# EDGAR Filing Document

**Accession Number:** 0000914209
**File Stem:** 0001133228-26-008629
**Filing Date:** 2026-6
**Character Count:** 498577
**Document Hash:** 0fc2d833a959f0cff3cf44061734d2b1
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001133228-26-008629.hdr.sgml**: 20260601

**ACCESSION NUMBER**: 0001133228-26-008629

**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:** 261050067

**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 Growth Fund (Series ID: S000000780)

| Class ID   | Class Name     | Ticker Symbol   |
|:---|:---|:---|
| C000002319 | Class A shares | PAEAX           |
| C000002321 | Class C shares | PAECX           |
| C000002323 | Class R shares | PASRX           |
| C000002324 | Class Y shares | PAGYX           |
| C000117949 | Class R5       |  |
| C000117950 | Class R6       |  |
| C000174663 | Class P Shares |  |

?xml version='1.0' encoding='ASCII'? 2026-04-2074200171300_PutnamDynamicAssetAllocationGrowthFund_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 Growth Fund**  | ![image](img2199_202405220716489.jpg) |
| Class A [PAEAX] | ![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 Growth 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 | $47 | 0.94% |

---

\* 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** | $3780792033 |
| **Total Number of Portfolio Holdings (excludes derivatives, except purchased options, if any)** | 2355 |
| **Portfolio Turnover Rate** | 42% |

---

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

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

![image](ts7564img003.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 Growth Fund PAGE 1 38952-STSA-0526

77.26.53.70.70.50.50.40.40.30.30.20.10.00.00.00.09.2 ------

---

| | |
|:---|:---|
| **Putnam Dynamic Asset Allocation Growth Fund**  | ![image](img2199_202405220716489.jpg) |
| Class C [PAECX] | ![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 Growth 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 | $85 | 1.69% |

---

\* 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** | $3780792033 |
| **Total Number of Portfolio Holdings (excludes derivatives, except purchased options, if any)** | 2355 |
| **Portfolio Turnover Rate** | 42% |

---

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

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

![image](ts7565img003.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 Growth Fund PAGE 1 38952-STSC-0526

77.26.53.70.70.50.50.40.40.30.30.20.10.00.00.00.09.2 ---

| | |
|:---|:---|
| **Putnam Dynamic Asset Allocation Growth 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 Growth 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 | $30 | 0.59% |

---

\* 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** | $3780792033 |
| **Total Number of Portfolio Holdings (excludes derivatives, except purchased options, if any)** | 2355 |
| **Portfolio Turnover Rate** | 42% |

---

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

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

![image](ts7566img003.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 Growth Fund PAGE 1 38952-STSP-0526

---

| | |
|:---|:---|
| **Putnam Dynamic Asset Allocation Growth Fund**  | ![image](img2199_202405220716489.jpg) |
| Class R [PASRX] | ![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 Growth 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 | $60 | 1.20% |

---

\* 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** | $3780792033 |
| **Total Number of Portfolio Holdings (excludes derivatives, except purchased options, if any)** | 2355 |
| **Portfolio Turnover Rate** | 42% |

---

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

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

![image](ts7569img003.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 Growth Fund PAGE 1 38952-STSR-0526

77.26.53.70.70.50.50.40.40.30.30.20.10.00.00.00.09.2 ---

| | |
|:---|:---|
| **Putnam Dynamic Asset Allocation Growth Fund**  | ![image](img2199_202405220716489.jpg) |
| Class R5 [PADEX] | ![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 Growth 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 | $37 | 0.74% |

---

\* 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** | $3780792033 |
| **Total Number of Portfolio Holdings (excludes derivatives, except purchased options, if any)** | 2355 |
| **Portfolio Turnover Rate** | 42% |

---

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

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

![image](ts7567img003.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 Growth Fund PAGE 1 38952-STSR5-0526

77.26.53.70.70.50.50.40.40.30.30.20.10.00.00.00.09.2 ---

| | |
|:---|:---|
| **Putnam Dynamic Asset Allocation Growth Fund**  | ![image](img2199_202405220716489.jpg) |
| Class R6 [PAEEX] | ![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 Growth 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 | $33 | 0.65% |

---

\* 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** | $3780792033 |
| **Total Number of Portfolio Holdings (excludes derivatives, except purchased options, if any)** | 2355 |
| **Portfolio Turnover Rate** | 42% |

---

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

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

![image](ts7568img003.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 Growth Fund PAGE 1 38952-STSR6-0526

77.26.53.70.70.50.50.40.40.30.30.20.10.00.00.00.09.2 ---

| | |
|:---|:---|
| **Putnam Dynamic Asset Allocation Growth Fund**  | ![image](img2199_202405220716489.jpg) |
| Class Y [PAGYX] | ![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 Growth 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 | $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** | $3780792033 |
| **Total Number of Portfolio Holdings (excludes derivatives, except purchased options, if any)** | 2355 |
| **Portfolio Turnover Rate** | 42% |

---

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

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

![image](ts7570img003.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 Growth Fund PAGE 1 38952-STSY-0526

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

ITEM 2. CODE OF ETHICS.

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

#### Growth

#### 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

#### 84
Notes

to

Consolidated

Financial

Statements

#### 89
Changes

In

and

Disagreements

with

Accountants

#### 109
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

#### Growth

#### 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

.....

$22.38

$21.58

$17.05

$14.82

$20.95

$16.98

Income

from

investment

operations

a

:

Net

investment

income

b

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

0.11 0.27 0.29 0.26 0.19 0.15 Net

realized

and

unrealized

gains

(losses)

0.17 2.67 4.99 2.24 (3.46)

3.91 Total

from

investment

operations

........

0.28 2.94 5.28 2.50 (3.27)

4.06 Less

distributions

from:

Net

investment

income

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

(0.38)

(0.40)

(0.42)

(0.11)

(0.33)

(0.09)

Net

realized

gains

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

(1.09)

(1.74)

(0.33)

(0.16)

(2.53)

—

Total

distributions

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

(1.47)

(2.14)

(0.75)

(0.27)

(2.86)

(0.09)

Net

asset

value,

end

of

period

..........

$21.19

$22.38

$21.58

$17.05

$14.82

$20.95

Total

return

c

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

1.13%

15.13%

31.92%

17.03%

(18.53)%

23.97%

#### Ratios

#### to

#### average

#### net

#### assets

#### d
Expenses

e

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

0.94%

f

0.98%

f

1.01%

1.05%

1.03%

1.02%

Net

investment

income

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

1.02%

1.29%

1.49%

1.54%

1.08%

0.77%

#### Supplemental

#### data
Net

assets,

end

of

period

(000's)

........

$1,882,874

$1,965,555

$1,840,311

$1,496,298

$1,352,591

$1,762,933

Portfolio

turnover

rate

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

42%

100%

133%

191%

171%

168%

\*

Includes

the

consolidated

operations

of

Franklin

Dynamic

Asset

Allocation

Growth

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

#### Growth

#### 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

.....

$20.20

$19.67

$15.59

$13.57

$19.40

$15.77

Income

from

investment

operations

a

:

Net

investment

income

b

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

0.03 0.10 0.13 0.12 0.05 —

c

Net

realized

and

unrealized

gains

(losses)

0.15 2.42 4.57 2.06 (3.18)

3.63 Total

from

investment

operations

........

0.18 2.52 4.70 2.18 (3.13)

3.63 Less

distributions

from:

Net

investment

income

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

(0.23)

(0.25)

(0.29)

—

(0.17)

—

Net

realized

gains

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

(1.09)

(1.74)

(0.33)

(0.16)

(2.53)

—

Total

distributions

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

(1.32)

(1.99)

(0.62)

(0.16)

(2.70)

—

Net

asset

value,

end

of

period

..........

$19.06

$20.20

$19.67

$15.59

$13.57

$19.40

Total

return

d

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

0.73%

14.26%

30.95%

16.17%

(19.16)%

23.02%

#### Ratios

#### to

#### average

#### net

#### assets

#### e
Expenses

f

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

1.69%

g

1.73%

g

1.76%

1.80%

1.78%

1.77%

Net

investment

income

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

0.26%

0.54%

0.73%

0.79%

0.32%

0.03%

#### Supplemental

#### data
Net

assets,

end

of

period

(000's)

........

$109,700

$118,597

$135,914

$130,414

$144,712

$213,419

Portfolio

turnover

rate

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

42%

100%

133%

191%

171%

168%

\*

Includes

the

consolidated

operations

of

Franklin

Dynamic

Asset

Allocation

Growth

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

#### Growth

#### 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

.....

$22.82

$21.98

$17.34

$15.08

$21.29

$17.25

Income

from

investment

operations

a

:

Net

investment

income

b

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

0.23 0.34 0.37 0.28 0.27 0.23 Net

realized

and

unrealized

gains

(losses)

0.10 2.72 5.09 2.32 (3.54)

3.97 Total

from

investment

operations

........

0.33 3.06 5.46 2.60 (3.27)

4.20 Less

distributions

from:

Net

investment

income

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

(0.46)

(0.48)

(0.49)

(0.18)

(0.41)

(0.16)

Net

realized

gains

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

(1.09)

(1.74)

(0.33)

(0.16)

(2.53)

—

Total

distributions

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

(1.55)

(2.22)

(0.82)

(0.34)

(2.94)

(0.16)

Net

asset

value,

end

of

period

..........

$21.60

$22.82

$21.98

$17.34

$15.08

$21.29

Total

return

c

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

1.30%

15.47%

32.48%

17.42%

(18.29)%

24.45%

#### Ratios

#### to

#### average

#### net

#### assets

#### d
Expenses

e

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

0.59%

f

0.63%

f

0.64%

0.66%

0.65%

0.64%

Net

investment

income

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

2.00%

1.65%

1.89%

1.69%

1.47%

1.16%

#### Supplemental

#### data
Net

assets,

end

of

period

(000's)

........

$932,891

$84,031

$53,845

$25,378

$285,584

$323,609

Portfolio

turnover

rate

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

42%

100%

133%

191%

171%

168%

\*

Includes

the

consolidated

operations

of

Franklin

Dynamic

Asset

Allocation

Growth

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

#### Growth

#### 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

.....

$21.64

$20.93

$16.55

$14.39

$20.40

$16.52

Income

from

investment

operations

a

:

Net

investment

income

b

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

0.08 0.21 0.23 0.21 0.14 0.10 Net

realized

and

unrealized

gains

(losses)

0.16 2.58 4.86 2.17 (3.36)

3.81 Total

from

investment

operations

........

0.24 2.79 5.09 2.38 (3.22)

3.91 Less

distributions

from:

Net

investment

income

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

(0.35)

(0.34)

(0.38)

(0.06)

(0.26)

(0.03)

Net

realized

gains

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

(1.09)

(1.74)

(0.33)

(0.16)

(2.53)

—

Total

distributions

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

(1.44)

(2.08)

(0.71)

(0.22)

(2.79)

(0.03)

Net

asset

value,

end

of

period

..........

$20.44

$21.64

$20.93

$16.55

$14.39

$20.40

Total

return

c

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

0.98%

14.82%

31.65%

16.69%

(18.71)%

23.68%

#### Ratios

#### to

#### average

#### net

#### assets

#### d
Expenses

e

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

1.20%

f

1.23%

f

1.26%

1.30%

1.28%

1.27%

Net

investment

income

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

0.79%

1.04%

1.23%

1.29%

0.80%

0.52%

#### Supplemental

#### data
Net

assets,

end

of

period

(000's)

........

$19,104

$15,143

$13,549

$13,806

$14,349

$23,901

Portfolio

turnover

rate

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

42%

100%

133%

191%

171%

168%

\*

Includes

the

consolidated

operations

of

Franklin

Dynamic

Asset

Allocation

Growth

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

#### Growth

#### 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

.....

$23.63

$22.69

$17.46

$15.04

$21.22

$17.20

Income

from

investment

operations

a

:

Net

investment

income

b

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

0.15 0.33 0.36 0.25 0.24 0.21 Net

realized

and

unrealized

gains

(losses)

0.18 2.81 5.20 2.33 (3.51)

3.94 Total

from

investment

operations

........

0.33 3.14 5.56 2.58 (3.27)

4.15 Less

distributions

from:

Net

investment

income

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

(0.44)

(0.46)

—

—

(0.38)

(0.13)

Net

realized

gains

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

(1.09)

(1.74)

(0.33)

(0.16)

(2.53)

—

Total

distributions

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

(1.53)

(2.20)

(0.33)

(0.16)

(2.91)

(0.13)

Net

asset

value,

end

of

period

..........

$22.43

$23.63

$22.69

$17.46

$15.04

$21.22

Total

return

c

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

1.26%

15.35%

32.26%

17.26%

(18.32)%

24.24%

#### Ratios

#### to

#### average

#### net

#### assets

#### d
Expenses

e

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

0.74%

f

0.77%

f

0.78%

0.80%

0.79%

0.78%

Net

investment

income

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

1.26%

1.50%

1.71%

1.59%

1.32%

1.02%

#### Supplemental

#### data
Net

assets,

end

of

period

(000's)

........

$93

$67

$13

$4

$11,893

$15,534

Portfolio

turnover

rate

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

42%

100%

133%

191%

171%

168%

#### \*
Includes

the

consolidated

operations

of

Franklin

Dynamic

Asset

Allocation

Growth

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

#### Growth

#### 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

.....

$22.85

$22.00

$17.36

$15.09

$21.29

$17.25

Income

from

investment

operations

a

:

Net

investment

income

b

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

0.15 0.34 0.35 0.32 0.26 0.23 Net

realized

and

unrealized

gains

(losses)

0.17 2.72 5.10 2.28 (3.53)

3.96 Total

from

investment

operations

........

0.32 3.06 5.45 2.60 (3.27)

4.19 Less

distributions

from:

Net

investment

income

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

(0.45)

(0.47)

(0.48)

(0.17)

(0.40)

(0.15)

Net

realized

gains

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

(1.09)

(1.74)

(0.33)

(0.16)

(2.53)

—

Total

distributions

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

(1.54)

(2.21)

(0.81)

(0.33)

(2.93)

(0.15)

Net

asset

value,

end

of

period

..........

$21.63

$22.85

$22.00

$17.36

$15.09

$21.29

Total

return

c

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

1.26%

15.45%

32.41%

17.42%

(18.27)%

24.41%

#### Ratios

#### to

#### average

#### net

#### assets

#### d
Expenses

e

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

0.65%

f

0.67%

f

0.68%

0.70%

0.69%

0.68%

Net

investment

income

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

1.32%

1.61%

1.81%

1.89%

1.42%

1.12%

#### Supplemental

#### data
Net

assets,

end

of

period

(000's)

........

$391,497

$387,783

$362,208

$314,891

$280,296

$390,780

Portfolio

turnover

rate

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

42%

100%

133%

191%

171%

168%

#### \*
Includes

the

consolidated

operations

of

Franklin

Dynamic

Asset

Allocation

Growth

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

#### Growth

#### 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

.....

$22.80

$21.95

$17.32

$15.06

$21.24

$17.21

Income

from

investment

operations

a

:

Net

investment

income

b

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

0.14 0.32 0.34 0.30 0.24 0.21 Net

realized

and

unrealized

gains

(losses)

0.17 2.72 5.08 2.27 (3.51)

3.95 Total

from

investment

operations

........

0.31 3.04 5.42 2.57 (3.27)

4.16 Less

distributions

from:

Net

investment

income

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

(0.44)

(0.45)

(0.46)

(0.15)

(0.38)

(0.13)

Net

realized

gains

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

(1.09)

(1.74)

(0.33)

(0.16)

(2.53)

—

Total

distributions

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

(1.53)

(2.19)

(0.79)

(0.31)

(2.91)

(0.13)

Net

asset

value,

end

of

period

..........

$21.58

$22.80

$21.95

$17.32

$15.06

$21.24

Total

return

c

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

1.23%

15.41%

32.28%

17.26%

(18.29)%

24.27%

#### Ratios

#### to

#### average

#### net

#### assets

#### d
Expenses

e

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

0.69%

f

0.73%

f

0.76%

0.80%

0.78%

0.77%

Net

investment

income

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

1.28%

1.54%

1.75%

1.80%

1.32%

1.03%

#### Supplemental

#### data
Net

assets,

end

of

period

(000's)

........

$444,634

$401,604

$291,993

$198,604

$221,391

$301,154

Portfolio

turnover

rate

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

42%

100%

133%

191%

171%

168%

#### \*
Includes

the

consolidated

operations

of

Franklin

Dynamic

Asset

Allocation

Growth

Ltd.

from

July

7,

2025

through

September

30,

2025. See

Note

1(h).

#### a
The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Consolidated

Statement

of

Operations

for

the

period

due

to

the

timing

of

sales

and

repurchases

of

the

Fund's

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

#### b
Based

on

average

daily

shares

outstanding.

#### c
Total

return

is

not

annualized

for

periods

less

than

one

year.

#### d
Ratios

are

annualized

for

periods

less

than

one

year.

#### e
Benefit

of

expense

reduction

rounds

to

less

than

0.01%.

#### f
Benefit

of

waiver

and

payments

by

affiliates

rounds

to

less

than

0.01%.

Putnam

Asset

Allocation

Funds

Consolidated

Schedule

of

Investments

(unaudited),

March

31,

2026

#### Putnam

#### Dynamic

#### Asset

#### Allocation

#### Growth

#### 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

#### 79.4%

#### Aerospace

#### &

#### Defense

#### 2.0%
a

AeroVironment,

Inc.

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

United

States

$

55,647

Airbus

SE

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

France

43,448

8,214,842

a

Astronics

Corp.

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

United

States

8,735

582,887

a

Boeing

Co.

(The)

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

United

States

5,344

1,063,616

Curtiss-Wright

Corp.

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

United

States

1,812

1,234,189

Embraer

SA

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

Brazil

56,500

839,344

a

Firefly

Aerospace,

Inc.

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

United

States

17,184

489,228

General

Dynamics

Corp.

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

United

States

11,212

3,848,183

General

Electric

Co.

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

United

States

48,383

13,729,644

Hanwha

Aerospace

Co.

Ltd.

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

South

Korea

1,705

1,453,865

a

Kratos

Defense

&

Security

Solutions,

Inc.

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

United

States

1,831

129,104

Leonardo

DRS,

Inc.

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

United

States

26,514

1,180,403

Leonardo

SpA

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

Italy

7,320

497,902

Lockheed

Martin

Corp.

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

United

States

27,025

16,333,640

Melrose

Industries

plc

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

United

Kingdom

197,718

1,339,777

Moog,

Inc.,

A

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

United

States

658

192,557

Northrop

Grumman

Corp.

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

United

States

13,049

8,902,550

RTX

Corp.

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

United

States

48,111

9,280,612

Safran

SA

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

France

14,383

4,706,539

Thales

SA

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

France

9,813

2,877,615

TransDigm

Group,

Inc.

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

United

States

2,650

3,071,244

a

V2X,

Inc.

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

United

States

4,638

317,703

80,341,091

#### Air

#### Freight

#### &

#### Logistics

#### 0.3%
Expeditors

International

of

Washington,

Inc.

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

United

States

8,686

1,244,096

FedEx

Corp.

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

United

States

29,770

10,603,479

Hub

Group,

Inc.,

A

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

United

States

9,336

336,469

United

Parcel

Service,

Inc.,

B

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

United

States

12,527

1,232,406

13,416,450

#### Automobile

#### Components

#### 0.2%
a

Adient

plc

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

United

States

14,125

285,466

Aisin

Corp.

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

Japan

141,100

1,987,832

BorgWarner,

Inc.

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

United

States

23,842

1,293,667

Dana,

Inc.

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

United

States

28,021

942,907

a

Gentherm,

Inc.

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

United

States

4,940

137,233

Sumitomo

Electric

Industries

Ltd.

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

Japan

12,400

704,569

Visteon

Corp.

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

United

States

8,015

730,247

6,081,921

#### Automobiles

#### 1.5%
Ford

Motor

Co.

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

United

States

101,644

1,172,972

General

Motors

Co.

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

United

States

164,680

12,268,660

Kia

Corp.

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

South

Korea

17,087

1,687,017

Mahindra

&

Mahindra

Ltd.

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

India

106,277

3,333,545

Subaru

Corp.

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

Japan

41,500

668,623

a

Tesla,

Inc.

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

United

States

103,341

38,417,017

Toyota

Motor

Corp.

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

Japan

38,000

789,919

58,337,753

#### Banks

#### 5.2%
Abu

Dhabi

Islamic

Bank

PJSC

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

United

Arab

Emirates

317,999

1,829,545

AIB

Group

plc

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

Ireland

264,267

2,821,080

Al

Rajhi

Bank

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

Saudi

Arabia

98,381

2,804,519

Amalgamated

Financial

Corp.

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

United

States

9,495

369,071

Ameris

Bancorp

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

United

States

1,937

151,067

Putnam

Asset

Allocation

Funds

Consolidated

Schedule

of

Investments

(unaudited)

#### Putnam

#### Dynamic

#### Asset

#### Allocation

#### Growth

#### 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)

Associated

Banc-Corp.

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

United

States

5,582

$

144,351

a

Axos

Financial,

Inc.

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

United

States

9,671

822,905

Banco

Bilbao

Vizcaya

Argentaria

SA

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

Spain

146,578

3,166,022

Banco

de

Sabadell

SA

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

Spain

203,124

727,650

Banco

Santander

SA

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

Spain

559,687

6,274,493

Bank

Central

Asia

Tbk.

PT

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

Indonesia

3,463,500

1,337,884

Bank

Hapoalim

BM

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

Israel

119,178

2,798,896

Bank

Leumi

Le-Israel

BM

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

Israel

168,054

3,758,166

Bank

of

America

Corp.

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

United

States

282,940

13,793,325

Bank

of

China

Ltd.,

H

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

China

8,230,000

5,255,150

Bank

of

Hawaii

Corp.

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

United

States

5,255

390,184

Bank

of

NT

Butterfield

&

Son

Ltd.

(The)

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

United

States

8,507

446,447

Banner

Corp.

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

United

States

2,344

142,234

Barclays

plc

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

United

Kingdom

798,194

4,177,335

BNP

Paribas

SA

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

France

48,772

4,646,197

BOC

Hong

Kong

Holdings

Ltd.

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

China

89,500

493,772

CaixaBank

SA

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

Spain

33,476

401,299

Cathay

General

Bancorp

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

United

States

15,590

777,317

Central

Pacific

Financial

Corp.

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

United

States

8,506

271,852

Citigroup,

Inc.

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

United

States

336,877

38,205,221

Citizens

Financial

Group,

Inc.

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

United

States

20,480

1,228,186

Credit

Agricole

SA

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

France

43,116

804,732

CTBC

Financial

Holding

Co.

Ltd.

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

Taiwan

1,840,000

2,990,218

a

Customers

Bancorp,

Inc.

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

United

States

10,795

749,281

Danske

Bank

A/S

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

Denmark

48,716

2,400,851

Enterprise

Financial

Services

Corp.

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

United

States

7,421

401,550

Erste

Group

Bank

AG

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

Austria

48,107

5,196,772

Financial

Institutions,

Inc.

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

United

States

4,752

150,686

First

Bancorp

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

United

States

37,620

803,563

First

Financial

Corp.

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

United

States

2,368

149,658

First

Horizon

Corp.

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

United

States

54,143

1,232,295

First

Merchants

Corp.

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

United

States

1,714

66,383

Flushing

Financial

Corp.

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

United

States

15,639

240,215

Grupo

Financiero

Banorte

SAB

de

CV,

O

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

Mexico

200,665

2,225,531

Hancock

Whitney

Corp.

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

United

States

10,604

674,308

Hanmi

Financial

Corp.

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

United

States

9,084

239,454

Heritage

Commerce

Corp.

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

United

States

13,296

165,934

Hilltop

Holdings,

Inc.

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

United

States

16,270

582,791

Hope

Bancorp,

Inc.

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

United

States

19,303

215,615

HSBC

Holdings

plc,

(GBP

Traded)

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

United

Kingdom

489,935

8,046,003

HSBC

Holdings

plc,

(HKD

Traded)

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

United

Kingdom

69,600

1,137,915

ICICI

Bank

Ltd.

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

India

300,422

3,856,593

Independent

Bank

Corp.

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

United

States

5,606

186,680

Intesa

Sanpaolo

SpA

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

Italy

362,135

2,190,151

JPMorgan

Chase

&

Co.

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

United

States

23,670

6,962,767

KB

Financial

Group,

Inc.

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

South

Korea

41,426

4,066,810

Lloyds

Banking

Group

plc

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

United

Kingdom

3,542,773

4,391,038

Mercantile

Bank

Corp.

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

United

States

2,848

143,824

Metropolitan

Bank

Holding

Corp.

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

United

States

2,011

167,496

Mitsubishi

UFJ

Financial

Group,

Inc.

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

Japan

442,300

7,489,879

National

Bank

Holdings

Corp.,

A

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

United

States

13,460

527,094

National

Bank

of

Greece

SA

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

Greece

332,764

5,140,500

NatWest

Group

plc

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

United

Kingdom

524,576

3,886,031

Northrim

BanCorp,

Inc.

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

United

States

6,305

144,258

Northwest

Bancshares,

Inc.

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

United

States

11,373

144,323

a

NU

Holdings

Ltd.,

A

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

Brazil

66,947

962,028

OFG

Bancorp

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

United

States

10,176

411,721

Origin

Bancorp,

Inc.

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

United

States

3,912

162,192

Putnam

Asset

Allocation

Funds

Consolidated

Schedule

of

Investments

(unaudited)

#### Putnam

#### Dynamic

#### Asset

#### Allocation

#### Growth

#### 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)

OTP

Bank

Nyrt.

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

Hungary

24,202

$

2,595,129

PNC

Financial

Services

Group,

Inc.

(The)

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

United

States

38,498

8,011,049

Popular,

Inc.

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

United

States

9,444

1,267,101

Preferred

Bank

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

United

States

1,770

160,521

Shore

Bancshares,

Inc.

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

United

States

7,943

148,375

Simmons

First

National

Corp.,

A

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

United

States

17,622

342,748

SmartFinancial,

Inc.

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

United

States

1,950

76,206

Southern

Missouri

Bancorp,

Inc.

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

United

States

2,465

157,612

Sumitomo

Mitsui

Financial

Group,

Inc.

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

Japan

124,500

4,093,600

a

Third

Coast

Bancshares,

Inc.

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

United

States

3,399

128,584

Towne

Bank

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

United

States

4,000

134,680

Trustmark

Corp.

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

United

States

13,505

569,101

UniCredit

SpA

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

Italy

54,916

3,939,883

United

Community

Banks,

Inc.

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

United

States

4,669

147,027

Univest

Financial

Corp.

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

United

States

5,507

188,670

US

Bancorp

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

United

States

25,772

1,340,402

Valley

National

Bancorp

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

United

States

12,951

159,038

WaFd,

Inc.

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

United

States

4,394

137,972

Wells

Fargo

&

Co.

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

United

States

17,731

1,411,565

Westamerica

BanCorp

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

United

States

3,192

166,463

WSFS

Financial

Corp.

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

United

States

2,520

164,959

Zions

Bancorp

NA

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

United

States

22,157

1,276,686

193,158,679

#### Beverages

#### 1.1%
a

Boston

Beer

Co.,

Inc.

(The),

A

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

United

States

5,319

1,225,498

Carlsberg

A/S,

B

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

Denmark

32,656

4,056,998

Coca-Cola

Co.

(The)

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

United

States

168,473

12,812,372

Coca-Cola

Consolidated,

Inc.

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

United

States

6,043

1,158,685

Coca-Cola

Europacific

Partners

plc

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

United

Kingdom

21,192

1,921,479

Coca-Cola

HBC

AG

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

Italy

38,206

2,152,114

a

Monster

Beverage

Corp.

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

United

States

91,048

6,597,338

PepsiCo,

Inc.

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

United

States

43,378

6,736,170

36,660,654

#### Biotechnology

#### 1.8%
AbbVie,

Inc.

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

United

States

62,210

13,530,053

a

ACADIA

Pharmaceuticals,

Inc.

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

United

States

32,638

726,522

a

ADMA

Biologics,

Inc.

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

United

States

8,579

77,297

a

Alkermes

plc

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

United

States

27,936

987,817

a

Alnylam

Pharmaceuticals,

Inc.

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

United

States

3,851

1,274,180

Amgen,

Inc.

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

United

States

3,343

1,176,235

a

Amicus

Therapeutics,

Inc.

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

United

States

10,637

153,811

a

AnaptysBio,

Inc.

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

United

States

12,206

676,945

a

Arrowhead

Pharmaceuticals,

Inc.

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

United

States

18,576

1,164,715

a

Atrium

Therapeutics,

Inc.

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

United

States

2,714

a

BioCryst

Pharmaceuticals,

Inc.

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

United

States

93,036

885,703

a

Capricor

Therapeutics,

Inc.

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

United

States

6,278

190,851

a

Corvus

Pharmaceuticals,

Inc.

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

United

States

8,511

124,516

a

Enanta

Pharmaceuticals,

Inc.

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

United

States

12,057

152,280

a

Exelixis,

Inc.

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

United

States

128,429

5,508,320

a

Genmab

A/S

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

Denmark

1,415

381,090

a

ImmunityBio,

Inc.

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

United

States

101,346

777,324

a

Incyte

Corp.

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

United

States

84,605

7,963,023

a

Inhibrx

Biosciences,

Inc.

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

United

States

9,039

607,692

a

Insmed,

Inc.

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

United

States

8,813

1,441,102

a

Ironwood

Pharmaceuticals,

Inc.,

A

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

United

States

104,715

367,550

a

Kodiak

Sciences,

Inc.

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

United

States

5,877

224,031

Putnam

Asset

Allocation

Funds

Consolidated

Schedule

of

Investments

(unaudited)

#### Putnam

#### Dynamic

#### Asset

#### Allocation

#### Growth

#### 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

Mineralys

Therapeutics,

Inc.

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

United

States

16,753

$

453,839

a

Monte

Rosa

Therapeutics,

Inc.

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

United

States

34,581

568,857

a

Natera,

Inc.

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

United

States

6,673

1,334,533

a

Neurocrine

Biosciences,

Inc.

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

United

States

17,430

2,296,228

a

Olema

Pharmaceuticals,

Inc.

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

United

States

8,790

131,059

a

Praxis

Precision

Medicines,

Inc.

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

United

States

159,806

a

Precigen,

Inc.

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

United

States

142,911

553,066

a

Protagonist

Therapeutics,

Inc.

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

United

States

10,154

1,070,232

a

PTC

Therapeutics,

Inc.

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

United

States

2,074

141,302

a

Puma

Biotechnology,

Inc.

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

United

States

29,730

189,975

Regeneron

Pharmaceuticals,

Inc.

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

United

States

26,788

20,697,480

a

Rhythm

Pharmaceuticals,

Inc.

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

United

States

8,630

750,551

a

Rigel

Pharmaceuticals,

Inc.

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

United

States

5,021

135,768

a

Stoke

Therapeutics,

Inc.

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

United

States

20,855

679,039

a

Tango

Therapeutics,

Inc.

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

United

States

19,491

407,752

a

Travere

Therapeutics,

Inc.

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

United

States

23,266

691,233

a

Vertex

Pharmaceuticals,

Inc.

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

United

States

2,750

1,227,985

a

Zymeworks,

Inc.

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

United

States

9,687

242,562

70,125,038

#### Broadline

#### Retail

#### 2.6%
Alibaba

Group

Holding

Ltd.

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

China

622,600

9,758,937

a

Amazon.com,

Inc.

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

United

States

390,049

81,235,505

eBay,

Inc.

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

United

States

13,504

1,229,134

a

Etsy,

Inc.

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

United

States

22,676

1,133,346

Next

plc

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

United

Kingdom

4,446

751,147

Prosus

NV

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

China

75,517

3,496,103

97,604,172

#### Building

#### Products

#### 0.4%
Allegion

plc

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

United

States

8,212

1,193,121

Apogee

Enterprises,

Inc.

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

United

States

4,114

137,984

Cie

de

Saint-Gobain

SA

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

France

39,785

3,293,977

a

Gibraltar

Industries,

Inc.

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

United

States

3,443

137,272

a

Janus

International

Group,

Inc.

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

United

States

25,594

131,809

Johnson

Controls

International

plc

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

United

States

26,394

3,456,294

a

Modine

Manufacturing

Co.

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

United

States

709

153,647

a

Resideo

Technologies,

Inc.

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

United

States

6,393

215,508

Trane

Technologies

plc

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

United

States

17,835

7,432,558

UFP

Industries,

Inc.

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

United

States

9,324

858,927

17,011,097

#### Capital

#### Markets

#### 3.1%
3i

Group

plc

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

United

Kingdom

66,088

2,153,874

Affiliated

Managers

Group,

Inc.

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

United

States

4,322

1,195,897

Ameriprise

Financial,

Inc.

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

United

States

2,624

1,166,106

Bank

of

New

York

Mellon

Corp.

(The)

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

United

States

11,819

1,402,088

BlackRock,

Inc.

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

United

States

4,576

4,400,785

Charles

Schwab

Corp.

(The)

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

United

States

96,199

9,040,782

CME

Group,

Inc.

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

United

States

26,482

7,821,459

Deutsche

Bank

AG

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

Germany

74,717

2,223,584

b

Euronext

NV,

144A

,

Reg

S

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

Netherlands

20,281

3,256,762

Goldman

Sachs

Group,

Inc.

(The)

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

United

States

29,631

25,067,530

b

HDFC

Asset

Management

Co.

Ltd.,

144A,

Reg

S

...........

India

73,533

1,718,299

Hong

Kong

Exchanges

&

Clearing

Ltd.

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

Hong

Kong

59,200

2,986,522

Interactive

Brokers

Group,

Inc.,

A

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

United

States

18,515

1,241,801

Invesco

Ltd.

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

United

States

52,174

1,267,306

Janus

Henderson

Group

plc

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

United

States

24,046

1,235,243

Putnam

Asset

Allocation

Funds

Consolidated

Schedule

of

Investments

(unaudited)

#### Putnam

#### Dynamic

#### Asset

#### Allocation

#### Growth

#### 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)

#### Capital

#### Markets
(continued)

Japan

Exchange

Group,

Inc.

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

Japan

122,300

$

1,428,217

Korea

Investment

Holdings

Co.

Ltd.

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

South

Korea

6,893

961,661

Morgan

Stanley

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

United

States

8,260

1,359,348

Nasdaq,

Inc.

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

United

States

35,316

2,997,975

Nomura

Holdings,

Inc.

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

Japan

367,200

2,891,347

Northern

Trust

Corp.

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

United

States

9,437

1,317,122

Raymond

James

Financial,

Inc.

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

United

States

3,654

529,063

SBI

Holdings,

Inc.

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

Japan

80,700

1,494,270

State

Street

Corp.

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

United

States

137,060

17,346,314

Stifel

Financial

Corp.

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

United

States

16,882

1,247,917

a

StoneX

Group,

Inc.

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

United

States

12,388

999,092

UBS

Group

AG

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

Switzerland

130,135

5,074,406

Virtu

Financial,

Inc.,

A

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

United

States

30,115

1,324,458

Virtus

Investment

Partners,

Inc.

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

United

States

2,055

276,089

105,425,317

#### Chemicals

#### 1.2%
Air

Liquide

SA

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

France

10,896

2,252,187

Asahi

Kasei

Corp.

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

Japan

36,600

358,112

Avient

Corp.

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

United

States

5,890

213,807

a

Axalta

Coating

Systems

Ltd.

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

United

States

43,359

1,201,044

Balchem

Corp.

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

United

States

3,860

654,193

Cabot

Corp.

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

United

States

2,302

173,364

CF

Industries

Holdings,

Inc.

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

United

States

73,755

9,576,349

Corteva,

Inc.

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

United

States

98,351

8,232,962

DuPont

de

Nemours,

Inc.

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

United

States

13,644

624,895

Eastman

Chemical

Co.

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

United

States

27,353

2,087,581

Ecolab,

Inc.

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

United

States

4,648

1,236,461

a

Ingevity

Corp.

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

United

States

2,948

209,986

Innospec,

Inc.

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

United

States

3,997

291,861

a

Intrepid

Potash,

Inc.

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

United

States

5,582

238,742

Linde

plc

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

United

States

10,686

5,297,691

Mativ

Holdings,

Inc.

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

United

States

15,833

137,747

Minerals

Technologies,

Inc.

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

United

States

9,173

650,549

NewMarket

Corp.

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

United

States

1,926

1,234,470

NOF

Corp.

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

Japan

49,100

980,125

a

Perimeter

Solutions,

Inc.

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

United

States

31,888

778,705

PPG

Industries,

Inc.

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

United

States

34,215

3,656,899

a

Rayonier

Advanced

Materials,

Inc.

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

United

States

22,408

248,057

a

Sasol

Ltd.

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

South

Africa

38,302

505,211

Sherwin-Williams

Co.

(The)

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

United

States

14,420

4,622,331

Solstice

Advanced

Materials,

Inc.

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

United

States

27,600

2,102,016

47,565,345

#### Commercial

#### Services

#### &

#### Supplies

#### 0.0%

#### †
Brink's

Co.

(The)

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

United

States

8,055

834,740

a

Cimpress

plc

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

Ireland

2,008

146,584

a

CoreCivic,

Inc.

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

United

States

7,802

147,536

HNI

Corp.

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

United

States

3,376

112,725

a

OPENLANE,

Inc.

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

United

States

5,568

162,307

Republic

Services,

Inc.,

A

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

United

States

5,346

1,170,881

Veralto

Corp.

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

United

States

12,371

1,093,844

3,668,617

#### Communications

#### Equipment

#### 1.1%
a

Arista

Networks,

Inc.

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

United

States

81,614

10,020,567

a

BK

Technologies

Corp.

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

United

States

2,032

151,648

a

Calix,

Inc.

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

United

States

8,655

424,008

Putnam

Asset

Allocation

Funds

Consolidated

Schedule

of

Investments

(unaudited)

#### Putnam

#### Dynamic

#### Asset

#### Allocation

#### Growth

#### 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)

#### Communications

#### Equipment
(continued)

a

Ciena

Corp.

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

United

States

15,233

$

5,913,908

Cisco

Systems,

Inc.

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

United

States

206,120

15,992,851

a

Extreme

Networks,

Inc.

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

United

States

56,085

845,762

a

NETGEAR,

Inc.

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

United

States

22,523

491,902

a

NetScout

Systems,

Inc.

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

United

States

5,981

190,136

Telefonaktiebolaget

LM

Ericsson,

B

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

Sweden

136,755

1,559,039

Ubiquiti,

Inc.

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

United

States

1,648

1,302,398

a

Viavi

Solutions,

Inc.

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

United

States

10,337

344,015

a

Vistance

Networks,

Inc.

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

United

States

8,000

145,600

37,381,834

#### Construction

#### &

#### Engineering

#### 0.5%
ACS

Actividades

de

Construccion

y

Servicios

SA

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

Spain

29,834

3,638,416

Argan,

Inc.

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

United

States

2,211

1,204,221

Comfort

Systems

USA,

Inc.

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

United

States

966

1,332,104

a

Dycom

Industries,

Inc.

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

United

States

572

193,805

Larsen

&

Toubro

Ltd.

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

India

67,057

2,493,028

a

NWPX

Infrastructure,

Inc.

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

United

States

1,885

146,766

Primoris

Services

Corp.

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

United

States

7,477

1,069,510

a

Sterling

Infrastructure,

Inc.

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

United

States

3,193

1,300,413

Tutor

Perini

Corp.

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

United

States

12,425

959,086

Vinci

SA

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

France

30,981

4,650,225

16,987,574

#### Construction

#### Materials

#### 0.5%
CRH

plc,

(GBP

Traded)

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

United

States

26,829

2,806,864

CRH

plc,

(USD

Traded)

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

United

States

58,987

6,200,713

Holcim

AG

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

United

States

40,653

3,360,456

UltraTech

Cement

Ltd.

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

India

15,565

1,777,818

Vulcan

Materials

Co.

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

United

States

17,949

4,887,513

19,033,364

#### Consumer

#### Finance

#### 0.6%
Ally

Financial,

Inc.

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

United

States

32,439

1,272,582

American

Express

Co.

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

United

States

4,102

1,240,773

Bread

Financial

Holdings,

Inc.

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

United

States

12,069

903,847

Capital

One

Financial

Corp.

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

United

States

72,876

13,294,769

a

Enova

International,

Inc.

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

United

States

5,194

705,501

a

LendingClub

Corp.

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

United

States

54,930

786,598

PROG

Holdings,

Inc.

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

United

States

14,410

413,423

Synchrony

Financial

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

United

States

18,523

1,259,934

19,877,427

#### Consumer

#### Staples

#### Distribution

#### &

#### Retail

#### 1.5%
Andersons,

Inc.

(The)

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

United

States

2,755

197,754

a

BJ's

Wholesale

Club

Holdings,

Inc.

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

United

States

31,068

3,057,713

Costco

Wholesale

Corp.

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

United

States

13,535

13,486,680

Dollar

General

Corp.

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

United

States

12,528

1,487,449

a

Dollar

Tree,

Inc.

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

United

States

12,227

1,338,979

Koninklijke

Ahold

Delhaize

NV

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

Netherlands

70,525

3,284,293

Kroger

Co.

(The)

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

United

States

67,593

4,891,029

a

Maplebear,

Inc.

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

United

States

50,839

1,904,429

Raia

Drogasil

SA

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

Brazil

306,100

1,390,491

Target

Corp.

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

United

States

10,224

1,239,149

Tesco

plc

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

United

Kingdom

322,059

2,024,151

a

United

Natural

Foods,

Inc.

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

United

States

5,348

240,981

Putnam

Asset

Allocation

Funds

Consolidated

Schedule

of

Investments

(unaudited)

#### Putnam

#### Dynamic

#### Asset

#### Allocation

#### Growth

#### 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)

#### Consumer

#### Staples

#### Distribution

#### &

#### Retail
(continued)

Walmart,

Inc.

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

United

States

97,615

$

12,131,592

46,674,690

#### Containers

#### &

#### Packaging

#### 0.1%
Avery

Dennison

Corp.

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

United

States

6,952

1,200,471

Ball

Corp.

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

United

States

59,311

3,505,873

Crown

Holdings,

Inc.

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

United

States

11,672

1,170,118

Greif,

Inc.,

A

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

United

States

2,242

150,371

a

O-I

Glass,

Inc.

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

United

States

11,748

123,471

6,150,304

#### Distributors

#### 0.0%

#### †
a

GigaCloud

Technology,

Inc.,

A

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

United

States

4,926

223,542

Gold.com,

Inc.

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

United

States

4,471

179,198

402,740

#### Diversified

#### Consumer

#### Services

#### 0.0%

#### †
ADT,

Inc.

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

United

States

188,546

1,238,747

a

Coursera,

Inc.

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

United

States

114,881

668,607

a

Frontdoor,

Inc.

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

United

States

2,734

144,519

a

Laureate

Education,

Inc.

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

United

States

26,786

933,224

Perdoceo

Education

Corp.

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

United

States

4,728

175,929

a

TAL

Education

Group,

ADR

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

China

103,029

1,171,440

a

Udemy,

Inc.

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

United

States

66,008

304,957

4,637,423

#### Diversified

#### REITs

#### 0.0%

#### †
American

Assets

Trust,

Inc.

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

United

States

8,020

147,648

Broadstone

Net

Lease,

Inc.

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

United

States

8,419

153,815

301,463

#### Diversified

#### Telecommunication

#### Services

#### 0.8%
a

Altice

France

SA

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

France

3,054

51,979

AT&T,

Inc.

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

United

States

595,069

17,251,050

a

Bandwidth,

Inc.,

A

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

United

States

12,130

216,157

Comcast

Corp.,

A

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

United

States

98,866

2,838,443

Deutsche

Telekom

AG

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

Germany

154,624

5,771,073

IDT

Corp.,

B

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

United

States

5,602

275,058

a

Lumen

Technologies,

Inc.

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

United

States

21,316

148,146

Telstra

Group

Ltd.

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

Australia

609,164

2,248,795

Verizon

Communications,

Inc.

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

United

States

24,159

1,212,782

30,013,483

#### Electric

#### Utilities

#### 1.3%
American

Electric

Power

Co.,

Inc.

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

United

States

9,366

1,227,695

Constellation

Energy

Corp.

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

United

States

16,800

4,691,400

Duke

Energy

Corp.

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

United

States

9,321

1,220,492

Edison

International

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

United

States

22,526

1,648,453

Enel

SpA

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

Italy

364,520

3,985,235

Eversource

Energy

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

United

States

16,591

1,149,424

Exelon

Corp.

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

United

States

25,020

1,226,480

a

Hawaiian

Electric

Industries,

Inc.

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

United

States

4,834

71,737

Iberdrola

SA

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

Spain

219,649

5,028,681

Kansai

Electric

Power

Co.,

Inc.

(The)

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

Japan

177,900

2,957,779

Korea

Electric

Power

Corp.

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

South

Korea

51,011

1,450,260

NextEra

Energy,

Inc.

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

United

States

127,593

11,850,838

NRG

Energy,

Inc.

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

United

States

35,594

5,201,707

Putnam

Asset

Allocation

Funds

Consolidated

Schedule

of

Investments

(unaudited)

#### Putnam

#### Dynamic

#### Asset

#### Allocation

#### Growth

#### 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)

#### Electric

#### Utilities
(continued)

a

Oklo,

Inc.,

A

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

United

States

2,326

$

115,346

PG&E

Corp.

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

United

States

80,568

1,415,580

Portland

General

Electric

Co.

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

United

States

6,784

357,992

PPL

Corp.

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

United

States

124,072

4,739,550

Southern

Co.

(The)

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

United

States

14,463

1,395,969

TXNM

Energy,

Inc.

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

United

States

2,465

144,104

Xcel

Energy,

Inc.

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

United

States

14,966

1,188,899

51,067,621

#### Electrical

#### Equipment

#### 1.8%
ABB

Ltd.

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

Switzerland

108,655

8,834,517

Allient,

Inc.

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

United

States

6,241

368,781

AMETEK,

Inc.

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

United

States

5,745

1,231,498

Bizlink

Holding,

Inc.

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

Taiwan

41,000

2,354,283

a

Bloom

Energy

Corp.,

A

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

United

States

15,210

2,060,803

Contemporary

Amperex

Technology

Co.

Ltd.,

A

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

China

25,700

1,520,568

EnerSys

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

United

States

6,040

1,049,269

Fujikura

Ltd.

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

Japan

16,200

445,533

GE

Vernova

T&D

India

Ltd.

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

India

69,057

2,671,994

GE

Vernova,

Inc.

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

United

States

26,966

23,538,621

Harbin

Electric

Co.

Ltd.,

H

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

China

528,000

1,426,018

Mitsubishi

Electric

Corp.

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

Japan

130,000

4,251,922

a

Nextpower,

Inc.,

A

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

United

States

10,511

1,267,101

a

Nidec

Corp.

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

Japan

134,700

1,710,450

a

Power

Solutions

International,

Inc.

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

United

States

5,630

342,754

Prysmian

SpA

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

Italy

14,364

1,696,260

Rockwell

Automation,

Inc.

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

United

States

3,389

1,216,244

Schneider

Electric

SE

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

United

States

12,509

3,407,221

Sieyuan

Electric

Co.

Ltd.,

A

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

China

52,100

1,540,911

Vertiv

Holdings

Co.,

A

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

United

States

36,776

9,215,330

a

Vicor

Corp.

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

United

States

2,924

470,764

70,620,842

#### Electronic

#### Equipment,

#### Instruments

#### &

#### Components

#### 0.2%
Advanced

Energy

Industries,

Inc.

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

United

States

4,014

1,295,358

a

Arlo

Technologies,

Inc.

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

United

States

26,625

378,874

a

Daktronics,

Inc.

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

United

States

3,453

67,506

Elite

Material

Co.

Ltd.

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

Taiwan

28,000

2,389,700

a

Fabrinet

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

Thailand

219,038

a

Insight

Enterprises,

Inc.

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

United

States

1,805

120,953

a

Itron,

Inc.

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

United

States

8,883

796,183

a

Kimball

Electronics,

Inc.

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

United

States

6,220

147,352

a

nLight,

Inc.

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

United

States

11,866

676,599

a

Ouster,

Inc.

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

United

States

25,593

470,143

a

Sanmina

Corp.

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

United

States

1,654

214,425

a

ScanSource,

Inc.

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

United

States

3,945

143,203

a

TTM

Technologies,

Inc.

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

United

States

12,332

1,201,383

8,120,717

#### Energy

#### Equipment

#### &

#### Services

#### 0.6%
Baker

Hughes

Co.,

A

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

United

States

20,648

1,260,560

a

Forum

Energy

Technologies,

Inc.

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

United

States

11,171

655,291

Halliburton

Co.

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

United

States

36,270

1,414,167

Kodiak

Gas

Services,

Inc.

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

United

States

3,901

227,506

Liberty

Energy,

Inc.,

A

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

United

States

8,677

249,898

a

National

Energy

Services

Reunited

Corp.

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

United

States

18,228

391,355

a

Oceaneering

International,

Inc.

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

United

States

24,502

869,086

a

Oil

States

International,

Inc.

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

United

States

56,074

652,701

Putnam

Asset

Allocation

Funds

Consolidated

Schedule

of

Investments

(unaudited)

#### Putnam

#### Dynamic

#### Asset

#### Allocation

#### Growth

#### 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)

#### Energy

#### Equipment

#### &

#### Services
(continued)

Patterson-UTI

Energy,

Inc.

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

United

States

23,341

$

252,783

a

ProPetro

Holding

Corp.

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

United

States

11,706

168,683

SLB

Ltd.

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

United

States

13,166

676,601

TechnipFMC

plc

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

United

Kingdom

163,553

11,306,419

a

Transocean

Ltd.

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

United

States

159,975

1,060,634

Weatherford

International

plc

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

United

States

13,602

1,286,477

20,472,161

#### Entertainment

#### 1.2%
Cinemark

Holdings,

Inc.

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

United

States

9,338

266,320

a

Live

Nation

Entertainment,

Inc.

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

United

States

28,076

4,281,871

a

Netflix,

Inc.

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

United

States

238,234

22,906,199

Nexon

Co.

Ltd.

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

Japan

25,000

470,917

Nintendo

Co.

Ltd.

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

Japan

41,500

2,369,054

a

ROBLOX

Corp.,

A

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

United

States

19,440

1,099,526

a

Spotify

Technology

SA

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

United

States

20,546

9,962,961

Universal

Music

Group

NV

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

Netherlands

127,871

2,482,081

Walt

Disney

Co.

(The)

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

United

States

12,162

1,172,174

45,011,103

#### Financial

#### Services

#### 1.9%
a

Aditya

Birla

Capital

Ltd.

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

India

715,104

2,226,534

Apollo

Global

Management,

Inc.

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

United

States

38,403

4,278,862

Banco

Latinoamericano

de

Comercio

Exterior

SA,

E

.........

Panama

5,425

277,109

a

Berkshire

Hathaway,

Inc.,

B

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

United

States

5,940

2,846,448

Corebridge

Financial,

Inc.

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

United

States

48,717

1,162,388

Equitable

Holdings,

Inc.

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

United

States

134,265

4,982,574

Essent

Group

Ltd.

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

United

States

2,467

144,171

FirstRand

Ltd.

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

South

Africa

496,583

2,542,163

a

Fiserv,

Inc.

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

United

States

9,882

551,416

Investor

AB,

B

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

Sweden

121,460

4,600,266

Jackson

Financial,

Inc.,

A

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

United

States

9,918

1,048,531

Mastercard,

Inc.,

A

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

United

States

74,902

37,425,533

MGIC

Investment

Corp.

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

United

States

46,502

1,220,678

a

NMI

Holdings,

Inc.,

A

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

United

States

12,083

453,233

Pagseguro

Digital

Ltd.,

A

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

Brazil

77,268

774,225

a

Payoneer

Global,

Inc.

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

United

States

30,582

147,711

PayPal

Holdings,

Inc.

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

United

States

26,292

1,189,187

PennyMac

Financial

Services,

Inc.

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

United

States

3,443

300,918

a

StoneCo

Ltd.,

A

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

Brazil

40,269

568,598

Visa,

Inc.,

A

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

United

States

35,423

10,706,248

77,446,793

#### Food

#### Products

#### 0.4%
Ajinomoto

Co.,

Inc.

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

Japan

32,700

924,469

Archer-Daniels-Midland

Co.

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

United

States

18,313

1,331,172

Associated

British

Foods

plc

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

United

Kingdom

72,494

1,814,695

Calavo

Growers,

Inc.

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

United

States

5,701

147,029

Cal-Maine

Foods,

Inc.

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

United

States

8,456

669,292

Dole

plc

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

United

States

29,524

421,898

Indofood

CBP

Sukses

Makmur

Tbk.

PT

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

Indonesia

1,991,800

861,688

Ingredion,

Inc.

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

United

States

11,166

1,257,962

Mondelez

International,

Inc.,

A

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

United

States

21,122

1,217,472

Nestle

SA

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

United

States

10,567

1,036,528

a

Seneca

Foods

Corp.,

A

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

United

States

1,843

278,514

a

Simply

Good

Foods

Co.

(The)

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

United

States

4,757

68,263

Tyson

Foods,

Inc.,

A

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

United

States

10,055

644,224

Putnam

Asset

Allocation

Funds

Consolidated

Schedule

of

Investments

(unaudited)

#### Putnam

#### Dynamic

#### Asset

#### Allocation

#### Growth

#### 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)

#### Food

#### Products
(continued)

b

WH

Group

Ltd.,

144A,

Reg

S

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

Hong

Kong

2,913,000

$

3,828,955

14,502,161

#### Gas

#### Utilities

#### 0.1%
National

Fuel

Gas

Co.

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

United

States

14,837

1,394,085

New

Jersey

Resources

Corp.

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

United

States

15,225

836,157

Northwest

Natural

Holding

Co.

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

United

States

2,989

159,075

Spire,

Inc.

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

United

States

1,874

169,672

Tokyo

Gas

Co.

Ltd.

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

Japan

28,300

1,332,819

3,891,808

#### Ground

#### Transportation

#### 0.4%
Canadian

National

Railway

Co.

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

Canada

18,344

1,888,070

Canadian

Pacific

Kansas

City

Ltd.

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

Canada

42,886

3,373,413

CSX

Corp.

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

United

States

30,914

1,269,020

JB

Hunt

Transport

Services,

Inc.

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

United

States

7,385

1,564,881

a

Lyft,

Inc.,

A

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

United

States

93,207

1,239,653

Norfolk

Southern

Corp.

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

United

States

4,132

1,185,884

a

Uber

Technologies,

Inc.

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

United

States

16,437

1,182,313

Union

Pacific

Corp.

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

United

States

4,861

1,179,376

12,882,610

#### Health

#### Care

#### Equipment

#### &

#### Supplies

#### 1.0%
Abbott

Laboratories

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

United

States

11,272

1,157,296

a

AtriCure,

Inc.

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

United

States

4,894

139,626

a

Avanos

Medical,

Inc.

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

United

States

11,449

160,400

a

Axogen,

Inc.

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

United

States

15,094

500,064

Becton

Dickinson

&

Co.

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

United

States

30,617

4,813,911

BioMerieux

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

France

3,797

405,648

a

Boston

Scientific

Corp.

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

United

States

117,992

7,403,998

a

Dexcom,

Inc.

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

United

States

20,707

1,300,400

a

Edwards

Lifesciences

Corp.

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

United

States

14,699

1,177,096

a

Glaukos

Corp.

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

United

States

4,806

517,414

a

Haemonetics

Corp.

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

United

States

2,205

124,274

a

Hologic,

Inc.

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

United

States

16,215

1,225,692

Hoya

Corp.

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

Japan

54,600

9,465,480

a

IDEXX

Laboratories,

Inc.

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

United

States

7,671

4,310,258

a

Insulet

Corp.

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

United

States

5,210

1,093,266

a

Intuitive

Surgical,

Inc.

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

United

States

13,013

5,998,863

a

Lantheus

Holdings,

Inc.

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

United

States

11,842

898,216

a

LivaNova

plc

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

United

States

9,217

585,833

Medtronic

plc

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

United

States

13,587

1,177,314

a

Novocure

Ltd.

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

United

States

58,041

632,647

Olympus

Corp.

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

Japan

121,900

1,161,381

Stryker

Corp.

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

United

States

3,448

1,132,978

a

Varex

Imaging

Corp.

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

United

States

12,717

134,927

45,516,982

#### Health

#### Care

#### Providers

#### &

#### Services

#### 0.6%
a

AMN

Healthcare

Services,

Inc.

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

United

States

25,129

460,866

Apollo

Hospitals

Enterprise

Ltd.

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

India

32,539

2,570,645

Cardinal

Health,

Inc.

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

United

States

5,854

1,237,009

a

Castle

Biosciences,

Inc.

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

United

States

19,076

468,316

Cencora,

Inc.

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

United

States

3,746

1,176,768

Cigna

Group

(The)

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

United

States

4,456

1,188,638

a

Cross

Country

Healthcare,

Inc.

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

United

States

7,250

68,150

CVS

Health

Corp.

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

United

States

15,849

1,138,275

Fresenius

SE

&

Co.

KGaA

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

Germany

5,362

278,265

Putnam

Asset

Allocation

Funds

Consolidated

Schedule

of

Investments

(unaudited)

#### Putnam

#### Dynamic

#### Asset

#### Allocation

#### Growth

#### 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)

#### Health

#### Care

#### Providers

#### &

#### Services
(continued)

a

GeneDx

Holdings

Corp.,

A

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

United

States

1,607

$

103,202

a

Guardant

Health,

Inc.

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

United

States

12,052

1,113,243

HCA

Healthcare,

Inc.

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

United

States

2,318

1,096,970

a

HealthEquity,

Inc.

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

United

States

1,819

152,014

a

Hims

&

Hers

Health,

Inc.

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

United

States

6,085

126,325

McKesson

Corp.

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

United

States

13,722

11,874,470

a

Omada

Health,

Inc.

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

United

States

9,450

118,786

Select

Medical

Holdings

Corp.

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

United

States

9,359

152,458

a

Tenet

Healthcare

Corp.

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

United

States

5,212

983,557

UnitedHealth

Group,

Inc.

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

United

States

23,681

6,407,842

Universal

Health

Services,

Inc.,

B

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

United

States

6,125

1,096,191

31,811,990

#### Health

#### Care

#### REITs

#### 0.0%

#### †
American

Healthcare

REIT,

Inc.

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

United

States

3,058

144,215

CareTrust

REIT,

Inc.

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

United

States

28,585

1,047,640

LTC

Properties,

Inc.

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

United

States

3,953

146,893

National

Health

Investors,

Inc.

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

United

States

1,997

161,477

Omega

Healthcare

Investors,

Inc.

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

United

States

25,897

1,134,807

Sabra

Health

Care

REIT,

Inc.

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

United

States

8,264

158,917

2,793,949

#### Health

#### Care

#### Technology

#### 0.3%
a

Doximity,

Inc.,

A

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

United

States

48,736

1,135,549

HealthStream,

Inc.

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

United

States

6,734

139,461

a

Phreesia,

Inc.

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

United

States

41,632

348,876

a

Teladoc

Health,

Inc.

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

United

States

127,452

694,613

a

Veeva

Systems,

Inc.,

A

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

United

States

60,014

10,542,059

a

Waystar

Holding

Corp.

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

United

States

5,756

138,777

12,999,335

#### Hotel

#### &

#### Resort

#### REITs

#### 0.0%

#### †
Apple

Hospitality

REIT,

Inc.

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

United

States

11,636

133,930

DiamondRock

Hospitality

Co.

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

United

States

16,842

157,810

Ryman

Hospitality

Properties,

Inc.

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

United

States

6,825

629,743

Xenia

Hotels

&

Resorts,

Inc.

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

United

States

9,917

147,069

1,068,552

#### Hotels,

#### Restaurants

#### &

#### Leisure

#### 1.3%
a

Airbnb,

Inc.,

A

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

United

States

119,934

15,145,266

Aristocrat

Leisure

Ltd.

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

Australia

76,040

2,416,951

Booking

Holdings,

Inc.

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

United

States

637

2,681,974

Brightstar

Lottery

plc

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

United

States

40,970

521,958

a

Brinker

International,

Inc.

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

United

States

6,671

952,419

Compass

Group

plc

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

United

Kingdom

153,870

4,293,116

a

DoorDash,

Inc.,

A

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

United

States

6,893

1,034,984

Galaxy

Entertainment

Group

Ltd.

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

Macau

63,000

284,753

Golden

Entertainment,

Inc.

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

United

States

5,487

146,448

Hilton

Worldwide

Holdings,

Inc.

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

United

States

34,096

10,367,912

Indian

Hotels

Co.

Ltd.

(The),

A

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

India

204,466

1,245,643

InterContinental

Hotels

Group

plc

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

United

States

7,116

938,422

Las

Vegas

Sands

Corp.

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

United

States

37,662

2,029,229

a

Life

Time

Group

Holdings,

Inc.

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

United

States

4,942

133,137

Monarch

Casino

&

Resort,

Inc.

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

United

States

1,718

164,241

Red

Rock

Resorts,

Inc.,

A

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

United

States

2,668

142,364

Starbucks

Corp.

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

United

States

40,774

3,652,943

Putnam

Asset

Allocation

Funds

Consolidated

Schedule

of

Investments

(unaudited)

#### Putnam

#### Dynamic

#### Asset

#### Allocation

#### Growth

#### 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)

#### Hotels,

#### Restaurants

#### &

#### Leisure
(continued)

a

Viking

Holdings

Ltd.

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

United

States

17,921

$

1,316,835

47,468,595

#### Household

#### Durables

#### 0.4%
Garmin

Ltd.

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

United

States

6,191

1,436,374

a

Hovnanian

Enterprises,

Inc.,

A

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

United

States

1,345

149,174

KB

Home

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

United

States

2,503

129,530

a

M/I

Homes,

Inc.

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

United

States

4,747

581,270

PulteGroup,

Inc.

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

United

States

71,987

8,466,391

a

Sonos,

Inc.

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

United

States

56,203

753,120

Sony

Group

Corp.

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

Japan

197,700

4,120,609

a

Taylor

Morrison

Home

Corp.,

A

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

United

States

13,767

801,790

Toll

Brothers,

Inc.

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

United

States

8,362

1,141,162

a

Tri

Pointe

Homes,

Inc.

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

United

States

19,392

906,188

18,485,608

#### Household

#### Products

#### 0.9%
Colgate-Palmolive

Co.

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

United

States

167,417

14,268,951

Procter

&

Gamble

Co.

(The)

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

United

States

92,527

13,364,600

Reckitt

Benckiser

Group

plc

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

United

Kingdom

40,503

2,723,436

Unilever

Indonesia

Tbk.

PT

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

Indonesia

12,006,700

1,300,303

31,657,290

#### Independent

#### Power

#### and

#### Renewable

#### Electricity

#### Producers

#### 0.3%
AES

Corp.

(The)

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

United

States

88,955

1,253,376

NTPC

Ltd.

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

India

888,823

3,500,709

RWE

AG

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

Germany

67,394

4,534,191

Vistra

Corp.

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

United

States

7,809

1,173,927

10,462,203

#### Industrial

#### Conglomerates

#### 0.6%
3M

Co.

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

United

States

8,050

1,169,102

CK

Hutchison

Holdings

Ltd.

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

United

Kingdom

79,000

606,406

Hitachi

Ltd.

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

Japan

128,800

3,778,411

Honeywell

International,

Inc.

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

United

States

49,353

11,155,259

Jardine

Matheson

Holdings

Ltd.

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

Indonesia

48,700

3,500,714

Sekisui

Chemical

Co.

Ltd.

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

Japan

47,600

799,140

Siemens

AG

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

Germany

8,637

2,104,268

Smiths

Group

plc

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

United

Kingdom

32,494

991,594

24,104,894

#### Industrial

#### REITs

#### 0.2%
LXP

Industrial

Trust

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

United

States

3,002

138,873

Prologis,

Inc.

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

United

States

41,914

5,540,193

5,679,066

#### Insurance

#### 2.0%
Aflac,

Inc.

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

United

States

11,210

1,229,849

AIA

Group

Ltd.

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

Hong

Kong

314,000

3,488,957

Allianz

SE

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

Germany

11,264

4,756,997

Allstate

Corp.

(The)

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

United

States

36,932

7,657,481

American

International

Group,

Inc.

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

United

States

79,069

5,949,942

AXA

SA

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

France

8,815

405,063

Axis

Capital

Holdings

Ltd.

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

United

States

32,419

3,287,611

a

Brighthouse

Financial,

Inc.

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

United

States

20,864

1,249,336

China

Pacific

Insurance

Group

Co.

Ltd.,

H

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

China

672,200

2,753,062

Chubb

Ltd.

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

United

States

3,959

1,290,357

Putnam

Asset

Allocation

Funds

Consolidated

Schedule

of

Investments

(unaudited)

#### Putnam

#### Dynamic

#### Asset

#### Allocation

#### Growth

#### 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)

#### Insurance
(continued)

CNO

Financial

Group,

Inc.

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

United

States

18,355

$

753,656

Daiichi

Life

Group,

Inc.

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

Japan

36,200

333,836

Everest

Group

Ltd.

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

United

States

3,683

1,203,789

Fidelis

Insurance

Holdings

Ltd.

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

United

Kingdom

8,771

167,614

a

Genworth

Financial,

Inc.,

A

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

United

States

97,555

792,147

Globe

Life,

Inc.

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

United

States

21,785

3,031,818

Hamilton

Insurance

Group

Ltd.,

B

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

United

States

26,695

796,312

Hanover

Insurance

Group,

Inc.

(The)

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

United

States

6,955

1,205,649

a

Heritage

Insurance

Holdings,

Inc.

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

United

States

22,753

597,266

Horace

Mann

Educators

Corp.

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

United

States

3,372

143,917

MetLife,

Inc.

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

United

States

71,873

5,082,859

Muenchener

Rueckversicherungs-Gesellschaft

AG

in

Muenchen

Germany

4,055

2,560,900

NN

Group

NV

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

Netherlands

50,350

3,932,129

Powszechny

Zaklad

Ubezpieczen

SA

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

Poland

120,869

2,103,965

Primerica,

Inc.

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

United

States

4,730

1,184,770

Progressive

Corp.

(The)

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

United

States

6,004

1,190,233

Prudential

Financial,

Inc.

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

United

States

12,716

1,242,226

Prudential

plc

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

Hong

Kong

148,327

2,062,207

QBE

Insurance

Group

Ltd.

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

Australia

169,889

2,507,011

a

Rasan

Information

Technology

Co.

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

Saudi

Arabia

59,401

2,155,524

Reinsurance

Group

of

America,

Inc.

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

United

States

6,183

1,262,321

RenaissanceRe

Holdings

Ltd.

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

United

States

4,602

1,367,852

a

SiriusPoint

Ltd.

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

United

States

17,760

382,550

Talanx

AG

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

Germany

12,788

1,586,826

Travelers

Cos.,

Inc.

(The)

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

United

States

4,542

1,324,811

Unipol

Assicurazioni

SpA

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

Italy

31,633

734,840

Universal

Insurance

Holdings,

Inc.

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

United

States

7,690

262,690

Unum

Group

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

United

States

16,620

1,213,759

73,252,132

#### Interactive

#### Media

#### &

#### Services

#### 4.8%
Alphabet,

Inc.,

A

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

United

States

268,553

77,225,101

Alphabet,

Inc.,

C

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

United

States

99,436

28,524,211

a

Cargurus,

Inc.,

A

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

United

States

19,757

672,726

a

EverQuote,

Inc.,

A

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

United

States

22,002

339,271

a

fuboTV,

Inc.,

A

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

United

States

12,650

119,669

a

Grindr,

Inc.

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

Singapore

11,992

144,983

LY

Corp.

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

Japan

615,300

1,483,571

Meta

Platforms,

Inc.,

A

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

United

States

101,437

58,035,151

a

Nextdoor

Holdings,

Inc.

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

United

States

91,550

128,170

Tencent

Holdings

Ltd.

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

China

185,811

11,719,542

178,392,395

#### IT

#### Services

#### 0.5%
Accenture

plc,

A

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

United

States

31,790

6,303,639

a

Fastly,

Inc.,

A

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

United

States

6,280

182,497

Fujitsu

Ltd.

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

Japan

16,500

337,436

a

GoDaddy,

Inc.,

A

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

United

States

13,145

1,086,697

NEC

Corp.

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

Japan

62,600

1,557,682

a

Snowflake,

Inc.,

A

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

United

States

25,641

3,867,176

VeriSign,

Inc.

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

United

States

5,045

1,252,976

14,588,103

#### Leisure

#### Products

#### 0.2%
Bandai

Namco

Holdings,

Inc.

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

Japan

111,800

2,758,152

Hasbro,

Inc.

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

United

States

15,578

1,458,101

Putnam

Asset

Allocation

Funds

Consolidated

Schedule

of

Investments

(unaudited)

#### Putnam

#### Dynamic

#### Asset

#### Allocation

#### Growth

#### 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)

#### Leisure

#### Products
(continued)

Polaris,

Inc.

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

United

States

12,874

$

701,633

4,917,886

#### Life

#### Sciences

#### Tools

#### &

#### Services

#### 0.5%
a

10X

Genomics,

Inc.,

A

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

United

States

37,178

789,289

a

CryoPort,

Inc.

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

United

States

9,062

75,033

Lonza

Group

AG

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

Switzerland

5,383

3,453,295

a

Medpace

Holdings,

Inc.

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

United

States

2,624

1,260,019

Mesa

Laboratories,

Inc.

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

United

States

5,486

485,072

Thermo

Fisher

Scientific,

Inc.

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

United

States

17,242

8,474,960

a

Waters

Corp.

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

United

States

4,108

1,223,362

b

WuXi

AppTec

Co.

Ltd.,

H,

144A,

Reg

S

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

China

161,080

2,467,012

18,228,042

#### Machinery

#### 1.4%
Alamo

Group,

Inc.

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

United

States

804

132,636

Albany

International

Corp.,

A

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

United

States

3,090

161,329

Allison

Transmission

Holdings,

Inc.

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

United

States

10,561

1,236,271

Atmus

Filtration

Technologies,

Inc.

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

United

States

16,369

929,268

a

Blue

Bird

Corp.

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

United

States

14,972

850,260

Caterpillar,

Inc.

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

United

States

34,494

24,437,619

a

Chart

Industries,

Inc.

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

United

States

1,035

213,986

Cummins,

Inc.

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

United

States

2,980

1,603,300

Deere

&

Co.

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

United

States

2,095

1,180,114

Ebara

Corp.

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

Japan

47,000

1,330,482

ESCO

Technologies,

Inc.

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

United

States

938

263,925

FANUC

Corp.

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

Japan

5,000

174,285

Federal

Signal

Corp.

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

United

States

1,257

135,932

Franklin

Electric

Co.,

Inc.

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

United

States

1,464

134,937

GEA

Group

AG

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

Germany

22,739

1,630,789

Graco,

Inc.

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

United

States

14,554

1,231,996

Hyster-Yale,

Inc.

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

United

States

4,219

137,160

Illinois

Tool

Works,

Inc.

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

United

States

2,227

579,666

Ingersoll

Rand,

Inc.

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

United

States

56,040

4,489,925

Jiangsu

Hengli

Hydraulic

Co.

Ltd.,

A

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

China

63,800

899,244

Kennametal,

Inc.

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

United

States

4,981

179,964

Komatsu

Ltd.

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

Japan

28,700

1,142,851

Lincoln

Electric

Holdings,

Inc.

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

United

States

5,319

1,324,857

a

Microvast

Holdings,

Inc.

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

United

States

68,335

102,503

Minebea

Mitsumi,

Inc.

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

Japan

103,500

1,718,627

Mueller

Water

Products,

Inc.,

A

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

United

States

6,325

173,874

Otis

Worldwide

Corp.

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

United

States

64,915

5,003,648

PACCAR,

Inc.

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

United

States

10,254

1,184,337

Parker-Hannifin

Corp.

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

United

States

1,230

1,101,145

Pentair

plc

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

United

States

13,398

1,167,100

a

Proto

Labs,

Inc.

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

United

States

4,490

256,020

a

Samsung

Heavy

Industries

Co.

Ltd.

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

South

Korea

95,824

1,605,732

Schindler

Holding

AG

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

Switzerland

6,199

2,041,906

a

SPX

Technologies,

Inc.

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

United

States

679

135,759

Tennant

Co.

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

United

States

2,262

150,197

Terex

Corp.

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

United

States

2,462

145,504

Watts

Water

Technologies,

Inc.,

A

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

United

States

3,681

1,068,557

Worthington

Enterprises,

Inc.

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

United

States

2,967

154,699

Yangzijiang

Shipbuilding

Holdings

Ltd.

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

China

922,700

2,740,780

63,151,184

#### Marine

#### Transportation

#### 0.0%

#### †
Matson,

Inc.

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

United

States

6,105

1,000,854

Putnam

Asset

Allocation

Funds

Consolidated

Schedule

of

Investments

(unaudited)

#### Putnam

#### Dynamic

#### Asset

#### Allocation

#### Growth

#### 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)

#### Marine

#### Transportation
(continued)

SITC

International

Holdings

Co.

Ltd.

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

China

337,000

$

1,475,562

2,476,416

#### Media

#### 0.2%
a

Charter

Communications,

Inc.,

A

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

United

States

10,339

2,231,983

a

Ibotta,

Inc.,

A

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

United

States

6,586

197,382

Informa

plc

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

United

Kingdom

58,074

583,279

a

Magnite,

Inc.

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

United

States

7,690

91,357

New

York

Times

Co.

(The),

A

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

United

States

15,353

1,285,507

a

PubMatic,

Inc.,

A

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

United

States

26,883

219,903

4,609,411

#### Metals

#### &

#### Mining

#### 1.2%
a

Alpha

Metallurgical

Resources,

Inc.

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

United

States

770

158,058

Anglogold

Ashanti

plc

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

Australia

31,125

3,106,649

ArcelorMittal

SA

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

Luxembourg

17,799

923,083

BHP

Group

Ltd.,

(AUD

Traded)

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

Australia

274,624

9,936,589

BHP

Group

Ltd.,

(GBP

Traded)

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

Australia

10,672

386,814

a

Boliden

AB

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

Sweden

15,094

791,255

a

Century

Aluminum

Co.

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

United

States

2,666

156,468

China

Hongqiao

Group

Ltd.

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

China

487,000

2,199,881

a

Coeur

Mining,

Inc.

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

United

States

29,970

562,537

Commercial

Metals

Co.

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

United

States

2,573

158,059

a

Constellium

SE,

A

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

United

States

34,739

853,885

Fortescue

Ltd.

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

Australia

245,166

3,503,324

Freeport-McMoRan,

Inc.

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

United

States

158,955

9,343,375

Glencore

plc

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

Australia

1,030,282

7,803,226

Hecla

Mining

Co.

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

United

States

62,941

1,172,591

Norsk

Hydro

ASA

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

Norway

82,294

877,122

Rio

Tinto

plc

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

Australia

39,735

3,686,364

SunCoke

Energy,

Inc.

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

United

States

24,330

158,388

Zijin

Mining

Group

Co.

Ltd.,

H

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

China

446,000

2,006,330

47,783,998

#### Mortgage

#### Real

#### Estate

#### Investment

#### Trusts
(REITs)

#### 0.0%

#### †
Chimera

Investment

Corp.

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

United

States

11,902

149,370

Ladder

Capital

Corp.,

A

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

United

States

13,551

132,393

MFA

Financial,

Inc.

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

United

States

16,053

153,788

Rithm

Capital

Corp.

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

United

States

127,977

1,213,222

1,648,773

#### Multi-Utilities

#### 0.2%
Ameren

Corp.

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

United

States

11,075

1,217,364

Avista

Corp.

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

United

States

14,867

596,761

Black

Hills

Corp.

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

United

States

10,513

729,707

CMS

Energy

Corp.

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

United

States

16,006

1,241,745

Consolidated

Edison,

Inc.

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

United

States

11,000

1,244,980

DTE

Energy

Co.

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

United

States

8,227

1,202,952

Engie

SA

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

France

94,495

3,045,334

Northwestern

Energy

Group,

Inc.

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

United

States

2,292

151,134

Public

Service

Enterprise

Group,

Inc.

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

United

States

15,482

1,253,268

WEC

Energy

Group,

Inc.

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

United

States

10,668

1,235,034

11,918,279

#### Office

#### REITs

#### 0.1%
COPT

Defense

Properties

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

United

States

4,943

151,256

Empire

State

Realty

Trust,

Inc.,

A

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

United

States

26,595

138,294

Putnam

Asset

Allocation

Funds

Consolidated

Schedule

of

Investments

(unaudited)

#### Putnam

#### Dynamic

#### Asset

#### Allocation

#### Growth

#### 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)

#### Office

#### REITs
(continued)

Vornado

Realty

Trust

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

United

States

95,221

$

2,474,794

2,764,344

#### Oil,

#### Gas

#### &

#### Consumable

#### Fuels

#### 3.2%
Antero

Midstream

Corp.

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

United

States

53,765

1,225,842

BP

plc

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

United

States

421,007

3,295,139

California

Resources

Corp.

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

United

States

3,148

217,905

Cheniere

Energy,

Inc.

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

United

States

51,348

14,570,508

Chevron

Corp.

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

United

States

7,868

1,627,889

ConocoPhillips

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

United

States

55,225

7,289,700

Coterra

Energy,

Inc.

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

United

States

39,799

1,398,537

Delek

US

Holdings,

Inc.

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

United

States

3,514

158,376

Devon

Energy

Corp.

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

United

States

27,764

1,397,084

DHT

Holdings,

Inc.

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

United

States

11,294

206,341

Dorian

LPG

Ltd.

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

United

States

5,665

193,743

ENEOS

Holdings,

Inc.

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

Japan

288,500

2,599,424

Eni

SpA

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

Italy

36,800

1,046,364

Equinor

ASA

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

Norway

100,862

4,297,164

Exxon

Mobil

Corp.

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

United

States

106,782

18,116,634

Galp

Energia

SGPS

SA,

B

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

Portugal

159,584

3,826,441

a

Gulfport

Energy

Corp.

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

United

States

771

163,120

HF

Sinclair

Corp.

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

United

States

24,727

1,542,718

Inpex

Corp.

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

Japan

152,000

4,496,084

Kinder

Morgan,

Inc.

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

United

States

40,456

1,356,490

Marathon

Petroleum

Corp.

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

United

States

7,001

1,709,504

Murphy

Oil

Corp.

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

United

States

12,938

533,693

a

Par

Pacific

Holdings,

Inc.

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

United

States

2,973

186,229

Peabody

Energy

Corp.

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

United

States

25,686

846,354

PetroChina

Co.

Ltd.,

H

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

China

3,346,000

4,590,249

Repsol

SA

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

Spain

45,453

1,279,432

Scorpio

Tankers,

Inc.

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

Monaco

11,761

878,076

Shell

plc,

(EUR

Traded)

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

United

States

210,055

9,822,407

Shell

plc,

(GBP

Traded)

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

United

States

9,342

432,675

Teekay

Corp.

Ltd.

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

United

States

44,386

541,953

Teekay

Tankers

Ltd.,

A

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

Canada

11,032

808,866

TotalEnergies

SE

...................................

France

77,635

7,124,885

Valero

Energy

Corp.

.................................

United

States

35,553

8,784,435

Williams

Cos.,

Inc.

(The)

..............................

United

States

20,444

1,487,914

World

Kinect

Corp.

..................................

United

States

6,000

138,420

108,190,595

#### Paper

#### &

#### Forest

#### Products

#### 0.0%

#### †
Sylvamo

Corp.

.....................................

United

States

3,281

138,589

#### Passenger

#### Airlines

#### 0.6%
Delta

Air

Lines,

Inc.

..................................

United

States

20,928

1,391,293

International

Consolidated

Airlines

Group

SA

...............

United

Kingdom

507,001

2,406,385

a

Joby

Aviation,

Inc.

...................................

United

States

49,544

409,233

Qantas

Airways

Ltd.

.................................

Australia

413,751

2,430,478

Ryanair

Holdings

plc

.................................

Italy

90,923

2,559,651

Ryanair

Holdings

plc,

ADR

............................

Italy

25,794

1,490,893

a

SkyWest,

Inc.

......................................

United

States

9,627

884,047

Southwest

Airlines

Co.

...............................

United

States

191,764

7,204,573

a

Sun

Country

Airlines

Holdings,

Inc.

......................

United

States

15,301

252,773

a

United

Airlines

Holdings,

Inc.

...........................

United

States

12,650

1,164,686

20,194,012

Putnam

Asset

Allocation

Funds

Consolidated

Schedule

of

Investments

(unaudited)

#### Putnam

#### Dynamic

#### Asset

#### Allocation

#### Growth

#### 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)

#### Personal

#### Care

#### Products

#### 0.2%
APR

Corp.

........................................

South

Korea

7,253

$

1,654,912

Unilever

plc

........................................

United

Kingdom

54,981

3,018,423

4,673,335

#### Pharmaceuticals

#### 4.1%
a

Arvinas,

Inc.

.......................................

United

States

54,732

580,159

AstraZeneca

plc,

(GBP

Traded)

.........................

United

Kingdom

38,773

7,581,672

AstraZeneca

plc,

(USD

Traded)

.........................

United

Kingdom

35,586

7,018,271

Bristol-Myers

Squibb

Co.

..............................

United

States

118,563

7,190,846

Chugai

Pharmaceutical

Co.

Ltd.

........................

Japan

93,800

5,172,928

a

Corcept

Therapeutics,

Inc.

............................

United

States

34,708

1,399,079

Daiichi

Sankyo

Co.

Ltd.

...............................

Japan

135,500

2,424,185

Eli

Lilly

&

Co.

......................................

United

States

40,494

37,245,166

Galderma

Group

AG

.................................

Switzerland

28,288

5,559,548

GSK

plc

..........................................

United

States

143,118

3,942,254

Ipsen

SA

..........................................

France

10,392

1,942,095

Johnson

&

Johnson

.................................

United

States

5,138

1,255,933

a

Maze

Therapeutics,

Inc.

..............................

United

States

15,106

450,914

Merck

&

Co.,

Inc.

...................................

United

States

175,985

21,169,236

Novartis

AG

.......................................

United

States

79,107

12,142,484

Novo

Nordisk

A/S,

ADR

...............................

Denmark

79,691

2,928,644

Novo

Nordisk

A/S,

B

.................................

Denmark

89,705

3,282,709

Otsuka

Holdings

Co.

Ltd.

.............................

Japan

27,500

1,951,699

Pfizer,

Inc.

.........................................

United

States

45,656

1,282,020

Roche

Holding

AG

..................................

United

States

17,221

6,872,743

Sanofi

SA

.........................................

United

States

87,352

8,435,568

a

Supernus

Pharmaceuticals,

Inc.

........................

United

States

13,973

722,264

140,550,417

#### Professional

#### Services

#### 0.2%
Automatic

Data

Processing,

Inc.

........................

United

States

6,884

1,398,691

Broadridge

Financial

Solutions,

Inc.

......................

United

States

6,272

1,019,075

a

IBEX

Holdings

Ltd.

..................................

United

States

5,728

153,625

Korn

Ferry

........................................

United

States

6,144

386,765

a

Legalzoom.com,

Inc.

.................................

United

States

64,020

362,993

Leidos

Holdings,

Inc.

.................................

United

States

6,942

1,079,620

Maximus,

Inc.

......................................

United

States

1,943

124,546

a

Paylocity

Holding

Corp.

...............................

United

States

10,282

1,110,867

Recruit

Holdings

Co.

Ltd.

.............................

Japan

53,200

2,317,922

a

Upwork,

Inc.

.......................................

United

States

63,449

695,401

Verisk

Analytics,

Inc.,

A

...............................

United

States

5,569

1,056,718

9,706,223

#### Real

#### Estate

#### Management

#### &

#### Development

#### 0.4%
a

CBRE

Group,

Inc.,

A

.................................

United

States

38,296

5,187,576

a

Cushman

&

Wakefield

Ltd.

............................

United

States

122,099

1,496,934

Emaar

Properties

PJSC

..............................

United

Arab

Emirates

502,772

1,645,290

a

Jones

Lang

LaSalle,

Inc.

..............................

United

States

4,127

1,255,929

Kennedy-Wilson

Holdings,

Inc.

.........................

United

States

14,753

159,627

9,745,356

#### Residential

#### REITs

#### 0.2%
Invitation

Homes,

Inc.

................................

United

States

254,950

6,335,508

Mid-America

Apartment

Communities,

Inc.

................

United

States

9,068

1,107,384

Sun

Communities,

Inc.

...............................

United

States

9,034

1,137,923

8,580,815

Putnam

Asset

Allocation

Funds

Consolidated

Schedule

of

Investments

(unaudited)

#### Putnam

#### Dynamic

#### Asset

#### Allocation

#### Growth

#### 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)

#### Retail

#### REITs

#### 0.2%
Alexander's,

Inc.

....................................

United

States

616

$

145,499

Brixmor

Property

Group,

Inc.

...........................

United

States

41,071

1,182,845

CBL

&

Associates

Properties,

Inc.

.......................

United

States

5,603

215,323

Kite

Realty

Group

Trust

...............................

United

States

6,795

166,817

Simon

Property

Group,

Inc.

............................

United

States

45,643

8,513,789

SITE

Centers

Corp.

..................................

United

States

54,891

296,411

Tanger,

Inc.

........................................

United

States

4,430

150,531

Urban

Edge

Properties

...............................

United

States

8,081

161,458

10,832,673

#### Semiconductors

#### &

#### Semiconductor

#### Equipment

#### 10.0%
a

Advanced

Micro

Devices,

Inc.

..........................

United

States

36,057

7,335,076

Advantest

Corp.

....................................

Japan

7,100

979,847

a

Ambarella,

Inc.

.....................................

United

States

15,075

775,986

Applied

Materials,

Inc.

................................

United

States

5,260

1,797,815

ASML

Holding

NV

...................................

Netherlands

13,170

17,512,895

Broadcom,

Inc.

.....................................

United

States

165,908

51,350,185

a

CEVA,

Inc.

........................................

United

States

3,340

62,391

a

Cirrus

Logic,

Inc.

....................................

United

States

9,764

1,412,070

a

Credo

Technology

Group

Holding

Ltd.

....................

United

States

13,731

1,288,929

a

FormFactor,

Inc.

....................................

United

States

1,725

167,308

a

Impinj,

Inc.

........................................

United

States

4,547

466,977

Infineon

Technologies

AG

.............................

Germany

85,597

3,883,205

King

Yuan

Electronics

Co.

Ltd.

.........................

Taiwan

336,000

2,874,209

a

Kioxia

Holdings

Corp.

................................

Japan

30,800

4,022,483

KLA

Corp.

.........................................

United

States

919

1,353,145

Kulicke

&

Soffa

Industries,

Inc.

.........................

Singapore

2,181

143,336

Lam

Research

Corp.

.................................

United

States

145,338

31,052,917

Marvell

Technology,

Inc.

..............................

United

States

54,699

5,417,936

a

MaxLinear,

Inc.,

A

...................................

United

States

10,051

174,787

Micron

Technology,

Inc.

...............................

United

States

4,003

1,352,374

NAURA

Technology

Group

Co.

Ltd.,

A

....................

China

35,625

2,342,816

a

Navitas

Semiconductor

Corp.,

A

........................

United

States

16,453

144,293

NVIDIA

Corp.

......................................

United

States

940,413

164,008,027

QUALCOMM,

Inc.

...................................

United

States

128,920

16,602,318

a

Rambus,

Inc.

......................................

United

States

11,339

975,494

a

Rigetti

Computing,

Inc.

...............................

United

States

4,204

59,024

SCREEN

Holdings

Co.

Ltd.

............................

Japan

27,200

1,620,483

a

Semtech

Corp.

.....................................

United

States

1,893

145,553

a

Silicon

Laboratories,

Inc.

..............................

United

States

704

146,538

SK

Hynix,

Inc.

......................................

South

Korea

6,308

3,578,939

Taiwan

Semiconductor

Manufacturing

Co.

Ltd.

.............

Taiwan

666,350

38,538,036

361,585,392

#### Software

#### 4.0%
a

ACI

Worldwide,

Inc.

..................................

United

States

6,802

278,950

a

Adobe,

Inc.

........................................

United

States

62,702

15,241,602

a

Alarm.com

Holdings,

Inc.

.............................

United

States

2,940

126,979

a

Appian

Corp.,

A

.....................................

United

States

5,175

124,769

a

Arteris,

Inc.

........................................

United

States

30,822

506,714

a

Atlassian

Corp.,

A

...................................

United

States

14,768

1,007,916

a

Autodesk,

Inc.

......................................

United

States

32,022

7,666,067

a

Blend

Labs,

Inc.,

A

..................................

United

States

160,865

273,471

a

Cadence

Design

Systems,

Inc.

.........................

United

States

26,770

7,438,580

a

Cerence,

Inc.

......................................

United

States

20,461

129,109

a

Commvault

Systems,

Inc.

.............................

United

States

5,316

414,063

a

Crowdstrike

Holdings,

Inc.,

A

...........................

United

States

2,764

1,079,093

a

Daily

Journal

Corp.

..................................

United

States

130,714

Putnam

Asset

Allocation

Funds

Consolidated

Schedule

of

Investments

(unaudited)

#### Putnam

#### Dynamic

#### Asset

#### Allocation

#### Growth

#### 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)

#### Software
(continued)

a

DocuSign,

Inc.,

A

...................................

United

States

25,364

$

1,202,507

a

Dropbox,

Inc.,

A

....................................

United

States

48,053

1,091,764

a

Fortinet,

Inc.

.......................................

United

States

8,114

663,076

InterDigital,

Inc.

.....................................

United

States

3,113

940,126

Intuit,

Inc.

.........................................

United

States

2,566

1,109,487

a

LiveRamp

Holdings,

Inc.

..............................

United

States

19,704

522,550

a

Manhattan

Associates,

Inc.

............................

United

States

8,100

1,078,272

Microsoft

Corp.

.....................................

United

States

267,006

98,837,611

a

Nice

Ltd.

..........................................

Israel

20,006

2,208,834

OneSpan,

Inc.

......................................

United

States

13,162

138,596

Oracle

Corp.

.......................................

United

States

22,070

3,246,718

Oracle

Corp.

Japan

..................................

Japan

7,300

395,899

a

PagerDuty,

Inc.

.....................................

United

States

71,133

441,736

a

Palantir

Technologies,

Inc.,

A

...........................

United

States

25,471

3,725,898

Pegasystems,

Inc.

...................................

United

States

26,142

1,112,604

a

Q2

Holdings,

Inc.

...................................

United

States

3,438

162,617

a

Rapid7,

Inc.

.......................................

United

States

35,203

193,969

RingCentral,

Inc.,

A

..................................

United

States

29,391

1,093,051

a

Rubrik,

Inc.,

A

......................................

United

States

21,602

1,057,850

Salesforce,

Inc.

.....................................

United

States

6,110

1,140,554

SAP

SE

..........................................

Germany

21,482

3,662,308

a

SEMrush

Holdings,

Inc.,

A

.............................

United

States

12,724

151,925

a

ServiceNow,

Inc.

....................................

United

States

50,878

5,319,295

a

Teradata

Corp.

.....................................

United

States

41,605

1,066,336

a

Weave

Communications,

Inc.

..........................

United

States

28,969

133,837

a

Workday,

Inc.,

A

....................................

United

States

8,176

1,062,226

a

Workiva,

Inc.,

A

.....................................

United

States

2,296

136,910

a

Zoom

Communications,

Inc.,

A

.........................

United

States

15,935

1,281,015

167,595,598

#### Specialized

#### REITs

#### 0.3%
American

Tower

Corp.

................................

United

States

50,186

8,661,100

EPR

Properties

.....................................

United

States

22,150

1,106,614

Farmland

Partners,

Inc.

...............................

United

States

13,268

149,000

Outfront

Media,

Inc.

.................................

United

States

32,621

864,457

Public

Storage

.....................................

United

States

4,008

1,085,687

VICI

Properties,

Inc.,

A

...............................

United

States

127,854

3,492,971

15,359,829

#### Specialty

#### Retail

#### 0.3%
a

Abercrombie

&

Fitch

Co.,

A

............................

United

States

9,978

911,690

American

Eagle

Outfitters,

Inc.

.........................

United

States

12,676

211,689

a

AutoZone,

Inc.

.....................................

United

States

1,192,356

Avolta

AG

.........................................

Switzerland

8,061

483,308

Buckle,

Inc.

(The)

...................................

United

States

2,853

143,677

a

Chewy,

Inc.,

A

......................................

United

States

48,563

1,311,201

Fast

Retailing

Co.

Ltd.

................................

Japan

3,500

1,382,872

Home

Depot,

Inc.

(The)

...............................

United

States

3,315

1,090,270

a

O'Reilly

Automotive,

Inc.

..............................

United

States

12,977

1,197,907

Ross

Stores,

Inc.

...................................

United

States

7,943

1,720,692

a

Sally

Beauty

Holdings,

Inc.

............................

United

States

13,794

191,047

TJX

Cos.,

Inc.

(The)

.................................

United

States

18,048

2,882,266

a

Ulta

Beauty,

Inc.

....................................

United

States

1,911

998,899

a

Urban

Outfitters,

Inc.

.................................

United

States

3,332

211,082

a

Victoria's

Secret

&

Co.

...............................

United

States

15,450

716,262

14,645,218

Putnam

Asset

Allocation

Funds

Consolidated

Schedule

of

Investments

(unaudited)

#### Putnam

#### Dynamic

#### Asset

#### Allocation

#### Growth

#### 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)

#### Technology

#### Hardware,

#### Storage

#### &

#### Peripherals

#### 4.5%
Apple,

Inc.

........................................

United

States

546,966

$

138,814,501

Asia

Vital

Components

Co.

Ltd.

.........................

Taiwan

33,000

2,179,634

a

Everpure,

Inc.,

A

....................................

United

States

20,278

1,197,213

a

IonQ,

Inc.

.........................................

United

States

23,091

665,714

Samsung

Electronics

Co.

Ltd.

..........................

South

Korea

150,873

17,646,316

a

Sandisk

Corp.

......................................

United

States

2,703

1,717,324

Seagate

Technology

Holdings

plc

.......................

United

States

15,744

6,167,869

Wistron

Corp.

......................................

Taiwan

287,000

1,141,288

169,529,859

#### Textiles,

#### Apparel

#### &

#### Luxury

#### Goods

#### 0.1%
Asics

Corp.

........................................

Japan

48,200

1,295,863

Carter's,

Inc.

.......................................

United

States

17,004

608,063

G-III

Apparel

Group

Ltd.

..............................

United

States

6,840

189,468

Hermes

International

SCA

.............................

France

852

1,613,988

LVMH

Moet

Hennessy

Louis

Vuitton

SE

..................

France

219,753

Pandora

A/S

.......................................

Denmark

14,543

1,039,445

Tapestry,

Inc.

......................................

United

States

9,483

1,338,146

6,304,726

#### Tobacco

#### 0.8%
British

American

Tobacco

plc

...........................

United

Kingdom

95,230

5,528,942

Imperial

Brands

plc

..................................

United

Kingdom

88,685

3,595,983

Philip

Morris

International,

Inc.

.........................

United

States

139,825

23,118,666

32,243,591

#### Trading

#### Companies

#### &

#### Distributors

#### 0.3%
AerCap

Holdings

NV

.................................

Ireland

12,500

1,714,750

Bunzl

plc

..........................................

United

Kingdom

11,200

337,181

McGrath

RentCorp

..................................

United

States

1,573

173,470

Mitsubishi

Corp.

....................................

Japan

30,300

1,039,471

Mitsui

&

Co.

Ltd.

....................................

Japan

135,100

5,221,976

a

NPK

International,

Inc.

...............................

United

States

10,945

158,593

Sunbelt

Rentals

Holdings,

Inc.

..........................

United

States

32,295

2,060,142

United

Rentals,

Inc.

..................................

United

States

5,796

4,222,734

14,928,317

#### Transportation

#### Infrastructure

#### 0.1%
b

Aena

SME

SA,

144A,

Reg

S

...........................

Spain

31,042

915,655

International

Container

Terminal

Services,

Inc.

..............

Philippines

296,490

3,361,410

4,277,065

#### Water

#### Utilities

#### 0.1%
American

States

Water

Co.

............................

United

States

2,029

153,433

California

Water

Service

Group

.........................

United

States

3,170

143,728

Cia

de

Saneamento

Basico

do

Estado

de

Sao

Paulo

SABESP

..

Brazil

126,923

3,877,390

4,174,551

#### Wireless

#### Telecommunication

#### Services

#### 0.7%
Bharti

Airtel

Ltd.

....................................

India

187,201

3,557,454

Etihad

Etisalat

Co.

..................................

Saudi

Arabia

136,524

2,377,526

Far

EasTone

Telecommunications

Co.

Ltd.

................

Taiwan

591,000

1,707,034

KDDI

Corp.

........................................

Japan

257,700

4,387,789

MTN

Group

Ltd.

....................................

South

Africa

111,001

1,296,121

TIM

SA

...........................................

Brazil

557,800

2,957,072

T-Mobile

US,

Inc.

...................................

United

States

29,215

6,136,026

Putnam

Asset

Allocation

Funds

Consolidated

Schedule

of

Investments

(unaudited)

#### Putnam

#### Dynamic

#### Asset

#### Allocation

#### Growth

#### 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)

#### Wireless

#### Telecommunication

#### Services
(continued)

Vodafone

Group

plc

.................................

United

Kingdom

2,075,684

$

3,130,862

25,549,884

#### Total

#### Common

#### Stocks

#### (Cost

#### $2,068,507,619)

#### ..................................

#### 2,999,457,724

#### Management

#### Investment

#### Companies

#### 0.3%

#### Capital

#### Markets

#### 0.3%
iShares

Core

MSCI

Emerging

Markets

ETF

................

United

States

120,284

8,389,809

iShares

Russell

1000

Value

ETF

........................

United

States

19,491

4,164,642

12,554,451

#### Total

#### Management

#### Investment

#### Companies

#### (Cost

#### $12,096,845)
..................

#### 12,554,451

#### Convertible

#### Preferred

#### Stocks

#### 0.0%

#### †

#### Aerospace

#### &

#### Defense

#### 0.0%

#### †
Boeing

Co.

(The),

6%

................................

United

States

3,818

247,712

#### Financial

#### Services

#### 0.0%

#### †
Apollo

Global

Management,

Inc.,

6.75%

..................

United

States

2,781

162,577

#### Software

#### 0.0%

#### †
Oracle

Corp.,

D,

6.5%

................................

United

States

5,840

262,859

#### Total

#### Convertible

#### Preferred

#### Stocks

#### (Cost

#### $620,353)

#### ............................

#### 673,148

#### Preferred

#### Stocks

#### 0.2%

#### Banks

#### 0.1%
c

Itau

Unibanco

Holding

SA,

7.84%

.......................

Brazil

552,493

4,637,662

#### Technology

#### Hardware,

#### Storage

#### &

#### Peripherals

#### 0.1%
c

Samsung

Electronics

Co.

Ltd.,

1.05%

....................

South

Korea

30,007

2,422,273

#### Total

#### Preferred

#### Stocks

#### (Cost

#### $5,139,997)

#### .....................................

#### 7,059,935

#### Rights

#### 0.0%

#### †

#### Biotechnology

#### 0.0%

#### †
a,d

Akero

Therapeutics,

Inc.,

CVR,

6/30/31

...................

United

States

12,673

8,237

a,d

Blueprint

Medicines

Corp.,

CVR,

12/31/28

.................

United

States

3,670

1,688

a,d

Icosavax,

Inc.,

CVR,

2/19/31

...........................

United

Kingdom

6,497

1,949

a,d,e

Pfizer,

Inc.,

CVR,

3/31/32

.............................

United

States

3,923

19,223

a,d

Sage

Therapeutics,

Inc.,

CVR,

12/31/30

..................

United

States

39,811

7,166

38,263

#### Total

#### Rights

#### (Cost

#### $38,328)

#### .................................................

#### 38,263

#### 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

155,000

229,245

#### Energy

#### Equipment

#### &

#### Services

#### 0.0%

#### †
Nabors

Industries,

Inc.

,

Senior

Note

,

1.75 %

,

6/15/29

.........

United

States

130,000

118,430

Putnam

Asset

Allocation

Funds

Consolidated

Schedule

of

Investments

(unaudited)

#### Putnam

#### Dynamic

#### Asset

#### Allocation

#### Growth

#### 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

#### Convertible

#### Bonds
(continued)

#### Food

#### Products

#### 0.0%

#### †
Post

Holdings,

Inc.

,

Senior

Note

,

2.5 %

,

8/15/27

.............

United

States

195,000

$

211,477

#### Oil,

#### Gas

#### &

#### Consumable

#### Fuels

#### 0.0%

#### †
b

Crescent

Energy

Co.

,

Senior

Note

,

144A,

2.75 %

,

3/15/31

.....

United

States

250,000

287,625

#### Software

#### 0.0%

#### †
Guidewire

Software,

Inc.

,

Senior

Note

,

1.25 %

,

11/01/29

.......

United

States

288,000

287,460

#### Total

#### Convertible

#### Bonds

#### (Cost

#### $1,077,893)
...................................

#### 1,134,237

#### Corporate

#### Bonds

#### 6.7%

#### Aerospace

#### &

#### Defense

#### 0.3%
ATI,

Inc.

,

Senior

Bond,

5.125%,

10/01/31

.......................

United

States

65,000

64,282

Senior

Note,

5.875%,

12/01/27

.......................

United

States

355,000

355,171

Senior

Note,

4.875%,

10/01/29

.......................

United

States

85,000

83,931

Senior

Note,

7.25%,

8/15/30

.........................

United

States

265,000

274,978

b

Axon

Enterprise,

Inc.

,

Senior

Note,

144A,

6.125%,

3/15/30

...................

United

States

210,000

213,999

Senior

Note,

144A,

6.25%,

3/15/33

....................

United

States

245,000

250,290

b

BAE

Systems

plc

,

Senior

Bond,

144A,

5.3%,

3/26/34

.....................

United

Kingdom

325,000

332,988

Senior

Note,

144A,

5.125%,

3/26/29

...................

United

Kingdom

365,000

372,555

Boeing

Co.

(The)

,

Senior

Bond,

2.95%,

2/01/30

.........................

United

States

63,000

59,308

Senior

Bond,

6.125%,

2/15/33

........................

United

States

70,000

74,460

Senior

Bond,

6.875%,

3/15/39

........................

United

States

60,000

65,962

Senior

Bond,

5.875%,

2/15/40

........................

United

States

175,000

175,908

Senior

Bond,

3.375%,

6/15/46

........................

United

States

140,000

96,829

Senior

Note,

2.7%,

2/01/27

..........................

United

States

237,000

233,736

Senior

Note,

6.259%,

5/01/27

........................

United

States

120,000

122,106

Senior

Note,

6.298%,

5/01/29

........................

United

States

1,272,000

1,335,749

b

Bombardier,

Inc.

,

Senior

Bond,

144A,

7.45%,

5/01/34

....................

Canada

510,000

552,160

Senior

Note,

144A,

7.5%,

2/01/29

.....................

Canada

45,000

46,759

Senior

Note,

144A,

8.75%,

11/15/30

...................

Canada

235,000

250,226

Senior

Note,

144A,

7%,

6/01/32

......................

Canada

10,000

10,391

Senior

Note,

144A,

6.75%,

6/15/33

....................

Canada

180,000

186,112

b

Efesto

Bidco

SpA

Efesto

US

LLC

,

XR

,

Senior

Secured

Note

,

144A,

7.5 %

,

2/15/32

...............................

Italy

415,000

413,467

b

Honeywell

Aerospace,

Inc.

,

Senior

Note

,

144A,

4.3 %

,

3/16/31

..

United

States

310,000

306,751

Howmet

Aerospace,

Inc.

,

Senior

Bond,

6.75%,

1/15/28

.........................

United

States

255,000

265,844

Senior

Note,

3%,

1/15/29

...........................

United

States

396,000

382,120

Senior

Note,

4.85%,

10/15/31

........................

United

States

145,000

146,709

RTX

Corp.

,

Senior

Bond,

4.125%,

11/16/28

.......................

United

States

445,000

443,234

Senior

Bond,

5.15%,

2/27/33

.........................

United

States

60,000

61,217

Senior

Bond,

4.875%,

10/15/40

.......................

United

States

65,000

61,920

Spirit

AeroSystems,

Inc.

,

Senior

Bond

,

4.6 %

,

6/15/28

........

United

States

910,000

910,895

b

TransDigm,

Inc.

,

Senior

Secured

Note,

144A,

6.875%,

12/15/30

...........

United

States

225,000

230,691

Senior

Secured

Note,

144A,

7.125%,

12/01/31

...........

United

States

55,000

56,837

Senior

Secured

Note,

144A,

6.625%,

3/01/32

............

United

States

160,000

163,379

Senior

Secured

Note,

144A,

6%,

1/15/33

................

United

States

635,000

635,352

Senior

Secured

Note,

144A,

6.25%,

1/31/34

.............

United

States

80,000

80,948

Putnam

Asset

Allocation

Funds

Consolidated

Schedule

of

Investments

(unaudited)

#### Putnam

#### Dynamic

#### Asset

#### Allocation

#### Growth

#### 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

TransDigm,

Inc.,

(continued)

Senior

Sub.

Note,

144A,

6.75%,

1/31/34

................

United

States

280,000

$

283,879

9,601,143

#### Automobile

#### Components

#### 0.0%

#### †
b

Adient

Global

Holdings

Ltd.

,

Senior

Note

,

144A,

8.25 %

,

4/15/31

United

States

440,000

456,680

b

Clarios

Global

LP

/

Clarios

US

Finance

Co.

,

Senior

Note

,

144A,

6.75 %

,

9/15/32

...................................

United

States

240,000

242,071

b

Dornoch

Debt

Merger

Sub,

Inc.

,

Senior

Note

,

144A,

6.625 %

,

10/15/29

........................................

United

States

330,000

294,930

b

Forvia

SE

,

Senior

Note

,

144A,

6.75 %

,

9/15/33

..............

France

560,000

547,095

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

675,000

692,043

2,436,273

#### Automobiles

#### 0.1%
b

Hyundai

Capital

America

,

Senior

Bond,

144A,

6.375%,

4/08/30

...................

United

States

29,000

30,443

Senior

Note,

144A,

4.875%,

11/01/27

..................

United

States

215,000

215,979

Senior

Note,

144A,

6.5%,

1/16/29

.....................

United

States

465,000

485,562

Senior

Note,

144A,

5.35%,

3/19/29

....................

United

States

149,000

151,760

Senior

Note,

144A,

4.55%,

9/26/29

....................

United

States

55,000

54,783

Senior

Note,

144A,

5.4%,

1/08/31

.....................

United

States

74,000

75,544

b

Nissan

Motor

Co.

Ltd.

,

Senior

Bond

,

144A,

8.125 %

,

7/17/35

...

Japan

325,000

334,666

1,348,737

#### Banks

#### 0.5%
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

ANZ

New

Zealand

Int'l

Ltd.

,

Senior

Bond

,

144A,

3.45 %

,

7/17/27

New

Zealand

200,000

198,371

b,g

Australia

&

New

Zealand

Banking

Group

Ltd.

,

Junior

Sub.

Bond

,

144A,

6.75%

to

6/14/26,

FRN

thereafter

,

Perpetual

.........

Australia

200,000

200,914

Banco

Santander

SA

,

Senior

Non-Preferred

Bond,

4.379%,

4/12/28

............

Spain

200,000

199,376

Senior

Non-Preferred

Note,

1.722%

to

9/13/26,

FRN

thereafter,

9/14/27

.........................................

Spain

200,000

197,469

Sub.

Bond,

3.225%

to

8/21/31,

FRN

thereafter,

11/22/32

....

Spain

800,000

718,392

Bank

of

America

Corp.

,

Senior

Bond,

2.496%

to

2/12/30,

FRN

thereafter,

2/13/31

...

United

States

190,000

175,671

Senior

Note,

1.734%

to

7/21/26,

FRN

thereafter,

7/22/27

....

United

States

1,055,000

1,046,237

Sub.

Bond,

6.11%,

1/29/37

..........................

United

States

1,030,000

1,080,800

Sub.

Bond,

3.846%

to

3/07/32,

FRN

thereafter,

3/08/37

.....

United

States

1,350,000

1,251,133

L,

Sub.

Bond,

4.183%,

11/25/27

......................

United

States

270,000

269,159

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

245,000

241,721

Barclays

plc

,

Senior

Note

,

5.367%

to

2/24/30,

FRN

thereafter

,

2/25/31

.........................................

United

Kingdom

445,000

452,855

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

400,000

400,739

Senior

Non-Preferred

Note,

144A,

5.673%

to

3/14/29,

FRN

thereafter,

3/15/30

.................................

Spain

200,000

205,533

Putnam

Asset

Allocation

Funds

Consolidated

Schedule

of

Investments

(unaudited)

#### Putnam

#### Dynamic

#### Asset

#### Allocation

#### Growth

#### 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)

#### Banks
(continued)

Citigroup,

Inc.

,

Senior

Bond,

3.887%

to

1/09/27,

FRN

thereafter,

1/10/28

...

United

States

323,000

$

321,488

Senior

Bond,

3.668%

to

7/23/27,

FRN

thereafter,

7/24/28

...

United

States

1,422,000

1,407,175

Senior

Note,

4.503%

to

9/10/30,

FRN

thereafter,

9/11/31

....

United

States

470,000

464,769

Sub.

Bond,

4.45%,

9/29/27

..........................

United

States

430,000

430,113

Sub.

Bond,

4.75%,

5/18/46

..........................

United

States

240,000

202,336

b

Commonwealth

Bank

of

Australia

,

Senior

Bond

,

144A,

3.15 %

,

9/19/27

.........................................

Australia

580,000

572,527

b

Federation

des

Caisses

Desjardins

du

Quebec

,

Senior

Note

,

144A,

4.565 %

,

8/26/30

..............................

Canada

410,000

408,418

First-Citizens

Bank

&

Trust

Co.

,

Sub.

Bond

,

6.125 %

,

3/09/28

...

United

States

649,000

665,571

Huntington

Bancshares,

Inc.

,

Sub.

Bond

,

2.487%

to

8/14/31,

FRN

thereafter

,

8/15/36

.................................

United

States

361,000

310,091

ING

Groep

NV

,

Senior

Note

,

6.083%

to

9/10/26,

FRN

thereafter

,

9/11/27

.........................................

Netherlands

240,000

241,508

JPMorgan

Chase

&

Co.

,

g

KK,

Junior

Sub.

Bond,

3.65%

to

5/31/26,

FRN

thereafter,

Perpetual

.......................................

United

States

44,000

43,823

h

W,

Junior

Sub.

Bond,

FRN,

4.914%,

(3-month

SOFR

+

1.262%),

5/15/47

.................................

United

States

116,000

102,197

Senior

Note,

6.07%

to

10/21/26,

FRN

thereafter,

10/22/27

...

United

States

570,000

575,485

Sub.

Bond,

3.625%,

12/01/27

........................

United

States

1,350,000

1,335,258

Sub.

Bond,

2.956%

to

5/12/30,

FRN

thereafter,

5/13/31

.....

United

States

700,000

652,405

Sub.

Bond,

5.717%

to

9/13/32,

FRN

thereafter,

9/14/33

.....

United

States

743,000

769,622

Mitsubishi

UFJ

Financial

Group,

Inc.

,

Senior

Note

,

5.159%

to

4/23/30,

FRN

thereafter

,

4/24/31

......................

Japan

355,000

360,177

Morgan

Stanley

Bank

NA

,

Senior

Note

,

5.016%

to

1/11/28,

FRN

thereafter

,

1/12/29

.................................

United

States

470,000

475,108

PNC

Financial

Services

Group,

Inc.

(The)

,

Senior

Bond,

5.373%

to

7/20/35,

FRN

thereafter,

7/21/36

...

United

States

30,000

30,144

Sub.

Bond,

4.626%

to

6/05/32,

FRN

thereafter,

6/06/33

.....

United

States

725,000

705,735

Toronto-Dominion

Bank

(The)

,

Sub.

Bond

,

3.625%

to

9/14/26,

FRN

thereafter

,

9/15/31

.............................

Canada

435,000

432,532

h

Truist

Bank

,

Sub.

Bond

,

FRN

,

4.632 %

,

(5-year

CMT

T-Note

+

1.15 %),

9/17/29

...................................

United

States

250,000

248,004

Truist

Financial

Corp.

,

Senior

Note

,

5.435%

to

1/23/29,

FRN

thereafter

,

1/24/30

.................................

United

States

235,000

240,571

US

Bancorp

,

Sub.

Bond

,

2.491%

to

11/02/31,

FRN

thereafter

,

11/03/36

........................................

United

States

630,000

544,894

Wells

Fargo

&

Co.

,

Senior

Bond,

3.35%

to

3/01/32,

FRN

thereafter,

3/02/33

....

United

States

1,935,000

1,777,227

Senior

Note,

5.574%

to

7/24/28,

FRN

thereafter,

7/25/29

....

United

States

235,000

240,424

Westpac

Banking

Corp.

,

Sub.

Bond

,

2.963 %

,

11/16/40

.......

Australia

170,000

126,433

21,026,806

#### Biotechnology

#### 0.1%
AbbVie,

Inc.

,

Senior

Note,

4.8%,

3/15/29

..........................

United

States

355,000

360,752

Senior

Note,

4.125%,

3/15/31

........................

United

States

155,000

152,784

Amgen,

Inc.

,

Senior

Bond,

4.663%,

6/15/51

........................

United

States

230,000

193,095

Senior

Bond,

5.65%,

3/02/53

.........................

United

States

51,000

49,429

Senior

Bond,

5.75%,

3/02/63

.........................

United

States

135,000

129,954

Senior

Note,

5.15%,

3/02/28

.........................

United

States

495,000

502,473

Senior

Note,

5.25%,

3/02/30

.........................

United

States

105,000

107,843

Putnam

Asset

Allocation

Funds

Consolidated

Schedule

of

Investments

(unaudited)

#### Putnam

#### Dynamic

#### Asset

#### Allocation

#### Growth

#### 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)

#### Biotechnology
(continued)

b

Genmab

A/S

/

Genmab

Finance

LLC

,

Senior

Note,

144A,

7.25%,

12/15/33

...................

Denmark

390,000

$

408,582

Senior

Secured

Note,

144A,

6.25%,

12/15/32

............

Denmark

590,000

605,314

b

Grifols

SA

,

Senior

Note,

Reg

S,

3.875%,

10/15/28

.................

Spain

755,000

EUR

854,853

Senior

Note,

144A,

4.75%,

10/15/28

...................

Spain

210,000

205,819

3,570,898

#### Broadline

#### Retail

#### 0.1%
Amazon.com,

Inc.

,

Senior

Bond,

2.1%,

5/12/31

..........................

United

States

53,000

47,516

Senior

Note,

3.15%,

8/22/27

.........................

United

States

407,000

402,205

Senior

Note,

4.1%,

11/20/30

.........................

United

States

120,000

118,643

Senior

Note,

4.25%,

3/13/31

.........................

United

States

230,000

228,357

b

Kohl's

Corp.

,

Senior

Secured

Note

,

144A,

%

,

6/01/30

......

United

States

165,000

174,592

b

Match

Group

Holdings

II

LLC

,

Senior

Note

,

144A,

4.625 %

,

6/01/28

.........................................

United

States

226,000

221,088

b

Wayfair

LLC

,

Senior

Secured

Note,

144A,

7.25%,

10/31/29

............

United

States

290,000

296,220

Senior

Secured

Note,

144A,

7.75%,

9/15/30

.............

United

States

485,000

505,325

Senior

Secured

Note,

144A,

6.75%,

11/15/32

............

United

States

735,000

741,168

2,735,114

#### Building

#### Products

#### 0.0%

#### †
b

EMRLD

Borrower

LP

/

Emerald

Co-Issuer,

Inc.

,

Senior

Secured

Note

,

Reg

S,

6.375 %

,

12/15/30

.......................

United

States

100,000

EUR

118,018

b

JH

North

America

Holdings,

Inc.

,

Senior

Secured

Note,

144A,

5.875%,

1/31/31

............

United

States

35,000

34,733

Senior

Secured

Note,

144A,

6.125%,

7/31/32

............

United

States

145,000

144,656

Johnson

Controls

International

plc

,

Senior

Bond

,

4.95 %

,

7/02/64

United

States

250,000

211,291

b

Miter

Brands

Acquisition

Holdco,

Inc.

/

MIWD

Borrower

LLC

,

Senior

Secured

Note

,

144A,

6.75 %

,

4/01/32

..............

United

States

285,000

273,138

b

Quikrete

Holdings,

Inc.

,

Senior

Secured

Note

,

144A,

6.375 %

,

3/01/32

.........................................

United

States

685,000

695,106

b

Smyrna

Ready

Mix

Concrete

LLC

,

Senior

Secured

Note

,

144A,

8.875 %

,

11/15/31

..................................

United

States

275,000

283,793

b

Standard

Building

Solutions,

Inc.

,

Senior

Note,

144A,

6.5%,

8/15/32

.....................

United

States

345,000

345,484

Senior

Note,

144A,

6.25%,

8/01/33

....................

United

States

315,000

311,760

b

Standard

Industries,

Inc.

,

Senior

Bond,

144A,

4.375%,

7/15/30

...................

United

States

380,000

358,406

Senior

Bond,

144A,

3.375%,

1/15/31

...................

United

States

90,000

80,731

2,857,116

#### Capital

#### Markets

#### 0.3%
Ares

Capital

Corp.

,

Senior

Note,

2.15%,

7/15/26

.........................

United

States

240,000

238,033

Senior

Note,

7%,

1/15/27

...........................

United

States

265,000

268,646

Senior

Note,

2.875%,

6/15/27

........................

United

States

255,000

248,331

b

Aretec

Group,

Inc.

,

Senior

Secured

Note

,

144A,

%

,

8/15/30

..

United

States

90,000

95,707

b

Blackstone

Holdings

Finance

Co.

LLC

,

Senior

Bond

,

144A,

1.6 %

,

3/30/31

.........................................

United

States

120,000

103,162

Blackstone

Private

Credit

Fund

,

Senior

Note

,

3.25 %

,

3/15/27

..

United

States

133,000

129,713

Deutsche

Bank

AG

,

Senior

Non-Preferred

Note

,

2.311%

to

11/15/26,

FRN

thereafter

,

11/16/27

.....................

Germany

150,000

147,971

Putnam

Asset

Allocation

Funds

Consolidated

Schedule

of

Investments

(unaudited)

#### Putnam

#### Dynamic

#### Asset

#### Allocation

#### Growth

#### 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)

#### Capital

#### Markets
(continued)

b

Dresdner

Funding

Trust

I

,

Junior

Sub.

Bond

,

144A,

8.151 %

,

6/30/31

.........................................

United

States

100,000

$

107,212

Goldman

Sachs

Group,

Inc.

(The)

,

Senior

Bond,

4.223%

to

4/30/28,

FRN

thereafter,

5/01/29

...

United

States

1,531,000

1,522,563

Senior

Note,

4.153%

to

10/20/28,

FRN

thereafter,

10/21/29

..

United

States

487,000

482,514

Intercontinental

Exchange,

Inc.

,

Senior

Bond,

1.85%,

9/15/32

.........................

United

States

140,000

118,209

Senior

Note,

4%,

9/15/27

...........................

United

States

104,000

103,665

b

Jane

Street

Group

/

JSG

Finance,

Inc.

,

Senior

Secured

Note,

144A,

6.125%,

11/01/32

...........

United

States

715,000

707,674

Senior

Secured

Note,

144A,

6.75%,

5/01/33

.............

United

States

960,000

974,667

Jefferies

Financial

Group,

Inc.

,

Senior

Note

,

4.5 %

,

9/15/26

....

United

States

260,000

259,192

b

KKR

Group

Finance

Co.

III

LLC

,

Senior

Bond

,

144A,

5.125 %

,

6/01/44

.........................................

United

States

160,000

141,381

LPL

Holdings,

Inc.

,

Senior

Note,

6.75%,

11/17/28

........................

United

States

239,000

250,543

Senior

Note,

5.2%,

3/15/30

..........................

United

States

247,000

248,932

Moody's

Corp.

,

Senior

Bond,

2%,

8/19/31

...........................

United

States

520,000

458,132

Senior

Bond,

5%,

8/05/34

...........................

United

States

165,000

165,010

Morgan

Stanley

,

Senior

Bond,

3.772%

to

1/23/28,

FRN

thereafter,

1/24/29

...

United

States

1,365,000

1,347,081

Senior

Note,

5.123%

to

1/31/28,

FRN

thereafter,

2/01/29

....

United

States

475,000

480,360

Senior

Note,

4.994%

to

4/11/28,

FRN

thereafter,

4/12/29

....

United

States

120,000

121,116

Senior

Note,

4.493%

to

1/15/31,

FRN

thereafter,

1/16/32

....

United

States

110,000

108,182

Senior

Note,

4.708%

to

3/11/31,

FRN

thereafter,

3/12/32

....

United

States

215,000

213,599

Sub.

Bond,

3.95%,

4/23/27

..........................

United

States

470,000

467,302

Sub.

Bond,

5.297%

to

4/19/32,

FRN

thereafter,

4/20/37

.....

United

States

122,000

121,770

b

MSCI,

Inc.

,

Senior

Bond

,

144A,

3.625 %

,

9/01/30

............

United

States

418,000

395,295

Nasdaq,

Inc.

,

Senior

Bond,

5.55%,

2/15/34

.........................

United

States

35,000

36,017

Senior

Note,

5.35%,

6/28/28

.........................

United

States

97,000

99,029

S&P

Global,

Inc.

,

Senior

Bond,

2.5%,

12/01/29

.........................

United

States

20,000

18,787

Senior

Bond,

1.25%,

8/15/30

.........................

United

States

87,000

75,884

Senior

Note,

2.45%,

3/01/27

.........................

United

States

120,000

118,121

b

Stonex

Escrow

Issuer

LLC

,

Secured

Note

,

144A,

6.875 %

,

7/15/32

United

States

380,000

384,304

b

UBS

Group

AG

,

Senior

Bond,

144A,

3.869%

to

1/11/28,

FRN

thereafter,

1/12/29

Switzerland

285,000

281,796

Senior

Note,

144A,

5.428%

to

2/07/29,

FRN

thereafter,

2/08/30

Switzerland

385,000

393,385

11,433,285

#### Chemicals

#### 0.0%

#### †
b

ARC

Falcon

I,

Inc.

/

Arclin

USA

LLC

/

New

Arclin

US

Holding

Corp.

,

Senior

Secured

Note

,

144A,

9.75 %

,

3/01/33

.........

United

States

460,000

443,288

b

Avient

Corp.

,

Senior

Note

,

144A,

6.25 %

,

11/01/31

...........

United

States

120,000

120,939

Celanese

US

Holdings

LLC

,

Senior

Note

,

1.4 %

,

8/05/26

......

United

States

170,000

167,673

b

Cerdia

Finanz

GmbH

,

Senior

Secured

Note

,

144A,

9.375 %

,

10/03/31

........................................

Germany

65,000

64,710

CF

Industries,

Inc.

,

Senior

Bond

,

4.95 %

,

6/01/43

............

United

States

520,000

464,424

Ecolab,

Inc.

,

Senior

Bond

,

2.7 %

,

11/01/26

.................

United

States

750,000

744,287

b

Element

Solutions,

Inc.

,

Senior

Note

,

144A,

3.875 %

,

9/01/28

...

United

States

365,000

355,613

FMC

Corp.

,

Sub.

Bond

,

8.45%

to

10/31/30,

FRN

thereafter

,

11/01/55

........................................

United

States

270,000

174,085

b

Rain

Carbon,

Inc.

,

Senior

Secured

Note

,

144A,

12.25 %

,

9/01/29

United

States

950,000

978,594

Putnam

Asset

Allocation

Funds

Consolidated

Schedule

of

Investments

(unaudited)

#### Putnam

#### Dynamic

#### Asset

#### Allocation

#### Growth

#### 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
(continued)

b

SCIH

Salt

Holdings,

Inc.

,

Senior

Note,

144A,

6.625%,

5/01/29

...................

United

States

240,000

$

239,001

Senior

Secured

Note,

144A,

4.875%,

5/01/28

............

United

States

310,000

306,647

b

Solstice

Advanced

Materials,

Inc.

,

Senior

Note

,

144A,

5.625 %

,

9/30/33

.........................................

United

States

490,000

483,646

4,542,907

#### Commercial

#### Services

#### &

#### Supplies

#### 0.1%
b

Aramark

Services,

Inc.

,

Senior

Bond

,

144A,

%

,

2/01/28

......

United

States

343,000

341,166

b

Clean

Harbors,

Inc.

,

Senior

Note

,

144A,

6.375 %

,

2/01/31

.....

United

States

285,000

289,637

b

GFL

Environmental,

Inc.

,

Senior

Note

,

144A,

6.75 %

,

1/15/31

...

United

States

90,000

93,247

b

Madison

IAQ

LLC

,

Senior

Secured

Note

,

144A,

4.125 %

,

6/30/28

United

States

145,000

141,709

b

Neptune

Bidco

US,

Inc.

,

Senior

Secured

Note,

144A,

9.29%,

4/15/29

.............

United

States

65,000

65,234

Senior

Secured

Note,

144A,

9.5%,

2/15/33

..............

United

States

930,000

903,485

Republic

Services,

Inc.

,

Senior

Note

,

%

,

11/15/29

..........

United

States

820,000

837,987

b

RR

Donnelley

&

Sons

Co.

,

Senior

Secured

Note

,

144A,

9.5 %

,

8/01/29

.........................................

United

States

970,000

982,624

b

Veritiv

Operating

Co.

,

Senior

Secured

Note

,

144A,

10.5 %

,

11/30/30

........................................

United

States

115,000

119,657

Waste

Connections,

Inc.

,

Senior

Bond,

3.5%,

5/01/29

..........................

United

States

265,000

260,214

Senior

Bond,

3.2%,

6/01/32

..........................

United

States

56,000

51,764

Senior

Bond,

5%,

3/01/34

...........................

United

States

115,000

115,802

Waste

Management,

Inc.

,

Senior

Note

,

4.875 %

,

2/15/29

......

United

States

403,000

409,958

b

Waste

Pro

USA,

Inc.

,

Senior

Note

,

144A,

%

,

2/01/33

........

United

States

420,000

425,775

b

Wrangler

Holdco

Corp.

,

Senior

Note

,

144A,

6.625 %

,

4/01/32

...

Canada

120,000

123,645

5,161,904

#### Communications

#### Equipment

#### 0.0%

#### †
Motorola

Solutions,

Inc.

,

Senior

Bond,

2.3%,

11/15/30

.........................

United

States

121,000

109,149

Senior

Bond,

5.55%,

8/15/35

.........................

United

States

365,000

373,306

Senior

Note,

4.85%,

8/15/30

.........................

United

States

138,000

139,028

b

Viasat,

Inc.

,

Senior

Note

,

144A,

7.5 %

,

5/30/31

..............

United

States

545,000

539,255

1,160,738

#### Construction

#### &

#### Engineering

#### 0.0%

#### †
b

Arcosa,

Inc.

,

Senior

Note

,

144A,

6.875 %

,

8/15/32

...........

United

States

130,000

133,304

#### Consumer

#### Finance

#### 0.5%
AerCap

Ireland

Capital

DAC

/

AerCap

Global

Aviation

Trust

,

Senior

Bond,

3.65%,

7/21/27

.........................

Ireland

600,000

593,744

Senior

Bond,

3.3%,

1/30/32

..........................

Ireland

600,000

545,140

Senior

Bond,

6.95%

to

12/09/29,

FRN

thereafter,

3/10/55

...

Ireland

150,000

153,605

Senior

Note,

4.875%,

4/01/28

........................

Ireland

150,000

151,103

Ally

Financial,

Inc.

,

Senior

Bond,

8%,

11/01/31

..........................

United

States

562,000

624,152

Senior

Note,

4.75%,

6/09/27

.........................

United

States

250,000

250,539

Senior

Note,

2.2%,

11/02/28

.........................

United

States

200,000

188,384

American

Express

Co.

,

Senior

Bond,

5.667%

to

4/24/35,

FRN

thereafter,

4/25/36

...

United

States

440,000

454,947

Senior

Note,

5.098%

to

2/15/27,

FRN

thereafter,

2/16/28

....

United

States

265,000

266,477

b

Avolon

Holdings

Funding

Ltd.

,

Senior

Note,

144A,

5.75%,

11/15/29

...................

Ireland

495,000

507,346

Senior

Note,

144A,

4.9%,

10/10/30

....................

Ireland

235,000

233,482

Putnam

Asset

Allocation

Funds

Consolidated

Schedule

of

Investments

(unaudited)

#### Putnam

#### Dynamic

#### Asset

#### Allocation

#### Growth

#### 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)

Capital

One

Financial

Corp.

,

Senior

Note,

4.493%

to

9/10/30,

FRN

thereafter,

9/11/31

....

United

States

150,000

$

147,321

Sub.

Bond,

2.359%

to

7/28/31,

FRN

thereafter,

7/29/32

.....

United

States

926,000

798,620

b

Encore

Capital

Group,

Inc.

,

Senior

Secured

Note,

144A,

9.25%,

4/01/29

.............

United

States

200,000

209,500

Senior

Secured

Note,

144A,

8.5%,

5/15/30

..............

United

States

725,000

767,013

b

FirstCash,

Inc.

,

Senior

Note

,

144A,

6.875 %

,

3/01/32

.........

United

States

1,300,000

1,326,608

Ford

Motor

Credit

Co.

LLC

,

Senior

Note

,

4.125 %

,

8/17/27

.....

United

States

200,000

197,471

b

Gabx

Leasing

LLC

,

Senior

Note

,

144A,

4.625 %

,

4/15/31

......

United

States

245,000

241,596

General

Motors

Financial

Co.,

Inc.

,

Senior

Note,

4.2%,

10/27/28

.........................

United

States

95,000

94,044

Senior

Note,

4.9%,

10/06/29

.........................

United

States

254,000

255,329

b

Jefferson

Capital

Holdings

LLC

,

Senior

Note,

144A,

9.5%,

2/15/29

.....................

United

States

370,000

388,489

Senior

Note,

144A,

8.25%,

5/15/30

....................

United

States

715,000

745,919

b

Macquarie

Airfinance

Holdings

Ltd.

,

Senior

Note

,

144A,

5.15 %

,

3/17/30

.........................................

United

Kingdom

430,000

428,006

OneMain

Finance

Corp.

,

Senior

Bond,

5.375%,

11/15/29

.......................

United

States

115,000

110,982

Senior

Note,

7.5%,

5/15/31

..........................

United

States

280,000

281,673

Senior

Note,

7.125%,

11/15/31

.......................

United

States

475,000

471,044

Senior

Note,

6.5%,

3/15/33

..........................

United

States

210,000

200,936

b

PRA

Group,

Inc.

,

Senior

Note

,

144A,

8.875 %

,

1/31/30

........

United

States

570,000

575,909

11,209,379

#### Consumer

#### Staples

#### Distribution

#### &

#### Retail

#### 0.0%

#### †
b

7-Eleven,

Inc.

,

Senior

Note

,

144A,

1.3 %

,

2/10/28

............

United

States

488,000

460,518

b

Alimentation

Couche-Tard,

Inc.

,

Senior

Bond,

144A,

3.55%,

7/26/27

....................

Canada

240,000

237,326

Senior

Bond,

144A,

2.95%,

1/25/30

....................

Canada

148,000

139,786

b

US

Foods,

Inc.

,

Senior

Note,

144A,

7.25%,

1/15/32

....................

United

States

315,000

326,346

Senior

Note,

144A,

5.75%,

4/15/33

....................

United

States

225,000

224,219

1,388,195

#### Containers

#### &

#### Packaging

#### 0.0%

#### †
AptarGroup,

Inc.

,

Senior

Note

,

4.75 %

,

3/30/31

.............

United

States

115,000

114,033

Berry

Global,

Inc.

,

Senior

Secured

Note,

1.65%,

1/15/27

..................

United

States

166,000

162,564

Senior

Secured

Note,

5.5%,

4/15/28

...................

United

States

14,000

14,284

b

Senior

Secured

Note,

144A,

4.875%,

7/15/26

............

United

States

12,000

12,001

b

Clydesdale

Acquisition

Holdings,

Inc.

,

Senior

Secured

Note

,

144A,

6.75 %

,

4/15/32

...............................

United

States

500,000

473,667

b

Graphic

Packaging

International

LLC

,

Senior

Note,

Reg

S,

2.625%,

2/01/29

..................

United

States

180,000

EUR

197,387

Senior

Note,

144A,

3.5%,

3/01/29

.....................

United

States

150,000

140,551

b

Mauser

Packaging

Solutions

Holding

Co.

,

Secured

Note,

144A,

9.25%,

4/15/30

...................

United

States

230,000

213,895

Senior

Secured

Note,

144A,

7.875%,

4/15/30

............

United

States

320,000

320,229

b

Toucan

FinCo

Ltd.

/

Toucan

FinCo

Can,

Inc.

/

Toucan

FinCo

US

LLC

,

Senior

Secured

Note

,

144A,

9.5 %

,

5/15/30

...........

Canada

730,000

645,557

WestRock

MWV

LLC

,

Senior

Bond,

8.2%,

1/15/30

..........................

United

States

305,000

342,325

Putnam

Asset

Allocation

Funds

Consolidated

Schedule

of

Investments

(unaudited)

#### Putnam

#### Dynamic

#### Asset

#### Allocation

#### Growth

#### 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,

(continued)

Senior

Bond,

7.95%,

2/15/31

.........................

United

States

106,000

$

120,193

2,756,686

#### Distributors

#### 0.0%

#### †
b

American

Builders

&

Contractors

Supply

Co.,

Inc.

,

Senior

Note,

144A,

3.875%,

11/15/29

..................

United

States

265,000

251,412

Senior

Secured

Note,

144A,

4%,

1/15/28

................

United

States

180,000

176,747

428,159

#### Diversified

#### Consumer

#### Services

#### 0.0%

#### †
Service

Corp.

International

,

Senior

Bond

,

3.375 %

,

8/15/30

....

United

States

65,000

60,010

#### Diversified

#### REITs

#### 0.0%

#### †
Equinix

Asia

Financing

Corp.

Pte.

Ltd.

,

Senior

Note

,

4.4 %

,

3/15/31

.........................................

United

States

135,000

132,208

GLP

Capital

LP

/

GLP

Financing

II,

Inc.

,

Senior

Bond

,

3.25 %

,

1/15/32

.........................................

United

States

175,000

156,171

VICI

Properties

LP

,

Senior

Note,

4.75%,

2/15/28

.........................

United

States

411,000

411,527

Senior

Note,

5.125%,

11/15/31

.......................

United

States

330,000

327,776

b

VICI

Properties

LP

/

VICI

Note

Co.,

Inc.

,

Senior

Note

,

144A,

3.75 %

,

2/15/27

...................................

United

States

154,000

152,866

1,180,548

#### Diversified

#### Telecommunication

#### Services

#### 0.3%
b

Altice

France

SA

,

Senior

Secured

Note,

144A,

6.875%,

10/15/30

...........

France

152,439

145,952

Senior

Secured

Note,

144A,

6.5%,

4/15/32

..............

France

152,439

144,572

Senior

Secured

Note,

144A,

6.875%,

7/15/32

............

France

209,603

198,794

b

APLD

ComputeCo

LLC

,

Senior

Secured

Note

,

144A,

6.75 %

,

3/15/31

.........................................

United

States

645,000

640,704

b

APLD

ComputeCo

LLC

,

Senior

Secured

Note

,

144A,

9.25 %

,

12/15/30

........................................

United

States

810,000

835,274

AT&T,

Inc.

,

Senior

Bond,

2.55%,

12/01/33

........................

United

States

476,000

403,007

Senior

Bond,

4.75%,

5/15/46

.........................

United

States

547,000

460,041

Senior

Bond,

3.55%,

9/15/55

.........................

United

States

1,018,000

662,572

Senior

Note,

4.1%,

2/15/28

..........................

United

States

210,000

209,035

b

Black

Pearl

Compute

LLC

,

Senior

Secured

Note

,

144A,

6.125 %

,

2/15/31

.........................................

United

States

365,000

371,952

b

CCO

Holdings

LLC

/

CCO

Holdings

Capital

Corp.

,

Senior

Bond,

144A,

5.375%,

6/01/29

...................

United

States

110,000

108,556

Senior

Bond,

144A,

4.75%,

3/01/30

....................

United

States

1,545,000

1,466,984

Senior

Bond,

144A,

4.25%,

2/01/31

....................

United

States

180,000

164,175

Senior

Bond,

144A,

4.75%,

2/01/32

....................

United

States

790,000

714,920

Senior

Note,

144A,

7%,

2/01/33

......................

United

States

245,000

245,919

b

Cipher

Compute

LLC

,

Senior

Secured

Note

,

144A,

7.125 %

,

11/15/30

........................................

United

States

430,000

446,030

Comcast

Corp.

,

Senior

Bond,

2.35%,

1/15/27

.........................

United

States

157,000

154,787

Senior

Bond,

3.999%,

11/01/49

.......................

United

States

130,000

94,357

Senior

Bond,

3.45%,

2/01/50

.........................

United

States

224,000

147,029

Senior

Bond,

2.987%,

11/01/63

.......................

United

States

107,000

56,729

Deutsche

Telekom

International

Finance

BV

,

Senior

Bond

,

8.75 %

,

6/15/30

.........................................

Germany

195,000

224,025

Putnam

Asset

Allocation

Funds

Consolidated

Schedule

of

Investments

(unaudited)

#### Putnam

#### Dynamic

#### Asset

#### Allocation

#### Growth

#### 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

Frontier

Communications

Holdings

LLC

,

Senior

Secured

Note

,

144A,

8.75 %

,

5/15/30

...............................

United

States

200,000

$

205,368

Sprint

Capital

Corp.

,

Senior

Bond

,

6.875 %

,

11/15/28

.........

United

States

271,000

286,586

b

SV

RNO

Property

Owner

LLC

,

Senior

Secured

Note

,

144A,

5.875 %

,

3/01/31

...................................

United

States

485,000

479,707

Telefonica

Emisiones

SA

,

Senior

Bond

,

4.895 %

,

3/06/48

......

Spain

520,000

430,509

Verizon

Communications,

Inc.

,

Senior

Bond,

4.4%,

11/01/34

.........................

United

States

335,000

319,060

Senior

Bond,

5.401%,

7/02/37

........................

United

States

1,273,000

1,268,966

Senior

Bond,

3.7%,

3/22/61

..........................

United

States

487,000

324,930

Senior

Note,

2.1%,

3/22/28

..........................

United

States

216,000

207,486

b

Virgin

Media

Secured

Finance

plc

,

Senior

Secured

Bond

,

144A,

4.5 %

,

8/15/30

....................................

United

Kingdom

200,000

177,526

b

WULF

Compute

LLC

,

Senior

Secured

Note

,

144A,

7.75 %

,

10/15/30

........................................

United

States

585,000

618,529

12,214,081

#### Electric

#### Utilities

#### 0.4%
American

Electric

Power

Co.,

Inc.

,

J

,

Senior

Bond

,

4.3 %

,

12/01/28

........................................

United

States

510,000

508,933

b

American

Transmission

Systems,

Inc.

,

Senior

Bond

,

144A,

2.65 %

,

1/15/32

...................................

United

States

95,000

85,165

b

California

Buyer

Ltd.

/

Atlantica

Sustainable

Infrastructure

plc

,

Senior

Note

,

144A,

6.375 %

,

2/15/32

....................

United

Kingdom

735,000

718,591

Duke

Energy

Carolinas

LLC

,

Senior

Bond

,

4.95 %

,

1/15/33

....

United

States

45,000

45,703

Duke

Energy

Corp.

,

Senior

Bond,

3.15%,

8/15/27

.........................

United

States

445,000

438,475

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

80,000

87,207

Duke

Energy

Ohio,

Inc.

,

Senior

Bond

,

3.65 %

,

2/01/29

........

United

States

191,000

187,722

b

Enel

Finance

International

NV

,

Senior

Note

,

144A,

4.375 %

,

9/30/30

.........................................

Italy

495,000

486,363

Evergy

Kansas

Central,

Inc.

,

Senior

Bond

,

5.7 %

,

3/15/53

.....

United

States

110,000

108,312

b

Evergy

Missouri

West,

Inc.

,

Senior

Note

,

144A,

5.15 %

,

12/15/27

United

States

330,000

333,325

Eversource

Energy

,

Senior

Note

,

5.45 %

,

3/01/28

............

United

States

50,000

50,828

IPALCO

Enterprises,

Inc.

,

Senior

Secured

Note

,

4.25 %

,

5/01/30

United

States

140,000

134,960

NextEra

Energy

Capital

Holdings,

Inc.

,

Senior

Bond,

5.45%,

3/15/35

.........................

United

States

895,000

910,328

Senior

Note,

5.05%,

3/15/30

.........................

United

States

615,000

626,695

b

NRG

Energy,

Inc.

,

g

Junior

Sub.

Bond,

144A,

10.25%

to

3/14/28,

FRN

thereafter,

Perpetual

.......................................

United

States

265,000

286,021

Senior

Bond,

144A,

6.25%,

11/01/34

...................

United

States

655,000

660,756

Senior

Bond,

144A,

6%,

1/15/36

......................

United

States

560,000

555,241

Senior

Note,

144A,

3.375%,

2/15/29

...................

United

States

380,000

360,431

Senior

Secured

Bond,

144A,

7%,

3/15/33

...............

United

States

320,000

346,597

Oncor

Electric

Delivery

Co.

LLC

,

Senior

Secured

Bond,

5.3%,

6/01/42

...................

United

States

45,000

42,850

Senior

Secured

Bond,

3.75%,

4/01/45

..................

United

States

405,000

311,963

Pacific

Gas

and

Electric

Co.

,

Senior

Note,

2.1%,

8/01/27

..........................

United

States

50,000

48,478

Senior

Note,

6.1%,

1/15/29

..........................

United

States

570,000

590,004

Senior

Note,

5.55%,

5/15/29

.........................

United

States

435,000

445,446

Putnam

Asset

Allocation

Funds

Consolidated

Schedule

of

Investments

(unaudited)

#### Putnam

#### Dynamic

#### Asset

#### Allocation

#### Growth

#### 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)

b

Palomino

Funding

Trust

I

,

Senior

Secured

Note

,

144A,

7.233 %

,

5/17/28

.........................................

United

States

355,000

$

371,046

PG&E

Corp.

,

Junior

Sub.

Bond,

7.375%

to

3/14/30,

FRN

thereafter,

3/15/55

United

States

180,000

181,304

Senior

Secured

Bond,

5.25%,

7/01/30

..................

United

States

380,000

375,182

Public

Service

Electric

and

Gas

Co.

,

Senior

Bond

,

5.5 %

,

3/01/40

United

States

75,000

75,240

Southern

Co.

(The)

,

Senior

Note

,

5.5 %

,

3/15/29

............

United

States

295,000

304,008

b

Vistra

Operations

Co.

LLC

,

Senior

Note,

144A,

5%,

7/31/27

......................

United

States

150,000

149,541

Senior

Note,

144A,

4.375%,

5/01/29

...................

United

States

515,000

503,067

Senior

Note,

144A,

7.75%,

10/15/31

...................

United

States

330,000

345,827

Senior

Note,

144A,

6.875%,

4/15/32

...................

United

States

185,000

191,574

Senior

Secured

Bond,

144A,

4.3%,

7/15/29

..............

United

States

212,000

208,450

Senior

Secured

Bond,

144A,

6%,

4/15/34

...............

United

States

105,000

108,018

Senior

Secured

Note,

144A,

5.05%,

12/30/26

............

United

States

85,000

85,302

Senior

Secured

Note,

144A,

4.7%,

1/31/31

..............

United

States

120,000

118,136

Wisconsin

Electric

Power

Co.

,

Senior

Bond,

4.6%,

10/01/34

.........................

United

States

183,000

180,350

Senior

Note,

4.15%,

10/15/30

........................

United

States

245,000

241,805

12,076,103

#### Electrical

#### Equipment

#### 0.0%

#### †
b

Energizer

Gamma

Acquisition

BV

,

Senior

Note

,

Reg

S,

3.5 %

,

6/30/29

.........................................

United

States

220,000

EUR

239,950

b

Sensata

Technologies

BV

,

Senior

Note

,

144A,

5.875 %

,

9/01/30

.

United

States

260,000

260,633

500,583

#### Electronic

#### Equipment,

#### Instruments

#### &

#### Components

#### 0.0%

#### †
Amphenol

Corp.

,

Senior

Note

,

3.9 %

,

11/15/28

..............

United

States

135,000

134,026

CDW

LLC

/

CDW

Finance

Corp.

,

Senior

Note

,

3.25 %

,

2/15/29

..

United

States

365,000

347,734

b

TTM

Technologies,

Inc.

,

Senior

Note

,

144A,

%

,

3/01/29

......

United

States

545,000

523,859

1,005,619

#### Energy

#### Equipment

#### &

#### Services

#### 0.2%
b

Archrock

Services

LP

/

Archrock

Partners

Finance

Corp.

,

Senior

Note

,

144A,

%

,

2/01/34

............................

United

States

505,000

500,358

b

Borr

IHC

Ltd.

/

Borr

Finance

LLC

,

Senior

Secured

Note

,

144A,

10.375 %

,

11/15/30

.................................

Mexico

479,447

487,065

b

Kodiak

Gas

Services

LLC

,

Senior

Bond,

144A,

6.75%,

10/01/35

...................

United

States

115,000

116,915

Senior

Note,

144A,

7.25%,

2/15/29

....................

United

States

275,000

285,068

Senior

Note,

144A,

5.875%,

4/01/31

...................

United

States

260,000

261,449

Senior

Note,

144A,

6.5%,

10/01/33

....................

United

States

550,000

556,321

b

Nabors

Industries,

Inc.

,

Senior

Note

,

144A,

8.875 %

,

8/15/31

...

United

States

140,000

145,938

b

Transocean

Aquila

Ltd.

,

Senior

Secured

Note

,

144A,

%

,

9/30/28

United

States

46,154

47,460

Transocean

International

Ltd.

,

Senior

Bond,

6.8%,

3/15/38

..........................

United

States

380,000

365,329

b

Senior

Note,

144A,

8.5%,

5/15/31

.....................

United

States

340,000

356,801

b

Senior

Secured

Note,

144A,

8.75%,

2/15/30

.............

United

States

409,500

427,155

b

Senior

Secured

Note,

144A,

7.875%,

10/15/32

...........

United

States

465,000

497,173

b

Weatherford

International

Ltd.

,

Senior

Note,

144A,

8.625%,

4/30/30

...................

United

States

146,000

148,887

Senior

Note,

144A,

6.75%,

10/15/33

...................

United

States

585,000

598,115

4,794,034

Putnam

Asset

Allocation

Funds

Consolidated

Schedule

of

Investments

(unaudited)

#### Putnam

#### Dynamic

#### Asset

#### Allocation

#### Growth

#### 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

#### 0.1%
b

Banijay

Entertainment

SAS

,

Senior

Secured

Note

,

144A,

8.125 %

,

5/01/29

.........................................

France

795,000

$

819,766

Discovery

Global

Holdings,

Inc.

,

Senior

Bond

,

5.05 %

,

3/15/42

..

United

States

255,000

168,633

b

Live

Nation

Entertainment,

Inc.

,

Senior

Secured

Note

,

144A,

6.5 %

,

5/15/27

....................................

United

States

120,000

120,228

Netflix,

Inc.

,

Senior

Bond,

5.875%,

11/15/28

.......................

United

States

155,000

161,289

b

Senior

Bond,

Reg

S,

3.875%,

11/15/29

.................

United

States

515,000

EUR

605,099

b

Senior

Bond,

144A,

5.375%,

11/15/29

..................

United

States

562,000

580,572

b,i

OAK-Eagle

Acquireco,

Inc.

,

Senior

Note,

144A,

8.75%,

7/01/34

....................

United

States

255,000

267,124

Senior

Secured

Note,

144A,

7.25%,

7/01/33

.............

United

States

420,000

435,433

b

Pinewood

Finco

plc

,

Senior

Secured

Note

,

144A,

%

,

3/27/30

..

United

Kingdom

260,000

GBP

336,600

Walt

Disney

Co.

(The)

,

Senior

Bond,

7.75%,

12/01/45

........................

United

States

194,000

241,174

Senior

Note,

2.2%,

1/13/28

..........................

United

States

78,000

75,594

3,811,512

#### Financial

#### Services

#### 0.1%
Corebridge

Financial,

Inc.

,

Senior

Note

,

3.85 %

,

4/05/29

.......

United

States

230,000

224,651

b

CrossCountry

Intermediate

HoldCo

LLC

,

Senior

Note,

144A,

6.5%,

10/01/30

....................

United

States

335,000

319,720

Senior

Note,

144A,

6.75%,

12/01/32

...................

United

States

515,000

485,100

b

Freedom

Mortgage

Corp.

,

Senior

Note

,

144A,

12.25 %

,

10/01/30

United

States

425,000

458,880

b

Freedom

Mortgage

Holdings

LLC

,

Senior

Note

,

144A,

8.375 %

,

4/01/32

.........................................

United

States

660,000

649,921

b

GGAM

Finance

Ltd.

,

Senior

Note

,

144A,

%

,

2/15/27

........

Ireland

105,000

106,150

b

Neuberger

Berman

Group

LLC

/

Neuberger

Berman

Finance

Corp.

,

Senior

Bond

,

144A,

4.875 %

,

4/15/45

..............

United

States

155,000

132,586

b

Osaic

Holdings,

Inc.

,

Senior

Note,

144A,

8%,

8/01/33

......................

United

States

520,000

513,769

Senior

Secured

Note,

144A,

6.75%,

8/01/32

.............

United

States

380,000

380,329

b

Petronas

Capital

Ltd.

,

Senior

Note

,

144A,

4.95 %

,

1/03/31

.....

Malaysia

330,000

337,379

b

PHH

Escrow

Issuer

LLC

/

PHH

Corp.

,

Senior

Note

,

144A,

9.875 %

,

11/01/29

..................................

United

States

975,000

941,734

b

Rocket

Cos.,

Inc.

,

Senior

Note,

144A,

6.125%,

8/01/30

...................

United

States

355,000

358,495

Senior

Note,

144A,

7.125%,

2/01/32

...................

United

States

290,000

299,155

Senior

Note,

144A,

6.375%,

8/01/33

...................

United

States

515,000

521,177

b

Shift4

Payments

LLC

/

Shift4

Payments

Finance

Sub,

Inc.

,

Senior

Note

,

144A,

5.5 %

,

5/15/33

...........................

United

States

100,000

EUR

109,257

5,838,303

#### Food

#### Products

#### 0.1%
Bunge

Ltd.

Finance

Corp.

,

Senior

Note

,

3.2 %

,

4/21/31

.......

United

States

62,000

57,902

b,f

Chobani

Holdco

II

LLC

,

Senior

Note

,

144A,

PIK,

8.75 %

,

10/01/29

United

States

114,601

116,706

b

Chobani

LLC

/

Chobani

Finance

Corp.,

Inc.

,

Senior

Note

,

144A,

7.625 %

,

7/01/29

...................................

United

States

290,000

296,701

b

Froneri

Lux

FinCo

SARL

,

Senior

Secured

Note

,

144A,

%

,

8/01/32

.........................................

United

Kingdom

435,000

424,548

b

Industrial

F&B

Investments

III,

Inc.

,

Senior

Secured

Note

,

144A,

7.75 %

,

2/11/33

....................................

United

States

385,000

389,332

JBS

NV

/

JBS

USA

Foods

Group

Holdings,

Inc.

/

JBS

USA

Food

Co.

Holdings

,

Senior

Bond,

5.5%,

1/15/36

..........................

United

States

550,000

550,597

Senior

Note,

3%,

2/02/29

...........................

United

States

128,000

122,860

Putnam

Asset

Allocation

Funds

Consolidated

Schedule

of

Investments

(unaudited)

#### Putnam

#### Dynamic

#### Asset

#### Allocation

#### Growth

#### 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

JDE

Peet's

NV

,

Senior

Note

,

144A,

1.375 %

,

1/15/27

.........

Netherlands

150,000

$

146,318

Kellanova

,

Senior

Bond,

4.5%,

4/01/46

..........................

United

States

14,000

11,900

B,

Senior

Bond,

7.45%,

4/01/31

.......................

United

States

62,000

69,935

Kraft

Heinz

Foods

Co.

,

Senior

Bond,

6.875%,

1/26/39

........................

United

States

65,000

70,329

Senior

Bond,

4.625%,

10/01/39

.......................

United

States

65,000

57,354

Senior

Note,

3%,

6/01/26

...........................

United

States

135,000

134,680

b

Mars,

Inc.

,

Senior

Bond,

144A,

5.65%,

5/01/45

....................

United

States

55,000

54,345

Senior

Bond,

144A,

5.7%,

5/01/55

.....................

United

States

115,000

112,212

Senior

Bond,

144A,

5.8%,

5/01/65

.....................

United

States

25,000

24,547

Senior

Note,

144A,

4.6%,

3/01/28

.....................

United

States

440,000

442,828

Senior

Note,

144A,

4.65%,

4/20/31

....................

United

States

277,000

279,045

Senior

Note,

144A,

5%,

3/01/32

......................

United

States

445,000

450,400

Senior

Note,

144A,

5.2%,

3/01/35

.....................

United

States

60,000

60,593

McCormick

&

Co.,

Inc.

,

Senior

Note

,

4.15 %

,

2/15/29

.........

United

States

185,000

183,240

4,056,372

#### Gas

#### Utilities

#### 0.0%

#### †
Southern

California

Gas

Co.

,

Senior

Bond

,

5.05 %

,

9/01/34

....

United

States

185,000

186,147

#### Ground

#### Transportation

#### 0.1%
b

Ashtead

Capital,

Inc.

,

Senior

Bond,

144A,

4.375%,

8/15/27

...................

United

Kingdom

555,000

552,130

Senior

Bond,

144A,

2.45%,

8/12/31

....................

United

Kingdom

200,000

175,858

b

Beacon

Mobility

Corp.

,

Senior

Secured

Note

,

144A,

7.25 %

,

8/01/30

.........................................

United

States

200,000

206,757

Canadian

Pacific

Railway

Co.

,

Senior

Note

,

1.75 %

,

12/02/26

...

Canada

645,000

635,125

CSX

Corp.

,

Senior

Bond

,

4.1 %

,

3/15/44

..................

United

States

240,000

198,290

b

ERAC

USA

Finance

LLC

,

Senior

Bond

,

144A,

3.3 %

,

12/01/26

..

United

States

129,000

128,220

b

Penske

Truck

Leasing

Co.

LP

/

PTL

Finance

Corp.

,

Senior

Bond,

144A,

3.4%,

11/15/26

....................

United

States

113,000

112,203

Senior

Note,

144A,

4.4%,

7/01/27

.....................

United

States

145,000

144,557

Ryder

System,

Inc.

,

Senior

Note

,

4.95 %

,

9/01/29

............

United

States

325,000

329,330

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

470,000

477,289

b

Watco

Cos.

LLC

/

Watco

Finance

Corp.

,

Senior

Note

,

144A,

7.125 %

,

8/01/32

...................................

United

States

450,000

462,598

3,626,769

#### Health

#### Care

#### Equipment

#### &

#### Supplies

#### 0.1%
b

Bausch

+

Lomb

Corp.

,

Senior

Secured

Note

,

144A,

8.375 %

,

10/01/28

........................................

United

States

160,000

165,400

Bausch

+

Lomb

Netherlands

BV

and

Bausch

&

Lomb,

Inc.

,

b,h

Senior

Secured

Note,

144A,

FRN,

5.891%,

(2

x

3-month

EURIBOR

+

7.75%),

1/15/31

.........................

United

States

200,000

EUR

231,830

Becton

Dickinson

&

Co.

,

Senior

Bond

,

2.823 %

,

5/20/30

.......

United

States

372,000

346,984

DH

Europe

Finance

II

SARL

,

Senior

Bond

,

3.4 %

,

11/15/49

....

United

States

155,000

108,889

GE

HealthCare

Technologies,

Inc.

,

Senior

Note,

5.65%,

11/15/27

........................

United

States

110,000

112,220

Senior

Note,

4.15%,

12/15/28

........................

United

States

220,000

218,605

Senior

Note,

4.8%,

8/14/29

..........................

United

States

270,000

272,500

b

Insulet

Corp.

,

Senior

Note

,

144A,

6.5 %

,

4/01/33

............

United

States

380,000

388,146

Putnam

Asset

Allocation

Funds

Consolidated

Schedule

of

Investments

(unaudited)

#### Putnam

#### Dynamic

#### Asset

#### Allocation

#### Growth

#### 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

#### Equipment

#### &

#### Supplies
(continued)

b

Medline

Borrower

LP

,

Senior

Note,

144A,

5.25%,

10/01/29

...................

United

States

295,000

$

292,580

Senior

Secured

Note,

144A,

3.875%,

4/01/29

............

United

States

770,000

745,300

2,882,454

#### Health

#### Care

#### Providers

#### &

#### Services

#### 0.4%
b

CHS/Community

Health

Systems,

Inc.

,

Senior

Secured

Note,

144A,

5.25%,

5/15/30

.............

United

States

710,000

669,617

Senior

Secured

Note,

144A,

10.875%,

1/15/32

...........

United

States

355,000

381,309

Senior

Secured

Note,

144A,

9.75%,

1/15/34

.............

United

States

385,000

400,061

b

Concentra

Health

Services,

Inc.

,

Senior

Note

,

144A,

6.875 %

,

7/15/32

.........................................

United

States

395,000

408,870

CVS

Health

Corp.

,

Junior

Sub.

Bond,

7%

to

3/09/30,

FRN

thereafter,

3/10/55

...

United

States

440,000

453,758

Senior

Bond,

1.875%,

2/28/31

........................

United

States

70,000

61,137

Senior

Bond,

4.78%,

3/25/38

.........................

United

States

140,000

129,091

Senior

Note,

5.4%,

6/01/29

..........................

United

States

120,000

122,866

Senior

Note,

5%,

9/15/32

...........................

United

States

152,000

152,184

b

DaVita,

Inc.

,

Senior

Note,

144A,

4.625%,

6/01/30

...................

United

States

370,000

355,977

Senior

Note,

144A,

6.875%,

9/01/32

...................

United

States

1,075,000

1,102,199

Senior

Note,

144A,

6.75%,

7/15/33

....................

United

States

55,000

55,997

HCA,

Inc.

,

Senior

Bond,

4.5%,

2/15/27

..........................

United

States

76,000

76,008

Senior

Bond,

4.125%,

6/15/29

........................

United

States

118,000

116,395

Senior

Note,

5.45%,

4/01/31

.........................

United

States

400,000

410,086

Senior

Note,

3.625%,

3/15/32

........................

United

States

410,000

381,139

Humana,

Inc.

,

Senior

Note

,

5.75 %

,

3/01/28

................

United

States

250,000

255,005

Icon

Investments

Six

DAC

,

Senior

Secured

Note

,

5.809 %

,

5/08/27

.........................................

United

States

215,000

216,148

b

Kedrion

SpA

,

Senior

Secured

Note

,

144A,

6.5 %

,

9/01/29

......

Italy

1,075,000

1,042,413

Tenet

Healthcare

Corp.

,

b

Senior

Note,

144A,

6%,

11/15/33

......................

United

States

620,000

627,834

Senior

Secured

Note,

6.125%,

6/15/30

.................

United

States

345,000

347,675

UnitedHealth

Group,

Inc.

,

Senior

Bond,

3.95%,

10/15/42

........................

United

States

245,000

198,734

Senior

Note,

3.85%,

6/15/28

.........................

United

States

740,000

735,108

8,699,611

#### Health

#### Care

#### REITs

#### 0.0%

#### †
b

MPT

Operating

Partnership

LP

/

MPT

Finance

Corp.

,

Senior

Secured

Note

,

144A,

8.5 %

,

2/15/32

....................

United

States

925,000

938,507

#### Health

#### Care

#### Technology

#### 0.1%
b

AthenaHealth

Group,

Inc.

,

Senior

Note

,

144A,

6.5 %

,

2/15/30

...

United

States

405,000

380,576

b

IQVIA,

Inc.

,

Senior

Note

,

144A,

6.25 %

,

6/01/32

.............

United

States

1,285,000

1,306,512

1,687,088

#### Hotel

#### &

#### Resort

#### REITs

#### 0.1%
b

RHP

Hotel

Properties

LP

/

RHP

Finance

Corp.

,

Senior

Note,

144A,

7.25%,

7/15/28

....................

United

States

80,000

81,729

Senior

Note,

144A,

6.5%,

4/01/32

.....................

United

States

605,000

616,399

Senior

Note,

144A,

6.5%,

6/15/33

.....................

United

States

165,000

168,133

Senior

Note,

144A,

5.75%,

3/15/34

....................

United

States

240,000

237,034

Putnam

Asset

Allocation

Funds

Consolidated

Schedule

of

Investments

(unaudited)

#### Putnam

#### Dynamic

#### Asset

#### Allocation

#### Growth

#### 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)

#### Hotel

#### &

#### Resort

#### REITs
(continued)

b

XHR

LP

,

Senior

Note

,

144A,

6.625 %

,

5/15/30

..............

United

States

95,000

$

96,031

1,199,326

#### Hotels,

#### Restaurants

#### &

#### Leisure

#### 0.2%
b

1011778

BC

ULC

/

New

Red

Finance,

Inc.

,

Secured

Bond

,

144A,

%

,

10/15/30

.....................................

Canada

650,000

611,293

Airbnb,

Inc.

,

Senior

Note

,

4.65 %

,

3/16/31

.................

United

States

110,000

109,798

b

Boyd

Gaming

Corp.

,

Senior

Bond

,

144A,

4.75 %

,

6/15/31

......

United

States

480,000

456,801

b

Caesars

Entertainment,

Inc.

,

Senior

Note,

144A,

4.625%,

10/15/29

..................

United

States

410,000

394,555

Senior

Note,

144A,

6%,

10/15/32

.....................

United

States

140,000

128,972

Senior

Secured

Note,

144A,

7%,

2/15/30

................

United

States

130,000

131,669

b

Carnival

Corp.

,

Senior

Note,

144A,

5.125%,

5/01/29

...................

United

States

520,000

516,467

Senior

Note,

144A,

5.75%,

3/15/30

....................

United

States

284,000

286,408

Senior

Note,

144A,

5.875%,

6/15/31

...................

United

States

320,000

324,135

Senior

Note,

144A,

5.75%,

8/01/32

....................

United

States

300,000

300,277

Senior

Note,

144A,

6.125%,

2/15/33

...................

United

States

155,000

156,632

Senior

Secured

Note,

144A,

4%,

8/01/28

................

United

States

375,000

366,333

b

Churchill

Downs,

Inc.

,

Senior

Note

,

144A,

5.75 %

,

4/01/30

.....

United

States

275,000

272,101

b

Fertitta

Entertainment

LLC

/

Fertitta

Entertainment

Finance

Co.,

Inc.

,

Senior

Note

,

144A,

6.75 %

,

1/15/30

.................

United

States

630,000

588,935

b

Flutter

Treasury

DAC

,

Senior

Secured

Note

,

144A,

5.875 %

,

6/04/31

.........................................

Ireland

200,000

198,300

b

Great

Canadian

Gaming

Corp.

/

Raptor

LLC

,

Senior

Secured

Note

,

144A,

8.75 %

,

11/15/29

.........................

Canada

275,000

268,462

b

Hilton

Domestic

Operating

Co.,

Inc.

,

Senior

Note

,

144A,

5.75 %

,

9/15/33

.........................................

United

States

860,000

856,797

Hyatt

Hotels

Corp.

,

Senior

Note

,

5.75 %

,

1/30/27

............

United

States

184,000

185,648

b

Light

&

Wonder

International,

Inc.

,

Senior

Note,

144A,

7.25%,

11/15/29

...................

United

States

415,000

423,248

Senior

Note,

144A,

7.5%,

9/01/31

.....................

United

States

55,000

56,478

Marriott

International,

Inc.

,

GG

,

Senior

Bond

,

3.5 %

,

10/15/32

...

United

States

430,000

395,645

b

Mohegan

Tribal

Gaming

Authority

/

MS

Digital

Entertainment

Holdings

LLC

,

Senior

Secured

Note

,

144A,

8.25 %

,

4/15/30

..

United

States

595,000

609,524

b

NCL

Corp.

Ltd.

,

Senior

Note,

144A,

7.75%,

2/15/29

....................

United

States

170,000

177,093

Senior

Note,

144A,

6.75%,

2/01/32

....................

United

States

460,000

456,846

Senior

Note,

144A,

6.25%,

9/15/33

....................

United

States

130,000

126,234

b

Penn

Entertainment,

Inc.

,

Senior

Note

,

144A,

5.625 %

,

1/15/27

.

United

States

295,000

294,593

b

Rivers

Enterprise

Borrower

LLC

,

Senior

Secured

Note

,

144A,

6.25 %

,

10/15/30

...................................

United

States

330,000

329,360

Royal

Caribbean

Cruises

Ltd.

,

Senior

Bond,

5.375%,

1/15/36

........................

United

States

75,000

73,714

b

Senior

Note,

144A,

5.625%,

9/30/31

...................

United

States

215,000

217,172

b

Senior

Note,

144A,

6.25%,

3/15/32

....................

United

States

210,000

214,740

b

Senior

Note,

144A,

6%,

2/01/33

......................

United

States

485,000

489,965

b

Scientific

Games

Holdings

LP

/

Scientific

Games

US

FinCo,

Inc.

,

Senior

Note

,

144A,

6.625 %

,

3/01/30

....................

United

States

285,000

245,428

b

Station

Casinos

LLC

,

Senior

Note

,

144A,

6.625 %

,

3/15/32

.....

United

States

195,000

195,907

b

Viking

Cruises

Ltd.

,

Senior

Note,

144A,

7%,

2/15/29

......................

United

States

120,000

120,281

Senior

Note,

144A,

9.125%,

7/15/31

...................

United

States

465,000

490,798

Putnam

Asset

Allocation

Funds

Consolidated

Schedule

of

Investments

(unaudited)

#### Putnam

#### Dynamic

#### Asset

#### Allocation

#### Growth

#### Fund
(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

consolidated

financial

statements.

a

a

#### Country

#### Principal

#### Amount

#### \*
a

#### Value
a

#### a
a

#### Corporate

#### Bonds
(continued)

#### Hotels,

#### Restaurants

#### &

#### Leisure
(continued)

b

Wynn

Resorts

Finance

LLC

/

Wynn

Resorts

Capital

Corp.

,

Senior

Note

,

144A,

7.125 %

,

2/15/31

.........................

United

States

470,000

$

492,934

11,563,543

#### Household

#### Durables

#### 0.2%
b

Ashton

Woods

USA

LLC

/

Ashton

Woods

Finance

Co.

,

Senior

Note

,

144A,

6.875 %

,

8/01/33

.........................

United

States

505,000

487,939

DR

Horton,

Inc.

,

Senior

Bond,

5%,

10/15/34

..........................

United

States

65,000

64,178

Senior

Note,

1.3%,

10/15/26

.........................

United

States

590,000

581,463

b

K. Hovnanian

Enterprises,

Inc.

,

Senior

Note,

144A,

8%,

4/01/31

......................

United

States

115,000

113,859

Senior

Note,

144A,

8.375%,

10/01/33

..................

United

States

175,000

173,260

b

LGI

Homes,

Inc.

,

Senior

Note

,

144A,

8.75 %

,

12/15/28

........

United

States

200,000

204,751

b

Taylor

Morrison

Communities,

Inc.

,

Senior

Bond,

144A,

5.125%,

8/01/30

...................

United

States

570,000

566,039

Senior

Note,

144A,

5.75%,

1/15/28

....................

United

States

135,000

135,451

Senior

Note,

144A,

5.75%,

11/15/32

...................

United

States

350,000

350,723

Toll

Brothers

Finance

Corp.

,

Senior

Bond

,

4.35 %

,

2/15/28

.....

United

States

123,000

122,541

b

Weekley

Homes

LLC

/

Weekley

Finance

Corp.

,

Senior

Note,

144A,

4.875%,

9/15/28

...................

United

States

435,000

421,634

Senior

Note,

144A,

6.75%,

1/15/34

....................

United

States

720,000

690,478

3,912,316

#### Household

#### Products

#### 0.0%

#### †
b

Energizer

Holdings,

Inc.

,

Senior

Note

,

144A,

4.375 %

,

3/31/29

..

United

States

120,000

114,264

#### Independent

#### Power

#### and

#### Renewable

#### Electricity

#### Producers

#### 0.0%

#### †
AES

Corp.

(The)

,

Senior

Note

,

5.45 %

,

6/01/28

.............

United

States

145,000

146,360

b

Alexander

Funding

Trust

II

,

Senior

Secured

Note

,

144A,

7.467 %

,

7/31/28

.........................................

United

States

120,000

126,462

b

Clearway

Energy

Operating

LLC

,

Senior

Bond,

144A,

3.75%,

1/15/32

....................

United

States

470,000

428,776

Senior

Note,

144A,

3.75%,

2/15/31

....................

United

States

245,000

226,992

Senior

Note,

144A,

5.75%,

1/15/34

....................

United

States

250,000

245,849

Constellation

Energy

Generation

LLC

,

Senior

Note,

5.6%,

3/01/28

..........................

United

States

235,000

240,347

Senior

Note,

4.4%,

1/15/31

..........................

United

States

75,000

74,053

b

Senior

Note,

144A,

5%,

2/01/31

......................

United

States

360,000

361,098

Southern

Power

Co.

,

B,

Senior

Bond,

4.9%,

10/01/35

.......................

United

States

25,000

24,191

A,

Senior

Note,

4.25%,

10/01/30

......................

United

States

120,000

118,500

b

Talen

Energy

Supply

LLC

,

Senior

Bond,

144A,

6.5%,

2/01/36

.....................

United

States

485,000

488,628

Senior

Note,

144A,

6.25%,

2/01/34

....................

United

States

485,000

479,938

b,g

Vistra

Corp.

,

Junior

Sub.

Bond,

144A,

8%

to

10/14/26,

FRN

thereafter,

Perpetual

.......................................

United

States

135,000

136,514

Junior

Sub.

Bond,

144A,

7%

to

12/14/26,

FRN

thereafter,

Perpetual

.......................................

United

States

185,000

185,367

3,283,075

#### Industrial

#### Conglomerates

#### 0.0%

#### †
Honeywell

International,

Inc.

,

Senior

Bond

,

3.812 %

,

11/21/47

..

United

States

155,000

117,928

Putnam

Asset

Allocation

Funds

Consolidated

Schedule

of

Investments

(unaudited)

#### Putnam

#### Dynamic

#### Asset

#### Allocation

#### Growth

#### 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)

#### Industrial

#### REITs

#### 0.0%

#### †
Prologis

LP

,

Senior

Bond,

2.25%,

4/15/30

.........................

United

States

113,000

$

104,089

Senior

Note,

2.125%,

4/15/27

........................

United

States

47,000

46,098

150,187

#### Insurance

#### 0.3%
b

Acrisure

LLC

/

Acrisure

Finance,

Inc.

,

Senior

Note,

144A,

8.5%,

6/15/29

.....................

United

States

335,000

332,131

Senior

Secured

Note,

144A,

7.5%,

11/06/30

.............

United

States

335,000

336,785

b

AEGON

Funding

Co.

LLC

,

Senior

Note

,

144A,

5.5 %

,

4/16/27

..

Netherlands

220,000

222,019

b

Alliant

Holdings

Intermediate

LLC

/

Alliant

Holdings

Co-Issuer

,

Senior

Note,

144A,

5.875%,

11/01/29

..................

United

States

415,000

401,867

Senior

Note,

144A,

7.375%,

10/01/32

..................

United

States

100,000

99,170

Senior

Secured

Note,

144A,

7%,

1/15/31

................

United

States

665,000

671,000

b

Asurion

LLC

/

Asurion

Co-Issuer,

Inc.

,

Senior

Secured

Note,

144A,

8%,

12/31/32

...............

United

States

450,000

467,230

Senior

Secured

Note,

144A,

8.375%,

2/01/34

............

United

States

650,000

631,522

b

Athene

Global

Funding

,

Secured

Note,

144A,

5.349%,

7/09/27

..................

United

States

375,000

377,207

Secured

Note,

144A,

1.985%,

8/19/28

..................

United

States

440,000

409,941

Secured

Note,

144A,

5.526%,

7/11/31

..................

United

States

245,000

245,249

Berkshire

Hathaway

Finance

Corp.

,

Senior

Bond,

4.3%,

5/15/43

..........................

United

States

90,000

78,934

Senior

Bond,

2.85%,

10/15/50

........................

United

States

375,000

235,594

Brown

&

Brown,

Inc.

,

Senior

Note,

4.7%,

6/23/28

..........................

United

States

110,000

110,342

Senior

Note,

4.9%,

6/23/30

..........................

United

States

271,000

270,820

CNO

Financial

Group,

Inc.

,

Senior

Note

,

5.25 %

,

5/30/29

......

United

States

210,000

210,509

b

CNO

Global

Funding

,

Secured

Note,

144A,

4.875%,

12/10/27

.................

United

States

130,000

130,374

Secured

Note,

144A,

2.65%,

1/06/29

...................

United

States

210,000

199,052

Secured

Note,

144A,

4.95%,

9/09/29

...................

United

States

261,000

262,496

b

Corebridge

Global

Funding

,

Secured

Note

,

144A,

5.2 %

,

6/24/29

United

States

160,000

162,243

Fairfax

Financial

Holdings

Ltd.

,

Senior

Note

,

4.85 %

,

4/17/28

...

Canada

298,000

299,346

b

Jones

Deslauriers

Insurance

Management,

Inc.

,

Senior

Secured

Note

,

144A,

8.5 %

,

3/15/30

...........................

Canada

130,000

132,246

Marsh

&

McLennan

Cos.,

Inc.

,

Senior

Bond,

4.375%,

3/15/29

........................

United

States

212,000

212,516

Senior

Bond,

4.9%,

3/15/49

..........................

United

States

175,000

154,536

b

Protective

Life

Global

Funding

,

Secured

Note

,

144A,

5.467 %

,

12/08/28

........................................

United

States

305,000

312,175

6,965,304

#### Interactive

#### Media

#### &

#### Services

#### 0.0%

#### †
Alphabet,

Inc.

,

Senior

Note,

4.1%,

11/15/30

.........................

United

States

270,000

268,244

Senior

Note,

4.1%,

2/15/31

..........................

United

States

210,000

208,586

Meta

Platforms,

Inc.

,

Senior

Bond

,

5.625 %

,

11/15/55

.........

United

States

165,000

154,780

631,610

#### IT

#### Services

#### 0.0%

#### †
b

Cogent

Communications

Group

LLC

/

Cogent

Finance,

Inc.

,

Senior

Secured

Note

,

144A,

6.5 %

,

7/01/32

...............

United

States

840,000

733,353

Putnam

Asset

Allocation

Funds

Consolidated

Schedule

of

Investments

(unaudited)

#### Putnam

#### Dynamic

#### Asset

#### Allocation

#### Growth

#### 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)

#### IT

#### Services
(continued)

b

Fortress

Intermediate

3,

Inc.

,

Senior

Secured

Note

,

144A,

7.5 %

,

6/01/31

.........................................

United

States

245,000

$

243,799

977,152

#### Leisure

#### Products

#### 0.0%

#### †
Brunswick

Corp.

,

Senior

Bond

,

2.4 %

,

8/18/31

..............

United

States

295,000

255,920

#### Life

#### Sciences

#### Tools

#### &

#### Services

#### 0.0%

#### †
Illumina,

Inc.

,

Senior

Note

,

4.65 %

,

9/09/26

................

United

States

131,000

131,031

#### Machinery

#### 0.0%

#### †
Caterpillar,

Inc.

,

Senior

Bond

,

5.2 %

,

5/15/35

...............

United

States

300,000

307,447

b

Chart

Industries,

Inc.

,

Senior

Note

,

144A,

9.5 %

,

1/01/31

......

United

States

105,000

110,374

b

Daimler

Truck

Finance

North

America

LLC

,

Senior

Note

,

144A,

5.125 %

,

9/25/27

...................................

Germany

260,000

262,170

b

ESAB

Corp.

,

Senior

Note

,

144A,

5.625 %

,

4/01/31

...........

United

States

460,000

464,375

Oshkosh

Corp.

,

Senior

Bond

,

4.6 %

,

5/15/28

...............

United

States

146,000

145,966

Otis

Worldwide

Corp.

,

Senior

Note

,

2.565 %

,

2/15/30

.........

United

States

145,000

134,648

b

Terex

Corp.

,

Senior

Note,

144A,

5%,

5/15/29

......................

United

States

180,000

177,456

Senior

Note,

144A,

6.25%,

10/15/32

...................

United

States

135,000

136,005

1,738,441

#### Media

#### 0.2%
b

Block

Communications,

Inc.

,

Senior

Secured

Note

,

144A,

10.25 %

,

3/01/31

...................................

United

States

400,000

366,364

Charter

Communications

Operating

LLC

/

Charter

Communications

Operating

Capital

Corp.

,

Senior

Secured

Bond,

5.85%,

12/01/35

.................

United

States

45,000

44,286

Senior

Secured

Bond,

4.8%,

3/01/50

...................

United

States

220,000

162,769

Senior

Secured

Bond,

3.7%,

4/01/51

...................

United

States

205,000

127,000

Senior

Secured

Note,

2.25%,

1/15/29

..................

United

States

510,000

476,757

b

Clear

Channel

Outdoor

Holdings,

Inc.

,

Senior

Note,

144A,

7.75%,

4/15/28

....................

United

States

125,000

125,679

Senior

Secured

Note,

144A,

7.875%,

4/01/30

............

United

States

165,000

172,789

Senior

Secured

Note,

144A,

7.5%,

3/15/33

..............

United

States

475,000

503,378

b

CSC

Holdings

LLC

,

Senior

Note

,

144A,

11.75 %

,

1/31/29

......

United

States

285,000

206,274

b

Directv

Financing

LLC

,

Senior

Secured

Note,

144A,

8.875%,

2/01/30

............

United

States

230,000

229,114

Senior

Secured

Note,

144A,

8.875%,

2/01/30

............

United

States

245,000

244,761

b

Directv

Financing

LLC

/

Directv

Financing

Co-Obligor,

Inc.

,

Senior

Secured

Note,

144A,

5.875%,

8/15/27

............

United

States

50,000

49,978

Senior

Secured

Note,

144A,

10%,

2/15/31

...............

United

States

240,000

245,189

Discovery

Communications

LLC

,

Senior

Note

,

4.125 %

,

5/15/29

.

United

States

305,000

294,760

EchoStar

Corp.

,

Senior

Secured

Note

,

10.75 %

,

11/30/29

......

United

States

400,000

432,346

b

EW

Scripps

Co.

(The)

,

Secured

Note

,

144A,

9.875 %

,

8/15/30

..

United

States

880,000

855,134

b

Gray

Media,

Inc.

,

Secured

Note,

144A,

9.625%,

7/15/32

..................

United

States

400,000

400,347

Senior

Bond,

144A,

5.375%,

11/15/31

..................

United

States

340,000

252,737

Senior

Secured

Note,

144A,

7.25%,

8/15/33

.............

United

States

120,000

121,012

b

McGraw-Hill

Education,

Inc.

,

Senior

Note,

144A,

8%,

8/01/29

......................

United

States

420,000

419,675

Senior

Secured

Note,

144A,

5.75%,

8/01/28

.............

United

States

145,000

143,480

Senior

Secured

Note,

144A,

7.375%,

9/01/31

............

United

States

365,000

372,850

b

News

Corp.

,

Senior

Bond

,

144A,

5.125 %

,

2/15/32

...........

United

States

76,000

74,340

Putnam

Asset

Allocation

Funds

Consolidated

Schedule

of

Investments

(unaudited)

#### Putnam

#### Dynamic

#### Asset

#### Allocation

#### Growth

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

consolidated

financial

statements.

Semiannual

Report

a

a

#### Country

#### Principal

#### Amount

#### \*
a

#### Value
a

#### a
a

#### Corporate

#### Bonds
(continued)

#### Media
(continued)

b

Nexstar

Media,

Inc.

,

Senior

Note,

144A,

4.75%,

11/01/28

...................

United

States

185,000

$

182,043

i

Senior

Note,

144A,

7.25%,

4/15/34

....................

United

States

795,000

798,209

Senior

Secured

Note,

144A,

6.5%,

9/15/33

..............

United

States

705,000

710,798

Omnicom

Group,

Inc.

,

Senior

Note

,

4.65 %

,

10/01/28

.........

United

States

698,000

699,699

b

Outfront

Media

Capital

LLC

/

Outfront

Media

Capital

Corp.

,

Senior

Bond,

144A,

4.625%,

3/15/30

...................

United

States

190,000

183,431

Senior

Secured

Note,

144A,

7.375%,

2/15/31

............

United

States

160,000

166,924

Paramount

Global

,

Senior

Bond,

2.9%,

1/15/27

..........................

United

States

64,000

62,927

Senior

Bond,

4.2%,

6/01/29

..........................

United

States

115,000

109,852

Senior

Note,

3.7%,

6/01/28

..........................

United

States

85,000

82,248

b

Sinclair

Television

Group,

Inc.

,

Senior

Secured

Note

,

144A,

8.125 %

,

2/15/33

...................................

United

States

690,000

702,075

b

Sirius

XM

Radio

LLC

,

Senior

Bond,

144A,

3.875%,

9/01/31

...................

United

States

505,000

458,959

Senior

Note,

144A,

4%,

7/15/28

......................

United

States

115,000

111,073

TCI

Communications,

Inc.

,

Senior

Bond

,

7.125 %

,

2/15/28

.....

United

States

205,000

215,268

b

Telenet

Finance

Luxembourg

Notes

SARL

,

Senior

Secured

Bond

,

144A,

5.5 %

,

3/01/28

...............................

Belgium

200,000

196,790

Time

Warner

Cable

Enterprises

LLC

,

Senior

Secured

Bond

,

8.375 %

,

7/15/33

...................................

United

States

144,000

163,130

b

Univision

Communications,

Inc.

,

Senior

Secured

Note

,

144A,

9.375 %

,

8/01/32

...................................

United

States

405,000

417,701

b

VZ

Secured

Financing

BV

,

Senior

Secured

Note,

144A,

5%,

1/15/32

................

Netherlands

580,000

497,739

Senior

Secured

Note,

144A,

7.5%,

1/15/33

..............

Netherlands

340,000

320,790

12,400,675

#### Metals

#### &

#### Mining

#### 0.2%
b

Anglo

American

Capital

plc

,

Senior

Note

,

144A,

4.625 %

,

3/19/31

South

Africa

270,000

267,069

b

Big

River

Steel

LLC

/

BRS

Finance

Corp.

,

Senior

Secured

Note

,

144A,

6.625 %

,

1/31/29

..............................

United

States

263,000

262,607

b

Cleveland-Cliffs,

Inc.

,

Senior

Note,

144A,

7%,

3/15/32

......................

United

States

230,000

222,824

Senior

Note,

144A,

7.625%,

1/15/34

...................

United

States

500,000

488,959

Commercial

Metals

Co.

,

Senior

Bond,

4.375%,

3/15/32

........................

United

States

375,000

347,112

Senior

Note,

4.125%,

1/15/30

........................

United

States

115,000

109,649

b

Constellium

SE

,

Senior

Note

,

Reg

S,

3.125 %

,

7/15/29

........

United

States

100,000

EUR

111,917

b

Fortescue

Treasury

Pty.

Ltd.

,

Senior

Bond

,

144A,

6.125 %

,

4/15/32

.........................................

Australia

250,000

255,682

b

Glencore

Funding

LLC

,

Senior

Bond,

144A,

4%,

3/27/27

......................

Australia

210,000

209,126

Senior

Bond,

144A,

2.5%,

9/01/30

.....................

Australia

328,000

298,374

Senior

Bond,

144A,

5.634%,

4/04/34

...................

Australia

170,000

174,054

Senior

Note,

144A,

5.371%,

4/04/29

...................

Australia

10,000

10,211

b

Hudbay

Minerals,

Inc.

,

Senior

Note

,

144A,

6.125 %

,

4/01/29

....

Canada

265,000

265,051

b

Mineral

Resources

Ltd.

,

Senior

Note

,

144A,

%

,

4/01/31

......

Australia

155,000

158,537

b

Novelis

Corp.

,

Senior

Bond,

144A,

4.75%,

1/30/30

....................

United

States

530,000

501,785

Senior

Bond,

144A,

3.875%,

8/15/31

...................

United

States

200,000

178,334

Senior

Note,

144A,

6.875%,

1/30/30

...................

United

States

240,000

242,268

Senior

Note,

144A,

6.375%,

8/15/33

...................

United

States

360,000

353,411

4,456,970

Putnam

Asset

Allocation

Funds

Consolidated

Schedule

of

Investments

(unaudited)

#### Putnam

#### Dynamic

#### Asset

#### Allocation

#### Growth

#### 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)

#### 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

320,000

$

317,604

#### Multi-Utilities

#### 0.0%

#### †
Ameren

Corp.

,

Senior

Note

,

%

,

1/15/29

..................

United

States

180,000

182,876

Consolidated

Edison

Co.

of

New

York,

Inc.

,

12-A

,

Senior

Bond

,

4.2 %

,

3/15/42

....................................

United

States

130,000

110,178

Dominion

Energy,

Inc.

,

Senior

Note

,

4.6 %

,

5/15/28

..........

United

States

750,000

752,482

NiSource,

Inc.

,

Senior

Bond

,

5.85 %

,

4/01/55

...............

United

States

180,000

175,104

Puget

Sound

Energy,

Inc.

,

Senior

Bond

,

5.448 %

,

6/01/53

.....

United

States

140,000

132,951

Southern

Co.

Gas

Capital

Corp.

,

Senior

Bond

,

4.95 %

,

9/15/34

.

United

States

865,000

853,165

2,206,756

#### Oil,

#### Gas

#### &

#### Consumable

#### Fuels

#### 0.5%
b

Calumet

Specialty

Products

Partners

LP

/

Calumet

Finance

Corp.

,

Senior

Note

,

144A,

9.75 %

,

2/15/31

.....................

United

States

420,000

446,444

Canadian

Natural

Resources

Ltd.

,

Senior

Note

,

%

,

12/15/29

..

Canada

245,000

248,898

Cenovus

Energy,

Inc.

,

Senior

Bond

,

6.75 %

,

11/15/39

.........

Canada

25,000

27,348

Cheniere

Energy

Partners

LP

,

Senior

Note

,

4.5 %

,

10/01/29

....

United

States

1,010,000

1,005,898

b

Columbia

Pipelines

Operating

Co.

LLC

,

Senior

Note

,

144A,

5.927 %

,

8/15/30

...................................

United

States

150,000

157,058

b

Coronado

Finance

Pty.

Ltd.

,

Senior

Secured

Note

,

144A,

9.25 %

,

10/01/29

........................................

Australia

150,000

135,673

b

Crescent

Energy

Finance

LLC

,

Senior

Note,

144A,

7.875%,

4/15/32

...................

United

States

290,000

296,495

Senior

Note,

144A,

7.375%,

1/15/33

...................

United

States

365,000

365,181

Senior

Note,

144A,

8.375%,

1/15/34

...................

United

States

475,000

496,978

Enbridge,

Inc.

,

Senior

Bond

,

4.25 %

,

12/01/26

..............

Canada

210,000

209,947

Energy

Transfer

LP

,

g

B,

Junior

Sub.

Bond,

6.625%

to

2/14/28,

FRN

thereafter,

Perpetual

.......................................

United

States

1,275,000

1,276,139

Senior

Bond,

3.75%,

5/15/30

.........................

United

States

625,000

604,368

Senior

Note,

5.5%,

6/01/27

..........................

United

States

84,000

84,796

b

Expand

Energy

Corp.

,

Senior

Note

,

144A,

6.75 %

,

4/15/29

.....

United

States

665,000

665,479

b

Hess

Midstream

Operations

LP

,

Senior

Note,

144A,

6.5%,

6/01/29

.....................

United

States

110,000

112,426

Senior

Note,

144A,

4.25%,

2/15/30

....................

United

States

375,000

360,535

Senior

Note,

144A,

5.5%,

10/15/30

....................

United

States

140,000

138,960

b

Hilcorp

Energy

I

LP

/

Hilcorp

Finance

Co.

,

Senior

Bond,

144A,

6%,

2/01/31

......................

United

States

60,000

58,358

Senior

Bond,

144A,

6.875%,

5/15/34

...................

United

States

370,000

362,219

Senior

Note,

144A,

6%,

4/15/30

......................

United

States

145,000

141,230

Senior

Note,

144A,

8.375%,

11/01/33

..................

United

States

680,000

709,972

b

KazMunayGas

National

Co.

JSC

,

Senior

Bond

,

Reg

S,

5.375 %

,

4/24/30

.........................................

Kazakhstan

420,000

425,156

Kinder

Morgan,

Inc.

,

Senior

Bond,

7.75%,

1/15/32

.........................

United

States

305,000

349,848

Senior

Note,

1.75%,

11/15/26

........................

United

States

115,000

113,226

Senior

Note,

5%,

2/01/29

...........................

United

States

175,000

177,667

b

Kinetik

Holdings

LP

,

Senior

Note

,

144A,

5.875 %

,

6/15/30

......

United

States

575,000

577,452

Occidental

Petroleum

Corp.

,

Senior

Bond,

7.5%,

5/01/31

..........................

United

States

139,000

154,774

Senior

Bond,

6.2%,

3/15/40

..........................

United

States

800,000

817,647

ONEOK,

Inc.

,

Senior

Note

,

4.75 %

,

10/15/31

...............

United

States

500,000

494,830

Putnam

Asset

Allocation

Funds

Consolidated

Schedule

of

Investments

(unaudited)

#### Putnam

#### Dynamic

#### Asset

#### Allocation

#### Growth

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

consolidated

financial

statements.

Semiannual

Report

a

a

#### Country

#### Principal

#### Amount

#### \*
a

#### Value
a

#### a
a

#### Corporate

#### Bonds
(continued)

#### Oil,

#### Gas

#### &

#### Consumable

#### Fuels
(continued)

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

165,000

165,191

South

Bow

USA

Infrastructure

Holdings

LLC

,

Senior

Note

,

5.026 %

,

10/01/29

..................................

Canada

345,000

347,323

Spectra

Energy

Partners

LP

,

Senior

Note

,

3.375 %

,

10/15/26

...

United

States

190,000

189,082

b

Sunoco

LP

,

Senior

Note,

144A,

5.375%,

7/15/31

...................

United

States

250,000

248,173

Senior

Note,

144A,

6.25%,

7/01/33

....................

United

States

470,000

472,421

Senior

Note,

144A,

5.625%,

7/15/34

...................

United

States

25,000

24,635

Targa

Resources

Corp.

,

Senior

Note

,

4.35 %

,

4/15/31

........

United

States

110,000

107,719

Targa

Resources

Partners

LP

/

Targa

Resources

Partners

Finance

Corp.

,

Senior

Bond

,

4.875 %

,

2/01/31

............

United

States

109,000

108,871

b

TGNR

Intermediate

Holdings

LLC

,

Senior

Note

,

144A,

5.5 %

,

10/15/29

........................................

United

States

395,000

386,514

b

Venture

Global

LNG,

Inc.

,

g

Junior

Sub.

Bond,

144A,

9%

to

9/29/29,

FRN

thereafter,

Perpetual

.......................................

United

States

430,000

428,637

Senior

Secured

Note,

144A,

9.5%,

2/01/29

..............

United

States

475,000

513,855

Senior

Secured

Note,

144A,

8.375%,

6/01/31

............

United

States

355,000

369,376

Senior

Secured

Note,

144A,

9.875%,

2/01/32

............

United

States

345,000

370,695

b

Venture

Global

Plaquemines

LNG

LLC

,

Senior

Secured

Bond,

144A,

7.75%,

5/01/35

.............

United

States

75,000

84,105

Senior

Secured

Bond,

144A,

6.75%,

1/15/36

.............

United

States

205,000

217,260

Senior

Secured

Note,

144A,

7.5%,

5/01/33

..............

United

States

260,000

285,945

Senior

Secured

Note,

144A,

6.5%,

1/15/34

..............

United

States

125,000

130,385

Viper

Energy

Partners

LLC

,

Senior

Bond,

5.7%,

8/01/35

..........................

United

States

164,000

165,379

Senior

Note,

4.9%,

8/01/30

..........................

United

States

287,000

287,347

Williams

Cos.,

Inc.

(The)

,

Senior

Bond

,

5.6 %

,

3/15/35

........

United

States

173,000

176,858

16,295,438

#### Paper

#### &

#### Forest

#### Products

#### 0.0%

#### †
b

Magnera

Corp.

,

Senior

Secured

Note,

144A,

4.75%,

11/15/29

............

United

States

280,000

253,071

Senior

Secured

Note,

144A,

7.25%,

11/15/31

............

United

States

295,000

273,378

526,449

#### Passenger

#### Airlines

#### 0.0%

#### †
b

American

Airlines,

Inc.

/

AAdvantage

Loyalty

IP

Ltd.

,

Senior

Secured

Note,

144A,

5.5%,

4/20/26

..............

United

States

19,584

19,610

Senior

Secured

Note,

144A,

5.75%,

4/20/29

.............

United

States

580,000

577,199

b

AS

Mileage

Plan

IP

Ltd.

,

Senior

Secured

Note

,

144A,

5.021 %

,

10/20/29

........................................

United

States

295,000

292,128

b

OneSky

Flight

LLC

,

Senior

Note

,

144A,

8.875 %

,

12/15/29

.....

United

States

475,000

490,663

b

United

Airlines,

Inc.

,

Senior

Secured

Note

,

144A,

4.625 %

,

4/15/29

United

States

425,000

417,256

1,796,856

#### Personal

#### Care

#### Products

#### 0.1%
b

Coty,

Inc.

/

HFC

Prestige

Products,

Inc.

/

HFC

Prestige

International

US

LLC

,

Senior

Note,

144A,

6.625%,

7/15/30

...................

United

States

170,000

168,690

Senior

Secured

Note,

144A,

4.75%,

1/15/29

.............

United

States

275,000

267,839

Kenvue,

Inc.

,

Senior

Note,

4.85%,

5/22/32

.........................

United

States

45,000

45,497

Senior

Note,

4.9%,

3/22/33

..........................

United

States

263,000

265,192

Putnam

Asset

Allocation

Funds

Consolidated

Schedule

of

Investments

(unaudited)

#### Putnam

#### Dynamic

#### Asset

#### Allocation

#### Growth

#### 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)

#### Personal

#### Care

#### Products
(continued)

b

Opal

Bidco

SAS

,

Senior

Secured

Note

,

144A,

6.5 %

,

3/31/32

...

France

995,000

$

996,561

1,743,779

#### Pharmaceuticals

#### 0.1%
b

1261229

BC

Ltd.

,

Senior

Secured

Note

,

144A,

%

,

4/15/32

...

United

States

200,000

204,938

Eli

Lilly

&

Co.

,

Senior

Bond,

4.875%,

2/27/53

........................

United

States

145,000

129,651

Senior

Note,

4.75%,

2/12/30

.........................

United

States

300,000

305,504

Merck

&

Co.,

Inc.

,

Senior

Bond

,

3.7 %

,

2/10/45

.............

United

States

395,000

307,760

Novartis

Capital

Corp.

,

Senior

Bond,

4%,

11/20/45

..........................

United

States

650,000

534,367

Senior

Note,

4.1%,

11/05/30

.........................

United

States

390,000

385,776

Senior

Note,

4.4%,

3/18/31

..........................

United

States

430,000

430,003

Pfizer

Investment

Enterprises

Pte.

Ltd.

,

Senior

Bond,

4.75%,

5/19/33

.........................

United

States

403,000

401,585

Senior

Bond,

5.3%,

5/19/53

..........................

United

States

105,000

97,654

Senior

Note,

4.45%,

5/19/28

.........................

United

States

87,000

87,530

b

Roche

Holdings,

Inc.

,

Senior

Bond

,

144A,

%

,

11/28/44

......

United

States

550,000

463,021

Royalty

Pharma

plc

,

Senior

Bond,

5.2%,

9/25/35

..........................

United

States

225,000

222,142

Senior

Note,

2.2%,

9/02/30

..........................

United

States

360,000

324,341

Senior

Note,

4.45%,

3/25/31

.........................

United

States

30,000

29,640

Teva

Pharmaceutical

Finance

Netherlands

II

BV

,

Senior

Note

,

4.375 %

,

5/09/30

...................................

Israel

495,000

EUR

574,016

Teva

Pharmaceutical

Finance

Netherlands

III

BV

,

Senior

Note,

5.125%,

5/09/29

........................

Israel

555,000

553,560

Senior

Note,

8.125%,

9/15/31

........................

Israel

470,000

526,010

Viatris,

Inc.

,

Senior

Note

,

2.3 %

,

6/22/27

...................

United

States

291,000

282,252

Wyeth

LLC

,

Senior

Bond

,

5.95 %

,

4/01/37

.................

United

States

305,000

323,459

Zoetis,

Inc.

,

Senior

Bond

,

%

,

5/15/30

....................

United

States

244,000

221,690

6,404,899

#### Professional

#### Services

#### 0.0%

#### †
b

CACI

International,

Inc.

,

Senior

Note

,

144A,

6.375 %

,

6/15/33

..

United

States

480,000

488,936

Paychex,

Inc.

,

Senior

Note

,

5.1 %

,

4/15/30

.................

United

States

245,000

247,300

736,236

#### Semiconductors

#### &

#### Semiconductor

#### Equipment

#### 0.2%
Broadcom

Corp.

/

Broadcom

Cayman

Finance

Ltd.

,

Senior

Note

,

3.5 %

,

1/15/28

....................................

United

States

1,147,000

1,133,541

Broadcom,

Inc.

,

b

Senior

Bond,

144A,

3.187%,

11/15/36

..................

United

States

80,000

66,892

Senior

Note,

5.05%,

7/12/29

.........................

United

States

280,000

285,838

Senior

Note,

5.05%,

4/15/30

.........................

United

States

155,000

158,023

Senior

Note,

4.2%,

10/15/30

.........................

United

States

65,000

64,267

b

Foundry

JV

Holdco

LLC

,

Senior

Secured

Note

,

144A,

6.15 %

,

1/25/32

.........................................

United

States

200,000

208,946

Intel

Corp.

,

Senior

Bond

,

4.15 %

,

8/05/32

..................

United

States

780,000

744,026

Marvell

Technology,

Inc.

,

Senior

Note,

5.75%,

2/15/29

.........................

United

States

120,000

123,917

Senior

Note,

4.75%,

7/15/30

.........................

United

States

110,000

110,416

b

Qnity

Electronics,

Inc.

,

Senior

Note,

144A,

6.25%,

8/15/33

....................

United

States

425,000

430,264

Putnam

Asset

Allocation

Funds

Consolidated

Schedule

of

Investments

(unaudited)

#### Putnam

#### Dynamic

#### Asset

#### Allocation

#### Growth

#### 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)

#### Semiconductors

#### &

#### Semiconductor

#### Equipment
(continued)

b

Qnity

Electronics,

Inc.,

(continued)

Senior

Secured

Note,

144A,

5.75%,

8/15/32

.............

United

States

575,000

$

576,404

3,902,534

#### Software

#### 0.1%
Cadence

Design

Systems,

Inc.

,

Senior

Note

,

4.3 %

,

9/10/29

....

United

States

270,000

269,203

b

Cloud

Software

Group,

Inc.

,

Secured

Note,

144A,

9%,

9/30/29

.....................

United

States

170,000

164,157

Senior

Secured

Note,

144A,

6.5%,

3/31/29

..............

United

States

235,000

229,490

b

McAfee

Corp.

,

Senior

Note

,

144A,

7.375 %

,

2/15/30

..........

United

States

370,000

306,096

Microsoft

Corp.

,

Senior

Bond

,

2.4 %

,

8/08/26

...............

United

States

930,000

925,020

Oracle

Corp.

,

Senior

Bond,

3.65%,

3/25/41

.........................

United

States

305,000

217,271

Senior

Bond,

4%,

11/15/47

..........................

United

States

652,000

431,949

Senior

Note,

4.55%,

2/04/29

.........................

United

States

385,000

380,210

Senior

Note,

4.45%,

9/26/30

.........................

United

States

110,000

106,033

Senior

Note,

4.95%,

2/04/31

.........................

United

States

215,000

210,438

b

Rocket

Software,

Inc.

,

Senior

Note

,

144A,

6.5 %

,

2/15/29

......

United

States

260,000

234,317

Salesforce,

Inc.

,

Senior

Note

,

4.5 %

,

3/15/28

...............

United

States

305,000

305,184

ServiceNow,

Inc.

,

Senior

Bond

,

1.4 %

,

9/01/30

..............

United

States

315,000

273,430

Synopsys,

Inc.

,

Senior

Note

,

4.85 %

,

4/01/30

...............

United

States

320,000

322,438

b

UKG,

Inc.

,

Senior

Secured

Note

,

144A,

6.875 %

,

2/01/31

......

United

States

355,000

347,251

4,722,487

#### Specialized

#### REITs

#### 0.2%
American

Tower

Corp.

,

Senior

Bond,

3.55%,

7/15/27

.........................

United

States

476,000

471,024

Senior

Bond,

2.9%,

1/15/30

..........................

United

States

154,000

144,667

Senior

Bond,

2.7%,

4/15/31

..........................

United

States

397,000

360,416

Senior

Note,

2.75%,

1/15/27

.........................

United

States

520,000

513,516

Senior

Note,

4.9%,

3/15/30

..........................

United

States

115,000

116,079

Crown

Castle,

Inc.

,

Senior

Bond,

3.7%,

6/15/26

..........................

United

States

112,000

111,829

Senior

Bond,

3.65%,

9/01/27

.........................

United

States

319,000

315,279

Senior

Bond,

3.8%,

2/15/28

..........................

United

States

250,000

246,504

Senior

Note,

1.05%,

7/15/26

.........................

United

States

228,000

225,835

Senior

Note,

4.9%,

9/01/29

..........................

United

States

365,000

367,139

Equinix,

Inc.

,

Senior

Bond,

3.2%,

11/18/29

.........................

United

States

142,000

135,236

Senior

Note,

2.9%,

11/18/26

.........................

United

States

820,000

812,715

b

Iron

Mountain,

Inc.

,

Senior

Note

,

144A,

6.25 %

,

1/15/33

.......

United

States

785,000

783,118

b

Millrose

Properties,

Inc.

,

Senior

Note

,

144A,

6.375 %

,

8/01/30

..

United

States

790,000

790,287

5,393,644

#### Specialty

#### Retail

#### 0.0%

#### †
Dick's

Sporting

Goods,

Inc.

,

Senior

Bond,

3.15%,

1/15/32

.........................

United

States

230,000

209,138

b

Senior

Note,

144A,

4%,

10/01/29

.....................

United

States

445,000

433,178

Home

Depot,

Inc.

(The)

,

Senior

Bond,

4.95%,

6/25/34

.........................

United

States

215,000

216,629

Senior

Bond,

5.3%,

6/25/54

..........................

United

States

215,000

201,116

Putnam

Asset

Allocation

Funds

Consolidated

Schedule

of

Investments

(unaudited)

#### Putnam

#### Dynamic

#### Asset

#### Allocation

#### Growth

#### 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)

#### Specialty

#### Retail
(continued)

b

PetSmart

LLC

/

PetSmart

Finance

Corp.

,

Senior

Secured

Note

,

144A,

7.5 %

,

9/15/32

...............................

United

States

550,000

$

553,088

1,613,149

#### Technology

#### Hardware,

#### Storage

#### &

#### Peripherals

#### 0.0%

#### †
Apple,

Inc.

,

Senior

Bond,

3.85%,

5/04/43

.........................

United

States

314,000

259,797

Senior

Bond,

4.375%,

5/13/45

........................

United

States

598,000

523,740

Senior

Bond,

3.95%,

8/08/52

.........................

United

States

240,000

186,455

Hewlett

Packard

Enterprise

Co.

,

Senior

Note,

4.55%,

10/15/29

........................

United

States

552,000

549,397

Senior

Note,

4.85%,

10/15/31

........................

United

States

113,000

112,265

b

Seagate

Data

Storage

Technology

Pte.

Ltd.

,

Senior

Note,

144A,

4.091%,

6/01/29

...................

United

States

370,000

358,404

Senior

Note,

144A,

3.125%,

7/15/29

...................

United

States

110,000

98,778

Senior

Note,

144A,

5.875%,

7/15/30

...................

United

States

340,000

345,817

2,434,653

#### Textiles,

#### Apparel

#### &

#### Luxury

#### Goods

#### 0.0%

#### †
b

Beach

Acquisition

Bidco

LLC

,

f

Senior

Note,

144A,

PIK,

10%,

7/15/33

..................

United

States

474,321

494,739

Senior

Secured

Note,

144A,

5.25%,

7/15/32

.............

United

States

230,000

EUR

255,619

b

Crocs,

Inc.

,

Senior

Note

,

144A,

4.25 %

,

3/15/29

.............

United

States

310,000

297,774

Tapestry,

Inc.

,

Senior

Note

,

5.1 %

,

3/11/30

.................

United

States

245,000

247,626

1,295,758

#### Tobacco

#### 0.1%
BAT

Capital

Corp.

,

Senior

Bond,

4.906%,

4/02/30

........................

United

Kingdom

60,000

60,664

Senior

Note,

6.343%,

8/02/30

........................

United

Kingdom

170,000

181,521

Senior

Note,

4.625%,

3/22/33

........................

United

Kingdom

200,000

195,823

Philip

Morris

International,

Inc.

,

Senior

Note,

5.125%,

2/15/30

........................

United

States

438,000

447,026

Senior

Note,

4.375%,

4/30/30

........................

United

States

675,000

671,583

Senior

Note,

4.75%,

11/01/31

........................

United

States

205,000

206,010

1,762,627

#### Trading

#### Companies

#### &

#### Distributors

#### 0.0%

#### †
Air

Lease

Corp.

,

Senior

Note,

5.85%,

12/15/27

........................

United

States

140,000

142,970

Senior

Note,

2.1%,

9/01/28

..........................

United

States

195,000

183,502

b

Aircastle

Ltd.

,

Senior

Note

,

144A,

6.5 %

,

7/18/28

............

United

States

275,000

285,260

b

Aviation

Capital

Group

LLC

,

Senior

Note

,

144A,

5.375 %

,

7/15/29

United

States

245,000

249,010

b

EquipmentShare.com,

Inc.

,

Secured

Note,

144A,

9%,

5/15/28

.....................

United

States

480,000

496,407

Secured

Note,

144A,

8.625%,

5/15/32

..................

United

States

335,000

350,078

b

Herc

Holdings,

Inc.

,

Senior

Note

,

144A,

6.625 %

,

6/15/29

......

United

States

160,000

162,721

b

Imola

Merger

Corp.

,

Senior

Secured

Note

,

144A,

4.75 %

,

5/15/29

United

States

290,000

282,054

b

QXO

Building

Products,

Inc.

,

Senior

Secured

Note

,

144A,

6.75 %

,

4/30/32

.........................................

United

States

690,000

704,398

b

United

Rentals

North

America,

Inc.

,

Senior

Bond

,

144A,

6.125 %

,

3/15/34

.........................................

United

States

240,000

243,321

b

WESCO

Distribution,

Inc.

,

Senior

Note,

144A,

6.375%,

3/15/29

...................

United

States

70,000

71,341

Senior

Note,

144A,

5.25%,

4/15/31

....................

United

States

115,000

114,601

Putnam

Asset

Allocation

Funds

Consolidated

Schedule

of

Investments

(unaudited)

#### Putnam

#### Dynamic

#### Asset

#### Allocation

#### Growth

#### 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)

#### Trading

#### Companies

#### &

#### Distributors
(continued)

b

WESCO

Distribution,

Inc.,

(continued)

Senior

Note,

144A,

6.625%,

3/15/32

...................

United

States

325,000

$

333,054

Senior

Note,

144A,

6.375%,

3/15/33

...................

United

States

130,000

132,551

3,751,268

#### Wireless

#### Telecommunication

#### Services

#### 0.3%
b

Connect

Finco

SARL

/

Connect

US

Finco

LLC

,

Senior

Secured

Note

,

144A,

%

,

9/15/29

............................

United

Kingdom

795,000

836,173

b

Digicel

International

Finance

Ltd.

/

DIFL

US

LLC

,

Senior

Secured

Note

,

144A,

8.625 %

,

8/01/32

.........................

Bermuda

495,000

504,047

b

Iliad

Holding

SAS

,

Senior

Secured

Note

,

144A,

%

,

4/15/32

...

France

230,000

230,563

Rogers

Communications,

Inc.

,

Senior

Bond,

8.75%,

5/01/32

.........................

Canada

166,000

192,966

Senior

Note,

5%,

2/15/29

...........................

Canada

670,000

677,001

T-Mobile

USA,

Inc.

,

Senior

Bond,

2.875%,

2/15/31

........................

United

States

160,000

147,590

Senior

Bond,

2.25%,

11/15/31

........................

United

States

600,000

527,548

Senior

Bond,

5.05%,

7/15/33

.........................

United

States

40,000

40,291

Senior

Note,

3.75%,

4/15/27

.........................

United

States

862,000

856,827

Senior

Note,

4.95%,

3/15/28

.........................

United

States

365,000

368,917

Senior

Note,

3.375%,

4/15/29

........................

United

States

235,000

227,797

Senior

Note,

3.875%,

4/15/30

........................

United

States

108,000

105,207

Senior

Note,

5.125%,

5/15/32

........................

United

States

183,000

185,689

Senior

Note,

6.7%,

12/15/33

.........................

United

States

85,000

93,638

b

Zegona

Finance

plc

,

Senior

Secured

Note

,

144A,

8.625 %

,

7/15/29

.........................................

United

Kingdom

535,000

562,064

5,556,318

#### Total

#### Corporate

#### Bonds

#### (Cost

#### $257,625,955)
...................................

#### 253,706,582
j

#### Senior

#### Floating

#### Rate

#### Interests

#### 0.3%
k

#### Aerospace

#### &

#### Defense

#### 0.0%

#### †
TransDigm,

Inc.,

First

Lien,

CME

Term

Loan,

N,

6.16%,

(3-month

SOFR

+

2.5%),

2/14/33

.............................

United

States

76,744

76,869

i

VSE

Corp.,

First

Lien,

CME

Term

Loan,

B,

5.474%,

(12-month

SOFR

+

2%),

3/17/33

...............................

United

States

30,192

30,198

107,067

a

a

a

a

a

a

k

#### Air

#### Freight

#### &

#### Logistics

#### 0.0%

#### †
Rand

Parent

LLC,

First

Lien,

CME

Term

Loan,

B,

6.7%,

(3-month

SOFR

+

3%),

3/18/30

...............................

United

States

124,679

124,684

Stonepeak

Nile

Parent

LLC,

First

Lien,

Amendment

No.

CME

Term

Loan,

5.917%,

(3-month

SOFR

+

2.25%),

4/09/32

.....

United

States

219,496

219,417

344,101

a

a

a

a

a

a

k

#### Automobile

#### Components

#### 0.0%

#### †
Allison

Transmission,

Inc.,

First

Lien,

2026

CME

Term

Loan,

5.422%,

(1-month

SOFR

+

1.75%),

1/03/33

..............

United

States

103,010

103,499

i

American

Axle

&

Manufacturing,

Inc.,

First

Lien,

CME

Term

Loan,

C,

6.912%,

(3-month

SOFR

+

3.25%),

2/03/33

............

United

States

217,800

217,257

DexKo

Global,

Inc.,

First

Lien,

Closing

Date

Dollar

CME

Term

Loan,

7.678%,

(3-month

SOFR

+

3.75%),

10/04/28

........

United

States

177,131

173,966

494,722

a

a

a

a

a

a

Putnam

Asset

Allocation

Funds

Consolidated

Schedule

of

Investments

(unaudited)

#### Putnam

#### Dynamic

#### Asset

#### Allocation

#### Growth

#### 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)

#### 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

131,724

$

132,094

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

20,308

20,485

i

BioMarin

Pharmaceutical,

Inc.,

First

Lien,

CME

Term

Loan,

B,

5.174%,

(12-month

SOFR

+

1.75%),

1/28/33

.............

United

States

69,208

69,122

Genmab

A/S,

First

Lien,

Initial

CME

Term

Loan,

B,

6.733%,

(3-month

SOFR

+

3%),

12/13/32

......................

Denmark

31,901

32,058

121,665

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

100,588

99,849

#### Building

#### Products

#### 0.0%

#### †
k

Advanced

Drainage

Systems,

Inc.,

First

Lien,

Initial

CME

Term

Loan,

5.241%,

(12-month

SOFR

+

1.75%),

2/11/33

........

United

States

78,222

78,687

k

#### Capital

#### Markets

#### 0.0%

#### †
CPI

Holdco

B

LLC,

First

Lien,

2025

Fourth

Amendment

Incremental

CME

Term

Loan,

5.668%,

(1-month

SOFR

+

2%),

5/19/31

.........................................

United

States

219,443

218,271

Jane

Street

Group

LLC,

First

Lien,

Extended

CME

Term

Loan,

5.673%,

(3-month

SOFR

+

2%),

12/15/31

................

United

States

218,272

214,552

432,823

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

138,915

134,024

Element

Solutions,

Inc.,

First

Lien,

CME

Term

Loan,

B3,

5.423%,

(1-month

SOFR

+

1.75%),

12/18/30

....................

United

States

220,000

220,472

Hexion

Holdings

Corp.,

Second

Lien,

Initial

CME

Term

Loan,

11.211%,

(1-month

SOFR

+

7.438%),

3/15/30

............

United

States

74,520

69,770

Solstice

Advanced

Materials,

Inc.,

First

Lien,

CME

Term

Loan,

B,

5.417%,

(3-month

SOFR

+

1.75%),

10/29/32

.............

United

States

50,420

50,746

475,012

a

a

a

a

a

a

k

#### Commercial

#### Services

#### &

#### Supplies

#### 0.0%

#### †
Filtration

Group

Corp.,

First

Lien,

2025

Incremental

Dollar

CME

Term

Loan,

B,

6.423%,

(1-month

SOFR

+

2.75%),

10/23/28

..

United

States

107,690

107,858

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

218,897

216,229

i

WMB

Holdings,

Inc.,

First

Lien,

USD

CME

Term

Loan,

B,

5.668%,

(1-month

SOFR

+

2%),

11/05/29

......................

United

States

212,820

211,757

535,844

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

14,602

14,678

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

295,000

285,886

Putnam

Asset

Allocation

Funds

Consolidated

Schedule

of

Investments

(unaudited)

#### Putnam

#### Dynamic

#### Asset

#### Allocation

#### Growth

#### 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

#### Containers

#### &

#### Packaging
(continued)

Owens-Brockway

Glass

Container,

Inc.,

First

Lien,

CME

Term

Loan,

B1,

6.668%,

(1-month

SOFR

+

3%),

9/30/32

.........

United

States

108,531

$

107,627

393,513

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

218,639

213,017

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

218,889

218,603

Constellation

Renewables

LLC,

First

Lien,

CME

Term

Loan,

5.673%,

(3-month

SOFR

+

2%),

12/15/27

................

United

States

138,762

139,052

357,655

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

178,415

178,712

Playtika

Holding

Corp.,

First

Lien,

CME

Term

Loan,

B1,

6.537%,

(1-month

SOFR

+

2.75%),

3/13/28

.....................

United

States

218,277

205,930

TKO

Worldwide

Holdings

LLC,

First

Lien,

CME

Term

Loan,

B5,

5.664%,

(3-month

SOFR

+

2%),

11/21/31

................

United

States

185,893

186,009

570,651

a

a

a

a

a

a

k

#### Financial

#### Services

#### 0.0%

#### †
Colossus

Acquireco

LLC,

First

Lien,

Initial

CME

Term

Loan,

5.38%,

(1-day

SOFR

+

1.75%),

7/30/32

.................

United

States

218,900

218,438

Corpay

Technologies

Operating

Co.

LLC,

First

Lien,

CME

Term

Loan,

B6,

5.418%,

(1-month

SOFR

+

1.75%),

11/05/32

.....

United

States

77,819

77,795

First

Eagle

Holdings,

Inc.,

First

Lien,

Initial

CME

Term

Loan,

7.2%,

(3-month

SOFR

+

3.5%),

8/16/32

......................

United

States

195,967

193,518

Hudson

River

Trading

LLC,

First

Lien,

CME

Term

Loan,

B2,

6.175%,

(1-month

SOFR

+

2.5%),

3/18/30

...............

United

States

219,450

218,810

708,561

a

a

a

a

a

a

k

#### Food

#### Products

#### 0.1%
Froneri

US,

Inc.,

First

Lien,

CME

Term

Loan,

B6,

5.877%,

(6-month

SOFR

+

2.25%),

9/30/32

.....................

United

States

347,414

341,359

i

TreeHouse

Foods,

Inc.,

First

Lien,

Initial

CME

Term

Loan,

7.923%,

(1-month

SOFR

+

4.25%),

2/11/33

..............

United

States

227,500

226,742

568,101

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

218,889

218,091

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

244,470

245,311

Medline

Borrower

LP,

First

Lien,

2028

Refinancing

CME

Term

Loan,

5.418%,

(1-month

SOFR

+

1.75%),

10/23/28

........

United

States

68,993

69,174

314,485

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

208,977

208,769

Putnam

Asset

Allocation

Funds

Consolidated

Schedule

of

Investments

(unaudited)

#### Putnam

#### Dynamic

#### Asset

#### Allocation

#### Growth

#### 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

#### Hotels,

#### Restaurants

#### &

#### Leisure
(continued)

Caesars

Entertainment,

Inc.,

First

Lien,

2023

Incremental

CME

Term

Loan,

B,

5.918%,

(1-month

SOFR

+

2.25%),

2/06/30

...

United

States

217,982

$

212,260

i

DK

Crown

Holdings,

Inc.,

First

Lien,

CME

Term

Loan,

B,

5.419%,

(1-month

SOFR

+

1.75%),

3/04/32

.....................

United

States

219,446

219,481

Fertitta

Entertainment

LLC,

First

Lien,

Initial

CME

Term

Loan,

B,

6.918%,

(1-month

SOFR

+

3.25%),

1/29/29

..............

United

States

343,416

337,406

Flutter

Financing

BV,

First

Lien,

2024

Refinancing

CME

Term

Loan,

B,

5.422%,

(3-month

SOFR

+

1.75%),

12/02/30

......

Ireland

218,880

217,020

i

Great

Canadian

Gaming

Corp.,

First

Lien,

CME

Term

Loan,

B,

8.437%,

(3-month

SOFR

+

4.75%),

11/01/29

.............

Canada

33,903

33,464

Penn

Entertainment,

Inc.,

First

Lien,

CME

Term

Loan,

B,

6.173%,

(1-month

SOFR

+

2.5%),

5/03/29

......................

United

States

218,863

219,713

Raising

Cane's

Restaurants

LLC,

First

Lien,

First

Amendment

New

CME

Term

Loan,

5.668%,

(1-month

SOFR

+

2%),

11/03/32

United

States

155,796

155,066

Scientific

Games

Holdings

LP,

First

Lien,

2024

Refinancing

Dollar

CME

Term

Loan,

6.652%,

(3-month

SOFR

+

3%),

4/04/29

...

United

States

137,551

135,698

1,738,877

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

125,187

125,187

k

#### Independent

#### Power

#### and

#### Renewable

#### Electricity

#### Producers

#### 0.0%

#### †
Calpine

Construction

Finance

Co.

LP,

First

Lien,

2025

Refinancing

CME

Term

Loan,

5.418%,

(1-month

SOFR

+

1.75%),

7/31/30

...................................

United

States

220,000

220,343

Talen

Energy

Supply

LLC,

First

Lien,

2025-1

Incremental

CME

Term

Loan,

B,

5.668%,

(1-month

SOFR

+

2%),

11/25/32

.....

United

States

236,109

236,573

456,916

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

192,570

191,366

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

218,342

218,574

Clear

Channel

Outdoor

Holdings,

Inc.,

First

Lien,

2024

Refinancing

CME

Term

Loan,

7.787%,

(1-month

SOFR

+

4%),

8/23/28

.........................................

United

States

149,412

150,010

DIRECTV

Financing

LLC,

First

Lien,

2024

Refinancing

CME

Term

Loan,

B,

9.178%,

(3-month

SOFR

+

5.25%),

8/02/29

.......

United

States

298,574

299,795

Nexstar

Media,

Inc.,

First

Lien,

CME

Term

Loan,

B,

6.173%,

(1-month

SOFR

+

2.5%),

6/28/32

......................

United

States

218,897

216,923

885,302

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

35,730

35,842

k

#### Oil,

#### Gas

#### &

#### Consumable

#### Fuels

#### 0.0%

#### †
CQP

Holdco

LP,

First

Lien,

CME

Term

Loan,

B,

5.423%,

(1-month

SOFR

+

1.75%),

12/31/32

...........................

United

States

219,447

218,659

UGI

Energy

Services

LLC,

First

Lien,

Initial

CME

Term

Loan,

6.168%,

(1-month

SOFR

+

2.5%),

2/22/30

...............

United

States

219,433

220,170

438,829

a

a

a

a

a

a

Putnam

Asset

Allocation

Funds

Consolidated

Schedule

of

Investments

(unaudited)

#### Putnam

#### Dynamic

#### Asset

#### Allocation

#### Growth

#### 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

#### Passenger

#### Airlines

#### 0.0%

#### †
AAdvantage

Loyalty

IP

Ltd.,

First

Lien,

CME

Term

Loan,

5.918%,

(3-month

SOFR

+

2.25%),

4/20/28

.....................

United

States

218,897

$

217,255

i

United

Airlines,

Inc.,

First

Lien,

CME

Term

Loan,

B,

5.431%,

(1-month

SOFR

+

1.75%),

2/24/31

.....................

United

States

219,440

219,372

436,627

a

a

a

a

a

a

k

#### Pharmaceuticals

#### 0.1%
1261229

BC

Ltd.,

First

Lien,

Initial

CME

Term

Loan,

9.918%,

(1-month

SOFR

+

6.25%),

10/08/30

....................

United

States

223,562

216,358

Endo

Finance

Holdings

LP,

First

Lien,

2024

Refinancing

CME

Term

Loan,

7.418%,

(1-month

SOFR

+

3.75%),

4/23/31

.....

United

States

312,050

310,880

527,238

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

205,076

204,652

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

21,121

19,386

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

218,897

215,956

Rocket

Software,

Inc.,

First

Lien,

CME

Term

Loan,

7.423%,

(1-month

SOFR

+

3.75%),

11/28/28

....................

United

States

217,584

209,198

UKG,

Inc.,

First

Lien,

Initial

CME

Term

Loan,

6.167%,

(3-month

SOFR

+

2.5%),

2/10/31

.............................

United

States

34,477

32,992

477,532

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

221,048

176,231

Samsonite

Group

SA,

First

Lien,

Initial

CME

Term

Loan,

B,

5.418%,

(1-month

SOFR

+

1.75%),

11/08/32

.............

United

States

85,058

85,377

261,608

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

238,428

238,265

#### 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

166,600

167,199

#### Total

#### Senior

#### Floating

#### Rate

#### Interests

#### (Cost

#### $12,462,477)
........................

#### 12,366,056

#### Foreign

#### Government

#### and

#### Agency

#### Securities

#### 0.4%
b

Angola

Government

Bond

,

Senior

Bond

,

144A,

8.25 %

,

5/09/28

.

Angola

420,000

424,065

Brazil

Government

Bond

,

Senior

Bond

,

3.875 %

,

6/12/30

......

Brazil

660,000

630,564

Chile

Government

Bond

,

Senior

Note

,

4.85 %

,

1/22/29

........

Chile

480,000

486,360

Colombia

Government

Bond

,

Senior

Note,

7.375%,

4/25/30

.........................

Colombia

200,000

207,826

Senior

Note,

4.5%,

11/26/30

..........................

Colombia

240,000

EUR

268,741

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

350,000

358,564

Putnam

Asset

Allocation

Funds

Consolidated

Schedule

of

Investments

(unaudited)

#### Putnam

#### Dynamic

#### Asset

#### Allocation

#### Growth

#### 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

#### Foreign

#### Government

#### and

#### Agency

#### Securities
(continued)

b

Dominican

Republic

Government

Bond

,

Senior

Bond,

Reg

S,

5.95%,

1/25/27

...................

Dominican

Republic

171,000

$

172,308

Senior

Bond,

Reg

S,

6%,

7/19/28

......................

Dominican

Republic

400,000

403,720

b

Eagle

Funding

Luxco

SARL

,

Senior

Note

,

144A,

5.5 %

,

8/17/30

.

Mexico

250,000

251,625

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

260,000

271,437

b

Electricite

de

France

SA

,

g

Junior

Sub.

Bond,

144A,

9.125%

to

6/14/33,

FRN

thereafter,

Perpetual

........................................

France

200,000

231,659

Senior

Note,

144A,

5.65%,

4/22/29

.....................

France

540,000

557,569

b

Guatemala

Government

Bond

,

Senior

Bond

,

144A,

4.875 %

,

2/13/28

.........................................

Guatemala

520,000

517,647

b

Hungary

Government

Bond

,

Senior

Note

,

Reg

S,

5.25 %

,

6/16/29

Hungary

440,000

441,583

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

433,550

436,670

Jamaica

Government

Bond

,

Senior

Bond

,

6.75 %

,

4/28/28

.....

Bermuda

270,000

275,738

Mexico

Government

Bond

,

Senior

Bond,

2.659%,

5/24/31

........................

Mexico

360,000

318,654

Senior

Note,

6%,

5/13/30

............................

Mexico

200,000

206,850

b

Montenegro

Government

Bond

,

Senior

Bond

,

144A,

2.55 %

,

10/03/29

........................................

Montenegro

320,000

EUR

347,022

b

Morocco

Government

Bond

,

Senior

Note

,

144A,

5.95 %

,

3/08/28

Morocco

270,000

274,789

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

240,000

EUR

266,975

b

Paraguay

Government

Bond

,

Senior

Bond

,

144A,

4.95 %

,

4/28/31

Paraguay

500,000

499,375

Peru

Government

Bond

,

Senior

Bond

,

2.783 %

,

1/23/31

.......

Peru

640,000

584,704

Philippines

Government

Bond

,

Senior

Bond

,

9.5 %

,

2/02/30

....

Philippines

400,000

469,137

Poland

Government

Bond

,

4.875 %

,

2/12/30

...............

Poland

610,000

623,872

b

Power

Finance

Corp.

Ltd.

,

Senior

Bond

,

Reg

S,

3.95 %

,

4/23/30

.

India

240,000

232,082

b

Romania

Government

Bond

,

Senior

Bond

,

144A,

2.875 %

,

5/26/28

Romania

530,000

EUR

600,805

b

Serbia

Government

Bond

,

Senior

Note

,

144A,

6.25 %

,

5/26/28

..

Serbia

260,000

265,522

South

Africa

Government

Bond

,

Senior

Bond,

4.85%,

9/27/27

.........................

South

Africa

360,000

359,941

Senior

Bond,

5.875%,

6/22/30

........................

South

Africa

200,000

201,489

Turkiye

Government

Bond

,

Senior

Note

,

8.6 %

,

9/24/27

.......

Turkiye

450,000

469,335

Uruguay

Government

Bond

,

Senior

Bond

,

4.375 %

,

10/27/27

...

Uruguay

513,333

514,925

b

Uzbekistan

Government

Bond

,

Senior

Note

,

144A,

7.85 %

,

10/12/28

........................................

Uzbekistan

450,000

471,488

#### Total

#### Foreign

#### Government

#### and

#### Agency

#### Securities

#### (Cost

#### $13,735,751)
............

#### 13,630,081

#### U.S.

#### Government

#### and

#### Agency

#### Securities

#### 0.0%

#### †
l

U.S.

Treasury

Bonds

,

4.5 %,

11/15/54

....................

United

States

21,500

20,091

#### Total

#### U.S.

#### Government

#### and

#### Agency

#### Securities

#### (Cost

#### $20,091)
...................

#### 20,091

#### Asset-Backed

#### Securities

#### 0.8%

#### 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

495,000

496,311

Putnam

Asset

Allocation

Funds

Consolidated

Schedule

of

Investments

(unaudited)

#### Putnam

#### Dynamic

#### Asset

#### Allocation

#### Growth

#### 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)

#### Consumer

#### Staples

#### Distribution

#### &

#### Retail

#### 0.0%

#### †
CVS

Pass-Through

Trust

,

6.036%,

12/10/28

..................................

United

States

2,993

$

3,022

b

2013,

144A,

4.704%,

1/10/36

.........................

United

States

100,477

94,879

97,901

a

a

a

a

a

a

#### Financial

#### Services

#### 0.8%
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

260,000

260,693

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

345,000

345,407

b,k

Battalion

CLO

X

Ltd.

,

2016-10A

,

A1R3

,

144A,

FRN

,

4.808 %

,

(3-month

SOFR

+

1.14 %),

1/24/35

.

....................

United

States

499,089

499,627

b,k

BDS

Ltd.

,

2021-FL10

,

A

,

144A,

FRN

,

5.144 %

,

(1-month

SOFR

+

1.464 %),

12/16/36

.

.................................

United

States

129,759

129,918

b,k

Beechwood

Park

CLO

Ltd.

,

2019-1A

,

A1RR

,

144A,

FRN

,

4.738 %

,

(3-month

SOFR

+

1.07 %),

1/17/35

.

....................

Jersey

750,000

750,116

b,k

Birch

Grove

CLO

Ltd.

,

2021-2A

,

A1R

,

144A,

FRN

,

5.068 %

,

(3-month

SOFR

+

1.4 %),

10/19/37

.

....................

United

States

350,000

350,424

b,k

Birch

Grove

CLO

Ltd.

,

2024-8A

,

A1

,

144A,

FRN

,

5.298 %

,

(3-month

SOFR

+

1.63 %),

4/20/37

.

....................

Jersey

325,000

325,963

b,k

BRAVO

Residential

Funding

Trust

,

2021-HE3

,

A2

,

144A,

FRN

,

4.662 %

,

(30-day

SOFR

Average

+

%),

8/25/69

.

..........

United

States

113,210

112,701

b,k

BXMT

Ltd.

,

2021-FL4

,

A

,

144A,

FRN

,

5.093 %

,

(1-month

SOFR

+

1.414 %),

5/15/38

.

.................................

United

States

222,017

221,031

b,k

Carlyle

US

CLO

Ltd.

,

2020-2A

,

A1R2

,

144A,

FRN

,

4.748 %

,

(3-month

SOFR

+

1.08 %),

1/25/35

.

....................

United

States

910,000

908,189

b,k

CBAM

Ltd.

,

2017-2A

,

AR

,

144A,

FRN

,

5.119 %

,

(3-month

SOFR

+

1.452 %),

7/17/34

.

.................................

United

States

246,000

246,331

b,k

CIFC

Funding

Ltd.

,

2014-2RA,

AR,

144A,

FRN,

5.028%,

(3-month

SOFR

+

1.36%),

10/24/37

........................................

United

States

300,000

300,227

2020-1A,

A1R,

144A,

FRN,

5.084%,

(3-month

SOFR

+

1.412%),

7/15/36

..................................

United

States

460,000

460,614

2021-4A,

AR,

144A,

FRN,

5.031%,

(3-month

SOFR

+

1.36%),

7/23/37

.........................................

United

States

350,000

350,273

2021-7A,

AR,

144A,

FRN,

4.761%,

(3-month

SOFR

+

1.09%),

1/23/35

.........................................

United

States

744,000

744,246

b

Compass

Datacenters

Issuer

II

LLC

,

2025-2A

,

A1

,

144A,

4.926 %

,

11/25/50

.

........................................

United

States

489,000

481,973

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

460,000

460,352

b,k

Diameter

Capital

CLO

Ltd.

,

2024-7A

,

A1A

,

144A,

FRN

,

5.148 %

,

(3-month

SOFR

+

1.48 %),

7/20/37

.

....................

United

States

300,000

300,797

b,k

Dryden

CLO

Ltd.

,

2020-86A

,

A1R2

,

144A,

FRN

,

4.798 %

,

(3-month

SOFR

+

1.13 %),

7/17/34

.

....................

United

States

900,000

900,939

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

Putnam

Asset

Allocation

Funds

Consolidated

Schedule

of

Investments

(unaudited)

#### Putnam

#### Dynamic

#### Asset

#### Allocation

#### Growth

#### 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

Elmwood

CLO

Ltd.

,

2024-3A

,

A

,

144A,

FRN

,

5.188 %

,

(3-month

SOFR

+

1.52 %),

4/18/37

.

....................

United

States

300,000

$

300,774

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

300,000

298,650

b,k

Elmwood

CLO

III

Ltd.

,

2019-3A

,

A1RR

,

144A,

FRN

,

5.048 %

,

(3-month

SOFR

+

1.38 %),

7/18/37

.

....................

United

States

350,000

350,276

b,k

Elmwood

CLO

IV

Ltd.

,

2020-1A

,

AR

,

144A,

FRN

,

5.128 %

,

(3-month

SOFR

+

1.46 %),

4/18/37

.

....................

United

States

250,000

249,989

b

FIGRE

Trust

,

2025-FL1

,

A1

,

144A,

5.265 %

,

7/25/55

.

.........

United

States

121,039

121,015

b,k

FS

Rialto

,

2021-FL3

,

A

,

144A,

FRN

,

5.037 %

,

(1-month

SOFR

+

1.364 %),

11/16/36

.

.................................

United

States

85,679

85,730

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

1,300,000

1,300,810

b,k

HalseyPoint

CLO

Ltd.

,

2021-4A

,

A

,

144A,

FRN

,

5.149 %

,

(3-month

SOFR

+

1.482 %),

4/20/34

.

...................

United

States

250,000

250,327

b

Home

Partners

of

America

Trust

,

2021-2

,

C

,

144A,

2.402 %

,

12/17/26

.

........................................

United

States

240,796

236,343

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

125,305

125,630

2024-CES1,

A1A,

144A,

5.919%,

6/25/54

................

United

States

70,254

70,625

b,k

KKR

CLO

Ltd.

,

2022-43A

,

A2R2

,

144A,

FRN

,

5.121 %

,

(3-month

SOFR

+

1.45 %),

4/15/38

.

....................

Jersey

820,000

819,742

b,k

KKR

CLO

Ltd.

,

2024-54A

,

A

,

144A,

FRN

,

4.992 %

,

(3-month

SOFR

+

1.32 %),

1/15/38

.

............................

United

States

337,000

337,256

b,k

KREF

Ltd.

,

2022-FL3

,

A

,

144A,

FRN

,

5.127 %

,

(1-month

SOFR

+

1.45 %),

2/17/39

.

..................................

United

States

100,089

100,142

k

Long

Beach

Mortgage

Loan

Trust

,

2004-1

,

A2

,

FRN

,

4.593 %

,

(1-month

SOFR

+

0.914 %),

2/25/34

.

...................

United

States

189,525

188,742

b,k

Madison

Park

Funding

XXX

Ltd.

,

2018-30A

,

A1R

,

144A,

FRN

,

5.031 %

,

(3-month

SOFR

+

1.36 %),

7/16/37

.

..............

United

States

260,000

260,452

k

Morgan

Stanley

ABS

Capital

I,

Inc.

Trust

,

2004-HE6

,

M1

,

FRN

,

4.618 %

,

(1-month

SOFR

+

0.939 %),

8/25/34

.

.............

United

States

59,573

58,921

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

350,000

350,262

b,k

Neuberger

Berman

Loan

Advisers

CLO

Ltd.

,

2021-43A

,

AR

,

144A,

FRN

,

4.718 %

,

(3-month

SOFR

+

1.05 %),

7/17/36

.

....

United

States

1,025,000

1,025,546

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

1,500,000

1,500,966

b,k

Neuberger

Berman

Loan

Advisers

CLO

Ltd.

,

2022-51A

,

BR2

,

144A,

FRN

,

5.068 %

,

(3-month

SOFR

+

1.4 %),

10/23/36

.

....

Jersey

400,000

400,007

k

New

Century

Home

Equity

Loan

Trust

,

2003-4

,

M1

,

FRN

,

4.918 %

,

(1-month

SOFR

+

1.239 %),

10/25/33

.

..................

United

States

58,246

58,258

b,k

Northwoods

Capital

Ltd.

,

2021-27A

,

A1R

,

144A,

FRN

,

4.848 %

,

(3-month

SOFR

+

1.18 %),

10/17/34

.

...................

United

States

470,000

470,551

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

1,000,000

1,000,326

b,k

Octagon

Investment

Partners

Ltd.

,

2020-5A

,

ARR

,

144A,

FRN

,

4.792 %

,

(3-month

SOFR

+

1.12 %),

4/15/37

.

..............

United

States

820,000

817,339

b,k

OHA

Loan

Funding

Ltd.

,

2016-1A

,

A1R2

,

144A,

FRN

,

5.128 %

,

(3-month

SOFR

+

1.46 %),

7/20/37

.

....................

United

States

363,000

363,962

Putnam

Asset

Allocation

Funds

Consolidated

Schedule

of

Investments

(unaudited)

#### Putnam

#### Dynamic

#### Asset

#### Allocation

#### Growth

#### 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)

k

Park

Place

Securities,

Inc.

,

2004-WCW2

,

M3

,

FRN

,

4.843 %

,

(1-month

SOFR

+

1.164 %),

10/25/34

.

..................

United

States

77,339

$

76,887

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

697,753

692,557

b,k

PRMI

Securitization

Trust

,

2024-CMG1

,

A1

,

144A,

FRN

,

5.119 %

,

(30-day

SOFR

Average

+

1.45 %),

7/25/54

.

...............

United

States

320,199

319,924

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

b,k

Sound

Point

CLO

XXVI

Ltd.

,

2020-1A

,

AR

,

144A,

FRN

,

5.099 %

,

(3-month

SOFR

+

1.432 %),

7/20/34

.

...................

United

States

322,000

322,428

b,k

Sound

Point

CLO

XXXII

Ltd.

,

2021-4A

,

AR

,

144A,

FRN

,

4.96 %

,

(3-month

SOFR

+

1.03 %),

10/25/34

.

...................

United

States

300,000

299,998

b

Stack

Infrastructure

Issuer

LLC

,

2026-1A

,

A2

,

144A,

%

,

3/27/56

.

United

States

396,000

381,851

b,k

Symphony

CLO

XXIII

Ltd.

,

2020-23A

,

AR2

,

144A,

FRN

,

4.572 %

,

(3-month

SOFR

+

0.9 %),

1/15/34

.

.....................

United

States

209,853

209,821

b,k

TCW

CLO

Ltd.

,

2020-1A

,

A1R3

,

144A,

FRN

,

4.718 %

,

(3-month

SOFR

+

1.05 %),

4/20/34

.

............................

United

States

1,350,000

1,350,064

b,k

Towd

Point

Mortgage

Trust

,

2025-HE1

,

A1A

,

144A,

FRN

,

5.012 %

,

(30-day

SOFR

Average

+

1.35 %),

7/25/65

.

...............

United

States

79,906

79,948

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

104,693

104,186

b,k

Venture

CLO

Ltd.

,

2021-41A

,

A1RR

,

144A,

FRN

,

4.798 %

,

(3-month

SOFR

+

1.13 %),

1/20/34

.

....................

United

States

710,000

710,771

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

77,258

77,353

b,k

Voya

CLO

Ltd.

,

2019-3A

,

AR

,

144A,

FRN

,

5.009 %

,

(3-month

SOFR

+

1.342 %),

10/17/32

.

..........................

United

States

163,646

163,811

b,k

Warwick

Capital

CLO

Ltd.

,

2024-3A

,

A1

,

144A,

FRN

,

5.318 %

,

(3-month

SOFR

+

1.65 %),

4/20/37

.

....................

Jersey

250,000

250,743

b,k

Wind

River

CLO

Ltd.

,

2021-4A

,

AR

,

144A,

FRN

,

4.9 %

,

(3-month

SOFR

+

1.23 %),

1/20/35

.

............................

United

States

250,000

250,075

b,k

Wise

CLO

Ltd.

,

2024-2A

,

A

,

144A,

FRN

,

5.132 %

,

(3-month

SOFR

+

1.46 %),

7/15/37

.

.................................

United

States

350,000

350,923

b,k

Zais

CLO

Ltd.

,

2020-16A

,

A1R2

,

144A,

FRN

,

4.798 %

,

(3-month

SOFR

+

1.13 %),

10/20/34

.

...................

United

States

360,000

360,458

28,086,563

a

a

a

a

a

a

#### Total

#### Asset-Backed

#### Securities

#### (Cost

#### $28,680,440)
.............................

#### 28,680,775

#### Commercial

#### Mortgage-Backed

#### Securities

#### 0.5%

#### Financial

#### Services

#### 0.5%
b

1166

Avenue

of

the

Americas

Commercial

Mortgage

Trust

II

,

2005-C6A

,

A3

,

144A,

5.69 %

,

10/13/37

..................

United

States

700,000

715,800

b,m,n

Arbor

Multifamily

Mortgage

Securities

Trust

,

2020-MF1

,

XA

,

IO,

144A,

FRN

,

0.925 %

,

5/15/53

.........................

United

States

3,996,123

120,678

m,n

BANK

,

2019-BN20,

XA,

IO,

FRN,

0.806%,

9/15/62

..............

United

States

3,643,705

86,211

2020-BN26,

XA,

IO,

FRN,

1.19%,

3/15/63

...............

United

States

1,726,719

58,879

m,n

BANK5

Trust

,

2024-5YR7,

XA,

IO,

FRN,

1.334%,

6/15/57

..............

United

States

6,792,180

250,926

2025-5YR18,

XA,

IO,

FRN,

1.048%,

12/15/58

.............

United

States

7,145,779

311,070

Barclays

Commercial

Mortgage

Trust

,

2019-C3,

C,

4.178%,

5/15/52

.........................

United

States

187,000

170,660

Putnam

Asset

Allocation

Funds

Consolidated

Schedule

of

Investments

(unaudited)

#### Putnam

#### Dynamic

#### Asset

#### Allocation

#### Growth

#### 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)

Barclays

Commercial

Mortgage

Trust,

(continued)

m,n

2019-C4,

XA,

IO,

FRN,

1.514%,

8/15/52

.................

United

States

4,303,411

$

164,626

n

BBCMS

Mortgage

Trust

,

2026-5C40,

AS,

FRN,

5.529%,

2/15/59

.................

United

States

168,000

170,482

2026-5C40,

C,

FRN,

5.813%,

2/15/59

..................

United

States

228,000

227,551

Benchmark

Mortgage

Trust

,

m,n

2020-B22,

XA,

IO,

FRN,

1.489%,

1/15/54

................

United

States

1,715,368

97,015

n

2025-V16,

B,

FRN,

6.13%,

8/15/58

.....................

United

States

261,000

270,513

n

2025-V19,

AS,

FRN,

5.597%,

1/15/58

...................

United

States

202,000

205,384

2026-V21,

AS,

5.506%,

3/15/31

.......................

United

States

434,000

439,464

m,n

2026-V21,

XA,

IO,

FRN,

1.648%,

11/15/30

...............

United

States

2,165,000

136,525

b

BX

Trust

,

n

2025-ARIA,

C,

144A,

FRN,

5.517%,

12/13/42

.............

United

States

367,000

366,294

k

2025-VOLT,

A,

144A,

FRN,

5.373%,

(1-month

SOFR

+

1.7%),

12/15/44

........................................

United

States

186,000

185,757

n

CD

Mortgage

Trust

,

2017-CD4

,

B

,

FRN

,

3.947 %

,

5/10/50

.....

United

States

266,000

243,998

n

CFCRE

Commercial

Mortgage

Trust

,

b

2011-C2,

D,

144A,

FRN,

5.249%,

12/15/47

...............

United

States

28,519

28,119

b

2011-C2,

E,

144A,

FRN,

5.249%,

12/15/47

...............

United

States

214,000

202,479

2017-C8,

B,

FRN,

4.199%,

6/15/50

....................

United

States

193,000

187,346

n

CGMS

Commercial

Mortgage

Trust

,

2017-B1

,

AS

,

FRN

,

3.711 %

,

8/15/50

.........................................

United

States

160,000

156,471

Citigroup

Commercial

Mortgage

Trust

,

2020-GC46

,

A2

,

2.708 %

,

2/15/53

.........................................

United

States

391,426

370,054

COMM

Mortgage

Trust

,

b,n

2013-CR13,

D,

144A,

FRN,

6.702%,

11/10/46

............

United

States

206,584

116,976

n

2014-CR17,

C,

FRN,

4.471%,

5/10/47

..................

United

States

452,000

427,239

b,n

2014-CR17,

D,

144A,

FRN,

4.535%,

5/10/47

.............

United

States

285,000

241,829

n

2014-UBS5,

AM,

FRN,

4.193%,

9/10/47

.................

United

States

97,333

96,105

n

2015-CR22,

B,

FRN,

3.926%,

3/10/48

..................

United

States

201,279

193,442

2015-DC1,

AM,

3.724%,

2/10/48

......................

United

States

72,320

71,230

n

2015-LC19,

C,

FRN,

4.408%,

2/10/48

..................

United

States

283,897

276,989

b,n

2015-LC23,

D,

144A,

FRN,

3.685%,

10/10/48

.............

United

States

336,000

290,983

b,m,n

Credit

Suisse

Commercial

Mortgage

Trust

,

2007-C2

,

AX

,

IO,

144A,

FRN

,

0.048 %

,

1/15/49

.........................

United

States

1,066,235

CSAIL

Commercial

Mortgage

Trust

,

n

2016-C7,

AS,

FRN,

3.958%,

11/15/49

...................

United

States

323,000

319,499

2019-C17,

AS,

3.278%,

9/15/52

.......................

United

States

289,000

263,253

m,n

2020-C19,

XA,

IO,

FRN,

1.085%,

3/15/53

................

United

States

6,216,690

199,692

m,n

2021-C20,

XA,

IO,

FRN,

0.987%,

3/15/54

................

United

States

2,561,181

91,270

b,n

DBUBS

Mortgage

Trust

,

2011-LC3A

,

D

,

144A,

FRN

,

5.294 %

,

8/10/44

.........................................

United

States

541,845

529,977

b,n

GS

Mortgage

Securities

Corp.

Trust

,

2017-375H

,

A

,

144A,

FRN

,

3.475 %

,

9/10/37

...................................

United

States

378,000

367,967

n

GS

Mortgage

Securities

Trust

,

m

2014-GC22,

XA,

IO,

FRN,

0.378%,

6/10/47

..............

United

States

1,198,234

6,665

2015-GC30,

B,

FRN,

3.887%,

5/10/50

..................

United

States

376,152

366,090

m

2019-GC38,

XA,

IO,

FRN,

1.005%,

2/10/52

..............

United

States

5,335,004

130,186

J.P.

Morgan

Chase

Commercial

Mortgage

Securities

Trust

,

b,n

2012-C6,

E,

144A,

FRN,

4.967%,

5/15/45

...............

United

States

205,000

202,875

2016-JP3,

AS,

3.144%,

8/15/49

.......................

United

States

376,000

365,105

n

JPMBB

Commercial

Mortgage

Securities

Trust

,

2014-C18,

B,

FRN,

4.474%,

2/15/47

...................

United

States

290,762

289,005

2014-C18,

C,

FRN,

4.474%,

2/15/47

...................

United

States

275,000

268,807

2014-C23,

B,

FRN,

4.537%,

9/15/47

...................

United

States

209,510

207,276

2014-C23,

C,

FRN,

4.537%,

9/15/47

...................

United

States

503,000

488,564

Putnam

Asset

Allocation

Funds

Consolidated

Schedule

of

Investments

(unaudited)

#### Putnam

#### Dynamic

#### Asset

#### Allocation

#### Growth

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

consolidated

financial

statements.

Semiannual

Report

a

a

#### Country

#### Principal

#### Amount

#### \*
a

#### Value
a

#### a
a

#### Commercial

#### Mortgage-Backed

#### Securities
(continued)

#### Financial

#### Services
(continued)

n

JPMBB

Commercial

Mortgage

Securities

Trust,

(continued)

2014-C24,

AS,

FRN,

3.914%,

11/15/47

..................

United

States

400,000

$

389,610

n

JPMCC

Commercial

Mortgage

Securities

Trust

,

2017-JP5

,

AS

,

FRN

,

3.876 %

,

3/15/50

..............................

United

States

251,000

244,846

b

LSTAR

Commercial

Mortgage

Trust

,

2017-5

,

A5

,

144A,

3.549 %

,

3/10/50

.........................................

United

States

585,000

579,677

b,n

MAD

Commercial

Mortgage

Trust

,

2025-11MD,

C,

144A,

FRN,

5.255%,

10/15/42

............

United

States

263,000

265,025

2025-11MD,

D,

144A,

FRN,

5.935%,

10/15/42

............

United

States

258,000

262,418

Morgan

Stanley

Bank

of

America

Merrill

Lynch

Trust

,

n

2013-C10,

B,

FRN,

3.951%,

7/15/46

...................

United

States

451,573

429,304

n

2013-C10,

C,

FRN,

3.951%,

7/15/46

...................

United

States

275,000

254,612

n

2015-C21,

B,

FRN,

3.854%,

3/15/48

...................

United

States

431,352

422,711

n

2015-C22,

B,

FRN,

3.883%,

4/15/48

...................

United

States

169,000

157,145

n

2015-C22,

C,

FRN,

3.97%,

4/15/48

....................

United

States

357,000

312,059

2025-5C2,

AS,

5.384%,

11/15/58

......................

United

States

110,000

111,468

Morgan

Stanley

Capital

I

Trust

,

n

2016-UB12,

AS,

FRN,

3.778%,

12/15/49

................

United

States

200,000

191,182

2018-L1,

A3,

4.139%,

10/15/51

.......................

United

States

208,536

207,725

b

One

Bryant

Park

Trust

,

2019-OBP

,

A

,

144A,

2.516 %

,

9/15/54

..

United

States

257,000

237,660

b,k

SHRN

Trust

,

2025-MF18

,

A

,

144A,

FRN

,

4.873 %

,

(1-month

SOFR

+

1.2 %),

10/15/40

.................................

United

States

280,000

279,656

m,n

UBS

Commercial

Mortgage

Trust

,

2017-C7,

XA,

IO,

FRN,

0.964%,

12/15/50

................

United

States

3,042,594

40,458

2018-C8,

XA,

IO,

FRN,

0.807%,

2/15/51

.................

United

States

6,743,618

82,325

b

VCAT

LLC

,

2026-NPL2

,

A1

,

144A,

5.062 %

,

2/25/56

..........

United

States

1,565,735

1,559,858

b,n

VEGAS

,

2024-GCS

,

D

,

144A,

FRN

,

6.217 %

,

7/10/36

.........

United

States

246,000

245,216

m,n

Wachovia

Bank

Commercial

Mortgage

Trust

,

2006-C29

,

IO,

FRN

,

0.35 %

,

11/15/48

...................................

United

States

5,641

Wells

Fargo

Commercial

Mortgage

Trust

,

b,n

2013-LC12,

D,

144A,

FRN,

3.744%,

7/15/46

.............

United

States

256,000

175,357

2016-BNK1,

AS,

2.814%,

8/15/49

......................

United

States

274,000

265,121

b

2016-C33,

D,

144A,

3.123%,

3/15/59

...................

United

States

255,417

249,830

m,n

2016-LC25,

XA,

IO,

FRN,

0.787%,

12/15/59

..............

United

States

3,815,950

8,687

m,n

2019-C52,

XA,

IO,

FRN,

1.563%,

8/15/52

................

United

States

4,718,986

191,312

n

2020-C57,

C,

FRN,

4.023%,

8/15/53

...................

United

States

168,000

153,738

m,n

2024-5C1,

XA,

IO,

FRN,

1.025%,

7/15/57

................

United

States

3,983,215

111,852

n

WFRBS

Commercial

Mortgage

Trust

,

b,o

2011-C3,

D,

144A,

FRN,

5.415%,

3/15/44

...............

United

States

206,195

75,775

b

2013-C15,

D,

144A,

FRN,

4.152%,

8/15/46

..............

United

States

201,003

141,707

2014-C21,

B,

FRN,

4.213%,

8/15/47

...................

United

States

566,639

558,934

m

2014-C22,

XA,

IO,

FRN,

0.171%,

9/15/57

................

United

States

1,912,235

19,183,072

a

a

a

a

a

a

#### Total

#### Commercial

#### Mortgage-Backed

#### Securities

#### (Cost

#### $19,674,983)
..............

#### 19,183,072

#### Mortgage-Backed

#### Securities

#### 5.2%

#### Federal

#### Home

#### Loan

#### Mortgage

#### Corp.
(FHLMC)

#### Fixed

#### Rate

#### 0.2%
FHLMC

Pool,

Year,

2.5%,

8/01/50

-

8/01/51

.............

United

States

1,516,237

1,292,923

FHLMC

Pool,

Year,

3%,

1/01/48

......................

United

States

3,234,155

2,903,528

FHLMC

Pool,

Year,

4%,

9/01/45

......................

United

States

92,327

88,998

FHLMC

Pool,

Year,

5.5%,

5/01/53

-

9/01/53

.............

United

States

1,693,160

1,727,385

FHLMC

Pool,

Year,

6%,

5/01/53

......................

United

States

1,102,335

1,137,628

FHLMC

Pool,

Year,

6.5%,

5/01/53

.....................

United

States

108,988

112,752

7,263,214

Putnam

Asset

Allocation

Funds

Consolidated

Schedule

of

Investments

(unaudited)

#### Putnam

#### Dynamic

#### Asset

#### Allocation

#### Growth

#### 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

#### Mortgage-Backed

#### Securities
(continued)

#### Federal

#### National

#### Mortgage

#### Association
(FNMA)

#### Fixed

#### Rate

#### 4.1%
FNMA,

2.73%,

9/01/29

...............................

United

States

259,391

$

248,208

FNMA,

3.5%,

6/01/56

-

10/01/56

........................

United

States

1,924,568

1,760,449

FNMA,

4%,

1/01/57

..................................

United

States

359,402

340,510

FNMA,

5.28%,

12/01/28

..............................

United

States

218,000

223,752

FNMA,

Year,

2.5%,

7/01/50

-

8/01/51

..................

United

States

10,354,788

8,820,749

FNMA,

Year,

3%,

4/01/46

-

4/01/52

....................

United

States

4,528,038

4,076,943

FNMA,

Year,

3.5%,

11/01/51

-

4/01/52

.................

United

States

1,476,796

1,362,293

FNMA,

Year,

4.5%,

2/01/39

-

4/01/39

..................

United

States

9,377

9,286

FNMA,

Year,

6%,

5/01/53

-

6/01/53

....................

United

States

1,272,710

1,306,991

FNMA,

Year,

6.5%,

5/01/53

.........................

United

States

54,003

56,104

p

Uniform

Mortgage-Backed

Securities,

2%,

TBA,

4/25/56

......

United

States

1,320,000

1,063,528

p

Uniform

Mortgage-Backed

Securities,

2.5%,

TBA,

4/25/41

.....

United

States

14,000,000

13,229,353

p

Uniform

Mortgage-Backed

Securities,

2.5%,

TBA,

4/25/56

.....

United

States

38,460,000

32,342,456

p

Uniform

Mortgage-Backed

Securities,

3.5%,

TBA,

4/25/56

.....

United

States

12,780,000

11,717,706

p

Uniform

Mortgage-Backed

Securities,

4.5%,

TBA,

4/25/56

.....

United

States

34,000,000

32,678,270

p

Uniform

Mortgage-Backed

Securities,

5%,

TBA,

4/25/41

......

United

States

1,080,000

1,088,055

p

Uniform

Mortgage-Backed

Securities,

5%,

TBA,

4/25/56

......

United

States

30,200,000

29,788,103

p

Uniform

Mortgage-Backed

Securities,

5.5%,

TBA,

4/25/56

.....

United

States

17,220,000

17,265,968

157,378,724

#### Government

#### National

#### Mortgage

#### Association
(GNMA)

#### Fixed

#### Rate

#### 0.9%
GNMA

II,

Year,

5.5%,

7/20/53

........................

United

States

1,150,634

1,175,887

p

GNMA

II,

Single-family,

Year,

2%,

4/15/56

...............

United

States

650,000

537,113

GNMA

II,

Single-family,

Year,

3%,

8/20/49

-

1/20/54

.......

United

States

13,092,900

11,732,841

p

GNMA

II,

Single-family,

Year,

3%,

4/15/56

...............

United

States

16,000,000

14,286,496

GNMA

II,

Single-family,

Year,

4%,

2/20/48

...............

United

States

2,316,346

2,212,906

GNMA

II,

Single-family,

Year,

4.5%,

5/20/49

.............

United

States

36,988

35,892

p

GNMA

II,

Single-family,

Year,

5%,

4/15/56

...............

United

States

820,000

812,240

GNMA

II,

Single-family,

Year,

5.5%,

3/20/53

-

7/20/53

......

United

States

1,750,136

1,789,384

GNMA

II,

Single-family,

Year,

6%,

12/20/48

-

11/20/53

......

United

States

1,047,245

1,089,327

33,672,086

#### Total

#### Mortgage-Backed

#### Securities

#### (Cost

#### $203,053,384)
.........................

#### 198,314,024

#### Residential

#### Mortgage-Backed

#### Securities

#### 0.4%

#### Financial

#### Services

#### 0.4%
b

A&D

Mortgage

Trust

,

2023-NQM4

,

A1

,

144A,

7.472 %

,

9/25/68

.

United

States

181,154

182,747

k

Alternative

Loan

Trust

,

2005-59,

1A1,

FRN,

4.45%,

(1-month

SOFR

+

0.774%),

11/20/35

........................................

United

States

212,798

204,918

2005-65CB,

2A1,

FRN,

4.218%,

(1-month

SOFR

+

0.539%),

12/25/35

........................................

United

States

388,883

231,748

2006-OA10,

4A1,

FRN,

4.173%,

(1-month

SOFR

+

0.494%),

8/25/46

.........................................

United

States

544,725

486,061

2006-OA19,

A1,

FRN,

3.97%,

(1-month

SOFR

+

0.294%),

2/20/47

.........................................

United

States

181,391

148,386

2006-OA7,

1A2,

FRN,

4.799%,

(12-month

average

of

1-year

CMT

+

0.94%),

6/25/46

.............................

United

States

294,469

293,276

k

American

Home

Mortgage

Investment

Trust

,

2007-1

,

GA1C

,

FRN

,

3.983 %

,

(1-month

SOFR

+

0.304 %),

5/25/47

.............

United

States

313,273

190,184

b

Angel

Oak

Mortgage

Trust

,

2024-9

,

A1

,

144A,

5.138 %

,

9/25/69

.

United

States

219,527

219,434

b,n

Arroyo

Mortgage

Trust

,

2019-1,

A3,

144A,

FRN,

4.208%,

1/25/49

................

United

States

23,200

22,740

2019-3,

A3,

144A,

FRN,

3.416%,

10/25/48

...............

United

States

34,735

33,446

b

BRAVO

Residential

Funding

Trust

,

2023-NQM5

,

A1

,

144A,

6.505 %

,

6/25/63

...................................

United

States

175,979

176,258

Putnam

Asset

Allocation

Funds

Consolidated

Schedule

of

Investments

(unaudited)

#### Putnam

#### Dynamic

#### Asset

#### Allocation

#### Growth

#### 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)

b,n

Bunker

Hill

Loan

Depositary

Trust

,

2020-1

,

A2

,

144A,

FRN

,

2.6 %

,

2/25/55

.........................................

United

States

187,001

$

185,569

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

74,035

74,251

n

Citigroup

Mortgage

Loan

Trust,

Inc.

,

2005-2

,

1A2A

,

FRN

,

5.691 %

,

5/25/35

.........................................

United

States

57,347

56,856

b

Cross

Mortgage

Trust

,

2024-H4,

A1,

144A,

6.147%,

7/25/69

...................

United

States

128,509

129,575

n

2024-H8,

A1,

144A,

FRN,

5.549%,

12/25/69

..............

United

States

632,691

635,122

b,n

CSMC

Trust

,

2021-RPL4

,

A1

,

144A,

FRN

,

4.151 %

,

12/27/60

...

United

States

127,123

126,772

b,k

FHLMC

STACR

REMIC

Trust

,

2021-DNA5,

M2,

144A,

FRN,

5.312%,

(30-day

SOFR

Average

+

1.65%),

1/25/34

.................................

United

States

21,488

21,492

2021-DNA6,

M2,

144A,

FRN,

5.162%,

(30-day

SOFR

Average

+

1.5%),

10/25/41

.................................

United

States

158,971

159,159

2021-DNA7,

M2,

144A,

FRN,

5.462%,

(30-day

SOFR

Average

+

1.8%),

11/25/41

..................................

United

States

521,000

522,462

2022-DNA2,

M1A,

144A,

FRN,

4.962%,

(30-day

SOFR

Average

+

1.3%),

2/25/42

..................................

United

States

42,355

42,359

2022-DNA3,

M1B,

144A,

FRN,

6.562%,

(30-day

SOFR

Average

+

2.9%),

4/25/42

..................................

United

States

17,000

17,313

2022-DNA5,

M1A,

144A,

FRN,

6.612%,

(30-day

SOFR

Average

+

2.95%),

6/25/42

.................................

United

States

205,807

208,909

2022-DNA6,

M1A,

144A,

FRN,

5.812%,

(30-day

SOFR

Average

+

2.15%),

9/25/42

.................................

United

States

12,979

13,007

2022-DNA6,

M1B,

144A,

FRN,

7.362%,

(30-day

SOFR

Average

+

3.7%),

9/25/42

..................................

United

States

18,000

18,573

2022-HQA1,

M1A,

144A,

FRN,

5.762%,

(30-day

SOFR

Average

+

2.1%),

3/25/42

..................................

United

States

1,838

1,840

2023-DNA1,

M1A,

144A,

FRN,

5.761%,

(30-day

SOFR

Average

+

2.1%),

3/25/43

..................................

United

States

75,295

76,034

2023-HQA2,

M1A,

144A,

FRN,

5.662%,

(30-day

SOFR

Average

+

2%),

6/25/43

....................................

United

States

11,773

11,778

2023-HQA3,

A1,

144A,

FRN,

5.512%,

(30-day

SOFR

Average

+

1.85%),

11/25/43

..................................

United

States

58,136

58,560

2023-HQA3,

M1,

144A,

FRN,

5.512%,

(30-day

SOFR

Average

+

1.85%),

11/25/43

.................................

United

States

28,014

28,151

2025-DNA1,

A1,

144A,

FRN,

4.612%,

(30-day

SOFR

Average

+

0.95%),

1/25/45

...................................

United

States

360,570

360,085

2025-DNA3,

M1,

144A,

FRN,

4.762%,

(30-day

SOFR

Average

+

1.1%),

9/25/45

..................................

United

States

194,946

194,947

2025-DNA4,

M1,

144A,

FRN,

4.762%,

(30-day

SOFR

Average

+

1.1%),

10/25/45

.................................

United

States

125,548

125,560

FNMA

,

m,n

2001-79,

BI,

IO,

FRN,

0.259%,

3/25/45

.................

United

States

35,533

m,n

2002-W8,

1,

IO,

FRN,

0.286%,

6/25/42

.................

United

States

131,396

2003-34,

P1,

Strip,

4/25/43

...........................

United

States

4,314

3,986

k

FNMA

Connecticut

Avenue

Securities

Trust

,

2016-C03,

2M2,

FRN,

9.676%,

(30-day

SOFR

Average

+

6.014%),

10/25/28

.................................

United

States

11,303

11,342

2016-C04,

1M2,

FRN,

8.026%,

(30-day

SOFR

Average

+

4.364%),

1/25/29

..................................

United

States

205,808

208,174

2016-C05,

2M2,

FRN,

8.226%,

(30-day

SOFR

Average

+

4.564%),

1/25/29

..................................

United

States

160,829

162,195

Putnam

Asset

Allocation

Funds

Consolidated

Schedule

of

Investments

(unaudited)

#### Putnam

#### Dynamic

#### Asset

#### Allocation

#### Growth

#### 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)

k

FNMA

Connecticut

Avenue

Securities

Trust,

(continued)

2016-C06,

1M2,

FRN,

8.026%,

(30-day

SOFR

Average

+

4.364%),

4/25/29

..................................

United

States

120,962

$

122,161

2016-C07,

2M2

,

FRN,

8.126%,

(30-day

SOFR

Average

+

4.464%),

5/25/29

..................................

United

States

175,079

178,262

2018-C02,

2M2,

FRN,

5.976%,

(30-day

SOFR

Average

+

2.314%),

8/25/30

..................................

United

States

6,863

6,955

b

2021-R03,

1M2,

144A,

FRN,

5.312%,

(30-day

SOFR

Average

+

1.65%),

12/25/41

..................................

United

States

154,442

154,734

b

2022-R01,

1M1,

144A,

FRN,

4.662%,

(30-day

SOFR

Average

+

1%),

12/25/41

....................................

United

States

14,194

14,182

b

2022-R03,

1M2,

144A,

FRN,

7.162%,

(30-day

SOFR

Average

+

3.5%),

3/25/42

....................................

United

States

75,000

76,491

b

2022-R04,

1M2,

144A,

FRN,

6.762%,

(30-day

SOFR

Average

+

3.1%),

3/25/42

....................................

United

States

74,000

75,059

b

2022-R05,

2M1,

144A,

FRN,

5.562%,

(30-day

SOFR

Average

+

1.9%),

4/25/42

....................................

United

States

5,545

5,549

b

2022-R05,

2M2,

144A,

FRN,

6.662%,

(30-day

SOFR

Average

+

3%),

4/25/42

.....................................

United

States

581,000

589,507

b

2022-R09,

2M1,

144A,

FRN,

6.162%,

(30-day

SOFR

Average

+

2.5%),

9/25/42

....................................

United

States

53,059

53,573

b

2023-R06,

1M1,

144A,

FRN,

5.362%,

(30-day

SOFR

Average

+

1.7%),

7/25/43

....................................

United

States

20,821

20,858

b

2023-R07,

2M1,

144A,

FRN,

5.612%,

(30-day

SOFR

Average

+

1.95%),

9/25/43

...................................

United

States

9,041

9,056

b

2024-R03,

2M1,

144A,

FRN,

4.812%,

(30-day

SOFR

Average

+

1.15%),

3/25/44

...................................

United

States

12,210

12,202

b

2024-R04,

1M1,

144A,

FRN,

4.762%,

(30-day

SOFR

Average

+

1.1%),

5/25/44

....................................

United

States

13,419

13,413

b

2024-R06,

1A1,

144A,

FRN,

4.812%,

(30-day

SOFR

Average

+

1.15%),

9/25/44

...................................

United

States

143,265

143,288

b

2025-R01,

1A1,

144A,

FRN,

4.612%,

(30-day

SOFR

Average

+

0.95%),

1/25/45

...................................

United

States

138,425

138,148

b

2025-R01,

1M1,

144A,

FRN,

4.762%,

(30-day

SOFR

Average

+

1.1%),

1/25/45

....................................

United

States

88,809

88,688

b

2025-R02,

1A1,

144A,

FRN,

4.662%,

(30-day

SOFR

Average

+

1%),

2/25/45

.....................................

United

States

135,822

135,667

b

2025-R02,

1M1,

144A,

FRN,

4.812%,

(30-day

SOFR

Average

+

1.15%),

2/25/45

...................................

United

States

217,215

217,169

b

2025-R03,

2A1,

144A,

FRN,

5.112%,

(30-day

SOFR

Average

+

1.45%),

3/25/45

...................................

United

States

20,795

20,844

b

2025-R04,

1A1,

144A,

FRN,

4.662%,

(30-day

SOFR

Average

+

1%),

5/25/45

.....................................

United

States

101,416

101,482

b

2025-R04,

1M1,

144A,

FRN,

4.862%,

(30-day

SOFR

Average

+

1.2%),

5/25/45

....................................

United

States

221,594

221,781

b

2025-R06,

1A1,

144A,

FRN,

4.562%,

(30-day

SOFR

Average

+

0.9%),

9/25/45

....................................

United

States

209,570

209,197

b

2026-R01,

2A1,

144A,

FRN,

4.512%,

(30-day

SOFR

Average

+

0.85%),

1/25/46

...................................

United

States

344,262

342,365

b

2026-R01,

2M1,

144A,

FRN,

4.662%,

(30-day

SOFR

Average

+

1%),

1/25/46

.....................................

United

States

390,589

390,702

b

2026-R02,

1M1,

144A,

FRN,

4.712%,

(30-day

SOFR

Average

+

1.05%),

2/25/46

...................................

United

States

323,421

321,787

b

J.P.

Morgan

Mortgage

Trust

,

k

2024-10,

A11,

144A,

FRN,

4.912%,

(30-day

SOFR

Average

+

1.25%),

3/25/55

...................................

United

States

104,270

104,541

2024-VIS2,

A1,

144A,

5.853%,

11/25/64

.................

United

States

173,140

174,201

Putnam

Asset

Allocation

Funds

Consolidated

Schedule

of

Investments

(unaudited)

#### Putnam

#### Dynamic

#### Asset

#### Allocation

#### Growth

#### 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)

b

J.P.

Morgan

Mortgage

Trust,

(continued)

k

2025-1,

A11,

144A,

FRN,

4.912%,

(30-day

SOFR

Average

+

1.25%),

6/25/55

...................................

United

States

146,978

$

147,358

b

MFA

Trust

,

2023-INV2,

A1,

144A,

6.775%,

10/25/58

.................

United

States

156,626

157,659

2025-NQM3,

A1,

144A,

5.261%,

8/25/70

................

United

States

118,594

118,553

b

Mill

City

Mortgage

Loan

Trust

,

2023-NQM2

,

A1

,

144A,

6.24 %

,

12/25/67

........................................

United

States

327,102

326,154

b,n

Morgan

Stanley

Resecuritization

Trust

,

2015-R4

,

CB1

,

144A,

FRN

,

4.491 %

,

8/26/47

..............................

United

States

23,160

23,189

b

OBX

Trust

,

2023-NQM4,

A1,

144A,

6.113%,

3/25/63

................

United

States

255,946

255,601

k

2025-J2,

AF,

144A,

FRN,

4.962%,

(30-day

SOFR

Average

+

1.3%),

9/25/55

....................................

United

States

101,268

101,528

b,n

Onity

Loan

Investment

Trust

,

2025-HB1

,

A

,

144A,

FRN

,

%

,

6/25/38

.........................................

United

States

44,980

44,132

b

PRET

LLC

,

2026-NPL1

,

A1

,

144A,

5.18 %

,

1/25/56

..........

United

States

123,767

122,857

b

PRPM

LLC

,

2026-1

,

A1

,

144A,

5.185 %

,

2/25/31

............

United

States

267,673

265,051

b

PRPM

Trust

,

2024-NQM2

,

A1

,

144A,

6.327 %

,

6/25/69

........

United

States

673,448

679,879

b

Starwood

Mortgage

Residential

Trust

,

2020-2,

M1E,

144A,

3%,

4/25/60

......................

United

States

188,572

187,057

n

2020-3,

A3,

144A,

FRN,

2.591%,

4/25/65

................

United

States

407,000

371,857

b,k

Station

Place

Securitization

Trust

,

2025-1,

A,

144A,

FRN,

4.578%,

(1-month

SOFR

+

0.9%),

7/23/26

.........................................

United

States

646,000

651,269

2025-3,

A,

144A,

FRN,

4.578%,

(1-month

SOFR

+

0.9%),

9/23/26

.........................................

United

States

650,000

652,353

2025-7,

A,

144A,

FRN,

4.578%,

(1-month

SOFR

+

0.9%),

11/24/26

........................................

United

States

653,000

654,502

b,k

Structured

Agency

Credit

Risk

,

2026-DNA1

,

M1

,

144A,

FRN

,

4.662 %

,

(30-day

SOFR

Average

+

%),

2/25/46

...........

United

States

136,539

136,131

k

Structured

Asset

Mortgage

Investments

II

Trust

,

2007-AR7

,

1A1

,

FRN

,

5.493 %

,

(1-month

SOFR

+

0.964 %),

5/25/47

.........

United

States

485,252

403,527

b,n

Towd

Point

Mortgage

Trust

,

2016-5

,

M2

,

144A,

FRN

,

3.375 %

,

10/25/56

........................................

United

States

177,000

167,914

WaMu

Mortgage

Pass-Through

Certificates

Trust

,

k

2005-AR11,

A1B3,

FRN,

4.593%,

(1-month

SOFR

+

0.914%),

8/25/45

.........................................

United

States

101,514

101,051

k

2005-AR9,

A1C3,

FRN,

4.753%,

(1-month

SOFR

+

1.074%),

7/25/45

.........................................

United

States

76,954

76,135

n

2007-HY2,

1A1,

FRN,

4.108%,

12/25/36

................

United

States

180,934

167,321

15,482,164

a

a

a

a

a

a

#### Total

#### Residential

#### Mortgage-Backed

#### Securities

#### (Cost

#### $15,449,520)
...............

#### 15,482,164

#### Agency

#### Commercial

#### Mortgage-Backed

#### Securities

#### 0.5%

#### Financial

#### Services

#### 0.5%
FHLMC

,

k

3065,

DC,

FRN,

8.5%,

(-3

x

30-day

SOFR

Average

+

19.517%),

3/15/35

.........................................

United

States

9,603

9,924

k

406,

F30,

FRN,

4.812%,

(30-day

SOFR

Average

+

1.15%),

10/25/53

........................................

United

States

234,262

236,728

k,m

4326,

GS,

IO,

FRN,

2.263%,

(-1

x

30-day

SOFR

Average

+

5.936%),

4/15/44

..................................

United

States

2,434,175

240,683

m

5010,

IA,

IO,

3.5%,

9/25/50

..........................

United

States

1,685,750

302,380

m

5024,

HI,

IO,

4.5%,

10/25/50

.........................

United

States

2,127,170

500,879

Putnam

Asset

Allocation

Funds

Consolidated

Schedule

of

Investments

(unaudited)

#### Putnam

#### Dynamic

#### Asset

#### Allocation

#### Growth

#### 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

#### Agency

#### Commercial

#### Mortgage-Backed

#### Securities
(continued)

#### Financial

#### Services
(continued)

FHLMC,

(continued)

m

5036,

IK,

IO,

4%,

4/25/50

............................

United

States

2,278,073

$

480,675

m

5079,

BI,

IO,

5.5%,

2/25/51

..........................

United

States

1,400,846

238,435

m

5104,

HI,

IO,

3.5%,

6/25/49

..........................

United

States

3,111,053

574,172

m

5121,

KI,

IO,

4%,

6/25/51

............................

United

States

2,342,240

570,137

m

5134,

IB,

IO,

4%,

8/25/51

............................

United

States

2,810,439

560,795

m

5138,

YI,

IO,

4.5%,

12/25/49

.........................

United

States

3,093,720

850,514

m

5142,

AI,

IO,

3.5%,

9/25/51

..........................

United

States

2,790,939

525,300

m

5236,

KI,

IO,

4%,

11/25/51

...........................

United

States

6,655,703

1,342,383

k

5387,

DF,

FRN,

4.862%,

(30-day

SOFR

Average

+

1.2%),

3/25/54

.........................................

United

States

707,901

713,933

k

5393,

FA,

FRN,

4.862%,

(30-day

SOFR

Average

+

1.2%),

12/25/53

........................................

United

States

756,865

763,316

k

5438,

FC,

FRN,

4.762%,

(30-day

SOFR

Average

+

1.1%),

8/25/54

.........................................

United

States

388,076

390,394

k

5440,

FH,

FRN,

4.762%,

(30-day

SOFR

Average

+

1.1%),

7/25/54

.........................................

United

States

1,019,121

1,025,187

k

5446,

DF,

FRN,

4.812%,

(30-day

SOFR

Average

+

1.15%),

8/25/54

.........................................

United

States

685,141

690,137

k

5466,

FG,

FRN,

4.612%,

(30-day

SOFR

Average

+

0.95%),

10/25/54

........................................

United

States

1,684,825

1,688,652

FNMA

,

m

2020-31,

BI,

IO,

4%,

5/25/50

.........................

United

States

918,605

181,581

m

2020-96,

JI,

IO,

3%,

1/25/51

..........................

United

States

4,018,756

663,200

m

2021-28,

NI,

IO,

3%,

5/25/41

.........................

United

States

3,421,596

330,156

m

2021-45,

MI,

IO,

2.5%,

2/25/49

........................

United

States

3,641,167

447,072

m

2021-65,

LI,

IO,

3.5%,

10/25/51

.......................

United

States

2,021,891

393,330

k

2024-77,

DF,

FRN,

4.862%,

(30-day

SOFR

Average

+

1.2%),

10/25/53

........................................

United

States

175,687

177,337

k

2024-82,

FE,

FRN,

4.612%,

(30-day

SOFR

Average

+

0.95%),

11/25/54

........................................

United

States

244,139

244,689

k

2024-89,

FA,

FRN,

4.862%,

(30-day

SOFR

Average

+

1.2%),

12/25/54

........................................

United

States

344,651

347,585

k

2024-98,

FA,

FRN,

4.812%,

(30-day

SOFR

Average

+

1.15%),

12/25/53

........................................

United

States

213,501

215,043

k

2025-25,

FB,

FRN,

4.612%,

(30-day

SOFR

Average

+

0.95%),

4/25/55

.........................................

United

States

541,219

542,321

k

2025-41,

FA,

FRN,

4.812%,

(30-day

SOFR

Average

+

1.15%),

6/25/54

.........................................

United

States

161,112

162,388

GNMA

,

m,n

2015-H26,

EI,

IO,

FRN,

1.748%,

10/20/65

...............

United

States

397,578

14,393

m,n

2016-H16,

LI,

IO,

FRN,

2.705%,

7/20/66

................

United

States

1,178,143

62,456

m,n

2020-103,

IO,

FRN,

0.854%,

1/16/63

...................

United

States

3,502,014

222,187

m

2021-117,

MI,

IO,

3.5%,

5/20/42

.......................

United

States

3,431,723

530,141

m

2021-214,

AI,

IO,

4%,

12/20/51

.......................

United

States

2,075,551

411,218

m

2021-27,

IT,

IO,

3%,

2/20/51

..........................

United

States

2,350,212

400,477

m

2022-30,

IG,

IO,

3%,

2/20/52

.........................

United

States

7,443,421

1,122,295

m

2022-60,

IY,

IO,

3%,

2/20/52

.........................

United

States

3,782,096

561,249

k

2023-152,

FB,

FRN,

4.823%,

(30-day

SOFR

Average

+

1.15%),

4/20/51

.........................................

United

States

402,021

410,321

k

2024-78,

QF,

FRN,

4.773%,

(30-day

SOFR

Average

+

1.1%),

5/20/54

.........................................

United

States

392,706

394,688

k,m

2025-120,

SD,

IO,

FRN,

2.21%,

(-1

x

1-month

SOFR

+

5.886%),

10/20/49

.................................

United

States

2,662,530

291,453

Putnam

Asset

Allocation

Funds

Consolidated

Schedule

of

Investments

(unaudited)

#### Putnam

#### Dynamic

#### Asset

#### Allocation

#### Growth

#### 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)

GNMA,

(continued)

k

2025-169,

FC,

FRN,

4.673%,

(30-day

SOFR

Average

+

1%),

10/20/55

........................................

United

States

457,217

$

458,855

20,289,059

a

a

a

a

a

a

#### Total

#### Agency

#### Commercial

#### Mortgage-Backed

#### Securities

#### (Cost

#### $18,402,515)
.......

#### 20,289,059

#### Municipal

#### Bonds

#### 0.1%

#### Alabama

#### 0.0%

#### †
Alabama

Economic

Settlement

Authority

,

BP

Settlement

Fund

,

Revenue

,

2016

B

,

4.263 %

,

9/15/32

....................

United

States

290,000

287,598

#### California

#### 0.0%

#### †
State

of

California

,

GO

,

4.35 %

,

11/01/32

..................

United

States

250,000

249,424

#### Florida

#### 0.0%

#### †
State

Board

of

Administration

Finance

Corp.

,

Florida

Hurricane

Catastrophe

Fund

,

Revenue

,

2024

A

,

5.526 %

,

7/01/34

......

United

States

175,000

183,512

#### Illinois

#### 0.0%

#### †
City

of

Chicago

,

GO

,

2017

B

,

PEDM

,

7.045 %

,

1/01/29

........

United

States

90,000

92,043

q

State

of

Illinois

,

GO

,

2026

A

,

4.854 %

,

4/01/32

..............

United

States

205,000

208,042

300,085

#### Pennsylvania

#### 0.0%

#### †
Philadelphia

Authority

for

Industrial

Development

,

City

of

Philadelphia

,

Revenue

,

2004

,

NATL

Insured

,

6.55 %

,

10/15/28

United

States

155,000

163,683

Redevelopment

Authority

of

the

City

of

Philadelphia

,

City

of

Philadelphia

,

Revenue

,

2026

A

,

4.132 %

,

11/01/30

.........

United

States

105,000

104,487

268,170

#### South

#### Carolina

#### 0.1%
South

Carolina

Public

Service

Authority

,

Revenue

,

2009

F

,

5.74 %

,

1/01/30

.........................................

United

States

375,000

387,110

#### Virginia

#### 0.0%

#### †
Virginia

Commonwealth

University

,

Revenue

,

2020

B

,

Refunding

,

2.124 %

,

11/01/30

..................................

United

States

180,000

164,930

#### Total

#### Municipal

#### Bonds

#### (Cost

#### $1,852,241)
.....................................

#### 1,840,829

#### Total

#### Long

#### Term

#### Investments

#### (Cost

#### $2,658,438,392)

#### ...........................

#### 3,584,430,491

#### a

#### Short

#### Term

#### Investments

#### 9.4%
a

a

#### Country

#### Principal

#### Amount

#### \*
a

#### Value
a

a

#### a
a

#### Commercial

#### Papers

#### 2.2%
b,r

Coca-Cola

Co.

(The)

,

144A,

3.66%

,

4/07/26

...............

United

States

20,000,000

19,985,766

b,r

Gotham

Funding

Corp.

,

144A,

3.9%

,

6/16/26

...............

United

States

19,000,000

18,842,741

b,r

Nestle

Finance

International

Ltd.

,

144A,

3.75%

,

5/05/26

......

United

States

18,500,000

18,432,827

b,r

TotalEnergies

Capital

SA

,

144A,

3.75%

,

4/20/26

............

France

19,000,000

18,960,533

b,r

Walmart,

Inc.

,

144A,

3.74%

,

5/05/26

.....................

United

States

9,000,000

8,967,406

#### Total

#### Commercial

#### Papers

#### (Cost

#### $85,193,538)

#### .................................

#### 85,189,273
a

#### a
Putnam

Asset

Allocation

Funds

Consolidated

Schedule

of

Investments

(unaudited)

#### Putnam

#### Dynamic

#### Asset

#### Allocation

#### Growth

#### Fund
(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

consolidated

financial

statements.

#### Short

#### Term

#### Investments
(continued)

a

a

#### Country

#### Principal

#### Amount

#### \*
a

#### Value
a

a

#### a
a

#### U.S.

#### Government

#### and

#### Agency

#### Securities

#### 0.4%
r,s

U.S.

Treasury

Bills

,

3.47%,

4/23/26

...................................

United

States

6,000,000

$

5,986,709

3.58%,

7/16/26

...................................

United

States

10,700,000

10,587,260

16,573,969

#### Total

#### U.S.

#### Government

#### and

#### Agency

#### Securities

#### (Cost

#### $16,576,224)

#### ...............

#### 16,573,969

#### Shares

#### Management

#### Investment

#### Companies

#### 6.0%
t,u

Putnam

Short

Term

Investment

Fund,

Class

P,

3.821%

.......

United

States

225,139,647

225,139,647

#### Total

#### Management

#### Investment

#### Companies

#### (Cost

#### $225,139,647)

#### .................

#### 225,139,647

#### Money

#### Market

#### Funds

#### 0.4%
u,v

JPM

USD

Treasury

CNAV

Fund,

3.49%

...................

Luxembourg

64,337

64,337

t,u,v

Putnam

Government

Money

Market

Fund,

Class

G,

3.489%

...

United

States

14,031,292

14,031,292

#### Total

#### Money

#### Market

#### Funds

#### (Cost

#### $14,095,629)
................................

#### 14,095,629

#### Principal

#### Amount

#### \*

#### Repurchase

#### Agreements

#### 0.4%
w

Joint

tri-party

repurchase

agreement

with

Banc

of

America

Securities

LLC,

3.67%,

4/01/26

(Maturity

Value

$2,753,057)

Collateralized

by

U.S.

Government

and

Agency

Securities,

3.44%

-

7%,

11/01/35

-

12/01/55

and

Collateralized

by

Agency

Mortgage-Backed

Securities,

3%

-

6.5%,

1/20/46

-

2/15/61

(valued

at

$2,807,832)

..............................

2,752,776

2,752,776

w

Joint

tri-party

repurchase

agreement

with

Bank

of

Nova

Scotia

(The),

3.66%,

4/01/26

(Maturity

Value

$395,710)

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

$403,625)

...........

395,670

395,670

w

Joint

tri-party

repurchase

agreement

with

BNP

Paribas

Securities

Co.,

3.67%,

4/01/26

(Maturity

Value

$1,778,937)

Collateralized

by

U.S.

Government

and

Agency

Securities,

1.968%

-

7%,

12/01/27

-

4/01/56

(valued

at

$1,814,516)

.....

1,778,755

1,778,755

w

Joint

tri-party

repurchase

agreement

with

Citigroup

Global

Markets,

Inc.,

3.67%,

4/01/26

(Maturity

Value

$2,740,213)

Collateralized

by

U.S.

Treasury

Bonds,

2.125%,

2/15/41

and

U.S.

Treasury

Notes,

2.375%

-

4.625%,

9/15/28

-

10/15/28

(valued

at

$2,794,733)

..............................

2,739,934

2,739,934

w

Joint

tri-party

repurchase

agreement

with

HSBC

Securities

USA,

Inc.,

3.67%,

4/01/26

(Maturity

Value

$5,653,001)

Collateralized

by

U.S.

Government

and

Agency

Securities,

1.17%

-

7.5%,

8/01/30

-

3/01/56

(valued

at

$5,766,061)

.....

5,652,425

5,652,425

Putnam

Asset

Allocation

Funds

Consolidated

Schedule

of

Investments

(unaudited)

#### Putnam

#### Dynamic

#### Asset

#### Allocation

#### Growth

#### 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
(continued)

w

Joint

tri-party

repurchase

agreement

with

Royal

Bank

of

Canada,

3.67%,

4/01/26

(Maturity

Value

$2,656,911)

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

$2,709,773)

..

2,656,640

$

2,656,640

#### Total

#### Repurchase

#### Agreements

#### (Cost

#### $15,976,200)
.............................

#### 15,976,200

#### Total

#### Short

#### Term

#### Investments

#### (Cost

#### $356,981,238

####)
.............................

#### 356,974,718

#### a

#### Total

#### Investments

#### (Cost

#### $3,015,419,630)

#### 104.2%

#### ..............................

#### $3,941,405,209

#### TBA

#### Sale

#### Commitments

#### (1.4)%

#### ..............................................

#### (#### 52,818,468)

#### Other

#### Assets,

#### less

#### Liabilities

#### (2.8)%

#### .........................................

#### (107,794,708)

#### Net

#### Assets

#### 100.0%

#### .........................................................

#### $3,780,792,033

#### a
x

#### TBA

#### Sale

#### Commitments

#### (1.4)%

#### Mortgage-Backed

#### Securities

#### (1.4)%

#### Federal

#### National

#### Mortgage

#### Association
(FNMA)

#### Fixed

#### Rate

#### (1.2)%
Uniform

Mortgage-Backed

Securities

,

3%,

TBA,

4/25/56

..................................

United

States

(990,000)

(869,707)

4%,

TBA,

4/25/56

..................................

United

States

(280,000)

(264,252)

4.5%,

TBA,

4/25/56

................................

United

States

(25,760,000)

(24,724,692)

5.5%,

TBA,

4/25/56

................................

United

States

(16,500,000)

(16,542,539)

6%,

TBA,

4/25/56

..................................

United

States

(1,520,000)

(1,549,616)

6.5%,

TBA,

4/25/56

................................

United

States

(1,300,000)

(1,345,058)

(45,295,864)

#### Government

#### National

#### Mortgage

#### Association
(GNMA)

#### Fixed

#### Rate

#### (0.2)%
GNMA

II,

Single-family,

Year

,

4%,

4/15/56

......................................

United

States

(2,700,000)

(2,529,600)

5.5%,

4/15/56

....................................

United

States

(2,950,000)

(2,969,249)

6%,

4/15/56

......................................

United

States

(1,990,000)

(2,023,755)

(7,522,604)

#### Total

#### TBA

#### Sale

#### Commitments

#### (Proceeds

#### $(53,072,126))

#### ........................

#### $(52,818,468)
\*

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

$298,947,600,

representing

7.9%

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.

Putnam

Asset

Allocation

Funds

Consolidated

Schedule

of

Investments

(unaudited)

#### Putnam

#### Dynamic

#### Asset

#### Allocation

#### Growth

#### Fund
(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

consolidated

financial

statements.

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

$14,658,319,

representing

0.4%

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

Growth

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

#### Growth

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

consolidated

financial

statements.

Semiannual

Report

At

March

31,

2026,

the

Fund

had

the

following futures

contracts

outstanding.

See

Note

(f).

At

March

31,

2026,

the

Fund

had

the

following

forward

exchange

contracts

outstanding.

See

Note

(f).

#### Futures

#### Contracts

#### Description

#### Type

#### Number

#### of

#### Contracts

#### Notional

#### Amount

#### \*

#### Expiration

#### Date

#### Value/

#### Unrealized

#### Appreciation
(Depreciation)

#### Equity

#### contracts
MSCI

EAFE

Index

............................

Short

$

23,789,020

6/19/26

$

257,960

MSCI

Emerging

Markets

Index

..................

Long

654,570

6/19/26

(20,089)

Russell

2000

E-Mini

Index

......................

Short

36,803,730

6/18/26

125,301

S&P

500

E-Mini

Index

.........................

Long

19,055,175

6/18/26

(2,628)

TOPIX

Index

................................

Long

37,754,576

6/11/26

(1,084,552)

#### Interest

#### rate

#### contracts
Canada

Year

Bonds

........................

Long

11,560,161

6/19/26

(206,454)

Euro-BTP

..................................

Long

5,510,492

6/08/26

(189,313)

Euro-Bund

.................................

Long

22,464,465

6/08/26

(435,082)

Euro-OAT

..................................

Long

5,624,701

6/08/26

(145,301)

Japan

Year

Bonds

.........................

Long

22,990,328

6/15/26

(255,915)

Long

Gilt

...................................

Long

7,785,323

6/26/26

(393,011)

U.S.

Treasury

Year

Notes

....................

Short

44,418,750

6/18/26

842,743

U.S.

Treasury

Year

Ultra

Notes

................

Long

681,094

6/18/26

(15,245)

U.S.

Treasury

Year

Notes

.....................

Long

503

104,344,992

6/30/26

(753,170)

U.S.

Treasury

Year

Notes

.....................

Long

553

59,823,367

6/30/26

(873,058)

U.S.

Treasury

Long

Bonds

.....................

Long

39,514,625

6/18/26

(1,307,890)

U.S.

Treasury

Ultra

Bonds

......................

Long

27,858,438

6/18/26

(955,167)

Total

Futures

Contracts

......................................................................

$(5,410,871)

\*

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

1,026,200

685,635

4/15/26

$

22,273

$

—

Australian

Dollar

....

BZWS

Buy

694,700

464,147

4/15/26

15,081

—

Australian

Dollar

....

MSCO

Buy

8,093,600

5,438,907

4/15/26

144,336

—

Australian

Dollar

....

MSCO

Sell

6,366,000

4,467,109

4/15/26

75,624

—

Australian

Dollar

....

SSBT

Sell

715,900

481,111

4/15/26

—

(12,741)

Australian

Dollar

....

TDOM

Buy

6,927,900

4,655,757

4/15/26

123,347

—

Australian

Dollar

....

TDOM

Sell

266,500

185,540

4/15/26

1,699

—

Australian

Dollar

....

UBSW

Buy

944,300

634,562

4/15/26

16,849

—

Australian

Dollar

....

WPAC

Buy

659,000

440,291

4/15/26

14,310

—

Canadian

Dollar

....

BOFA

Buy

89,551,900

65,635,759

4/15/26

—

(1,223,754)

Canadian

Dollar

....

BOFA

Sell

2,567,800

1,856,071

4/15/26

9,129

—

Canadian

Dollar

....

BZWS

Sell

4/15/26

—

Canadian

Dollar

....

JPHQ

Sell

1,600

1,156

4/15/26

—

Canadian

Dollar

....

MSCO

Sell

763,100

562,398

4/15/26

13,523

—

Canadian

Dollar

....

SSBT

Buy

262,700

193,917

4/15/26

—

(4,964)

Canadian

Dollar

....

SSBT

Sell

436,600

315,923

4/15/26

1,890

—

Canadian

Dollar

....

TDOM

Sell

6,879,000

4,977,425

4/15/26

29,566

—

Canadian

Dollar

....

UBSW

Sell

798,300

577,643

4/15/26

3,449

—

Israeli

New

Shekel

..

BZWS

Buy

647,900

205,821

4/15/26

—

Putnam

Asset

Allocation

Funds

Consolidated

Schedule

of

Investments

(unaudited)

#### Putnam

#### Dynamic

#### Asset

#### Allocation

#### Growth

#### 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

..

CITI

Buy

121,100

38,470

4/15/26

$

$

—

Israeli

New

Shekel

..

HSBK

Buy

2,564,300

817,286

4/15/26

—

(1,180)

Israeli

New

Shekel

..

MSCO

Buy

55,600

17,721

4/15/26

—

(26) Israeli

New

Shekel

..

SSBT

Buy

125,300

39,946

4/15/26

—

(69) Israeli

New

Shekel

..

UBSW

Buy

1,788,000

569,953

4/15/26

—

(910) Mexican

Peso

......

BOFA

Buy

7,856,200

433,264

4/15/26

4,590

—

Mexican

Peso

......

BOFA

Sell

2,714,100

156,936

4/15/26

5,670

—

Mexican

Peso

......

BZWS

Buy

1,143,800

63,076

4/15/26

672

—

Mexican

Peso

......

GSCO

Buy

19,693,300

1,086,116

4/15/26

11,461

—

Mexican

Peso

......

MSCO

Sell

1,251,100

69,350

4/15/26

—

(378) Mexican

Peso

......

UBSW

Buy

12,247,400

678,939

4/15/26

3,652

—

New

Zealand

Dollar

.

MSCO

Buy

352,200

203,758

4/15/26

—

(1,276)

South

African

Rand

..

BOFA

Buy

22,412,400

1,367,287

4/15/26

—

(44,115)

South

African

Rand

..

BOFA

Sell

12,288,100

737,229

4/15/26

13,262

(1,491)

South

African

Rand

..

BZWS

Buy

2,379,000

143,515

4/15/26

—

(3,065)

South

African

Rand

..

CITI

Sell

8,742,800

527,374

4/15/26

11,221

—

South

African

Rand

..

GSCO

Buy

2,105,400

130,207

4/15/26

—

(5,909)

South

African

Rand

..

GSCO

Sell

6,752,600

410,251

4/15/26

11,594

—

South

African

Rand

..

MSCO

Sell

17,631,200

1,069,639

4/15/26

28,737

—

South

African

Rand

..

SSBT

Sell

21,332,100

1,287,134

4/15/26

27,739

—

South

African

Rand

..

TDOM

Buy

2,407,900

146,090

4/15/26

—

(3,934)

South

African

Rand

..

UBSW

Sell

2,465,000

149,525

4/15/26

3,998

—

Chinese

Yuan

......

CITI

Sell

60,117,100

8,720,824

5/13/26

—

(34,385)

Chinese

Yuan

......

SSBT

Buy

4,827,900

700,435

5/13/26

2,681

—

Hong

Kong

Dollar

...

BOFA

Buy

6,936,000

890,301

5/13/26

—

(3,656)

Hong

Kong

Dollar

...

BZWS

Buy

1,404,400

180,228

5/13/26

—

(701) Hong

Kong

Dollar

...

CITI

Buy

9,456,100

1,213,425

5/13/26

—

(4,630)

Hong

Kong

Dollar

...

CITI

Sell

7,490,300

959,890

5/13/26

2,387

—

Hong

Kong

Dollar

...

GSCO

Buy

33,844,500

4,343,186

5/13/26

—

(16,764)

Hong

Kong

Dollar

...

GSCO

Sell

1,301,300

166,830

5/13/26

—

Hong

Kong

Dollar

...

HSBK

Buy

20,664,900

2,649,168

5/13/26

—

(7,524)

Hong

Kong

Dollar

...

HSBK

Sell

66,493,000

8,529,851

5/13/26

29,893

—

Hong

Kong

Dollar

...

JPHQ

Buy

652,600

83,749

5/13/26

—

(326) Hong

Kong

Dollar

...

MSCO

Buy

5,798,600

744,148

5/13/26

—

(2,899)

Hong

Kong

Dollar

...

SSBT

Buy

11,650,700

1,492,553

5/13/26

—

(3,217)

Hong

Kong

Dollar

...

SSBT

Sell

26,594,200

3,413,269

5/13/26

13,671

—

Hong

Kong

Dollar

...

TDOM

Buy

2,504,700

321,639

5/13/26

—

(1,457)

Hong

Kong

Dollar

...

UBSW

Sell

3,370,900

432,547

5/13/26

1,637

—

Japanese

Yen

......

BOFA

Buy

281,842,700

1,810,747

5/13/26

—

(28,156)

Japanese

Yen

......

BOFA

Sell

43,161,000

281,892

5/13/26

8,908

—

Japanese

Yen

......

BZWS

Sell

115,618,100

742,778

5/13/26

11,520

—

Japanese

Yen

......

CITI

Sell

497,791,400

3,197,491

5/13/26

49,074

—

Japanese

Yen

......

GSCO

Buy

290,469,500

1,866,213

5/13/26

—

(29,060)

Japanese

Yen

......

GSCO

Sell

73,880,700

465,164

5/13/26

—

(2,114)

Japanese

Yen

......

HSBK

Buy

27,989,400

179,826

5/13/26

—

(2,799)

Japanese

Yen

......

HSBK

Sell

306,648,800

1,990,192

5/13/26

50,708

—

Japanese

Yen

......

MSCO

Buy

1,826,196,700

11,694,972

5/13/26

1,265

(145,960)

Japanese

Yen

......

MSCO

Sell

40,525,700

255,838

5/13/26

—

(478) Japanese

Yen

......

SSBT

Sell

1,868,473,500

11,892,353

5/13/26

74,687

—

Japanese

Yen

......

TDOM

Buy

123,095,700

786,512

5/13/26

—

(7,960)

Japanese

Yen

......

TDOM

Sell

81,920,900

526,234

5/13/26

8,103

—

Japanese

Yen

......

UBSW

Buy

176,089,200

1,132,924

5/13/26

—

(19,200)

Japanese

Yen

......

UBSW

Sell

65,858,000

423,100

5/13/26

6,563

—

New

Taiwan

Dollar

..

BZWS

Sell

24,477,600

773,971

5/13/26

11,321

—

Singapore

Dollar

....

BZWS

Buy

27,300

21,612

5/13/26

—

(314) Singapore

Dollar

....

HSBK

Sell

515,300

407,926

5/13/26

5,916

—

Singapore

Dollar

....

MSCO

Buy

525,400

415,961

5/13/26

—

(6,072)

#### Putnam

#### Dynamic

#### Asset

#### Allocation

#### Growth

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

consolidated

financial

statements.

Semiannual

Report

Putnam

Asset

Allocation

Funds

Consolidated

Schedule

of

Investments

(unaudited)

#### Forward

#### Exchange

#### Contracts
(continued)

#### Currency

#### Counter-

#### party

#### a

#### Type

#### Quantity

#### Contract

#### Amount\*

#### Settlement

#### Date

#### Unrealized

#### Appreciation

#### Unrealized

#### Depreciation

#### a

#### OTC

#### Forward

#### Exchange

#### Contracts
(continued)

Singapore

Dollar

....

SSBT

Buy

3,644,900

2,885,436

5/13/26

$

—

$

(41,881)

Singapore

Dollar

....

UBSW

Buy

8,700

6,887

5/13/26

—

(99) South

Korean

Won

..

JPHQ

Sell

1,217,286,700

834,781

5/13/26

24,666

—

Brazilian

Real

......

BOFA

Buy

1,005,700

186,933

6/17/26

3,944

—

Brazilian

Real

......

GSCO

Sell

1,459,200

271,277

6/17/26

—

(5,673)

British

Pound

......

BOFA

Sell

2,655,400

3,515,152

6/17/26

1,277

—

British

Pound

......

BZWS

Buy

136,900

181,219

6/17/26

—

(60) British

Pound

......

CITI

Sell

19,188,600

25,400,997

6/17/26

8,834

—

British

Pound

......

GSCO

Sell

3,517,300

4,655,955

6/17/26

1,533

—

British

Pound

......

HSBK

Sell

645,400

858,379

6/17/26

4,325

—

British

Pound

......

JPHQ

Sell

432,600

576,626

6/17/26

4,169

—

British

Pound

......

MSCO

Sell

3,781,800

5,048,682

6/17/26

44,248

—

British

Pound

......

SSBT

Sell

3,888,100

5,171,286

6/17/26

26,186

—

British

Pound

......

TDOM

Buy

1,712,600

2,277,809

6/17/26

—

(11,536)

British

Pound

......

UBSW

Sell

301,300

400,736

6/17/26

2,027

—

Danish

Krone

......

BOFA

Buy

12,305,100

1,894,696

6/17/26

16,759

—

Danish

Krone

......

BZWS

Buy

3,070,400

472,806

6/17/26

4,145

—

Danish

Krone

......

CITI

Sell

4,175,100

642,926

6/17/26

—

(5,627)

Danish

Krone

......

HSBK

Buy

4,298,300

664,112

6/17/26

3,579

—

Danish

Krone

......

JPHQ

Buy

4,849,000

751,192

6/17/26

2,044

—

Danish

Krone

......

MSCO

Sell

37,917,100

5,871,811

6/17/26

—

(18,172)

Danish

Krone

......

SSBT

Buy

406,900

62,870

6/17/26

—

Danish

Krone

......

TDOM

Buy

135,900

21,001

6/17/26

—

Euro

.............

BOFA

Buy

15,900

18,435

6/17/26

—

Euro

.............

BOFA

Sell

1,477,000

1,698,623

6/17/26

—

(14,574)

Euro

.............

BZWS

Buy

2,445,400

2,810,889

6/17/26

25,570

—

Euro

.............

CITI

Sell

414,400

478,675

6/17/26

(2,431)

Euro

.............

GSCO

Sell

1,866,500

2,145,448

6/17/26

—

(19,536)

Euro

.............

HSBK

Buy

530,000

611,308

6/17/26

3,447

—

Euro

.............

HSBK

Sell

481,900

556,427

6/17/26

—

(2,537)

Euro

.............

JPHQ

Sell

1,084,600

1,254,426

6/17/26

—

(3,620)

Euro

.............

MSCO

Buy

1,017,700

1,175,957

6/17/26

4,490

—

Euro

.............

MSCO

Sell

3,974,600

4,594,925

6/17/26

—

(15,280)

Euro

.............

SSBT

Sell

2,392,200

2,757,475

6/17/26

—

(17,277)

Euro

.............

TDOM

Sell

18,074,500

20,853,261

6/17/26

—

(111,648)

Euro

.............

UBSW

Sell

193,400

223,072

6/17/26

—

(1,255)

Euro

.............

WPAC

Sell

3,385,500

3,891,470

6/17/26

—

(35,427)

Hungarian

Forint

....

BOFA

Sell

69,389,500

200,760

6/17/26

—

(6,807)

Hungarian

Forint

....

CITI

Sell

125,566,500

363,271

6/17/26

—

(12,339)

Hungarian

Forint

....

GSCO

Sell

171,492,600

496,161

6/17/26

—

(16,829)

Hungarian

Forint

....

SSBT

Sell

73,560,400

214,509

6/17/26

—

(5,534)

Hungarian

Forint

....

TDOM

Sell

50,379,600

146,920

6/17/26

—

(3,782)

Norwegian

Krone

...

CITI

Buy

53,300

5,468

6/17/26

—

Norwegian

Krone

...

GSCO

Buy

250,300

25,678

6/17/26

—

Norwegian

Krone

...

JPHQ

Sell

10,324,500

1,067,273

6/17/26

1,700

—

Norwegian

Krone

...

MSCO

Buy

7,924,300

819,112

6/17/26

—

(1,260)

Polish

Zloty

........

BOFA

Buy

178,200

47,671

6/17/26

—

Polish

Zloty

........

CITI

Sell

1,211,600

324,075

6/17/26

—

(2,219)

Polish

Zloty

........

GSCO

Sell

2,307,500

617,251

6/17/26

—

(4,177)

Polish

Zloty

........

HSBK

Sell

396,700

106,591

6/17/26

—

(243) Polish

Zloty

........

MSCO

Buy

907,000

244,546

6/17/26

—

(283) Polish

Zloty

........

SSBT

Buy

1,611,500

433,053

6/17/26

937

—

Polish

Zloty

........

UBSW

Buy

745,400

200,293

6/17/26

—

Swedish

Krona

.....

BOFA

Buy

1,089,700

116,244

6/17/26

—

(688) Swedish

Krona

.....

BZWS

Buy

10,366,800

1,105,886

6/17/26

—

(6,547)

Swedish

Krona

.....

CITI

Buy

136,600

14,572

6/17/26

—

(86) Swedish

Krona

.....

GSCO

Buy

339,600

36,227

6/17/26

—

(214) Putnam

Asset

Allocation

Funds

Consolidated

Schedule

of

Investments

(unaudited)

#### Putnam

#### Dynamic

#### Asset

#### Allocation

#### Growth

#### 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)

Swedish

Krona

.....

HSBK

Buy

22,644,800

2,432,087

6/17/26

$

—

$

(30,736)

Swedish

Krona

.....

MSCO

Buy

7,473,400

803,704

6/17/26

—

(11,192)

Swedish

Krona

.....

SSBT

Buy

6,402,100

687,570

6/17/26

—

(8,664)

Swedish

Krona

.....

TDOM

Buy

4,508,100

484,182

6/17/26

—

(6,124)

Swiss

Franc

.......

BOFA

Sell

460,900

589,379

6/17/26

8,096

—

Swiss

Franc

.......

BZWS

Buy

54,000

69,061

6/17/26

—

(957) Swiss

Franc

.......

CITI

Sell

320,300

409,588

6/17/26

5,628

—

Swiss

Franc

.......

GSCO

Buy

182,800

233,784

6/17/26

—

(3,238)

Swiss

Franc

.......

HSBK

Sell

323,400

414,080

6/17/26

6,211

—

Swiss

Franc

.......

JPHQ

Buy

116,900

150,009

6/17/26

—

(2,575)

Swiss

Franc

.......

MSCO

Sell

1,805,700

2,315,873

6/17/26

38,541

—

Swiss

Franc

.......

SSBT

Buy

1,095,700

1,402,859

6/17/26

—

(20,972)

Swiss

Franc

.......

UBSW

Buy

1,605,800

2,056,048

6/17/26

—

(30,828)

Total

Forward

Exchange

Contracts

...................................................

$1,117,147

$(2,104,411)

Net

unrealized

appreciation

(depreciation)

............................................

$(987,264)

\*

In

U.S.

dollars

unless

otherwise

indicated.

a

May

be

comprised

of

multiple

contracts

with

the

same

counterparty,

currency

and

settlement

date.

#### Putnam

#### Dynamic

#### Asset

#### Allocation

#### Growth

#### 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)

.

At

March

31,

2026,

the

Fund

had

the

following

interest

rate

swap

contracts

outstanding.

See

Note

(f).

#### Credit

#### Default

#### Swap

#### Contracts

#### Description

#### Periodic

#### Payment

#### Rate

#### Received
(Paid)

#### Payment

#### Frequency

#### Counter-

#### party

#### 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

3,200,000

EUR

$

(51,982)

$

(47,205)

$

(4,777)

#### Contracts

#### to

#### Sell

#### Protection

#### c,d

#### Traded

#### Index
CDX.NA.HY.45

.

5.00%

Quarterly

12/20/30

10,144,000

545,594

809,970

(264,376)

Non-

Investment

Grade

CDX.NA.IG.45

..

1.00%

Quarterly

12/20/30

154,720,000

2,793,559

3,520,165

(726,606)

Investment

Grade

CDX.NA.IG.46

..

1.00%

Quarterly

6/20/31

31,080,000

546,830

497,316

49,514

Investment

Grade

Total

Centrally

Cleared

Swap

Contracts

.....................................

$3,834,001

$4,780,246

$(946,245)

#### OTC

#### Swap

#### Contracts

#### to

#### Buy

#### Protection

#### c

#### Traded

#### Index
CMBX.NA.BBB-.6

(3.00)%

Monthly

CITI

5/11/63

1,000

(62) 125

#### Contracts

#### to

#### Sell

#### Protection

#### c,d

#### Traded

#### Index
CMBX.NA.BBB-.6

3.00%

Monthly

BOFA

5/11/63

1,000

(63) 64

(127) Investment

Grade

Total

OTC

Swap

Contracts

..............................................

$—

$2

$(2)

Total

Credit

Default

Swap

Contracts

....................................

$3,834,001

$

4,780,248

$(946,247)

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

55,048,000

$

342,694

$

(61,998)

$

404,692

Putnam

Asset

Allocation

Funds

Consolidated

Schedule

of

Investments

(unaudited)

#### Putnam

#### Dynamic

#### Asset

#### Allocation

#### Growth

#### Fund
(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

consolidated

financial

statements.

#### 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

3.3%

...

Annual

Pay

Floating

1-day

SOFR

............

Annual

3/18/28

55,388,000

$

(366,128)

$

45,676

$

(411,804)

Receive

Floating

1-day

SOFR

..............

Annual

Pay

Fixed

3.47%

....

Annual

3/18/31

42,794,000

306,734

(56,352)

363,086

Receive

Fixed

3.45%

..

Annual

Pay

Floating

1-day

SOFR

............

Annual

3/18/31

18,418,000

(148,824)

106,912

(255,736)

Receive

Floating

1-day

SOFR

..............

Annual

Pay

Fixed

3.57%

....

Annual

6/17/31

9,510,000

27,358

48,486

(21,128)

Receive

Fixed

3.75%

..

Annual

Pay

Floating

1-day

SOFR

............

Annual

3/18/36

45,074,000

(440,570)

91,097

(531,667)

Receive

Fixed

3.77%

..

Annual

Pay

Floating

1-day

SOFR

............

Annual

3/18/36

7,634,000

(61,912)

12,928

(74,840)

Receive

Floating

1-day

SOFR

..............

Annual

Pay

Fixed

3.82%

....

Annual

6/17/36

1,296,000

6,054

6,054

—

Receive

Floating

1-day

SOFR

..............

Annual

Pay

Fixed

4.12%

....

Annual

3/18/56

475,000

1,139

3,542

(2,403)

Receive

Fixed

4.1%

...

Annual

Pay

Floating

1-day

SOFR

............

Annual

3/18/56

15,052,000

(87,951)

3,597

(91,548)

Receive

Floating

1-day

SOFR

..............

Annual

Pay

Fixed

4.07%

....

Annual

6/17/56

1,093,000

12,608

4,953

7,655

Total

Interest

Rate

Swap

Contracts

.................................

$(408,798)

$

204,895

$(613,693)

\*

In

U.S.

dollars

unless

otherwise

indicated.

#### Putnam

#### Dynamic

#### Asset

#### Allocation

#### Growth

#### 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).

#### 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

155,201,999

$

(3,572,018)

BCFTUSAL

Index

#

....................

0%

At

Maturity

BZWS

3/11/27

115,667,899

(2,134,148)

#### Short

#### b
GSIIPGSS

Index

#

.....................

0%

At

Maturity

GSCO

7/14/26

142,765,571

6,117,352

IBOXIG

Index

........................

1-day

SOFR

Quarterly

JPHQ

12/20/26

9,200,000

8,026

BCFTUSAS

Index

#

....................

0%

At

Maturity

BZWS

3/11/27

115,439,344

3,470,243

Total

Return

Swap

Contracts

....................................................................

$3,889,455

\*

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

5,555

$

1,149,250

0.76%

Idemitsu

Kosan

Co.

Ltd.

Energy

118,236

1,145,642

0.76%

Eni

SpA

Energy

39,827

1,140,328

0.75%

Endesa

SA

Utilities

26,995

1,122,211

0.74%

AT&T,

Inc.

Communication

Services

37,382

1,083,691

0.72%

Iberdrola

SA

Utilities

46,029

1,047,169

0.69%

ConocoPhillips

Energy

7,687

1,014,695

0.67%

Tokyo

Gas

Co.

Ltd.

Utilities

21,587

1,006,406

0.67%

BP

plc

Energy

125,710

1,005,088

0.67%

Altria

Group,

Inc.

Consumer

Staples

15,164

1,000,646

0.66%

PepsiCo,

Inc.

Consumer

Staples

6,423

997,453

0.66%

Graco,

Inc.

Industrials

11,740

993,780

0.66%

NN

Group

NV

Financials

12,673

979,194

0.65%

Lockheed

Martin

Corp.

Industrials

1,594

963,222

0.64%

Telia

Co.

AB

Communication

Services

188,022

952,127

0.63%

George

Weston

Ltd.

Consumer

Staples

13,231

931,784

0.62%

Deutsche

Telekom

AG

Communication

Services

25,284

930,784

0.62%

Airbnb,

Inc.

Consumer

Discretionary

7,337

926,498

0.61%

ENEOS

Holdings,

Inc.

Energy

103,271

915,607

0.61%

VICI

Properties,

Inc.

Real

Estate

33,469

914,372

0.61%

WH

Group

Ltd.

Consumer

Staples

694,250

908,523

0.60%

Allegion

plc

Industrials

6,088

884,496

0.59%

Inpex

Corp.

Energy

29,886

878,779

0.58%

Sandvik

AB

Industrials

23,417

878,527

0.58%

Hartford

Insurance

Group,

Inc.

(The)

Financials

6,462

873,919

0.58%

Colgate-Palmolive

Co.

Consumer

Staples

10,116

862,200

0.57%

Veralto

Corp.

Industrials

9,705

858,079

0.57%

TotalEnergies

SE

Energy

9,065

845,122

0.56%

Power

Assets

Holdings

Ltd.

Utilities

104,780

815,897

0.54%

Secom

Co.

Ltd.

Industrials

20,949

794,810

0.53%

Putnam

Asset

Allocation

Funds

Consolidated

Schedule

of

Investments

(unaudited)

#### Putnam

#### Dynamic

#### Asset

#### Allocation

#### Growth

#### 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)

Telenor

ASA

Communication

Services

44,729

$

781,988

0.52%

Holcim

AG

Materials

9,492

766,885

0.51%

SS&C

Technologies

Holdings,

Inc.

Industrials

11,260

760,824

0.50%

Automatic

Data

Processing,

Inc.

Industrials

3,703

752,445

0.50%

AMETEK,

Inc.

Industrials

3,495

749,167

0.50%

Chubu

Electric

Power

Co.,

Inc.

Utilities

45,301

735,222

0.49%

Bristol-Myers

Squibb

Co.

Health

Care

12,096

733,603

0.49%

Avery

Dennison

Corp.

Materials

4,232

730,830

0.48%

Fortum

OYJ

Utilities

28,512

718,793

0.48%

Cie

Financiere

Richemont

SA

Consumer

Discretionary

4,154

716,233

0.47%

Simon

Property

Group,

Inc.

Real

Estate

3,823

713,023

0.47%

Eiffage

SA

Industrials

4,660

704,184

0.47%

QIAGEN

NV

Health

Care

17,481

699,837

0.46%

National

Grid

plc

Utilities

41,681

697,777

0.46%

E.ON

SE

Utilities

31,599

690,293

0.46%

Bouygues

SA

Industrials

12,058

686,447

0.45%

Exxon

Mobil

Corp.

Energy

4,002

678,990

0.45%

Canadian

Utilities

Ltd.

Utilities

19,263

674,427

0.45%

iA

Financial

Corp.,

Inc.

Financials

6,093

674,009

0.45%

National

Bank

of

Canada

Financials

5,221

673,464

0.45%

#### A

#### BASKET

#### (#### BCFTUSAL

####)

#### OF

#### COMMON

#### STOCKS
Valero

Energy

Corp.

Energy

6,743

1,666,025

1.47%

Cheniere

Energy,

Inc.

Energy

5,806

1,647,493

1.45%

Cirrus

Logic,

Inc.

Information

Technology

10,870

1,572,002

1.38%

Edison

International

Utilities

20,587

1,506,573

1.33%

GE

Vernova

,

Inc.

Industrials

1,712

1,494,380

1.31%

Regeneron

Pharmaceuticals,

Inc.

Health

Care

1,863

1,439,450

1.27%

Allison

Transmission

Holdings,

Inc.

Industrials

12,260

1,435,152

1.26%

Johnson

Controls

International

plc

Industrials

10,941

1,432,714

1.26%

Virtu

Financial,

Inc.

Financials

32,220

1,417,026

1.25%

Exelixis

,

Inc.

Health

Care

32,993

1,415,056

1.25%

Freeport-McMoRan,

Inc.

Materials

24,073

1,414,989

1.25%

State

Street

Corp.

Financials

10,987

1,390,509

1.22%

Curtiss-Wright

Corp.

Industrials

2,028

1,381,301

1.22%

Lam

Research

Corp.

Information

Technology

6,455

1,379,100

1.21%

Axis

Capital

Holdings

Ltd.

Financials

13,436

1,362,543

1.20%

General

Motors

Co.

Consumer

Discretionary

17,468

1,301,378

1.15%

MGIC

Investment

Corp.

Financials

46,912

1,231,451

1.08%

NRG

Energy,

Inc.

Utilities

8,320

1,215,816

1.07%

Natera

,

Inc.

Health

Care

6,074

1,214,692

1.07%

Unum

Group

Financials

16,610

1,213,007

1.07%

Spotify

Technology

SA

Communication

Services

2,501

1,212,873

1.07%

Affiliated

Managers

Group,

Inc.

Financials

4,344

1,202,121

1.06%

Arista

Networks,

Inc.

Information

Technology

9,766

1,199,088

1.06%

Cadence

Design

Systems,

Inc.

Information

Technology

4,221

1,172,869

1.03%

AutoNation,

Inc.

Consumer

Discretionary

5,837

1,139,760

1.00%

Synchrony

Financial

Financials

16,314

1,109,705

0.98%

Booking

Holdings,

Inc.

Consumer

Discretionary

1,059,993

0.93%

Toll

Brothers,

Inc.

Consumer

Discretionary

7,759

1,058,894

0.93%

American

International

Group,

Inc.

Financials

13,957

1,050,296

0.92%

Netflix,

Inc.

Communication

Services

10,900

1,048,050

0.92%

QUALCOMM,

Inc.

Information

Technology

8,013

1,031,886

0.91%

Textron,

Inc.

Industrials

11,384

996,802

0.88%

Manhattan

Associates,

Inc.

Information

Technology

7,292

970,724

0.85%

eBay,

Inc.

Consumer

Discretionary

10,532

958,616

0.84%

Applied

Materials,

Inc.

Information

Technology

2,715

927,959

0.82%

#### Putnam

#### Dynamic

#### Asset

#### Allocation

#### Growth

#### 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)

Boyd

Gaming

Corp.

Consumer

Discretionary

11,287

$

927,583

0.82%

Pegasystems,

Inc.

Information

Technology

21,689

923,101

0.81%

Sandisk

Corp.

Information

Technology

1,444

917,721

0.81%

Everpure

,

Inc.

Information

Technology

15,194

897,034

0.79%

Ventas,

Inc.

Real

Estate

10,945

895,077

0.79%

Equitable

Holdings,

Inc.

Financials

23,629

876,874

0.77%

Ciena

Corp.

Information

Technology

2,231

865,997

0.76%

Ulta

Beauty,

Inc.

Consumer

Discretionary

1,596

834,314

0.73%

Millicom

International

Cellular

SA

Communication

Services

11,123

833,548

0.73%

Hologic,

Inc.

Health

Care

10,788

815,443

0.72%

Gap,

Inc.

(The)

Consumer

Discretionary

32,628

789,594

0.69%

Vornado

Realty

Trust

Real

Estate

29,781

774,015

0.68%

DoorDash

,

Inc.

Consumer

Discretionary

5,145

772,549

0.68%

MGM

Resorts

International

Consumer

Discretionary

20,265

750,009

0.66%

NVR,

Inc.

Consumer

Discretionary

747,086

0.66%

#### A

#### BASKET

#### (#### GSIIPGSS

####)

#### OF

#### COMMON

#### STOCKS
Aker

BP

ASA

Energy

30,676

1,137,154

0.82%

Shell

plc

Energy

23,568

1,113,548

0.81%

Diamondback

Energy,

Inc.

Energy

5,464

1,080,687

0.78%

Woodside

Energy

Group

Ltd.

Energy

44,467

1,067,469

0.77%

Entergy

Corp.

Utilities

9,422

1,058,604

0.77%

Canadian

Natural

Resources

Ltd.

Energy

21,348

1,038,058

0.75%

PPL

Corp.

Utilities

25,588

977,474

0.71%

Southern

Co.

(The)

Utilities

10,119

976,719

0.71%

CenterPoint

Energy,

Inc.

Utilities

22,619

976,255

0.71%

Orange

SA

Communication

Services

47,340

964,080

0.70%

Walmart,

Inc.

Consumer

Staples

7,737

961,556

0.70%

ONEOK,

Inc.

Energy

10,361

936,505

0.68%

Dominion

Energy,

Inc.

Utilities

15,146

936,332

0.68%

Cellnex

Telecom

SA

Communication

Services

29,087

929,343

0.67%

American

Water

Works

Co.,

Inc.

Utilities

6,759

919,769

0.67%

Singapore

Telecommunications

Ltd.

Communication

Services

223,171

854,525

0.62%

Tourmaline

Oil

Corp.

Energy

17,214

821,248

0.59%

Duke

Energy

Corp.

Utilities

6,258

819,389

0.59%

Enbridge,

Inc.

Energy

15,112

816,613

0.59%

AvalonBay

Communities,

Inc.

Real

Estate

4,982

813,876

0.59%

Ferrovial

SE

Industrials

12,551

801,414

0.58%

Wilmar

International

Ltd.

Consumer

Staples

267,315

797,707

0.58%

Realty

Income

Corp.

Real

Estate

12,976

793,899

0.57%

Zurich

Insurance

Group

AG

Financials

1,136

793,622

0.57%

Waste

Connections,

Inc.

Industrials

4,873

791,614

0.57%

Visa,

Inc.

Financials

2,613

789,617

0.57%

Starbucks

Corp.

Consumer

Discretionary

8,665

776,301

0.56%

Swiss

Life

Holding

AG

Financials

716

770,721

0.56%

Ingersoll

Rand,

Inc.

Industrials

9,263

742,131

0.54%

Hong

Kong

&

China

Gas

Co.

Ltd.

Utilities

818,979

741,658

0.54%

Quanta

Services,

Inc.

Industrials

1,350

741,006

0.54%

Equifax,

Inc.

Industrials

4,058

730,789

0.53%

Straumann

Holding

AG

Health

Care

7,100

724,508

0.52%

Heineken

NV

Consumer

Staples

9,471

723,512

0.52%

International

Paper

Co.

Materials

19,891

710,103

0.51%

Snam

SpA

Utilities

93,280

704,403

0.51%

Essity

AB

Consumer

Staples

27,379

698,117

0.51%

Salmar

ASA

Consumer

Staples

11,872

688,597

0.50%

Land

Securities

Group

plc

Real

Estate

93,206

679,699

0.49%

Coca-Cola

Co.

(The)

Consumer

Staples

8,907

677,393

0.49%

Putnam

Asset

Allocation

Funds

Consolidated

Schedule

of

Investments

(unaudited)

#### Putnam

#### Dynamic

#### Asset

#### Allocation

#### Growth

#### 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)

British

American

Tobacco

plc

Consumer

Staples

11,746

$

677,028

0.49%

Emerson

Electric

Co.

Industrials

5,166

676,869

0.49%

Pernod

Ricard

SA

Consumer

Staples

8,920

660,045

0.48%

Coca-Cola

Europacific

Partners

plc

Consumer

Staples

7,275

659,623

0.48%

Xcel

Energy,

Inc.

Utilities

8,142

646,838

0.47%

Swire

Pacific

Ltd.

Industrials

59,110

643,482

0.47%

EQT

AB

Financials

21,215

638,046

0.46%

Hermes

International

SCA

Consumer

Discretionary

636,496

0.46%

AST

SpaceMobile

,

Inc.

Communication

Services

7,669

635,555

0.46%

Old

Dominion

Freight

Line,

Inc.

Industrials

3,243

633,666

0.46%

#### A

#### BASKET

#### (#### BCFTUSAS

####)

#### OF

#### COMMON

#### STOCKS
Diamondback

Energy,

Inc.

Energy

7,963

1,575,011

1.42%

Bunge

Global

SA

Consumer

Staples

12,258

1,559,232

1.40%

MKS,

Inc.

Information

Technology

6,668

1,532,468

1.38%

Dell

Technologies,

Inc.

Information

Technology

9,303

1,526,866

1.37%

Monolithic

Power

Systems,

Inc.

Information

Technology

1,305

1,426,974

1.28%

DT

Midstream,

Inc.

Energy

10,397

1,400,198

1.26%

Coherent

Corp.

Information

Technology

5,771

1,374,718

1.24%

Roivant

Sciences

Ltd.

Health

Care

49,311

1,365,917

1.23%

Lumentum

Holdings,

Inc.

Information

Technology

1,891

1,329,017

1.20%

Micron

Technology,

Inc.

Information

Technology

3,740

1,263,507

1.14%

Kinsale

Capital

Group,

Inc.

Financials

3,696

1,262,807

1.14%

Royal

Gold,

Inc.

Materials

4,960

1,262,151

1.14%

Entegris

,

Inc.

Information

Technology

10,722

1,257,037

1.13%

Royal

Caribbean

Cruises

Ltd.

Consumer

Discretionary

4,410

1,213,624

1.09%

BWX

Technologies,

Inc.

Industrials

5,639

1,153,082

1.04%

Albemarle

Corp.

Materials

6,389

1,146,990

1.03%

Oracle

Corp.

Information

Technology

7,609

1,119,411

1.01%

Ross

Stores,

Inc.

Consumer

Discretionary

5,162

1,118,148

1.01%

Take-Two

Interactive

Software,

Inc.

Communication

Services

5,590

1,104,088

0.99%

Synopsys,

Inc.

Information

Technology

2,691

1,066,890

0.96%

Loar

Holdings,

Inc.

Industrials

18,202

1,042,783

0.94%

Jack

Henry

&

Associates,

Inc.

Financials

6,517

1,030,003

0.93%

CH

Robinson

Worldwide,

Inc.

Industrials

5,955

988,868

0.89%

Marriott

International,

Inc.

Consumer

Discretionary

3,011

984,786

0.89%

Texas

Instruments,

Inc.

Information

Technology

5,047

979,755

0.88%

Lithia

Motors,

Inc.

Consumer

Discretionary

3,905

975,213

0.88%

Domino's

Pizza,

Inc.

Consumer

Discretionary

2,662

954,940

0.86%

Norwegian

Cruise

Line

Holdings

Ltd.

Consumer

Discretionary

50,624

946,674

0.85%

Blue

Owl

Capital,

Inc.

Financials

103,311

943,231

0.85%

Tyler

Technologies,

Inc.

Information

Technology

2,727

933,686

0.84%

RPM

International,

Inc.

Materials

8,966

891,228

0.80%

Quanta

Services,

Inc.

Industrials

1,600

878,174

0.79%

Brown

&

Brown,

Inc.

Financials

13,446

876,825

0.79%

Expand

Energy

Corp.

Energy

7,775

853,565

0.77%

NU

Holdings

Ltd.

Financials

58,762

844,412

0.76%

Somnigroup

International,

Inc.

Consumer

Discretionary

11,258

832,182

0.75%

Aurora

Innovation,

Inc.

Information

Technology

199,629

822,471

0.74%

Gen

Digital,

Inc.

Information

Technology

43,394

817,108

0.74%

SoFi

Technologies,

Inc.

Financials

50,837

807,298

0.73%

Watsco

,

Inc.

Industrials

2,218

806,761

0.73%

Liberty

Broadband

Corp.

Communication

Services

15,700

789,693

0.71%

Healthcare

Realty

Trust,

Inc.

Real

Estate

45,510

773,209

0.70%

LPL

Financial

Holdings,

Inc.

Financials

2,532

761,832

0.69%

Stanley

Black

&

Decker,

Inc.

Industrials

10,321

733,429

0.66%

Toast,

Inc.

Financials

27,651

733,037

0.66%

#### Putnam

#### Dynamic

#### Asset

#### Allocation

#### Growth

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

consolidated

financial

statements.

Semiannual

Report

Putnam

Asset

Allocation

Funds

Consolidated

Schedule

of

Investments

(unaudited)

See

Note

regarding

other

derivative

information.

See

A

bbreviations

on

.

#### Common

#### stocks

#### Sector

#### Shares

#### Value

#### Percentage

#### value

#### A

#### BASKET
(BCFTUSAS)

#### OF

#### COMMON

#### STOCKS
(continued)

Strategy,

Inc.

Information

Technology

5,785

$

721,921

0.65%

Ovintiv

,

Inc.

Energy

11,927

707,966

0.64%

Equifax,

Inc.

Industrials

3,928

707,386

0.64%

nVent

Electric

plc

Industrials

5,925

700,830

0.63%

PTC,

Inc.

Information

Technology

4,918

700,829

0.63%

Putnam

Asset

Allocation

Funds

Consolidated

Financial

Statements

Consolidated

Statement

of

Assets

and

Liabilities

March

31,

2026

(unaudited)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

consolidated

financial

statements.

#### Putnam

#### Dynamic

#### Asset

#### Allocation

#### Growth

#### Fund
Assets:

Investments

in

securities:

Cost

-

Unaffiliated

issuers

...................................................................

$2,760,272,491

Cost

-

Non-controlled

affiliates

(Note

g)

........................................................

239,170,939

Cost

-

Unaffiliated

repurchase

agreements

......................................................

15,976,200

Value

-

Unaffiliated

issuers

..................................................................

$3,686,258,070

Value

-

Non-controlled

affiliates

(Note

g)

.......................................................

239,170,939

Value

-

Unaffiliated

repurchase

agreements

......................................................

15,976,200

Cash

....................................................................................

3,206,829

Receivables:

Investment

securities

sold

...................................................................

1,451,135

Receivable

for

sales

of

TBA

securities

(Note

e)

..................................................

53,268,806

Capital

shares

sold

........................................................................

6,475,939

Dividends

and

interest

.....................................................................

12,884,346

European

Union

tax

reclaims

(Note

i)

.........................................................

1,453,418

Deposits

with

brokers

for:

Centrally

cleared

swap

contracts

............................................................

5,520,971

Variation

margin

on

centrally

cleared

swap

contracts

...............................................

501,800

OTC

swap

contracts

(upfront

payments)

..........................................................

Unrealized

appreciation

on

OTC

forward

exchange

contracts

..........................................

1,117,147

Unrealized

appreciation

on

OTC

swap

contracts

....................................................

9,595,746

Prepaid

expenses

..........................................................................

225,488

Total

assets

..........................................................................

4,037,106,898

Liabilities:

Payables:

Investment

securities

purchased

..............................................................

7,160,121

Payable

for

purchases

of

TBA

securities

(Note

e)

................................................

156,236,633

Capital

shares

redeemed

...................................................................

24,248,412

Management

fees

.........................................................................

1,853,680

Administrative

fees

........................................................................

9,737

Distribution

fees

..........................................................................

510,537

Transfer

agent

fees

........................................................................

486,193

Trustees'

fees

and

expenses

.................................................................

275,414

Variation

margin

on

futures

contracts

...........................................................

2,275,268

Deposits

from

brokers

for:

OTC

derivative

contracts

..................................................................

2,359,206

OTC

swap

contracts

(upfront

receipts)

...........................................................

Unrealized

depreciation

on

OTC

swap

contracts

....................................................

5,706,293

Unrealized

depreciation

on

OTC

forward

exchange

contracts

..........................................

2,104,411

TBA

sale

commitments,

at

value

(proceeds

$53,072,126)

(Note

1e)

....................................

52,818,468

Deferred

taxes

on

unrealized

appreciation

........................................................

20,278

Unrealized

depreciation

on

unfunded

loan

commitments

(Note

9)

.......................................

Collateral

on

certain

derivative

contracts,

at

value

(Note

f)

...........................................

20,091

Accrued

expenses

and

other

liabilities

...........................................................

229,851

Total

liabilities

.........................................................................

256,314,865

Net

assets,

at

value

.................................................................

$3,780,792,033

Net

assets

consist

of:

Paid-in

capital

.............................................................................

$2,885,980,814

Total

distributable

earnings

(losses)

.............................................................

894,811,219

Net

assets,

at

value

.................................................................

$3,780,792,033

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

#### Growth

#### Fund

#### Class

#### A:
Net

assets,

at

value

.......................................................................

$1,882,873,738

Shares

outstanding

........................................................................

88,859,743

Net

asset

value

per

share

a,b

..................................................................

$21.19

Maximum

offering

price

per

share

(net

asset

value

per

share

÷

94.25%)

b

................................

$22.48

#### Class

#### C:
Net

assets,

at

value

.......................................................................

$109,699,706

Shares

outstanding

........................................................................

5,754,251

Net

asset

value

and

maximum

offering

price

per

share

a,b

............................................

$19.06

#### Class

#### P:
Net

assets,

at

value

.......................................................................

$932,890,570

Shares

outstanding

........................................................................

43,192,303

Net

asset

value

and

maximum

offering

price

per

share

b

.............................................

$21.60

#### Class

#### R:
Net

assets,

at

value

.......................................................................

$19,104,459

Shares

outstanding

........................................................................

934,583

Net

asset

value

and

maximum

offering

price

per

share

b

.............................................

$20.44

#### Class

#### R5:
Net

assets,

at

value

.......................................................................

$92,732

Shares

outstanding

........................................................................

4,134

Net

asset

value

and

maximum

offering

price

per

share

b

.............................................

$22.43

#### Class

#### R6:
Net

assets,

at

value

.......................................................................

$391,497,281

Shares

outstanding

........................................................................

18,096,377

Net

asset

value

and

maximum

offering

price

per

share

b

.............................................

$21.63

#### Class

#### Y:
Net

assets,

at

value

.......................................................................

$444,633,547

Shares

outstanding

........................................................................

20,601,284

Net

asset

value

and

maximum

offering

price

per

share

b

.............................................

$21.58

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

#### Growth

#### Fund
Investment

income:

Dividends:

(net

of

foreign

taxes

of

$738,243)

Unaffiliated

issuers

........................................................................

$19,251,903

Non-controlled

affiliates

(Note

g)

.............................................................

2,217,881

Interest:

Unaffiliated

issuers

........................................................................

10,172,980

Other

income

(Note

i)

.......................................................................

431,850

Total

investment

income

...................................................................

32,074,614

Expenses:

Management

fees

(Note

a)

...................................................................

9,078,492

Administrative

fees

(Note

b)

..................................................................

24,514

Distribution

fees:

(Note

3c)

&nbsp;&nbsp;&nbsp;&nbsp;Class

A

................................................................................

2,444,710

&nbsp;&nbsp;&nbsp;&nbsp;Class

C

................................................................................

577,837

&nbsp;&nbsp;&nbsp;&nbsp;Class

R

................................................................................

43,972

Transfer

agent

fees:

(Note

3e)

&nbsp;&nbsp;&nbsp;&nbsp;Class

A

................................................................................

931,408

&nbsp;&nbsp;&nbsp;&nbsp;Class

C

................................................................................

55,083

&nbsp;&nbsp;&nbsp;&nbsp;Class

P

................................................................................

12,538

&nbsp;&nbsp;&nbsp;&nbsp;Class

R

................................................................................

8,328

&nbsp;&nbsp;&nbsp;&nbsp;Class

R5

...............................................................................

&nbsp;&nbsp;&nbsp;&nbsp;Class

R6

...............................................................................

99,343

&nbsp;&nbsp;&nbsp;&nbsp;Class

Y

................................................................................

206,871

Custodian

fees

.............................................................................

52,210

Reports

to

shareholders

fees

..................................................................

64,728

Registration

and

filing

fees

....................................................................

53,519

Professional

fees

...........................................................................

216,049

Trustees'

fees

and

expenses

(Note

3f)

...........................................................

50,482

Organization

costs

(Note

1k)

..................................................................

2,530

Interest

expense

...........................................................................

1,907

Other

....................................................................................

76,923

Total

expenses

.........................................................................

14,001,499

Expense

reductions

(Note

4)

...............................................................

(70,318)

Expenses

waived/paid

by

affiliates

(Note

g

and

h)

..............................................

(49,379)

Net

expenses

.........................................................................

13,881,802

Net

investment

income

................................................................

18,192,812

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

#### Growth

#### Fund
Realized

and

unrealized

gains

(losses):

Net

realized

gain

(loss)

from:

Investments:

(net

of

foreign

taxes

of

$71,637)

Unaffiliated

issuers

......................................................................

80,799,857

Foreign

currency

transactions

................................................................

(78,406)

Forward

exchange

contracts

.................................................................

935,801

Futures

contracts

.........................................................................

7,266,784

TBA

sale

commitments

.....................................................................

15,636

Swap

contracts

...........................................................................

2,705,167

Net

realized

gain

(loss)

..................................................................

91,644,839

Net

change

in

unrealized

appreciation

(depreciation)

on:

Investments:

Unaffiliated

issuers

......................................................................

(110,778,643)

Translation

of

other

assets

and

liabilities

denominated

in

foreign

currencies

..............................

(62,482)

Unfunded

loan

commitments

(Note

9)

..........................................................

(210) Forward

exchange

contracts

.................................................................

(1,280,644)

Futures

contracts

.........................................................................

(5,211,131)

TBA

sale

commitments

.....................................................................

197,216

Swap

contracts

...........................................................................

854,604

Change

in

deferred

taxes

on

unrealized

appreciation

...............................................

571,504

Net

change

in

unrealized

appreciation

(depreciation)

............................................

(115,709,786)

Net

realized

and

unrealized

gain

(loss)

............................................................

(24,064,947)

Net

increase

(decrease)

in

net

assets

resulting

from

operations

..........................................

$(5,872,135)

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

#### Growth

#### Fund

#### Six

#### Months

#### Ended

#### March

#### 31,

#### 2026
(unaudited)

#### Year

#### Ended

#### September

#### 30,

#### 2025\*
Increase

(decrease)

in

net

assets:

Operations:

Net

investment

income

..............................................

$18,192,812

$36,503,402

Net

realized

gain

(loss)

..............................................

91,644,839

129,266,222

Net

change

in

unrealized

appreciation

(depreciation)

........................

(115,709,786)

227,056,957

Net

increase

(decrease)

in

net

assets

resulting

from

operations

.............

(5,872,135)

392,826,581

Distributions

to

shareholders:

Class

A

..........................................................

(125,618,541)

(179,413,226)

Class

C

..........................................................

(7,409,541)

(13,180,514)

Class

P

..........................................................

(6,020,623)

(6,492,298)

Class

R

..........................................................

(1,133,629)

(1,339,288)

Class

R5

.........................................................

(4,844)

(1,868)

Class

R6

.........................................................

(26,369,706)

(36,600,037)

Class

Y

..........................................................

(28,678,568)

(30,037,953)

Total

distributions

to

shareholders

.......................................

(195,235,452)

(267,065,184)

Capital

share

transactions:

(Note

2)

Class

A

..........................................................

19,439,648

42,962,154

Class

C

..........................................................

(2,537,686)

(20,042,439)

Class

P

..........................................................

895,267,731

25,523,719

Class

R

..........................................................

5,011,057

990,295

Class

R5

.........................................................

30,577

47,560

Class

R6

.........................................................

24,859,031

9,289,381

Class

Y

..........................................................

67,050,385

90,413,517

Total

capital

share

transactions

.........................................

1,009,120,743

149,184,187

Net

increase

(decrease)

in

net

assets

................................

808,013,156

274,945,584

Net

assets:

Beginning

of

period

..................................................

2,972,778,877

2,697,833,293

End

of

period

.......................................................

$3,780,792,033

$2,972,778,877

\*

I

ncludes

the

consolidated

operations

of

Franklin

Dynamic

Asset

Allocation

Growth

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

#### Growth

#### 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

Growth

Fund

(Fund)

is

included

in

this

report.

The

Fund

offers seven

classes

of

shares:

Class

A,

Class

C,

Class

P,

Class

R,

Class

R5,

Class

R6

and

Class

Y. Class

C

shares

automatically

convert

to

Class

A

shares

on

a

monthly

basis,

after

they

have

been

held

for

years.

Each

class

of

shares

may

differ

by

its

initial

sales

load,

contingent

deferred

sales

charges,

voting

rights

on

matters

affecting

a

single

class,

its

exchange

privilege

and

fees

due

to

differing

arrangements

for

distribution

and

transfer

agent

fees.

On

March

26,

2026,

the

Trust's

Board

of

Trustees

approved

a

proposal

to

change

the

name

of

the

Fund

to

Franklin

Dynamic

Asset

Allocation

Growth

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

net

benefit

or

obligation

under

the

derivative

contract,

as

measured

by

the

fair

value

of

the

contract,

is

included

in

net

assets.

Putnam

Asset

Allocation

Funds

Notes

to

Consolidated

Financial

Statements

(unaudited)

franklintempleton.com

Semiannual

Report

#### Putnam

#### Dynamic

#### Asset

#### Allocation

#### Growth

#### Fund
(continued)

The

Fund

has

procedures

to

determine

the

fair

value

of

financial

instruments

for

which

market

prices

are

not

reliable

or

readily

available.

Under

these

procedures,

the Fund

primarily

employs

a

market-based

approach

which

may

use

related

or

comparable

assets

or

liabilities,

recent

transactions,

market

multiples,

and

other

relevant

information

for

the

investment

to

determine

the

fair

value

of

the

investment.

An

income-based

valuation

approach

may

also

be

used

in

which

the

anticipated

future

cash

flows

of

the

investment

are

discounted

to

calculate

fair

value.

Discounts

may

also

be

applied

due

to

the

nature

or

duration

of

any

restrictions

on

the

disposition

of

the

investments.

Due

to

the

inherent

uncertainty

of

valuations

of

such

investments,

the

fair

values

may

differ

significantly

from

the

values

that

would

have

been

used

had

an

active

market

existed.

Trading

in

securities

on

foreign

securities

stock

exchanges

and

OTC

markets

may

be

completed

before

p.m.

Eastern

time.

In

addition,

trading

in

certain

foreign

markets

may

not

take

place

on

every

Fund's

business

day. Events

can occur

between

the

time

at

which

trading

in

a

foreign

security

is

completed

and

p.m.

Eastern

time

that

might

call

into

question

the

reliability

of

the

value

of

a

portfolio

security

held

by

the

Fund.

As

a

result,

differences

may

arise

between

the

value

of

the

Fund's

portfolio

securities

as

determined

at

the

foreign

market

close

and

the

latest

indications

of

value

at

p.m.

Eastern

time. In

order

to

minimize

the

potential

for

these

differences,

an

independent

pricing

service

may

be

used

to

adjust

the

value

of

the

Fund's

portfolio

securities

to

the

latest

indications

of

fair

value

at

p.m.

Eastern

time.

At

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

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

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

#### Growth

#### Fund
(continued)

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.

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

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

#### Growth

#### Fund
(continued)

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.

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.

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

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

#### Growth

#### Fund
(continued)

swaps).

The

underlying

referenced

debt

obligation

may

be

a

single

issuer

of

corporate

or

sovereign

debt,

a

credit

index,

a

basket

of

issuers

or

indices,

or

a

tranche

of

a

credit

index

or

basket

of

issuers

or

indices.

In

the

event

of

a

default

of

the

underlying

referenced

debt

obligation,

the

buyer

is

entitled

to

receive

the

notional

amount

of

the

credit

default

swap

contract

from

the

seller

in

exchange

for

the

referenced

debt

obligation,

a

net

settlement

amount

equal

to

the

notional

amount

of

the

credit

default

swap

less

the

recovery

value

of

the

referenced

debt

obligation,

or

other

agreed

upon

amount.

For

centrally

cleared

credit

default

swaps,

required

initial

margins

are

pledged

by

the

Fund,

and

the

daily

change

in

fair

value

is

accounted

for

as

a

variation

margin

payable

or

receivable

in

the

Consolidated

Statement

of

Assets

and

Liabilities.

Over

the

term

of

the

contract,

the

buyer

pays

the

seller

a

periodic

stream

of

payments,

provided

that

no

event

of

default

has

occurred.

Such

periodic

payments

are

accrued

daily

as

an

unrealized

appreciation or

depreciation

until

the

payments

are

made,

at

which

time

they

are

realized.

Upfront

payments

and

receipts

are

reflected

in

the Consolidated

Statement

of

Assets

and

Liabilities

and

represent

compensating

factors

between

stated

terms

of

the

credit

default

swap

agreement

and

prevailing

market

conditions

(credit

spreads

and

other

relevant

factors).

These

upfront

payments

and

receipts

are

amortized

over

the

term

of

the

contract

as

a

realized

gain

or

loss

in

the Consolidated

Statement

of

Operations.

Credit

default

swap

contracts

outstanding

at

period

end,

if

any,

are

listed

in

the

Fund's

Consolidated

Schedule

of

Investments.

The

Fund entered

into

interest

rate

swap

contracts

primarily

to

manage

interest

rate

risk.

An

interest

rate

swap

is

an

agreement

between

the

Fund

and

a

counterparty

to

exchange

cash

flows

based

on

the

difference

between

two

interest

rates,

applied

to

a

notional

amount.

These

agreements

may

be

privately

negotiated

in

the

over-the-

counter

market

(OTC

interest

rate

swaps)

or

may

be

executed

on

a

registered

exchange

(centrally

cleared

interest

rate

swaps).

For

centrally

cleared

interest

rate

swaps,

required

initial

margins

are

pledged

by

the

Fund,

and

the

daily

change

in

fair

value

is

accounted

for

as

a

variation

margin

payable

or

receivable

in

the

Consolidated

Statement

of

Assets

and

Liabilities.

Over

the

term

of

the

contract,

contractually

required

payments

to

be

paid

and

to

be

received

are

accrued

daily

and

recorded

as

unrealized

appreciation

or

depreciation

until

the

payments

are

made,

at

which

time

they

are

realized.

Interest

rate

swap

contracts

outstanding

at

period

end,

if

any,

are

listed

in

the

Fund's

Consolidated

Schedule

of

Investments.

The

Fund

entered

into

OTC

total

return

swap

contracts

primarily

to

manage

and/or

gain exposure

to equity

price

and

credit

risk

of

an

underlying

instrument

such

as

a

stock,

bond,

index

or

basket

of

securities

or

indices.

A

total

return

swap

is

an

agreement

between

the

Fund

and

a

counterparty

to

exchange

a

return

linked

to

an

underlying

instrument

for

a

floating

or

fixed

rate

payment,

both

based

upon

a

notional

amount.

Over

the

term

of

the

contract,

contractually

required

payments

to

be

paid

or

received

are

accrued

daily

and

recorded

as

unrealized

appreciation or

depreciation

until

the

payments

are

made,

at

which

time

they

are

recognized

as

realized

gain

or

loss. Total

return

swap contracts outstanding

at

period

end,

if

any,

are

listed

in

the

Fund's

Consolidated

Schedule

of

Investments.

See

Note

regarding

other

derivative

information.

g. #### Senior

#### Floating

#### Rate

#### Interests
The

Fund

invests

in

senior

secured

corporate

loans

that

pay

interest

at

rates

which

are

periodically

reset

by

reference

to

a

base

lending

rate

plus

a

spread.

These

base

lending

rates

are

generally

the

prime

rate

offered

by

a

designated

U.S.

bank

or

the

Secured

Overnight

Financing

Rate

(SOFR).

Senior

secured

corporate

loans

often

require

prepayment

of

principal

from

excess

cash

flows

or

at

the

discretion

of

the

borrower.

As

a

result,

actual

maturity

may

be

substantially

less

than

the

stated

maturity.

Senior

secured

corporate

loans

in

which

the Fund

invests

are

generally

readily

marketable,

but

may

be

subject

to

certain

restrictions

on

resale.

h. #### Investments

#### in

#### Franklin

#### Dynamic

#### Asset

#### Allocation

#### Growth

#### 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

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

#### Growth

#### Fund
(continued)

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

$14,093,478,

representing 0.37% of

the

Fund's

consolidated

net

assets.

The

Fund's

investment

in

FT

Subsidiary

is

limited

to

25%

of

consolidated

assets.

i. #### Income

#### and

#### Deferred

#### Taxes
It

is the

Fund

's

policy

to

qualify

as

a

regulated

investment

company

under

the

Internal

Revenue

Code. The Fund

intends

to

distribute

to

shareholders

substantially

all

of

its

taxable

income

and

net

realized

gains

to

relieve

it

from

federal

income

and

excise

taxes.

As

a

result,

no

provision

for

U.S.

federal

income

taxes

is

required.

The

Fund

may

be

subject

to

foreign

taxation

related

to

income

received,

capital

gains

on

the

sale

of

securities

and

certain

foreign

currency

transactions

in

the

foreign

jurisdictions

in

which it

invests.

Foreign

taxes,

if

any,

are

recorded

based

on

the

tax

regulations

and

rates

that

exist

in

the

foreign

markets

in

which

the

Fund

invests.

In

some

cases,

the

Fund

may

be

entitled

to

reclaim

all

or

a

portion

of

such

taxes,

and

such

reclaim

amounts,

if

any,

are

reflected

as

a

dividend

receivable

in

the

Consolidated

Statement

of

Assets

and

Liabilities

and

dividend

income

in

the

Consolidated

Statement

of

Operations.

In

many

cases,

however,

the

Fund

may

not

receive

such

amounts

for

an

extended

period

of

time,

depending

on

the

country

of

investment.

When

a

capital

gain

tax

is

determined

to

apply,

the

Fund

records

an

estimated

deferred

tax

liability

in

an

amount

that

would

be

payable

if

the

securities

were

disposed

of

on

the

valuation

date.

As

a

result

of

several

court

cases,

in

certain

countries

across

the

European

Union, the

Fund

filed

additional

tax

reclaims

for

previously

withheld

taxes

on

dividends

earned

in

those

countries

(EU

reclaims). Income

recognized,

if

any,

for

EU

reclaims

is

reflected

as

other

income

in

the

Consolidated

Statement

of

Operations

and

any

related

receivable,

if

any,

is

reflected

as

European

Union

tax

reclaims

in

the

Consolidated Statement

of

Assets

and

Liabilities.

Any

fees

associated

with

these

filings

are

reflected

in

other

expenses

in

the

Consolidated

Statement

of

Operations.

When

uncertainty

exists

as

to

the

ultimate

resolution

of

these

proceedings,

the

likelihood

of

receipt

of

these

EU

reclaims,

and

the

potential

timing

of

payment,

no

amounts

are

reflected

in

the

consolidated

financial

statements.

For

U.S.

income

tax

purposes,

EU

reclaims

received

by

the

Fund,

if

any,

reduce

the

amount

of

foreign

taxes

Fund

shareholders

can

use

as

tax

deductions

or credits

on

their

income

tax

returns.

The Fund

may

recognize

an

income

tax

liability

related

to

its

uncertain

tax

positions

under

U.S.

GAAP

when

the

uncertain

tax

position

has

a

less

than

50%

probability

that

it

will

be

sustained

upon

examination

by

the

tax

authorities

based

on

its

technical

merits.

As

of

March

31,

2026, the Fund

has

determined

that

no

tax

liability

is

required

in

its

consolidated

financial

statements

related

to

uncertain

tax

positions

for

any

open

tax

years

(or

expected

to

be

taken

in

future

tax

years).

The

Fund's

federal

and

state

income

and

federal

excise

tax

returns

for

the

prior

three

fiscal

years

are

subject

to

examination

by

the

Internal

Revenue

Service

and

state

departments

of

revenue.

j. #### Security

#### Transactions,

#### Investment

#### Income,

#### Expenses

#### and

#### Distributions
Security

transactions

are

accounted

for

on

trade

date.

Realized

gains

and

losses

on

security

transactions

are

determined

on

a

specific

identification

basis.

Interest

income

(including

interest

income

from

payment-in-kind

securities,

if

any)

and

estimated

expenses

are

accrued

daily.

Amortization

of

premium

and

accretion

of

discount

on

debt

securities

are

included

in

interest

income.

Paydown

gains

and

losses

are

recorded

as

an

adjustment

to

interest

income.

The

Fund

may

receive

other

income

from

investments

in

senior

secured

corporate

loans

or

unfunded

commitments,

including

amendment

fees,

consent

fees

or

commitment

fees.

These

fees

are

recorded

as

income

when

received

by

the

Fund.

Facility

fees

are

recognized

as

income

over

the

expected

term

of

the

loan.

Dividend

income

is

recorded

on

the

ex-

dividend

date

except

for

certain

dividends

from

securities

where

the

dividend

rate

is

not

available.

In

such

cases,

the

dividend

is

recorded

as

soon

as

the

information

is

received

by

the

Fund.

Distributions

to

shareholders

are

recorded

on

the

ex-dividend

date.

Distributable

earnings

are

determined

according

to

income

tax

regulations

(tax

basis)

and

may

differ

from

earnings

recorded

in

accordance

with

U.S.

GAAP.

These

differences

may

be

permanent

or

temporary.

1. #### Organization

#### and

#### Significant

#### Accounting

#### Policies
(continued)

h. #### Investments

#### in

#### Franklin

#### Dynamic

#### Asset

#### Allocation

#### Growth

#### Ltd.

#### (FT

#### Subsidiary)
(continued)

Putnam

Asset

Allocation

Funds

Notes

to

Consolidated

Financial

Statements

(unaudited)

franklintempleton.com

Semiannual

Report

#### Putnam

#### Dynamic

#### Asset

#### Allocation

#### Growth

#### Fund
(continued)

Permanent

differences

are

reclassified

among

capital

accounts

to

reflect

their

tax

character.

These

reclassifications

have

no

impact

on

net

assets

or

the

results

of

operations.

Temporary

differences

are

not

reclassified,

as

they

may

reverse

in

subsequent

periods.

Common

expenses

incurred

by

the

Trust

are

allocated

among

the

Funds

based

on

the

ratio

of

net

assets

of

each

Fund

to

the

combined

net

assets

of

the

Trust

or

based

on

the

ratio

of

number

of

shareholders

of

each

Fund

to

the

combined

number

of

shareholders

of

the

Trust.

Fund

specific

expenses

are

charged

directly

to

the

Fund

that

incurred

the

expense.

Realized

and

unrealized

gains

and

losses

and

net

investment

income,

excluding

class

specific

expenses,

are

allocated

daily

to

each

class

of

shares

based

upon

the

relative

proportion

of

net

assets

of

each

class.

Differences

in

per

share

distributions

by

class

are

generally

due

to

differences

in

class

specific

expenses.

k. #### Organization

#### Costs
Organization

costs

were

expensed

as

incurred.

l. #### Accounting

#### Estimates
The

preparation

of

financial

statements

in

accordance

with

U.S.

GAAP

requires

management

to

make

estimates

and

assumptions

that

affect

the

reported

amounts

of

assets

and

liabilities

at

the

date

of

the

financial

statements

and

the

amounts

of

income

and

expenses

during

the

reporting

period.

Actual

results

could

differ

from

those

estimates.

m. #### Guarantees

#### and

#### Indemnifications
Under

the Trust's

organizational

documents,

its

officers

and trustees

are

indemnified

by

the Trust against

certain

liabilities

arising

out

of

the

performance

of

their

duties

to

the

Trust.

Additionally,

in

the

normal

course

of

business,

the Trust,

on

behalf

of

the

Fund, enters

into

contracts

with

service

providers

that

contain

general

indemnification

clauses.

The Trust's

maximum

exposure

under

these

arrangements

is

unknown

as

this

would

involve

future

claims

that

may

be

made

against

the Trust

that

have

not

yet

occurred.

Currently,

the Trust

expects

the

risk

of

loss

to

be

remote.

2. #### Shares

#### of

#### Beneficial

#### Interest
At

March

31,

2026,

there

were

an

unlimited

number

of

shares

authorized

(without

par

value).

Transactions

in

the

Fund's

shares

were

as

follows:

#### Six

#### Months

#### Ended

#### March

#### 31,

#### 2026

#### Year

#### Ended

#### September

#### 30,

#### 2025

#### Shares

#### Amount

#### Shares

#### Amount

#### Class

#### A

#### Shares:
Shares

sold

a

...................................

1,994,345

$44,074,145

4,213,605

$86,116,693

Shares

issued

in

reinvestment

of

distributions

..........

5,649,184

121,965,590

8,983,735

174,284,467

Shares

redeemed

...............................

(6,612,373)

(146,600,087)

(10,633,884)

(217,439,006)

Net

increase

(decrease)

..........................

1,031,156

$19,439,648

2,563,456

$42,962,154

#### Class

#### C

#### Shares:
Shares

sold

...................................

482,645

$9,601,134

968,556

$17,964,513

Shares

issued

in

reinvestment

of

distributions

..........

377,420

7,344,594

744,515

13,118,357

Shares

redeemed

a

..............................

(977,035)

(19,483,414)

(2,750,968)

(51,125,309)

Net

increase

(decrease)

..........................

(116,970)

$(2,537,686)

(1,037,897)

$(20,042,439)

1. #### Organization

#### and

#### Significant

#### Accounting

#### Policies
(continued)

j. #### Security

#### Transactions,

#### Investment

#### Income,

#### Expenses

#### and

#### Distributions
(continued)

Putnam

Asset

Allocation

Funds

Notes

to

Consolidated

Financial

Statements

(unaudited)

franklintempleton.com

Semiannual

Report

#### Putnam

#### Dynamic

#### Asset

#### Allocation

#### Growth

#### 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:

#### Six

#### Months

#### Ended

#### March

#### 31,

#### 2026

#### Year

#### Ended

#### September

#### 30,

#### 2025

#### Shares

#### Amount

#### Shares

#### Amount

#### Class

#### P

#### Shares:
Shares

sold

...................................

41,208,682

$932,404,135

1,873,351

$39,494,983

Shares

issued

in

reinvestment

of

distributions

..........

274,045

6,020,623

328,890

6,492,298

Shares

redeemed

...............................

(1,972,367)

(43,157,027)

(969,741)

(20,463,562)

Net

increase

(decrease)

..........................

39,510,360

$895,267,731

1,232,500

$25,523,719

#### Class

#### R

#### Shares:
Shares

sold

...................................

252,140

$5,411,694

195,890

$3,867,575

Shares

issued

in

reinvestment

of

distributions

..........

54,219

1,129,926

69,954

1,315,144

Shares

redeemed

...............................

(71,673)

(1,530,563)

(213,425)

(4,192,424)

Net

increase

(decrease)

..........................

234,686

$5,011,057

52,419

$990,295

#### Class

#### R5

#### Shares:
Shares

sold

...................................

1,113

$25,874

2,147

$46,012

Shares

issued

in

reinvestment

of

distributions

..........

4,844

1,868

Shares

redeemed

...............................

(6) (141) (16) (320) Net

increase

(decrease)

..........................

1,319

$30,577

2,222

$47,560

#### Class

#### R6

#### Shares:
Shares

sold

...................................

1,580,478

$35,598,519

2,769,253

$57,762,390

Shares

issued

in

reinvestment

of

distributions

..........

1,168,956

25,740,420

1,813,007

35,825,020

Shares

redeemed

...............................

(1,623,342)

(36,479,908)

(4,077,939)

(84,298,029)

Net

increase

(decrease)

..........................

1,126,092

$24,859,031

504,321

$9,289,381

#### Class

#### Y

#### Shares:
Shares

sold

...................................

4,729,546

$106,750,448

8,778,954

$184,778,666

Shares

issued

in

reinvestment

of

distributions

..........

1,278,942

28,098,352

1,480,589

29,212,011

Shares

redeemed

...............................

(3,024,367)

(67,798,415)

(5,945,640)

(123,577,160)

Net

increase

(decrease)

..........................

2,984,121

$67,050,385

4,313,903

$90,413,517

a

May

include

a

portion

of

Class

C

shares

that

were

automatically

converted

to

Class

A. #### Subsidiary

#### Affiliation
Franklin

Advisers,

Inc.

(Advisers)

Investment

manager

Putnam

Investment

Management,

LLC

(Putnam

Management)

Subadvisor

Franklin

Templeton

Investment

Management

Limited

(FTIML)

Subadvisor

Putnam

Advisory

Company,

LLC

(PAC)

Subadvisor

Franklin

Templeton

Services,

LLC

(FT

Services)

Administrative

manager

Franklin

Distributors,

LLC

(Distributors)

Principal

underwriter

Putnam

Investor

Services,

Inc.

(PSERV)

Transfer

agent

2. #### Shares

#### of

#### Beneficial

#### Interest
(continued)

Putnam

Asset

Allocation

Funds

Notes

to

Consolidated

Financial

Statements

(unaudited)

franklintempleton.com

Semiannual

Report

#### Putnam

#### Dynamic

#### Asset

#### Allocation

#### Growth

#### Fund
(continued)

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 0.571%

of

the

Fund's

average daily

net

assets.

Management

fees

paid

by

the

Fund

were

reduced

on

assets

invested

in

FT

Subsidiary,

in

an

amount

equal

to

the

management

fees

paid

by

FT

Subsidiary.

Under

a

subadvisory

agreement,

Putnam

Management

provides

portfolio

management

and

certain

other

advisory

and

related

services

to

the

Fund

or

FT

Subsidiary.

With

respect

to

the

portfolio

management

services,

Advisers

pays

a

fee

to

Putnam

Management

based

on

the

average

net

asset

value

of

the

Fund

and

with

respect

to

the

other

advisory

and

related

services,

Advisers

pays

a

fee

to

Putnam

Management

based

on

the

costs

of

Putnam

Management

in

providing

these

services

to

the

Fund

or

FT

Subsidiary.

These

fees

are

not

an

additional

expense

to

the

Fund

or

FT

Subsidiary.

Under

a

subadvisory

agreement,

FTIML

provides

subadvisory

services

to

the

Fund

or

FT

Subsidiary.

The

subadvisory

fee

is

paid by Advisers

based

on

the

average

net

assets

managed

by

FTIML,

and

is

not

an

additional

expense

of

the

Fund

or

FT

Subsidiary.

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.

#### Annualized

#### Fee

#### Rate

#### Net

#### Assets
0.750%

of

the

first

$5

billion,

0.700%

of

the

next

$5

billion,

0.650%

of

the

next

$10

billion,

0.600%

of

the

next

$10

billion,

0.550%

of

the

next

$50

billion,

0.530%

of

the

next

$50

billion,

0.520%

of

the

next

$100

billion

and

0.515%

of

any

excess

thereafter.

3. #### Transactions

#### with

#### Affiliates
(continued)

Putnam

Asset

Allocation

Funds

Notes

to

Consolidated

Financial

Statements

(unaudited)

franklintempleton.com

Semiannual

Report

#### Putnam

#### Dynamic

#### Asset

#### Allocation

#### Growth

#### Fund
(continued)

c. #### Distribution

#### Fees
The

Fund

has

adopted

distribution

plans

(the

Plans)

with

respect

to

the

following

share

classes

pursuant

to

Rule

12b–1

under

the

1940

Act.

The

purpose

of

the

Plans

is

to

compensate

Distributors

for

services

provided

and

expenses

incurred

in

distributing

shares

of

the

Fund.

The

Plans

provide

payments

by

the

Fund

to

Distributors

at

an

annual

rate

of

up

to

the

following

amounts

(Maximum

%)

of

the

average

net

assets

attributable

to

each

class.

The

Trustees

have

approved

payment

by

the

Fund

at

the

following

annual

rate

(Approved

%)

of

the

average

net

assets

attributable

to

each

class.

d. #### Sales

#### Charges/Underwriting

#### Agreements
Front-end

sales

charges

and

contingent

deferred

sales

charges

(CDSC)

do

not

represent

expenses

of

the

Fund.

These

charges

are

deducted

from

the

proceeds

of

sales

of

fund

shares

prior

to

investment

or

from

redemption

proceeds

prior

to

remittance,

as

applicable.

Distributors

has

advised

the

Fund

of

the

following

commission

transactions

related

to

the

sales

and

redemptions

of

the

Fund's

shares

for

the

period:

e. #### Transfer

#### Agent

#### Fees
PSERV,

an

affiliate

of

Advisers,

provides

investor

servicing

agent

functions

to

the

Fund.

PSERV

received

fees

for

investor

servicing

for

Class

A,

Class

C,

Class

R

and

Class

Y shares

that

included

(1) a

per

account

fee

for

each

direct

and

underlying

non-defined

contribution

account

(retail

account)

of

the

Fund;

(2) a

specified

rate

of

the

Fund's

assets

attributable

to

defined

contribution

plan

accounts;

and

(3) a

specified

rate

based

on

the

average

net

assets

in

retail

accounts.

PSERV

has

agreed

that

the

aggregate

investor

servicing

fees

for

each

Fund's

retail

and

defined

contribution

accounts

for

these

share

classes

will

not

exceed

an

annual

rate

of

0.25%

of

the

Fund's

average

assets

attributable

to

such

accounts.

Class P

shares

paid

a

monthly

fee

based

on

the

average

net

assets

of

Class P

shares

at

an

annual

rate

of

0.01%.

Class R5

shares

paid

a

monthly

fee

based

on

the

average

net

assets

of

Class R5

shares

at

an

annual

rate

of

0.15%.

Class R6

shares

paid

a

monthly

fee

based

on

the

average

net

assets

of

Class R6

shares

at

an

annual

rate

of

0.05%.

f. #### Trustee

#### Fees
The

Fund

has

adopted

a

Trustee

Fee

Deferral

Plan

(the

Deferral

Plan)

which

allows

the

Trustees to

defer

the

receipt

of

all

or

a

portion

of

Trustees'

fees

payable

from

July

1,

1995

through

December

31,

2023. The

deferred

fees

remain

invested

in

certain

Putnam

funds

until

distribution

in

accordance

with

the

Deferral

Plan.

The

Fund

has

adopted

an

unfunded

noncontributory

defined

benefit

pension

plan

(the

Pension

Plan)

covering

all

Trustees

of

the

Fund

who

have

served

as

a

Trustee

for

at

least

five

years

and

were

first

elected

prior

to

2004. Benefits

under

the

Pension

Plan

are

equal

to

50%

of

the

Trustee's

average

annual

attendance

and

retainer

fees

for

the

three

years

ended

December

31,

2005. The

retirement

benefit

is

payable

during

a

Trustee's

lifetime,

beginning

the

year

following

retirement,

for

the

number

of

years

of

service

through

December

31,

2006. Pension

expense

for

the

Fund

is

included

in

the

Trustees' fees

and

expenses

#### Maximum

#### %

#### Approved

#### %
Class

A

...................................................................

0.35%

0.25%

Class

C

...................................................................

1.00%

1.00%

Class

R

...................................................................

1.00%

0.50%

Sales

charges

retained

net

of

commissions

paid

to

unaffiliated

brokers/dealers

..............................

$99,015

CDSC

retained

..............................................................................

$7,720

3. #### Transactions

#### with

#### Affiliates
(continued)

Putnam

Asset

Allocation

Funds

Notes

to

Consolidated

Financial

Statements

(unaudited)

franklintempleton.com

Semiannual

Report

#### Putnam

#### Dynamic

#### Asset

#### Allocation

#### Growth

#### Fund
(continued)

in

the

Consolidated

Statement

of

Operations.

Accrued

pension

liability

is

included

in

Payable

for

Trustees' fees

and

expenses

in

the

Consolidated

Statement

of

Assets

and

Liabilities.

The

Trustees

have

terminated

the

Pension

Plan

with

respect

to

any

Trustee

first

elected

after

2003. g. #### Investments

#### in

#### Affiliated

#### Management

#### Investment

#### Companies
The

Fund

invests

in

one

or

more

affiliated

management

investment

companies.

As

defined

in

the

1940

Act,

an

investment

is

deemed

to

be

a

"Controlled

Affiliate"

of

a

fund

when

a

fund

owns,

either

directly

or

indirectly,

25%

or

more

of

the

affiliated

fund's

outstanding

shares

or

has

the

power

to

exercise

control

over

management

or

policies

of

such

fund.

The

Fund

does

not

invest

for

purposes

of

exercising

a

controlling

influence

over

the

management

or

policies.

Management

fees

paid

by

the

Fund

are

waived

on

assets

invested

in

the

affiliated

management

investment

companies,

as

noted

in

the

Consolidated

Statement

of

Operations,

in

an

amount

not

to

exceed

the

management

and

administrative

fees,

if

applicable, paid

directly

or

indirectly

by

each

affiliate.

During

the

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.

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.

#### &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

#### Growth

#### Fund

#### Non-Controlled

#### Affiliates
Dividends

Putnam

Government

Money

Market

Fund,

Class

G,

3.489%

.

$—

$19,565,267

$(5,533,975)

$—

$—

$14,031,292

14,031,292

$144,988

Putnam

Short

Term

Investment

Fund,

Class

P,

3.821%

......

94,625,401

484,638,486

(354,124,240)

—

—

225,139,647

225,139,647

2,072,893

#### Total

#### Affiliated

#### Securities

#### ...
$94,625,401

$504,203,753

$(359,658,215)

$—

$—

$239,170,939

$2,217,881

3. #### Transactions

#### with

#### Affiliates
(continued)

f. #### Trustee

#### Fees
(continued)

Putnam

Asset

Allocation

Funds

Notes

to

Consolidated

Financial

Statements

(unaudited)

franklintempleton.com

Semiannual

Report

#### Putnam

#### Dynamic

#### Asset

#### Allocation

#### Growth

#### Fund
(continued)

5. #### Income

#### Taxes
At

March

31,

2026,

the

cost

of

investments

and

net

unrealized

appreciation

(depreciation) for

income

tax

purposes

were

as

follows:

Differences

between

income

and/or

capital

gains

as

determined

on

a

book

basis

and

a

tax

basis

are

primarily

due

to

differing

treatments

of

defaulted

securities,

wash

sales,

passive

foreign

investment

company

shares,

tax

straddles

and

derivative

financial

instruments.

6. #### Investment

#### Transactions
Purchases

and

sales

of

investments (excluding

short

term

securities) for

the

period

ended

March

31,

2026,

aggregated

$1,880,307,875 and

$1,329,040,978,

respectively.

7. #### Defaulted

#### Securities
The

Fund held

a defaulted

security

and/or

other

securities

for

which

the

income

has

been

deemed

uncollectible.

At

March

31,

2026,

the

value

of

this

security represents less

than

0.1%

of

the

Fund's net

assets.

The

Fund

discontinues

accruing

income

on

securities

for

which

income

has

been

deemed

uncollectible

and

provides

an

estimate

for

losses

on

interest

receivable.

The

security

has

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

..........................................................................

$3,076,832,057

Unrealized

appreciation

........................................................................

$1,020,103,437

Unrealized

depreciation

........................................................................

(207,432,230)

Net

unrealized

appreciation

(depreciation)

..........................................................

$812,671,207

#### Shares

#### Issuer

#### Acquisition

#### Date

#### Cost

#### Value

#### Putnam

#### Dynamic

#### Asset

#### Allocation

#### Growth

#### Fund
3,923

Pfizer,

Inc.,

CVR,

3/31/32

......................

11/14/25

$

19,223

$

19,223

#### Total

#### Restricted

#### Securities
(Value

is

0.0%

†

of

Net

Assets)

#### ..............
$19,223

$19,223

†

Rounds

to

less

than

0.1%

of

net

assets.

Putnam

Asset

Allocation

Funds

Notes

to

Consolidated

Financial

Statements

(unaudited)

franklintempleton.com

Semiannual

Report

#### Putnam

#### Dynamic

#### Asset

#### Allocation

#### Growth

#### 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:

#### Borrower

#### Unfunded

#### Commitment
First

Eagle

Holdings,

Inc.

$

33,542

#### 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

#### Growth

#### Fund
Interest

rate

contracts

.......

Variation

margin

on

futures

contracts

$

842,743

a

Variation

margin

on

futures

contracts

$

5,529,606

a

Variation

margin

on

centrally

cleared

swap

contracts

775,433

a

Variation

margin

on

centrally

cleared

swap

contracts

1,389,126

a

Foreign

exchange

contracts

..

Unrealized

appreciation

on

OTC

forward

exchange

contracts

1,117,147

Unrealized

depreciation

on

OTC

forward

exchange

contracts

2,104,411

Credit

contracts

............

Variation

margin

on

centrally

cleared

swap

contracts

49,514

a

Variation

margin

on

centrally

cleared

swap

contracts

995,759

a

OTC

swap

contracts

(upfront

payments)

OTC

swap

contracts

(upfront

receipts)

Unrealized

appreciation

on

OTC

swap

contracts

8,151

Unrealized

depreciation

on

OTC

swap

contracts

Equity

contracts

...........

Variation

margin

on

futures

contracts

383,261

a

Variation

margin

on

futures

contracts

1,107,269

a

Unrealized

appreciation

on

OTC

swap

contracts

9,587,595

Unrealized

depreciation

on

OTC

swap

contracts

5,706,166

Total

....................

$12,763,908

$16,832,526

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.

Putnam

Asset

Allocation

Funds

Notes

to

Consolidated

Financial

Statements

(unaudited)

franklintempleton.com

Semiannual

Report

#### Putnam

#### Dynamic

#### Asset

#### Allocation

#### Growth

#### 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

$516,872,814

and

$738,141,248,

respectively. The

average

month

end

contract

value

of

forward

exchange

contracts

was

$202,145,286.

At

March

31,

2026,

the

Fund's

OTC

derivative

assets

and

liabilities

are

as

follows:

#### 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

#### Growth

#### Fund
Net

realized

gain

(loss)

from:

Net

change

in

unrealized

&nbsp;&nbsp;&nbsp;&nbsp;appreciation

(depreciation)

on:

Interest

rate

contracts

..........

Futures

contracts

$6,509,577

Futures

contracts

$(5,706,827)

Swap

contracts

(923,404)

Swap

contracts

(267,910)

Foreign

exchange

contracts

.....

Forward

exchange

contracts

935,801

Forward

exchange

contracts

(1,280,644)

Credit

contracts

...............

Swap

contracts

1,079,360

Swap

contracts

(1,271,896)

Equity

contracts

..............

Futures

contracts

(1,969,406)

Futures

contracts

260,712

Swap

contracts

2,549,211

Swap

contracts

2,394,410

Commodity

contracts

..........

Futures

contracts

2,726,613

Futures

contracts

234,984

Total

.......................

$10,907,752

$(5,637,171)

#### Gross

#### Amounts

#### of

#### Assets

#### and

#### Liabilities

#### Presented

#### in

#### the

#### Consolidated

#### Statement

#### of

#### Assets

#### and

#### Liabilities

#### Assets

#### a

#### Liabilities

#### a

#### Putnam

#### Dynamic

#### Asset

#### Allocation

#### Growth

#### Fund
Forward

Exchange

Contracts

.............................

$

1,117,147

$

2,104,411

Swap

Contracts

.......................................

9,595,810

5,706,355

Total

.............................................

$10,712,957

$7,810,766

a

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.

10. #### Other

#### Derivative

#### Information
(continued)

Putnam

Asset

Allocation

Funds

Notes

to

Consolidated

Financial

Statements

(unaudited)

franklintempleton.com

Semiannual

Report

#### Putnam

#### Dynamic

#### Asset

#### Allocation

#### Growth

#### Fund
(continued)

At

March

31,

2026,

OTC

derivative

assets,

which

may

be

offset

against

the

Fund's

OTC

derivative

liabilities

and

collateral

received

from

the

counterparty,

are

as

follows:

#### Amounts

#### Not

#### Offset

#### in

#### the

#### Consolidated

#### Statement

#### of

#### Assets

#### and

#### Liabilities

#### Gross

#### Amounts

#### of

#### Assets

#### Presented

#### in

#### the

#### Consolidated

#### Statement

#### of

#### Assets

#### and

#### Liabilities

#### Financial

#### Instruments

#### Available

#### for

#### Offset

#### Financial

#### Instruments

#### Collateral

#### Received

#### a

#### Cash

#### Collateral

#### Received

#### b

#### Net

#### Amount

#### (Not

#### less

#### than

#### zero)

#### Putnam

#### Dynamic

#### Asset

#### Allocation

#### Growth

#### Fund

#### Counterparty
BOFA

....................

$

94,299

$

(94,299)

$

—

$

—

$

—

BZWS

...................

3,538,931

(2,145,792)

—

(1,393,139)

—

CITI

.....................

77,809

(61,779)

—

(16,030)

—

GSCO

...................

6,142,577

(3,675,532)

—

(310,034)

2,157,011

HSBK

...................

104,079

(45,019)

(20,091)

—

38,969

JPHQ

...................

40,611

(6,521)

—

—

34,090

MSCO

...................

350,764

(203,276)

—

(110,000)

37,488

SSBT

....................

148,128

(115,319)

—

(32,809)

—

TDOM

...................

162,825

(146,441)

—

(16,384)

—

UBSW

...................

38,624

(38,624)

—

—

—

WPAC

...................

14,310

(14,310)

—

—

—

Total

...................

$10,712,957

$(6,546,912)

$(20,091)

$(1,878,396)

$2,267,558

$

a

At

March

31,

2026,

the

Fund

received

U.S

Treasury

Bills,

Bonds

and

Notes

as

collateral

for

derivatives.

b

In

some

instances,

the

collateral

amounts

disclosed

in

the

table

above

were

adjusted

due

to

the

requirement

to

limit

the

collateral

amounts

to

avoid

the

effect

of

overcollateralization.

Actual

collateral

received

and/or

pledged

may

be

more

than

the

amounts

disclosed

herein.

10. #### Other

#### Derivative

#### Information
(continued)

Putnam

Asset

Allocation

Funds

Notes

to

Consolidated

Financial

Statements

(unaudited)

franklintempleton.com

Semiannual

Report

#### Putnam

#### Dynamic

#### Asset

#### Allocation

#### Growth

#### Fund
(continued)

At

March

31,

2026,

OTC

derivative

liabilities,

which

may

be

offset

against

the

Fund's

OTC

derivative

assets

and

collateral

pledged

to

the

counterparty,

are

as

follows:

See

Note

1(f) regarding

derivative

financial

instruments.

See

Abbreviations

on

.

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.

#### Amounts

#### Not

#### Offset

#### in

#### the

#### Consolidated

#### Statement

#### of

#### Assets

#### and

#### Liabilities

#### Gross

#### Amounts

#### of

#### Liabilities

#### Presented

#### in

#### the

#### Consolidated

#### Statement

#### of

#### Assets

#### and

#### Liabilities

#### Financial

#### Instruments

#### Available

#### for

#### Offset

#### Financial

#### Instruments

#### Collateral

#### Pledged

#### a,b

#### Cash

#### Collateral

#### Pledged

#### Net

#### Amount

#### (Not

#### less

#### than

#### zero)

#### Putnam

#### Dynamic

#### Asset

#### Allocation

#### Growth

#### Fund

#### Counterparty
BOFA

....................

$

1,323,368

$

(94,299)

$

(1,229,069)

$

—

$

—

BZWS

...................

2,145,792

(2,145,792)

—

—

—

CITI

.....................

61,779

(61,779)

—

—

—

GSCO

...................

3,675,532

(3,675,532)

—

—

—

HSBK

...................

45,019

(45,019)

—

—

—

JPHQ

...................

6,521

(6,521)

—

—

—

MSCO

...................

203,276

(203,276)

—

—

—

SSBT

....................

115,319

(115,319)

—

—

—

TDOM

...................

146,441

(146,441)

—

—

—

UBSW

...................

52,292

(38,624)

—

—

13,668

WPAC

...................

35,427

(14,310)

—

—

21,117

Total

...................

$7,810,766

$(6,546,912)

$(1,229,069)

$—

$34,785

a

See

the

accompanying

Consolidated

Schedule

of

Investments

for

securities

pledged

as

collateral

for

derivatives.

b

In

some

instances,

the

collateral

amounts

disclosed

in

the

table

above

were

adjusted

due

to

the

requirement

to

limit

the

collateral

amounts

to

avoid

the

effect

of

overcollateralization.

Actual

collateral

received

and/or

pledged

may

be

more

than

the

amounts

disclosed

herein.

10. #### Other

#### Derivative

#### Information
(continued)

Putnam

Asset

Allocation

Funds

Notes

to

Consolidated

Financial

Statements

(unaudited)

franklintempleton.com

Semiannual

Report

#### Putnam

#### Dynamic

#### Asset

#### Allocation

#### Growth

#### Fund
(continued)

12. #### Fair

#### Value

#### Measurements
The

Fund

follows

a

fair

value

hierarchy

that

distinguishes

between

market

data

obtained

from

independent

sources

(observable

inputs)

and

the Fund's

own

market

assumptions

(unobservable

inputs).

These

inputs

are

used

in

determining

the

value

of

the

Fund's financial

instruments

and

are

summarized

in

the

following

fair

value

hierarchy:

Level

–

quoted

prices

in

active

markets

for

identical

financial

instruments

Level

–

other

significant

observable

inputs

(including

quoted

prices

for

similar

financial

instruments,

interest

rates,

prepayment

speed,

credit

risk,

etc.)

Level

–

significant

unobservable

inputs

(including

the

Fund's

own

assumptions

in

determining

the

fair

value

of

financial

instruments)

The

input

levels

are

not

necessarily

an

indication

of

the

risk

or

liquidity

associated

with

financial

instruments

at

that

level.

A

summary

of

inputs

used

as

of

March

31,

2026,

in

valuing

the

Fund's assets

and

liabilities carried

at

fair

value,

is

as

follows:

#### Level

#### 1

#### Level

#### 2

#### Level

#### 3

#### Total

#### Putnam

#### Dynamic

#### Asset

#### Allocation

#### Growth

#### Fund

#### Assets:
Investments

in

Securities:

a

Common

Stocks

:

Aerospace

&

Defense

...................

$

61,250,551

$

19,090,540

$

—

$

80,341,091

Air

Freight

&

Logistics

...................

13,416,450

—

—

13,416,450

Automobile

Components

.................

3,389,520

2,692,401

—

6,081,921

Automobiles

..........................

51,858,649

6,479,104

—

58,337,753

Banks

...............................

90,440,566

102,718,113

—

193,158,679

Beverages

...........................

34,508,540

2,152,114

—

36,660,654

Biotechnology

.........................

69,743,948

381,090

—

70,125,038

Broadline

Retail

.......................

83,597,985

14,006,187

—

97,604,172

Building

Products

......................

13,717,120

3,293,977

—

17,011,097

Capital

Markets

........................

82,954,674

22,470,643

—

105,425,317

Chemicals

...........................

43,469,710

4,095,635

—

47,565,345

Commercial

Services

&

Supplies

...........

3,668,617

—

—

3,668,617

Communications

Equipment

..............

35,822,795

1,559,039

—

37,381,834

Construction

&

Engineering

...............

6,205,905

10,781,669

—

16,987,574

Construction

Materials

..................

11,088,226

7,945,138

—

19,033,364

Consumer

Finance

.....................

19,877,427

—

—

19,877,427

Consumer

Staples

Distribution

&

Retail

......

44,650,539

2,024,151

—

46,674,690

Containers

&

Packaging

.................

6,150,304

—

—

6,150,304

Distributors

...........................

402,740

—

—

402,740

Diversified

Consumer

Services

............

4,637,423

—

—

4,637,423

Diversified

REITs

......................

301,463

—

—

301,463

Diversified

Telecommunication

Services

.....

21,941,636

8,071,847

—

30,013,483

Electric

Utilities

........................

37,645,666

13,421,955

—

51,067,621

Electrical

Equipment

....................

40,761,165

29,859,677

—

70,620,842

Electronic

Equipment,

Instruments

&

Components

........................

5,731,017

2,389,700

—

8,120,717

Energy

Equipment

&

Services

.............

20,472,161

—

—

20,472,161

Entertainment

.........................

39,689,051

5,322,052

—

45,011,103

Financial

Services

......................

68,077,830

9,368,963

—

77,446,793

Food

Products

........................

6,035,826

8,466,335

—

14,502,161

Gas

Utilities

..........................

2,558,989

1,332,819

—

3,891,808

Ground

Transportation

..................

12,882,610

—

—

12,882,610

Health

Care

Equipment

&

Supplies

.........

34,484,473

11,032,509

—

45,516,982

Health

Care

Providers

&

Services

..........

28,963,080

2,848,910

—

31,811,990

Health

Care

REITs

.....................

2,793,949

—

—

2,793,949

Putnam

Asset

Allocation

Funds

Notes

to

Consolidated

Financial

Statements

(unaudited)

franklintempleton.com

Semiannual

Report

#### Putnam

#### Dynamic

#### Asset

#### Allocation

#### Growth

#### Fund
(continued)

#### Level

#### 1

#### Level

#### 2

#### Level

#### 3

#### Total

#### Putnam

#### Dynamic

#### Asset

#### Allocation

#### Growth

#### Fund
(continued)

#### Assets:
(continued)

Investments

in

Securities:

a

(continued)

Common

Stocks:

(continued)

Health

Care

Technology

.................

$

12,999,335

$

—

$

—

$

12,999,335

Hotel

&

Resort

REITs

...................

1,068,552

—

—

1,068,552

Hotels,

Restaurants

&

Leisure

.............

38,289,710

9,178,885

—

47,468,595

Household

Durables

....................

14,364,999

4,120,609

—

18,485,608

Household

Products

....................

27,633,551

4,023,739

—

31,657,290

Independent

Power

and

Renewable

Electricity

Producers

..........................

2,427,303

8,034,900

—

10,462,203

Industrial

Conglomerates

................

12,324,361

11,780,533

—

24,104,894

Industrial

REITs

.......................

5,679,066

—

—

5,679,066

Insurance

............................

43,870,815

29,381,317

—

73,252,132

Interactive

Media

&

Services

..............

165,189,282

13,203,113

—

178,392,395

IT

Services

...........................

12,692,985

1,895,118

—

14,588,103

Leisure

Products

.......................

2,159,734

2,758,152

—

4,917,886

Life

Sciences

Tools

&

Services

............

12,307,735

5,920,307

—

18,228,042

Machinery

............................

49,866,488

13,284,696

—

63,151,184

Marine

Transportation

...................

1,000,854

1,475,562

—

2,476,416

Media

...............................

4,026,132

583,279

—

4,609,411

Metals

&

Mining

.......................

12,563,361

35,220,637

—

47,783,998

Mortgage

Real

Estate

Investment

Trusts

(REITs)

............................

1,648,773

—

—

1,648,773

Multi-Utilities

..........................

8,872,945

3,045,334

—

11,918,279

Office

REITs

..........................

2,764,344

—

—

2,764,344

Oil,

Gas

&

Consumable

Fuels

.............

65,380,331

42,810,264

—

108,190,595

Paper

&

Forest

Products

.................

138,589

—

—

138,589

Passenger

Airlines

.....................

12,797,498

7,396,514

—

20,194,012

Personal

Care

Products

.................

—

4,673,335

—

4,673,335

Pharmaceuticals

.......................

81,242,532

59,307,885

—

140,550,417

Professional

Services

...................

7,388,301

2,317,922

—

9,706,223

Real

Estate

Management

&

Development

....

8,100,066

1,645,290

—

9,745,356

Residential

REITs

......................

8,580,815

—

—

8,580,815

Retail

REITs

..........................

10,832,673

—

—

10,832,673

Semiconductors

&

Semiconductor

Equipment

.

286,232,479

75,352,913

—

361,585,392

Software

.............................

161,724,456

5,871,142

—

167,595,598

Specialized

REITs

......................

15,359,829

—

—

15,359,829

Specialty

Retail

........................

12,779,038

1,866,180

—

14,645,218

Technology

Hardware,

Storage

&

Peripherals

.

148,562,621

20,967,238

—

169,529,859

Textiles,

Apparel

&

Luxury

Goods

..........

2,135,677

4,169,049

—

6,304,726

Tobacco

.............................

23,118,666

9,124,925

—

32,243,591

Trading

Companies

&

Distributors

..........

6,269,547

8,658,770

—

14,928,317

Transportation

Infrastructure

..............

915,655

3,361,410

—

4,277,065

Water

Utilities

.........................

4,174,551

—

—

4,174,551

Wireless

Telecommunication

Services

.......

9,093,098

16,456,786

—

25,549,884

Management

Investment

Companies

.........

12,554,451

—

—

12,554,451

Convertible

Preferred

Stocks

................

673,148

—

—

673,148

Preferred

Stocks

:

Banks

...............................

4,637,662

—

—

4,637,662

Technology

Hardware,

Storage

&

Peripherals

.

—

2,422,273

—

2,422,273

Rights

.................................

—

—

38,263

38,263

Convertible

Bonds

.......................

—

1,134,237

—

1,134,237

Corporate

Bonds

........................

—

253,706,582

—

253,706,582

Senior

Floating

Rate

Interests

...............

—

12,366,056

—

12,366,056

Foreign

Government

and

Agency

Securities

....

—

13,630,081

—

13,630,081

U.S.

Government

and

Agency

Securities

.......

—

20,091

—

20,091

12. #### Fair

#### Value

#### Measurements
(continued)

Putnam

Asset

Allocation

Funds

Notes

to

Consolidated

Financial

Statements

(unaudited)

franklintempleton.com

Semiannual

Report

#### Putnam

#### Dynamic

#### Asset

#### Allocation

#### Growth

#### Fund
(continued)

A

reconciliation

in

which

Level

inputs

are

used

in

determining

fair

value

is

presented

when

there

are

significant

Level

assets

and/or

liabilities

at

the

beginning

and/or

end

of

the period.

13. #### Operating

#### Segments
The Fund operates

as

a

single

operating

segment,

which

is

an

investment

portfolio.

The

portfolio

managers

assigned

to

the

Fund

within

the

Fund's

investment

manager serve

as

the

Chief

Operating

Decision

Maker

("CODM")

and

are

responsible

for

evaluating

the

Fund's

operating

results

and

allocating

resources

in

accordance

with

the

Fund's

investment

strategy.

Internal

reporting

provided

to

the

CODM

aligns

with

the

accounting

policies

and

measurement

principles

used

in

the consolidated

financial

statements.

For

information

regarding

segment

assets,

segment

profit

or

loss,

and

significant

expenses,

refer

to

the Consolidated

Statement

of

Assets

and

Liabilities

and

the Consolidated

Statement

of

Operations,

along

with

the

related

notes

to

the consolidated

financial

statements.

The Consolidated

Schedule

of

Investments

provides

details

of

the Fund's investments

that

generate

returns

such

as

interest,

dividends,

and

realized

and

unrealized

gains

or

losses.

Performance

metrics,

including

portfolio

turnover

and

expense

ratios,

are

disclosed

in

the Consolidated

Financial

Highlights.

14. #### Subsequent

#### Events
The Fund

has

evaluated

subsequent

events

through

the

issuance

of

the

consolidated

financial

statements

and

determined

that

no

events

have

occurred

that

require

disclosure

other

than

those

already

disclosed

in

the

consolidated

financial

statements.

#### Level

#### 1

#### Level

#### 2

#### Level

#### 3

#### Total

#### Putnam

#### Dynamic

#### Asset

#### Allocation

#### Growth

#### Fund
(continued)

#### Assets:
(continued)

Investments

in

Securities:

a

(continued)

Asset-Backed

Securities

...................

$

—

$

28,680,775

$

—

$

28,680,775

Commercial

Mortgage-Backed

Securities

......

—

19,183,072

—

19,183,072

Mortgage-Backed

Securities

................

—

198,314,024

—

198,314,024

Residential

Mortgage-Backed

Securities

.......

—

15,482,164

—

15,482,164

Agency

Commercial

Mortgage-Backed

Securities

—

20,289,059

—

20,289,059

Municipal

Bonds

.........................

—

1,840,829

—

1,840,829

Short

Term

Investments

...................

239,235,276

117,739,442

—

356,974,718

Total

Investments

in

Securities

...........

$2,556,867,889

$1,384,499,057

b

$38,263

$3,941,405,209

Other

Financial

Instruments:

Forward

Exchange

Contracts

...............

$—

$1,117,147

$—

$1,117,147

Futures

Contracts

.......................

1,226,004

—

—

1,226,004

Swap

Contracts

.........................

—

10,420,693

—

10,420,693

Total

Other

Financial

Instruments

.........

$1,226,004

$11,537,840

$—

$12,763,844

#### Liabilities:
Other

Financial

Instruments:

TBA

Sale

Commitments

...................

$

—

$

52,818,468

$

—

$

52,818,468

Forward

Exchange

Contracts

...............

—

2,104,411

—

2,104,411

Futures

Contracts

........................

6,636,875

—

—

6,636,875

Swap

Contracts

.........................

—

8,091,178

—

8,091,178

Unfunded

Loan

Commitments

...............

—

—

Total

Other

Financial

Instruments

.........

$6,636,875

$63,014,267

$—

$69,651,142

a

For

detailed

categories,

see

the

accompanying

Consolidated

Schedule

of

Investments.

b

Includes

foreign

securities

valued

at

$702,060,666,

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

#### Growth

#### Fund
(continued)

#### Abbreviations

#### Counterparty

#### BOFA
Bank

of

America

NA

#### BZWS
Barclays

Bank

plc

#### CITI
Citibank

NA

#### GSCO
Goldman

Sachs

Group,

Inc.

#### HSBK
HSBC

Bank

plc

#### JPHQ
JPMorgan

Chase

Bank

NA

#### MSCO
Morgan

Stanley

#### SSBT
State

Street

Bank

and

Trust

Co.

#### TDOM
Toronto

Dominion

Bank

#### UBSW
UBS

AG

#### WPAC
Westpac

Banking

Corp.

#### Cu

#### r

#### rency

#### AUD
Australian

Dollar

#### EUR
Euro

#### GBP
British

Pound

#### HKD
Hong

Kong

Dollar

#### 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

#### CMBX.NA.

#### Series

#### number
CMBX

North

America

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

#### PJSC
Public

Joint

Stock

Company

#### REIT
Real

Estate

Investment

Trust

#### REMIC
Real

Estate

Mortgage

Investment

Conduit

#### SOFR
Secured

Overnight

Financing

Rate

#### STACR
Structured

Agency

Credit

Risk

#### T-Note
Treasury

Note

The

following

reference

rates,

and

their

values

as

of

period

end,

are

used

for

security

descriptions:

#### Reference

#### Index

#### Reference

#### Rate
1-day

SOFR

........................

3.68%

Putnam

Asset

Allocation

Funds

franklintempleton.com

Semiannual

Report

#### Changes

#### In

#### and

#### Disagreements

#### with

#### Accountants
For

the

period

covered

by

this

report

Not

applicable.

#### Results

#### of

#### Meeting(s)

#### of

#### Shareholders
For

the

period

covered

by

this

report

Not

applicable.

#### Remuneration

#### Paid

#### to

#### Directors,

#### Officers

#### and

#### Others
For

the

period

covered

by

this

report

Refer

to

the

consolidated

financial

statements

included

herein.

Remuneration

to

officers

is

paid

by

the

Fund's

investment

manager

according

to

the

terms

of

the

agreement.

#### Board

#### Approval

#### of

#### Management

#### and

#### Subadvisory

#### Agreements
For

the

period

covered

by

this

report

Not

applicable.

38952-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.](paaf-efp24642_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.](paaf-efp24642_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.