

100,000

96,233

Senior

Note,

144A,

6%,

10/15/32

.....................

United

States

40,000

36,849

Senior

Secured

Note,

144A,

7%,

2/15/30

................

United

States

40,000

40,514

b

Carnival

Corp.

,

Senior

Note,

144A,

5.125%,

5/01/29

...................

United

States

230,000

228,438

Putnam

Asset

Allocation

Funds

Consolidated

Schedule

of

Investments

(unaudited)

#### Putnam

#### Dynamic

#### Asset

#### Allocation

#### Conservative

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

consolidated

financial

statements.

Semiannual

Report

a

a

#### Country

#### Principal

#### Amount

#### \*
a

#### Value
a

#### a
a

#### Corporate

#### Bonds
(continued)

#### Hotels,

#### Restaurants

#### &

#### Leisure
(continued)

b

Carnival

Corp.,

(continued)

Senior

Note,

144A,

5.75%,

3/15/30

....................

United

States

116,000

$

116,983

Senior

Note,

144A,

5.875%,

6/15/31

...................

United

States

85,000

86,098

Senior

Note,

144A,

5.75%,

8/01/32

....................

United

States

75,000

75,070

Senior

Note,

144A,

6.125%,

2/15/33

...................

United

States

40,000

40,421

Senior

Secured

Note,

144A,

4%,

8/01/28

................

United

States

251,000

245,199

b

Churchill

Downs,

Inc.

,

Senior

Note

,

144A,

5.75 %

,

4/01/30

.....

United

States

85,000

84,104

b

Fertitta

Entertainment

LLC

/

Fertitta

Entertainment

Finance

Co.,

Inc.

,

Senior

Note

,

144A,

6.75 %

,

1/15/30

.................

United

States

190,000

177,615

b

Great

Canadian

Gaming

Corp.

/

Raptor

LLC

,

Senior

Secured

Note

,

144A,

8.75 %

,

11/15/29

.........................

Canada

75,000

73,217

b

Hilton

Domestic

Operating

Co.,

Inc.

,

Senior

Note

,

144A,

5.75 %

,

9/15/33

.........................................

United

States

200,000

199,255

Hyatt

Hotels

Corp.

,

Senior

Note

,

5.75 %

,

1/30/27

............

United

States

132,000

133,182

b

Light

&

Wonder

International,

Inc.

,

Senior

Note,

144A,

7.25%,

11/15/29

...................

United

States

120,000

122,385

Senior

Note,

144A,

7.5%,

9/01/31

.....................

United

States

15,000

15,403

Marriott

International,

Inc.

,

GG

,

Senior

Bond

,

3.5 %

,

10/15/32

...

United

States

318,000

292,593

b

Mohegan

Tribal

Gaming

Authority

/

MS

Digital

Entertainment

Holdings

LLC

,

Senior

Secured

Note

,

144A,

8.25 %

,

4/15/30

..

United

States

175,000

179,272

b

NCL

Corp.

Ltd.

,

Senior

Note,

144A,

7.75%,

2/15/29

....................

United

States

45,000

46,878

Senior

Note,

144A,

6.75%,

2/01/32

....................

United

States

120,000

119,177

Senior

Note,

144A,

6.25%,

9/15/33

....................

United

States

35,000

33,986

b

Penn

Entertainment,

Inc.

,

Senior

Note

,

144A,

5.625 %

,

1/15/27

.

United

States

80,000

79,890

b

Rivers

Enterprise

Borrower

LLC

,

Senior

Secured

Note

,

144A,

6.25 %

,

10/15/30

...................................

United

States

75,000

74,855

Royal

Caribbean

Cruises

Ltd.

,

Senior

Bond,

5.375%,

1/15/36

........................

United

States

70,000

68,800

b

Senior

Note,

144A,

5.625%,

9/30/31

...................

United

States

55,000

55,556

b

Senior

Note,

144A,

6.25%,

3/15/32

....................

United

States

135,000

138,047

b

Senior

Note,

144A,

6%,

2/01/33

......................

United

States

130,000

131,331

b

Scientific

Games

Holdings

LP

/

Scientific

Games

US

FinCo,

Inc.

,

Senior

Note

,

144A,

6.625 %

,

3/01/30

....................

United

States

75,000

64,586

b

Station

Casinos

LLC

,

Senior

Note

,

144A,

6.625 %

,

3/15/32

.....

United

States

55,000

55,256

b

Viking

Cruises

Ltd.

,

Senior

Note,

144A,

7%,

2/15/29

......................

United

States

30,000

30,071

Senior

Note,

144A,

9.125%,

7/15/31

...................

United

States

165,000

174,154

b

Wynn

Resorts

Finance

LLC

/

Wynn

Resorts

Capital

Corp.

,

Senior

Note

,

144A,

7.125 %

,

2/15/31

.........................

United

States

145,000

152,075

3,863,903

#### Household

#### Durables

#### 0.3%
b

Ashton

Woods

USA

LLC

/

Ashton

Woods

Finance

Co.

,

Senior

Note

,

144A,

6.875 %

,

8/01/33

.........................

United

States

235,000

227,061

DR

Horton,

Inc.

,

Senior

Bond,

5%,

10/15/34

..........................

United

States

20,000

19,747

Senior

Note,

1.3%,

10/15/26

.........................

United

States

511,000

503,606

b

K. Hovnanian

Enterprises,

Inc.

,

Senior

Note,

144A,

8%,

4/01/31

......................

United

States

30,000

29,702

Senior

Note,

144A,

8.375%,

10/01/33

..................

United

States

45,000

44,553

b

LGI

Homes,

Inc.

,

Senior

Note

,

144A,

8.75 %

,

12/15/28

........

United

States

50,000

51,188

b

Taylor

Morrison

Communities,

Inc.

,

Senior

Bond,

144A,

5.125%,

8/01/30

...................

United

States

305,000

302,881

Senior

Note,

144A,

5.75%,

1/15/28

....................

United

States

35,000

35,117

Senior

Note,

144A,

5.75%,

11/15/32

...................

United

States

100,000

100,206

Putnam

Asset

Allocation

Funds

Consolidated

Schedule

of

Investments

(unaudited)

#### Putnam

#### Dynamic

#### Asset

#### Allocation

#### Conservative

#### Fund
(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

consolidated

financial

statements.

a

a

#### Country

#### Principal

#### Amount

#### \*
a

#### Value
a

#### a
a

#### Corporate

#### Bonds
(continued)

#### Household

#### Durables
(continued)

Toll

Brothers

Finance

Corp.

,

Senior

Bond

,

4.35 %

,

2/15/28

.....

United

States

101,000

$

100,623

b

Weekley

Homes

LLC

/

Weekley

Finance

Corp.

,

Senior

Note,

144A,

4.875%,

9/15/28

...................

United

States

125,000

121,159

Senior

Note,

144A,

6.75%,

1/15/34

....................

United

States

210,000

201,390

1,737,233

#### Household

#### Products

#### 0.0%

#### †
b

Energizer

Holdings,

Inc.

,

Senior

Note

,

144A,

4.375 %

,

3/31/29

..

United

States

30,000

28,566

#### Independent

#### Power

#### and

#### Renewable

#### Electricity

#### Producers

#### 0.1%
b

Alexander

Funding

Trust

II

,

Senior

Secured

Note

,

144A,

7.467 %

,

7/31/28

.........................................

United

States

100,000

105,385

b

Clearway

Energy

Operating

LLC

,

Senior

Bond,

144A,

3.75%,

1/15/32

....................

United

States

140,000

127,720

Senior

Note,

144A,

3.75%,

2/15/31

....................

United

States

65,000

60,222

Senior

Note,

144A,

5.75%,

1/15/34

....................

United

States

65,000

63,921

Constellation

Energy

Generation

LLC

,

Senior

Note,

5.6%,

3/01/28

..........................

United

States

155,000

158,526

Senior

Note,

4.4%,

1/15/31

..........................

United

States

50,000

49,369

b

Senior

Note,

144A,

5%,

2/01/31

......................

United

States

105,000

105,320

Southern

Power

Co.

,

B,

Senior

Bond,

4.9%,

10/01/35

.......................

United

States

16,000

15,482

A,

Senior

Note,

4.25%,

10/01/30

......................

United

States

73,000

72,088

b

Talen

Energy

Supply

LLC

,

Senior

Bond,

144A,

6.5%,

2/01/36

.....................

United

States

120,000

120,898

Senior

Note,

144A,

6.25%,

2/01/34

....................

United

States

120,000

118,747

b,g

Vistra

Corp.

,

Junior

Sub.

Bond,

144A,

8%

to

10/14/26,

FRN

thereafter,

Perpetual

.......................................

United

States

25,000

25,280

Junior

Sub.

Bond,

144A,

7%

to

12/14/26,

FRN

thereafter,

Perpetual

.......................................

United

States

80,000

80,159

1,103,117

#### Industrial

#### REITs

#### 0.0%

#### †
Prologis

LP

,

Senior

Bond,

2.25%,

4/15/30

.........................

United

States

117,000

107,774

Senior

Note,

2.125%,

4/15/27

........................

United

States

52,000

51,002

158,776

#### Insurance

#### 0.7%
b

Acrisure

LLC

/

Acrisure

Finance,

Inc.

,

Senior

Note,

144A,

8.5%,

6/15/29

.....................

United

States

90,000

89,229

Senior

Secured

Note,

144A,

7.5%,

11/06/30

.............

United

States

90,000

90,480

b

Alliant

Holdings

Intermediate

LLC

/

Alliant

Holdings

Co-Issuer

,

Senior

Note,

144A,

5.875%,

11/01/29

..................

United

States

105,000

101,677

Senior

Note,

144A,

7.375%,

10/01/32

..................

United

States

85,000

84,295

Senior

Secured

Note,

144A,

7%,

1/15/31

................

United

States

195,000

196,759

b

Asurion

LLC

/

Asurion

Co-Issuer,

Inc.

,

Senior

Secured

Note,

144A,

8%,

12/31/32

...............

United

States

170,000

176,509

Senior

Secured

Note,

144A,

8.375%,

2/01/34

............

United

States

225,000

218,604

b

Athene

Global

Funding

,

Secured

Note,

144A,

5.349%,

7/09/27

..................

United

States

245,000

246,442

Secured

Note,

144A,

1.985%,

8/19/28

..................

United

States

430,000

400,624

Secured

Note,

144A,

5.526%,

7/11/31

..................

United

States

83,000

83,084

Berkshire

Hathaway

Finance

Corp.

,

Senior

Bond,

4.3%,

5/15/43

..........................

United

States

92,000

80,688

Putnam

Asset

Allocation

Funds

Consolidated

Schedule

of

Investments

(unaudited)

#### Putnam

#### Dynamic

#### Asset

#### Allocation

#### Conservative

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

consolidated

financial

statements.

Semiannual

Report

a

a

#### Country

#### Principal

#### Amount

#### \*
a

#### Value
a

#### a
a

#### Corporate

#### Bonds
(continued)

#### Insurance
(continued)

Berkshire

Hathaway

Finance

Corp.,

(continued)

Senior

Bond,

2.85%,

10/15/50

........................

United

States

393,000

$

246,902

Brown

&

Brown,

Inc.

,

Senior

Note,

4.7%,

6/23/28

..........................

United

States

75,000

75,233

Senior

Note,

4.9%,

6/23/30

..........................

United

States

174,000

173,885

b

CNO

Global

Funding

,

Secured

Note,

144A,

4.875%,

12/10/27

.................

United

States

94,000

94,270

Secured

Note,

144A,

2.65%,

1/06/29

...................

United

States

150,000

142,181

Secured

Note,

144A,

4.95%,

9/09/29

...................

United

States

171,000

171,980

b

Corebridge

Global

Funding

,

Secured

Note

,

144A,

5.2 %

,

6/24/29

United

States

102,000

103,430

Fairfax

Financial

Holdings

Ltd.

,

Senior

Note

,

4.85 %

,

4/17/28

...

Canada

365,000

366,648

b

Jones

Deslauriers

Insurance

Management,

Inc.

,

Senior

Secured

Note

,

144A,

8.5 %

,

3/15/30

...........................

Canada

35,000

35,605

Marsh

&

McLennan

Cos.,

Inc.

,

Senior

Bond

,

4.9 %

,

3/15/49

....

United

States

185,000

163,367

b

MetLife

Capital

Trust

IV

,

Junior

Sub.

Bond

,

144A,

7.875 %

,

12/15/37

........................................

United

States

385,000

416,595

b

Protective

Life

Global

Funding

,

Secured

Note

,

144A,

5.467 %

,

12/08/28

........................................

United

States

195,000

199,587

3,958,074

#### Interactive

#### Media

#### &

#### Services

#### 0.1%
Alphabet,

Inc.

,

Senior

Note,

4.1%,

11/15/30

.........................

United

States

175,000

173,862

Senior

Note,

4.1%,

2/15/31

..........................

United

States

140,000

139,057

Meta

Platforms,

Inc.

,

Senior

Bond

,

5.625 %

,

11/15/55

.........

United

States

160,000

150,090

463,009

#### IT

#### Services

#### 0.0%

#### †
b

Cogent

Communications

Group

LLC

/

Cogent

Finance,

Inc.

,

Senior

Secured

Note

,

144A,

6.5 %

,

7/01/32

...............

United

States

225,000

196,434

b

Fortress

Intermediate

3,

Inc.

,

Senior

Secured

Note

,

144A,

7.5 %

,

6/01/31

.........................................

United

States

65,000

64,681

261,115

#### Leisure

#### Products

#### 0.0%

#### †
Brunswick

Corp.

,

Senior

Bond

,

2.4 %

,

8/18/31

..............

United

States

200,000

173,505

#### Life

#### Sciences

#### Tools

#### &

#### Services

#### 0.0%

#### †
Illumina,

Inc.

,

Senior

Note

,

4.65 %

,

9/09/26

................

United

States

86,000

86,021

#### Machinery

#### 0.0%

#### †
Caterpillar,

Inc.

,

Senior

Bond

,

5.2 %

,

5/15/35

...............

United

States

220,000

225,461

b

Chart

Industries,

Inc.

,

Senior

Note

,

144A,

9.5 %

,

1/01/31

......

United

States

25,000

26,279

b

ESAB

Corp.

,

Senior

Note

,

144A,

5.625 %

,

4/01/31

...........

United

States

135,000

136,284

Oshkosh

Corp.

,

Senior

Bond

,

4.6 %

,

5/15/28

...............

United

States

140,000

139,968

Otis

Worldwide

Corp.

,

Senior

Note

,

2.565 %

,

2/15/30

.........

United

States

143,000

132,791

b

Terex

Corp.

,

Senior

Note,

144A,

5%,

5/15/29

......................

United

States

45,000

44,364

Senior

Note,

144A,

6.25%,

10/15/32

...................

United

States

40,000

40,298

745,445

#### Media

#### 0.3%
b

Block

Communications,

Inc.

,

Senior

Secured

Note

,

144A,

10.25 %

,

3/01/31

...................................

United

States

110,000

100,750

Putnam

Asset

Allocation

Funds

Consolidated

Schedule

of

Investments

(unaudited)

#### Putnam

#### Dynamic

#### Asset

#### Allocation

#### Conservative

#### Fund
(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

consolidated

financial

statements.

a

a

#### Country

#### Principal

#### Amount

#### \*
a

#### Value
a

#### a
a

#### Corporate

#### Bonds
(continued)

#### Media
(continued)

Charter

Communications

Operating

LLC

/

Charter

Communications

Operating

Capital

Corp.

,

Senior

Secured

Bond,

5.85%,

12/01/35

.................

United

States

24,000

$

23,619

Senior

Secured

Bond,

4.8%,

3/01/50

...................

United

States

383,000

283,365

Senior

Secured

Bond,

3.7%,

4/01/51

...................

United

States

205,000

127,000

Senior

Secured

Note,

2.25%,

1/15/29

..................

United

States

277,000

258,945

b

Clear

Channel

Outdoor

Holdings,

Inc.

,

Senior

Note,

144A,

7.75%,

4/15/28

....................

United

States

30,000

30,163

Senior

Secured

Note,

144A,

7.875%,

4/01/30

............

United

States

95,000

99,485

Senior

Secured

Note,

144A,

7.5%,

3/15/33

..............

United

States

120,000

127,169

b

Directv

Financing

LLC

,

Senior

Secured

Note,

144A,

8.875%,

2/01/30

............

United

States

110,000

109,576

Senior

Secured

Note,

144A,

8.875%,

2/01/30

............

United

States

65,000

64,937

b

Directv

Financing

LLC

/

Directv

Financing

Co-Obligor,

Inc.

,

Senior

Secured

Note,

144A,

5.875%,

8/15/27

............

United

States

13,000

12,995

Senior

Secured

Note,

144A,

10%,

2/15/31

...............

United

States

65,000

66,405

Discovery

Communications

LLC

,

Senior

Note

,

4.125 %

,

5/15/29

.

United

States

80,000

77,314

EchoStar

Corp.

,

Senior

Secured

Note

,

10.75 %

,

11/30/29

......

United

States

110,000

118,895

b

EW

Scripps

Co.

(The)

,

Secured

Note

,

144A,

9.875 %

,

8/15/30

..

United

States

265,000

257,512

b

Gray

Media,

Inc.

,

Secured

Note,

144A,

9.625%,

7/15/32

..................

United

States

100,000

100,087

Senior

Bond,

144A,

5.375%,

11/15/31

..................

United

States

85,000

63,184

Senior

Secured

Note,

144A,

7.25%,

8/15/33

.............

United

States

25,000

25,211

b

McGraw-Hill

Education,

Inc.

,

Senior

Note,

144A,

8%,

8/01/29

......................

United

States

105,000

104,919

Senior

Secured

Note,

144A,

5.75%,

8/01/28

.............

United

States

55,000

54,423

Senior

Secured

Note,

144A,

7.375%,

9/01/31

............

United

States

95,000

97,043

b

News

Corp.

,

Senior

Bond

,

144A,

5.125 %

,

2/15/32

...........

United

States

57,000

55,755

b

Nexstar

Media,

Inc.

,

Senior

Note,

144A,

4.75%,

11/01/28

...................

United

States

80,000

78,721

i

Senior

Note,

144A,

7.25%,

4/15/34

....................

United

States

235,000

235,949

Senior

Secured

Note,

144A,

6.5%,

9/15/33

..............

United

States

295,000

297,426

Omnicom

Group,

Inc.

,

Senior

Note

,

4.65 %

,

10/01/28

.........

United

States

744,000

745,811

b

Outfront

Media

Capital

LLC

/

Outfront

Media

Capital

Corp.

,

Senior

Bond,

144A,

4.625%,

3/15/30

...................

United

States

50,000

48,271

Senior

Secured

Note,

144A,

7.375%,

2/15/31

............

United

States

45,000

46,948

Paramount

Global

,

Senior

Bond,

2.9%,

1/15/27

..........................

United

States

88,000

86,524

Senior

Bond,

4.2%,

6/01/29

..........................

United

States

144,000

137,555

b

Sinclair

Television

Group,

Inc.

,

Senior

Secured

Note

,

144A,

8.125 %

,

2/15/33

...................................

United

States

225,000

228,937

b

Sirius

XM

Radio

LLC

,

Senior

Bond,

144A,

3.875%,

9/01/31

...................

United

States

205,000

186,310

Senior

Note,

144A,

4%,

7/15/28

......................

United

States

30,000

28,976

TCI

Communications,

Inc.

,

Senior

Bond

,

7.125 %

,

2/15/28

.....

United

States

238,000

249,920

Time

Warner

Cable

Enterprises

LLC

,

Senior

Secured

Bond

,

8.375 %

,

7/15/33

...................................

United

States

28,000

31,720

b

Univision

Communications,

Inc.

,

Senior

Secured

Note

,

144A,

9.375 %

,

8/01/32

...................................

United

States

180,000

185,645

b

VZ

Secured

Financing

BV

,

Senior

Secured

Note

,

144A,

%

,

1/15/32

.........................................

Netherlands

220,000

188,797

5,036,262

#### Metals

#### &

#### Mining

#### 0.2%
b

Anglo

American

Capital

plc

,

Senior

Note

,

144A,

4.625 %

,

3/19/31

South

Africa

200,000

197,829

Putnam

Asset

Allocation

Funds

Consolidated

Schedule

of

Investments

(unaudited)

#### Putnam

#### Dynamic

#### Asset

#### Allocation

#### Conservative

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

consolidated

financial

statements.

Semiannual

Report

a

a

#### Country

#### Principal

#### Amount

#### \*
a

#### Value
a

#### a
a

#### Corporate

#### Bonds
(continued)

#### Metals

#### &

#### Mining
(continued)

b

Big

River

Steel

LLC

/

BRS

Finance

Corp.

,

Senior

Secured

Note

,

144A,

6.625 %

,

1/31/29

..............................

United

States

84,000

$

83,874

b

Cleveland-Cliffs,

Inc.

,

Senior

Note,

144A,

7%,

3/15/32

......................

United

States

60,000

58,128

Senior

Note,

144A,

7.625%,

1/15/34

...................

United

States

145,000

141,798

Commercial

Metals

Co.

,

Senior

Bond,

4.375%,

3/15/32

........................

United

States

110,000

101,819

Senior

Note,

4.125%,

1/15/30

........................

United

States

85,000

81,045

b

Constellium

SE

,

Senior

Note

,

Reg

S,

3.125 %

,

7/15/29

........

United

States

105,000

EUR

117,513

b

Fortescue

Treasury

Pty.

Ltd.

,

Senior

Bond

,

144A,

6.125 %

,

4/15/32

.........................................

Australia

65,000

66,477

b

Glencore

Funding

LLC

,

Senior

Bond,

144A,

4%,

3/27/27

......................

Australia

188,000

187,218

Senior

Bond,

144A,

2.5%,

9/01/30

.....................

Australia

325,000

295,644

Senior

Bond,

144A,

5.634%,

4/04/34

...................

Australia

59,000

60,407

b

Hudbay

Minerals,

Inc.

,

Senior

Note

,

144A,

6.125 %

,

4/01/29

....

Canada

70,000

70,013

b

Mineral

Resources

Ltd.

,

Senior

Note

,

144A,

%

,

4/01/31

......

Australia

40,000

40,913

b

Novelis

Corp.

,

Senior

Bond,

144A,

4.75%,

1/30/30

....................

United

States

155,000

146,748

Senior

Bond,

144A,

3.875%,

8/15/31

...................

United

States

140,000

124,834

Senior

Note,

144A,

6.875%,

1/30/30

...................

United

States

60,000

60,567

Senior

Note,

144A,

6.375%,

8/15/33

...................

United

States

95,000

93,261

1,928,088

#### Mortgage

#### Real

#### Estate

#### Investment

#### Trusts
(REITs)

#### 0.0%

#### †
b

Apollo

Commercial

Real

Estate

Finance,

Inc.

,

Senior

Secured

Note

,

144A,

4.625 %

,

6/15/29

.........................

United

States

85,000

84,363

#### Multi-Utilities

#### 0.2%
Consolidated

Edison

Co.

of

New

York,

Inc.

,

12-A

,

Senior

Bond

,

4.2 %

,

3/15/42

....................................

United

States

126,000

106,788

Dominion

Energy,

Inc.

,

Senior

Note

,

4.6 %

,

5/15/28

..........

United

States

528,000

529,748

NiSource,

Inc.

,

Senior

Bond

,

5.85 %

,

4/01/55

...............

United

States

134,000

130,355

Puget

Sound

Energy,

Inc.

,

Senior

Bond

,

5.448 %

,

6/01/53

.....

United

States

128,000

121,555

Southern

Co.

Gas

Capital

Corp.

,

Senior

Bond

,

4.95 %

,

9/15/34

.

United

States

656,000

647,025

1,535,471

#### Oil,

#### Gas

#### &

#### Consumable

#### Fuels

#### 1.1%
b

Calumet

Specialty

Products

Partners

LP

/

Calumet

Finance

Corp.

,

Senior

Note

,

144A,

9.75 %

,

2/15/31

.....................

United

States

125,000

132,870

Canadian

Natural

Resources

Ltd.

,

Senior

Note

,

%

,

12/15/29

..

Canada

165,000

167,625

Cheniere

Energy

Partners

LP

,

Senior

Note

,

4.5 %

,

10/01/29

....

United

States

751,000

747,950

b

Columbia

Pipelines

Operating

Co.

LLC

,

Senior

Note

,

144A,

5.927 %

,

8/15/30

...................................

United

States

100,000

104,705

b

Coronado

Finance

Pty.

Ltd.

,

Senior

Secured

Note

,

144A,

9.25 %

,

10/01/29

........................................

Australia

45,000

40,702

b

Crescent

Energy

Finance

LLC

,

Senior

Note,

144A,

7.875%,

4/15/32

...................

United

States

75,000

76,679

Senior

Note,

144A,

7.375%,

1/15/33

...................

United

States

105,000

105,052

Senior

Note,

144A,

8.375%,

1/15/34

...................

United

States

140,000

146,478

Energy

Transfer

LP

,

g

B,

Junior

Sub.

Bond,

6.625%

to

2/14/28,

FRN

thereafter,

Perpetual

.......................................

United

States

810,000

810,723

Senior

Bond,

3.75%,

5/15/30

.........................

United

States

658,000

636,279

Senior

Note,

5.5%,

6/01/27

..........................

United

States

68,000

68,644

b

Expand

Energy

Corp.

,

Senior

Note

,

144A,

6.75 %

,

4/15/29

.....

United

States

175,000

175,126

Putnam

Asset

Allocation

Funds

Consolidated

Schedule

of

Investments

(unaudited)

#### Putnam

#### Dynamic

#### Asset

#### Allocation

#### Conservative

#### Fund
(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

consolidated

financial

statements.

a

a

#### Country

#### Principal

#### Amount

#### \*
a

#### Value
a

#### a
a

#### Corporate

#### Bonds
(continued)

#### Oil,

#### Gas

#### &

#### Consumable

#### Fuels
(continued)

b

Hess

Midstream

Operations

LP

,

Senior

Note,

144A,

6.5%,

6/01/29

.....................

United

States

25,000

$

25,551

Senior

Note,

144A,

4.25%,

2/15/30

....................

United

States

470,000

451,871

Senior

Note,

144A,

5.5%,

10/15/30

....................

United

States

40,000

39,703

b

Hilcorp

Energy

I

LP

/

Hilcorp

Finance

Co.

,

Senior

Bond,

144A,

6%,

2/01/31

......................

United

States

20,000

19,453

Senior

Bond,

144A,

6.875%,

5/15/34

...................

United

States

110,000

107,687

Senior

Note,

144A,

6%,

4/15/30

......................

United

States

40,000

38,960

Senior

Note,

144A,

8.375%,

11/01/33

..................

United

States

200,000

208,815

b

KazMunayGas

National

Co.

JSC

,

Senior

Bond

,

Reg

S,

5.375 %

,

4/24/30

.........................................

Kazakhstan

400,000

404,911

Kinder

Morgan,

Inc.

,

Senior

Bond,

7.75%,

1/15/32

.........................

United

States

270,000

309,702

Senior

Note,

5%,

2/01/29

...........................

United

States

185,000

187,819

b

Kinetik

Holdings

LP

,

Senior

Note

,

144A,

5.875 %

,

6/15/30

......

United

States

210,000

210,895

Occidental

Petroleum

Corp.

,

Senior

Bond,

7.5%,

5/01/31

..........................

United

States

118,000

131,391

Senior

Bond,

6.2%,

3/15/40

..........................

United

States

180,000

183,971

ONEOK,

Inc.

,

Senior

Note

,

4.75 %

,

10/15/31

...............

United

States

373,000

369,143

b

Pertamina

Hulu

Energi

PT

,

Senior

Note

,

144A,

5.25 %

,

5/21/30

.

Indonesia

200,000

200,665

SM

Energy

Co.

,

Senior

Bond

,

6.75 %

,

9/15/26

..............

United

States

60,000

60,070

South

Bow

USA

Infrastructure

Holdings

LLC

,

Senior

Note

,

5.026 %

,

10/01/29

..................................

Canada

225,000

226,515

Spectra

Energy

Partners

LP

,

Senior

Note

,

3.375 %

,

10/15/26

...

United

States

222,000

220,928

b

Sunoco

LP

,

Senior

Note,

144A,

5.375%,

7/15/31

...................

United

States

70,000

69,488

Senior

Note,

144A,

6.25%,

7/01/33

....................

United

States

125,000

125,644

Senior

Note,

144A,

5.625%,

7/15/34

...................

United

States

10,000

9,854

Targa

Resources

Corp.

,

Senior

Note

,

4.35 %

,

4/15/31

........

United

States

75,000

73,445

Targa

Resources

Partners

LP

/

Targa

Resources

Partners

Finance

Corp.

,

Senior

Bond

,

4.875 %

,

2/01/31

............

United

States

93,000

92,890

b

TGNR

Intermediate

Holdings

LLC

,

Senior

Note

,

144A,

5.5 %

,

10/15/29

........................................

United

States

105,000

102,744

b

Venture

Global

LNG,

Inc.

,

g

Junior

Sub.

Bond,

144A,

9%

to

9/29/29,

FRN

thereafter,

Perpetual

.......................................

United

States

125,000

124,604

Senior

Secured

Note,

144A,

9.5%,

2/01/29

..............

United

States

140,000

151,452

Senior

Secured

Note,

144A,

8.375%,

6/01/31

............

United

States

105,000

109,252

Senior

Secured

Note,

144A,

9.875%,

2/01/32

............

United

States

100,000

107,448

b

Venture

Global

Plaquemines

LNG

LLC

,

Senior

Secured

Bond,

144A,

7.75%,

5/01/35

.............

United

States

20,000

22,428

Senior

Secured

Bond,

144A,

6.75%,

1/15/36

.............

United

States

55,000

58,289

Senior

Secured

Note,

144A,

7.5%,

5/01/33

..............

United

States

75,000

82,484

Senior

Secured

Note,

144A,

6.5%,

1/15/34

..............

United

States

30,000

31,293

Viper

Energy

Partners

LLC

,

Senior

Bond,

5.7%,

8/01/35

..........................

United

States

83,000

83,697

Senior

Note,

4.9%,

8/01/30

..........................

United

States

208,000

208,252

Williams

Cos.,

Inc.

(The)

,

Senior

Bond

,

5.6 %

,

3/15/35

........

United

States

130,000

132,899

8,197,046

#### Paper

#### &

#### Forest

#### Products

#### 0.0%

#### †
b

Magnera

Corp.

,

Senior

Secured

Note,

144A,

4.75%,

11/15/29

............

United

States

80,000

72,306

Putnam

Asset

Allocation

Funds

Consolidated

Schedule

of

Investments

(unaudited)

#### Putnam

#### Dynamic

#### Asset

#### Allocation

#### Conservative

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

consolidated

financial

statements.

Semiannual

Report

a

a

#### Country

#### Principal

#### Amount

#### \*
a

#### Value
a

#### a
a

#### Corporate

#### Bonds
(continued)

#### Paper

#### &

#### Forest

#### Products
(continued)

b

Magnera

Corp.,

(continued)

Senior

Secured

Note,

144A,

7.25%,

11/15/31

............

United

States

75,000

$

69,503

141,809

#### Passenger

#### Airlines

#### 0.0%

#### †
b

American

Airlines,

Inc.

/

AAdvantage

Loyalty

IP

Ltd.

,

Senior

Secured

Note,

144A,

5.5%,

4/20/26

..............

United

States

8,750

8,762

Senior

Secured

Note,

144A,

5.75%,

4/20/29

.............

United

States

215,000

213,962

b

AS

Mileage

Plan

IP

Ltd.

,

Senior

Secured

Note

,

144A,

5.021 %

,

10/20/29

........................................

United

States

195,000

193,102

b

OneSky

Flight

LLC

,

Senior

Note

,

144A,

8.875 %

,

12/15/29

.....

United

States

140,000

144,616

b

United

Airlines,

Inc.

,

Senior

Secured

Note

,

144A,

4.625 %

,

4/15/29

United

States

160,000

157,085

717,527

#### Personal

#### Care

#### Products

#### 0.0%

#### †
b

Coty,

Inc.

/

HFC

Prestige

Products,

Inc.

/

HFC

Prestige

International

US

LLC

,

Senior

Note,

144A,

6.625%,

7/15/30

...................

United

States

45,000

44,653

Senior

Secured

Note,

144A,

4.75%,

1/15/29

.............

United

States

70,000

68,177

Kenvue,

Inc.

,

Senior

Note

,

4.9 %

,

3/22/33

.................

United

States

235,000

236,958

b

Opal

Bidco

SAS

,

Senior

Secured

Note

,

144A,

6.5 %

,

3/31/32

...

France

280,000

280,439

630,227

#### Pharmaceuticals

#### 0.7%
Eli

Lilly

&

Co.

,

Senior

Bond,

4.875%,

2/27/53

........................

United

States

130,000

116,239

Senior

Note,

4.75%,

2/12/30

.........................

United

States

202,000

205,706

Merck

&

Co.,

Inc.

,

Senior

Bond

,

3.7 %

,

2/10/45

.............

United

States

418,000

325,680

Novartis

Capital

Corp.

,

Senior

Bond,

4%,

11/20/45

..........................

United

States

688,000

565,607

Senior

Note,

4.1%,

11/05/30

.........................

United

States

255,000

252,238

Senior

Note,

4.4%,

3/18/31

..........................

United

States

295,000

295,002

Pfizer

Investment

Enterprises

Pte.

Ltd.

,

Senior

Bond,

4.75%,

5/19/33

.........................

United

States

552,000

550,062

Senior

Bond,

5.3%,

5/19/53

..........................

United

States

79,000

73,473

Senior

Note,

4.45%,

5/19/28

.........................

United

States

60,000

60,365

Royalty

Pharma

plc

,

Senior

Bond,

5.2%,

9/25/35

..........................

United

States

169,000

166,853

Senior

Note,

2.2%,

9/02/30

..........................

United

States

235,000

211,723

Senior

Note,

4.45%,

3/25/31

.........................

United

States

15,000

14,820

Teva

Pharmaceutical

Finance

Netherlands

III

BV

,

Senior

Note,

5.125%,

5/09/29

........................

Israel

215,000

214,442

Senior

Note,

8.125%,

9/15/31

........................

Israel

250,000

279,792

Viatris,

Inc.

,

Senior

Note

,

2.3 %

,

6/22/27

...................

United

States

283,000

274,493

Zoetis,

Inc.

,

Senior

Bond,

3%,

9/12/27

...........................

United

States

130,000

127,849

Senior

Bond,

2%,

5/15/30

...........................

United

States

78,000

70,868

3,805,212

#### Professional

#### Services

#### 0.0%

#### †
b

CACI

International,

Inc.

,

Senior

Note

,

144A,

6.375 %

,

6/15/33

..

United

States

195,000

198,630

Paychex,

Inc.

,

Senior

Note

,

5.1 %

,

4/15/30

.................

United

States

165,000

166,549

365,179

Putnam

Asset

Allocation

Funds

Consolidated

Schedule

of

Investments

(unaudited)

#### Putnam

#### Dynamic

#### Asset

#### Allocation

#### Conservative

#### Fund
(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

consolidated

financial

statements.

a

a

#### Country

#### Principal

#### Amount

#### \*
a

#### Value
a

#### a
a

#### Corporate

#### Bonds
(continued)

#### Semiconductors

#### &

#### Semiconductor

#### Equipment

#### 0.3%
Broadcom

Corp.

/

Broadcom

Cayman

Finance

Ltd.

,

Senior

Note

,

3.5 %

,

1/15/28

....................................

United

States

1,053,000

$

1,040,644

Broadcom,

Inc.

,

b

Senior

Bond,

144A,

3.187%,

11/15/36

..................

United

States

52,000

43,480

Senior

Note,

5.05%,

7/12/29

.........................

United

States

63,000

64,314

Senior

Note,

5.05%,

4/15/30

.........................

United

States

114,000

116,223

Senior

Note,

4.2%,

10/15/30

.........................

United

States

60,000

59,323

b

Foundry

JV

Holdco

LLC

,

Senior

Secured

Note

,

144A,

5.9 %

,

1/25/30

.........................................

United

States

200,000

207,083

Intel

Corp.

,

Senior

Bond

,

4.15 %

,

8/05/32

..................

United

States

528,000

503,648

Marvell

Technology,

Inc.

,

Senior

Note,

5.75%,

2/15/29

.........................

United

States

85,000

87,774

Senior

Note,

4.75%,

7/15/30

.........................

United

States

79,000

79,299

b

Qnity

Electronics,

Inc.

,

Senior

Note,

144A,

6.25%,

8/15/33

....................

United

States

125,000

126,549

Senior

Secured

Note,

144A,

5.75%,

8/15/32

.............

United

States

445,000

446,086

2,774,423

#### Software

#### 0.3%
Cadence

Design

Systems,

Inc.

,

Senior

Note

,

4.3 %

,

9/10/29

....

United

States

204,000

203,398

b

Cloud

Software

Group,

Inc.

,

Secured

Note,

144A,

9%,

9/30/29

.....................

United

States

90,000

86,906

Senior

Secured

Note,

144A,

6.5%,

3/31/29

..............

United

States

95,000

92,773

b

McAfee

Corp.

,

Senior

Note

,

144A,

7.375 %

,

2/15/30

..........

United

States

95,000

78,592

Oracle

Corp.

,

Senior

Bond,

5.375%,

7/15/40

........................

United

States

188,000

164,732

Senior

Bond,

3.65%,

3/25/41

.........................

United

States

313,000

222,970

Senior

Bond,

4%,

11/15/47

..........................

United

States

541,000

358,412

Senior

Note,

4.55%,

2/04/29

.........................

United

States

260,000

256,765

Senior

Note,

4.45%,

9/26/30

.........................

United

States

70,000

67,475

Senior

Note,

4.95%,

2/04/31

.........................

United

States

145,000

141,923

b

Rocket

Software,

Inc.

,

Senior

Note

,

144A,

6.5 %

,

2/15/29

......

United

States

70,000

63,085

Salesforce,

Inc.

,

Senior

Note

,

4.5 %

,

3/15/28

...............

United

States

215,000

215,129

ServiceNow,

Inc.

,

Senior

Bond

,

1.4 %

,

9/01/30

..............

United

States

335,000

290,790

Synopsys,

Inc.

,

Senior

Note

,

4.85 %

,

4/01/30

...............

United

States

224,000

225,707

b

UKG,

Inc.

,

Senior

Secured

Note

,

144A,

6.875 %

,

2/01/31

......

United

States

140,000

136,944

2,605,601

#### Specialized

#### REITs

#### 0.4%
American

Tower

Corp.

,

Senior

Bond,

3.55%,

7/15/27

.........................

United

States

396,000

391,860

Senior

Bond,

2.9%,

1/15/30

..........................

United

States

207,000

194,455

Senior

Bond,

2.7%,

4/15/31

..........................

United

States

363,000

329,549

Senior

Note,

2.75%,

1/15/27

.........................

United

States

413,000

407,850

Senior

Note,

4.9%,

3/15/30

..........................

United

States

86,000

86,807

Crown

Castle,

Inc.

,

Senior

Bond,

3.7%,

6/15/26

..........................

United

States

101,000

100,845

Senior

Bond,

3.65%,

9/01/27

.........................

United

States

310,000

306,384

Senior

Bond,

3.8%,

2/15/28

..........................

United

States

221,000

217,910

Senior

Note,

1.05%,

7/15/26

.........................

United

States

172,000

170,367

Senior

Note,

4.9%,

9/01/29

..........................

United

States

250,000

251,465

Equinix,

Inc.

,

Senior

Bond,

3.2%,

11/18/29

.........................

United

States

123,000

117,141

Senior

Note,

2.9%,

11/18/26

.........................

United

States

775,000

768,115

Putnam

Asset

Allocation

Funds

Consolidated

Schedule

of

Investments

(unaudited)

#### Putnam

#### Dynamic

#### Asset

#### Allocation

#### Conservative

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

consolidated

financial

statements.

Semiannual

Report

a

a

#### Country

#### Principal

#### Amount

#### \*
a

#### Value
a

#### a
a

#### Corporate

#### Bonds
(continued)

#### Specialized

#### REITs
(continued)

b

Iron

Mountain,

Inc.

,

Senior

Note

,

144A,

6.25 %

,

1/15/33

.......

United

States

215,000

$

214,484

b

Millrose

Properties,

Inc.

,

Senior

Note

,

144A,

6.375 %

,

8/01/30

..

United

States

255,000

255,093

3,812,325

#### Specialty

#### Retail

#### 0.2%
Dick's

Sporting

Goods,

Inc.

,

Senior

Bond,

3.15%,

1/15/32

.........................

United

States

169,000

153,671

b

Senior

Note,

144A,

4%,

10/01/29

.....................

United

States

300,000

292,030

Home

Depot,

Inc.

(The)

,

Senior

Bond,

4.95%,

6/25/34

.........................

United

States

94,000

94,712

Senior

Bond,

5.95%,

4/01/41

.........................

United

States

179,000

188,545

Senior

Bond,

5.3%,

6/25/54

..........................

United

States

94,000

87,930

b

PetSmart

LLC

/

PetSmart

Finance

Corp.

,

Senior

Secured

Note

,

144A,

7.5 %

,

9/15/32

...............................

United

States

250,000

251,404

1,068,292

#### Technology

#### Hardware,

#### Storage

#### &

#### Peripherals

#### 0.3%
Apple,

Inc.

,

Senior

Bond,

3.85%,

5/04/43

.........................

United

States

276,000

228,357

Senior

Bond,

4.375%,

5/13/45

........................

United

States

581,000

508,851

Hewlett

Packard

Enterprise

Co.

,

Senior

Note,

4.55%,

10/15/29

........................

United

States

372,000

370,246

Senior

Note,

4.85%,

10/15/31

........................

United

States

84,000

83,454

b

Seagate

Data

Storage

Technology

Pte.

Ltd.

,

Senior

Note,

144A,

4.091%,

6/01/29

...................

United

States

250,000

242,165

Senior

Note,

144A,

3.125%,

7/15/29

...................

United

States

30,000

26,939

Senior

Note,

144A,

5.875%,

7/15/30

...................

United

States

155,000

157,652

1,617,664

#### Textiles,

#### Apparel

#### &

#### Luxury

#### Goods

#### 0.1%
b

Beach

Acquisition

Bidco

LLC

,

f

Senior

Note,

144A,

PIK,

10%,

7/15/33

..................

United

States

210,809

219,884

Senior

Secured

Note,

144A,

5.25%,

7/15/32

.............

United

States

100,000

EUR

111,139

b

Crocs,

Inc.

,

Senior

Note

,

144A,

4.25 %

,

3/15/29

.............

United

States

80,000

76,845

Tapestry,

Inc.

,

Senior

Note

,

5.1 %

,

3/11/30

.................

United

States

165,000

166,768

574,636

#### Tobacco

#### 0.2%
BAT

Capital

Corp.

,

Senior

Bond,

4.906%,

4/02/30

........................

United

Kingdom

40,000

40,443

Senior

Note,

6.343%,

8/02/30

........................

United

Kingdom

110,000

117,454

Senior

Note,

4.625%,

3/22/33

........................

United

Kingdom

190,000

186,032

Philip

Morris

International,

Inc.

,

Senior

Note,

5.125%,

2/15/30

........................

United

States

320,000

326,595

Senior

Note,

4.375%,

4/30/30

........................

United

States

466,000

463,641

Senior

Note,

4.75%,

11/01/31

........................

United

States

157,000

157,773

1,291,938

#### Trading

#### Companies

#### &

#### Distributors

#### 0.0%

#### †
Air

Lease

Corp.

,

Senior

Note,

5.85%,

12/15/27

........................

United

States

45,000

45,955

Senior

Note,

2.1%,

9/01/28

..........................

United

States

138,000

129,862

b

Aviation

Capital

Group

LLC

,

Senior

Note

,

144A,

5.375 %

,

7/15/29

United

States

165,000

167,701

b

EquipmentShare.com,

Inc.

,

Secured

Note,

144A,

9%,

5/15/28

.....................

United

States

140,000

144,785

Putnam

Asset

Allocation

Funds

Consolidated

Schedule

of

Investments

(unaudited)

#### Putnam

#### Dynamic

#### Asset

#### Allocation

#### Conservative

#### Fund
(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

consolidated

financial

statements.

a

a

#### Country

#### Principal

#### Amount

#### \*
a

#### Value
a

#### a
a

#### Corporate

#### Bonds
(continued)

#### Trading

#### Companies

#### &

#### Distributors
(continued)

b

EquipmentShare.com,

Inc.,

(continued)

Secured

Note,

144A,

8.625%,

5/15/32

..................

United

States

100,000

$

104,501

b

Herc

Holdings,

Inc.

,

Senior

Note

,

144A,

6.625 %

,

6/15/29

......

United

States

40,000

40,680

b

Imola

Merger

Corp.

,

Senior

Secured

Note

,

144A,

4.75 %

,

5/15/29

United

States

110,000

106,986

b

QXO

Building

Products,

Inc.

,

Senior

Secured

Note

,

144A,

6.75 %

,

4/30/32

.........................................

United

States

205,000

209,278

b

United

Rentals

North

America,

Inc.

,

Senior

Bond

,

144A,

6.125 %

,

3/15/34

.........................................

United

States

60,000

60,830

b

WESCO

Distribution,

Inc.

,

Senior

Note,

144A,

6.375%,

3/15/29

...................

United

States

20,000

20,383

Senior

Note,

144A,

5.25%,

4/15/31

....................

United

States

30,000

29,896

Senior

Note,

144A,

6.625%,

3/15/32

...................

United

States

85,000

87,106

Senior

Note,

144A,

6.375%,

3/15/33

...................

United

States

35,000

35,687

1,183,650

#### Wireless

#### Telecommunication

#### Services

#### 0.4%
b

Connect

Finco

SARL

/

Connect

US

Finco

LLC

,

Senior

Secured

Note

,

144A,

%

,

9/15/29

............................

United

Kingdom

300,000

315,537

Rogers

Communications,

Inc.

,

Senior

Note

,

%

,

2/15/29

......

Canada

604,000

610,312

T-Mobile

USA,

Inc.

,

Senior

Bond,

2.875%,

2/15/31

........................

United

States

70,000

64,571

Senior

Bond,

2.25%,

11/15/31

........................

United

States

637,000

560,080

Senior

Note,

3.75%,

4/15/27

.........................

United

States

465,000

462,210

Senior

Note,

4.95%,

3/15/28

.........................

United

States

324,000

327,477

Senior

Note,

3.375%,

4/15/29

........................

United

States

155,000

150,249

Senior

Note,

3.875%,

4/15/30

........................

United

States

9,000

8,767

Senior

Note,

5.125%,

5/15/32

........................

United

States

61,000

61,896

b

Zegona

Finance

plc

,

Senior

Secured

Note

,

144A,

8.625 %

,

7/15/29

.........................................

United

Kingdom

200,000

210,118

2,771,217

#### Total

#### Corporate

#### Bonds

#### (Cost

#### $140,385,124)
...................................

#### 136,558,530
j

#### Senior

#### Floating

#### Rate

#### Interests

#### 0.8%
k

#### Aerospace

#### &

#### Defense

#### 0.0%

#### †
TransDigm,

Inc.,

First

Lien,

CME

Term

Loan,

K,

5.923%,

(1-month

SOFR

+

2.25%),

3/22/30

............................

United

States

89,550

89,652

i

VSE

Corp.,

First

Lien,

CME

Term

Loan,

B,

5.474%,

(12-month

SOFR

+

2%),

3/17/33

...............................

United

States

20,585

20,590

110,242

a

a

a

a

a

a

k

#### Air

#### Freight

#### &

#### Logistics

#### 0.1%
Rand

Parent

LLC,

First

Lien,

CME

Term

Loan,

B,

6.7%,

(3-month

SOFR

+

3%),

3/18/30

...............................

United

States

80,151

80,154

Stonepeak

Nile

Parent

LLC,

First

Lien,

Amendment

No.

CME

Term

Loan,

5.917%,

(3-month

SOFR

+

2.25%),

4/09/32

.....

United

States

149,656

149,602

229,756

a

a

a

a

a

a

k

#### Automobile

#### Components

#### 0.1%
Allison

Transmission,

Inc.,

First

Lien,

2026

CME

Term

Loan,

5.422%,

(1-month

SOFR

+

1.75%),

1/03/33

..............

United

States

65,552

65,863

i

American

Axle

&

Manufacturing,

Inc.,

First

Lien,

CME

Term

Loan,

C,

6.912%,

(3-month

SOFR

+

3.25%),

2/03/33

............

United

States

148,500

148,129

Putnam

Asset

Allocation

Funds

Consolidated

Schedule

of

Investments

(unaudited)

#### Putnam

#### Dynamic

#### Asset

#### Allocation

#### Conservative

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

consolidated

financial

statements.

Semiannual

Report

a

a

#### Country

#### Principal

#### Amount

#### \*
a

#### Value
a

#### a
a

j

#### Senior

#### Floating

#### Rate

#### Interests
(continued)

k

#### Automobile

#### Components
(continued)

DexKo

Global,

Inc.,

First

Lien,

Closing

Date

Dollar

CME

Term

Loan,

7.678%,

(3-month

SOFR

+

3.75%),

10/04/28

........

United

States

49,206

$

48,327

262,319

a

a

a

a

a

a

#### Beverages

#### 0.0%

#### †
i,k

Primo

Brands

Corp.,

First

Lien,

CME

Term

Loan,

B,

6.224%,

(12-month

SOFR

+

2.75%),

3/19/31

....................

United

States

89,812

90,064

k

#### Biotechnology

#### 0.0%

#### †
Alkermes,

Inc.,

First

Lien,

Initial

CME

Term

Loan,

B,

6.418%,

(1-month

SOFR

+

2.75%),

8/12/31

.....................

United

States

13,846

13,967

i

BioMarin

Pharmaceutical,

Inc.,

First

Lien,

CME

Term

Loan,

B,

5.174%,

(12-month

SOFR

+

1.75%),

1/28/33

.............

United

States

47,187

47,129

Genmab

A/S,

First

Lien,

Initial

CME

Term

Loan,

B,

6.733%,

(3-month

SOFR

+

3%),

12/13/32

......................

Denmark

20,300

20,400

81,496

a

a

a

a

a

a

#### Broadline

#### Retail

#### 0.0%

#### †
k

Peer

Holding

III

BV,

First

Lien,

CME

Term

Loan,

B8,

5.95%,

(3-month

SOFR

+

2.25%),

9/29/32

.....................

Netherlands

64,010

63,540

k

#### Capital

#### Markets

#### 0.1%
CPI

Holdco

B

LLC,

First

Lien,

2025

Fourth

Amendment

Incremental

CME

Term

Loan,

5.668%,

(1-month

SOFR

+

2%),

5/19/31

.........................................

United

States

149,620

148,821

Jane

Street

Group

LLC,

First

Lien,

Extended

CME

Term

Loan,

5.673%,

(3-month

SOFR

+

2%),

12/15/31

................

United

States

138,901

136,533

285,354

a

a

a

a

a

a

k

#### Chemicals

#### 0.0%

#### †
Albaugh

LLC,

First

Lien,

Initial

CME

Term

Loan,

7.417%,

(3-month

SOFR

+

3.75%),

4/06/29

.....................

United

States

89,302

86,158

Element

Solutions,

Inc.,

First

Lien,

CME

Term

Loan,

B3,

5.423%,

(1-month

SOFR

+

1.75%),

12/18/30

....................

United

States

140,000

140,300

Hexion

Holdings

Corp.,

Second

Lien,

Initial

CME

Term

Loan,

11.211%,

(1-month

SOFR

+

7.438%),

3/15/30

............

United

States

20,109

18,827

Solstice

Advanced

Materials,

Inc.,

First

Lien,

CME

Term

Loan,

B,

5.417%,

(3-month

SOFR

+

1.75%),

10/29/32

.............

United

States

32,413

32,622

277,907

a

a

a

a

a

a

k

#### Commercial

#### Services

#### &

#### Supplies

#### 0.0%

#### †
Clean

Harbors,

Inc.,

First

Lien,

Initial

CME

Term

Loan,

5.168%,

(1-month

SOFR

+

1.5%),

10/11/32

.....................

United

States

139,454

140,622

Filtration

Group

Corp.,

First

Lien,

2025

Incremental

Dollar

CME

Term

Loan,

B,

6.423%,

(1-month

SOFR

+

2.75%),

10/23/28

..

United

States

28,093

28,137

Prime

Security

Services

Borrower

LLC,

First

Lien,

2025

Incremental

CME

Term

Loan,

B2,

5.414%,

(1-month

SOFR

+

1.75%),

3/08/32

...................................

United

States

139,298

137,600

i

WMB

Holdings,

Inc.,

First

Lien,

USD

CME

Term

Loan,

B,

5.668%,

(1-month

SOFR

+

2%),

11/05/29

......................

United

States

145,104

144,380

450,739

a

a

a

a

a

a

#### Construction

#### &

#### Engineering

#### 0.0%

#### †
k

Dycom

Industries,

Inc.,

First

Lien,

CME

Term

Loan,

B,

5.423%,

(1-month

SOFR

+

1.75%),

1/27/33

.....................

United

States

9,956

10,008

Putnam

Asset

Allocation

Funds

Consolidated

Schedule

of

Investments

(unaudited)

#### Putnam

#### Dynamic

#### Asset

#### Allocation

#### Conservative

#### Fund
(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

consolidated

financial

statements.

a

a

#### Country

#### Principal

#### Amount

#### \*
a

#### Value
a

#### a
a

j

#### Senior

#### Floating

#### Rate

#### Interests
(continued)

k

#### Containers

#### &

#### Packaging

#### 0.0%

#### †
Mauser

Packaging

Solutions

Holding

Co.,

First

Lien,

2025

CME

Term

Loan,

7.164%,

(3-month

SOFR

+

3.5%),

4/15/30

......

United

States

85,000

$

82,374

Owens-Brockway

Glass

Container,

Inc.,

First

Lien,

CME

Term

Loan,

B1,

6.668%,

(1-month

SOFR

+

3%),

9/30/32

.........

United

States

69,065

68,490

150,864

a

a

a

a

a

a

#### Distributors

#### 0.0%

#### †
k

Verde

Purchaser

LLC,

First

Lien,

Second

Refinancing

CME

Term

Loan,

7.672%,

(3-month

SOFR

+

4%),

11/30/30

...........

United

States

58,462

56,959

k

#### Electric

#### Utilities

#### 0.0%

#### †
Alpha

Generation

LLC,

First

Lien,

Initial

CME

Term

Loan,

B,

5.418%,

(1-month

SOFR

+

1.75%),

9/30/31

..............

United

States

139,293

139,111

Constellation

Renewables

LLC,

First

Lien,

CME

Term

Loan,

5.673%,

(3-month

SOFR

+

2%),

12/15/27

................

United

States

88,303

88,487

227,598

a

a

a

a

a

a

k

#### Entertainment

#### 0.0%

#### †
Live

Nation

Entertainment,

Inc.,

First

Lien,

Initial

CME

Term

Loan,

B,

5.675%,

(1-month

SOFR

+

2%),

10/21/32

.............

United

States

113,537

113,726

Playtika

Holding

Corp.,

First

Lien,

CME

Term

Loan,

B1,

6.537%,

(1-month

SOFR

+

2.75%),

3/13/28

.....................

United

States

138,903

131,046

TKO

Worldwide

Holdings

LLC,

First

Lien,

CME

Term

Loan,

B5,

5.664%,

(3-month

SOFR

+

2%),

11/21/31

................

United

States

126,745

126,824

371,596

a

a

a

a

a

a

k

#### Financial

#### Services

#### 0.1%
Colossus

Acquireco

LLC,

First

Lien,

Initial

CME

Term

Loan,

5.38%,

(1-day

SOFR

+

1.75%),

7/30/32

.................

United

States

139,300

139,006

Corpay

Technologies

Operating

Co.

LLC,

First

Lien,

CME

Term

Loan,

B6,

5.418%,

(1-month

SOFR

+

1.75%),

11/05/32

.....

United

States

49,521

49,506

First

Eagle

Holdings,

Inc.,

First

Lien,

Initial

CME

Term

Loan,

7.2%,

(3-month

SOFR

+

3.5%),

8/16/32

......................

United

States

127,805

126,207

Hudson

River

Trading

LLC,

First

Lien,

CME

Term

Loan,

B2,

6.175%,

(1-month

SOFR

+

2.5%),

3/18/30

...............

United

States

149,625

149,189

463,908

a

a

a

a

a

a

k

#### Food

#### Products

#### 0.0%

#### †
Chobani

LLC,

First

Lien,

Closing

Date

CME

Term

Loan,

5.918%,

(1-month

SOFR

+

2.25%),

10/28/32

....................

United

States

76,149

76,264

Froneri

US,

Inc.,

First

Lien,

CME

Term

Loan,

B6,

5.877%,

(6-month

SOFR

+

2.25%),

9/30/32

.....................

United

States

87,594

86,068

i

TreeHouse

Foods,

Inc.,

First

Lien,

Initial

CME

Term

Loan,

7.923%,

(1-month

SOFR

+

4.25%),

2/11/33

..............

United

States

100,000

99,667

261,999

a

a

a

a

a

a

#### Ground

#### Transportation

#### 0.0%

#### †
k

Genesee

&

Wyoming,

Inc.,

First

Lien,

Initial

CME

Term

Loan,

5.422%,

(3-month

SOFR

+

1.75%),

4/10/31

..............

United

States

139,293

138,785

k

#### Health

#### Care

#### Equipment

#### &

#### Supplies

#### 0.0%

#### †
Bausch

+

Lomb

Corp.,

First

Lien,

2025-2

Refinancing

CME

Term

Loan,

7.418%,

(1-month

SOFR

+

3.75%),

1/15/31

.........

United

States

61,112

61,322

Putnam

Asset

Allocation

Funds

Consolidated

Schedule

of

Investments

(unaudited)

#### Putnam

#### Dynamic

#### Asset

#### Allocation

#### Conservative

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

consolidated

financial

statements.

Semiannual

Report

a

a

#### Country

#### Principal

#### Amount

#### \*
a

#### Value
a

#### a
a

j

#### Senior

#### Floating

#### Rate

#### Interests
(continued)

k

#### Health

#### Care

#### Equipment

#### &

#### Supplies
(continued)

Medline

Borrower

LP,

First

Lien,

2028

Refinancing

CME

Term

Loan,

5.418%,

(1-month

SOFR

+

1.75%),

10/23/28

........

United

States

33,566

$

33,654

94,976

a

a

a

a

a

a

k

#### Hotels,

#### Restaurants

#### &

#### Leisure

#### 0.1%
1011778

BC

ULC,

First

Lien,

CME

Term

Loan,

B5,

5.418%,

(1-month

SOFR

+

1.75%),

9/20/30

.....................

Canada

132,985

132,853

Caesars

Entertainment,

Inc.,

First

Lien,

2023

Incremental

CME

Term

Loan,

B,

5.918%,

(1-month

SOFR

+

2.25%),

2/06/30

...

United

States

138,716

135,074

i

DK

Crown

Holdings,

Inc.,

First

Lien,

CME

Term

Loan,

B,

5.419%,

(1-month

SOFR

+

1.75%),

3/04/32

.....................

United

States

149,622

149,646

Fertitta

Entertainment

LLC,

First

Lien,

Initial

CME

Term

Loan,

B,

6.918%,

(1-month

SOFR

+

3.25%),

1/29/29

..............

United

States

128,174

125,931

Flutter

Financing

BV,

First

Lien,

2024

Refinancing

CME

Term

Loan,

B,

5.422%,

(3-month

SOFR

+

1.75%),

12/02/30

......

Ireland

139,288

138,104

Penn

Entertainment,

Inc.,

First

Lien,

CME

Term

Loan,

B,

6.173%,

(1-month

SOFR

+

2.5%),

5/03/29

......................

United

States

139,276

139,818

Raising

Cane's

Restaurants

LLC,

First

Lien,

First

Amendment

New

CME

Term

Loan,

5.668%,

(1-month

SOFR

+

2%),

11/03/32

United

States

99,143

98,678

Scientific

Games

Holdings

LP,

First

Lien,

2024

Refinancing

Dollar

CME

Term

Loan,

6.652%,

(3-month

SOFR

+

3%),

4/04/29

...

United

States

34,388

33,925

954,029

a

a

a

a

a

a

#### Household

#### Products

#### 0.0%

#### †
k

Energizer

Holdings,

Inc.,

First

Lien,

Initial

CME

Term

Loan,

5.675%,

(1-month

SOFR

+

2%),

3/19/32

................

United

States

79,906

79,906

k

#### Independent

#### Power

#### and

#### Renewable

#### Electricity

#### Producers

#### 0.1%
Calpine

Construction

Finance

Co.

LP,

First

Lien,

2025

Refinancing

CME

Term

Loan,

5.418%,

(1-month

SOFR

+

1.75%),

7/31/30

...................................

United

States

140,000

140,218

Talen

Energy

Supply

LLC,

First

Lien,

2025-1

Incremental

CME

Term

Loan,

B,

5.668%,

(1-month

SOFR

+

2%),

11/25/32

.....

United

States

155,692

155,998

296,216

a

a

a

a

a

a

#### IT

#### Services

#### 0.0%

#### †
k

Fortress

Intermediate

3,

Inc.,

First

Lien,

CME

Term

Loan,

B,

6.669%,

(1-month

SOFR

+

3%),

6/27/31

................

United

States

54,315

53,975

k

#### Media

#### 0.0%

#### †
Charter

Communications

Operating

LLC,

First

Lien,

CME

Term

Loan

B5,

5.911%,

(3-month

SOFR

+

2.25%),

12/15/31

......

United

States

138,944

139,092

Clear

Channel

Outdoor

Holdings,

Inc.,

First

Lien,

2024

Refinancing

CME

Term

Loan,

7.787%,

(1-month

SOFR

+

4%),

8/23/28

.........................................

United

States

36,134

36,279

DIRECTV

Financing

LLC,

First

Lien,

2024

Refinancing

CME

Term

Loan,

B,

9.178%,

(3-month

SOFR

+

5.25%),

8/02/29

.......

United

States

80,626

80,956

Nexstar

Media,

Inc.,

First

Lien,

CME

Term

Loan,

B,

6.173%,

(1-month

SOFR

+

2.5%),

6/28/32

......................

United

States

139,298

138,042

394,369

a

a

a

a

a

a

#### Mortgage

#### Real

#### Estate

#### Investment

#### Trusts
(REITs)

#### 0.0%

#### †
k

Apollo

Commercial

Real

Estate

Finance,

Inc.,

First

Lien,

Initial

CME

Term

Loan,

6.925%,

(1-month

SOFR

+

3.25%),

6/13/30

.

United

States

8,933

8,960

Putnam

Asset

Allocation

Funds

Consolidated

Schedule

of

Investments

(unaudited)

#### Putnam

#### Dynamic

#### Asset

#### Allocation

#### Conservative

#### Fund
(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

consolidated

financial

statements.

a

a

#### Country

#### Principal

#### Amount

#### \*
a

#### Value
a

#### a
a

j

#### Senior

#### Floating

#### Rate

#### Interests
(continued)

k

#### Oil,

#### Gas

#### &

#### Consumable

#### Fuels

#### 0.1%
CQP

Holdco

LP,

First

Lien,

CME

Term

Loan,

B,

5.423%,

(1-month

SOFR

+

1.75%),

12/31/32

...........................

United

States

139,648

$

139,147

UGI

Energy

Services

LLC,

First

Lien,

Initial

CME

Term

Loan,

6.168%,

(1-month

SOFR

+

2.5%),

2/22/30

...............

United

States

149,613

150,116

289,263

a

a

a

a

a

a

k

#### Passenger

#### Airlines

#### 0.1%
AAdvantage

Loyalty

IP

Ltd.,

First

Lien,

CME

Term

Loan,

5.918%,

(3-month

SOFR

+

2.25%),

4/20/28

.....................

United

States

139,298

138,253

i

United

Airlines,

Inc.,

First

Lien,

CME

Term

Loan,

B,

5.431%,

(1-month

SOFR

+

1.75%),

2/24/31

.....................

United

States

149,618

149,572

287,825

a

a

a

a

a

a

k

#### Pharmaceuticals

#### 0.0%

#### †
1261229

BC

Ltd.,

First

Lien,

Initial

CME

Term

Loan,

9.918%,

(1-month

SOFR

+

6.25%),

10/08/30

....................

United

States

44,663

43,223

Endo

Finance

Holdings

LP,

First

Lien,

2024

Refinancing

CME

Term

Loan,

7.418%,

(1-month

SOFR

+

3.75%),

4/23/31

.....

United

States

79,988

79,688

122,911

a

a

a

a

a

a

#### Professional

#### Services

#### 0.0%

#### †
k

SS&C

Technologies,

Inc.,

First

Lien,

CME

Term

Loan,

B8,

5.673%,

(1-month

SOFR

+

2%),

5/09/31

................

United

States

130,503

130,233

k

#### Software

#### 0.0%

#### †
Cloud

Software

Group,

Inc.,

First

Lien,

Initial

Dollar

CME

Term

Loan,

B,

6.922%,

(3-month

SOFR

+

3.25%),

8/16/32

.......

United

States

7,543

6,924

i

Gen

Digital,

Inc.,

First

Lien,

Second

Amendment

Incremental

CME

Term

Loan,

B,

5.418%,

(1-month

SOFR

+

1.75%),

4/16/32

United

States

139,298

137,427

Rocket

Software,

Inc.,

First

Lien,

CME

Term

Loan,

7.423%,

(1-month

SOFR

+

3.75%),

11/28/28

....................

United

States

55,866

53,713

UKG,

Inc.,

First

Lien,

Initial

CME

Term

Loan,

6.167%,

(3-month

SOFR

+

2.5%),

2/10/31

.............................

United

States

9,851

9,426

207,490

a

a

a

a

a

a

k

#### Textiles,

#### Apparel

#### &

#### Luxury

#### Goods

#### 0.0%

#### †
Flash

Charm,

Inc.,

First

Lien,

CME

Term

Loan,

B2,

7.16%,

(3-month

SOFR

+

3.5%),

3/02/28

......................

United

States

58,946

46,995

Samsonite

Group

SA,

First

Lien,

Initial

CME

Term

Loan,

B,

5.418%,

(1-month

SOFR

+

1.75%),

11/08/32

.............

United

States

54,128

54,331

101,326

a

a

a

a

a

a

#### Trading

#### Companies

#### &

#### Distributors

#### 0.0%

#### †
i,k

QXO

Building

Products,

Inc.,

First

Lien,

CME

Term

Loan,

B,

5.673%,

(1-month

SOFR

+

2%),

4/30/32

................

United

States

124,454

124,369

#### Wireless

#### Telecommunication

#### Services

#### 0.0%

#### †
k

Connect

Finco

SARL,

First

Lien,

Amendment

No.

CME

Term

Loan,

8.168%,

(1-month

SOFR

+

4.5%),

9/13/29

..........

United

Kingdom

44,100

44,259

#### Total

#### Senior

#### Floating

#### Rate

#### Interests

#### (Cost

#### $6,758,972)
.........................

#### 6,723,241

#### Foreign

#### Government

#### and

#### Agency

#### Securities

#### 1.2%
b

Angola

Government

Bond

,

Senior

Bond

,

144A,

8.25 %

,

5/09/28

.

Angola

200,000

201,936

Brazil

Government

Bond

,

Senior

Bond

,

3.875 %

,

6/12/30

......

Brazil

460,000

439,484

Chile

Government

Bond

,

Senior

Note

,

4.85 %

,

1/22/29

........

Chile

200,000

202,650

Putnam

Asset

Allocation

Funds

Consolidated

Schedule

of

Investments

(unaudited)

#### Putnam

#### Dynamic

#### Asset

#### Allocation

#### Conservative

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

consolidated

financial

statements.

Semiannual

Report

a

a

#### Country

#### Principal

#### Amount

#### \*
a

#### Value
a

#### a
a

#### Foreign

#### Government

#### and

#### Agency

#### Securities
(continued)

Colombia

Government

Bond

,

Senior

Note

,

4.5 %

,

11/26/30

.....

Colombia

200,000

EUR

$

223,951

b

Corp.

Nacional

del

Cobre

de

Chile

,

Senior

Bond

,

Reg

S,

%

,

9/30/29

.........................................

Chile

200,000

187,824

b

Costa

Rica

Government

Bond

,

Senior

Bond

,

144A,

6.125 %

,

2/19/31

.........................................

Costa

Rica

240,000

245,873

b

Dominican

Republic

Government

Bond

,

Senior

Bond,

Reg

S,

5.95%,

1/25/27

...................

Dominican

Republic

110,000

110,841

Senior

Bond,

Reg

S,

6%,

7/19/28

......................

Dominican

Republic

150,000

151,395

b

Eagle

Funding

Luxco

SARL

,

Senior

Note

,

144A,

5.5 %

,

8/17/30

.

Mexico

360,000

362,340

b

Egypt

Government

Bond

,

Senior

Bond

,

Reg

S,

7.6 %

,

3/01/29

..

Egypt

200,000

205,230

b

El

Salvador

Government

Bond

,

Senior

Bond

,

Reg

S,

8.625 %

,

2/28/29

.........................................

El

Salvador

180,000

187,918

b

Electricite

de

France

SA

,

Senior

Note

,

144A,

5.65 %

,

4/22/29

...

France

420,000

433,664

b

Guatemala

Government

Bond

,

Senior

Bond

,

144A,

4.875 %

,

2/13/28

.........................................

Guatemala

360,000

358,371

b

Hungary

Government

Bond

,

Senior

Note

,

Reg

S,

5.25 %

,

6/16/29

Hungary

400,000

401,439

Indonesia

Government

Bond

,

Senior

Bond

,

3.85 %

,

10/15/30

...

Indonesia

400,000

383,609

b

Ivory

Coast

Government

Bond

,

Senior

Bond

,

Reg

S,

6.375 %

,

3/03/28

.........................................

Ivory

Coast

300,150

302,310

Jamaica

Government

Bond

,

Senior

Bond

,

6.75 %

,

4/28/28

.....

Bermuda

200,000

204,250

Mexico

Government

Bond

,

Senior

Note

,

%

,

5/13/30

.........

Mexico

200,000

206,850

b

Montenegro

Government

Bond

,

Senior

Bond

,

144A,

2.55 %

,

10/03/29

........................................

Montenegro

130,000

EUR

140,978

b

Morocco

Government

Bond

,

Senior

Note

,

144A,

5.95 %

,

3/08/28

Morocco

200,000

203,548

b

Nigeria

Government

Bond

,

Senior

Note

,

144A,

8.375 %

,

3/24/29

Nigeria

200,000

210,377

b

North

Macedonia

Government

Bond

,

Senior

Note

,

144A,

3.875 %

,

1/21/30

.........................................

North

Macedonia

100,000

EUR

111,240

b

Paraguay

Government

Bond

,

Senior

Bond

,

144A,

4.95 %

,

4/28/31

Paraguay

340,000

339,575

Peru

Government

Bond

,

Senior

Bond,

2.783%,

1/23/31

........................

Peru

440,000

401,984

Philippines

Government

Bond

,

Senior

Bond

,

9.5 %

,

2/02/30

....

Philippines

270,000

316,667

Poland

Government

Bond

,

4.875%,

2/12/30

...................................

Poland

410,000

419,324

b

Power

Finance

Corp.

Ltd.

,

Senior

Bond

,

Reg

S,

3.95 %

,

4/23/30

.

India

200,000

193,401

b

Romania

Government

Bond

,

Senior

Bond

,

144A,

2.875 %

,

5/26/28

Romania

360,000

EUR

408,094

b

Serbia

Government

Bond

,

Senior

Note

,

144A,

6.25 %

,

5/26/28

..

Serbia

200,000

204,248

South

Africa

Government

Bond

,

Senior

Bond,

4.85%,

9/27/27

.........................

South

Africa

300,000

299,951

Senior

Bond,

5.875%,

6/22/30

........................

South

Africa

200,000

201,489

Turkiye

Government

Bond

,

Senior

Note

,

8.6 %

,

9/24/27

.......

Turkiye

400,000

417,187

Uruguay

Government

Bond

,

Senior

Bond

,

4.375 %

,

10/27/27

...

Uruguay

346,667

347,741

b

Uzbekistan

Government

Bond

,

Senior

Note

,

144A,

7.85 %

,

10/12/28

........................................

Uzbekistan

200,000

209,550

#### Total

#### Foreign

#### Government

#### and

#### Agency

#### Securities

#### (Cost

#### $9,327,119)
.............

#### 9,235,289

#### U.S.

#### Government

#### and

#### Agency

#### Securities

#### 0.0%

#### †
l

U.S.

Treasury

Bonds

,

1.625 %,

11/15/50

..................

United

States

327,400

170,887

#### Total

#### U.S.

#### Government

#### and

#### Agency

#### Securities

#### (Cost

#### $170,887)
..................

#### 170,887
Putnam

Asset

Allocation

Funds

Consolidated

Schedule

of

Investments

(unaudited)

#### Putnam

#### Dynamic

#### Asset

#### Allocation

#### Conservative

#### Fund
(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

consolidated

financial

statements.

a

a

#### Country

#### Principal

#### Amount

#### \*
a

#### Value
a

#### a
a

#### Asset-Backed

#### Securities

#### 2.5%

#### Capital

#### Markets

#### 0.0%

#### †
b,k

Magnetite

XL

Ltd.

,

2024-40A

,

A1

,

144A,

FRN

,

5.122 %

,

(3-month

SOFR

+

1.45 %),

7/15/37

.

............................

United

States

250,000

$

250,662

#### Consumer

#### Staples

#### Distribution

#### &

#### Retail

#### 0.0%

#### †
CVS

Pass-Through

Trust

,

6.036%,

12/10/28

..................................

United

States

13,967

14,101

b

2013,

144A,

4.704%,

1/10/36

.........................

United

States

155,021

146,385

160,486

a

a

a

a

a

a

#### Financial

#### Services

#### 2.5%
b,k

AGL

Core

CLO

Ltd.

,

2024-31A

,

A

,

144A,

FRN

,

5.068 %

,

(3-month

SOFR

+

1.4 %),

7/20/37

.

.....................

United

States

250,000

250,125

b,k

Allegro

CLO

XII

Ltd.

,

2020-1A

,

A1R

,

144A,

FRN

,

5.11 %

,

(3-month

SOFR

+

1.44 %),

7/21/37

.

............................

United

States

250,000

250,666

b,k

Bain

Capital

Credit

CLO

Ltd.

,

2022-2A

,

A1R

,

144A,

FRN

,

4.819 %

,

(3-month

SOFR

+

1.15 %),

4/22/35

.

....................

United

States

250,000

249,937

b,k

Battalion

CLO

Ltd.

,

2020-18A

,

ARR

,

144A,

FRN

,

4.852 %

,

(3-month

SOFR

+

1.18 %),

10/15/36

.

...................

United

States

220,000

220,260

b,k

Battalion

CLO

X

Ltd.

,

2016-10A

,

A1R3

,

144A,

FRN

,

4.808 %

,

(3-month

SOFR

+

1.14 %),

1/24/35

.

....................

United

States

399,271

399,701

b,k

BDS

Ltd.

,

2021-FL10

,

A

,

144A,

FRN

,

5.144 %

,

(1-month

SOFR

+

1.464 %),

12/16/36

.

.................................

United

States

84,698

84,802

b,k

Birch

Grove

CLO

Ltd.

,

2021-2A

,

A1R

,

144A,

FRN

,

5.068 %

,

(3-month

SOFR

+

1.4 %),

10/19/37

.

....................

United

States

250,000

250,303

b,k

Birch

Grove

CLO

Ltd.

,

2024-8A

,

A1

,

144A,

FRN

,

5.298 %

,

(3-month

SOFR

+

1.63 %),

4/20/37

.

....................

Jersey

200,000

200,593

b,k

BRAVO

Residential

Funding

Trust

,

2021-HE3

,

A2

,

144A,

FRN

,

4.662 %

,

(30-day

SOFR

Average

+

%),

8/25/69

.

..........

United

States

96,529

96,095

b,k

Carlyle

US

CLO

Ltd.

,

2020-2A

,

A1R2

,

144A,

FRN

,

4.748 %

,

(3-month

SOFR

+

1.08 %),

1/25/35

.

....................

United

States

600,000

598,806

b,k

CBAM

Ltd.

,

2017-2A

,

AR

,

144A,

FRN

,

5.119 %

,

(3-month

SOFR

+

1.452 %),

7/17/34

.

.................................

United

States

275,000

275,370

b,k

CIFC

Funding

Ltd.

,

2014-2RA,

AR,

144A,

FRN,

5.028%,

(3-month

SOFR

+

1.36%),

10/24/37

........................................

United

States

250,000

250,189

2020-1A,

A1R,

144A,

FRN,

5.084%,

(3-month

SOFR

+

1.412%),

7/15/36

..................................

United

States

310,000

310,414

2021-7A,

AR,

144A,

FRN,

4.761%,

(3-month

SOFR

+

1.09%),

1/23/35

.........................................

United

States

496,000

496,164

b

Compass

Datacenters

Issuer

II

LLC

,

2025-2A

,

A1

,

144A,

4.926 %

,

11/25/50

.

........................................

United

States

320,000

315,402

b,k

Crown

Point

CLO

Ltd.

,

2021-10A

,

A

,

144A,

FRN

,

5.099 %

,

(3-month

SOFR

+

1.432 %),

7/20/34

.

...................

United

States

250,000

250,330

b,k

Danby

Park

CLO

Ltd.

,

2022-1A

,

AR

,

144A,

FRN

,

5.03 %

,

(3-month

SOFR

+

1.36 %),

10/21/37

.

...........................

Jersey

250,000

250,191

b,k

Diameter

Capital

CLO

Ltd.

,

2024-7A

,

A1A

,

144A,

FRN

,

5.148 %

,

(3-month

SOFR

+

1.48 %),

7/20/37

.

....................

United

States

250,000

250,664

b,k

Dryden

CLO

Ltd.

,

2020-86A

,

A1R2

,

144A,

FRN

,

4.798 %

,

(3-month

SOFR

+

1.13 %),

7/17/34

.

....................

United

States

650,000

650,678

b,k

Elevation

CLO

Ltd.

,

2018-10A,

AR,

144A,

FRN,

4.588%,

(3-month

SOFR

+

0.92%),

10/20/31

........................................

United

States

2021-13A,

A1R,

144A,

FRN,

4.732%,

(3-month

SOFR

+

1.06%),

7/15/34

...................................

United

States

250,000

250,175

b,k

Elmwood

CLO

Ltd.

,

2024-3A

,

A

,

144A,

FRN

,

5.188 %

,

(3-month

SOFR

+

1.52 %),

4/18/37

.

....................

United

States

250,000

250,645

Putnam

Asset

Allocation

Funds

Consolidated

Schedule

of

Investments

(unaudited)

#### Putnam

#### Dynamic

#### Asset

#### Allocation

#### Conservative

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

consolidated

financial

statements.

Semiannual

Report

a

a

#### Country

#### Principal

#### Amount

#### \*
a

#### Value
a

#### a
a

#### Asset-Backed

#### Securities
(continued)

#### Financial

#### Services
(continued)

b,k

Elmwood

CLO

Ltd.

,

2024-9RA

,

AR

,

144A,

FRN

,

5.05 %

,

(3-month

SOFR

+

1.38 %),

10/21/37

.

...................

United

States

250,000

$

250,192

b,k

Elmwood

CLO

I

Ltd.

,

2019-1A

,

A1R3

,

144A,

FRN

,

4.78 %

,

(3-month

SOFR

+

1.12 %),

4/20/37

.

....................

United

States

200,000

199,100

b,k

Elmwood

CLO

III

Ltd.

,

2019-3A

,

A1RR

,

144A,

FRN

,

5.048 %

,

(3-month

SOFR

+

1.38 %),

7/18/37

.

....................

United

States

250,000

250,197

b,k

FS

Rialto

,

2021-FL3

,

A

,

144A,

FRN

,

5.037 %

,

(1-month

SOFR

+

1.364 %),

11/16/36

.

.................................

United

States

53,355

53,387

b,k

GoldenTree

Loan

Management

US

CLO

Ltd.

,

2021-11A

,

AR

,

144A,

FRN

,

4.748 %

,

(3-month

SOFR

+

1.08 %),

10/20/34

.

...

United

States

900,000

900,561

b,k

GoldenTree

Loan

Management

US

CLO

Ltd.

,

2021-9A

,

AR

,

144A,

FRN

,

5.168 %

,

(3-month

SOFR

+

1.5 %),

4/20/37

.

.....

United

States

250,000

250,000

b

Home

Partners

of

America

Trust

,

2021-2

,

C

,

144A,

2.402 %

,

12/17/26

.

........................................

United

States

191,869

188,321

b

J.P.

Morgan

Mortgage

Trust

,

k

2023-HE2,

A1,

144A,

FRN,

5.373%,

(30-day

SOFR

Average

+

1.7%),

3/20/54

....................................

United

States

37,030

37,125

2024-CES1,

A1A,

144A,

5.919%,

6/25/54

................

United

States

47,457

47,707

b,k

KKR

CLO

Ltd.

,

2022-43A

,

A2R2

,

144A,

FRN

,

5.121 %

,

(3-month

SOFR

+

1.45 %),

4/15/38

.

....................

Jersey

560,000

559,823

b,k

KREF

Ltd.

,

2022-FL3

,

A

,

144A,

FRN

,

5.127 %

,

(1-month

SOFR

+

1.45 %),

2/17/39

.

..................................

United

States

69,292

69,329

k

Long

Beach

Mortgage

Loan

Trust

,

2004-1

,

A2

,

FRN

,

4.593 %

,

(1-month

SOFR

+

0.914 %),

2/25/34

.

...................

United

States

167,558

166,865

k

Morgan

Stanley

ABS

Capital

I,

Inc.

Trust

,

2004-HE6

,

M1

,

FRN

,

4.618 %

,

(1-month

SOFR

+

0.939 %),

8/25/34

.

.............

United

States

37,782

37,368

b,k

Nassau

Ltd.

,

2020-1A

,

A1R

,

144A,

FRN

,

5.224 %

,

(3-month

SOFR

+

1.552 %),

1/15/35

.

................................

United

States

245,417

245,561

b,k

Neuberger

Berman

CLO

XVII

Ltd.

,

2014-17A

,

AR3

,

144A,

FRN

,

5.069 %

,

(3-month

SOFR

+

1.4 %),

7/22/38

.

...............

United

States

250,000

250,187

b,k

Neuberger

Berman

Loan

Advisers

CLO

Ltd.

,

2021-43A

,

AR

,

144A,

FRN

,

4.718 %

,

(3-month

SOFR

+

1.05 %),

7/17/36

.

....

United

States

800,000

800,426

b,k

Neuberger

Berman

Loan

Advisers

CLO

Ltd.

,

2021-45A

,

AR

,

144A,

FRN

,

4.727 %

,

(3-month

SOFR

+

1.06 %),

10/14/36

.

...

United

States

1,000,000

1,000,644

b,k

Neuberger

Berman

Loan

Advisers

CLO

Ltd.

,

2022-51A

,

BR2

,

144A,

FRN

,

5.068 %

,

(3-month

SOFR

+

1.4 %),

10/23/36

.

....

Jersey

275,000

275,005

b,k

Northwoods

Capital

Ltd.

,

2021-27A

,

A1R

,

144A,

FRN

,

4.848 %

,

(3-month

SOFR

+

1.18 %),

10/17/34

.

...................

United

States

330,000

330,387

b,k

Oaktree

CLO

Ltd.

,

2021-1A,

A1R,

144A,

FRN,

5.022%,

(3-month

SOFR

+

1.35%),

1/15/38

.........................................

United

States

250,000

250,582

2021-2A,

AR,

144A,

FRN,

4.642%,

(3-month

SOFR

+

0.97%),

1/15/35

.........................................

United

States

750,000

750,244

b,k

Octagon

Investment

Partners

Ltd.

,

2020-5A

,

ARR

,

144A,

FRN

,

4.792 %

,

(3-month

SOFR

+

1.12 %),

4/15/37

.

..............

United

States

680,000

677,793

b,k

OHA

Loan

Funding

Ltd.

,

2016-1A

,

A1R2

,

144A,

FRN

,

5.128 %

,

(3-month

SOFR

+

1.46 %),

7/20/37

.

....................

United

States

250,000

250,663

k

Park

Place

Securities,

Inc.

,

2004-WCW2

,

M3

,

FRN

,

4.843 %

,

(1-month

SOFR

+

1.164 %),

10/25/34

.

..................

United

States

54,703

54,384

b

PK

Alift

Loan

Funding

LP

,

2025-2

,

A

,

144A,

4.75 %

,

3/15/43

.

..

United

States

235,871

235,052

b

PK

Alift

Loan

Funding

LP

,

2026-1

,

A

,

144A,

4.614 %

,

9/15/43

.

.

United

States

250,000

247,267

b

PRET

LLC

,

2026-NPL3

,

A1

,

144A,

4.968 %

,

2/25/56

.

.........

United

States

469,128

465,634

b,k

PRMI

Securitization

Trust

,

2024-CMG1

,

A1

,

144A,

FRN

,

5.119 %

,

(30-day

SOFR

Average

+

1.45 %),

7/25/54

.

...............

United

States

208,241

208,062

b

RCO

X

Mortgage

LLC

,

2026-1

,

A1

,

144A,

5.536 %

,

3/25/31

.

....

United

States

164,000

164,420

b,k

RR

Ltd.

,

2024-29RA

,

A1R

,

144A,

FRN

,

5.062 %

,

(3-month

SOFR

+

1.39 %),

7/15/39

.

............................

United

States

250,000

250,198

Putnam

Asset

Allocation

Funds

Consolidated

Schedule

of

Investments

(unaudited)

#### Putnam

#### Dynamic

#### Asset

#### Allocation

#### Conservative

#### Fund
(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

consolidated

financial

statements.

a

a

#### Country

#### Principal

#### Amount

#### \*
a

#### Value
a

#### a
a

#### Asset-Backed

#### Securities
(continued)

#### Financial

#### Services
(continued)

b,k

Sound

Point

CLO

XXVI

Ltd.

,

2020-1A

,

AR

,

144A,

FRN

,

5.099 %

,

(3-month

SOFR

+

1.432 %),

7/20/34

.

...................

United

States

258,000

$

258,343

b,k

Sound

Point

CLO

XXXII

Ltd.

,

2021-4A

,

AR

,

144A,

FRN

,

4.96 %

,

(3-month

SOFR

+

1.03 %),

10/25/34

.

...................

United

States

250,000

249,998

b

Stack

Infrastructure

Issuer

LLC

,

2026-1A

,

A2

,

144A,

%

,

3/27/56

.

United

States

266,000

256,496

b,k

Symphony

CLO

XXIII

Ltd.

,

2020-23A

,

AR2

,

144A,

FRN

,

4.572 %

,

(3-month

SOFR

+

0.9 %),

1/15/34

.

.....................

United

States

141,277

141,256

b,k

TCW

CLO

Ltd.

,

2020-1A

,

A1R3

,

144A,

FRN

,

4.718 %

,

(3-month

SOFR

+

1.05 %),

4/20/34

.

............................

United

States

900,000

900,043

b,k

Trinitas

CLO

XV

Ltd.

,

2021-15A

,

A1R

,

144A,

FRN

,

4.789 %

,

(3-month

SOFR

+

1.12 %),

4/22/34

.

....................

United

States

400,000

400,357

b,k

Trinitas

CLO

XVIII

Ltd.

,

2021-18A

,

A1R

,

144A,

FRN

,

4.888 %

,

(3-month

SOFR

+

1.22 %),

1/20/35

.

....................

United

States

250,000

250,089

b

VCAT

LLC

,

2026-NPL1

,

A1

,

144A,

5.101 %

,

1/25/56

.

.........

United

States

94,318

93,861

b,k

Venture

CLO

Ltd.

,

2021-41A

,

A1RR

,

144A,

FRN

,

4.798 %

,

(3-month

SOFR

+

1.13 %),

1/20/34

.

....................

United

States

480,000

480,521

b,k

Venture

XIX

CLO

Ltd.

,

2014-19A

,

ARR

,

144A,

FRN

,

5.194 %

,

(3-month

SOFR

+

1.522 %),

1/15/32

.

...................

United

States

62,280

62,352

b,k

Venture

XV

CLO

Ltd.

,

2013-15A

,

AR3

,

144A,

FRN

,

5.114 %

,

(3-month

SOFR

+

1.442 %),

7/15/32

.

...................

United

States

57,943

58,015

b,k

Wise

CLO

Ltd.

,

2024-2A

,

A

,

144A,

FRN

,

5.132 %

,

(3-month

SOFR

+

1.46 %),

7/15/37

.

.................................

United

States

250,000

250,659

b,k

Zais

CLO

Ltd.

,

2020-16A

,

A1R2

,

144A,

FRN

,

4.798 %

,

(3-month

SOFR

+

1.13 %),

10/20/34

.

...................

United

States

300,000

300,382

19,320,663

a

a

a

a

a

a

#### Total

#### Asset-Backed

#### Securities

#### (Cost

#### $19,741,913)
.............................

#### 19,731,811

#### Commercial

#### Mortgage-Backed

#### Securities

#### 1.7%

#### Financial

#### Services

#### 1.7%
b

1166

Avenue

of

the

Americas

Commercial

Mortgage

Trust

II

,

2005-C6A

,

A3

,

144A,

5.69 %

,

10/13/37

..................

United

States

332,000

339,494

b,m,n

Arbor

Multifamily

Mortgage

Securities

Trust

,

2020-MF1

,

XA

,

IO,

144A,

FRN

,

0.925 %

,

5/15/53

.........................

United

States

3,045,802

91,979

m,n

BANK

,

2019-BN20

,

XA

,

IO,

FRN

,

0.806 %

,

9/15/62

..........

United

States

3,648,052

86,313

m,n

BANK

Trust

,

2020-BN28

,

XA

,

IO,

FRN

,

1.759 %

,

3/15/63

......

United

States

6,765,595

428,278

m,n

BANK5

Trust

,

2024-5YR7

,

XA

,

IO,

FRN

,

1.334 %

,

6/15/57

.....

United

States

3,733,450

137,926

Barclays

Commercial

Mortgage

Trust

,

2019-C3,

C,

4.178%,

5/15/52

.........................

United

States

121,000

110,427

m,n

2019-C4,

XA,

IO,

FRN,

1.514%,

8/15/52

.................

United

States

2,490,767

95,284

n

BBCMS

Mortgage

Trust

,

m

2024-5C29,

XA,

IO,

FRN,

1.598%,

9/15/57

...............

United

States

4,723,393

224,887

2026-5C40,

AS,

FRN,

5.529%,

2/15/59

.................

United

States

114,000

115,684

2026-5C40,

C,

FRN,

5.813%,

2/15/59

..................

United

States

167,000

166,671

Benchmark

Mortgage

Trust

,

n

2025-V16,

B,

FRN,

6.13%,

8/15/58

.....................

United

States

175,000

181,378

b,m,n

2025-V18,

XA,

IO,

144A,

FRN,

1.257%,

10/15/58

..........

United

States

4,260,699

216,076

n

2025-V19,

AS,

FRN,

5.597%,

1/15/58

...................

United

States

134,000

136,245

2026-V21,

AS,

5.506%,

3/15/31

.......................

United

States

296,000

299,727

m,n

2026-V21,

XA,

IO,

FRN,

1.648%,

11/15/30

...............

United

States

1,476,000

93,077

m,n

BMO

Mortgage

Trust

,

2026-5C14

,

XA

,

IO,

FRN

,

1.394 %

,

3/15/59

United

States

3,087,000

159,056

b,k

BX

Commercial

Mortgage

Trust

,

2026-CSMO

,

C

,

144A,

FRN

,

5.673 %

,

(1-month

SOFR

+

%),

2/15/43

................

United

States

185,000

185,561

b

BX

Trust

,

n

2025-ARIA,

C,

144A,

FRN,

5.517%,

12/13/42

.............

United

States

246,000

245,526

Putnam

Asset

Allocation

Funds

Consolidated

Schedule

of

Investments

(unaudited)

#### Putnam

#### Dynamic

#### Asset

#### Allocation

#### Conservative

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

consolidated

financial

statements.

Semiannual

Report

a

a

#### Country

#### Principal

#### Amount

#### \*
a

#### Value
a

#### a
a

#### Commercial

#### Mortgage-Backed

#### Securities
(continued)

#### Financial

#### Services
(continued)

b

BX

Trust,

(continued)

k

2025-VOLT,

A,

144A,

FRN,

5.373%,

(1-month

SOFR

+

1.7%),

12/15/44

........................................

United

States

123,000

$

122,840

n

CD

Mortgage

Trust

,

2017-CD4

,

B

,

FRN

,

3.947 %

,

5/10/50

.....

United

States

182,000

166,946

n

CFCRE

Commercial

Mortgage

Trust

,

b

2011-C2,

D,

144A,

FRN,

5.249%,

12/15/47

...............

United

States

23,889

23,554

b

2011-C2,

E,

144A,

FRN,

5.249%,

12/15/47

...............

United

States

140,000

132,463

2017-C8,

B,

FRN,

4.199%,

6/15/50

....................

United

States

179,000

173,756

n

CGMS

Commercial

Mortgage

Trust

,

2017-B1

,

AS

,

FRN

,

3.711 %

,

8/15/50

.........................................

United

States

146,000

142,780

Citigroup

Commercial

Mortgage

Trust

,

2020-GC46

,

A2

,

2.708 %

,

2/15/53

.........................................

United

States

266,583

252,028

n

COMM

Mortgage

Trust

,

b

2013-CR13,

D,

144A,

FRN,

6.702%,

11/10/46

............

United

States

178,008

100,795

2014-CR17,

C,

FRN,

4.471%,

5/10/47

..................

United

States

217,000

205,113

b

2014-CR17,

D,

144A,

FRN,

4.535%,

5/10/47

.............

United

States

159,000

134,915

m

2014-UBS4,

XA,

IO,

FRN,

0.552%,

8/10/47

..............

United

States

520,239

1,690

2014-UBS5,

AM,

FRN,

4.193%,

9/10/47

.................

United

States

68,861

67,992

2015-CR22,

B,

FRN,

3.926%,

3/10/48

..................

United

States

121,307

116,583

2015-LC19,

C,

FRN,

4.408%,

2/10/48

..................

United

States

198,192

193,370

CSAIL

Commercial

Mortgage

Trust

,

n

2015-C1,

C,

FRN,

3.742%,

4/15/50

....................

United

States

233,000

217,908

n

2016-C7,

AS,

FRN,

3.958%,

11/15/49

...................

United

States

255,000

252,236

m,n

2019-C15,

XA,

IO,

FRN,

0.987%,

3/15/52

................

United

States

6,969,524

154,775

2019-C17,

AS,

3.278%,

9/15/52

.......................

United

States

194,000

176,717

m,n

2020-C19,

XA,

IO,

FRN,

1.085%,

3/15/53

................

United

States

5,584,354

179,380

b,n

DBUBS

Mortgage

Trust

,

2011-LC3A

,

D

,

144A,

FRN

,

5.294 %

,

8/10/44

.........................................

United

States

390,287

381,738

b,n

GS

Mortgage

Securities

Corp.

Trust

,

2017-375H

,

A

,

144A,

FRN

,

3.475 %

,

9/10/37

...................................

United

States

259,000

252,126

n

GS

Mortgage

Securities

Trust

,

2015-GC30,

B,

FRN,

3.887%,

5/10/50

..................

United

States

255,783

248,941

m

2019-GC38,

XA,

IO,

FRN,

1.005%,

2/10/52

..............

United

States

3,444,893

84,064

J.P.

Morgan

Chase

Commercial

Mortgage

Securities

Trust

,

2016-

JP3

,

AS

,

3.144 %

,

8/15/49

...........................

United

States

256,000

248,582

n

JPMBB

Commercial

Mortgage

Securities

Trust

,

2013-C12,

C,

FRN,

3.859%,

7/15/45

...................

United

States

116,450

115,039

2014-C18,

B,

FRN,

4.474%,

2/15/47

...................

United

States

186,764

185,635

2014-C18,

C,

FRN,

4.474%,

2/15/47

...................

United

States

200,000

195,496

2014-C23,

B,

FRN,

4.537%,

9/15/47

...................

United

States

128,583

127,212

2014-C24,

AS,

FRN,

3.914%,

11/15/47

..................

United

States

275,000

267,857

m

2014-C25,

XA,

IO,

FRN,

0.33%,

11/15/47

................

United

States

499,939

2,045

n

JPMCC

Commercial

Mortgage

Securities

Trust

,

2017-JP5

,

AS

,

FRN

,

3.876 %

,

3/15/50

..............................

United

States

173,000

168,759

b

LSTAR

Commercial

Mortgage

Trust

,

2017-5

,

A5

,

144A,

3.549 %

,

3/10/50

.........................................

United

States

386,000

382,488

b,n

MAD

Commercial

Mortgage

Trust

,

2025-11MD,

C,

144A,

FRN,

5.255%,

10/15/42

............

United

States

177,000

178,363

2025-11MD,

D,

144A,

FRN,

5.935%,

10/15/42

............

United

States

173,000

175,962

n

Morgan

Stanley

Bank

of

America

Merrill

Lynch

Trust

,

b

2012-C5,

E,

144A,

FRN,

4.559%,

8/15/45

...............

United

States

109,420

108,936

2013-C10,

B,

FRN,

3.951%,

7/15/46

...................

United

States

293,706

279,222

2015-C21,

B,

FRN,

3.854%,

3/15/48

...................

United

States

292,982

287,112

2015-C22,

B,

FRN,

3.883%,

4/15/48

...................

United

States

125,000

116,232

2015-C22,

C,

FRN,

3.97%,

4/15/48

....................

United

States

234,000

204,543

Morgan

Stanley

Capital

I

Trust

,

n

2016-UB12,

AS,

FRN,

3.778%,

12/15/49

................

United

States

193,000

184,491

Putnam

Asset

Allocation

Funds

Consolidated

Schedule

of

Investments

(unaudited)

#### Putnam

#### Dynamic

#### Asset

#### Allocation

#### Conservative

#### Fund
(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

consolidated

financial

statements.

a

a

#### Country

#### Principal

#### Amount

#### \*
a

#### Value
a

#### a
a

#### Commercial

#### Mortgage-Backed

#### Securities
(continued)

#### Financial

#### Services
(continued)

Morgan

Stanley

Capital

I

Trust,

(continued)

2018-L1,

A3,

4.139%,

10/15/51

.......................

United

States

155,130

$

154,527

b

One

Bryant

Park

Trust

,

2019-OBP

,

A

,

144A,

2.516 %

,

9/15/54

..

United

States

165,000

152,583

b,k

SHRN

Trust

,

2025-MF18

,

A

,

144A,

FRN

,

4.873 %

,

(1-month

SOFR

+

1.2 %),

10/15/40

.................................

United

States

180,000

179,779

b,o

TIAA

Real

Estate

CDO

Ltd.

,

2003-1A

,

E

,

144A,

%

,

12/28/38

..

United

States

357,873

m,n

UBS

Commercial

Mortgage

Trust

,

2017-C7,

XA,

IO,

FRN,

0.964%,

12/15/50

................

United

States

2,426,754

32,269

2018-C8,

XA,

IO,

FRN,

0.807%,

2/15/51

.................

United

States

5,327,305

65,035

b

VCAT

LLC

,

2026-NPL2

,

A1

,

144A,

5.062 %

,

2/25/56

..........

United

States

1,065,867

1,061,866

b,n

VEGAS

,

2024-GCS

,

D

,

144A,

FRN

,

6.217 %

,

7/10/36

.........

United

States

121,000

120,614

Wells

Fargo

Commercial

Mortgage

Trust

,

b,n

2013-LC12,

D,

144A,

FRN,

3.744%,

7/15/46

.............

United

States

169,000

115,763

2016-BNK1,

AS,

2.814%,

8/15/49

......................

United

States

216,000

209,001

b

2016-C33,

D,

144A,

3.123%,

3/15/59

...................

United

States

175,781

171,936

m,n

2016-LC25,

XA,

IO,

FRN,

0.787%,

12/15/59

..............

United

States

3,395,784

7,730

m,n

2019-C52,

XA,

IO,

FRN,

1.563%,

8/15/52

................

United

States

3,197,877

129,645

m,n

2024-5C1,

XA,

IO,

FRN,

1.025%,

7/15/57

................

United

States

2,189,429

61,481

n

WFRBS

Commercial

Mortgage

Trust

,

b,o

2011-C3,

D,

144A,

FRN,

5.415%,

3/15/44

...............

United

States

171,704

63,099

b

2013-C15,

D,

144A,

FRN,

4.152%,

8/15/46

..............

United

States

134,334

94,706

2014-C21,

B,

FRN,

4.213%,

8/15/47

...................

United

States

384,684

379,453

2014-C23,

B,

FRN,

4.315%,

10/15/57

...................

United

States

93,000

90,237

13,414,039

a

a

a

a

a

a

#### Total

#### Commercial

#### Mortgage-Backed

#### Securities

#### (Cost

#### $13,900,707)
..............

#### 13,414,039

#### Mortgage-Backed

#### Securities

#### 17.2%

#### Federal

#### Home

#### Loan

#### Mortgage

#### Corp.
(FHLMC)

#### Fixed

#### Rate

#### 0.1%
FHLMC

Pool,

Year,

2.5%,

8/01/50

-

10/01/50

............

United

States

446,355

385,634

FHLMC

Pool,

Year,

4%,

9/01/45

......................

United

States

92,327

88,998

FHLMC

Pool,

Year,

6.5%,

5/01/53

.....................

United

States

90,823

93,960

568,592

#### Federal

#### National

#### Mortgage

#### Association
(FNMA)

#### Fixed

#### Rate

#### 14.4%
FNMA,

2.73%,

9/01/29

...............................

United

States

183,614

175,698

FNMA,

3.5%,

6/01/56

-

2/01/57

.........................

United

States

2,128,360

1,945,490

FNMA,

4%,

1/01/57

..................................

United

States

304,110

288,124

FNMA,

4.69%,

8/01/28

...............................

United

States

62,691

63,325

FNMA,

5.28%,

12/01/28

..............................

United

States

147,000

150,878

FNMA,

Year,

2.5%,

7/01/50

-

7/01/51

..................

United

States

8,769,882

7,485,386

FNMA,

Year,

3%,

4/01/46

-

4/01/52

....................

United

States

7,382,867

6,616,146

FNMA,

Year,

3.5%,

4/01/52

.........................

United

States

1,053,279

974,857

FNMA,

Year,

6.5%,

3/01/53

-

5/01/53

..................

United

States

1,066,950

1,108,921

p

Uniform

Mortgage-Backed

Securities,

2%,

TBA,

4/25/56

......

United

States

840,000

676,791

p

Uniform

Mortgage-Backed

Securities,

2.5%,

TBA,

4/25/41

.....

United

States

10,000,000

9,449,538

p

Uniform

Mortgage-Backed

Securities,

2.5%,

TBA,

4/25/56

.....

United

States

27,180,000

22,856,681

p

Uniform

Mortgage-Backed

Securities,

3.5%,

TBA,

4/25/56

.....

United

States

5,800,000

5,317,895

p

Uniform

Mortgage-Backed

Securities,

4.5%,

TBA,

4/25/56

.....

United

States

22,140,000

21,279,638

p

Uniform

Mortgage-Backed

Securities,

5%,

TBA,

4/25/41

......

United

States

600,000

604,475

p

Uniform

Mortgage-Backed

Securities,

5%,

TBA,

4/25/56

......

United

States

21,840,000

21,542,125

p

Uniform

Mortgage-Backed

Securities,

5.5%,

TBA,

4/25/56

.....

United

States

13,560,000

13,598,601

p

Uniform

Mortgage-Backed

Securities,

6%,

TBA,

4/25/56

......

United

States

1,680,000

1,712,733

115,847,302

Putnam

Asset

Allocation

Funds

Consolidated

Schedule

of

Investments

(unaudited)

#### Putnam

#### Dynamic

#### Asset

#### Allocation

#### Conservative

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

consolidated

financial

statements.

Semiannual

Report

a

a

#### Country

#### Principal

#### Amount

#### \*
a

#### Value
a

#### a
a

#### Mortgage-Backed

#### Securities
(continued)

#### Government

#### National

#### Mortgage

#### Association
(GNMA)

#### Fixed

#### Rate

#### 2.7%
p

GNMA

II,

Single-family,

Year,

2%,

4/15/56

...............

United

States

380,000

$

314,005

GNMA

II,

Single-family,

Year,

3%,

7/20/50

...............

United

States

2,910,683

2,607,293

GNMA

II,

Single-family,

Year,

3%,

8/20/50

...............

United

States

3,777,627

3,386,359

GNMA

II,

Single-family,

Year,

3%,

10/20/50

..............

United

States

4,757,306

4,257,031

GNMA

II,

Single-family,

Year,

3%,

8/20/49

-

1/20/54

.......

United

States

1,387,138

1,244,259

p

GNMA

II,

Single-family,

Year,

3%,

4/15/56

...............

United

States

8,000,000

7,143,248

GNMA

II,

Single-family,

Year,

4.5%,

5/20/49

.............

United

States

13,357

12,919

p

GNMA

II,

Single-family,

Year,

5%,

4/15/56

...............

United

States

790,000

782,524

p

GNMA

II,

Single-family,

Year,

5.5%,

4/15/56

.............

United

States

1,200,000

1,207,830

GNMA

II,

Single-family,

Year,

6%,

12/20/48

-

4/20/49

......

United

States

259,897

272,847

p

GNMA

II,

Single-family,

Year,

6%,

4/15/56

...............

United

States

430,000

437,294

21,665,609

#### Total

#### Mortgage-Backed

#### Securities

#### (Cost

#### $142,677,067)
.........................

#### 138,081,503

#### Residential

#### Mortgage-Backed

#### Securities

#### 1.3%

#### Financial

#### Services

#### 1.3%
k

Alternative

Loan

Trust

,

2005-65CB,

2A1,

FRN,

4.218%,

(1-month

SOFR

+

0.539%),

12/25/35

........................................

United

States

257,026

153,170

2006-OA19,

A1,

FRN,

3.97%,

(1-month

SOFR

+

0.294%),

2/20/47

.........................................

United

States

170,761

139,691

k

American

Home

Mortgage

Investment

Trust

,

2007-1

,

GA1C

,

FRN

,

3.983 %

,

(1-month

SOFR

+

0.304 %),

5/25/47

.............

United

States

393,353

238,800

b

Angel

Oak

Mortgage

Trust

,

2024-9

,

A1

,

144A,

5.138 %

,

9/25/69

.

United

States

98,989

98,947

b,n

Arroyo

Mortgage

Trust

,

2019-1,

A3,

144A,

FRN,

4.208%,

1/25/49

................

United

States

18,738

18,367

2019-3,

A3,

144A,

FRN,

3.416%,

10/25/48

...............

United

States

34,735

33,445

k

BankUnited

Trust

,

2005-1

,

1A1

,

FRN

,

4.393 %

,

(1-month

SOFR

+

0.714 %),

9/25/45

..................................

United

States

30,143

28,913

b,n

Bunker

Hill

Loan

Depositary

Trust

,

2020-1

,

A2

,

144A,

FRN

,

2.6 %

,

2/25/55

.........................................

United

States

164,036

162,780

b,k

Chase

Home

Lending

Mortgage

Trust

,

2025-10,

A11,

144A,

FRN,

4.962%,

(30-day

SOFR

Average

+

1.3%),

7/25/56

....................................

United

States

85,154

85,310

2025-7,

A11,

144A,

FRN,

5.062%,

(30-day

SOFR

Average

+

1.4%),

5/25/56

....................................

United

States

49,105

49,248

n

Citigroup

Mortgage

Loan

Trust,

Inc.

,

2005-2

,

1A2A

,

FRN

,

5.691 %

,

5/25/35

.........................................

United

States

48,179

47,767

b

Cross

Mortgage

Trust

,

2024-H4,

A1,

144A,

6.147%,

7/25/69

...................

United

States

89,242

89,983

n

2024-H8,

A1,

144A,

FRN,

5.549%,

12/25/69

..............

United

States

591,077

593,348

b,n

CSMC

Trust

,

2021-RPL4

,

A1

,

144A,

FRN

,

4.151 %

,

12/27/60

...

United

States

110,542

110,236

b,k

FHLMC

STACR

REMIC

Trust

,

2021-DNA5,

M2,

144A,

FRN,

5.312%,

(30-day

SOFR

Average

+

1.65%),

1/25/34

.................................

United

States

11,895

11,897

2021-DNA6,

M2,

144A,

FRN,

5.162%,

(30-day

SOFR

Average

+

1.5%),

10/25/41

.................................

United

States

109,480

109,609

2021-DNA7,

M2,

144A,

FRN,

5.462%,

(30-day

SOFR

Average

+

1.8%),

11/25/41

..................................

United

States

346,000

346,971

2022-DNA2,

M1A,

144A,

FRN,

4.962%,

(30-day

SOFR

Average

+

1.3%),

2/25/42

..................................

United

States

22,841

22,843

2022-DNA3,

M1B,

144A,

FRN,

6.562%,

(30-day

SOFR

Average

+

2.9%),

4/25/42

..................................

United

States

12,000

12,221

2022-DNA5,

M1A,

144A,

FRN,

6.612%,

(30-day

SOFR

Average

+

2.95%),

6/25/42

.................................

United

States

88,203

89,533

Putnam

Asset

Allocation

Funds

Consolidated

Schedule

of

Investments

(unaudited)

#### Putnam

#### Dynamic

#### Asset

#### Allocation

#### Conservative

#### Fund
(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

consolidated

financial

statements.

a

a

#### Country

#### Principal

#### Amount

#### \*
a

#### Value
a

#### a
a

#### Residential

#### Mortgage-Backed

#### Securities
(continued)

#### Financial

#### Services
(continued)

b,k

FHLMC

STACR

REMIC

Trust,

(continued)

2022-DNA6,

M1A,

144A,

FRN,

5.812%,

(30-day

SOFR

Average

+

2.15%),

9/25/42

.................................

United

States

2,596

$

2,601

2022-DNA6,

M1B,

144A,

FRN,

7.362%,

(30-day

SOFR

Average

+

3.7%),

9/25/42

..................................

United

States

12,000

12,382

2022-HQA1,

M1A,

144A,

FRN,

5.762%,

(30-day

SOFR

Average

+

2.1%),

3/25/42

..................................

United

States

1,331

1,333

2023-DNA1,

M1A,

144A,

FRN,

5.761%,

(30-day

SOFR

Average

+

2.1%),

3/25/43

..................................

United

States

51,736

52,244

2023-HQA2,

M1A,

144A,

FRN,

5.662%,

(30-day

SOFR

Average

+

2%),

6/25/43

....................................

United

States

5,425

5,427

2023-HQA3,

A1,

144A,

FRN,

5.512%,

(30-day

SOFR

Average

+

1.85%),

11/25/43

..................................

United

States

29,068

29,280

2023-HQA3,

M1,

144A,

FRN,

5.512%,

(30-day

SOFR

Average

+

1.85%),

11/25/43

.................................

United

States

19,571

19,668

2025-DNA1,

A1,

144A,

FRN,

4.612%,

(30-day

SOFR

Average

+

0.95%),

1/25/45

...................................

United

States

289,365

288,975

2025-DNA3,

M1,

144A,

FRN,

4.762%,

(30-day

SOFR

Average

+

1.1%),

9/25/45

..................................

United

States

126,076

126,077

2025-DNA4,

M1,

144A,

FRN,

4.762%,

(30-day

SOFR

Average

+

1.1%),

10/25/45

.................................

United

States

81,844

81,852

k

FNMA

Connecticut

Avenue

Securities

Trust

,

2016-C03,

2M2,

FRN,

9.676%,

(30-day

SOFR

Average

+

6.014%),

10/25/28

.................................

United

States

8,351

8,379

2016-C04,

1M2,

FRN,

8.026%,

(30-day

SOFR

Average

+

4.364%),

1/25/29

..................................

United

States

186,424

188,567

2016-C05,

2M2,

FRN,

8.226%,

(30-day

SOFR

Average

+

4.564%),

1/25/29

..................................

United

States

145,904

147,144

2016-C06,

1M2,

FRN,

8.026%,

(30-day

SOFR

Average

+

4.364%),

4/25/29

..................................

United

States

87,957

88,829

2016-C07,

2M2,

FRN,

8.126%,

(30-day

SOFR

Average

+

4.464%),

5/25/29

..................................

United

States

133,143

135,563

b

2021-R03,

1M2,

144A,

FRN,

5.312%,

(30-day

SOFR

Average

+

1.65%),

12/25/41

..................................

United

States

100,981

101,172

b

2022-R01,

1M1,

144A,

FRN,

4.662%,

(30-day

SOFR

Average

+

1%),

12/25/41

....................................

United

States

9,482

9,474

b

2022-R02,

2M2,

144A,

FRN,

6.662%,

(30-day

SOFR

Average

+

3%),

1/25/42

.....................................

United

States

366,762

370,751

b

2022-R03,

1M2,

144A,

FRN,

7.162%,

(30-day

SOFR

Average

+

3.5%),

3/25/42

....................................

United

States

44,000

44,875

b

2022-R04,

1M2,

144A,

FRN,

6.762%,

(30-day

SOFR

Average

+

3.1%),

3/25/42

....................................

United

States

44,000

44,630

b

2022-R05,

2M2,

144A,

FRN,

6.662%,

(30-day

SOFR

Average

+

3%),

4/25/42

.....................................

United

States

497,000

504,277

b

2022-R09,

2M1,

144A,

FRN,

6.162%,

(30-day

SOFR

Average

+

2.5%),

9/25/42

....................................

United

States

38,320

38,692

b

2023-R06,

1M1,

144A,

FRN,

5.362%,

(30-day

SOFR

Average

+

1.7%),

7/25/43

....................................

United

States

11,329

11,349

b

2023-R07,

2M1,

144A,

FRN,

5.612%,

(30-day

SOFR

Average

+

1.95%),

9/25/43

...................................

United

States

4,521

4,528

b

2024-R03,

2M1,

144A,

FRN,

4.812%,

(30-day

SOFR

Average

+

1.15%),

3/25/44

...................................

United

States

7,514

7,509

b

2024-R04,

1M1,

144A,

FRN,

4.762%,

(30-day

SOFR

Average

+

1.1%),

5/25/44

....................................

United

States

8,946

8,942

b

2024-R06,

1A1,

144A,

FRN,

4.812%,

(30-day

SOFR

Average

+

1.15%),

9/25/44

...................................

United

States

101,830

101,847

b

2025-R01,

1A1,

144A,

FRN,

4.612%,

(30-day

SOFR

Average

+

0.95%),

1/25/45

...................................

United

States

87,010

86,836

Putnam

Asset

Allocation

Funds

Consolidated

Schedule

of

Investments

(unaudited)

#### Putnam

#### Dynamic

#### Asset

#### Allocation

#### Conservative

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

consolidated

financial

statements.

Semiannual

Report

a

a

#### Country

#### Principal

#### Amount

#### \*
a

#### Value
a

#### a
a

#### Residential

#### Mortgage-Backed

#### Securities
(continued)

#### Financial

#### Services
(continued)

k

FNMA

Connecticut

Avenue

Securities

Trust,

(continued)

b

2025-R01,

1M1,

144A,

FRN,

4.762%,

(30-day

SOFR

Average

+

1.1%),

1/25/45

....................................

United

States

59,053

$

58,973

b

2025-R02,

1A1,

144A,

FRN,

4.662%,

(30-day

SOFR

Average

+

1%),

2/25/45

.....................................

United

States

99,602

99,489

b

2025-R02,

1M1,

144A,

FRN,

4.812%,

(30-day

SOFR

Average

+

1.15%),

2/25/45

...................................

United

States

159,436

159,402

b

2025-R03,

2A1,

144A,

FRN,

5.112%,

(30-day

SOFR

Average

+

1.45%),

3/25/45

...................................

United

States

14,946

14,981

b

2025-R04,

1A1,

144A,

FRN,

4.662%,

(30-day

SOFR

Average

+

1%),

5/25/45

.....................................

United

States

55,779

55,815

b

2025-R04,

1M1,

144A,

FRN,

4.862%,

(30-day

SOFR

Average

+

1.2%),

5/25/45

....................................

United

States

122,115

122,218

b

2025-R06,

1A1,

144A,

FRN,

4.562%,

(30-day

SOFR

Average

+

0.9%),

9/25/45

....................................

United

States

135,816

135,574

b

2026-R01,

2A1,

144A,

FRN,

4.512%,

(30-day

SOFR

Average

+

0.85%),

1/25/46

...................................

United

States

231,120

229,846

b

2026-R01,

2M1,

144A,

FRN,

4.662%,

(30-day

SOFR

Average

+

1%),

1/25/46

.....................................

United

States

262,497

262,573

b

2026-R02,

1M1,

144A,

FRN,

4.712%,

(30-day

SOFR

Average

+

1.05%),

2/25/46

...................................

United

States

219,397

218,289

b

J.P.

Morgan

Mortgage

Trust

,

k

2024-9,

A11,

144A,

FRN,

5.012%,

(30-day

SOFR

Average

+

1.35%),

2/25/55

...................................

United

States

71,686

71,867

2024-VIS2,

A1,

144A,

5.853%,

11/25/64

.................

United

States

113,573

114,270

k

2025-1,

A11,

144A,

FRN,

4.912%,

(30-day

SOFR

Average

+

1.25%),

6/25/55

...................................

United

States

146,978

147,358

b

Mill

City

Mortgage

Loan

Trust

,

2023-NQM2

,

A1

,

144A,

6.24 %

,

12/25/67

........................................

United

States

109,229

108,912

b,n

Morgan

Stanley

Resecuritization

Trust

,

2015-R4

,

CB1

,

144A,

FRN

,

4.491 %

,

8/26/47

..............................

United

States

14,475

14,493

b

OBX

Trust

,

2023-NQM10,

A1,

144A,

6.465%,

10/25/63

..............

United

States

184,552

185,875

k

2025-J2,

AF,

144A,

FRN,

4.962%,

(30-day

SOFR

Average

+

1.3%),

9/25/55

....................................

United

States

78,503

78,704

b

PRET

LLC

,

2026-NPL1

,

A1

,

144A,

5.18 %

,

1/25/56

..........

United

States

98,429

97,705

b

PRPM

LLC

,

2026-1

,

A1

,

144A,

5.185 %

,

2/25/31

............

United

States

179,429

177,672

b

PRPM

Trust

,

2024-NQM2

,

A1

,

144A,

6.327 %

,

6/25/69

........

United

States

351,653

355,011

b,n

RMF

Buyout

Issuance

Trust

,

2020-HB1

,

A1

,

144A,

FRN

,

1.719 %

,

10/25/50

........................................

United

States

48,386

45,653

b

Starwood

Mortgage

Residential

Trust

,

2020-2,

M1E,

144A,

3%,

4/25/60

......................

United

States

287,820

285,508

n

2020-3,

A3,

144A,

FRN,

2.591%,

4/25/65

................

United

States

403,000

368,203

n

2021-3,

A1,

144A,

FRN,

1.127%,

6/25/56

................

United

States

94,364

82,198

b,k

Station

Place

Securitization

Trust

,

2025-1,

A,

144A,

FRN,

4.578%,

(1-month

SOFR

+

0.9%),

7/23/26

.........................................

United

States

423,000

426,450

2025-3,

A,

144A,

FRN,

4.578%,

(1-month

SOFR

+

0.9%),

9/23/26

.........................................

United

States

420,000

421,521

2025-7,

A,

144A,

FRN,

4.578%,

(1-month

SOFR

+

0.9%),

11/24/26

........................................

United

States

424,000

424,975

b,k

Structured

Agency

Credit

Risk

,

2026-DNA1

,

M1

,

144A,

FRN

,

4.662 %

,

(30-day

SOFR

Average

+

%),

2/25/46

...........

United

States

92,439

92,163

k

Structured

Asset

Mortgage

Investments

II

Trust

,

2007-AR1,

2A1,

FRN,

4.153%,

(1-month

SOFR

+

0.474%),

1/25/37

.........................................

United

States

61,846

56,400

2007-AR7,

1A1,

FRN,

5.493%,

(1-month

SOFR

+

0.964%),

5/25/47

.........................................

United

States

330,241

274,622

Putnam

Asset

Allocation

Funds

Consolidated

Schedule

of

Investments

(unaudited)

#### Putnam

#### Dynamic

#### Asset

#### Allocation

#### Conservative

#### Fund
(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

consolidated

financial

statements.

a

a

#### Country

#### Principal

#### Amount

#### \*
a

#### Value
a

#### a
a

#### Residential

#### Mortgage-Backed

#### Securities
(continued)

#### Financial

#### Services
(continued)

b,n

Towd

Point

Mortgage

Trust

,

2016-5

,

M2

,

144A,

FRN

,

3.375 %

,

10/25/56

........................................

United

States

174,000

$

165,068

WaMu

Mortgage

Pass-Through

Certificates

Trust

,

k

2004-AR13,

A2B,

FRN,

4.673%,

(1-month

SOFR

+

0.994%),

11/25/34

........................................

United

States

71,679

70,076

n

2004-AR3,

A2,

FRN,

5.298%,

6/25/34

..................

United

States

70,685

67,736

k

2005-AR9,

A1C3,

FRN,

4.753%,

(1-month

SOFR

+

1.074%),

7/25/45

.........................................

United

States

73,384

72,603

10,528,485

a

a

a

a

a

a

#### Total

#### Residential

#### Mortgage-Backed

#### Securities

#### (Cost

#### $10,666,702)
...............

#### 10,528,485

#### Agency

#### Commercial

#### Mortgage-Backed

#### Securities

#### 1.8%

#### Financial

#### Services

#### 1.8%
FHLMC

,

k

3065,

DC,

FRN,

8.5%,

(-3

x

30-day

SOFR

Average

+

19.517%),

3/15/35

.........................................

United

States

27,451

28,368

3391,

Strip,

4/15/37

................................

United

States

1,719

1,508

k

3408,

EK,

FRN,

10.556%,

(-4

x

30-day

SOFR

Average

+

25.332%),

4/15/37

.................................

United

States

18,520

21,780

k

406,

F30,

FRN,

4.812%,

(30-day

SOFR

Average

+

1.15%),

10/25/53

........................................

United

States

153,769

155,388

k,m

4326,

GS,

IO,

FRN,

2.263%,

(-1

x

30-day

SOFR

Average

+

5.936%),

4/15/44

..................................

United

States

2,333,541

230,733

m

5010,

IA,

IO,

3.5%,

9/25/50

..........................

United

States

1,490,744

267,401

m

5024,

HI,

IO,

4.5%,

10/25/50

.........................

United

States

2,009,583

473,191

m

5036,

IK,

IO,

4%,

4/25/50

............................

United

States

2,011,540

424,437

m

5079,

BI,

IO,

5.5%,

2/25/51

..........................

United

States

1,354,493

230,545

m

5104,

HI,

IO,

3.5%,

6/25/49

..........................

United

States

1,571,134

289,966

m

5121,

KI,

IO,

4%,

6/25/51

............................

United

States

2,235,511

544,157

m

5134,

IB,

IO,

4%,

8/25/51

............................

United

States

2,202,081

439,404

m

5138,

YI,

IO,

4.5%,

12/25/49

.........................

United

States

2,826,442

777,034

m

5142,

AI,

IO,

3.5%,

9/25/51

..........................

United

States

2,197,049

413,520

m

5236,

KI,

IO,

4%,

11/25/51

...........................

United

States

3,389,791

683,684

k

5387,

DF,

FRN,

4.862%,

(30-day

SOFR

Average

+

1.2%),

3/25/54

.........................................

United

States

463,899

467,851

k

5393,

FA,

FRN,

4.862%,

(30-day

SOFR

Average

+

1.2%),

12/25/53

........................................

United

States

495,600

499,825

k

5438,

FC,

FRN,

4.762%,

(30-day

SOFR

Average

+

1.1%),

8/25/54

.........................................

United

States

248,963

250,450

k

5440,

FH,

FRN,

4.762%,

(30-day

SOFR

Average

+

1.1%),

7/25/54

.........................................

United

States

666,820

670,789

k

5446,

DF,

FRN,

4.812%,

(30-day

SOFR

Average

+

1.15%),

8/25/54

.........................................

United

States

448,994

452,268

k

5466,

FG,

FRN,

4.612%,

(30-day

SOFR

Average

+

0.95%),

10/25/54

........................................

United

States

1,097,924

1,100,418

k

5493,

FK,

FRN,

4.812%,

(30-day

SOFR

Average

+

1.15%),

1/25/55

.........................................

United

States

280,629

282,850

FNMA

,

2006-84,

OT,

Strip,

9/25/36

..........................

United

States

589

2007-14,

KO,

Strip,

3/25/37

..........................

United

States

3,545

3,027

m

2020-31,

BI,

IO,

4%,

5/25/50

.........................

United

States

592,915

117,202

m

2020-96,

JI,

IO,

3%,

1/25/51

..........................

United

States

3,548,968

585,673

m

2021-28,

NI,

IO,

3%,

5/25/41

.........................

United

States

3,020,103

291,415

m

2021-45,

MI,

IO,

2.5%,

2/25/49

........................

United

States

3,222,317

395,644

m

2021-65,

LI,

IO,

3.5%,

10/25/51

.......................

United

States

1,739,604

338,415

Putnam

Asset

Allocation

Funds

Consolidated

Schedule

of

Investments

(unaudited)

#### Putnam

#### Dynamic

#### Asset

#### Allocation

#### Conservative

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

consolidated

financial

statements.

Semiannual

Report

a

a

#### Country

#### Principal

#### Amount

#### \*
a

#### Value
a

#### a
a

#### Agency

#### Commercial

#### Mortgage-Backed

#### Securities
(continued)

#### Financial

#### Services
(continued)

FNMA,

(continued)

k

2024-77,

DF,

FRN,

4.862%,

(30-day

SOFR

Average

+

1.2%),

10/25/53

........................................

United

States

114,162

$

115,235

k

2024-82,

FE,

FRN,

4.612%,

(30-day

SOFR

Average

+

0.95%),

11/25/54

........................................

United

States

158,274

158,630

k

2024-89,

FA,

FRN,

4.862%,

(30-day

SOFR

Average

+

1.2%),

12/25/54

........................................

United

States

263,635

265,879

k

2024-98,

FA,

FRN,

4.812%,

(30-day

SOFR

Average

+

1.15%),

12/25/53

........................................

United

States

157,879

159,019

k

2025-25,

FB,

FRN,

4.612%,

(30-day

SOFR

Average

+

0.95%),

4/25/55

.........................................

United

States

356,340

357,065

k

2025-41,

FA,

FRN,

4.812%,

(30-day

SOFR

Average

+

1.15%),

6/25/54

.........................................

United

States

131,276

132,316

GNMA

,

m,n

2015-H26,

EI,

IO,

FRN,

1.748%,

10/20/65

...............

United

States

258,797

9,369

m,n

2016-H16,

LI,

IO,

FRN,

2.705%,

7/20/66

................

United

States

1,011,995

53,648

m,n

2020-103,

IO,

FRN,

0.854%,

1/16/63

...................

United

States

2,410,278

152,922

m

2021-117,

MI,

IO,

3.5%,

5/20/42

.......................

United

States

3,132,957

483,987

m

2021-27,

IT,

IO,

3%,

2/20/51

..........................

United

States

1,305,263

222,417

m

2022-30,

IG,

IO,

3%,

2/20/52

.........................

United

States

3,759,798

566,890

k

2023-152,

FB,

FRN,

4.823%,

(30-day

SOFR

Average

+

1.15%),

4/20/51

.........................................

United

States

261,432

266,829

k

2024-78,

QF,

FRN,

4.773%,

(30-day

SOFR

Average

+

1.1%),

5/20/54

.........................................

United

States

293,626

295,107

k,m

2025-120,

SD,

IO,

FRN,

2.21%,

(-1

x

1-month

SOFR

+

5.886%),

10/20/49

.................................

United

States

1,686,331

184,594

k

2025-169,

FC,

FRN,

4.673%,

(30-day

SOFR

Average

+

1%),

10/20/55

........................................

United

States

301,650

302,730

14,164,078

a

a

a

a

a

a

#### Total

#### Agency

#### Commercial

#### Mortgage-Backed

#### Securities

#### (Cost

#### $12,801,059)
.......

#### 14,164,078

#### Municipal

#### Bonds

#### 0.2%

#### Alabama

#### 0.0%

#### †
Alabama

Economic

Settlement

Authority

,

BP

Settlement

Fund

,

Revenue

,

2016

B

,

4.263 %

,

9/15/32

....................

United

States

195,000

193,385

#### California

#### 0.0%

#### †
State

of

California

,

GO

,

4.35 %

,

11/01/32

..................

United

States

165,000

164,620

#### Florida

#### 0.0%

#### †
State

Board

of

Administration

Finance

Corp.

,

Florida

Hurricane

Catastrophe

Fund

,

Revenue

,

2024

A

,

5.526 %

,

7/01/34

......

United

States

120,000

125,837

#### Illinois

#### 0.1%
City

of

Chicago

,

GO

,

2017

B

,

PEDM

,

7.045 %

,

1/01/29

........

United

States

65,000

66,475

q

State

of

Illinois

,

GO

,

2026

A

,

4.854 %

,

4/01/32

..............

United

States

140,000

142,078

208,553

#### Pennsylvania

#### 0.0%

#### †
Philadelphia

Authority

for

Industrial

Development

,

City

of

Philadelphia

,

Revenue

,

2004

,

NATL

Insured

,

6.55 %

,

10/15/28

United

States

105,000

110,882

Redevelopment

Authority

of

the

City

of

Philadelphia

,

City

of

Philadelphia

,

Revenue

,

2026

A

,

4.132 %

,

11/01/30

.........

United

States

70,000

69,658

180,540

Putnam

Asset

Allocation

Funds

Consolidated

Schedule

of

Investments

(unaudited)

#### Putnam

#### Dynamic

#### Asset

#### Allocation

#### Conservative

#### Fund
(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

consolidated

financial

statements.

a

a

#### Country

#### Principal

#### Amount

#### \*
a

#### Value
a

#### a
a

#### Municipal

#### Bonds
(continued)

#### South

#### Carolina

#### 0.1%
South

Carolina

Public

Service

Authority

,

Revenue

,

2009

F

,

5.74 %

,

1/01/30

.........................................

United

States

250,000

$

258,073

#### Virginia

#### 0.0%

#### †
Virginia

Commonwealth

University

,

Revenue

,

2020

B

,

Refunding

,

2.124 %

,

11/01/30

..................................

United

States

120,000

109,953

#### Total

#### Municipal

#### Bonds

#### (Cost

#### $1,248,645)
.....................................

#### 1,240,961

#### Total

#### Long

#### Term

#### Investments

#### (Cost

#### $649,598,896)

#### .............................

#### 776,002,605

#### a

#### Short

#### Term

#### Investments

#### 17.4%
a

a

#### Country

#### Principal

#### Amount

#### \*
a

#### Value
a

a

#### a
a

#### Commercial

#### Papers

#### 6.4%
b,r

Atlantic

Asset

Securitization

LLC

,

144A,

3.85%

,

5/15/26

......

United

States

4,653,000

4,630,695

r

Bank

of

Montreal

,

3.7%

,

4/23/26

........................

Canada

5,404,000

5,391,268

b,r

Coca-Cola

Co.

(The)

,

144A,

3.66%

,

4/07/26

...............

United

States

5,000,000

4,996,441

b,r

DNB

Bank

ASA

,

144A,

3.61%

,

4/08/26

...................

Norway

4,200,000

4,196,634

b,r

Gotham

Funding

Corp.

,

144A,

3.9%

,

6/16/26

...............

United

States

4,000,000

3,966,893

b,r

ING

US

Funding

LLC

,

144A,

3.73%

,

4/21/26

...............

Netherlands

3,555,000

3,547,272

b,r

Nestle

Finance

International

Ltd.

,

144A,

3.75%

,

5/05/26

......

United

States

4,000,000

3,985,476

r

Royal

Bank

of

Canada

,

3.85%

,

6/01/26

...................

Canada

4,000,000

3,973,652

b,r

Toronto-Dominion

Bank

(The)

,

144A,

3.85%

,

6/26/26

.........

Canada

4,000,000

3,963,148

b,r

TotalEnergies

Capital

SA

,

144A,

3.75%

,

4/20/26

............

France

4,000,000

3,991,691

b,r

Walmart,

Inc.

,

144A,

3.78%

,

6/11/26

.....................

United

States

4,277,000

4,244,940

r

Westpac

Banking

Corp.

,

3.85%

,

6/03/26

..................

Australia

4,000,000

3,972,819

#### Total

#### Commercial

#### Papers

#### (Cost

#### $50,864,559)

#### .................................

#### 50,860,929
a

#### a

#### U.S.

#### Government

#### and

#### Agency

#### Securities

#### 2.3%
r,s

U.S.

Treasury

Bills

,

3.47%,

4/23/26

...................................

United

States

200,000

199,557

3.58%,

7/16/26

...................................

United

States

18,700,000

18,502,968

18,702,525

#### Total

#### U.S.

#### Government

#### and

#### Agency

#### Securities

#### (Cost

#### $18,705,506)

#### ...............

#### 18,702,525

#### Shares

#### Management

#### Investment

#### Companies

#### 5.8%
t,u

Putnam

Short

Term

Investment

Fund,

Class

P,

3.821%

.......

United

States

46,536,878

46,536,878

#### Total

#### Management

#### Investment

#### Companies

#### (Cost

#### $46,536,878)

#### ..................

#### 46,536,878

#### Money

#### Market

#### Funds

#### 0.4%
u,v

JPM

USD

Treasury

CNAV

Fund,

3.49%

...................

Luxembourg

19,457

19,457

t,u,v

Putnam

Government

Money

Market

Fund,

Class

G,

3.489%

...

United

States

2,789,748

2,789,748

#### Total

#### Money

#### Market

#### Funds

#### (Cost

#### $2,809,205)

#### .................................

#### 2,809,205
Putnam

Asset

Allocation

Funds

Consolidated

Schedule

of

Investments

(unaudited)

#### Putnam

#### Dynamic

#### Asset

#### Allocation

#### Conservative

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

consolidated

financial

statements.

Semiannual

Report

#### Short

#### Term

#### Investments
(continued)

a

a

#### Country

#### Principal

#### Amount

#### \*
a

#### Value
a

a

#### a
a

#### Repurchase

#### Agreements

#### 2.5%
w

Joint

tri-party

repurchase

agreement

with

Banc

of

America

Securities

LLC,

3.67%,

4/01/26

(Maturity

Value

$3,478,020)

Collateralized

by

U.S.

Government

and

Agency

Securities,

3.44%

-

7%,

11/01/35

-

12/01/55

and

Collateralized

by

Agency

Mortgage-Backed

Securities,

3%

-

6.5%,

1/20/46

-

2/15/61

(valued

at

$3,547,219)

..............................

3,477,665

$

3,477,665

w

Joint

tri-party

repurchase

agreement

with

Bank

of

Nova

Scotia

(The),

3.66%,

4/01/26

(Maturity

Value

$499,912)

Collateralized

by

U.S.

Treasury

Bonds,

0.25%

-

0.75%,

2/15/42

-

2/15/50

and

Collateralized

by

U.S.

Treasury

Notes,

0.125%

-

4.375%,

4/30/28

-

5/15/34

(valued

at

$509,911)

...........

499,862

499,862

w

Joint

tri-party

repurchase

agreement

with

BNP

Paribas

Securities

Co.,

3.67%,

4/01/26

(Maturity

Value

$2,247,385)

Collateralized

by

U.S.

Government

and

Agency

Securities,

1.968%

-

7%,

12/01/27

-

4/01/56

(valued

at

$2,292,333)

.....

2,247,156

2,247,156

w

Joint

tri-party

repurchase

agreement

with

Citigroup

Global

Markets,

Inc.,

3.67%,

4/01/26

(Maturity

Value

$3,461,794)

Collateralized

by

U.S.

Treasury

Bonds,

2.125%,

2/15/41

and

U.S.

Treasury

Notes,

2.375%

-

4.625%,

9/15/28

-

10/15/28

(valued

at

$3,530,671)

..............................

3,461,441

3,461,441

w

Joint

tri-party

repurchase

agreement

with

HSBC

Securities

USA,

Inc.,

3.67%,

4/01/26

(Maturity

Value

$7,141,607)

Collateralized

by

U.S.

Government

and

Agency

Securities,

1.17%

-

7.5%,

8/01/30

-

3/01/56

(valued

at

$7,284,439)

.....

7,140,879

7,140,879

w

Joint

tri-party

repurchase

agreement

with

Royal

Bank

of

Canada,

3.67%,

4/01/26

(Maturity

Value

$3,356,555)

Collateralized

by

U.S.

Treasury

Bonds,

1.625%

-

4.625%,

2/15/40

-

11/15/54

and

Collateralized

by

U.S.

Treasury

Notes,

3.625%

-

4.625%,

4/30/27

-

2/15/34

(valued

at

$3,423,338)

..

3,356,213

3,356,213

#### Total

#### Repurchase

#### Agreements

#### (Cost

#### $20,183,216)

#### .............................

#### 20,183,216

#### Total

#### Short

#### Term

#### Investments

#### (Cost

#### $139,099,364

####)
.............................

#### 139,092,753

#### a

#### Total

#### Investments

#### (Cost

#### $788,698,260)

#### 114.3%

#### ................................

#### $915,095,358

#### TBA

#### Sale

#### Commitments

#### (3.8)%

#### ..............................................

#### (30,208,693)

#### Other

#### Assets,

#### less

#### Liabilities

#### (10.5)%

#### ........................................

#### (83,552,361)

#### Net

#### Assets

#### 100.0%

#### .........................................................

#### $801,334,304

#### a
x

#### TBA

#### Sale

#### Commitments

#### (3.8)%

#### Mortgage-Backed

#### Securities

#### (3.8)%

#### Federal

#### National

#### Mortgage

#### Association
(FNMA)

#### Fixed

#### Rate

#### (3.8)%
Uniform

Mortgage-Backed

Securities

,

3%,

TBA,

4/25/56

..................................

United

States

(450,000)

(395,321)

4%,

TBA,

4/25/56

..................................

United

States

(300,000)

(283,127)

4.5%,

TBA,

4/25/56

................................

United

States

(17,280,000)

(16,588,572)

5.5%,

TBA,

4/25/56

................................

United

States

(12,000,000)

(12,031,172)

6.5%,

TBA,

4/25/56

................................

United

States

(880,000)

(910,501)

(30,208,693)

#### Total

#### TBA

#### Sale

#### Commitments

#### (Proceeds

#### $(30,357,917))

#### ........................

#### $(30,208,693)
Putnam

Asset

Allocation

Funds

Consolidated

Schedule

of

Investments

(unaudited)

#### Putnam

#### Dynamic

#### Asset

#### Allocation

#### Conservative

#### Fund
(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

consolidated

financial

statements.

\*

The

principal

amount

is

stated

in

U.S.

dollars

unless

otherwise

indicated.

†

Rounds

to

less

than

0.1%

of

net

assets.

a

Non-income

producing.

b

Security

was

purchased

pursuant

to

Rule

144A

or

Regulation

S

under

the

Securities

Act

of

1933. 144A

securities

may

be

sold

in

transactions

exempt

from

registration

only

to

qualified

institutional

buyers

or

in

a

public

offering

registered

under

the

Securities

Act

of

1933. Regulation

S

securities

cannot

be

sold

in

the

United

States

without

either

an

effective

registration

statement

filed

pursuant

to

the

Securities

Act

of

1933,

or

pursuant

to

an

exemption

from

registration.

At

March

31,

2026,

the

aggregate

value

of

these

securities

was

$134,447,725,

representing

16.8%

of

net

assets.

c

Variable

rate

security.

The

rate

shown

represents

the

yield

at

period

end.

d

Fair

valued

using

significant

unobservable

inputs.

See

Note

regarding

fair

value

measurements.

e

See

Note

regarding

restricted

securities.

f

Income

may

be

received

in

additional

securities

and/or

cash.

g

Perpetual

security

with

no

stated

maturity

date.

h

The

coupon

rate

shown

represents

the

rate

at

period

end.

i

A

portion

or

all

of

the

security

purchased

on

a

delayed

delivery

basis.

See

Note

1(e).

j

See

Note

1(g)

regarding

senior

floating

rate

interests.

k

The

coupon

rate

shown

represents

the

rate

inclusive

of

any

caps

or

floors,

if

applicable,

in

effect

at

period

end.

l

This

security

was

pledged,

or

purchased

with

cash

that

was

pledged,

to

the

Fund

for

collateral

on

certain

derivative

contracts.

See

Note

1(f).

m

Investment

in

an

interest-only

security

entitles

holders

to

receive

only

the

interest

payment

on

the

underlying

instruments.

The

principal

amount

shown

is

the

notional

amount

of

the

underlying

instruments.

n

Adjustable

rate

security

with

an

interest

rate

that

is

not

based

on

a

published

reference

index

and

spread.

The

rate

is

based

on

the

structure

of

the

agreement

and

current

market

conditions.

The

coupon

rate

shown

represents

the

rate

at

period

end.

o

Defaulted

security

or

security

for

which

income

has

been

deemed

uncollectible.

See

Note

7. p

Security

purchased

on

a

to-be-announced

(TBA)

basis.

See

Note

1(e).

q

Security

purchased

on

a

when-issued

basis.

See

Note

1(e).

r

The

rate

shown

represents

the

yield

at

period

end.

s

A

portion

or

all

of

the

security

has

been

segregated

as

collateral

for

certain

derivative

contracts

and

TBA

securities.

At

March

31,

2026,

the

aggregate

value

of

these

securi-

ties

pledged

amounted

to

$18,122,708,

representing

2.3%

of

net

assets.

t

See

Note

3(g)

regarding

investments

in

affiliated

management

investment

companies.

u

The

rate

shown

is

the

annualized

seven-day

effective

yield

at

period

end.

v

The

security

is

owned

by

Franklin

Dynamic

Asset

Allocation

Conservative

Ltd.,

a

wholly-owned

subsidiary

of

the

Fund.

See

Note

1(h).

w

See

Note

1(c)

regarding

joint

repurchase

agreement.

x

Security

sold

on

a

to-be-announced

(TBA)

basis

resulting

in

a

short

position.

As

such,

the

Fund

is

not

subject

to

fees

and

expenses

associated

with

short

sale

transactions.

See

Note

1(e).

Putnam

Asset

Allocation

Funds

Consolidated

Schedule

of

Investments

(unaudited)

#### Putnam

#### Dynamic

#### Asset

#### Allocation

#### Conservative

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

consolidated

financial

statements.

Semiannual

Report

At

March

31,

2026,

the

Fund

had

the

following futures

contracts

outstanding.

See

Note

1(f).

At

March

31,

2026,

the

Fund

had

the

following

forward

exchange

contracts

outstanding.

See

Note

1(f).

#### Futures

#### Contracts

#### Description

#### Type

#### Number

#### of

#### Contracts

#### Notional

#### Amount

#### \*

#### Expiration

#### Date

#### Value/

#### Unrealized

#### Appreciation
(Depreciation)

#### Equity

#### contracts
MSCI

EAFE

Index

............................

Short

$

42,936,280

6/19/26

$

465,587

MSCI

Emerging

Markets

Index

..................

Long

14,109,620

6/19/26

(433,031)

Russell

2000

E-Mini

Index

......................

Short

6,406,110

6/18/26

21,336

S&P

500

E-Mini

Index

.........................

Short

159,340,688

6/18/26

4,417,201

TOPIX

Index

................................

Long

7,948,332

6/11/26

(228,327)

#### Interest

#### rate

#### contracts
Canada

Year

Bonds

........................

Long

8,281,906

6/19/26

(148,561)

Euro-BTP

..................................

Long

3,897,665

6/08/26

(133,904)

Euro-Bund

.................................

Long

16,087,455

6/08/26

(311,575)

Euro-OAT

..................................

Long

3,978,447

6/08/26

(102,774)

Japan

Year

Bonds

.........................

Long

17,242,746

6/15/26

(191,936)

Long

Gilt

...................................

Long

5,577,545

6/26/26

(283,253)

U.S.

Treasury

Year

Notes

....................

Long

20,099,484

6/18/26

85,141

U.S.

Treasury

Year

Ultra

Notes

................

Short

2,383,828

6/18/26

53,774

U.S.

Treasury

Year

Notes

.....................

Long

75,717,539

6/30/26

(546,436)

U.S.

Treasury

Year

Notes

.....................

Long

43,488,235

6/30/26

(634,191)

U.S.

Treasury

Long

Bonds

.....................

Long

28,241,000

6/18/26

(933,626)

U.S.

Treasury

Ultra

Bonds

......................

Long

20,281,875

6/18/26

(694,965)

Total

Futures

Contracts

......................................................................

$400,460

\*

As

of

period

end.

#### Forward

#### Exchange

#### Contracts

#### Currency

#### Counter-

#### party

#### a

#### Type

#### Quantity

#### Contract

#### Amount

#### \*

#### Settlement

#### Date

#### Unrealized

#### Appreciation

#### Unrealized

#### Depreciation

#### a

#### OTC

#### Forward

#### Exchange

#### Contracts
Australian

Dollar

....

BOFA

Buy

143,800

96,077

4/15/26

$

3,121

$

—

Australian

Dollar

....

BZWS

Buy

91,400

61,067

4/15/26

1,984

—

Australian

Dollar

....

CITI

Sell

35,200

23,519

4/15/26

—

(763) Australian

Dollar

....

GSCO

Sell

26,900

17,971

4/15/26

—

(585) Australian

Dollar

....

MSCO

Buy

118,100

79,964

4/15/26

1,506

—

Australian

Dollar

....

MSCO

Sell

969,700

680,666

4/15/26

11,733

—

Australian

Dollar

....

SSBT

Buy

942,200

633,193

4/15/26

16,769

—

Australian

Dollar

....

TDOM

Buy

173,600

116,664

4/15/26

3,091

—

Australian

Dollar

....

TDOM

Sell

38,600

26,874

4/15/26

—

Australian

Dollar

....

UBSW

Buy

997,800

670,514

4/15/26

17,803

—

Canadian

Dollar

....

BOFA

Buy

6,044,700

4,430,335

4/15/26

—

(82,563)

Canadian

Dollar

....

BZWS

Sell

800

578

4/15/26

—

Canadian

Dollar

....

JPHQ

Sell

297,600

215,107

4/15/26

1,052

—

Canadian

Dollar

....

MSCO

Sell

1,527,900

1,107,042

4/15/26

8,069

—

Canadian

Dollar

....

SSBT

Buy

38,200

28,198

4/15/26

—

(722) Canadian

Dollar

....

SSBT

Sell

65,900

47,685

4/15/26

—

Canadian

Dollar

....

UBSW

Sell

117,200

84,805

4/15/26

506

—

Israeli

New

Shekel

..

BZWS

Buy

90,500

28,750

4/15/26

—

Israeli

New

Shekel

..

CITI

Buy

1,800

572

4/15/26

—

Israeli

New

Shekel

..

HSBK

Buy

364,900

116,300

4/15/26

—

(168) Putnam

Asset

Allocation

Funds

Consolidated

Schedule

of

Investments

(unaudited)

#### Putnam

#### Dynamic

#### Asset

#### Allocation

#### Conservative

#### Fund
(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

consolidated

financial

statements.

#### Forward

#### Exchange

#### Contracts
(continued)

#### Currency

#### Counter-

#### party

#### a

#### Type

#### Quantity

#### Contract

#### Amount\*

#### Settlement

#### Date

#### Unrealized

#### Appreciation

#### Unrealized

#### Depreciation

#### a

#### OTC

#### Forward

#### Exchange

#### Contracts
(continued)

Israeli

New

Shekel

..

SSBT

Buy

11,400

3,634

4/15/26

$

—

$

(6) Israeli

New

Shekel

..

UBSW

Buy

231,400

73,762

4/15/26

—

(118) New

Zealand

Dollar

.

MSCO

Buy

49,400

28,579

4/15/26

—

(179) Chinese

Yuan

......

SSBT

Sell

3,999,600

580,265

5/13/26

—

(2,221)

Hong

Kong

Dollar

...

BOFA

Buy

1,034,800

132,826

5/13/26

—

(545) Hong

Kong

Dollar

...

BZWS

Buy

580,100

74,445

5/13/26

—

(289) Hong

Kong

Dollar

...

GSCO

Buy

2,687,500

344,918

5/13/26

—

(1,368)

Hong

Kong

Dollar

...

GSCO

Sell

54,700

7,007

5/13/26

—

Hong

Kong

Dollar

...

HSBK

Sell

7,368,000

945,425

5/13/26

3,556

—

Hong

Kong

Dollar

...

MSCO

Buy

898,400

115,274

5/13/26

—

(429) Hong

Kong

Dollar

...

SSBT

Buy

836,800

107,381

5/13/26

—

(411) Hong

Kong

Dollar

...

UBSW

Buy

292,700

37,559

5/13/26

—

(142) Japanese

Yen

......

BOFA

Buy

44,636,100

286,772

5/13/26

—

(4,459)

Japanese

Yen

......

BOFA

Sell

6,265,300

40,920

5/13/26

1,293

—

Japanese

Yen

......

BZWS

Sell

23,026,200

147,930

5/13/26

2,294

—

Japanese

Yen

......

CITI

Sell

85,819,900

551,252

5/13/26

8,461

—

Japanese

Yen

......

GSCO

Buy

44,273,700

284,450

5/13/26

—

(4,429)

Japanese

Yen

......

GSCO

Sell

10,693,300

67,327

5/13/26

—

(306) Japanese

Yen

......

HSBK

Buy

14,710,400

94,511

5/13/26

—

(1,471)

Japanese

Yen

......

HSBK

Sell

44,529,900

289,005

5/13/26

7,364

—

Japanese

Yen

......

JPHQ

Buy

2,739,300

17,600

5/13/26

—

(274) Japanese

Yen

......

MSCO

Buy

349,412,900

2,239,053

5/13/26

(29,281)

Japanese

Yen

......

MSCO

Sell

18,607,900

117,563

5/13/26

—

(128) Japanese

Yen

......

SSBT

Sell

47,716,300

306,552

5/13/26

4,757

—

Japanese

Yen

......

TDOM

Buy

29,817,800

189,301

5/13/26

(1,108)

Japanese

Yen

......

TDOM

Sell

6,304,500

40,498

5/13/26

624

—

Japanese

Yen

......

UBSW

Buy

37,156,200

238,926

5/13/26

—

(3,922)

Singapore

Dollar

....

BZWS

Buy

6,600

5,225

5/13/26

—

(76) Singapore

Dollar

....

CITI

Buy

4,900

3,814

5/13/26

—

Singapore

Dollar

....

CITI

Sell

5,500

4,323

5/13/26

—

Singapore

Dollar

....

HSBK

Sell

72,500

57,393

5/13/26

832

—

Singapore

Dollar

....

MSCO

Buy

71,900

56,923

5/13/26

—

(831) Singapore

Dollar

....

SSBT

Buy

379,600

300,505

5/13/26

—

(4,362)

British

Pound

......

BOFA

Buy

34,800

46,067

6/17/26

—

(17) British

Pound

......

BZWS

Buy

6/17/26

—

—

British

Pound

......

CITI

Buy

55,500

73,439

6/17/26

—

British

Pound

......

CITI

Sell

1,622,500

2,147,792

6/17/26

747

—

British

Pound

......

GSCO

Sell

171,000

226,358

6/17/26

—

British

Pound

......

HSBK

Sell

137,000

182,209

6/17/26

918

—

British

Pound

......

JPHQ

Sell

816,800

1,088,738

6/17/26

7,871

—

British

Pound

......

MSCO

Sell

750,800

1,001,850

6/17/26

8,323

—

British

Pound

......

SSBT

Sell

256,300

340,886

6/17/26

1,726

—

British

Pound

......

TDOM

Buy

65,000

86,452

6/17/26

—

(438) British

Pound

......

UBSW

Sell

766,700

1,019,729

6/17/26

5,159

—

Danish

Krone

......

BOFA

Buy

852,600

131,280

6/17/26

1,161

—

Danish

Krone

......

CITI

Sell

1,542,800

237,577

6/17/26

—

(2,079)

Danish

Krone

......

HSBK

Buy

454,700

70,254

6/17/26

—

Danish

Krone

......

MSCO

Sell

6,777,800

1,049,597

6/17/26

—

(3,257)

Danish

Krone

......

SSBT

Buy

134,400

20,764

6/17/26

—

Danish

Krone

......

TDOM

Buy

19,800

3,060

6/17/26

—

Danish

Krone

......

UBSW

Sell

179,400

27,723

6/17/26

—

(145) Euro

.............

BOFA

Buy

523,200

601,441

6/17/26

5,428

—

Euro

.............

BZWS

Sell

861,000

989,685

6/17/26

—

(9,003)

Euro

.............

CITI

Sell

128,300

147,815

6/17/26

(1,065)

Euro

.............

GSCO

Sell

445,800

512,425

6/17/26

—

(4,666)

Euro

.............

HSBK

Buy

52,000

59,977

6/17/26

—

Euro

.............

HSBK

Sell

69,900

80,710

6/17/26

—

(368) #### Putnam

#### Dynamic

#### Asset

#### Allocation

#### Conservative

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

consolidated

financial

statements.

Semiannual

Report

Putnam

Asset

Allocation

Funds

Consolidated

Schedule

of

Investments

(unaudited)

At

March

31,

2026,

the

Fund

had

the

following credit

default

swap

contracts outstanding.

See

Note

1(f).

#### Forward

#### Exchange

#### Contracts
(continued)

#### Currency

#### Counter-

#### party

#### a

#### Type

#### Quantity

#### Contract

#### Amount\*

#### Settlement

#### Date

#### Unrealized

#### Appreciation

#### Unrealized

#### Depreciation

#### a

#### OTC

#### Forward

#### Exchange

#### Contracts
(continued)

Euro

.............

JPHQ

Sell

368,800

426,546

6/17/26

$

—

$

(1,231)

Euro

.............

MSCO

Buy

283,800

327,681

6/17/26

1,503

—

Euro

.............

MSCO

Sell

1,540,800

1,791,755

6/17/26

5,494

(938) Euro

.............

SSBT

Sell

66,500

76,443

6/17/26

—

(692) Euro

.............

TDOM

Sell

1,964,400

2,266,561

6/17/26

—

(11,979)

Euro

.............

UBSW

Sell

104,000

119,956

6/17/26

—

(675) Euro

.............

WPAC

Sell

287,700

330,697

6/17/26

—

(3,011)

Norwegian

Krone

...

BOFA

Sell

48,300

4,955

6/17/26

—

(30) Norwegian

Krone

...

BZWS

Sell

61,900

6,401

6/17/26

—

Norwegian

Krone

...

CITI

Sell

33,600

3,447

6/17/26

—

(21) Norwegian

Krone

...

HSBK

Sell

7,100

733

6/17/26

—

—

Norwegian

Krone

...

JPHQ

Sell

3,932,500

406,514

6/17/26

648

—

Norwegian

Krone

...

MSCO

Buy

1,254,300

129,597

6/17/26

(188) Swedish

Krona

.....

BOFA

Buy

72,600

7,745

6/17/26

—

(46) Swedish

Krona

.....

BZWS

Buy

7,923,800

845,277

6/17/26

—

(5,004)

Swedish

Krona

.....

BZWS

Sell

97,700

10,527

6/17/26

—

Swedish

Krona

.....

CITI

Buy

90,200

9,511

6/17/26

—

Swedish

Krona

.....

CITI

Sell

51,900

5,537

6/17/26

—

Swedish

Krona

.....

HSBK

Buy

3,554,400

381,748

6/17/26

—

(4,824)

Swedish

Krona

.....

HSBK

Sell

15,137,400

1,626,946

6/17/26

21,712

—

Swedish

Krona

.....

MSCO

Sell

1,367,200

147,031

6/17/26

2,048

—

Swedish

Krona

.....

SSBT

Buy

763,500

81,998

6/17/26

—

(1,033)

Swedish

Krona

.....

TDOM

Buy

3,838,800

412,298

6/17/26

—

(5,215)

Swiss

Franc

.......

BOFA

Sell

87,000

111,252

6/17/26

1,528

—

Swiss

Franc

.......

BZWS

Buy

12,000

15,347

6/17/26

—

(213) Swiss

Franc

.......

CITI

Buy

32,100

40,475

6/17/26

—

Swiss

Franc

.......

CITI

Sell

43,200

55,243

6/17/26

759

—

Swiss

Franc

.......

GSCO

Buy

124,700

159,479

6/17/26

—

(2,209)

Swiss

Franc

.......

HSBK

Sell

41,500

53,136

6/17/26

797

—

Swiss

Franc

.......

JPHQ

Buy

516,100

662,271

6/17/26

—

(11,371)

Swiss

Franc

.......

MSCO

Sell

352,500

452,125

6/17/26

7,555

—

Swiss

Franc

.......

SSBT

Sell

334,500

428,271

6/17/26

6,403

—

Swiss

Franc

.......

UBSW

Buy

246,700

315,872

6/17/26

—

(4,736)

Total

Forward

Exchange

Contracts

...................................................

$177,131

$(215,610)

Net

unrealized

appreciation

(depreciation)

............................................

$(38,479)

\*

In

U.S.

dollars

unless

otherwise

indicated.

a

May

be

comprised

of

multiple

contracts

with

the

same

counterparty,

currency

and

settlement

date.

#### Credit

#### Default

#### Swap

#### Contracts

#### Description

#### Periodic

#### Payment

#### Rate

#### Received
(Paid)

#### Payment

#### Frequency

#### Maturity

#### Date

#### Notional

#### Amount

#### a

#### Value

#### Upfront

#### Payments
(Receipts)

#### Unrealized

#### Appreciation
(Depreciation)

#### Rating

#### b

#### Centrally

#### Cleared

#### Swap

#### Contracts

#### to

#### Buy

#### Protection

#### c

#### Traded

#### Index
iTraxx

Europe

Main

....

(1.00)%

Quarterly

6/20/31

2,210,000

EUR

$

(32,883)

$

(32,601)

$

(282) Putnam

Asset

Allocation

Funds

Consolidated

Schedule

of

Investments

(unaudited)

#### Putnam

#### Dynamic

#### Asset

#### Allocation

#### Conservative

#### Fund
(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

consolidated

financial

statements.

At

March

31,

2026,

the

Fund

had

the

following

interest

rate

swap

contracts

outstanding.

See

Note

(f).

#### Credit

#### Default

#### Swap

#### Contracts
(continued)

#### Description

#### Periodic

#### Payment

#### Rate

#### Received
(Paid)

#### Payment

#### Frequency

#### Maturity

#### Date

#### Notional

#### Amount

#### a

#### Value

#### Upfront

#### Payments
(Receipts)

#### Unrealized

#### Appreciation
(Depreciation)

#### Rating

#### b

#### Centrally

#### Cleared

#### Swap

#### Contracts
(continued)

#### to

#### Sell

#### Protection

#### c,d

#### Traded

#### Index
CDX.NA.HY.45

.

5.00%

Quarterly

12/20/30

4,518,000

$

243,001

$

360,750

$

(117,749)

Non-

Investment

Grade

CDX.NA.IG.45

..

1.00%

Quarterly

12/20/30

100,684,000

1,817,907

2,293,123

(475,216)

Investment

Grade

CDX.NA.IG.46

..

1.00%

Quarterly

6/20/31

21,040,000

370,184

336,656

33,528

Investment

Grade

Total

Centrally

Cleared

Swap

Contracts

.....................................

$2,398,209

$2,957,928

$(559,719)

a

In

U.S.

dollars

unless

otherwise

indicated.

For

contracts

to

sell

protection,

the

notional

amount

is

equal

to

the

maximum

potential

amount

of

the

future

payments

and

no

recourse

provisions

have

been

entered

into

in

association

with

the

contracts.

b

Based

on

Standard

and

Poor's

(S&P)

Rating

for

single

name

swaps

and

internal

ratings

for

index

swaps.

Internal

ratings

based

on

mapping

into

equivalent

ratings

from

external

vendors.

c

Performance

triggers

for

settlement

of

contract

include

default,

bankruptcy

or

restructuring

for

single

name

swaps,

and

failure

to

pay

or

bankruptcy

of

the

underlying

securities

for

traded

index

swaps.

d

The

fund

enters

contracts

to

sell

protection

to

create

a

long

credit

position.

#### Interest

#### Rate

#### Swap

#### Contracts

#### Description

#### Payment

#### Frequency

#### Maturity

#### Date

#### Notional

#### Amount

#### \*

#### Value

#### Upfront

#### Payments
(Receipts)

#### Unrealized

#### Appreciation
(Depreciation)

aa

#### aa

#### Centrally

#### Cleared

#### Swap

#### Contracts
Receive

Floating

1-day

SOFR

..............

Annual

Pay

Fixed

3.32%

....

Annual

3/18/28

59,307,000

$

369,206

$

(22,729)

$

391,935

Receive

Fixed

3.3%

...

Annual

Pay

Floating

1-day

SOFR

............

Annual

3/18/28

31,113,000

(205,666)

7,127

(212,793)

Receive

Floating

1-day

SOFR

..............

Annual

Pay

Fixed

3.47%

....

Annual

3/18/31

19,875,000

142,458

(34,753)

177,211

Receive

Fixed

3.45%

..

Annual

Pay

Floating

1-day

SOFR

............

Annual

3/18/31

17,972,000

(145,219)

24,094

(169,313)

Receive

Floating

1-day

SOFR

..............

Annual

Pay

Fixed

3.57%

....

Annual

6/17/31

5,136,000

14,775

25,636

(10,861)

Receive

Fixed

3.75%

..

Annual

Pay

Floating

1-day

SOFR

............

Annual

3/18/36

28,521,000

(278,775)

48,157

(326,932)

#### Putnam

#### Dynamic

#### Asset

#### Allocation

#### Conservative

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

consolidated

financial

statements.

Semiannual

Report

Putnam

Asset

Allocation

Funds

Consolidated

Schedule

of

Investments

(unaudited)

At

March

31,

2026,

the

Fund

had

the

following total

return swap

contracts

outstanding.

See

Note

1(f)

.

#### Interest

#### Rate

#### Swap

#### Contracts
(continued)

#### Description

#### Payment

#### Frequency

#### Maturity

#### Date

#### Notional

#### Amount\*

#### Value

#### Upfront

#### Payments
(Receipts)

#### Unrealized

#### Appreciation
(Depreciation)

aa

#### aa

#### Centrally

#### Cleared

#### Swap

#### Contracts
(continued)

Receive

Fixed

3.77%

..

Annual

Pay

Floating

1-day

SOFR

............

Annual

3/18/36

8,152,000

$

(66,112)

$

25,257

$

(91,369)

Receive

Floating

1-day

SOFR

..............

Annual

Pay

Fixed

3.82%

....

Annual

6/17/36

2,192,000

11,588

13,455

(1,867)

Receive

Floating

1-day

SOFR

..............

Annual

Pay

Fixed

4.12%

....

Annual

3/18/56

874,000

2,096

6,517

(4,421)

Receive

Fixed

4.1%

...

Annual

Pay

Floating

1-day

SOFR

............

Annual

3/18/56

10,564,000

(61,727)

(26,313)

(35,414)

Receive

Floating

1-day

SOFR

..............

Annual

Pay

Fixed

4.07%

....

Annual

6/17/56

813,000

9,378

11,764

(2,386)

Total

Interest

Rate

Swap

Contracts

.................................

$(207,998)

$

78,212

$(286,210)

\*

In

U.S.

dollars

unless

otherwise

indicated.

#### Total

#### Return

#### Swap

#### Contracts

#### Underlying

#### Instruments

#### Financing

#### Rate

#### Payment

#### Frequency

#### Counter-

#### party

#### Maturity

#### Date

#### Notional

#### Value

#### \*

#### Value/

#### Unrealized

#### Appreciation
(Depreciation)

#### OTC

#### Swap

#### Contracts

#### Long

#### a
GSIIPGDL

Index

#

.....................

0%

At

Maturity

GSCO

7/14/26

17,978,890

$

(413,789)

BCFTUSAL

Index

#

....................

0%

At

Maturity

BZWS

3/11/27

13,453,080

(248,218)

#### Short

#### b
GSIIPGSS

Index

#

.....................

0%

At

Maturity

GSCO

7/14/26

16,538,267

708,647

IBOXIG

Index

........................

1-day

SOFR

Quarterly

JPHQ

12/20/26

6,200,000

5,408

BCFTUSAS

Index

#

....................

0%

At

Maturity

BZWS

3/11/27

13,426,477

403,616

Total

Return

Swap

Contracts

....................................................................

$455,664

\*In

U.S.

dollars

unless

otherwise

indicated.

#

Represents

a

custom

index

comprised

of

a

basket

of

underlying

instruments.

The

largest

components,

and

any

individual

component

greater

than

1%

of

basket

value,

are

shown

below.

a

The

Fund

receives

the

total

return

on

the

underlying

instrument

and

pays

a

variable

financing

rate.

b

The

Fund

receives

a

variable

financing

rate

and

pays

the

total

return

on

the

underlying

instrument.

#### Common

#### stocks

#### Sector

#### Shares

#### Value

#### Percentage

#### value

#### A

#### BASKET

#### (#### GSIIPGDL

####)

#### OF

#### COMMON

#### STOCKS
Chevron

Corp.

Energy

643

$

133,131

0.76%

Idemitsu

Kosan

Co.

Ltd.

Energy

13,697

132,713

0.76%

Eni

SpA

Energy

4,614

132,098

0.75%

Putnam

Asset

Allocation

Funds

Consolidated

Schedule

of

Investments

(unaudited)

#### Putnam

#### Dynamic

#### Asset

#### Allocation

#### Conservative

#### Fund
(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

consolidated

financial

statements.

#### Common

#### stocks

#### Sector

#### Shares

#### Value

#### Percentage

#### value

#### A

#### BASKET
(GSIIPGDL)

#### OF

#### COMMON

#### STOCKS
(continued)

Endesa

SA

Utilities

3,127

$

129,999

0.74%

AT&T,

Inc.

Communication

Services

4,330

125,537

0.72%

Iberdrola

SA

Utilities

5,332

121,306

0.69%

ConocoPhillips

Energy

890

117,544

0.67%

Tokyo

Gas

Co.

Ltd.

Utilities

2,501

116,584

0.67%

BP

plc

Energy

14,563

116,431

0.67%

Altria

Group,

Inc.

Consumer

Staples

1,757

115,917

0.66%

PepsiCo,

Inc.

Consumer

Staples

744

115,547

0.66%

Graco,

Inc.

Industrials

1,360

115,121

0.66%

NN

Group

NV

Financials

1,468

113,432

0.65%

Lockheed

Martin

Corp.

Industrials

111,581

0.64%

Telia

Co.

AB

Communication

Services

21,781

110,296

0.63%

George

Weston

Ltd.

Consumer

Staples

1,533

107,940

0.62%

Deutsche

Telekom

AG

Communication

Services

2,929

107,824

0.62%

Airbnb,

Inc.

Consumer

Discretionary

850

107,327

0.61%

ENEOS

Holdings,

Inc.

Energy

11,963

106,066

0.61%

VICI

Properties,

Inc.

Real

Estate

3,877

105,923

0.61%

WH

Group

Ltd.

Consumer

Staples

80,423

105,245

0.60%

Allegion

plc

Industrials

705

102,462

0.59%

Inpex

Corp.

Energy

3,462

101,799

0.58%

Sandvik

AB

Industrials

2,713

101,770

0.58%

Hartford

Insurance

Group,

Inc.

(The)

Financials

749

101,236

0.58%

Colgate-Palmolive

Co.

Consumer

Staples

1,172

99,879

0.57%

Veralto

Corp.

Industrials

1,124

99,401

0.57%

TotalEnergies

SE

Energy

1,050

97,901

0.56%

Power

Assets

Holdings

Ltd.

Utilities

12,138

94,515

0.54%

Secom

Co.

Ltd.

Industrials

2,427

92,072

0.53%

Telenor

ASA

Communication

Services

5,181

90,587

0.52%

Holcim

AG

Materials

1,100

88,837

0.51%

SS&C

Technologies

Holdings,

Inc.

Industrials

1,304

88,135

0.50%

Automatic

Data

Processing,

Inc.

Industrials

87,165

0.50%

AMETEK,

Inc.

Industrials

86,785

0.50%

Chubu

Electric

Power

Co.,

Inc.

Utilities

5,248

85,169

0.49%

Bristol-Myers

Squibb

Co.

Health

Care

1,401

84,982

0.49%

Avery

Dennison

Corp.

Materials

84,661

0.48%

Fortum

OYJ

Utilities

3,303

83,266

0.48%

Cie

Financiere

Richemont

SA

Consumer

Discretionary

82,970

0.47%

Simon

Property

Group,

Inc.

Real

Estate

82,598

0.47%

Eiffage

SA

Industrials

540

81,574

0.47%

QIAGEN

NV

Health

Care

2,025

81,070

0.46%

National

Grid

plc

Utilities

4,828

80,832

0.46%

E.ON

SE

Utilities

3,660

79,965

0.46%

Bouygues

SA

Industrials

1,397

79,519

0.45%

Exxon

Mobil

Corp.

Energy

78,656

0.45%

Canadian

Utilities

Ltd.

Utilities

2,231

78,127

0.45%

iA

Financial

Corp.,

Inc.

Financials

706

78,078

0.45%

National

Bank

of

Canada

Financials

605

78,015

0.45%

#### A

#### BASKET

#### (#### BCFTUSAL

####)

#### OF

#### COMMON

#### STOCKS
Valero

Energy

Corp.

Energy

784

193,772

1.47%

Cheniere

Energy,

Inc.

Energy

675

191,616

1.45%

Cirrus

Logic,

Inc.

Information

Technology

1,264

182,836

1.38%

Edison

International

Utilities

2,394

175,226

1.33%

GE

Vernova

,

Inc.

Industrials

173,808

1.31%

Regeneron

Pharmaceuticals,

Inc.

Health

Care

167,419

1.27%

Allison

Transmission

Holdings,

Inc.

Industrials

1,426

166,919

1.26%

Johnson

Controls

International

plc

Industrials

1,273

166,636

1.26%

#### Putnam

#### Dynamic

#### Asset

#### Allocation

#### Conservative

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

consolidated

financial

statements.

Semiannual

Report

Putnam

Asset

Allocation

Funds

Consolidated

Schedule

of

Investments

(unaudited)

#### Common

#### stocks

#### Sector

#### Shares

#### Value

#### Percentage

#### value

#### A

#### BASKET
(BCFTUSAL)

#### OF

#### COMMON

#### STOCKS
(continued)

Virtu

Financial,

Inc.

Financials

3,747

$

164,811

1.25%

Exelixis

,

Inc.

Health

Care

3,837

164,582

1.25%

Freeport-McMoRan,

Inc.

Materials

2,800

164,574

1.25%

State

Street

Corp.

Financials

1,278

161,727

1.22%

Curtiss-Wright

Corp.

Industrials

160,656

1.22%

Lam

Research

Corp.

Information

Technology

751

160,400

1.21%

Axis

Capital

Holdings

Ltd.

Financials

1,563

158,474

1.20%

General

Motors

Co.

Consumer

Discretionary

2,032

151,361

1.15%

MGIC

Investment

Corp.

Financials

5,456

143,227

1.08%

NRG

Energy,

Inc.

Utilities

968

141,409

1.07%

Natera

,

Inc.

Health

Care

706

141,278

1.07%

Unum

Group

Financials

1,932

141,082

1.07%

Spotify

Technology

SA

Communication

Services

141,067

1.07%

Affiliated

Managers

Group,

Inc.

Financials

505

139,816

1.06%

Arista

Networks,

Inc.

Information

Technology

1,136

139,463

1.06%

Cadence

Design

Systems,

Inc.

Information

Technology

136,414

1.03%

AutoNation,

Inc.

Consumer

Discretionary

679

132,563

1.00%

Synchrony

Financial

Financials

1,897

129,067

0.98%

Booking

Holdings,

Inc.

Consumer

Discretionary

123,285

0.93%

Toll

Brothers,

Inc.

Consumer

Discretionary

902

123,158

0.93%

American

International

Group,

Inc.

Financials

1,623

122,158

0.92%

Netflix,

Inc.

Communication

Services

1,268

121,896

0.92%

QUALCOMM,

Inc.

Information

Technology

932

120,016

0.91%

Textron,

Inc.

Industrials

1,324

115,936

0.88%

Manhattan

Associates,

Inc.

Information

Technology

848

112,903

0.85%

eBay,

Inc.

Consumer

Discretionary

1,225

111,495

0.84%

Applied

Materials,

Inc.

Information

Technology

107,929

0.82%

Boyd

Gaming

Corp.

Consumer

Discretionary

1,313

107,885

0.82%

Pegasystems,

Inc.

Information

Technology

2,523

107,364

0.81%

Sandisk

Corp.

Information

Technology

106,738

0.81%

Everpure

,

Inc.

Information

Technology

1,767

104,332

0.79%

Ventas,

Inc.

Real

Estate

1,273

104,105

0.79%

Equitable

Holdings,

Inc.

Financials

2,748

101,987

0.77%

Ciena

Corp.

Information

Technology

100,722

0.76%

Ulta

Beauty,

Inc.

Consumer

Discretionary

97,037

0.73%

Millicom

International

Cellular

SA

Communication

Services

1,294

96,948

0.73%

Hologic,

Inc.

Health

Care

1,255

94,842

0.72%

Gap,

Inc.

(The)

Consumer

Discretionary

3,795

91,836

0.69%

Vornado

Realty

Trust

Real

Estate

3,464

90,024

0.68%

DoorDash

,

Inc.

Consumer

Discretionary

598

89,854

0.68%

MGM

Resorts

International

Consumer

Discretionary

2,357

87,232

0.66%

NVR,

Inc.

Consumer

Discretionary

86,892

0.66%

#### A

#### BASKET

#### (#### GSIIPGSS

####)

#### OF

#### COMMON

#### STOCKS
Aker

BP

ASA

Energy

3,554

131,730

0.82%

Shell

plc

Energy

2,730

128,996

0.81%

Diamondback

Energy,

Inc.

Energy

633

125,189

0.78%

Woodside

Energy

Group

Ltd.

Energy

5,151

123,658

0.77%

Entergy

Corp.

Utilities

1,091

122,631

0.77%

Canadian

Natural

Resources

Ltd.

Energy

2,473

120,251

0.75%

PPL

Corp.

Utilities

2,964

113,233

0.71%

Southern

Co.

(The)

Utilities

1,172

113,145

0.71%

CenterPoint

Energy,

Inc.

Utilities

2,620

113,091

0.71%

Orange

SA

Communication

Services

5,484

111,681

0.70%

Walmart,

Inc.

Consumer

Staples

896

111,389

0.70%

ONEOK,

Inc.

Energy

1,200

108,487

0.68%

Dominion

Energy,

Inc.

Utilities

1,755

108,467

0.68%

Putnam

Asset

Allocation

Funds

Consolidated

Schedule

of

Investments

(unaudited)

#### Putnam

#### Dynamic

#### Asset

#### Allocation

#### Conservative

#### Fund
(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

consolidated

financial

statements.

#### Common

#### stocks

#### Sector

#### Shares

#### Value

#### Percentage

#### value

#### A

#### BASKET
(GSIIPGSS)

#### OF

#### COMMON

#### STOCKS
(continued)

Cellnex

Telecom

SA

Communication

Services

3,369

$

107,657

0.67%

American

Water

Works

Co.,

Inc.

Utilities

783

106,548

0.67%

Singapore

Telecommunications

Ltd.

Communication

Services

25,853

98,990

0.62%

Tourmaline

Oil

Corp.

Energy

1,994

95,135

0.59%

Duke

Energy

Corp.

Utilities

725

94,920

0.59%

Enbridge,

Inc.

Energy

1,751

94,598

0.59%

AvalonBay

Communities,

Inc.

Real

Estate

577

94,281

0.59%

Ferrovial

SE

Industrials

1,454

92,837

0.58%

Wilmar

International

Ltd.

Consumer

Staples

30,966

92,408

0.58%

Realty

Income

Corp.

Real

Estate

1,503

91,967

0.57%

Zurich

Insurance

Group

AG

Financials

91,935

0.57%

Waste

Connections,

Inc.

Industrials

565

91,702

0.57%

Visa,

Inc.

Financials

91,471

0.57%

Starbucks

Corp.

Consumer

Discretionary

1,004

89,928

0.56%

Swiss

Life

Holding

AG

Financials

89,282

0.56%

Ingersoll

Rand,

Inc.

Industrials

1,073

85,970

0.54%

Hong

Kong

&

China

Gas

Co.

Ltd.

Utilities

94,872

85,915

0.54%

Quanta

Services,

Inc.

Industrials

85,840

0.54%

Equifax,

Inc.

Industrials

84,656

0.53%

Straumann

Holding

AG

Health

Care

822

83,929

0.52%

Heineken

NV

Consumer

Staples

1,097

83,813

0.52%

International

Paper

Co.

Materials

2,304

82,260

0.51%

Snam

SpA

Utilities

10,806

81,600

0.51%

Essity

AB

Consumer

Staples

3,172

80,871

0.51%

Salmar

ASA

Consumer

Staples

1,375

79,769

0.50%

Land

Securities

Group

plc

Real

Estate

10,797

78,738

0.49%

Coca-Cola

Co.

(The)

Consumer

Staples

1,032

78,471

0.49%

British

American

Tobacco

plc

Consumer

Staples

1,361

78,428

0.49%

Emerson

Electric

Co.

Industrials

598

78,410

0.49%

Pernod

Ricard

SA

Consumer

Staples

1,033

76,461

0.48%

Coca-Cola

Europacific

Partners

plc

Consumer

Staples

843

76,412

0.48%

Xcel

Energy,

Inc.

Utilities

943

74,931

0.47%

Swire

Pacific

Ltd.

Industrials

6,847

74,542

0.47%

EQT

AB

Financials

2,458

73,913

0.46%

Hermes

International

SCA

Consumer

Discretionary

73,733

0.46%

AST

SpaceMobile

,

Inc.

Communication

Services

888

73,624

0.46%

Old

Dominion

Freight

Line,

Inc.

Industrials

73,405

0.46%

#### A

#### BASKET

#### (#### BCFTUSAS

####)

#### OF

#### COMMON

#### STOCKS
Diamondback

Energy,

Inc.

Energy

926

183,186

1.42%

Bunge

Global

SA

Consumer

Staples

1,426

181,351

1.40%

MKS,

Inc.

Information

Technology

776

178,238

1.38%

Dell

Technologies,

Inc.

Information

Technology

1,082

177,586

1.37%

Monolithic

Power

Systems,

Inc.

Information

Technology

165,968

1.28%

DT

Midstream,

Inc.

Energy

1,209

162,854

1.26%

Coherent

Corp.

Information

Technology

671

159,890

1.24%

Roivant

Sciences

Ltd.

Health

Care

5,735

158,867

1.23%

Lumentum

Holdings,

Inc.

Information

Technology

154,575

1.20%

Micron

Technology,

Inc.

Information

Technology

146,956

1.14%

Kinsale

Capital

Group,

Inc.

Financials

146,874

1.14%

Royal

Gold,

Inc.

Materials

577

146,798

1.14%

Entegris

,

Inc.

Information

Technology

1,247

146,203

1.13%

Royal

Caribbean

Cruises

Ltd.

Consumer

Discretionary

513

141,154

1.09%

BWX

Technologies,

Inc.

Industrials

656

134,112

1.04%

Albemarle

Corp.

Materials

743

133,404

1.03%

Oracle

Corp.

Information

Technology

885

130,196

1.01%

Ross

Stores,

Inc.

Consumer

Discretionary

600

130,049

1.01%

#### Putnam

#### Dynamic

#### Asset

#### Allocation

#### Conservative

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

consolidated

financial

statements.

Semiannual

Report

Putnam

Asset

Allocation

Funds

Consolidated

Schedule

of

Investments

(unaudited)

#### Common

#### stocks

#### Sector

#### Shares

#### Value

#### Percentage

#### value

#### A

#### BASKET
(BCFTUSAS)

#### OF

#### COMMON

#### STOCKS
(continued)

Take-Two

Interactive

Software,

Inc.

Communication

Services

650

$

128,414

0.99%

Synopsys,

Inc.

Information

Technology

124,087

0.96%

Loar

Holdings,

Inc.

Industrials

2,117

121,284

0.94%

Jack

Henry

&

Associates,

Inc.

Financials

758

119,797

0.93%

CH

Robinson

Worldwide,

Inc.

Industrials

693

115,013

0.89%

Marriott

International,

Inc.

Consumer

Discretionary

114,538

0.89%

Texas

Instruments,

Inc.

Information

Technology

587

113,953

0.88%

Lithia

Motors,

Inc.

Consumer

Discretionary

113,425

0.88%

Domino's

Pizza,

Inc.

Consumer

Discretionary

111,067

0.86%

Norwegian

Cruise

Line

Holdings

Ltd.

Consumer

Discretionary

5,888

110,105

0.85%

Blue

Owl

Capital,

Inc.

Financials

12,016

109,705

0.85%

Tyler

Technologies,

Inc.

Information

Technology

108,595

0.84%

RPM

International,

Inc.

Materials

1,043

103,657

0.80%

Quanta

Services,

Inc.

Industrials

102,138

0.79%

Brown

&

Brown,

Inc.

Financials

1,564

101,982

0.79%

Expand

Energy

Corp.

Energy

904

99,276

0.77%

NU

Holdings

Ltd.

Financials

6,834

98,212

0.76%

Somnigroup

International,

Inc.

Consumer

Discretionary

1,309

96,789

0.75%

Aurora

Innovation,

Inc.

Information

Technology

23,218

95,660

0.74%

Gen

Digital,

Inc.

Information

Technology

5,047

95,036

0.74%

SoFi

Technologies,

Inc.

Financials

5,913

93,895

0.73%

Watsco

,

Inc.

Industrials

93,832

0.73%

Liberty

Broadband

Corp.

Communication

Services

1,826

91,847

0.71%

Healthcare

Realty

Trust,

Inc.

Real

Estate

5,293

89,930

0.70%

LPL

Financial

Holdings,

Inc.

Financials

88,607

0.69%

Stanley

Black

&

Decker,

Inc.

Industrials

1,200

85,303

0.66%

Toast,

Inc.

Financials

3,216

85,258

0.66%

Strategy,

Inc.

Information

Technology

673

83,965

0.65%

Ovintiv

,

Inc.

Energy

1,387

82,342

0.64%

Equifax,

Inc.

Industrials

82,274

0.64%

nVent

Electric

plc

Industrials

689

81,512

0.63%

PTC,

Inc.

Information

Technology

572

81,512

0.63%

See

Note

regarding

other

derivative

information.

See

Abbreviations

on

.

Putnam

Asset

Allocation

Funds

Consolidated

Financial

Statements

Consolidated

Statement

of

Assets

and

Liabilities

March

31,

2026

(unaudited)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

consolidated

financial

statements.

#### Putnam

#### Dynamic

#### Asset

#### Allocation

#### Conservative

#### Fund
Assets:

Investments

in

securities:

Cost

-

Unaffiliated

issuers

...................................................................

$719,188,418

Cost

-

Non-controlled

affiliates

(Note

g)

........................................................

49,326,626

Cost

-

Unaffiliated

repurchase

agreements

......................................................

20,183,216

Value

-

Unaffiliated

issuers

..................................................................

$845,585,516

Value

-

Non-controlled

affiliates

(Note

g)

.......................................................

49,326,626

Value

-

Unaffiliated

repurchase

agreements

......................................................

20,183,216

Cash

....................................................................................

299,486

Receivables:

Investment

securities

sold

...................................................................

509,253

Receivable

for

sales

of

TBA

securities

(Note

e)

..................................................

30,489,049

Capital

shares

sold

........................................................................

4,528,325

Dividends

and

interest

.....................................................................

4,556,242

European

Union

tax

reclaims

(Note

i)

.........................................................

314,193

Deposits

with

brokers

for:

Centrally

cleared

swap

contracts

............................................................

3,866,921

Variation

margin

on

centrally

cleared

swap

contracts

...............................................

313,785

Unrealized

appreciation

on

OTC

forward

exchange

contracts

..........................................

177,131

Unrealized

appreciation

on

OTC

swap

contracts

....................................................

1,117,671

Prepaid

expenses

..........................................................................

115,492

Total

assets

..........................................................................

961,382,906

Liabilities:

Payables:

Investment

securities

purchased

..............................................................

2,350,593

Payable

for

purchases

of

TBA

securities

(Note

e)

................................................

107,889,656

Capital

shares

redeemed

...................................................................

12,436,697

Management

fees

.........................................................................

343,137

Administrative

fees

........................................................................

2,521

Distribution

fees

..........................................................................

103,698

Transfer

agent

fees

........................................................................

136,193

Trustees'

fees

and

expenses

.................................................................

114,947

Variation

margin

on

futures

contracts

...........................................................

5,318,158

Unrealized

depreciation

on

OTC

swap

contracts

....................................................

662,007

Unrealized

depreciation

on

OTC

forward

exchange

contracts

..........................................

215,610

TBA

sale

commitments,

at

value

(proceeds

$30,357,917)

(Note

1e)

.....................................

30,208,693

Unrealized

depreciation

on

unfunded

loan

commitments

(Note

9)

.......................................

Collateral

on

certain

derivative

contracts,

at

value

(Note

f)

...........................................

170,887

Accrued

expenses

and

other

liabilities

...........................................................

95,668

Total

liabilities

.........................................................................

160,048,602

Net

assets,

at

value

.................................................................

$801,334,304

Net

assets

consist

of:

Paid-in

capital

.............................................................................

$726,679,206

Total

distributable

earnings

(losses)

.............................................................

74,655,098

Net

assets,

at

value

.................................................................

$801,334,304

Putnam

Asset

Allocation

Funds

Consolidated

Financial

Statements

Consolidated

Statement

of

Assets

and

Liabilities

(continued)

March

31,

2026

(unaudited)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

consolidated

financial

statements.

Semiannual

Report

#### Putnam

#### Dynamic

#### Asset

#### Allocation

#### Conservative

#### Fund

#### Class

#### A:
Net

assets,

at

value

.......................................................................

$351,700,714

Shares

outstanding

........................................................................

31,668,210

Net

asset

value

per

share

a

,b

..................................................................

$11.11

Maximum

offering

price

per

share

(net

asset

value

per

share

÷

.25

%)

b

................................

$11.79

#### Class

#### C:
Net

assets,

at

value

.......................................................................

$30,944,834

Shares

outstanding

........................................................................

2,841,365

Net

asset

value

and

maximum

offering

price

per

share

a

,b

............................................

$10.89

#### Class

#### P:
Net

assets,

at

value

.......................................................................

$229,094,887

Shares

outstanding

........................................................................

20,510,260

Net

asset

value

and

maximum

offering

price

per

share

b

.............................................

$11.17

#### Class

#### R:
Net

assets,

at

value

.......................................................................

$5,034,738

Shares

outstanding

........................................................................

435,705

Net

asset

value

and

maximum

offering

price

per

share

b

.............................................

$11.56

#### Class

#### R5:
Net

assets,

at

value

.......................................................................

$150,766

Shares

outstanding

........................................................................

13,459

Net

asset

value

and

maximum

offering

price

per

share

b

.............................................

$11.20

#### Class

#### R6:
Net

assets,

at

value

.......................................................................

$61,533,333

Shares

outstanding

........................................................................

5,503,592

Net

asset

value

and

maximum

offering

price

per

share

b

.............................................

$11.18

#### Class

#### Y:
Net

assets,

at

value

.......................................................................

$122,875,032

Shares

outstanding

........................................................................

10,987,267

Net

asset

value

and

maximum

offering

price

per

share

b

.............................................

$11.18

a

Redemption

price

is

equal

to

net

asset

value

less

contingent

deferred

sales

charges,

if

applicable.

b

Net

asset

value

per

share

may

not

recalculate

due

to

rounding.

Putnam

Asset

Allocation

Funds

Consolidated

Financial

Statements

Consolidated

Statement

of

Operations

for

the

six

months

ended

March

31,

2026

(unaudited)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

consolidated

financial

statements.

#### Putnam

#### Dynamic

#### Asset

#### Allocation

#### Conservative

#### Fund
Investment

income:

Dividends:

(net

of

foreign

taxes

of

$81,765)

Unaffiliated

issuers

........................................................................

$2,594,769

Non-controlled

affiliates

(Note

g)

.............................................................

574,687

Interest:

Unaffiliated

issuers

........................................................................

5,563,514

Other

income

(Note

i)

.......................................................................

5,892

Total

investment

income

...................................................................

8,738,862

Expenses:

Management

fees

(Note

a)

...................................................................

1,598,762

Administrative

fees

(Note

b)

..................................................................

5,103

Distribution

fees:

(Note

3c)

&nbsp;&nbsp;&nbsp;&nbsp;Class

A

................................................................................

444,460

&nbsp;&nbsp;&nbsp;&nbsp;Class

C

................................................................................

157,868

&nbsp;&nbsp;&nbsp;&nbsp;Class

R

................................................................................

12,196

Transfer

agent

fees:

(Note

3e)

&nbsp;&nbsp;&nbsp;&nbsp;Class

A

................................................................................

189,663

&nbsp;&nbsp;&nbsp;&nbsp;Class

C

................................................................................

16,860

&nbsp;&nbsp;&nbsp;&nbsp;Class

P

................................................................................

3,206

&nbsp;&nbsp;&nbsp;&nbsp;Class

R

................................................................................

2,603

&nbsp;&nbsp;&nbsp;&nbsp;Class

R5

...............................................................................

&nbsp;&nbsp;&nbsp;&nbsp;Class

R6

...............................................................................

15,926

&nbsp;&nbsp;&nbsp;&nbsp;Class

Y

................................................................................

62,505

Custodian

fees

.............................................................................

8,927

Reports

to

shareholders

fees

..................................................................

29,102

Registration

and

filing

fees

....................................................................

42,858

Professional

fees

...........................................................................

92,540

Trustees'

fees

and

expenses

(Note

f)

...........................................................

10,365

Organization

costs

(Note

1k)

..................................................................

2,626

Other

....................................................................................

40,687

Total

expenses

.........................................................................

2,736,321

Expense

reductions

(Note

4)

...............................................................

(16,553)

Expenses

waived/paid

by

affiliates

(Note

g

and

h)

..............................................

(9,019)

Net

expenses

.........................................................................

2,710,749

Net

investment

income

................................................................

6,028,113

Putnam

Asset

Allocation

Funds

Consolidated

Financial

Statements

Consolidated

Statement

of

Operations

(continued)

for

the

six

months

ended

March

31,

2026

(unaudited)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

consolidated

financial

statements.

Semiannual

Report

#### Putnam

#### Dynamic

#### Asset

#### Allocation

#### Conservative

#### Fund
Realized

and

unrealized

gains

(losses):

Net

realized

gain

(loss)

from:

Investments:

Unaffiliated

issuers

......................................................................

10,521,599

Foreign

currency

transactions

................................................................

(18,004)

Forward

exchange

contracts

.................................................................

49,807

Futures

contracts

.........................................................................

1,845,052

TBA

sale

commitments

.....................................................................

46,727

Swap

contracts

...........................................................................

174,903

Net

realized

gain

(loss)

..................................................................

12,620,084

Net

change

in

unrealized

appreciation

(depreciation)

on:

Investments:

Unaffiliated

issuers

......................................................................

(18,235,597)

Translation

of

other

assets

and

liabilities

denominated

in

foreign

currencies

..............................

(18,823)

Unfunded

loan

commitments

(Note

9)

..........................................................

(137) Forward

exchange

contracts

.................................................................

(70,651)

Futures

contracts

.........................................................................

557,682

TBA

sale

commitments

.....................................................................

120,430

Swap

contracts

...........................................................................

(501,716)

Net

change

in

unrealized

appreciation

(depreciation)

............................................

(18,148,812)

Net

realized

and

unrealized

gain

(loss)

............................................................

(5,528,728)

Net

increase

(decrease)

in

net

assets

resulting

from

operations

..........................................

$499,385

Putnam

Asset

Allocation

Funds

Consolidated

Financial

Statements

Consolidated

Statements

of

Changes

in

Net

Assets

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

consolidated

financial

statements.

#### Putnam

#### Dynamic

#### Asset

#### Allocation

#### Conservative

#### Fund

#### Six

#### Months

#### Ended

#### March

#### 31,

#### 2026
(unaudited)

#### Year

#### Ended

#### September

#### 30,

#### 2025\*
Increase

(decrease)

in

net

assets:

Operations:

Net

investment

income

.................................................

$6,028,113

$12,251,186

Net

realized

gain

(loss)

.................................................

12,620,084

(6,566,823)

Net

change

in

unrealized

appreciation

(depreciation)

...........................

(18,148,812)

35,440,430

Net

increase

(decrease)

in

net

assets

resulting

from

operations

................

499,385

41,124,793

Distributions

to

shareholders:

Class

A

.............................................................

(10,774,772)

(18,077,179)

Class

C

.............................................................

(858,010)

(1,712,027)

Class

P

.............................................................

(764,807)

(1,058,377)

Class

R

.............................................................

(135,805)

(204,386)

Class

R5

............................................................

(2,851)

(183) Class

R6

............................................................

(2,023,364)

(3,440,846)

Class

Y

.............................................................

(3,611,252)

(4,776,019)

Total

distributions

to

shareholders

..........................................

(18,170,861)

(29,269,017)

Capital

share

transactions:

(Note

2)

Class

A

.............................................................

5,354,688

(21,624,707)

Class

C

.............................................................

(1,373,448)

(9,186,903)

Class

P

.............................................................

210,938,566

6,491,431

Class

R

.............................................................

264,805

525,267

Class

R5

............................................................

150,104

(3,379)

Class

R6

............................................................

(1,086,983)

(5,138,717)

Class

Y

.............................................................

20,420,832

16,596,595

Total

capital

share

transactions

............................................

234,668,564

(12,340,413)

Net

increase

(decrease)

in

net

assets

...................................

216,997,088

(484,637)

Net

assets:

Beginning

of

period

.....................................................

584,337,216

584,821,853

End

of

period

..........................................................

$801,334,304

$584,337,216

\*

Includes

the

consolidated

operations

of

Franklin

Dynamic

Asset

Allocation

Conservative

Ltd.

from

July

7,

2025

through

September

30,

2025. See

Note

1(h).

Putnam

Asset

Allocation

Funds

franklintempleton.com

Semiannual

Report

Notes

to

Consolidated

Financial

Statements

(unaudited)

#### Putnam

#### Dynamic

#### Asset

#### Allocation

#### Conservative

#### Fund
1. #### Organization

#### and

#### Significant

#### Accounting

#### Policies
Putnam

Asset

Allocation

Funds (Trust)

is

registered

under

the

Investment

Company

Act

of

1940

(1940

Act)

as

an

open-end

management

investment

company,

consisting

of four

separate

funds.

The

Trust

follows

the

accounting

and

reporting

guidance

in

Financial

Accounting

Standards

Board

(FASB)

Accounting

Standards

Codification

Topic

946,

Financial

Services

–

Investment

Companies

(ASC

946)

and applies

the

specialized

accounting

and

reporting

guidance

in

U.S.

Generally

Accepted

Accounting

Principles

(U.S.

GAAP),

including,

but

not

limited

to,

ASC

946. Putnam

Dynamic

Asset

Allocation

Conservative

Fund

(Fund)

is

included

in

this

report.

The

Fund

offers seven

classes

of

shares:

Class

A,

Class

C,

Class

R,

Class

R5,

Class

R6,

Class

P

and

Class

Y. Class

C

shares

automatically

convert

to

Class

A

shares

on

a

monthly

basis,

after

they

have

been

held

for

years.

Each

class

of

shares

may

differ

by

its

initial

sales

load,

contingent

deferred

sales

charges,

voting

rights

on

matters

affecting

a

single

class,

its

exchange

privilege

and

fees

due

to

differing

arrangements

for

distribution

and

transfer

agent

fees.

On

March

26,

2026,

the

Trust's

Board

of

Trustees

approved

a

proposal

to

change

the

name

of

the

Fund

to

Franklin

Dynamic

Asset

Allocation

Conservative

Fund,

effective

July

15,

2026. The

following

summarizes

the

Fund

's

significant

accounting

policies.

a. #### Financial

#### Instrument

#### Valuation
The

Fund's

investments

in

financial

instruments

are

carried

at

fair

value

daily.

Fair

value

is

the

price

that

would

be

received

to

sell

an

asset

or

paid

to

transfer

a

liability

in

an

orderly

transaction

between

market

participants

on

the

measurement

date.

The

Fund

calculates

the

net

asset

value

(NAV)

per

share

each business

day as

of

p.m.

Eastern

time

or

the

regularly

scheduled

close

of

the

New

York

Stock

Exchange

(NYSE),

whichever

is

earlier.

Under

compliance

policies

and

procedures

approved

by

the Trust's

Board

of

Trustees

(the

Board),

the

Board

has

designated

the

Fund's

investment

manager

as

the

valuation

designee

and

has

responsibility

for

oversight

of

valuation.

The

investment

manager

is

assisted

by

the

Fund's

administrator

in

performing

this

responsibility,

including

leading

the

cross-

functional

Valuation

Committee

(VC).

The

Fund

may

utilize

independent

pricing

services,

quotations

from

securities

and

financial

instrument

dealers,

and

other

market

sources

to

determine

fair

value.

Equity

securities,

exchange

traded

funds, and

derivative

financial instruments listed

on

an

exchange

or

on

the

NASDAQ

National

Market

System

are

valued

at

the

last

quoted

sale

price

or

the

official

closing

price of

the

day,

respectively.

Foreign

equity

securities

are

valued

as

of

the

close

of

trading

on

the

foreign

stock

exchange

on

which

the

security

is

primarily

traded,

or

as

of

p.m.

Eastern

time.

The

value

is

then

converted

into

its

U.S.

dollar

equivalent

at

the

foreign

exchange

rate

in

effect

at

p.m.

Eastern

time

on

the

day

that

the

value

of

the

security

is

determined.

Over-the-

counter

(OTC)

securities

are

valued

within

the

range

of

the

most

recent

quoted

bid

and

ask

prices.

Securities

that

trade

in

multiple

markets

or

on

multiple

exchanges

are

valued

according

to

the

broadest

and

most

representative

market.

Certain

equity

securities

are

valued

based

upon

fundamental

characteristics

or

relationships

to

similar

securities.

Debt

securities

generally

trade

in

the OTC

market

rather

than

on

a

securities

exchange.

The

Fund's

pricing

services

use

multiple

valuation

techniques

to

determine

fair

value.

In

instances

where

sufficient

market

activity

exists,

the

pricing

services

may

utilize

a

market-based

approach

through

which

quotes

from

market

makers

are

used

to

determine

fair

value.

In

instances

where

sufficient

market

activity

may

not

exist

or

is

limited,

the

pricing

services

also

utilize

proprietary

valuation

models

which

may

consider

market

characteristics

such

as

benchmark

yield

curves,

credit

spreads,

estimated

default

rates,

anticipated

market

interest

rate

volatility,

coupon

rates,

anticipated

timing

of

principal

repayments,

underlying

collateral,

and

other

unique

security

features

in

order

to

estimate

the

relevant

cash

flows,

which

are

then

discounted

to

calculate

the

fair

value.

Securities

denominated

in

a

foreign

currency

are

converted

into

their

U.S.

dollar

equivalent

at

the

foreign

exchange

rate

in

effect

at

p.m.

Eastern

time

on

the

date

that

the

values

of

the

foreign

debt

securities

are

determined.

Investments

in open-end mutual

funds

are

valued

at

the

closing

NAV.

Investments

in

repurchase

agreements

are

valued

at

cost,

which

approximates

fair

value.

Certain

derivative

financial

instruments

are

centrally

cleared

or

trade

in

the

OTC

market.

The

Fund's

pricing

services

use

various

techniques

including

industry

standard

option

pricing

models

and

proprietary

discounted

cash

flow

models

to

determine

the

fair

value

of

those

instruments.

The

Fund's

Putnam

Asset

Allocation

Funds

Notes

to

Consolidated

Financial

Statements

(unaudited)

franklintempleton.com

Semiannual

Report

#### Putnam

#### Dynamic

#### Asset

#### Allocation

#### Conservative

#### Fund
(continued)

net

benefit

or

obligation

under

the

derivative

contract,

as

measured

by

the

fair

value

of

the

contract,

is

included

in

net

assets.

The

Fund

has

procedures

to

determine

the

fair

value

of

financial

instruments

for

which

market

prices

are

not

reliable

or

readily

available.

Under

these

procedures,

the Fund

primarily

employs

a

market-based

approach

which

may

use

related

or

comparable

assets

or

liabilities,

recent

transactions,

market

multiples,

and

other

relevant

information

for

the

investment

to

determine

the

fair

value

of

the

investment.

An

income-based

valuation

approach

may

also

be

used

in

which

the

anticipated

future

cash

flows

of

the

investment

are

discounted

to

calculate

fair

value.

Discounts

may

also

be

applied

due

to

the

nature

or

duration

of

any

restrictions

on

the

disposition

of

the

investments.

Due

to

the

inherent

uncertainty

of

valuations

of

such

investments,

the

fair

values

may

differ

significantly

from

the

values

that

would

have

been

used

had

an

active

market

existed.

Trading

in

securities

on

foreign

securities

stock

exchanges

and

OTC

markets

may

be

completed

before

p.m.

Eastern

time.

In

addition,

trading

in

certain

foreign

markets

may

not

take

place

on

every

Fund's

business

day. Events

can occur

between

the

time

at

which

trading

in

a

foreign

security

is

completed

and

p.m.

Eastern

time

that

might

call

into

question

the

reliability

of

the

value

of

a

portfolio

security

held

by

the

Fund.

As

a

result,

differences

may

arise

between

the

value

of

the

Fund's

portfolio

securities

as

determined

at

the

foreign

market

close

and

the

latest

indications

of

value

at

p.m.

Eastern

time. In

order

to

minimize

the

potential

for

these

differences,

an

independent

pricing

service

may

be

used

to

adjust

the

value

of

the

Fund's

portfolio

securities

to

the

latest

indications

of

fair

value

at

p.m.

Eastern

time.

At

March

31,

2026,

certain

securities

may

have

been

fair

valued

using

these

procedures,

in

which

case

the

securities

were

categorized

as

Level

within

the

fair

value

hierarchy

(referred

to

as

"market

level

fair

value").

See

the

Fair

Value

Measurements

note

for

more

information.

When

the

last

day

of

the

reporting

period

is

a

non-business

day,

certain

foreign

markets

may

be

open

on

those

days

that

the

Fund's

NAV

is

not

calculated,

which

could

result

in

differences

between

the

value

of

the

Fund's

portfolio

securities

on

the

last

business

day

and

the

last

calendar

day

of

the

reporting

period.

Any

security

valuation

changes

due

to

an

open

foreign

market

are

adjusted

and

reflected

by

the

Fund

for

financial

reporting

purposes.

b. #### Foreign

#### Currency

#### Translation
Portfolio

securities

and

other

assets

and

liabilities

denominated

in

foreign

currencies

are

translated

into

U.S.

dollars

based

on

the

exchange

rate

of

such

currencies

against

U.S.

dollars

on

the

date

of

valuation.

The

Fund

may

enter

into

foreign

currency

exchange

contracts

to

facilitate

transactions

denominated

in

a

foreign

currency.

Purchases

and

sales

of

securities,

income

and

expense

items

denominated

in

foreign

currencies

are

translated

into

U.S.

dollars

at

the

exchange

rate

in

effect

on

the

transaction

date.

Portfolio

securities

and

assets

and

liabilities

denominated

in

foreign

currencies

contain

risks

that

those

currencies

will

decline

in

value

relative

to

the

U.S.

dollar.

Occasionally,

events

may

impact

the

availability

or

reliability

of

foreign

exchange

rates

used

to

convert

the

U.S.

dollar

equivalent

value.

If

such

an

event

occurs,

the

foreign

exchange

rate

will

be

valued

at

fair

value

using

procedures

established

and

approved

by

the

Board.

The

Fund

does

not

separately

report

the

effect

of

changes

in

foreign

exchange

rates

from

changes

in

market

prices

on

securities

held.

Such

changes

are

included

in

net

realized

and

unrealized

gain

or

loss

from

investments

in

the

Consolidated

Statement of

Operations.

Realized

foreign

exchange

gains

or

losses

arise

from

sales

of

foreign

currencies,

currency

gains

or

losses

realized

between

the

trade

and

settlement

dates

on

securities

transactions

and

the

difference

between

the

recorded

amounts

of

dividends,

interest,

and

foreign

withholding

taxes

and

the

U.S.

dollar

equivalent

of

the

amounts

actually

received

or

paid.

Net

unrealized

foreign

exchange

gains

and

losses

arise

from

changes

in

foreign

exchange

rates

on

foreign

denominated

assets

and

liabilities

other

than

investments

in

securities

held

at

the

end

of

the

reporting

period.

c. #### Joint

#### Repurchase

#### Agreement
The

Fund

enters

into

a

joint

repurchase

agreement

whereby

its

uninvested

cash

balance

is

deposited

into

a

joint

cash

account

with

other

funds

managed

by

the

investment

manager

or

an

affiliate

of

the

investment

manager

and

is

used

to

invest

in

one

or

more

repurchase

agreements.

The

value

and

face

amount

of

the

joint

repurchase

agreement

1. #### Organization

#### and

#### Significant

#### Accounting

#### Policies
(continued)

a. #### Financial

#### Instrument

#### Valuation
(continued)

Putnam

Asset

Allocation

Funds

Notes

to

Consolidated

Financial

Statements

(unaudited)

franklintempleton.com

Semiannual

Report

#### Putnam

#### Dynamic

#### Asset

#### Allocation

#### Conservative

#### Fund
(continued)

are

allocated

to

the

funds

based

on

their

pro-rata

interest.

A

repurchase

agreement

is

accounted

for

as

a

loan

by

the

Fund

to

the

seller,

collateralized

by

securities

which

are

delivered

to

the

Fund's

custodian.

The

fair

value,

including

accrued

interest,

of

the

initial

collateralization

is

required

to

be

at

least

102%

of

the

dollar

amount

invested

by

the

funds,

with

the

value

of

the

underlying

securities

marked

to

market

daily

to

maintain

coverage

of

at

least

100%.

Repurchase

agreements

are

subject

to

the

terms

of

Master

Repurchase

Agreements

(MRAs)

with

approved

counterparties

(sellers).

The

MRAs

contain

various

provisions,

including

but

not

limited

to

events

of

default

and

maintenance

of

collateral

for

repurchase

agreements.

In

the

event

of

default

by

either

the

seller

or

the

Fund,

certain

MRAs

may

permit

the

non-

defaulting

party

to

net

and

close-out

all

transactions,

if

any,

traded

under

such

agreements.

The

Fund

may

sell

securities

it

holds

as

collateral

and

apply

the

proceeds

towards

the

repurchase

price

and

any

other

amounts

owed

by

the

seller

to

the

Fund

in

the

event

of

default

by

the

seller.

This

could

involve

costs

or

delays

in

addition

to

a

loss

on

the

securities

if

their

value

falls

below

the

repurchase

price

owed

by

the

seller.

The

joint

repurchase

agreement

held

by

the Fund

at

period

end,

as

indicated

in

the

Consolidated

Schedule

of

Investments,

had

been

entered

into

on March

31,

2026. d. #### Stripped

#### Securities
The

Fund

may

invest

in

stripped

securities

which

represent

a

participation

in

securities

that

may

be

structured

in

classes

with

rights

to

receive

different

portions

of

the

interest

and

principal.

Interest-only

securities

receive

all

of

the

interest

and

principal-only

securities

receive

all

of

the

principal.

If

the

interest

only

securities

experience

greater

than

anticipated

prepayments

of

principal,

the

Fund

may

fail

to

recoup

fully

its

initial

investment

in

these

securities.

Conversely,

principal-

only

securities

increase

in

value

if

prepayments

are

greater

than

anticipated

and

decline

if

prepayments

are

slower

than

anticipated.

The

fair

value

of

these

securities

is

highly

sensitive

to

changes

in

interest

rates.

e. #### Purchased

#### on

#### a

#### When-Issued,

#### Forward Commitment or

#### Delayed

#### Delivery

#### Basis

#### and

#### TBA

#### Basis
The

Fund

may

purchase

securities

on

a when-issued,

forward

commitment

or

delayed

delivery

and to-be-

announced

(TBA)

basis,

with

payment

and

delivery

scheduled

for

a

future

date.

These

transactions

are

subject

to

market

fluctuations

and

are

subject

to

the

risk

that

the

value

at

delivery

may

be

more

or

less

than

the

trade

date

purchase

price.

Although

the

Fund

will

generally

purchase

these

securities

with

the

intention

of

holding

the

securities, it

may

sell

the

securities

before

the

settlement

date.

Collateral

has

been

pledged

and/or

received

for

open

TBA

trades.

The

Fund

may

also

enter

into

TBA

sale

commitments

to

hedge

its

portfolio

positions,

to

sell

mortgage-backed

securities

it

owns

under

delayed

delivery

arrangements

or

to

take

a

short

position

in

mortgage-backed

securities.

Proceeds

of

TBA

sale

commitments

are

not

received

until

the

contractual

settlement

date.

During

the

time

a

TBA

sale

commitment

is

outstanding,

either

equivalent

deliverable

securities

or

an

offsetting

TBA

purchase

commitment

deliverable

on

or

before

the

sale

commitment

date

are

held

as

"cover"

for

the

transaction,

or

other

liquid

assets

in

an

amount

equal

to

the

notional

value

of

the

TBA

sale

commitment

are

segregated.

If

the

TBA

sale

commitment

is

closed

through

the

acquisition

of

an

offsetting

TBA

purchase

commitment,

the

Fund

realizes

a

gain

or

loss.

If

the

Fund

delivers

securities

under

the

commitment,

the

Fund

realizes

a

gain

or

a

loss

from

the

sale

of

the

securities

based

upon

the

unit

price

established

at

the

date

the

commitment

was

entered

into.

TBA

commitments,

which

are

accounted

for

as

purchase

and

sale

transactions,

may

be

considered

securities

themselves,

and

involve

a

risk

of

loss

due

to

changes

in

the

value

of

the

security

prior

to

the

settlement

date

as

well

as

the

risk

that

the

counterparty

to

the

transaction

will

not

perform

its

obligations.

Counterparty

risk

is

mitigated

by

having

a

master

agreement

between

the

Fund

and

the

counterparty.

Unsettled

TBA

commitments

are

valued

at

their

fair

value

according

to

the

procedures

described

in

the

Financial

Instrument

Valuation

note.

The

contract

is

marked

to

market

daily

and

the

change

in

fair

value

is

recorded

by

the

Fund

as

an

unrealized

gain

or

loss.

Based

on

market

circumstances,

the

investment

manager

will

determine

whether

to

take

delivery

of

the

underlying

securities

or

to

dispose

of

the

TBA

commitments

prior

to

settlement.

1. #### Organization

#### and

#### Significant

#### Accounting

#### Policies
(continued)

c. #### Joint

#### Repurchase

#### Agreement
(continued)

Putnam

Asset

Allocation

Funds

Notes

to

Consolidated

Financial

Statements

(unaudited)

franklintempleton.com

Semiannual

Report

#### Putnam

#### Dynamic

#### Asset

#### Allocation

#### Conservative

#### Fund
(continued)

f. #### Derivative

#### Financial

#### Instruments
The

Fund invested

in

derivative

financial

instruments

in

order

to

manage

risk

or

gain

exposure

to

various

other

investments

or

markets.

Derivatives

are

financial

contracts

based

on

an

underlying

or

notional

amount,

require

no

initial

investment

or

an

initial

net

investment

that

is

smaller

than

would

normally

be

required

to

have

a

similar

response

to

changes

in

market

factors,

and

require

or

permit

net

settlement.

Derivatives

contain

various

risks

including

the

potential

inability

of

the

counterparty

to

fulfill

their

obligations

under

the

terms

of

the

contract,

the

potential

for

an

illiquid

secondary

market,

and/or

the

potential

for

market

movements

which

expose

the

Fund

to

gains

or

losses

in

excess

of

the

amounts

shown

in

the

Consolidated

Statement

of

Assets

and

Liabilities.

Realized

gain

and

loss

and

unrealized

appreciation

and

depreciation

on

these

contracts

for

the

period

are

included

in

the

Consolidated

Statement

of

Operations.

Derivative

counterparty

credit

risk

is

managed

through

a

formal

evaluation

of

the

creditworthiness

of

all

potential

counterparties.

The

Fund

attempts

to

reduce

its

exposure

to

counterparty

credit

risk

on

OTC

derivatives,

whenever

possible,

by

entering

into

International

Swaps

and

Derivatives

Association

(ISDA)

master

agreements

with

certain

counterparties.

These

agreements

contain

various

provisions,

including

but

not

limited

to

collateral

requirements,

events

of

default,

or

early

termination.

Termination

events

applicable

to

the

counterparty

include

certain

deteriorations

in

the

credit

quality

of

the

counterparty.

Termination

events

applicable

to

the

Fund

include

failure

of

the

Fund

to

maintain

certain

net

asset

levels

and/

or

limit

the

decline

in

net

assets

over

various

periods

of

time.

In

the

event

of

default

or

early

termination,

the

ISDA

master

agreement

gives

the

non-defaulting

party

the

right

to

net

and

close-out

all

transactions

traded,

whether

or

not

arising

under

the

ISDA

agreement,

to

one

net

amount

payable

by

one

counterparty

to

the

other.

However,

absent

an

event

of

default

or

early

termination,

OTC

derivative

assets

and

liabilities

are

presented

gross

and

not

offset

in

the

Consolidated

Statement

of

Assets

and

Liabilities.

Early

termination

by

the

counterparty

may

result

in

an

immediate

payment

by

the

Fund

of

any

net

liability

owed

to

that

counterparty

under

the

ISDA

agreement.

At

March

31,

2026,

the

Fund

had

OTC

derivatives

in

a

net

liability

position

of

$92,506.

Collateral

requirements

differ

by

type

of

derivative.

Collateral

or

initial

margin

requirements

are

set

by

the

broker

or

exchange

clearing

house

for

exchange

traded

and

centrally

cleared

derivatives.

Initial

margin

deposited

is

held

at

the

exchange

or

at

the

broker and

can

be

in

the

form

of

cash

and/or

securities.

For

OTC

derivatives

traded

under

an

ISDA

master

agreement,

posting

of

collateral

is

required

by

either

the

Fund

or

the

applicable

counterparty

if

the

total

net

exposure

of

all

OTC

derivatives

with

the

applicable

counterparty

exceeds

the

minimum

transfer

amount,

which

typically

ranges

from

$100,000

to

$250,000,

and

can

vary

depending

on

the

counterparty

and

the

type

of agreement.

Generally,

collateral

is

determined

at

the

close

of

Fund

business

each

day

and

any

additional

collateral

required

due

to

changes

in

derivative

values

may

be

delivered

by

the

Fund

or

the

counterparty

the

next

business

day,

or

within

a

few

business

days.

Collateral

pledged

and/or

received

by

the

Fund

for

OTC

derivatives,

if

any,

is

held

in

segregated

accounts

with

the

Fund's

custodian/counterparty

broker

and

can

be

in

the

form

of

cash

and/or

securities.

Unrestricted

cash

may

be

invested

according

to

the

Fund's

investment

objectives.

To

the

extent

that

the

amounts

due

to

the

Fund

from

its

counterparties

are

not

subject

to

collateralization

or

are

not

fully

collateralized,

the

Fund

bears

the

risk

of

loss

from

counterparty

non-performance.

The

Fund

entered

into

exchange

traded

futures

contracts

primarily

to

manage

and/or

gain

exposure

to

commodity

price,

interest

rate

and

equity

price

risk.

A

futures

contract

is

an

agreement

between

the

Fund

and

a

counterparty

to

buy

or

sell

an

asset

at

a

specified

price

on

a

future

date.

Required

initial

margins

are

pledged

by

the

Fund,

and

the

daily

change

in

fair

value

is

accounted

for

as

a

variation

margin

payable

or

receivable

in

the

Consolidated

Statement

of

Assets

and

Liabilities.

Futures

contracts

outstanding

at

period

end,

if

any,

are

listed

in

the

Fund's

Consolidated

Schedule

of

Investments.

The

Fund entered

into

OTC

forward

exchange

contracts

primarily

to

manage

and/or

gain exposure

to

certain

foreign

currencies.

A

forward

exchange

contract

is

an

agreement

between

the

Fund

and

a

counterparty

to

buy

or

sell

a

foreign

currency at

a

specific

exchange

rate

on

a

future

date.

Forward

exchange

contracts

outstanding

at

period

end,

if

any,

are

listed

in

the

Fund's

Consolidated

Schedule

of

Investments.

1. #### Organization

#### and

#### Significant

#### Accounting

#### Policies
(continued)

Putnam

Asset

Allocation

Funds

Notes

to

Consolidated

Financial

Statements

(unaudited)

franklintempleton.com

Semiannual

Report

#### Putnam

#### Dynamic

#### Asset

#### Allocation

#### Conservative

#### Fund
(continued)

The

Fund

entered

into

credit

default

swap

contracts

primarily

to

manage

and/or

gain

exposure

to

credit

risk.

A

credit

default

swap

is

an

agreement

between

the

Fund

and

a

counterparty

whereby

the

buyer

of

the

contract

receives

credit

protection

and

the

seller

of

the

contract

guarantees

the

credit

worthiness

of

a

referenced

debt

obligation.

These

agreements

may

be

privately

negotiated

in

the

over-the-

counter

market

(OTC

credit

default

swaps)

or

may

be

executed

in

a

multilateral

trade

facility

platform,

such

as

a

registered

exchange

(centrally

cleared

credit

default

swaps).

The

underlying

referenced

debt

obligation

may

be

a

single

issuer

of

corporate

or

sovereign

debt,

a

credit

index,

a

basket

of

issuers

or

indices,

or

a

tranche

of

a

credit

index

or

basket

of

issuers

or

indices.

In

the

event

of

a

default

of

the

underlying

referenced

debt

obligation,

the

buyer

is

entitled

to

receive

the

notional

amount

of

the

credit

default

swap

contract

from

the

seller

in

exchange

for

the

referenced

debt

obligation,

a

net

settlement

amount

equal

to

the

notional

amount

of

the

credit

default

swap

less

the

recovery

value

of

the

referenced

debt

obligation,

or

other

agreed

upon

amount.

For

centrally

cleared

credit

default

swaps,

required

initial

margins

are

pledged

by

the

Fund,

and

the

daily

change

in

fair

value

is

accounted

for

as

a

variation

margin

payable

or

receivable

in

the

Consolidated

Statement

of

Assets

and

Liabilities.

Over

the

term

of

the

contract,

the

buyer

pays

the

seller

a

periodic

stream

of

payments,

provided

that

no

event

of

default

has

occurred.

Such

periodic

payments

are

accrued

daily

as

an

unrealized

appreciation or

depreciation

until

the

payments

are

made,

at

which

time

they

are

realized.

Upfront

payments

and

receipts

are

reflected

in

the Consolidated

Statement

of

Assets

and

Liabilities

and

represent

compensating

factors

between

stated

terms

of

the

credit

default

swap

agreement

and

prevailing

market

conditions

(credit

spreads

and

other

relevant

factors).

These

upfront

payments

and

receipts

are

amortized

over

the

term

of

the

contract

as

a

realized

gain

or

loss

in

the Consolidated

Statement

of

Operations.

Credit

default

swap

contracts

outstanding

at

period

end,

if

any,

are

listed

in

the

Fund's

Consolidated

Schedule

of

Investments.

The

Fund entered

into

interest

rate

swap

contracts

primarily

to

manage

interest

rate

risk.

An

interest

rate

swap

is

an

agreement

between

the

Fund

and

a

counterparty

to

exchange

cash

flows

based

on

the

difference

between

two

interest

rates,

applied

to

a

notional

amount.

These

agreements

may

be

privately

negotiated

in

the

over-the-

counter

market

(OTC

interest

rate

swaps)

or

may

be

executed

on

a

registered

exchange

(centrally

cleared

interest

rate

swaps).

For

centrally

cleared

interest

rate

swaps,

required

initial

margins

are

pledged

by

the

Fund,

and

the

daily

change

in

fair

value

is

accounted

for

as

a

variation

margin

payable

or

receivable

in

the

Consolidated

Statement

of

Assets

and

Liabilities.

Over

the

term

of

the

contract,

contractually

required

payments

to

be

paid

and

to

be

received

are

accrued

daily

and

recorded

as

unrealized

appreciation

or

depreciation

until

the

payments

are

made,

at

which

time

they

are

realized.

Interest

rate

swap

contracts

outstanding

at

period

end,

if

any,

are

listed

in

the

Fund's

Consolidated

Schedule

of

Investments.

The

Fund

entered

into

OTC

total

return

swap

contracts

primarily

to

manage

and/or

gain exposure

to equity price

risk

of

an

underlying

instrument

such

as

a

stock,

bond,

index

or

basket

of

securities

or

indices.

A

total

return

swap

is

an

agreement

between

the

Fund

and

a

counterparty

to

exchange

a

return

linked

to

an

underlying

instrument

for

a

floating

or

fixed

rate

payment,

both

based

upon

a

notional

amount.

Over

the

term

of

the

contract,

contractually

required

payments

to

be

paid

or

received

are

accrued

daily

and

recorded

as

unrealized

appreciation or

depreciation

until

the

payments

are

made,

at

which

time

they

are

recognized

as

realized

gain

or

loss. Total

return

swap contracts outstanding

at

period

end,

if

any,

are

listed

in

the

Fund's

Consolidated

Schedule

of

Investments.

The

Fund

purchased

or

wrote

exchange

traded

option

contracts

primarily

to

manage

and/or

gain exposure

to

equity

price

risk.

An

option

is

a

contract

entitling

the

holder

to

purchase

or

sell

a

specific

amount

of

shares

or

units

of

an

asset

or

notional

amount

of

a

swap

(swaption),

at

a

specified

price.

When

an

option

is

purchased

or

written,

an

amount

equal

to

the

premium

paid

or

received

is

recorded

as

an

asset

or

liability,

respectively.

Upon

exercise

of

an

option,

the

acquisition

cost

or

sales

proceeds

of

the

underlying

investment

is

adjusted

by

any

premium

received

or

paid.

Upon

expiration

of

an

option,

any

premium

received

or

paid

is

recorded

as

a

realized

gain

or

loss.

Upon

closing

an

option

other

than

through

expiration

or

exercise,

the

difference

between

the

premium

received

or

paid

and

the

cost

to

close

the

position

is

recorded

as

a

realized

gain

or

loss.

Option contracts

outstanding

at

period

end,

if

any,

are

listed

in

the

Fund's

Consolidated

Schedule

of

Investments.

See

Note

regarding

other

derivative

information.

1. #### Organization

#### and

#### Significant

#### Accounting

#### Policies
(continued)

f. #### Derivative

#### Financial

#### Instruments
(continued)

Putnam

Asset

Allocation

Funds

Notes

to

Consolidated

Financial

Statements

(unaudited)

franklintempleton.com

Semiannual

Report

#### Putnam

#### Dynamic

#### Asset

#### Allocation

#### Conservative

#### Fund
(continued)

g. #### Senior

#### Floating

#### Rate

#### Interests
The

Fund

invests

in

senior

secured

corporate

loans

that

pay

interest

at

rates

which

are

periodically

reset

by

reference

to

a

base

lending

rate

plus

a

spread.

These

base

lending

rates

are

generally

the

prime

rate

offered

by

a

designated

U.S.

bank

or

the

Secured

Overnight

Financing

Rate

(SOFR).

Senior

secured

corporate

loans

often

require

prepayment

of

principal

from

excess

cash

flows

or

at

the

discretion

of

the

borrower.

As

a

result,

actual

maturity

may

be

substantially

less

than

the

stated

maturity.

Senior

secured

corporate

loans

in

which

the Fund

invests

are

generally

readily

marketable,

but

may

be

subject

to

certain

restrictions

on

resale.

h. #### Investments

#### in

#### Franklin

#### Dynamic

#### Asset

#### Allocation

#### Conservative

#### Ltd.

#### (FT

#### Subsidiary)
The

Fund

invests

in

certain

financial

instruments

or

commodity-linked

derivative

investments

through

its

investments

in

FT

Subsidiary.

FT

Subsidiary

is

a

Cayman

Islands

exempted

company

with

limited

liability,

is

a

wholly-

owned

subsidiary

of

the

Fund,

and

is

able

to

invest

in

certain

financial

instruments

and

commodity-linked

derivative

investments

consistent

with

the

investment

objective

of

the

Fund.

For

tax

purposes,

the

Fund

is

required

to

increase

its

taxable

income

by

its

share

of

the

FT

Subsidiary's

income.

Net

losses

incurred

by

the

FT

Subsidiary

cannot

offset

income

earned

by

the

Fund

and

cannot

be

carried

back

or

forward

by

the

FT

Subsidiary

to

offset

income

from

prior

or

future

years.

At

March

31,

2026,

FT

Subsidiary's

investments,

as

well

as

any

other

assets

and

liabilities

of

FT

Subsidiary

are

reflected

in

the

Fund's

Consolidated

Schedule

of

Investments

and

Consolidated

Statement

of

Assets

and

Liabilities.

All

intercompany

transactions

and

balances

have

been

eliminated.

At

March

31,

2026,

the

net

assets

of

FT

Subsidiary

were

$2,790,256,

representing 0.35% of

the

Fund's

consolidated

net

assets.

The

Fund's

investment

in

FT

Subsidiary

is

limited

to

25%

of

consolidated

assets.

i. #### Income

#### and

#### Deferred

#### Taxes
It

is the Fund's

policy

to

qualify

as

a

regulated

investment

company

under

the

Internal

Revenue

Code. The Fund

intends

to

distribute

to

shareholders

substantially

all

of

its

taxable

income

and

net

realized

gains

to

relieve

it

from

federal

income

and

excise

taxes.

As

a

result,

no

provision

for

U.S.

federal

income

taxes

is

required.

The

Fund

may

be

subject

to

foreign

taxation

related

to

income

received,

capital

gains

on

the

sale

of

securities

and

certain

foreign

currency

transactions

in

the

foreign

jurisdictions

in

which it

invests.

Foreign

taxes,

if

any,

are

recorded

based

on

the

tax

regulations

and

rates

that

exist

in

the

foreign

markets

in

which

the

Fund

invests.

In

some

cases,

the

Fund

may

be

entitled

to

reclaim

all

or

a

portion

of

such

taxes,

and

such

reclaim

amounts,

if

any,

are

reflected

as

a

dividend

receivable

in

the

Consolidated

Statement

of

Assets

and

Liabilities

and

dividend

income

in

the

Consolidated

Statement

of

Operations.

In

many

cases,

however,

the

Fund

may

not

receive

such

amounts

for

an

extended

period

of

time,

depending

on

the

country

of

investment.

When

a

capital

gain

tax

is

determined

to

apply,

the

Fund

records

an

estimated

deferred

tax

liability

in

an

amount

that

would

be

payable

if

the

securities

were

disposed

of

on

the

valuation

date.

As

a

result

of

several

court

cases,

in

certain

countries

across

the

European

Union, the

Fund

filed

additional

tax

reclaims

for

previously

withheld

taxes

on

dividends

earned

in

those

countries

(EU

reclaims). Income

recognized,

if

any,

for

EU

reclaims

is

reflected

as

other

income

in

the

Consolidated

Statement

of

Operations

and

any

related

receivable,

if

any,

is

reflected

as

European

Union

tax

reclaims

in

the

Consolidated Statement

of

Assets

and

Liabilities.

Any

fees

associated

with

these

filings

are

reflected

in

other

expenses

in

the

Consolidated

Statement

of

Operations.

When

uncertainty

exists

as

to

the

ultimate

resolution

of

these

proceedings,

the

likelihood

of

receipt

of

these

EU

reclaims,

and

the

potential

timing

of

payment,

no

amounts

are

reflected

in

the

consolidated

financial

statements.

For

U.S.

income

tax

purposes,

EU

reclaims

received

by

the

Fund,

if

any,

reduce

the

amount

of

foreign

taxes

Fund

shareholders

can

use

as

tax

deductions

or credits

on

their

income

tax

returns.

The Fund

may

recognize

an

income

tax

liability

related

to

its

uncertain

tax

positions

under

U.S.

GAAP

when

the

uncertain

tax

position

has

a

less

than

50%

probability

that

it

will

be

sustained

upon

examination

by

the

tax

authorities

based

on

its

technical

merits.

As

of

March

31,

2026, the Fund

has

determined

that

no

tax

liability

is

required

in

its

consolidated

financial

statements

related

to

uncertain

tax

positions

for

any

open

tax

years

(or

expected

to

be

taken

in

future

tax

years).

The

Fund's

federal

and

state

income

and

federal

excise

tax

returns

for

the

prior

three

fiscal

years

are

subject

to

examination

by

the

Internal

Revenue

Service

and

state

departments

of

revenue.

1. #### Organization

#### and

#### Significant

#### Accounting

#### Policies
(continued)

Putnam

Asset

Allocation

Funds

Notes

to

Consolidated

Financial

Statements

(unaudited)

franklintempleton.com

Semiannual

Report

#### Putnam

#### Dynamic

#### Asset

#### Allocation

#### Conservative

#### Fund
(continued)

j. #### Security

#### Transactions,

#### Investment

#### Income,

#### Expenses

#### and

#### Distributions
Security

transactions

are

accounted

for

on

trade

date.

Realized

gains

and

losses

on

security

transactions

are

determined

on

a

specific

identification

basis.

Interest

income

(including

interest

income

from

payment-in-kind

securities,

if

any)

and

estimated

expenses

are

accrued

daily.

Amortization

of

premium

and

accretion

of

discount

on

debt

securities

are

included

in

interest

income.

Paydown

gains

and

losses

are

recorded

as

an

adjustment

to

interest

income.

The

Fund

may

receive

other

income

from

investments

in

senior

secured

corporate

loans

or

unfunded

commitments,

including

amendment

fees,

consent

fees

or

commitment

fees.

These

fees

are

recorded

as

income

when

received

by

the

Fund.

Dividend

income

is

recorded

on

the

ex-dividend

date

except

for

certain

dividends

from

securities

where

the

dividend

rate

is

not

available.

Distributable

earnings

are

determined

according

to

income

tax

regulations

(tax

basis)

and

may

differ

from

earnings

recorded

in

accordance

with

U.S.

GAAP.

These

differences

may

be

permanent

or

temporary.

Permanent

differences

are

reclassified

among

capital

accounts

to

reflect

their

tax

character.

These

reclassifications

have

no

impact

on

net

assets

or

the

results

of

operations.

Temporary

differences

are

not

reclassified,

as

they

may

reverse

in

subsequent

periods.

Common

expenses

incurred

by

the

Trust

are

allocated

among

the

Funds

based

on

the

ratio

of

net

assets

of

each

Fund

to

the

combined

net

assets

of

the

Trust

or

based

on

the

ratio

of

number

of

shareholders

of

each

Fund

to

the

combined

number

of

shareholders

of

the

Trust.

Fund

specific

expenses

are

charged

directly

to

the

Fund

that

incurred

the

expense.

Realized

and

unrealized

gains

and

losses

and

net

investment

income,

excluding

class

specific

expenses,

are

allocated

daily

to

each

class

of

shares

based

upon

the

relative

proportion

of

net

assets

of

each

class.

Differences

in

per

share

distributions

by

class

are

generally

due

to

differences

in

class

specific

expenses.

k. #### Organization

#### Costs
Organization

costs

were

expensed

as

incurred.

l. #### Accounting

#### Estimates
The

preparation

of

financial

statements

in

accordance

with

U.S.

GAAP

requires

management

to

make

estimates

and

assumptions

that

affect

the

reported

amounts

of

assets

and

liabilities

at

the

date

of

the

financial

statements

and

the

amounts

of

income

and

expenses

during

the

reporting

period.

Actual

results

could

differ

from

those

estimates.

m. #### Guarantees

#### and

#### Indemnifications
Under

the Trust's

organizational

documents,

its

officers

and trustees

are

indemnified

by

the Trust against

certain

liabilities

arising

out

of

the

performance

of

their

duties

to

the

Trust.

Additionally,

in

the

normal

course

of

business,

the Trust,

on

behalf

of

the

Fund, enters

into

contracts

with

service

providers

that

contain

general

indemnification

clauses.

The Trust's

maximum

exposure

under

these

arrangements

is

unknown

as

this

would

involve

future

claims

that

may

be

made

against

the Trust

that

have

not

yet

occurred.

Currently,

the Trust

expects

the

risk

of

loss

to

be

remote.

1. #### Organization

#### and

#### Significant

#### Accounting

#### Policies
(continued)

Putnam

Asset

Allocation

Funds

Notes

to

Consolidated

Financial

Statements

(unaudited)

franklintempleton.com

Semiannual

Report

#### Putnam

#### Dynamic

#### Asset

#### Allocation

#### Conservative

#### Fund
(continued)

2. #### Shares

#### of

#### Beneficial

#### Interest
At

March

31,

2026,

there

were

an

unlimited

number

of

shares

authorized

(without

par

value).

Transactions

in

the

Fund's

shares

were

as

follows:

#### Six

#### Months

#### Ended

#### March

#### 31,

#### 2026

#### Year

#### Ended

#### September

#### 30,

#### 2025

#### Shares

#### Amount

#### Shares

#### Amount

#### Class

#### A

#### Shares:
Shares

sold

a

...................................

2,070,287

$23,372,319

2,981,485

$32,206,690

Shares

issued

in

reinvestment

of

distributions

..........

925,905

10,389,842

1,629,319

17,428,413

Shares

redeemed

...............................

(2,519,414)

(28,407,473)

(6,599,215)

(71,259,810)

Net

increase

(decrease)

..........................

476,778

$5,354,688

(1,988,411)

$(21,624,707)

#### Class

#### C

#### Shares:
Shares

sold

...................................

280,078

$3,096,035

445,578

$4,764,369

Shares

issued

in

reinvestment

of

distributions

..........

76,317

840,986

159,747

1,678,511

Shares

redeemed

a

..............................

(479,368)

(5,310,469)

(1,467,387)

(15,629,783)

Net

increase

(decrease)

..........................

(122,973)

$(1,373,448)

(862,062)

$(9,186,903)

#### Class

#### P

#### Shares:
Shares

sold

...................................

26,682,091

$304,991,756

1,450,586

$15,866,650

Shares

issued

in

reinvestment

of

distributions

..........

67,865

764,807

98,410

1,058,377

Shares

redeemed

...............................

(8,335,346)

(94,817,997)

(954,813)

(10,433,596)

Net

increase

(decrease)

..........................

18,414,610

$210,938,566

594,183

$6,491,431

#### Class

#### R

#### Shares:
Shares

sold

...................................

79,231

$927,940

104,974

$1,191,027

Shares

issued

in

reinvestment

of

distributions

..........

11,617

135,663

18,363

204,165

Shares

redeemed

...............................

(68,100)

(798,798)

(75,481)

(869,925)

Net

increase

(decrease)

..........................

22,748

$264,805

47,856

$525,267

#### Class

#### R5

#### Shares:
Shares

sold

...................................

13,029

$147,361

$347

Shares

issued

in

reinvestment

of

distributions

..........

2,851

Shares

redeemed

...............................

(10) (108) (353) (3,909)

Net

increase

(decrease)

..........................

13,272

$150,104

(304) $(3,379)

#### Class

#### R6

#### Shares:
Shares

sold

...................................

414,975

$4,718,613

780,031

$8,499,882

Shares

issued

in

reinvestment

of

distributions

..........

178,071

2,010,766

317,936

3,420,817

Shares

redeemed

...............................

(688,159)

(7,816,362)

(1,570,100)

(17,059,416)

Net

increase

(decrease)

..........................

(95,113)

$(1,086,983)

(472,133)

$(5,138,717)

#### Class

#### Y

#### Shares:
Shares

sold

...................................

3,419,268

$38,876,743

4,831,301

$52,573,638

Shares

issued

in

reinvestment

of

distributions

..........

300,052

3,387,702

427,615

4,604,809

Shares

redeemed

...............................

(1,924,971)

(21,843,613)

(3,736,490)

(40,581,852)

Net

increase

(decrease)

..........................

1,794,349

$20,420,832

1,522,426

$16,596,595

a

May

include

a

portion

of

Class

C

shares

that

were

automatically

converted

to

Class

A. Putnam

Asset

Allocation

Funds

Notes

to

Consolidated

Financial

Statements

(unaudited)

franklintempleton.com

Semiannual

Report

#### Putnam

#### Dynamic

#### Asset

#### Allocation

#### Conservative

#### Fund
(continued)

3. #### Transactions

#### with

#### Affiliates
Franklin

Resources,

Inc.

is

the

holding

company

for

various

subsidiaries

that

together

are

referred

to

as

Franklin

Templeton.

Certain

officers

and trustees

of

the Fund are

also

officers

and/or directors

of

the

following

subsidiaries:

a. #### Management

#### Fees
The

Fund

and

FT

Subsidiary

pay Advisers

a

management

fee

(based

on

the

Fund's

average

net

assets

and

computed

and

paid

monthly)

at

annual

rates

that

may

vary

based

on

the

average

of

the

aggregate

net

assets

of

all

open-end

mutual

funds

sponsored

by

Putnam

Management

(including

open-end

funds

managed

by

affiliates

of

Putnam

Management

that

have

been

deemed

to

be

sponsored

by

Putnam

Management

for

this

purpose)

(excluding

net

assets

of

such

funds

that

are

invested

in,

or

that

are

invested

in

by,

other

such

funds

to

the

extent

necessary

to

avoid

"double

counting"

of

those

assets).

Such

annual

rates

may

vary

as

follows:

For

the

period

ended

March

31,

2026,

the

annualized

gross

effective

investment

management

fee

rate

was 0.500%

of

the

Fund's

average daily

net

assets.

Management

fees

paid

by

the

Fund

were

reduced

on

assets

invested

in

FT

Subsidiary,

in

an

amount

equal

to

the

management

fees

paid

by

FT

Subsidiary.

Under

a

subadvisory

agreement,

Putnam

Management

provides

portfolio

management

and

certain

other

advisory

and

related

services

to

the

Fund

or

FT

Subsidiary.

With

respect

to

the

portfolio

management

services,

Advisers

pays

a

fee

to

Putnam

Management

based

on

the

average

net

asset

value

of

the

Fund

and

with

respect

to

the

other

advisory

and

related

services,

Advisers

pays

a

fee

to

Putnam

Management

based

on

the

costs

of

Putnam

Management

in

providing

these

services

to

the

Fund

or

FT

Subsidiary.

These

fees

are

not

an

additional

expense

to

the

Fund

or

FT

Subsidiary.

Under

a

subadvisory

agreement,

FTIML

provides

subadvisory

services

to

the

Fund.

The

subadvisory

fee

is

paid by Advisers

based

on

the

average

net

assets

managed

by

FTIML,

and

is

not

an

additional

expense

of

the

Fund

or

FT

Subsidiary.

#### Subsidiary

#### Affiliation
Franklin

Advisers,

Inc.

(Advisers)

Investment

manager

Putnam

Investment

Management,

LLC

(Putnam

Management)

Subadvisor

Franklin

Templeton

Investment

Management

Limited

(FTIML)

Subadvisor

Putnam

Advisory

Company,

LLC

(PAC)

Subadvisor

Franklin

Templeton

Services,

LLC

(FT

Services)

Administrative

manager

Franklin

Distributors,

LLC

(Distributors)

Principal

underwriter

Putnam

Investor

Services,

Inc.

(PSERV)

Transfer

agent

#### Annualized

#### Fee

#### Rate

#### Net

#### Assets
0.680%

of

the

first

$5

billion,

0.630%

of

the

next

$5

billion,

0.580%

of

the

next

$10

billion,

0.530%

of

the

next

$10

billion,

0.480%

of

the

next

$50

billion,

0.460%

of

the

next

$50

billion,

0.450%

of

the

next

$100

billion

and

0.445%

of

any

excess

thereafter.

Putnam

Asset

Allocation

Funds

Notes

to

Consolidated

Financial

Statements

(unaudited)

franklintempleton.com

Semiannual

Report

#### Putnam

#### Dynamic

#### Asset

#### Allocation

#### Conservative

#### Fund
(continued)

Under

a

subadvisory

agreement,

PAC

provides

subadvisory

services

to

the

Fund

or

FT

Subsidiary.

The

subadvisory

fee

is

paid by

Advisers based

on

the

average

net

assets

managed

by

PAC,

and

is

not

an

additional

expense

of

the

Fund

or

FT

Subsidiary.

b. #### Administrative

#### Fees
Under

an

agreement

with

Advisers,

FT

Services

provides

administrative

services

to

the

Fund

and

FT

Subsidiary.

The

fee

is

paid

by Advisers

based

on

the Fund's

and

FT

Subsidiary's

average

daily

net

assets,

and

is

not

an

additional

expense

of

the

Fund

or

FT

Subsidiary.

The

Fund

reimburses

Advisers

an

allocated

amount

for

the

compensation

and

related

expenses

of

certain

officers

of

the

Fund

and

their

staff

who

provide

administrative

services

to

the

Fund.

The

aggregate

amount

of

all

such

reimbursements

is

determined

annually

by

the

Trustees.

c. #### Distribution

#### Fees
The

Fund

has

adopted

distribution

plans

(the

Plans)

with

respect

to

the

following

share

classes

pursuant

to

Rule

12b–1

under

the

1940

Act.

The

purpose

of

the

Plans

is

to

compensate

Distributors

for

services

provided

and

expenses

incurred

in

distributing

shares

of

the

Fund.

The

Plans

provide

payments

by

the

Fund

to

Distributors

at

an

annual

rate

of

up

to

the

following

amounts

(Maximum

%)

of

the

average

net

assets

attributable

to

each

class.

The

Trustees

have

approved

payment

by

the

Fund

at

the

following

annual

rate

(Approved

%)

of

the

average

net

assets

attributable

to

each

class.

d. #### Sales

#### Charges/Underwriting

#### Agreements
Front-end

sales

charges

and

contingent

deferred

sales

charges

(CDSC)

do

not

represent

expenses

of

the

Fund.

These

charges

are

deducted

from

the

proceeds

of

sales

of

fund

shares

prior

to

investment

or

from

redemption

proceeds

prior

to

remittance,

as

applicable.

Distributors

has

advised

the

Fund

of

the

following

commission

transactions

related

to

the

sales

and

redemptions

of

the

Fund's

shares

for

the

period:

e. #### Transfer

#### Agent

#### Fees
PSERV,

an

affiliate

of

Advisers,

provides

investor

servicing

agent

functions

to

the

Fund.

PSERV

received

fees

for

investor

servicing

for

Class

A,

Class

C,

Class

R

and

Class

Y shares

that

included

(1) a

per

account

fee

for

each

direct

and

underlying

non-defined

contribution

account

(retail

account)

of

the

Fund;

(2) a

specified

rate

of

the

Fund's

assets

attributable

to

defined

contribution

plan

accounts;

and

(3) a

specified

rate

based

on

the

average

net

assets

in

retail

accounts.

PSERV

has

agreed

that

the

aggregate

investor

servicing

fees

for

each

Fund's

retail

and

defined

contribution

accounts

for

these

share

classes

will

not

exceed

an

annual

rate

of

0.25%

of

the

Fund's

average

assets

attributable

to

such

accounts.

Class P

shares

paid

a

monthly

fee

based

on

the

average

net

assets

of

Class P

shares

at

an

annual

rate

of

0.01%.

Class R5

shares

paid

a

monthly

fee

based

on

the

average

net

assets

of

Class R5

shares

at

an

annual

rate

of

0.12%.

#### 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

..............................

$16,522

CDSC

retained

..............................................................................

$566

3. #### Transactions

#### with

#### Affiliates
(continued)

a. #### Management

#### Fees
(continued)

Putnam

Asset

Allocation

Funds

Notes

to

Consolidated

Financial

Statements

(unaudited)

franklintempleton.com

Semiannual

Report

#### Putnam

#### Dynamic

#### Asset

#### Allocation

#### Conservative

#### Fund
(continued)

Class R6

shares

paid

a

monthly

fee

based

on

the

average

net

assets

of

Class R6

shares

at

an

annual

rate

of

0.05%.

f. #### Trustee

#### Fees
The

Fund

has

adopted

a

Trustee

Fee

Deferral

Plan

(the

Deferral

Plan)

which

allows

the

Trustees to

defer

the

receipt

of

all

or

a

portion

of

Trustees'

fees

payable

from

July

1,

1995

through

December

31,

2023. The

deferred

fees

remain

invested

in

certain

Putnam

funds

until

distribution

in

accordance

with

the

Deferral

Plan.

The

Fund

has

adopted

an

unfunded

noncontributory

defined

benefit

pension

plan

(the

Pension

Plan)

covering

all

Trustees

of

the

Fund

who

have

served

as

a

Trustee

for

at

least

five

years

and

were

first

elected

prior

to

2004. Benefits

under

the

Pension

Plan

are

equal

to

50%

of

the

Trustee's

average

annual

attendance

and

retainer

fees

for

the

three

years

ended

December

31,

2005. The

retirement

benefit

is

payable

during

a

Trustee's

lifetime,

beginning

the

year

following

retirement,

for

the

number

of

years

of

service

through

December

31,

2006. Pension

expense

for

the

Fund

is

included

in

the

Trustees' fees

and

expenses

in

the

Consolidated

Statement

of

Operations.

Accrued

pension

liability

is

included

in

Payable

for

Trustees' fees

and

expenses

in

the

Consolidated

Statement

of

Assets

and

Liabilities.

The

Trustees

have

terminated

the

Pension

Plan

with

respect

to

any

Trustee

first

elected

after

2003. g. #### Investments

#### in

#### Affiliated

#### Management

#### Investment

#### Companies
The

Fund

invests

in

one

or

more

affiliated

management

investment

companies.

As

defined

in

the

1940

Act,

an

investment

is

deemed

to

be

a

"Controlled

Affiliate"

of

a

fund

when

a

fund

owns,

either

directly

or

indirectly,

25%

or

more

of

the

affiliated

fund's

outstanding

shares

or

has

the

power

to

exercise

control

over

management

or

policies

of

such

fund.

The

Fund

does

not

invest

for

purposes

of

exercising

a

controlling

influence

over

the

management

or

policies.

Management

fees

paid

by

the

Fund

are

waived

on

assets

invested

in

the

affiliated

management

investment

companies,

as

noted

in

the

Consolidated

Statement

of

Operations,

in

an

amount

not

to

exceed

the

management

and

administrative

fees,

if

applicable, paid

directly

or

indirectly

by

each

affiliate.

During

the

period

ended

March

31,

2026,

the

Fund

held

investments

in

affiliated

management

investment

companies

as

follows:

h. #### Waiver

#### and

#### Expense

#### Reimbursements
Advisers has

contractually

agreed,

through

January

30,

2027,

to

waive

fees

and/or

reimburse

the

Fund's

expenses

to

the

extent

necessary

to

limit

the

cumulative

expenses

of

the

Fund,

exclusive

of

brokerage,

interest,

taxes,

investment-related

expenses,

extraordinary

expenses,

acquired

fund

fees

and

expenses

and

payments

under

the

Fund's

investor

servicing

contract,

investment

management

contract

and

distribution

plans,

on

a

fiscal

year-to-date

basis

to

an

annual

rate

of

0.20%

of

the

Fund's

average

net

assets

over

such

fiscal

year-to-date

period.

Total

expenses

waived

or

paid

are

not

subject

to

recapture

subsequent

to

the

Fund's

fiscal

year

end.

#### &nbsp;&nbsp;&nbsp;&nbsp;aa

#### Value

#### at

#### Beginning

#### of

#### Period

#### Purchases

#### Sales

#### Realized

#### Gain
(Loss)

#### Net

#### Change

#### in

#### Unrealized

#### Appreciation
(Depreciation)

#### Value

#### at

#### End

#### of

#### Period

#### Number

#### of

#### Shares

#### Held

#### at

#### End

#### of

#### Period

#### Investment

#### Income

#### a&nbsp;&nbsp;&nbsp;&nbsp;

#### a

#### Putnam

#### Dynamic

#### Asset

#### Allocation

#### Conservative

#### Fund

#### Non-Controlled

#### Affiliates
Dividends

Putnam

Government

Money

Market

Fund,

Class

G,

3.489%

.

$—

$3,980,482

$(1,190,734)

$—

$—

$2,789,748

2,789,748

$29,208

Putnam

Short

Term

Investment

Fund,

Class

P,

3.821%

......

20,851,137

144,901,608

(119,215,867)

—

—

46,536,878

46,536,878

545,479

#### Total

#### Affiliated

#### Securities

#### ...
$20,851,137

$148,882,090

$(120,406,601)

$—

$—

$49,326,626

$574,687

3. #### Transactions

#### with

#### Affiliates
(continued)

e. #### Transfer

#### Agent

#### Fees
(continued)

Putnam

Asset

Allocation

Funds

Notes

to

Consolidated

Financial

Statements

(unaudited)

franklintempleton.com

Semiannual

Report

#### Putnam

#### Dynamic

#### Asset

#### Allocation

#### Conservative

#### Fund
(continued)

4. #### Expense

#### Offset

#### Arrangement
The Fund has entered

into an

arrangement

with PSERV

whereby

credits

realized

as

a

result

of

uninvested

cash

balances

are

used

to

reduce

a

portion

of

the

Fund's

transfer

agent

fees.

During

the

period

ended

March

31,

2026,

the

fees

were

reduced

as

noted

in

the

Consolidated

Statement

of

Operations.

5. #### Income

#### Taxes
At

March

31,

2026,

the

cost

of

investments

and

net

unrealized

appreciation

(depreciation)

for

income

tax

purposes

were

as

follows:

Differences

between

income

and/or

capital

gains

as

determined

on

a

book

basis

and

a

tax

basis

are

primarily

due

to

differing

treatments

of

defaulted

securities,

wash

sales,

EU

reclaims,

passive

foreign

investment

company

shares,

tax

straddles

and

derivative

financial

instruments.

6. #### Investment

#### Transactions
Purchases

and

sales

of

investments (excluding

short

term

securities) for

the

period

ended

March

31,

2026,

aggregated

$707,340,993 and

$632,508,500,

respectively.

7. #### Credit

#### Risk

#### and

#### Defaulted

#### Securities
At

March

31,

2026,

the

Fund

had 5.7%

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.

The

Fund held

defaulted

securities

and/or

other

securities

for

which

the

income

has

been

deemed

uncollectible.

At

March

31,

2026,

the

aggregate

value

of

these

securities

represents

less

than

0.1%

of

the

Fund's

net

assets.

The

Fund

discontinues

accruing

income

on

securities

for

which

income

has

been

deemed

uncollectible

and

provides

an

estimate

for

losses

on

interest

receivable.

The

securities

have

been

identified

in

the

accompanying

Consolidated

Schedule

of

Investments.

8. #### Restricted

#### Securities
The

Fund

invests

in

securities

that

are

restricted

under

the

Securities

Act

of

1933

(1933

Act).

Restricted

securities

are

often

purchased

in

private

placement

transactions,

and

cannot

be

sold

without

prior

registration

unless

the

sale

is

pursuant

to

an

exemption

under

the

1933

Act.

Disposal

of

these

securities

may

require

greater

effort

and

expense,

and

prompt

sale

at

an

acceptable

price

may

be

difficult.

The Fund

may

have

registration

rights

for

restricted

securities.

The

issuer

generally

incurs

all

registration

costs.

At

March

31,

2026,

investments

in

restricted

securities,

excluding

securities

exempt

from

registration

under

the

1933

Act,

were

as

follows:

Cost

of

investments

..........................................................................

$829,453,400

Unrealized

appreciation

........................................................................

$153,557,375

Unrealized

depreciation

........................................................................

(95,116,254)

Net

unrealized

appreciation

(depreciation)

..........................................................

$58,441,121

Putnam

Asset

Allocation

Funds

Notes

to

Consolidated

Financial

Statements

(unaudited)

franklintempleton.com

Semiannual

Report

#### Putnam

#### Dynamic

#### Asset

#### Allocation

#### Conservative

#### Fund
(continued)

9. #### Unfunded

#### Loan

#### Commitments
The

Fund

enters

into

certain

credit

agreements,

all

or

a

portion

of

which

may

be

unfunded.

The Fund

is

obligated

to

fund

these

loan

commitments

at

the

borrowers'

discretion.

Unfunded

loan

commitments

and

funded

portions

of

credit

agreements

are

marked

to

market

daily

and

any

unrealized

appreciation

or

depreciation

is

included

in

the

Consolidated

Statement

of

Assets

and

Liabilities

and

the

Consolidated

Statement

of

Operations.

Funded

portions

of

credit

agreements

are

presented

in

the

Consolidated

Schedule

of

Investments.

At

March

31,

2026,

unfunded

commitments

were

as

follows:

10. #### Other

#### Derivative

#### Information
At

March

31,

2026,

investments

in

derivative

contracts

are

reflected

in

the Consolidated

Statement of

Assets

and

Liabilities

as

follows:

#### Shares

#### Issuer

#### Acquisition

#### Date

#### Cost

#### Value

#### Putnam

#### Dynamic

#### Asset

#### Allocation

#### Conservative

#### Fund

Pfizer,

Inc.,

CVR,

3/31/32

......................

11/14/25

$

2,038

$

2,038

#### Total

#### Restricted

#### Securities
(Value

is

0.0%

†

of

Net

Assets)

#### ..............
$2,038

$2,038

†

Rounds

to

less

than

0.1%

of

net

assets.

#### Borrower

#### Unfunded

#### Commitment

#### Putnam

#### Dynamic

#### Asset

#### Allocation

#### Conservative

#### Fund
First

Eagle

Holdings,

Inc.

$

21,875

#### Asset

#### Derivatives

#### Liability

#### Derivatives

#### Derivative

#### Contracts

#### Not

#### Accounted

#### for

#### as

#### Hedging

#### Instruments

#### Consolidated

#### Statement

#### of

#### Assets

#### and

#### Liabilities

#### Location

#### Fair

#### Value

#### Consolidated

#### Statement

#### of

#### Assets

#### and

#### Liabilities

#### Location

#### Fair

#### Value

#### Putnam

#### Dynamic

#### Asset

#### Allocation

#### Conservative

#### Fund
Interest

rate

contracts

.......

Variation

margin

on

futures

contracts

$

138,915

a

Variation

margin

on

futures

contracts

$

3,981,221

a

Variation

margin

on

centrally

cleared

swap

contracts

569,146

a

Variation

margin

on

centrally

cleared

swap

contracts

855,356

a

Foreign

exchange

contracts

..

Unrealized

appreciation

on

OTC

forward

exchange

contracts

177,131

Unrealized

depreciation

on

OTC

forward

exchange

contracts

215,610

Credit

contracts

............

Variation

margin

on

centrally

cleared

swap

contracts

33,528

a

Variation

margin

on

centrally

cleared

swap

contracts

593,247

a

Unrealized

appreciation

on

OTC

swap

contracts

5,408

Unrealized

depreciation

on

OTC

swap

contracts

—

Equity

contracts

...........

Variation

margin

on

futures

contracts

4,904,124

a

Variation

margin

on

futures

contracts

661,358

a

Unrealized

appreciation

on

OTC

swap

contracts

1,112,263

Unrealized

depreciation

on

OTC

swap

contracts

662,007

8. #### Restricted

#### Securities
(continued)

Putnam

Asset

Allocation

Funds

Notes

to

Consolidated

Financial

Statements

(unaudited)

franklintempleton.com

Semiannual

Report

#### Putnam

#### Dynamic

#### Asset

#### Allocation

#### Conservative

#### Fund
(continued)

For

the

period

ended

March

31,

2026,

the

effect

of

derivative

contracts

in

the Consolidated

Statement

of

Operations

was

as

follows:

For

the

period

ended

March

31,

2026,

the

average

month

end

notional

amount

of

futures

contracts

and

swap

contracts

represented

$365,791,523

and

$260,029,531,

respectively.

The

average

month

end

contract

value

of

forward

exchange

contracts

was

$26,444,034.

See

Note

1(f) regarding

derivative

financial

instruments.

#### Asset

#### Derivatives

#### Liability

#### Derivatives

#### Derivative

#### Contracts

#### Not

#### Accounted

#### for

#### as

#### Hedging

#### Instruments

#### Consolidated

#### Statement

#### of

#### Assets

#### and

#### Liabilities

#### Location

#### Fair

#### Value

#### Consolidated

#### Statement

#### of

#### Assets

#### and

#### Liabilities

#### Location

#### Fair

#### Value

#### Putnam

#### Dynamic

#### Asset

#### Allocation

#### Conservative

#### Fund
(continued)

Total

....................

$6,940,515

$6,968,799

a

This

amount

reflects

the

cumulative

appreciation

(depreciation)

of

futures

contracts

and

centrally

cleared

swap

contracts

as

reported

in

the

Consolidated

Schedule

of

Investments.

Only

the

variation

margin

receivable/payable

at

period

end

is

separately

reported

within

the

Consolidated

Statement

of

Assets

and

Liabilities.

Prior

variation

margin

movements

were

recorded

to

cash

upon

receipt

or

payment.

#### Derivative

#### Contracts

#### Not

#### Accounted

#### for

#### as

#### Hedging

#### Instruments

#### Consolidated

#### Statement

#### of

#### Operations

#### Location

#### Net

#### Realized

#### Gain
(Loss)

#### for

#### the

#### Period

#### Consolidated

#### Statement

#### of

#### Operations

#### Location

#### Net

#### Change

#### in

#### Unrealized

#### Appreciation
(Depreciation)

#### for

#### the

#### Period

#### Putnam

#### Dynamic

#### Asset

#### Allocation

#### Conservative

#### Fund
Net

realized

gain

(loss)

from:

Net

change

in

unrealized

&nbsp;&nbsp;&nbsp;&nbsp;appreciation

(depreciation)

on:

Interest

rate

contracts

..........

Futures

contracts

$1,434,009

Futures

contracts

$(4,748,193)

Swap

contracts

(703,032)

Swap

contracts

(91,725)

Foreign

exchange

contracts

.....

Forward

exchange

contracts

49,807

Forward

exchange

contracts

(70,651)

Credit

contracts

...............

Swap

contracts

645,356

Swap

contracts

(702,926)

Equity

contracts

..............

Futures

contracts

(123,161)

Futures

contracts

5,259,836

Swap

contracts

232,579

Swap

contracts

292,935

Commodity

contracts

..........

Futures

contracts

534,204

Futures

contracts

46,039

Total

.......................

$2,069,762

$(14,685)

10. #### Other

#### Derivative

#### Information
(continued)

Putnam

Asset

Allocation

Funds

Notes

to

Consolidated

Financial

Statements

(unaudited)

franklintempleton.com

Semiannual

Report

#### Putnam

#### Dynamic

#### Asset

#### Allocation

#### Conservative

#### Fund
(continued)

11. #### Credit

#### Facility
The

Fund,

together

with

other

U.S.

registered

and

foreign

investment

funds

(collectively,

Borrowers),

managed

by

Franklin

Templeton,

are

borrowers

in

a

joint

syndicated

senior

unsecured

credit

facility

totaling

$2.995

billion

(Global

Credit

Facility)

which

matures

on

January

29,

2027. This

Global

Credit

Facility

provides

a

source

of

funds

to

the

Borrowers

for

temporary

and

emergency

purposes,

including

the

ability

to

meet

future

unanticipated

or

unusually

large

redemption

requests.

Under

the

terms

of

the

Global

Credit

Facility,

the

Fund

may,

in

addition

to

interest

charged

on

any

borrowings

made

by

the

Fund

and

other

costs

incurred

by

the

Fund,

pay

its

share

of

fees

and

expenses

incurred

in

connection

with

the

implementation

and

maintenance

of

the

Global

Credit

Facility,

based

upon

its

relative

share

of

the

aggregate

net

assets

of

all

of

the

Borrowers,

including

an

annual

commitment

fee

of

0.15%

based

upon

the

unused

portion

of

the

Global

Credit

Facility.

These

fees

are

reflected

in

other

expenses

in

the

Consolidated

Statement

of

Operations.

During

the

period

ended

March

31,

2026,

the Fund

did

not

use

the

Global

Credit

Facility.

12. #### Fair

#### Value

#### Measurements
The

Fund

follows

a

fair

value

hierarchy

that

distinguishes

between

market

data

obtained

from

independent

sources

(observable

inputs)

and

the Fund's

own

market

assumptions

(unobservable

inputs).

These

inputs

are

used

in

determining

the

value

of

the

Fund's financial

instruments

and

are

summarized

in

the

following

fair

value

hierarchy:

Level

–

quoted

prices

in

active

markets

for

identical

financial

instruments

Level

–

other

significant

observable

inputs

(including

quoted

prices

for

similar

financial

instruments,

interest

rates,

prepayment

speed,

credit

risk,

etc.)

Level

–

significant

unobservable

inputs

(including

the

Fund's

own

assumptions

in

determining

the

fair

value

of

financial

instruments)

The

input

levels

are

not

necessarily

an

indication

of

the

risk

or

liquidity

associated

with

financial

instruments

at

that

level.

A

summary

of

inputs

used

as

of

March

31,

2026,

in

valuing

the

Fund's assets

and

liabilities carried

at

fair

value,

is

as

follows:

#### Level

#### 1

#### Level

#### 2

#### Level

#### 3

#### Total

#### Putnam

#### Dynamic

#### Asset

#### Allocation

#### Conservative

#### Fund

#### Assets:
Investments

in

Securities:

a

Common

Stocks

:

Aerospace

&

Defense

...................

$

9,424,627

$

2,536,522

$

—

$

11,961,149

Air

Freight

&

Logistics

...................

2,084,028

—

—

2,084,028

Automobile

Components

.................

432,347

376,947

—

809,294

Automobiles

..........................

8,141,602

205,230

—

8,346,832

Banks

...............................

13,112,344

10,691,034

—

23,803,378

Beverages

...........................

5,356,803

302,544

—

5,659,347

Biotechnology

.........................

10,265,697

54,403

—

10,320,100

Broadline

Retail

.......................

13,153,805

944,032

—

14,097,837

Building

Products

......................

2,062,838

470,024

—

2,532,862

Capital

Markets

........................

12,680,752

2,742,179

—

15,422,931

Chemicals

...........................

6,580,401

507,879

—

7,088,280

Commercial

Services

&

Supplies

...........

508,920

—

—

508,920

Communications

Equipment

..............

5,470,165

223,137

—

5,693,302

Construction

&

Engineering

...............

735,837

1,180,473

—

1,916,310

Construction

Materials

..................

1,727,614

871,056

—

2,598,670

Consumer

Finance

.....................

2,976,887

—

—

2,976,887

Consumer

Staples

Distribution

&

Retail

......

6,709,007

291,638

—

7,000,645

Containers

&

Packaging

.................

964,834

—

—

964,834

Putnam

Asset

Allocation

Funds

Notes

to

Consolidated

Financial

Statements

(unaudited)

franklintempleton.com

Semiannual

Report

#### Putnam

#### Dynamic

#### Asset

#### Allocation

#### Conservative

#### Fund
(continued)

#### Level

#### 1

#### Level

#### 2

#### Level

#### 3

#### Total

#### Putnam

#### Dynamic

#### Asset

#### Allocation

#### Conservative

#### Fund
(continued)

#### Assets:
(continued)

Investments

in

Securities:

a

(continued)

Common

Stocks:

(continued)

Distributors

...........................

$

43,463

$

—

$

—

$

43,463

Diversified

Consumer

Services

............

435,279

—

—

435,279

Diversified

REITs

......................

32,570

—

—

32,570

Diversified

Telecommunication

Services

.....

3,504,250

1,131,958

—

4,636,208

Electric

Utilities

........................

5,865,886

1,732,661

—

7,598,547

Electrical

Equipment

....................

6,164,126

2,906,990

—

9,071,116

Electronic

Equipment,

Instruments

&

Components

........................

618,876

—

—

618,876

Energy

Equipment

&

Services

.............

2,962,578

—

—

2,962,578

Entertainment

.........................

6,140,221

767,154

—

6,907,375

Financial

Services

......................

10,499,284

651,710

—

11,150,994

Food

Products

........................

872,750

1,200,099

—

2,072,849

Gas

Utilities

..........................

347,059

193,094

—

540,153

Ground

Transportation

..................

2,010,063

—

—

2,010,063

Health

Care

Equipment

&

Supplies

.........

5,225,176

1,591,953

—

6,817,129

Health

Care

Providers

&

Services

..........

4,408,807

39,026

—

4,447,833

Health

Care

REITs

.....................

358,820

—

—

358,820

Health

Care

Technology

.................

2,004,667

—

—

2,004,667

Hotel

&

Resort

REITs

...................

113,513

—

—

113,513

Hotels,

Restaurants

&

Leisure

.............

5,883,729

1,130,743

—

7,014,472

Household

Durables

....................

2,088,730

596,102

—

2,684,832

Household

Products

....................

4,307,249

513,338

—

4,820,587

Independent

Power

and

Renewable

Electricity

Producers

..........................

380,353

642,378

—

1,022,731

Industrial

Conglomerates

................

1,927,439

1,694,622

—

3,622,061

Industrial

REITs

.......................

880,324

—

—

880,324

Insurance

............................

6,677,001

3,176,943

—

9,853,944

Interactive

Media

&

Services

..............

25,954,360

210,251

—

26,164,611

IT

Services

...........................

1,979,766

272,586

—

2,252,352

Leisure

Products

.......................

300,333

394,726

—

695,059

Life

Sciences

Tools

&

Services

............

1,857,198

537,592

—

2,394,790

Machinery

............................

7,594,720

1,536,200

—

9,130,920

Marine

Transportation

...................

108,036

201,412

—

309,448

Media

...............................

574,168

82,047

—

656,215

Metals

&

Mining

.......................

1,805,436

3,981,251

—

5,786,687

Mortgage

Real

Estate

Investment

Trusts

(REITs)

............................

240,489

—

—

240,489

Multi-Utilities

..........................

1,354,071

431,397

—

1,785,468

Office

REITs

..........................

424,658

—

—

424,658

Oil,

Gas

&

Consumable

Fuels

.............

10,030,821

5,546,210

—

15,577,031

Paper

&

Forest

Products

.................

14,953

—

—

14,953

Passenger

Airlines

.....................

1,912,002

1,045,106

—

2,957,108

Personal

Care

Products

.................

—

438,591

—

438,591

Pharmaceuticals

.......................

12,754,788

8,606,318

—

21,361,106

Professional

Services

...................

1,085,440

326,775

—

1,412,215

Real

Estate

Management

&

Development

....

1,191,206

—

—

1,191,206

Residential

REITs

......................

1,358,260

—

—

1,358,260

Retail

REITs

..........................

1,642,524

—

—

1,642,524

Semiconductors

&

Semiconductor

Equipment

.

44,805,346

4,468,399

—

49,273,745

Software

.............................

25,176,233

833,664

—

26,009,897

Specialized

REITs

......................

2,377,314

—

—

2,377,314

Specialty

Retail

........................

1,881,420

226,273

—

2,107,693

Technology

Hardware,

Storage

&

Peripherals

.

23,448,527

—

—

23,448,527

Textiles,

Apparel

&

Luxury

Goods

..........

295,618

587,801

—

883,419

12. #### Fair

#### Value

#### Measurements
(continued)

Putnam

Asset

Allocation

Funds

Notes

to

Consolidated

Financial

Statements

(unaudited)

franklintempleton.com

Semiannual

Report

#### Putnam

#### Dynamic

#### Asset

#### Allocation

#### Conservative

#### Fund
(continued)

A

reconciliation

in

which

Level

inputs

are

used

in

determining

fair

value

is

presented

when

there

are

significant

Level

assets

and/or

liabilities

at

the

beginning

and/or

end

of

the period.

13. #### Operating

#### Segments
The Fund operates

as

a

single

operating

segment,

which

is

an

investment

portfolio.

The

portfolio

managers

assigned

to

the

Fund

within

the

Fund's

investment

manager serve

as

the

Chief

Operating

Decision

Maker

("CODM")

and

are

responsible

for

evaluating

the

Fund's

operating

results

and

allocating

resources

in

accordance

with

the

Fund's

investment

strategy.

Internal

reporting

provided

to

the

CODM

aligns

with

the

accounting

policies

and

measurement

principles

used

in

the consolidated

financial

statements.

#### Level

#### 1

#### Level

#### 2

#### Level

#### 3

#### Total

#### Putnam

#### Dynamic

#### Asset

#### Allocation

#### Conservative

#### Fund
(continued)

#### Assets:
(continued)

Investments

in

Securities:

a

(continued)

Common

Stocks:

(continued)

Tobacco

.............................

$

3,584,571

$

1,309,258

$

—

$

4,893,829

Trading

Companies

&

Distributors

..........

939,981

1,232,601

—

2,172,582

Transportation

Infrastructure

..............

129,729

—

—

129,729

Water

Utilities

.........................

31,719

—

—

31,719

Wireless

Telecommunication

Services

.......

956,057

1,064,978

—

2,021,035

Management

Investment

Companies

.........

581,823

—

—

581,823

Convertible

Preferred

Stocks

................

180,778

—

—

180,778

Preferred

Stocks

.........................

—

351,955

—

351,955

Rights

.................................

—

—

4,052

4,052

Convertible

Bonds

.......................

—

385,403

—

385,403

Corporate

Bonds

........................

—

136,558,530

—

136,558,530

Senior

Floating

Rate

Interests

...............

—

6,723,241

—

6,723,241

Foreign

Government

and

Agency

Securities

....

—

9,235,289

—

9,235,289

U.S.

Government

and

Agency

Securities

.......

—

170,887

—

170,887

Asset-Backed

Securities

...................

—

19,731,811

—

19,731,811

Commercial

Mortgage-Backed

Securities

......

—

13,414,039

—

13,414,039

Mortgage-Backed

Securities

................

—

138,081,503

—

138,081,503

Residential

Mortgage-Backed

Securities

.......

—

10,528,485

—

10,528,485

Agency

Commercial

Mortgage-Backed

Securities

—

14,164,078

—

14,164,078

Municipal

Bonds

.........................

—

1,240,961

—

1,240,961

Short

Term

Investments

...................

49,346,083

89,746,670

—

139,092,753

Total

Investments

in

Securities

...........

$402,059,149

$513,032,157

b

$4,052

$915,095,358

Other

Financial

Instruments:

Forward

Exchange

Contracts

...............

$—

$177,131

$—

$177,131

Futures

Contracts

.......................

5,043,039

—

—

5,043,039

Swap

Contracts

.........................

—

1,720,345

—

1,720,345

Total

Other

Financial

Instruments

.........

$5,043,039

$1,897,476

$—

$6,940,515

#### Liabilities:
Other

Financial

Instruments:

TBA

Sale

Commitments

...................

$

—

$

30,208,693

$

—

$

30,208,693

Forward

Exchange

Contracts

...............

—

215,610

—

215,610

Futures

Contracts

........................

4,642,579

—

—

4,642,579

Swap

Contracts

.........................

—

2,110,610

—

2,110,610

Unfunded

Loan

Commitments

...............

—

—

Total

Other

Financial

Instruments

.........

$4,642,579

$32,535,050

$—

$37,177,629

a

For

detailed

categories,

see

the

accompanying

Consolidated

Schedule

of

Investments.

b

Includes

foreign

securities

valued

at

$73,051,260,

which

were

categorized

as

Level

as

a

result

of

the

application

of

market

level

fair

value

procedures.

See

the

Financial

Instrument

Valuation

note

for

more

information.

12. #### Fair

#### Value

#### Measurements
(continued)

Putnam

Asset

Allocation

Funds

Notes

to

Consolidated

Financial

Statements

(unaudited)

franklintempleton.com

Semiannual

Report

#### Putnam

#### Dynamic

#### Asset

#### Allocation

#### Conservative

#### Fund
(continued)

For

information

regarding

segment

assets,

segment

profit

or

loss,

and

significant

expenses,

refer

to

the Consolidated

Statement

of

Assets

and

Liabilities

and

the Consolidated

Statement

of

Operations,

along

with

the

related

notes

to

the consolidated

financial

statements.

The Consolidated

Schedule

of

Investments

provides

details

of

the Fund's investments

that

generate

returns

such

as

interest,

dividends,

and

realized

and

unrealized

gains

or

losses.

Performance

metrics,

including

portfolio

turnover

and

expense

ratios,

are

disclosed

in

the Consolidated

Financial

Highlights.

14. #### Subsequent

#### Events
The Fund

has

evaluated

subsequent

events

through

the

issuance

of

the

consolidated

financial

statements

and

determined

that

no

events

have

occurred

that

require

disclosure

other

than

those

already

disclosed

in

the

consolidated

financial

statements.

#### Abbreviations

#### Counterparty

#### BOFA
Bank

of

America

NA

#### BZWS
Barclays

Bank

plc

#### CITI
Citibank

NA

#### GSCO
Goldman

Sachs

Group,

Inc.

#### HSBK
HSBC

Bank

plc

#### JPHQ
JPMorgan

Chase

Bank

NA

#### MSCO
Morgan

Stanley

#### SSBT
State

Street

Bank

and

Trust

Co.

#### TDOM
Toronto

Dominion

Bank

#### UBSW
UBS

AG

#### WPAC
Westpac

Banking

Corp.

#### Cu

#### r

#### rency

#### AUD
Australian

Dollar

#### EUR
Euro

#### GBP
British

Pound

#### USD
United

States

Dollar

#### Index

#### CDX.NA.HY.

#### Series

#### number
CDX

North

America

High

Yield

Index

#### CDX.NA.IG.

#### Series

#### number
CDX

North

America

Investment

Grade

Index

#### Selected

#### Portfolio

#### ADR
American

Depositary

Receipt

#### CLO
Collateralized

Loan

Obligation

#### CME
Chicago

Mercantile

Exchange

#### CMT
Constant

Monthly

U.S.

Treasury

Securities

Yield

Curve

Rate

Index

#### CVR
Contingent

Value

Right

#### ETF
Exchange-Traded

Fund

#### EURIBOR
Euro

Inter-Bank

Offer

Rate

#### FHLMC
Federal

Home

Loan

Mortgage

Corp.

#### FNMA
Federal

National

Mortgage

Association

#### FRN
Floating

Rate

Note

#### GNMA
Government

National

Mortgage

Association

#### GO
General

Obligation

#### IO
Interest

Only

#### NATL
National

Reinsurance

Corp.

#### PIK
Payment-In-Kind

#### REIT
Real

Estate

Investment

Trust

#### REMIC
Real

Estate

Mortgage

Investment

Conduit

#### SOFR
Secured

Overnight

Financing

Rate

#### STACR
Structured

Agency

Credit

Risk

#### T-Note
Treasury

Note

The

following

reference

rates,

and

their

values

as

of

period

end,

are

used

for

security

descriptions:

#### Reference

#### Index

#### Reference

#### Rate
1-day

SOFR

........................

3.68%

13. #### Operating

#### Segments
(continued)

Putnam

Asset

Allocation

Funds

franklintempleton.com

Semiannual

Report

#### Changes

#### In

#### and

#### Disagreements

#### with

#### Accountants
For

the

period

covered

by

this

report

Not

applicable.

#### Results

#### of

#### Meeting(s)

#### of

#### Shareholders
For

the

period

covered

by

this

report

Not

applicable.

#### Remuneration

#### Paid

#### to

#### Directors,

#### Officers

#### and

#### Others
For

the

period

covered

by

this

report

Refer

to

the

consolidated

financial

statements

included

herein.

Remuneration

to

officers

is

paid

by

the

Fund's

investment

manager

according

to

the

terms

of

the

agreement.

#### Board

#### Approval

#### of

#### Management

#### and

#### Subadvisory

#### Agreements
For

the

period

covered

by

this

report

Not

applicable.

38957-SFSOI

05/26©

2026

Franklin

Templeton.

All

rights

reserved.

ITEM 8. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES.

The information is disclosed as part of the Financial Statements included in Item 7 of this Form N-CSR.

ITEM 9. PROXY DISCLOSURES FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES.

The information is disclosed as part of the Financial Statements included in Item 7 of this Form N-CSR.

ITEM 10. REMUNERATION PAID TO DIRECTORS, OFFICERS, AND OTHERS OF OPEN-END MANAGEMENT INVESTMENT COMPANIES.

The information is disclosed as part of the Financial Statements included in Item 7 of this Form N-CSR.

ITEM 11. STATEMENT REGARDING BASIS FOR APPROVAL OF INVESTMENT ADVISORY CONTRACT.

The information is disclosed as part of the Financial Statements included in Item 7 of this Form N-CSR, as applicable.

ITEM 12. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable.

ITEM 13. PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable.

ITEM 14. PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS.

Not applicable.

---

| | |
|:---|:---|
| ITEM 15. | SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS. |

---

There have been no changes to the procedures by which shareholders may recommend nominees to the Registrant's Board of Trustees that would require disclosure herein.

ITEM 16. CONTROLS AND PROCEDURES.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Registrants acknowledge the Staff's comment. In future filings on Form N-CSR,
 the certifications required by Rule 30a-2 and Item 19(a)(3) will include the designations "principal executive officer" and
 "principal financial officer" in the signature blocks, reflecting the capacity in which each signatory executes the certification,
 in conformity with the language of the Rule and Form N-CSR. The Registrants may also include each signatory's actual title with
 respect to the Funds alongside the required designation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) During the period covered by this report, the Registrant transitioned to a new third-party
 service provider who performs certain accounting and administrative services for the Registrant that are subject to Franklin Templeton's
 oversight.

ITEM 17. DISCLOSURE OF SECURITIES LENDING ACTIVITIES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable.

ITEM 18. RECOVERY OF ERRONEOUSLY AWARDED COMPENSATION.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Not applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Not applicable.

ITEM 19. EXHIBITS.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) (1) Not applicable.

Exhibit 99.CODE ETH

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[(a) (3) Certifications pursuant to section 302 of the Sarbanes-Oxley Act of 2002 attached hereto.](pdaacf-efp24639_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.](pdaacf-efp24639_ex99906cert.htm)

Exhibit 99.906CERT

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this Report to be signed on its behalf by the undersigned, there unto duly authorized.

**Putnam Asset Allocation Funds**

---

| | |
|:---|:---|
| By: | /s/ Jonathan S. Horwitz |
|  | Jonathan S. Horwitz |
|  | Principal Executive Officer |
| Date: | May 29, 2026 |

---

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

---

| | |
|:---|:---|
| By: | /s/ Jonathan S. Horwitz |
|  | Jonathan S. Horwitz |
|  | Principal Executive Officer |
| Date: | May 29, 2026 |
| By: | /s/ Jeffrey White |
|  | Jeffrey White |
|  | Principal Financial Officer |
| Date: | May 29, 2026 |

---

## Ex-99.Cert

CERTIFICATIONS PURSUANT TO SECTION 302

EX-99.CERT

**<u>CERTIFICATIONS</u>**

I, Jonathan S. Horwitz, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;1. I
 have reviewed this report on Form N-CSR of **Putnam Asset Allocation Funds**;

&nbsp;&nbsp;&nbsp;&nbsp;2. Based
 on my knowledge, this report does not contain any untrue statement of a material fact or
 omit to state a material fact necessary to make the statements made, in light of the circumstances
 under which such statements were made, not misleading with respect to the period covered
 by this report;

&nbsp;&nbsp;&nbsp;&nbsp;3. Based
 on my knowledge, the financial statements, and other financial information included in this
 report, fairly present in all material respects the financial condition, results of operations,
 changes in net assets, and cash flows (if the financial statements are required to include
 a statement of cash flows) of the registrant as of, and for, the periods presented in this
 report;

&nbsp;&nbsp;&nbsp;&nbsp;4. The
 registrant's other certifying officers and I are responsible for establishing and maintaining
 disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company
 Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under
 the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) Designed
 such disclosure controls and procedures, or caused such disclosure controls and procedures
 to be designed under our supervision, to ensure that material information relating to the
 registrant, including its consolidated subsidiaries, is made known to us by others within
 those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) Designed
 such internal control over financial reporting, or caused such internal control over financial
 reporting to be designed under our supervision, to provide reasonable assurance regarding
 the reliability of financial reporting and the preparation of financial statements for external
 purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c) Evaluated
 the effectiveness of the registrant's disclosure controls and procedures and presented
 in this report our conclusions about the effectiveness of the disclosure controls and procedures,
 as of a date within 90 days prior to the filing date of this report based on such evaluation;
 and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d) Disclosed
 in this report any change in the registrant's internal control over financial reporting
 that occurred during the period covered by this report that has materially affected, or is
 reasonably likely to materially affect, the registrant's internal control over financial
 reporting; and

&nbsp;&nbsp;&nbsp;&nbsp;5. The
 registrant's other certifying officers and I have disclosed to the registrant's
 auditors and the audit committee of the registrant's board of directors (or persons
 performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) All
 significant deficiencies and material weaknesses in the design or operation of internal control
 over financial reporting which are reasonably likely to adversely affect the registrant's
 ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) Any
 fraud, whether or not material, that involves management or other employees who have a significant
 role in the registrant's internal control over financial reporting.

---

| |
|:---|
| Date: May 29, 2026 |
| /s/ Jonathan S. Horwitz |
| Jonathan S. Horwitz |
| Principal Executive Officer |

---

**<u>CERTIFICATIONS</u>**

I, Jeffrey White, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;1. I
 have reviewed this report on Form N-CSR of **Putnam Asset Allocation Funds**;

&nbsp;&nbsp;&nbsp;&nbsp;2. Based
 on my knowledge, this report does not contain any untrue statement of a material fact or
 omit to state a material fact necessary to make the statements made, in light of the circumstances
 under which such statements were made, not misleading with respect to the period covered
 by this report;

&nbsp;&nbsp;&nbsp;&nbsp;3. Based
 on my knowledge, the financial information included in this report, and the financial statements
 on which the financial information is based, fairly present in all material respects the
 financial condition, results of operations, changes in net assets, and cash flows (if the
 financial statements are required to include a statement of cash flows) of the registrant
 as of, and for, the periods presented in this report;

&nbsp;&nbsp;&nbsp;&nbsp;4. The
 registrant's other certifying officers and I are responsible for establishing and maintaining
 disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company
 Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under
 the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) Designed
 such disclosure controls and procedures, or caused such disclosure controls and procedures
 to be designed under our supervision, to ensure that material information relating to the
 registrant, including its consolidated subsidiaries, is made known to us by others within
 those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) Designed
 such internal control over financial reporting, or caused such internal control over financial
 reporting to be designed under our supervision, to provide reasonable assurance regarding
 the reliability of financial reporting and the preparation of financial statements for external
 purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c) Evaluated
 the effectiveness of the registrant's disclosure controls and procedures and presented
 in this report our conclusions about the effectiveness of the disclosure controls and procedures,
 as of a date within 90 days prior to the filing date of this report based on such evaluation;
 and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d) Disclosed
 in this report any change in the registrant's internal control over financial reporting
 that occurred during the period covered by this report that has materially affected, or is
 reasonably likely to materially affect, the registrant's internal control over financial
 reporting; and

&nbsp;&nbsp;&nbsp;&nbsp;5. The
 registrant's other certifying officers and I have disclosed to the registrant's
 auditors and the audit committee of the registrant's board of directors (or persons
 performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) All
 significant deficiencies and material weaknesses in the design or operation of internal control
 over financial reporting which are reasonably likely to adversely affect the registrant's
 ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) Any
 fraud, whether or not material, that involves management or other employees who have a significant
 role in the registrant's internal control over financial reporting.

---

| |
|:---|
| Date: May 29, 2026 |
| /s/ Jeffrey White |
| Jeffrey White |
| Principal Financial Officer |

---

## Exhibit 99.906

CERTIFICATIONS PURSUANT TO SECTION 906

EX-99.906CERT

**CERTIFICATION**

**Jonathan S. Horwitz,** Principal Executive Officer, and **Jeffrey White,** Principal Financial Officer of **Putnam Asset Allocation Funds** (the "Registrant"), each certify to the best of their knowledge that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The Registrant's periodic report on Form N-CSR for the period ended **March 31, 2026** (the "Form N-CSR") fully complies with the requirements of Section 13(a) or 15(d), as applicable, of the Securities Exchange Act of 1934, as amended; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The information contained in the Form N-CSR fairly presents, in all material respects, the financial condition and results of operations of the Registrant.

---

| | |
|:---|:---|
| **Principal Executive Officer** | **Principal Financial Officer** |
| Putnam Asset Allocation Funds | Putnam Asset Allocation Funds |
| /s/ Jonathan S. Horwitz | /s/ Jeffrey White |
| Jonathan S. Horwitz | Jeffrey White |
| Date: May 29, 2026 | Date: May 29, 2026 |

---

This certification is being furnished to the Securities and Exchange Commission solely pursuant to 18 U.S.C. § 1350 and is not being filed as part of the Form N-CSR with the Commission.