# EDGAR Filing Document

**Accession Number:** 0000914209
**File Stem:** 0001133228-25-013003
**Filing Date:** 2025-12
**Character Count:** 576537
**Document Hash:** 1a62cc0833b7398006d184ef14b27de7
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001133228-25-013003.hdr.sgml**: 20251201

**ACCESSION NUMBER**: 0001133228-25-013003

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 55

**CONFORMED PERIOD OF REPORT**: 20250930

**FILED AS OF DATE**: 20251201

**DATE AS OF CHANGE**: 20251201

**EFFECTIVENESS DATE**: 20251201

**FILER**: 

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

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

**FILING VALUES:**
- **FORM TYPE:** N-CSR
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-07121
- **FILM NUMBER:** 251538373

**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'? 2025-10-2074200171300_PutnamDynamicAssetAllocationGrowthFund_ClassA_TSRAnnual

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

**FORM N-CSR**

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

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

**Putnam Asset Allocation Funds**

(Exact name of registrant as specified in charter)

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

(Address of principal executive offices) (Zip code)

Stephen Tate, Vice President

100 Federal Street,

Boston, Massachusetts 02110

Copy to:

Bryan Chegwidden, Esq.

Ropes & Gray LLP

1211 Avenue of the Americas

New York, NY 10036

James E. Thomas, Esq.

Ropes & Gray LLP

800 Boylston Street

Boston, Massachusetts 02199

(Name and address of agent for service)

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

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

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

ITEM 1. REPORT TO STOCKHOLDERS.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) ---

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

---

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

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

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

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of a** **$10,000 investment**<sup>\*</sup>  |
| Class A | $105 | 0.98% |

---

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

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

For the twelve months ended September 30, 2025, Class A shares of Putnam Dynamic Asset Allocation Growth Fund returned 15.13%. The Fund compares its performance to the Russell 3000 Index and the Putnam Growth Blended Benchmark†, which returned 17.41% and 14.53%, respectively, for the same period.

**PERFORMANCE HIGHLIGHTS**

---

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

---

---

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

---

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

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

Putnam Dynamic Asset Allocation Growth Fund PAGE 1 38952-ATSA-1125

------

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

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

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

**Class A** 9/30/2015 — 9/30/2025

![image](ts5313img003.jpg)

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

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| **Class A**  | 15.13 | 12.41 | 10.47 |
| **Class A (with sales charge)**  | 8.51 | 11.09 | 9.82 |
| **Russell 3000 Index**  | 17.41 | 15.74 | 14.71 |
| **Putnam Growth Blended Benchmark**<sup>†</sup>  | 14.53 | 11.80 | 11.19 |

---

† The
 Putnam Growth Blended Benchmark is comprised of 60% Russell 3000 Index, 15% MSCI EAFE Index-NR, 15% Bloomberg U.S. Aggregate Index, 5% JPMorgan Developed
 High Yield Index, and 5% MSCI Emerging Markets Index.

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

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

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

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

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

---

| | |
|:---|:---|
| **Total Net Assets** | $2972778877 |
| **Total Number of Portfolio Holdings (excludes derivatives, except purchased options, if any)** | 2203 |
| **Total Management Fee Paid** | $15632064 |
| **Portfolio Turnover Rate** | 100% |

---

Putnam Dynamic Asset Allocation Growth Fund PAGE 2 38952-ATSA-1125

------

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

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

![image](ts5313img004.jpg)

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

† Certain
 categories may represent less than 0.1%.

**HOW HAS THE FUND CHANGED?**

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

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

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

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

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

funddocuments@putnam.com.

---

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

---

**HOUSEHOLDING**

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

Putnam Dynamic Asset Allocation Growth Fund PAGE 3 38952-ATSA-1125

9425103421208413274131071420917614143501679322153255051000011496136471604616514189922504520630248523359839447100001123212987143821489416546205211673019635252292889482.07.33.50.70.60.40.30.30.30.30.20.00.00.04.1 ------

---

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

---

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

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

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

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of a** **$10,000 investment**<sup>\*</sup>  |
| Class C | $185 | 1.73% |

---

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

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

For the twelve months ended September 30, 2025, Class C shares of Putnam Dynamic Asset Allocation Growth Fund returned 14.26%. The Fund compares its performance to the Russell 3000 Index and the Putnam Growth Blended Benchmark†, which returned 17.41% and 14.53%, respectively, for the same period.

**PERFORMANCE HIGHLIGHTS**

---

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

---

---

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

---

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

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

Putnam Dynamic Asset Allocation Growth Fund PAGE 1 38952-ATSC-1125

------

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

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

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

![image](ts5316img003.jpg)

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

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| **Class C**  | 14.26 | 11.57 | 9.80 |
| **Class C (with sales charge)**  | 13.26 | 11.57 | 9.80 |
| **Russell 3000 Index**  | 17.41 | 15.74 | 14.71 |
| **Putnam Growth Blended Benchmark**<sup>†</sup>  | 14.53 | 11.80 | 11.19 |

---

† The
 Putnam Growth Blended Benchmark is comprised of 60% Russell 3000 Index, 15% MSCI EAFE Index-NR, 15% Bloomberg U.S. Aggregate Index, 5% JPMorgan Developed
 High Yield Index, and 5% MSCI Emerging Markets Index.

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

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

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

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

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

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

---

| | |
|:---|:---|
| **Total Net Assets** | $2972778877 |
| **Total Number of Portfolio Holdings (excludes derivatives, except purchased options, if any)** | 2203 |
| **Total Management Fee Paid** | $15632064 |
| **Portfolio Turnover Rate** | 100% |

---

Putnam Dynamic Asset Allocation Growth Fund PAGE 2 38952-ATSC-1125

------

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

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

![image](ts5316img004.jpg)

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

† Certain
 categories may represent less than 0.1%.

**HOW HAS THE FUND CHANGED?**

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

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

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

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

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

funddocuments@putnam.com.

---

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

---

**HOUSEHOLDING**

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

Putnam Dynamic Asset Allocation Growth Fund PAGE 3 38952-ATSC-1125

10000108851262513768134861451517856144351677022122254701000011496136471604616514189922504520630248523359839447100001123212987143821489416546205211673019635252292889482.07.33.50.70.60.40.30.30.30.30.20.00.00.04.1 ------

---

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

---

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

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

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

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of a** **$10,000 investment**<sup>\*</sup>  |
| Class P | $68 | 0.63% |

---

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

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

For the twelve months ended September 30, 2025, Class P shares of Putnam Dynamic Asset Allocation Growth Fund returned 15.47%. The Fund compares its performance to the Russell 3000 Index and the Putnam Growth Blended Benchmark†, which returned 17.41% and 14.53%, respectively, for the same period.

**PERFORMANCE HIGHLIGHTS**

---

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

---

---

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

---

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

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

Putnam Dynamic Asset Allocation Growth Fund PAGE 1 38952-ATSP-1125

------

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

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

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

![image](ts5326img003.jpg)

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

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| **Class P**  | 15.47 | 12.80 | 10.86 |
| **Russell 3000 Index**  | 17.41 | 15.74 | 14.71 |
| **Putnam Growth Blended Benchmark**<sup>†</sup>  | 14.53 | 11.80 | 11.19 |

---

† The
 Putnam Growth Blended Benchmark is comprised of 60% Russell 3000 Index, 15% MSCI EAFE Index-NR, 15% Bloomberg U.S. Aggregate Index, 5% JPMorgan Developed
 High Yield Index, and 5% MSCI Emerging Markets Index.

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

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

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

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

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

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

---

| | |
|:---|:---|
| **Total Net Assets** | $2972778877 |
| **Total Number of Portfolio Holdings (excludes derivatives, except purchased options, if any)** | 2203 |
| **Total Management Fee Paid** | $15632064 |
| **Portfolio Turnover Rate** | 100% |

---

Putnam Dynamic Asset Allocation Growth Fund PAGE 2 38952-ATSP-1125

------

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

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

![image](ts5326img004.jpg)

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

† Certain
 categories may represent less than 0.1%.

**HOW HAS THE FUND CHANGED?**

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

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

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

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

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

funddocuments@putnam.com.

---

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

---

**HOUSEHOLDING**

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

Putnam Dynamic Asset Allocation Growth Fund PAGE 3 38952-ATSP-1125

10000109951289914233141091535419108156141833424288280441000011496136471604616514189922504520630248523359839447100001123212987143821489416546205211673019635252292889482.07.33.50.70.60.40.30.30.30.30.20.00.00.04.1 ------

---

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

---

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

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

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

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of a** **$10,000 investment**<sup>\*</sup>  |
| Class R | $132 | 1.23% |

---

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

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

For the twelve months ended September 30, 2025, Class R shares of Putnam Dynamic Asset Allocation Growth Fund returned 14.82%. The Fund compares its performance to the Russell 3000 Index and the Putnam Growth Blended Benchmark†, which returned 17.41% and 14.53%, respectively, for the same period.

**PERFORMANCE HIGHLIGHTS**

---

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

---

---

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

---

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

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

Putnam Dynamic Asset Allocation Growth Fund PAGE 1 38952-ATSR-1125

------

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

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

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

![image](ts5318img003.jpg)

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

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| **Class R**  | 14.82 | 12.14 | 10.19 |
| **Russell 3000 Index**  | 17.41 | 15.74 | 14.71 |
| **Putnam Growth Blended Benchmark**<sup>†</sup>  | 14.53 | 11.80 | 11.19 |

---

† The
 Putnam Growth Blended Benchmark is comprised of 60% Russell 3000 Index, 15% MSCI EAFE Index-NR, 15% Bloomberg U.S. Aggregate Index, 5% JPMorgan Developed
 High Yield Index, and 5% MSCI Emerging Markets Index.

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

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

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

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

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

---

| | |
|:---|:---|
| **Total Net Assets** | $2972778877 |
| **Total Number of Portfolio Holdings (excludes derivatives, except purchased options, if any)** | 2203 |
| **Total Management Fee Paid** | $15632064 |
| **Portfolio Turnover Rate** | 100% |

---

Putnam Dynamic Asset Allocation Growth Fund PAGE 2 38952-ATSR-1125

------

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

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

![image](ts5318img004.jpg)

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

† Certain
 categories may represent less than 0.1%.

**HOW HAS THE FUND CHANGED?**

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

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

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

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

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

funddocuments@putnam.com.

---

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

---

**HOUSEHOLDING**

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

Putnam Dynamic Asset Allocation Growth Fund PAGE 3 38952-ATSR-1125

10000109421275213976137631487818402149591745622981263861000011496136471604616514189922504520630248523359839447100001123212987143821489416546205211673019635252292889482.07.33.50.70.60.40.30.30.30.30.20.00.00.04.1 ------

---

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

---

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

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

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

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of a** **$10,000 investment**<sup>\*</sup>  |
| Class R5 | $83 | 0.77% |

---

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

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

For the twelve months ended September 30, 2025, Class R5 shares of Putnam Dynamic Asset Allocation Growth Fund returned 15.35%. The Fund compares its performance to the Russell 3000 Index and the Putnam Growth Blended Benchmark†, which returned 17.41% and 14.53%, respectively, for the same period.

**PERFORMANCE HIGHLIGHTS**

---

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

---

---

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

---

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

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

Putnam Dynamic Asset Allocation Growth Fund PAGE 1 38952-ATSR5-1125

------

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

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

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

![image](ts5321img003.jpg)

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

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| **Class R5**  | 15.35 | 12.66 | 10.74 |
| **Russell 3000 Index**  | 17.41 | 15.74 | 14.71 |
| **Putnam Growth Blended Benchmark**<sup>†</sup>  | 14.53 | 11.80 | 11.19 |

---

† The
 Putnam Growth Blended Benchmark is comprised of 60% Russell 3000 Index, 15% MSCI EAFE Index-NR, 15% Bloomberg U.S. Aggregate Index, 5% JPMorgan Developed
 High Yield Index, and 5% MSCI Emerging Markets Index.

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

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

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

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

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

---

| | |
|:---|:---|
| **Total Net Assets** | $2972778877 |
| **Total Number of Portfolio Holdings (excludes derivatives, except purchased options, if any)** | 2203 |
| **Total Management Fee Paid** | $15632064 |
| **Portfolio Turnover Rate** | 100% |

---

Putnam Dynamic Asset Allocation Growth Fund PAGE 2 38952-ATSR5-1125

------

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

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

![image](ts5321img004.jpg)

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

† Certain
 categories may represent less than 0.1%.

**HOW HAS THE FUND CHANGED?**

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

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

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

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

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

funddocuments@putnam.com.

---

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

---

**HOUSEHOLDING**

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

Putnam Dynamic Asset Allocation Growth Fund PAGE 3 38952-ATSR5-1125

10000109981288914194140551527818981155031817924043277331000011496136471604616514189922504520630248523359839447100001123212987143821489416546205211673019635252292889482.07.33.50.70.60.40.30.30.30.30.20.00.00.04.1 ------

---

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

---

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

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

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

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of a** **$10,000 investment**<sup>\*</sup>  |
| Class R6 | $72 | 0.67% |

---

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

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

For the twelve months ended September 30, 2025, Class R6 shares of Putnam Dynamic Asset Allocation Growth Fund returned 15.45%. The Fund compares its performance to the Russell 3000 Index and the Putnam Growth Blended Benchmark†, which returned 17.41% and 14.53%, respectively, for the same period.

**PERFORMANCE HIGHLIGHTS**

---

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

---

---

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

---

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

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

Putnam Dynamic Asset Allocation Growth Fund PAGE 1 38952-ATSR6-1125

------

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

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

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

![image](ts5324img003.jpg)

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

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| **Class R6**  | 15.45 | 12.79 | 10.86 |
| **Russell 3000 Index**  | 17.41 | 15.74 | 14.71 |
| **Putnam Growth Blended Benchmark**<sup>†</sup>  | 14.53 | 11.80 | 11.19 |

---

† The
 Putnam Growth Blended Benchmark is comprised of 60% Russell 3000 Index, 15% MSCI EAFE Index-NR, 15% Bloomberg U.S. Aggregate Index, 5% JPMorgan Developed
 High Yield Index, and 5% MSCI Emerging Markets Index.

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

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

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

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

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

---

| | |
|:---|:---|
| **Total Net Assets** | $2972778877 |
| **Total Number of Portfolio Holdings (excludes derivatives, except purchased options, if any)** | 2203 |
| **Total Management Fee Paid** | $15632064 |
| **Portfolio Turnover Rate** | 100% |

---

Putnam Dynamic Asset Allocation Growth Fund PAGE 2 38952-ATSR6-1125

------

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

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

![image](ts5324img004.jpg)

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

† Certain
 categories may represent less than 0.1%.

**HOW HAS THE FUND CHANGED?**

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

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

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

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

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

funddocuments@putnam.com.

---

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

---

**HOUSEHOLDING**

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

Putnam Dynamic Asset Allocation Growth Fund PAGE 3 38952-ATSR6-1125

10000110161291614247141171535719105156151833524278280291000011496136471604616514189922504520630248523359839447100001123212987143821489416546205211673019635252292889482.07.33.50.70.60.40.30.30.30.30.20.00.00.04.1 ------

---

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

---

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

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

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

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of a** **$10,000 investment**<sup>\*</sup>  |
| Class Y | $79 | 0.73% |

---

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

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

For the twelve months ended September 30, 2025, Class Y shares of Putnam Dynamic Asset Allocation Growth Fund returned 15.41%. The Fund compares its performance to the Russell 3000 Index and the Putnam Growth Blended Benchmark†, which returned 17.41% and 14.53%, respectively, for the same period.

**PERFORMANCE HIGHLIGHTS**

---

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

---

---

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

---

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

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

Putnam Dynamic Asset Allocation Growth Fund PAGE 1 38952-ATSY-1125

------

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

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

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

![image](ts5325img003.jpg)

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

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| **Class Y**  | 15.41 | 12.70 | 10.74 |
| **Russell 3000 Index**  | 17.41 | 15.74 | 14.71 |
| **Putnam Growth Blended Benchmark**<sup>†</sup>  | 14.53 | 11.80 | 11.19 |

---

† The
 Putnam Growth Blended Benchmark is comprised of 60% Russell 3000 Index, 15% MSCI EAFE Index-NR, 15% Bloomberg U.S. Aggregate Index, 5% JPMorgan Developed
 High Yield Index, and 5% MSCI Emerging Markets Index.

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

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

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

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

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

---

| | |
|:---|:---|
| **Total Net Assets** | $2972778877 |
| **Total Number of Portfolio Holdings (excludes derivatives, except purchased options, if any)** | 2203 |
| **Total Management Fee Paid** | $15632064 |
| **Portfolio Turnover Rate** | 100% |

---

Putnam Dynamic Asset Allocation Growth Fund PAGE 2 38952-ATSY-1125

------

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

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

![image](ts5325img004.jpg)

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

† Certain
 categories may represent less than 0.1%.

**HOW HAS THE FUND CHANGED?**

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

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

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

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

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

funddocuments@putnam.com.

---

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

---

**HOUSEHOLDING**

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

Putnam Dynamic Asset Allocation Growth Fund PAGE 3 38952-ATSY-1125

10000109951287714182140411525918962154931816724032277361000011496136471604616514189922504520630248523359839447100001123212987143821489416546205211673019635252292889482.07.33.50.70.60.40.30.30.30.30.20.00.00.04.1 ------

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

ITEM 2. CODE OF ETHICS.

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

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

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

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

ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.

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

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

ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.

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

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

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

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

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

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

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

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

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

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

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

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

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

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

ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS.

Not applicable*.*

ITEM 6. SCHEDULE OF INVESTMENTS.

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

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

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

#### Putnam

#### Dynamic

#### Asset

#### Allocation

#### Growth

#### Fund

#### Financial

#### Statements

#### and

#### Other

#### Important

#### Information

#### Annual
\|

September

30,

2025

#### Table

#### of

#### Contents
franklintempleton.com

Financial

Statements

and

Other

Important

Information—Annual

Consolidated

Financial

Highlights

and

Consolidated

Schedule

of

Investments

#### 2
Consolidated

Financial

Statements

#### 78
Notes

to

Consolidated

Financial

Statements

#### 83
Report

of

Independent

Registered

Public

Accounting

Firm

#### 104
Tax

Information

#### 105
Changes

In

and

Disagreements

with

Accountants

#### 106
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

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

consolidated

financial

statements.

a

#### Year

#### Ended

#### September

#### 30,

#### 2025\*

#### 2024

#### 2023

#### 2022

#### 2021

#### Class

#### A

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

year)

Net

asset

value,

beginning

of

year

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

$21.58

$17.05

$14.82

$20.95

$16.98

Income

from

investment

operations

a

:

Net

investment

income

b

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

0.27 0.29 0.26 0.19 0.15 Net

realized

and

unrealized

gains

(losses)

...........

2.67 4.99 2.24 (3.46)

3.91 Total

from

investment

operations

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

2.94 5.28 2.50 (3.27)

4.06 Less

distributions

from:

Net

investment

income

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

(0.40)

(0.42)

(0.11)

(0.33)

(0.09)

Net

realized

gains

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

(1.74)

(0.33)

(0.16)

(2.53)

—

Total

distributions

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

(2.14)

(0.75)

(0.27)

(2.86)

(0.09)

Net

asset

value,

end

of

year

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

$22.38

$21.58

$17.05

$14.82

$20.95

Total

return

c

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

15.13%

31.92%

17.03%

(18.53)%

23.97%

#### Ratios

#### to

#### average

#### net

#### assets
Expenses

d

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

0.98%

e

1.01%

1.05%

1.03%

1.02%

Net

investment

income

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

1.29%

1.49%

1.54%

1.08%

0.77%

#### Supplemental

#### data
Net

assets,

end

of

year

(000's)

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

$1,965,555

$1,840,311

$1,496,298

$1,352,591

$1,762,933

Portfolio

turnover

rate

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

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(g).

a

The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Consolidated

Statement

of

Operations

for

the

period

due

to

the

timing

of

sales

and

repurchases

of

the

Fund's

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

b

Based

on

average

daily

shares

outstanding.

c

Total

return

does

not

reflect

sales

commissions

or

contingent

deferred

sales

charges,

if

applicable.

d

Benefit

of

expense

reduction

rounds

to

less

than

0.01%.

e

Benefit

of

waiver

and

payments

by

affiliates

rounds

to

less

than

0.01%.

Putnam

Asset

Allocation

Funds

Consolidated

Financial

Highlights

#### Putnam

#### Dynamic

#### Asset

#### Allocation

#### Growth

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

consolidated

financial

statements.

Annual

Report

a

#### Year

#### Ended

#### September

#### 30,

#### 2025\*

#### 2024

#### 2023

#### 2022

#### 2021

#### Class

#### C

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

year)

Net

asset

value,

beginning

of

year

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

$19.67

$15.59

$13.57

$19.40

$15.77

Income

from

investment

operations

a

:

Net

investment

income

b

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

0.10 0.13 0.12 0.05 —

c

Net

realized

and

unrealized

gains

(losses)

...........

2.42 4.57 2.06 (3.18)

3.63 Total

from

investment

operations

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

2.52 4.70 2.18 (3.13)

3.63 Less

distributions

from:

Net

investment

income

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

(0.25)

(0.29)

—

(0.17)

—

Net

realized

gains

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

(1.74)

(0.33)

(0.16)

(2.53)

—

Total

distributions

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

(1.99)

(0.62)

(0.16)

(2.70)

—

Net

asset

value,

end

of

year

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

$20.20

$19.67

$15.59

$13.57

$19.40

Total

return

d

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

14.26%

30.95%

16.17%

(19.16)%

23.02%

#### Ratios

#### to

#### average

#### net

#### assets
Expenses

e

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

1.73%

f

1.76%

1.80%

1.78%

1.77%

Net

investment

income

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

0.54%

0.73%

0.79%

0.32%

0.03%

#### Supplemental

#### data
Net

assets,

end

of

year

(000's)

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

$118,597

$135,914

$130,414

$144,712

$213,419

Portfolio

turnover

rate

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

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(g).

a

The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Consolidated

Statement

of

Operations

for

the

period

due

to

the

timing

of

sales

and

repurchases

of

the

Fund's

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

b

Based

on

average

daily

shares

outstanding.

c

Amount

rounds

to

less

than

$0.01

per

share.

d

Total

return

does

not

reflect

sales

commissions

or

contingent

deferred

sales

charges,

if

applicable.

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

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

consolidated

financial

statements.

a

#### Year

#### Ended

#### September

#### 30,

#### 2025\*

#### 2024

#### 2023

#### 2022

#### 2021

#### Class

#### P

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

year)

Net

asset

value,

beginning

of

year

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

$21.98

$17.34

$15.08

$21.29

$17.25

Income

from

investment

operations

a

:

Net

investment

income

b

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

0.34 0.37 0.28 0.27 0.23 Net

realized

and

unrealized

gains

(losses)

...........

2.72 5.09 2.32 (3.54)

3.97 Total

from

investment

operations

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

3.06 5.46 2.60 (3.27)

4.20 Less

distributions

from:

Net

investment

income

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

(0.48)

(0.49)

(0.18)

(0.41)

(0.16)

Net

realized

gains

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

(1.74)

(0.33)

(0.16)

(2.53)

—

Total

distributions

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

(2.22)

(0.82)

(0.34)

(2.94)

(0.16)

Net

asset

value,

end

of

year

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

$22.82

$21.98

$17.34

$15.08

$21.29

Total

return

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

15.47%

32.48%

17.42%

(18.29)%

24.45%

#### Ratios

#### to

#### average

#### net

#### assets
Expenses

c

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

0.63%

d

0.64%

0.66%

0.65%

0.64%

Net

investment

income

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

1.65%

1.89%

1.69%

1.47%

1.16%

#### Supplemental

#### data
Net

assets,

end

of

year

(000's)

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

$84,031

$53,845

$25,378

$285,584

$323,609

Portfolio

turnover

rate

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

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(g).

a

The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Consolidated

Statement

of

Operations

for

the

period

due

to

the

timing

of

sales

and

repurchases

of

the

Fund's

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

b

Based

on

average

daily

shares

outstanding.

c

Benefit

of

expense

reduction

rounds

to

less

than

0.01%.

d

Benefit

of

waiver

and

payments

by

affiliates

rounds

to

less

than

0.01%.

Putnam

Asset

Allocation

Funds

Consolidated

Financial

Highlights

#### Putnam

#### Dynamic

#### Asset

#### Allocation

#### Growth

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

consolidated

financial

statements.

Annual

Report

a

#### Year

#### Ended

#### September

#### 30,

#### 2025\*

#### 2024

#### 2023

#### 2022

#### 2021

#### Class

#### R

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

year)

Net

asset

value,

beginning

of

year

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

$20.93

$16.55

$14.39

$20.40

$16.52

Income

from

investment

operations

a

:

Net

investment

income

b

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

0.21 0.23 0.21 0.14 0.10 Net

realized

and

unrealized

gains

(losses)

...........

2.58 4.86 2.17 (3.36)

3.81 Total

from

investment

operations

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

2.79 5.09 2.38 (3.22)

3.91 Less

distributions

from:

Net

investment

income

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

(0.34)

(0.38)

(0.06)

(0.26)

(0.03)

Net

realized

gains

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

(1.74)

(0.33)

(0.16)

(2.53)

—

Total

distributions

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

(2.08)

(0.71)

(0.22)

(2.79)

(0.03)

Net

asset

value,

end

of

year

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

$21.64

$20.93

$16.55

$14.39

$20.40

Total

return

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

14.82%

31.65%

16.69%

(18.71)%

23.68%

#### Ratios

#### to

#### average

#### net

#### assets
Expenses

c

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

1.23%

d

1.26%

1.30%

1.28%

1.27%

Net

investment

income

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

1.04%

1.23%

1.29%

0.80%

0.52%

#### Supplemental

#### data
Net

assets,

end

of

year

(000's)

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

$15,143

$13,549

$13,806

$14,349

$23,901

Portfolio

turnover

rate

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

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(g).

a

The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Consolidated

Statement

of

Operations

for

the

period

due

to

the

timing

of

sales

and

repurchases

of

the

Fund's

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

b

Based

on

average

daily

shares

outstanding.

c

Benefit

of

expense

reduction

rounds

to

less

than

0.01%.

d

Benefit

of

waiver

and

payments

by

affiliates

rounds

to

less

than

0.01%.

Putnam

Asset

Allocation

Funds

Consolidated

Financial

Highlights

#### Putnam

#### Dynamic

#### Asset

#### Allocation

#### Growth

#### Fund
(continued)

franklintempleton.com

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

consolidated

financial

statements.

a

#### Year

#### Ended

#### September

#### 30,

#### 2025\*

#### 2024

#### 2023

#### 2022

#### 2021

#### Class

#### R5

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

year)

Net

asset

value,

beginning

of

year

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

$22.69

$17.46

$15.04

$21.22

$17.20

Income

from

investment

operations

a

:

Net

investment

income

b

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

0.33 0.36 0.25 0.24 0.21 Net

realized

and

unrealized

gains

(losses)

...........

2.81 5.20 2.33 (3.51)

3.94 Total

from

investment

operations

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

3.14 5.56 2.58 (3.27)

4.15 Less

distributions

from:

Net

investment

income

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

(0.46)

—

—

(0.38)

(0.13)

Net

realized

gains

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

(1.74)

(0.33)

(0.16)

(2.53)

—

Total

distributions

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

(2.20)

(0.33)

(0.16)

(2.91)

(0.13)

Net

asset

value,

end

of

year

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

$23.63

$22.69

$17.46

$15.04

$21.22

Total

return

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

15.35%

32.26%

17.26%

(18.32)%

24.24%

#### Ratios

#### to

#### average

#### net

#### assets
Expenses

c

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

0.77%

d

0.78%

0.80%

0.79%

0.78%

Net

investment

income

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

1.50%

1.71%

1.59%

1.32%

1.02%

#### Supplemental

#### data
Net

assets,

end

of

year

(000's)

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

$67

$13

$4

$11,893

$15,534

Portfolio

turnover

rate

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

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(g).

#### a
The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Consolidated

Statement

of

Operations

for

the

period

due

to

the

timing

of

sales

and

repurchases

of

the

Fund's

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

#### b
Based

on

average

daily

shares

outstanding.

#### c
Benefit

of

expense

reduction

rounds

to

less

than

0.01%.

d

Benefit

of

waiver

and

payments

by

affiliates

rounds

to

less

than

0.01%.

Putnam

Asset

Allocation

Funds

Consolidated

Financial

Highlights

#### Putnam

#### Dynamic

#### Asset

#### Allocation

#### Growth

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

consolidated

financial

statements.

Annual

Report

a

#### Year

#### Ended

#### September

#### 30,

#### 2025\*

#### 2024

#### 2023

#### 2022

#### 2021

#### Class

#### R6

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

year)

Net

asset

value,

beginning

of

year

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

$22.00

$17.36

$15.09

$21.29

$17.25

Income

from

investment

operations

a

:

Net

investment

income

b

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

0.34 0.35 0.32 0.26 0.23 Net

realized

and

unrealized

gains

(losses)

...........

2.72 5.10 2.28 (3.53)

3.96 Total

from

investment

operations

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

3.06 5.45 2.60 (3.27)

4.19 Less

distributions

from:

Net

investment

income

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

(0.47)

(0.48)

(0.17)

(0.40)

(0.15)

Net

realized

gains

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

(1.74)

(0.33)

(0.16)

(2.53)

—

Total

distributions

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

(2.21)

(0.81)

(0.33)

(2.93)

(0.15)

Net

asset

value,

end

of

year

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

$22.85

$22.00

$17.36

$15.09

$21.29

Total

return

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

15.45%

32.41%

17.42%

(18.27)%

24.41%

#### Ratios

#### to

#### average

#### net

#### assets
Expenses

c

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

0.67%

d

0.68%

0.70%

0.69%

0.68%

Net

investment

income

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

1.61%

1.81%

1.89%

1.42%

1.12%

#### Supplemental

#### data
Net

assets,

end

of

year

(000's)

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

$387,783

$362,208

$314,891

$280,296

$390,780

Portfolio

turnover

rate

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

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(g).

#### a
The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Consolidated

Statement

of

Operations

for

the

period

due

to

the

timing

of

sales

and

repurchases

of

the

Fund's

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

#### b
Based

on

average

daily

shares

outstanding.

#### c
Benefit

of

expense

reduction

rounds

to

less

than

0.01%.

#### d
Benefit

of

waiver

and

payments

by

affiliates

rounds

to

less

than

0.01%.

Putnam

Asset

Allocation

Funds

Consolidated

Financial

Highlights

#### Putnam

#### Dynamic

#### Asset

#### Allocation

#### Growth

#### Fund
(continued)

franklintempleton.com

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

consolidated

financial

statements.

a

#### Year

#### Ended

#### September

#### 30,

#### 2025\*

#### 2024

#### 2023

#### 2022

#### 2021

#### Class

#### Y

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

year)

Net

asset

value,

beginning

of

year

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

$21.95

$17.32

$15.06

$21.24

$17.21

Income

from

investment

operations

a

:

Net

investment

income

b

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

0.32 0.34 0.30 0.24 0.21 Net

realized

and

unrealized

gains

(losses)

...........

2.72 5.08 2.27 (3.51)

3.95 Total

from

investment

operations

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

3.04 5.42 2.57 (3.27)

4.16 Less

distributions

from:

Net

investment

income

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

(0.45)

(0.46)

(0.15)

(0.38)

(0.13)

Net

realized

gains

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

(1.74)

(0.33)

(0.16)

(2.53)

—

Total

distributions

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

(2.19)

(0.79)

(0.31)

(2.91)

(0.13)

Net

asset

value,

end

of

year

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

$22.80

$21.95

$17.32

$15.06

$21.24

Total

return

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

15.41%

32.28%

17.26%

(18.29)%

24.27%

#### Ratios

#### to

#### average

#### net

#### assets
Expenses

c

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

0.73%

d

0.76%

0.80%

0.78%

0.77%

Net

investment

income

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

1.54%

1.75%

1.80%

1.32%

1.03%

#### Supplemental

#### data
Net

assets,

end

of

year

(000's)

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

$401,604

$291,993

$198,604

$221,391

$301,154

Portfolio

turnover

rate

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

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(g).

#### a
The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Consolidated

Statement

of

Operations

for

the

period

due

to

the

timing

of

sales

and

repurchases

of

the

Fund's

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

#### b
Based

on

average

daily

shares

outstanding.

#### c
Benefit

of

expense

reduction

rounds

to

less

than

0.01%.

#### d
Benefit

of

waiver

and

payments

by

affiliates

rounds

to

less

than

0.01%.

Putnam

Asset

Allocation

Funds

Consolidated

Schedule

of

Investments,

September

30,

2025

#### Putnam

#### Dynamic

#### Asset

#### Allocation

#### Growth

#### Fund
franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

consolidated

financial

statements.

Annual

Report

a

a

#### Country

#### Shares
a

#### Value
a

a

#### a
a

#### Common

#### Stocks

#### 83.6%

#### Aerospace

#### &

#### Defense

#### 2.3%
a

AeroVironment,

Inc.

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

United

States

841

$

264,822

Airbus

SE

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

France

37,514

8,760,494

a

Astronics

Corp.

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

United

States

6,539

298,244

a

Axon

Enterprise,

Inc.

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

United

States

569

408,337

a

Boeing

Co.

(The)

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

United

States

4,270

921,594

Curtiss-Wright

Corp.

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

United

States

1,860

1,009,868

General

Dynamics

Corp.

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

United

States

6,308

2,151,028

General

Electric

Co.

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

United

States

28,466

8,563,142

Leonardo

DRS,

Inc.

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

United

States

22,081

1,002,477

Lockheed

Martin

Corp.

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

United

States

27,435

13,695,826

Moog,

Inc.,

A

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

United

States

548

113,803

Northrop

Grumman

Corp.

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

United

States

11,751

7,160,119

RTX

Corp.

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

United

States

53,550

8,960,521

Thales

SA

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

France

19,451

6,148,739

TransDigm

Group,

Inc.

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

United

States

2,162

2,849,559

a

V2X,

Inc.

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

United

States

4,278

248,509

62,557,082

#### Air

#### Freight

#### &

#### Logistics

#### 0.2%
Expeditors

International

of

Washington,

Inc.

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

United

States

7,460

914,521

FedEx

Corp.

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

United

States

27,711

6,534,531

Hub

Group,

Inc.,

A

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

United

States

7,762

267,323

United

Parcel

Service,

Inc.,

B

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

United

States

11,221

937,290

8,653,665

#### Automobile

#### Components

#### 0.1%
a

Adient

plc

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

United

States

11,744

282,796

Aisin

Corp.

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

Japan

115,400

1,992,974

a

American

Axle

&

Manufacturing

Holdings,

Inc.

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

United

States

63,633

382,434

BorgWarner,

Inc.

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

United

States

21,660

952,174

Dana,

Inc.

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

United

States

32,397

649,236

a

Dorman

Products,

Inc.

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

United

States

748

116,598

a

Gentherm,

Inc.

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

United

States

3,437

117,064

Visteon

Corp.

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

United

States

5,558

666,182

5,159,458

#### Automobiles

#### 1.9%
General

Motors

Co.

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

United

States

138,432

8,440,199

Mahindra

&

Mahindra

Ltd.

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

India

68,443

2,641,532

Stellantis

NV

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

United

States

51,507

478,065

Subaru

Corp.

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

Japan

46,200

941,524

a

Tesla,

Inc.

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

United

States

100,200

44,560,944

Toyota

Motor

Corp.

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

Japan

31,000

595,400

57,657,664

#### Banks

#### 5.4%
Abu

Dhabi

Islamic

Bank

PJSC

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

United

Arab

Emirates

1,080,666

6,415,091

AIB

Group

plc

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

Ireland

143,933

1,312,200

Al

Rajhi

Bank

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

Saudi

Arabia

120,458

3,442,113

Amalgamated

Financial

Corp.

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

United

States

7,895

214,349

Ameris

Bancorp

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

United

States

1,611

118,102

Associated

Banc-Corp.

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

United

States

4,641

119,320

a

Axos

Financial,

Inc.

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

United

States

8,041

680,671

Banco

Bilbao

Vizcaya

Argentaria

SA

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

Spain

119,835

2,309,176

Banco

de

Sabadell

SA

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

Spain

166,064

648,182

Banco

Santander

SA

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

Spain

501,480

5,262,691

Bank

Central

Asia

Tbk.

PT

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

Indonesia

2,028,300

928,881

Putnam

Asset

Allocation

Funds

Consolidated

Schedule

of

Investments

#### Putnam

#### Dynamic

#### Asset

#### Allocation

#### Growth

#### Fund
(continued)

franklintempleton.com

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

consolidated

financial

statements.

a

a

#### Country

#### Shares
a

#### Value
a

a

#### a
a

#### Common

#### Stocks
(continued)

#### Banks
(continued)

Bank

Hapoalim

BM

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

Israel

97,434

$

1,980,560

Bank

Leumi

Le-Israel

BM

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

Israel

152,602

3,006,655

Bank

of

America

Corp.

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

United

States

252,889

13,046,544

Bank

of

China

Ltd.,

H

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

China

6,578,000

3,595,581

Bank

of

NT

Butterfield

&

Son

Ltd.

(The)

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

United

States

6,069

260,481

Banner

Corp.

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

United

States

1,759

115,214

Barclays

plc

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

United

Kingdom

652,560

3,357,634

Beacon

Financial

Corp.

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

United

States

5,610

133,013

BNP

Paribas

SA

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

France

43,782

4,004,424

BOC

Hong

Kong

Holdings

Ltd.

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

China

72,500

339,646

Cathay

General

Bancorp

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

United

States

12,962

622,306

Central

Pacific

Financial

Corp.

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

United

States

7,072

214,564

Citigroup,

Inc.

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

United

States

302,795

30,733,692

Citizens

Financial

Group,

Inc.

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

United

States

18,267

971,074

Commonwealth

Bank

of

Australia

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

Australia

1,244

137,379

Credit

Agricole

SA

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

France

35,250

694,639

CTBC

Financial

Holding

Co.

Ltd.

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

Taiwan

1,170,000

1,650,074

a

Customers

Bancorp,

Inc.

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

United

States

8,975

586,696

Enterprise

Financial

Services

Corp.

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

United

States

6,170

357,737

Erste

Group

Bank

AG

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

Austria

23,364

2,296,741

FB

Financial

Corp.

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

United

States

2,059

114,769

Financial

Institutions,

Inc.

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

United

States

3,900

106,080

First

Bancorp

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

United

States

31,275

689,614

First

Financial

Corp.

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

United

States

2,163

122,080

First

Horizon

Corp.

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

United

States

41,765

944,307

First

Merchants

Corp.

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

United

States

1,426

53,760

Grupo

Financiero

Banorte

SAB

de

CV,

O

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

Mexico

169,541

1,707,862

Hancock

Whitney

Corp.

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

United

States

11,814

739,675

Hanmi

Financial

Corp.

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

United

States

7,553

186,484

Heritage

Commerce

Corp.

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

United

States

11,054

109,766

Hilltop

Holdings,

Inc.

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

United

States

13,527

452,072

Hope

Bancorp,

Inc.

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

United

States

16,048

172,837

Horizon

Bancorp,

Inc.

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

United

States

7,057

112,983

HSBC

Holdings

plc

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

United

Kingdom

400,544

5,652,926

ICICI

Bank

Ltd.

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

India

285,281

4,323,504

Independent

Bank

Corp.

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

United

States

3,542

109,713

Intesa

Sanpaolo

SpA

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

Italy

296,062

1,959,687

JPMorgan

Chase

&

Co.

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

United

States

21,227

6,695,633

KB

Financial

Group,

Inc.

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

South

Korea

23,549

1,943,638

Lloyds

Banking

Group

plc

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

United

Kingdom

3,190,697

3,610,545

Mercantile

Bank

Corp.

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

United

States

2,307

103,815

Metropolitan

Bank

Holding

Corp.

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

United

States

1,673

125,174

Mitsubishi

UFJ

Financial

Group,

Inc.

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

Japan

448,900

7,241,376

National

Bank

Holdings

Corp.,

A

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

United

States

3,080

119,011

National

Bank

of

Greece

SA

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

Greece

311,270

4,532,540

NatWest

Group

plc

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

United

Kingdom

383,823

2,711,077

Northrim

BanCorp,

Inc.

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

United

States

5,492

118,957

Northwest

Bancshares,

Inc.

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

United

States

9,456

117,160

OceanFirst

Financial

Corp.

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

United

States

8,838

155,284

OFG

Bancorp

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

United

States

8,460

367,925

Origin

Bancorp,

Inc.

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

United

States

3,253

112,294

OTP

Bank

Nyrt.

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

Hungary

7,262

628,187

Pathward

Financial,

Inc.

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

United

States

6,470

478,845

PNC

Financial

Services

Group,

Inc.

(The)

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

United

States

35,187

7,070,124

Popular,

Inc.

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

United

States

7,667

973,786

Preferred

Bank

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

United

States

3,333

301,270

Shore

Bancshares,

Inc.

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

United

States

4,711

77,308

Simmons

First

National

Corp.,

A

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

United

States

14,651

280,860

Putnam

Asset

Allocation

Funds

Consolidated

Schedule

of

Investments

#### Putnam

#### Dynamic

#### Asset

#### Allocation

#### Growth

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

consolidated

financial

statements.

Annual

Report

a

a

#### Country

#### Shares
a

#### Value
a

a

#### a
a

#### Common

#### Stocks
(continued)

#### Banks
(continued)

Sumitomo

Mitsui

Financial

Group,

Inc.

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

Japan

110,600

$

3,111,496

a

Third

Coast

Bancshares,

Inc.

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

United

States

3,125

118,656

Towne

Bank

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

United

States

3,326

114,980

Trustmark

Corp.

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

United

States

11,228

444,629

UniCredit

SpA

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

Italy

44,897

3,416,442

Univest

Financial

Corp.

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

United

States

4,580

137,492

US

Bancorp

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

United

States

19,266

931,126

Valley

National

Bancorp

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

United

States

10,768

114,141

Veritex

Holdings,

Inc.

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

United

States

15,984

535,944

Webster

Financial

Corp.

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

United

States

15,607

927,680

Wells

Fargo

&

Co.

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

United

States

14,084

1,180,521

Westamerica

BanCorp

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

United

States

2,413

120,626

WSFS

Financial

Corp.

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

United

States

2,096

113,037

Zions

Bancorp

NA

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

United

States

16,203

916,766

157,061,894

#### Beverages

#### 0.6%
a

Boston

Beer

Co.,

Inc.

(The),

A

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

United

States

4,213

890,712

Carlsberg

A/S,

B

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

Denmark

2,970

345,702

Coca-Cola

Co.

(The)

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

United

States

155,257

10,296,644

Coca-Cola

Consolidated,

Inc.

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

United

States

8,014

938,920

Coca-Cola

Europacific

Partners

plc

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

United

Kingdom

25,100

2,269,291

Coca-Cola

HBC

AG

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

Italy

31,236

1,473,671

Keurig

Dr

Pepper,

Inc.

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

United

States

34,761

886,753

a

Monster

Beverage

Corp.

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

United

States

16,654

1,120,981

PepsiCo,

Inc.

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

United

States

6,776

951,621

19,174,295

#### Biotechnology

#### 1.6%
AbbVie,

Inc.

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

United

States

64,223

14,870,193

a

ACADIA

Pharmaceuticals,

Inc.

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

United

States

28,521

608,638

a

ADMA

Biologics,

Inc.

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

United

States

7,133

104,570

a

Akero

Therapeutics,

Inc.

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

United

States

12,673

601,714

a

Alkermes

plc

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

United

States

24,340

730,200

a

Alnylam

Pharmaceuticals,

Inc.

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

United

States

2,088

952,128

Amgen,

Inc.

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

United

States

3,424

966,253

a

Arcturus

Therapeutics

Holdings,

Inc.

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

United

States

9,565

176,283

a

Arrowhead

Pharmaceuticals,

Inc.

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

United

States

4,100

141,409

a

BioCryst

Pharmaceuticals,

Inc.

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

United

States

71,482

542,548

a

CareDx,

Inc.

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

United

States

7,943

115,491

a

Catalyst

Pharmaceuticals,

Inc.

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

United

States

7,005

137,998

a

Exelixis,

Inc.

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

United

States

102,012

4,213,096

a

Genmab

A/S

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

Denmark

4,174

1,287,880

a

Incyte

Corp.

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

United

States

67,203

5,699,486

a

Inhibrx

Biosciences,

Inc.

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

United

States

4,682

157,690

a

Keros

Therapeutics,

Inc.

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

United

States

16,226

256,695

a

Kura

Oncology,

Inc.

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

United

States

47,496

420,340

a

MiMedx

Group,

Inc.

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

United

States

16,151

112,734

a

Mineralys

Therapeutics,

Inc.

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

United

States

7,810

296,155

a

Natera,

Inc.

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

United

States

5,618

904,329

a

Neurocrine

Biosciences,

Inc.

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

United

States

37,021

5,197,008

a

Precigen,

Inc.

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

United

States

159,735

525,528

a

Protagonist

Therapeutics,

Inc.

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

United

States

10,910

724,751

a

Prothena

Corp.

plc

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

Ireland

16,568

161,704

a

PTC

Therapeutics,

Inc.

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

United

States

11,267

691,456

a

Puma

Biotechnology,

Inc.

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

United

States

24,717

131,247

Regeneron

Pharmaceuticals,

Inc.

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

United

States

12,553

7,058,175

a

Relay

Therapeutics,

Inc.

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

United

States

80,328

419,312

Putnam

Asset

Allocation

Funds

Consolidated

Schedule

of

Investments

#### Putnam

#### Dynamic

#### Asset

#### Allocation

#### Growth

#### Fund
(continued)

franklintempleton.com

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

consolidated

financial

statements.

a

a

#### Country

#### Shares
a

#### Value
a

a

#### a
a

#### Common

#### Stocks
(continued)

#### Biotechnology
(continued)

a

Replimune

Group,

Inc.

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

United

States

21,471

$

89,963

a

Rhythm

Pharmaceuticals,

Inc.

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

United

States

7,596

767,120

a

Rigel

Pharmaceuticals,

Inc.

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

United

States

3,038

86,067

a

Scholar

Rock

Holding

Corp.

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

United

States

3,387

126,132

a

Stoke

Therapeutics,

Inc.

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

United

States

18,498

434,703

a

Tango

Therapeutics,

Inc.

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

United

States

16,204

136,114

a

Travere

Therapeutics,

Inc.

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

United

States

6,662

159,222

a

Vertex

Pharmaceuticals,

Inc.

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

United

States

2,499

978,708

a

Vir

Biotechnology,

Inc.

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

United

States

55,310

315,820

a

Zymeworks,

Inc.

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

United

States

8,055

137,579

51,436,439

#### Broadline

#### Retail

#### 3.3%
Alibaba

Group

Holding

Ltd.

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

China

407,400

9,111,141

a

Amazon.com,

Inc.

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

United

States

333,200

73,160,724

eBay,

Inc.

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

United

States

12,248

1,113,956

a

Etsy,

Inc.

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

United

States

16,059

1,066,157

a

MercadoLibre,

Inc.

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

Brazil

815,592

Next

plc

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

United

Kingdom

3,635

605,969

Prosus

NV

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

China

59,955

4,239,721

Ryohin

Keikaku

Co.

Ltd.

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

Japan

55,400

1,102,303

a

Sea

Ltd.,

ADR

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

Singapore

9,367

1,674,164

92,889,727

#### Building

#### Products

#### 0.7%
Allegion

plc

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

United

States

5,596

992,451

Apogee

Enterprises,

Inc.

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

United

States

6,170

268,827

Cie

de

Saint-Gobain

SA

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

France

53,600

5,807,644

a

Gibraltar

Industries,

Inc.

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

United

States

1,807

113,480

Johnson

Controls

International

plc

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

United

States

59,269

6,516,627

Owens

Corning

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

United

States

6,506

920,339

a

Resideo

Technologies,

Inc.

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

United

States

7,702

332,572

Trane

Technologies

plc

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

United

States

11,008

4,644,936

UFP

Industries,

Inc.

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

United

States

6,081

568,513

20,165,389

#### Capital

#### Markets

#### 3.0%
3i

Group

plc

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

United

Kingdom

55,351

3,051,112

Allfunds

Group

plc

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

United

Kingdom

122,258

912,555

Ameriprise

Financial,

Inc.

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

United

States

1,814

891,127

Bank

of

New

York

Mellon

Corp.

(The)

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

United

States

9,389

1,023,025

BlackRock,

Inc.

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

United

States

4,258

4,964,274

Charles

Schwab

Corp.

(The)

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

United

States

88,035

8,404,701

CME

Group,

Inc.

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

United

States

24,533

6,628,571

Deutsche

Bank

AG

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

Germany

93,420

3,308,543

Deutsche

Boerse

AG

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

Germany

14,509

3,885,382

b

Euronext

NV,

144A,

Reg

S

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

Netherlands

28,174

4,217,970

Goldman

Sachs

Group,

Inc.

(The)

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

United

States

27,112

21,590,641

b

HDFC

Asset

Management

Co.

Ltd.,

144A,

Reg

S

...........

India

28,507

1,775,981

Hong

Kong

Exchanges

&

Clearing

Ltd.

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

Hong

Kong

9,400

533,643

Intercontinental

Exchange,

Inc.

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

United

States

5,440

916,531

London

Stock

Exchange

Group

plc

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

United

Kingdom

12,873

1,476,316

Morgan

Stanley

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

United

States

6,562

1,043,096

Nasdaq,

Inc.

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

United

States

40,761

3,605,310

Northern

Trust

Corp.

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

United

States

7,058

950,007

a

Robinhood

Markets,

Inc.,

A

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

United

States

4,114

589,043

S&P

Global,

Inc.

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

United

States

5,062

2,463,726

SBI

Holdings,

Inc.

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

Japan

57,100

2,485,990

Putnam

Asset

Allocation

Funds

Consolidated

Schedule

of

Investments

#### Putnam

#### Dynamic

#### Asset

#### Allocation

#### Growth

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

consolidated

financial

statements.

Annual

Report

a

a

#### Country

#### Shares
a

#### Value
a

a

#### a
a

#### Common

#### Stocks
(continued)

#### Capital

#### Markets
(continued)

State

Street

Corp.

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

United

States

106,159

$

12,315,506

a

StoneX

Group,

Inc.

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

United

States

6,867

693,018

UBS

Group

AG

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

Switzerland

41,433

1,703,458

Virtu

Financial,

Inc.,

A

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

United

States

25,225

895,488

Virtus

Investment

Partners,

Inc.

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

United

States

1,710

324,951

90,649,965

#### Chemicals

#### 1.7%
Air

Liquide

SA

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

France

8,908

1,856,041

Air

Water,

Inc.

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

Japan

48,700

836,543

Akzo

Nobel

NV

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

Netherlands

25,781

1,839,931

Avient

Corp.

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

United

States

4,898

161,389

a

Axalta

Coating

Systems

Ltd.

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

United

States

30,368

869,132

Balchem

Corp.

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

United

States

718

107,743

Cabot

Corp.

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

United

States

1,378

104,797

CF

Industries

Holdings,

Inc.

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

United

States

58,585

5,255,074

Corteva,

Inc.

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

United

States

91,779

6,207,014

DuPont

de

Nemours,

Inc.

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

United

States

53,545

4,171,155

Eastman

Chemical

Co.

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

United

States

25,938

1,635,391

Ecolab,

Inc.

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

United

States

3,226

883,472

a

Ingevity

Corp.

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

United

States

2,214

122,191

Innospec,

Inc.

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

United

States

3,324

256,480

a

Intrepid

Potash,

Inc.

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

United

States

3,777

115,501

Linde

plc

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

United

States

9,358

4,445,050

Mativ

Holdings,

Inc.

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

United

States

10,223

115,622

Minerals

Technologies,

Inc.

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

United

States

7,627

473,789

Mosaic

Co.

(The)

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

United

States

28,648

993,513

NewMarket

Corp.

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

United

States

2,730

2,261,013

NOF

Corp.

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

Japan

97,500

1,701,240

a

Perimeter

Solutions,

Inc.

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

United

States

30,872

691,224

PPG

Industries,

Inc.

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

United

States

30,020

3,155,402

a

Rayonier

Advanced

Materials,

Inc.

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

United

States

24,512

176,977

Sherwin-Williams

Co.

(The)

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

United

States

11,353

3,931,090

Shin-Etsu

Chemical

Co.

Ltd.

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

Japan

88,100

2,884,706

45,251,480

#### Commercial

#### Services

#### &

#### Supplies

#### 0.3%
Brink's

Co.

(The)

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

United

States

5,966

697,187

a

Cimpress

plc

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

Ireland

2,177

137,238

a

Copart,

Inc.

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

United

States

60,481

2,719,831

a

CoreCivic,

Inc.

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

United

States

8,918

181,481

a

GEO

Group,

Inc.

(The)

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

United

States

4,894

100,278

HNI

Corp.

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

United

States

2,507

117,453

Interface,

Inc.,

A

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

United

States

14,007

405,363

a

OPENLANE,

Inc.

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

United

States

4,184

120,416

Republic

Services,

Inc.,

A

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

United

States

4,142

950,506

Steelcase,

Inc.,

A

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

United

States

9,673

166,376

TOPPAN

Holdings,

Inc.

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

Japan

52,900

1,355,406

UniFirst

Corp.

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

United

States

689

115,194

Veralto

Corp.

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

United

States

8,864

944,991

Waste

Connections,

Inc.

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

United

States

15,849

2,786,254

Waste

Management,

Inc.

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

United

States

4,338

957,961

11,755,935

#### Communications

#### Equipment

#### 1.1%
Accton

Technology

Corp.

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

Taiwan

34,000

1,175,761

a

Arista

Networks,

Inc.

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

United

States

54,096

7,882,328

a

Calix,

Inc.

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

United

States

7,197

441,680

Putnam

Asset

Allocation

Funds

Consolidated

Schedule

of

Investments

#### Putnam

#### Dynamic

#### Asset

#### Allocation

#### Growth

#### Fund
(continued)

franklintempleton.com

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

consolidated

financial

statements.

a

a

#### Country

#### Shares
a

#### Value
a

a

#### a
a

#### Common

#### Stocks
(continued)

#### Communications

#### Equipment
(continued)

a

Ciena

Corp.

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

United

States

7,210

$

1,050,281

Cisco

Systems,

Inc.

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

United

States

150,929

10,326,562

a

CommScope

Holding

Co.,

Inc.

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

United

States

11,866

183,686

a

Extreme

Networks,

Inc.

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

United

States

31,319

646,737

a

F5,

Inc.

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

United

States

2,948

952,764

Motorola

Solutions,

Inc.

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

United

States

2,021

924,183

a

NETGEAR,

Inc.

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

United

States

19,449

629,953

a

NetScout

Systems,

Inc.

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

United

States

4,974

128,478

Telefonaktiebolaget

LM

Ericsson,

B

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

Sweden

160,049

1,326,167

Ubiquiti,

Inc.

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

United

States

1,566

1,034,468

a

Viavi

Solutions,

Inc.

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

United

States

10,333

131,126

26,834,174

#### Construction

#### &

#### Engineering

#### 0.3%
ACS

Actividades

de

Construccion

y

Servicios

SA

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

Spain

3,541

283,840

Argan,

Inc.

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

United

States

2,752

743,178

Gamuda

Bhd.

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

Malaysia

930,555

1,225,646

Primoris

Services

Corp.

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

United

States

6,778

930,823

a

Sterling

Infrastructure,

Inc.

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

United

States

3,048

1,035,345

a

Tutor

Perini

Corp.

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

United

States

11,107

728,508

Vinci

SA

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

France

44,082

6,126,162

11,073,502

#### Construction

#### Materials

#### 0.9%
Buzzi

SpA

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

United

States

15,320

844,208

CRH

plc,

(GBP

Traded)

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

United

States

33,417

4,031,712

CRH

plc,

(USD

Traded)

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

United

States

55,069

6,602,773

Heidelberg

Materials

AG

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

Germany

4,711

1,064,901

Holcim

AG

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

United

States

33,236

2,835,847

UltraTech

Cement

Ltd.

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

India

10,806

1,487,918

Vulcan

Materials

Co.

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

United

States

14,688

4,518,323

21,385,682

#### Consumer

#### Finance

#### 0.6%
Ally

Financial,

Inc.

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

United

States

22,420

878,864

American

Express

Co.

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

United

States

2,910

966,586

Bread

Financial

Holdings,

Inc.

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

United

States

10,876

606,555

Capital

One

Financial

Corp.

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

United

States

61,919

13,162,741

a

Enova

International,

Inc.

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

United

States

5,411

622,752

a

LendingClub

Corp.

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

United

States

37,727

573,073

PROG

Holdings,

Inc.

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

United

States

11,981

387,705

SLM

Corp.

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

United

States

33,649

931,404

Synchrony

Financial

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

United

States

12,559

892,317

19,021,997

#### Consumer

#### Staples

#### Distribution

#### &

#### Retail

#### 1.2%
a

BJ's

Wholesale

Club

Holdings,

Inc.

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

United

States

29,460

2,747,145

Coles

Group

Ltd.

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

Australia

10,193

156,899

Costco

Wholesale

Corp.

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

United

States

977

904,341

Dollar

General

Corp.

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

United

States

9,066

936,971

a

Dollar

Tree,

Inc.

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

United

States

9,713

916,616

Koninklijke

Ahold

Delhaize

NV

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

Netherlands

57,659

2,333,143

a

Maplebear,

Inc.

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

United

States

20,417

750,529

Marks

&

Spencer

Group

plc

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

United

Kingdom

25,200

123,634

Target

Corp.

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

United

States

35,220

3,159,234

Tesco

plc

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

United

Kingdom

532,529

3,191,814

a

United

Natural

Foods,

Inc.

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

United

States

4,448

167,334

Putnam

Asset

Allocation

Funds

Consolidated

Schedule

of

Investments

#### Putnam

#### Dynamic

#### Asset

#### Allocation

#### Growth

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

consolidated

financial

statements.

Annual

Report

a

a

#### Country

#### Shares
a

#### Value
a

a

#### a
a

#### Common

#### Stocks
(continued)

#### Consumer

#### Staples

#### Distribution

#### &

#### Retail
(continued)

Walmart,

Inc.

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

United

States

215,953

$

22,256,116

37,643,776

#### Containers

#### &

#### Packaging

#### 0.1%
Ball

Corp.

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

United

States

37,514

1,891,456

Crown

Holdings,

Inc.

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

United

States

9,818

948,321

a

O-I

Glass,

Inc.

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

United

States

8,832

114,551

Packaging

Corp.

of

America

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

United

States

4,400

958,892

3,913,220

#### Distributors

#### 0.0%

#### †
a

GigaCloud

Technology,

Inc.,

A

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

Hong

Kong

3,672

104,285

#### Diversified

#### Consumer

#### Services

#### 0.1%
ADT,

Inc.

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

United

States

108,808

947,718

a

Coursera,

Inc.

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

United

States

58,044

679,695

a

Duolingo,

Inc.,

A

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

United

States

3,074

989,336

a

Frontdoor,

Inc.

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

United

States

11,430

769,125

a

Laureate

Education,

Inc.

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

United

States

24,426

770,396

a

Udemy,

Inc.

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

United

States

16,848

118,104

4,274,374

#### Diversified

#### REITs

#### 0.0%

#### †
Alexander

&

Baldwin,

Inc.

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

United

States

10,764

195,797

Broadstone

Net

Lease,

Inc.

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

United

States

7,000

125,090

WP

Carey,

Inc.

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

United

States

13,852

935,980

1,256,867

#### Diversified

#### Telecommunication

#### Services

#### 0.3%
AT&T,

Inc.

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

United

States

192,062

5,423,831

a

Bandwidth,

Inc.,

A

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

United

States

10,085

168,117

Deutsche

Telekom

AG

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

Germany

29,087

990,979

IDT

Corp.,

B

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

United

States

4,658

243,660

a

Lumen

Technologies,

Inc.

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

United

States

135,750

830,790

Telstra

Group

Ltd.

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

Australia

498,019

1,587,746

Verizon

Communications,

Inc.

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

United

States

20,680

908,886

10,154,009

#### Electric

#### Utilities

#### 1.8%
ALLETE,

Inc.

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

United

States

2,399

159,294

American

Electric

Power

Co.,

Inc.

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

United

States

8,153

917,212

Constellation

Energy

Corp.

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

United

States

8,179

2,691,464

Duke

Energy

Corp.

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

United

States

7,761

960,424

Edison

International

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

United

States

134,606

7,441,020

Enel

SpA

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

Italy

338,753

3,210,207

Exelon

Corp.

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

United

States

21,820

982,118

Iberdrola

SA

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

Spain

457,740

8,664,714

Korea

Electric

Power

Corp.

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

South

Korea

56,130

1,448,197

NextEra

Energy,

Inc.

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

United

States

102,057

7,704,283

NRG

Energy,

Inc.

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

United

States

58,653

9,498,853

a

Oklo,

Inc.,

A

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

United

States

2,899

323,615

Otter

Tail

Corp.

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

United

States

721

59,100

PG&E

Corp.

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

United

States

61,079

921,071

Portland

General

Electric

Co.

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

United

States

3,922

172,568

PPL

Corp.

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

United

States

116,072

4,313,236

a

Tokyo

Electric

Power

Co.

Holdings,

Inc.

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

Japan

254,200

1,190,715

Putnam

Asset

Allocation

Funds

Consolidated

Schedule

of

Investments

#### Putnam

#### Dynamic

#### Asset

#### Allocation

#### Growth

#### Fund
(continued)

franklintempleton.com

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

consolidated

financial

statements.

a

a

#### Country

#### Shares
a

#### Value
a

a

#### a
a

#### Common

#### Stocks
(continued)

#### Electric

#### Utilities
(continued)

TXNM

Energy,

Inc.

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

United

States

2,050

$

115,927

50,774,018

#### Electrical

#### Equipment

#### 1.0%
ABB

Ltd.

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

Switzerland

61,397

4,442,891

Allient,

Inc.

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

United

States

5,190

232,252

AMETEK,

Inc.

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

United

States

5,027

945,076

a

Bloom

Energy

Corp.,

A

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

United

States

1,711

144,699

Eaton

Corp.

plc

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

United

States

2,507

938,245

EnerSys

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

United

States

6,131

692,558

GE

Vernova,

Inc.

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

United

States

25,218

15,506,548

a

Generac

Holdings,

Inc.

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

United

States

5,133

859,264

Harbin

Electric

Co.

Ltd.,

H

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

China

58,000

87,543

Mitsubishi

Electric

Corp.

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

Japan

133,500

3,428,779

a

NANO

Nuclear

Energy,

Inc.

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

United

States

10,528

405,960

a

NEXTracker,

Inc.,

A

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

United

States

6,603

488,556

a

NuScale

Power

Corp.,

A

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

United

States

4,797

172,692

Powell

Industries,

Inc.

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

United

States

127,106

a

Power

Solutions

International,

Inc.

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

United

States

6,124

601,499

Prysmian

SpA

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

Italy

32,416

3,226,089

Rockwell

Automation,

Inc.

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

United

States

2,693

941,284

Schneider

Electric

SE

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

United

States

13,905

3,913,870

a

Siemens

Energy

AG

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

Germany

3,142

369,434

Vertiv

Holdings

Co.,

A

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

United

States

22,464

3,388,919

a

Vicor

Corp.

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

United

States

2,258

112,268

41,025,532

#### Electronic

#### Equipment,

#### Instruments

#### &

#### Components

#### 0.1%
a

Aeva

Technologies,

Inc.

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

United

States

9,443

136,923

a

Arlo

Technologies,

Inc.

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

United

States

22,136

375,205

Elite

Material

Co.

Ltd.

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

Taiwan

24,000

971,310

a

Itron,

Inc.

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

United

States

5,601

697,661

Jabil,

Inc.

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

United

States

4,421

960,109

a

Keysight

Technologies,

Inc.

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

United

States

5,553

971,331

a

nLight,

Inc.

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

United

States

7,289

215,973

a

Ouster,

Inc.

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

United

States

11,482

310,588

a

Plexus

Corp.

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

United

States

814

117,778

a

Sanmina

Corp.

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

United

States

1,376

158,391

a

ScanSource,

Inc.

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

United

States

2,666

117,277

a

TTM

Technologies,

Inc.

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

United

States

15,088

869,069

a

Zebra

Technologies

Corp.,

A

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

United

States

2,849

846,609

6,748,224

#### Energy

#### Equipment

#### &

#### Services

#### 0.3%
Halliburton

Co.

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

United

States

43,908

1,080,137

Kodiak

Gas

Services,

Inc.

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

United

States

3,245

119,968

Liberty

Energy,

Inc.,

A

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

United

States

10,243

126,399

a

National

Energy

Services

Reunited

Corp.

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

United

States

15,155

155,490

a

Oceaneering

International,

Inc.

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

United

States

21,160

524,345

a

Oil

States

International,

Inc.

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

United

States

25,169

152,524

TechnipFMC

plc

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

United

Kingdom

129,911

5,124,989

7,283,852

#### Entertainment

#### 1.7%
Cinemark

Holdings,

Inc.

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

United

States

7,764

217,547

a

Live

Nation

Entertainment,

Inc.

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

United

States

15,353

2,508,680

a

Netflix,

Inc.

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

United

States

24,852

29,795,560

Nexon

Co.

Ltd.

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

Japan

43,300

950,244

Putnam

Asset

Allocation

Funds

Consolidated

Schedule

of

Investments

#### Putnam

#### Dynamic

#### Asset

#### Allocation

#### Growth

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

consolidated

financial

statements.

Annual

Report

a

a

#### Country

#### Shares
a

#### Value
a

a

#### a
a

#### Common

#### Stocks
(continued)

#### Entertainment
(continued)

Nintendo

Co.

Ltd.

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

Japan

43,100

$

3,728,980

a

ROBLOX

Corp.,

A

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

United

States

42,708

5,915,912

a

Spotify

Technology

SA

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

United

States

6,916

4,827,368

Universal

Music

Group

NV

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

Netherlands

86,855

2,509,889

50,454,180

#### Financial

#### Services

#### 2.3%
Apollo

Global

Management,

Inc.

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

United

States

35,856

4,778,529

Banco

Latinoamericano

de

Comercio

Exterior

SA,

E

.........

Panama

4,256

195,648

a

Berkshire

Hathaway,

Inc.,

B

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

United

States

5,751

2,891,258

Compass

Diversified

Holdings

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

United

States

20,414

135,141

Corebridge

Financial,

Inc.

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

United

States

27,512

881,760

Equitable

Holdings,

Inc.

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

United

States

106,648

5,415,585

Essent

Group

Ltd.

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

United

States

2,052

130,425

EXOR

NV

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

Netherlands

13,040

1,276,299

a

Fiserv,

Inc.

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

United

States

6,876

886,523

Investor

AB,

B

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

Sweden

104,427

3,269,018

Jackson

Financial,

Inc.,

A

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

United

States

8,882

899,125

Mastercard,

Inc.,

A

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

United

States

55,488

31,562,129

Meritz

Financial

Group,

Inc.

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

South

Korea

10,242

830,801

MGIC

Investment

Corp.

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

United

States

33,719

956,608

a

NMI

Holdings,

Inc.,

A

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

United

States

10,047

385,202

Pagseguro

Digital

Ltd.,

A

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

Brazil

65,005

650,050

a

Payoneer

Global,

Inc.

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

United

States

18,058

109,251

a

PayPal

Holdings,

Inc.

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

United

States

130,474

8,749,586

a

Paysafe

Ltd.

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

United

States

7,988

103,205

PennyMac

Financial

Services,

Inc.

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

United

States

2,863

354,668

a

StoneCo

Ltd.,

A

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

Brazil

6,904

130,555

Visa,

Inc.,

A

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

United

States

26,626

9,089,584

73,680,950

#### Food

#### Products

#### 0.2%
Ajinomoto

Co.,

Inc.

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

Japan

26,800

768,335

Archer-Daniels-Midland

Co.

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

United

States

15,839

946,222

Associated

British

Foods

plc

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

United

Kingdom

76,910

2,125,125

Calavo

Growers,

Inc.

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

United

States

4,093

105,354

Cal-Maine

Foods,

Inc.

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

United

States

7,031

661,617

Dole

plc

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

United

States

28,531

383,457

Fresh

Del

Monte

Produce,

Inc.

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

United

States

9,299

322,861

Ingredion,

Inc.

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

United

States

7,257

886,152

Mondelez

International,

Inc.,

A

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

United

States

14,817

925,618

Nestle

SA

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

United

States

8,640

793,457

Nissin

Foods

Holdings

Co.

Ltd.

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

Japan

16,600

312,672

a

Seneca

Foods

Corp.,

A

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

United

States

1,069

115,388

a

Simply

Good

Foods

Co.

(The)

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

United

States

2,230

55,349

Smithfield

Foods,

Inc.

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

United

States

38,745

909,733

Tyson

Foods,

Inc.,

A

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

United

States

17,169

932,277

b

WH

Group

Ltd.,

144A,

Reg

S

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

Hong

Kong

2,597,500

2,812,965

13,056,582

#### Gas

#### Utilities

#### 0.1%
National

Fuel

Gas

Co.

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

United

States

10,404

961,017

New

Jersey

Resources

Corp.

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

United

States

12,658

609,483

Northwest

Natural

Holding

Co.

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

United

States

2,756

123,827

Spire,

Inc.

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

United

States

1,560

127,171

Tokyo

Gas

Co.

Ltd.

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

Japan

36,100

1,283,668

3,105,166

Putnam

Asset

Allocation

Funds

Consolidated

Schedule

of

Investments

#### Putnam

#### Dynamic

#### Asset

#### Allocation

#### Growth

#### Fund
(continued)

franklintempleton.com

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

consolidated

financial

statements.

a

a

#### Country

#### Shares
a

#### Value
a

a

#### a
a

#### Common

#### Stocks
(continued)

#### Ground

#### Transportation

#### 1.0%
Canadian

National

Railway

Co.

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

Canada

15,526

$

1,464,132

Canadian

Pacific

Kansas

City

Ltd.

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

Canada

49,975

3,722,638

CSX

Corp.

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

United

States

27,606

980,289

JB

Hunt

Transport

Services,

Inc.

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

United

States

6,570

881,497

a

Lyft,

Inc.,

A

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

United

States

50,836

1,118,900

Norfolk

Southern

Corp.

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

United

States

3,445

1,034,912

a

Uber

Technologies,

Inc.

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

United

States

9,872

967,160

Union

Pacific

Corp.

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

United

States

47,127

11,139,409

21,308,937

#### Health

#### Care

#### Equipment

#### &

#### Supplies

#### 1.2%
Abbott

Laboratories

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

United

States

6,822

913,739

a

AtriCure,

Inc.

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

United

States

3,164

111,531

a

Avanos

Medical,

Inc.

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

United

States

9,472

109,496

a

Axogen,

Inc.

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

United

States

12,550

223,892

Becton

Dickinson

&

Co.

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

United

States

28,791

5,388,811

BioMerieux

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

France

4,412

592,172

a

Boston

Scientific

Corp.

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

United

States

37,027

3,614,946

a

Dexcom,

Inc.

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

United

States

12,418

835,607

a

Edwards

Lifesciences

Corp.

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

United

States

11,693

909,365

a

Glaukos

Corp.

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

United

States

3,996

325,874

a

Hologic,

Inc.

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

United

States

14,686

991,158

Hoya

Corp.

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

Japan

58,200

8,047,335

a

IDEXX

Laboratories,

Inc.

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

United

States

4,876

3,115,228

a

Insulet

Corp.

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

United

States

2,848

879,263

a

Intuitive

Surgical,

Inc.

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

United

States

10,041

4,490,636

a

Lantheus

Holdings,

Inc.

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

United

States

9,153

469,457

a

LivaNova

plc

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

United

States

7,664

401,440

Medtronic

plc

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

United

States

37,982

3,617,406

a

Novocure

Ltd.

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

United

States

48,112

621,607

Olympus

Corp.

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

Japan

161,000

2,035,526

a

Surmodics,

Inc.

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

United

States

3,464

103,539

37,798,028

#### Health

#### Care

#### Providers

#### &

#### Services

#### 1.2%
Apollo

Hospitals

Enterprise

Ltd.

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

India

20,522

1,713,705

Cardinal

Health,

Inc.

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

United

States

6,217

975,820

a

Castle

Biosciences,

Inc.

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

United

States

21,952

499,847

Cencora,

Inc.

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

United

States

3,213

1,004,159

Cigna

Group

(The)

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

United

States

3,127

901,358

Fresenius

SE

&

Co.

KGaA

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

Germany

4,385

245,058

a

GeneDx

Holdings

Corp.,

A

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

United

States

1,376

148,250

a

Guardant

Health,

Inc.

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

United

States

15,032

939,199

a

Hims

&

Hers

Health,

Inc.

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

United

States

13,483

764,756

McKesson

Corp.

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

United

States

12,892

9,959,586

a

Option

Care

Health,

Inc.

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

United

States

10,089

280,071

Select

Medical

Holdings

Corp.

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

United

States

16,867

216,572

Sonic

Healthcare

Ltd.

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

Australia

65,153

922,819

a

Tenet

Healthcare

Corp.

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

United

States

4,909

996,723

UnitedHealth

Group,

Inc.

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

United

States

20,830

7,192,599

Universal

Health

Services,

Inc.,

B

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

United

States

4,938

1,009,525

27,770,047

#### Health

#### Care

#### REITs

#### 0.1%
American

Healthcare

REIT,

Inc.

.........................

United

States

3,878

162,915

CareTrust

REIT,

Inc.

.................................

United

States

23,595

818,275

LTC

Properties,

Inc.

.................................

United

States

1,662

61,261

National

Health

Investors,

Inc.

..........................

United

States

1,501

119,329

Putnam

Asset

Allocation

Funds

Consolidated

Schedule

of

Investments

#### Putnam

#### Dynamic

#### Asset

#### Allocation

#### Growth

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

consolidated

financial

statements.

Annual

Report

a

a

#### Country

#### Shares
a

#### Value
a

a

#### a
a

#### Common

#### Stocks
(continued)

#### Health

#### Care

#### REITs
(continued)

Omega

Healthcare

Investors,

Inc.

.......................

United

States

22,933

$

968,231

Sabra

Health

Care

REIT,

Inc.

..........................

United

States

6,871

128,075

2,258,086

#### Health

#### Care

#### Technology

#### 0.4%
a

Doximity,

Inc.,

A

....................................

United

States

13,327

974,870

HealthStream,

Inc.

..................................

United

States

4,512

127,419

a

LifeMD,

Inc.

.......................................

United

States

20,013

135,888

a

Phreesia,

Inc.

......................................

United

States

14,862

349,554

a

Teladoc

Health,

Inc.

.................................

United

States

81,223

627,854

a

Veeva

Systems,

Inc.,

A

...............................

United

States

28,420

8,466,602

a

Waystar

Holding

Corp.

...............................

United

States

7,068

268,019

10,950,206

#### Hotel

#### &

#### Resort

#### REITs

#### 0.0%

#### †
Apple

Hospitality

REIT,

Inc.

............................

United

States

8,696

104,439

DiamondRock

Hospitality

Co.

..........................

United

States

14,003

111,464

Ryman

Hospitality

Properties,

Inc.

.......................

United

States

5,675

508,423

Xenia

Hotels

&

Resorts,

Inc.

...........................

United

States

4,238

58,145

782,471

#### Hotels,

#### Restaurants

#### &

#### Leisure

#### 1.5%
Accor

SA

.........................................

France

44,215

2,100,672

a

Airbnb,

Inc.,

A

......................................

United

States

7,570

919,149

Aristocrat

Leisure

Ltd.

................................

Australia

62,167

2,877,927

Booking

Holdings,

Inc.

...............................

United

States

508

2,742,829

Brightstar

Lottery

plc

.................................

United

States

34,061

587,552

a

Brinker

International,

Inc.

.............................

United

States

5,504

697,247

Compass

Group

plc

.................................

United

Kingdom

139,307

4,748,385

a

DoorDash,

Inc.,

A

...................................

United

States

51,263

13,943,023

a

Eternal

Ltd.

........................................

India

275,529

1,011,504

FDJ

United

........................................

France

4,838

162,229

Golden

Entertainment,

Inc.

............................

United

States

4,667

110,048

Hilton

Worldwide

Holdings,

Inc.

.........................

United

States

32,742

8,494,584

Indian

Hotels

Co.

Ltd.

(The),

A

..........................

India

189,470

1,538,035

InterContinental

Hotels

Group

plc

.......................

United

Kingdom

5,819

703,578

a

Life

Time

Group

Holdings,

Inc.

.........................

United

States

4,104

113,270

a

MakeMyTrip

Ltd.

....................................

India

12,887

1,206,223

Monarch

Casino

&

Resort,

Inc.

.........................

United

States

1,275

134,946

Red

Rock

Resorts,

Inc.,

A

.............................

United

States

2,395

146,239

Starbucks

Corp.

....................................

United

States

35,251

2,982,235

45,219,675

#### Household

#### Durables

#### 0.5%
a

Amber

Enterprises

India

Ltd.

...........................

India

14,018

1,278,870

Garmin

Ltd.

........................................

United

States

3,943

970,845

a

Hovnanian

Enterprises,

Inc.,

A

..........................

United

States

1,009

129,646

KB

Home

.........................................

United

States

1,873

119,198

a

M/I

Homes,

Inc.

.....................................

United

States

3,948

570,249

PulteGroup,

Inc.

....................................

United

States

67,360

8,900,277

a

Sonos,

Inc.

........................................

United

States

41,424

654,499

Sony

Group

Corp.

...................................

Japan

140,400

4,036,037

a

Taylor

Morrison

Home

Corp.,

A

.........................

United

States

11,446

755,550

a

Tri

Pointe

Homes,

Inc.

................................

United

States

19,331

656,674

18,071,845

Putnam

Asset

Allocation

Funds

Consolidated

Schedule

of

Investments

#### Putnam

#### Dynamic

#### Asset

#### Allocation

#### Growth

#### Fund
(continued)

franklintempleton.com

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

consolidated

financial

statements.

a

a

#### Country

#### Shares
a

#### Value
a

a

#### a
a

#### Common

#### Stocks
(continued)

#### Household

#### Products

#### 1.0%
Colgate-Palmolive

Co.

...............................

United

States

132,980

$

10,630,421

Energizer

Holdings,

Inc.

..............................

United

States

4,885

121,588

Kimberly-Clark

Corp.

.................................

United

States

20,123

2,502,094

Procter

&

Gamble

Co.

(The)

...........................

United

States

51,844

7,965,831

Reckitt

Benckiser

Group

plc

...........................

United

Kingdom

20,025

1,541,965

Unilever

Indonesia

Tbk.

PT

............................

Indonesia

11,574,300

1,236,259

23,998,158

#### Independent

#### Power

#### and

#### Renewable

#### Electricity

#### Producers

#### 0.1%
NTPC

Ltd.

.........................................

India

595,552

2,283,757

RWE

AG

..........................................

Germany

12,994

577,956

Vistra

Corp.

........................................

United

States

4,618

904,759

3,766,472

#### Industrial

#### Conglomerates

#### 0.4%
3M

Co.

...........................................

United

States

5,976

927,356

DCC

plc

..........................................

United

Kingdom

8,880

571,623

Honeywell

International,

Inc.

...........................

United

States

28,074

5,909,577

Jardine

Matheson

Holdings

Ltd.

........................

Hong

Kong

26,700

1,684,962

Samsung

C&T

Corp.

.................................

South

Korea

9,099

1,198,221

Sekisui

Chemical

Co.

Ltd.

.............................

Japan

38,900

724,188

Siemens

AG

.......................................

Germany

7,859

2,121,757

Smiths

Group

plc

...................................

United

Kingdom

26,567

842,311

13,979,995

#### Industrial

#### REITs

#### 0.2%
Prologis,

Inc.

.......................................

United

States

34,688

3,972,470

#### Insurance

#### 2.2%
Aflac,

Inc.

.........................................

United

States

8,850

988,545

AIA

Group

Ltd.

.....................................

Hong

Kong

680,200

6,519,014

Allianz

SE

.........................................

Germany

9,210

3,874,893

Allstate

Corp.

(The)

..................................

United

States

34,034

7,305,398

American

International

Group,

Inc.

......................

United

States

69,757

5,478,715

AXA

SA

...........................................

France

7,207

345,612

Axis

Capital

Holdings

Ltd.

.............................

United

States

9,357

896,401

a

Brighthouse

Financial,

Inc.

............................

United

States

19,322

1,025,612

Chubb

Ltd.

........................................

United

States

3,377

953,158

CNO

Financial

Group,

Inc.

............................

United

States

15,260

603,533

Dai-ichi

Life

Holdings,

Inc.

.............................

Japan

53,200

418,480

Everest

Group

Ltd.

..................................

United

States

2,777

972,589

Fidelis

Insurance

Holdings

Ltd.

.........................

United

Kingdom

7,293

132,368

a

Genworth

Financial,

Inc.,

A

............................

United

States

81,101

721,799

Globe

Life,

Inc.

.....................................

United

States

17,305

2,474,096

a

Hamilton

Insurance

Group

Ltd.,

B

.......................

United

States

23,284

577,443

Hanover

Insurance

Group,

Inc.

(The)

.....................

United

States

2,712

492,581

a

Heritage

Insurance

Holdings,

Inc.

.......................

United

States

17,441

439,164

Horace

Mann

Educators

Corp.

.........................

United

States

6,876

310,589

MetLife,

Inc.

.......................................

United

States

97,299

8,014,519

Muenchener

Rueckversicherungs-Gesellschaft

AG

in

Muenchen

Germany

3,165

2,020,771

Old

Republic

International

Corp.

........................

United

States

24,038

1,020,894

PICC

Property

&

Casualty

Co.

Ltd.,

H

....................

China

1,224,000

2,761,165

b

Poste

Italiane

SpA,

144A,

Reg

S

........................

Italy

12,493

296,972

Primerica,

Inc.

......................................

United

States

3,552

986,000

Progressive

Corp.

(The)

..............................

United

States

3,716

917,666

Prudential

Financial,

Inc.

..............................

United

States

8,869

920,070

Prudential

plc

......................................

Hong

Kong

258,156

3,614,112

QBE

Insurance

Group

Ltd.

............................

Australia

31,678

431,083

Putnam

Asset

Allocation

Funds

Consolidated

Schedule

of

Investments

#### Putnam

#### Dynamic

#### Asset

#### Allocation

#### Growth

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

consolidated

financial

statements.

Annual

Report

a

a

#### Country

#### Shares
a

#### Value
a

a

#### a
a

#### Common

#### Stocks
(continued)

#### Insurance
(continued)

Reinsurance

Group

of

America,

Inc.

.....................

United

States

4,913

$

943,935

a

SiriusPoint

Ltd.

.....................................

Sweden

7,362

133,179

a

Sony

Financial

Group,

Inc.

............................

Japan

140,400

155,699

Talanx

AG

.........................................

Germany

10,456

1,394,071

Travelers

Cos.,

Inc.

(The)

.............................

United

States

3,344

933,712

Unipol

Assicurazioni

SpA

..............................

Italy

10,275

220,888

Universal

Insurance

Holdings,

Inc.

.......................

United

States

6,395

168,188

Unum

Group

.......................................

United

States

13,203

1,026,929

Zurich

Insurance

Group

AG

............................

Switzerland

2,111

1,508,908

61,998,751

#### Interactive

#### Media

#### &

#### Services

#### 4.9%
Alphabet,

Inc.,

A

....................................

United

States

217,777

52,941,589

Alphabet,

Inc.,

C

....................................

United

States

61,421

14,959,085

b

Auto

Trader

Group

plc,

144A,

Reg

S

.....................

United

Kingdom

39,360

418,133

a

Cargurus,

Inc.,

A

....................................

United

States

16,426

611,540

a

EverQuote,

Inc.,

A

...................................

United

States

18,292

418,338

a

fuboTV,

Inc.

.......................................

United

States

126,199

523,726

a

Grindr,

Inc.

........................................

Singapore

10,647

159,918

Kakao

Corp.

.......................................

South

Korea

23,671

1,007,885

b

Kuaishou

Technology,

144A,

Reg

S

......................

China

101,300

1,095,647

LY

Corp.

..........................................

Japan

503,000

1,614,635

Meta

Platforms,

Inc.,

A

...............................

United

States

72,615

53,327,004

a

Reddit,

Inc.,

A

......................................

United

States

4,252

977,917

b

Scout24

SE,

144A,

Reg

S

.............................

Germany

4,177

524,035

Tencent

Holdings

Ltd.

................................

China

204,511

17,426,301

a

ZipRecruiter,

Inc.,

A

..................................

United

States

27,240

114,953

146,120,706

#### IT

#### Services

#### 0.5%
Accenture

plc,

A

....................................

Ireland

23,430

5,777,838

Coforge

Ltd.

.......................................

India

23,298

417,904

Fujitsu

Ltd.

........................................

Japan

13,400

314,342

a

GoDaddy,

Inc.,

A

....................................

United

States

6,524

892,679

International

Business

Machines

Corp.

...................

United

States

3,781

1,066,847

NEC

Corp.

........................................

Japan

30,800

985,880

a

Shopify,

Inc.,

A

.....................................

Canada

18,395

2,733,681

a

Snowflake,

Inc.,

A

...................................

United

States

5,046

1,138,125

VeriSign,

Inc.

......................................

United

States

3,369

941,871

14,269,167

#### Leisure

#### Products

#### 0.0%

#### †
Bandai

Namco

Holdings,

Inc.

..........................

Japan

34,300

1,141,213

Hasbro,

Inc.

.......................................

United

States

12,374

938,568

Polaris,

Inc.

........................................

United

States

11,571

672,622

2,752,403

#### Life

#### Sciences

#### Tools

#### &

#### Services

#### 0.5%
a

10X

Genomics,

Inc.,

A

................................

United

States

45,405

530,784

Lonza

Group

AG

....................................

Switzerland

4,837

3,234,204

Thermo

Fisher

Scientific,

Inc.

..........................

United

States

16,250

7,881,575

b

WuXi

AppTec

Co.

Ltd.,

H,

144A,

Reg

S

...................

China

73,980

1,131,905

12,778,468

#### Machinery

#### 0.8%
Alamo

Group,

Inc.

...................................

United

States

601

114,731

Albany

International

Corp.,

A

...........................

United

States

2,028

108,092

Putnam

Asset

Allocation

Funds

Consolidated

Schedule

of

Investments

#### Putnam

#### Dynamic

#### Asset

#### Allocation

#### Growth

#### Fund
(continued)

franklintempleton.com

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

consolidated

financial

statements.

a

a

#### Country

#### Shares
a

#### Value
a

a

#### a
a

#### Common

#### Stocks
(continued)

#### Machinery
(continued)

Allison

Transmission

Holdings,

Inc.

......................

United

States

10,443

$

886,402

Atmus

Filtration

Technologies,

Inc.

......................

United

States

15,281

689,020

a

Blue

Bird

Corp.

.....................................

United

States

6,454

371,428

Caterpillar,

Inc.

.....................................

United

States

4,628

2,208,250

CNH

Industrial

NV

...................................

United

States

43,142

468,091

Cummins,

Inc.

......................................

United

States

2,368

1,000,172

Deere

&

Co.

.......................................

United

States

2,011

919,550

Ebara

Corp.

.......................................

Japan

68,400

1,559,147

ESCO

Technologies,

Inc.

..............................

United

States

781

164,877

Federal

Signal

Corp.

.................................

United

States

1,131

134,578

Franklin

Electric

Co.,

Inc.

.............................

United

States

1,218

115,954

GEA

Group

AG

.....................................

Germany

18,591

1,374,472

Graco,

Inc.

........................................

United

States

10,972

932,181

Hoshizaki

Corp.

....................................

Japan

7,100

266,416

Hyster-Yale,

Inc.

....................................

United

States

3,144

115,888

Ingersoll

Rand,

Inc.

..................................

United

States

52,318

4,322,513

Komatsu

Ltd.

......................................

Japan

10,100

351,856

Lincoln

Electric

Holdings,

Inc.

..........................

United

States

3,826

902,286

a

Microvast

Holdings,

Inc.

..............................

United

States

152,418

586,809

Mueller

Water

Products,

Inc.,

A

.........................

United

States

5,259

134,210

Otis

Worldwide

Corp.

................................

United

States

34,831

3,184,598

Parker-Hannifin

Corp.

................................

United

States

978

741,471

Pentair

plc

........................................

United

States

8,681

961,508

a

Proto

Labs,

Inc.

.....................................

United

States

3,734

186,812

Rational

AG

.......................................

Germany

312,549

REV

Group,

Inc.

....................................

United

States

7,279

412,501

a

Samsung

Heavy

Industries

Co.

Ltd.

......................

South

Korea

57,594

899,480

Schindler

Holding

AG

................................

Switzerland

5,069

1,927,620

a

SPX

Technologies,

Inc.

...............................

United

States

688

128,505

Tennant

Co.

.......................................

United

States

1,434

116,240

Watts

Water

Technologies,

Inc.,

A

.......................

United

States

3,040

849,011

Westinghouse

Air

Brake

Technologies

Corp.

...............

United

States

4,786

959,449

Worthington

Enterprises,

Inc.

..........................

United

States

2,468

136,949

28,543,616

#### Marine

#### Transportation

#### 0.0%

#### †
Costamare,

Inc.

....................................

Monaco

8,930

106,356

Matson,

Inc.

.......................................

United

States

5,883

580,005

Safe

Bulkers,

Inc.

...................................

Monaco

18,663

82,864

SITC

International

Holdings

Co.

Ltd.

.....................

China

276,000

1,062,582

1,831,807

#### Media

#### 0.2%
a

Charter

Communications,

Inc.,

A

........................

United

States

9,805

2,697,405

Comcast

Corp.,

A

...................................

United

States

85,091

2,673,559

Informa

plc

........................................

United

Kingdom

47,478

588,077

a

Magnite,

Inc.

.......................................

United

States

12,404

270,159

New

York

Times

Co.

(The),

A

...........................

United

States

16,518

948,133

a

Nexxen

International

Ltd.

.............................

Israel

17,412

161,061

a

PubMatic,

Inc.,

A

....................................

United

States

14,304

118,437

7,456,831

#### Metals

#### &

#### Mining

#### 0.7%
a

Alpha

Metallurgical

Resources,

Inc.

......................

United

States

2,242

367,890

Anglogold

Ashanti

plc

................................

United

Kingdom

20,253

1,414,145

ArcelorMittal

SA

....................................

Luxembourg

14,553

525,013

BHP

Group

Ltd.,

(AUD

Traded)

.........................

Australia

149,549

4,177,685

BHP

Group

Ltd.,

(GBP

Traded)

.........................

Australia

8,726

241,740

Putnam

Asset

Allocation

Funds

Consolidated

Schedule

of

Investments

#### Putnam

#### Dynamic

#### Asset

#### Allocation

#### Growth

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

consolidated

financial

statements.

Annual

Report

a

a

#### Country

#### Shares
a

#### Value
a

a

#### a
a

#### Common

#### Stocks
(continued)

#### Metals

#### &

#### Mining
(continued)

BlueScope

Steel

Ltd.

.................................

Australia

39,375

$

591,447

a

Boliden

AB

........................................

Sweden

7,353

300,137

a

Coeur

Mining,

Inc.

...................................

United

States

8,842

165,876

Commercial

Metals

Co.

...............................

United

States

2,140

122,579

a

Constellium

SE,

A

...................................

United

States

43,405

645,866

Fortescue

Ltd.

......................................

Australia

170,484

2,111,351

Freeport-McMoRan,

Inc.

..............................

United

States

142,746

5,598,498

Glencore

plc

.......................................

Australia

897,402

4,133,100

Hecla

Mining

Co.

...................................

United

States

40,682

492,252

Norsk

Hydro

ASA

...................................

Norway

67,280

457,445

Northern

Star

Resources

Ltd.

..........................

Australia

22,220

346,972

Rio

Tinto

plc

.......................................

Australia

29,966

1,974,833

Southern

Copper

Corp.

...............................

Mexico

8,934

1,084,230

SunCoke

Energy,

Inc.

................................

United

States

15,843

129,279

Zijin

Mining

Group

Co.

Ltd.,

H

..........................

China

622,000

2,600,595

27,480,933

#### Mortgage

#### Real

#### Estate

#### Investment

#### Trusts
(REITs)

#### 0.0%

#### †
BrightSpire

Capital,

Inc.,

A

.............................

United

States

31,938

173,423

Chimera

Investment

Corp.

.............................

United

States

8,066

106,633

Ladder

Capital

Corp.,

A

...............................

United

States

10,144

110,671

MFA

Financial,

Inc.

..................................

United

States

10,832

99,546

Rithm

Capital

Corp.

..................................

United

States

74,668

850,469

1,340,742

#### Multi-Utilities

#### 0.4%
Avista

Corp.

.......................................

United

States

12,361

467,369

Black

Hills

Corp.

....................................

United

States

8,741

538,358

Consolidated

Edison,

Inc.

.............................

United

States

9,703

975,346

DTE

Energy

Co.

....................................

United

States

6,917

978,271

E.ON

SE

..........................................

Germany

101,937

1,920,031

Engie

SA

.........................................

France

130,963

2,815,250

Northwestern

Energy

Group,

Inc.

.......................

United

States

2,092

122,612

Public

Service

Enterprise

Group,

Inc.

....................

United

States

11,446

955,283

Sembcorp

Industries

Ltd.

.............................

Singapore

84,000

392,465

9,164,985

#### Office

#### REITs

#### 0.1%
COPT

Defense

Properties

.............................

United

States

3,704

107,638

Empire

State

Realty

Trust,

Inc.,

A

.......................

United

States

13,862

106,183

Vornado

Realty

Trust

.................................

United

States

90,293

3,659,575

3,873,396

#### Oil,

#### Gas

#### &

#### Consumable

#### Fuels

#### 2.4%
Antero

Midstream

Corp.

..............................

United

States

49,683

965,838

Berry

Corp.

........................................

United

States

36,824

139,195

BP

plc

............................................

United

States

305,049

1,751,485

California

Resources

Corp.

............................

United

States

2,036

108,274

Cheniere

Energy,

Inc.

................................

United

States

40,787

9,584,129

Chevron

Corp.

.....................................

United

States

5,910

917,764

ConocoPhillips

.....................................

United

States

51,940

4,913,005

Core

Natural

Resources,

Inc.

..........................

United

States

2,295

191,587

Coterra

Energy,

Inc.

.................................

United

States

38,142

902,058

Dorian

LPG

Ltd.

....................................

United

States

4,711

140,388

ENEOS

Holdings,

Inc.

................................

Japan

320,600

2,030,426

Eni

SpA

..........................................

Italy

30,087

526,405

Equinor

ASA

.......................................

Norway

103,862

2,532,791

Excelerate

Energy,

Inc.,

A

.............................

United

States

4,588

115,572

Putnam

Asset

Allocation

Funds

Consolidated

Schedule

of

Investments

#### Putnam

#### Dynamic

#### Asset

#### Allocation

#### Growth

#### Fund
(continued)

franklintempleton.com

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

consolidated

financial

statements.

a

a

#### Country

#### Shares
a

#### Value
a

a

#### a
a

#### Common

#### Stocks
(continued)

#### Oil,

#### Gas

#### &

#### Consumable

#### Fuels
(continued)

Exxon

Mobil

Corp.

...................................

United

States

99,217

$

11,186,717

a

Gulfport

Energy

Corp.

................................

United

States

638

115,465

Inpex

Corp.

........................................

Japan

175,200

3,154,595

International

Seaways,

Inc.

............................

United

States

2,605

120,038

Kinder

Morgan,

Inc.

..................................

United

States

34,320

971,599

Marathon

Petroleum

Corp.

............................

United

States

5,251

1,012,078

Murphy

Oil

Corp.

....................................

United

States

16,884

479,674

Peabody

Energy

Corp.

...............................

United

States

33,489

888,128

PetroChina

Co.

Ltd.,

H

...............................

China

2,990,000

2,710,632

Repsol

SA

.........................................

Spain

37,160

660,787

Scorpio

Tankers,

Inc.

.................................

Monaco

11,042

618,904

Shell

plc,

(EUR

Traded)

...............................

United

States

214,560

7,695,718

Shell

plc,

(GBP

Traded)

...............................

United

States

25,142

896,087

Teekay

Corp.

Ltd.

...................................

United

States

36,901

301,850

Teekay

Tankers

Ltd.,

A

...............................

Canada

11,153

563,784

TotalEnergies

SE

...................................

France

65,724

4,003,159

Valero

Energy

Corp.

.................................

United

States

32,132

5,470,794

Williams

Cos.,

Inc.

(The)

..............................

United

States

15,826

1,002,577

World

Kinect

Corp.

..................................

United

States

4,485

116,386

66,787,889

#### Paper

#### &

#### Forest

#### Products

#### 0.0%

#### †
Louisiana-Pacific

Corp.

...............................

United

States

9,870

876,851

Sylvamo

Corp.

.....................................

United

States

7,191

317,986

1,194,837

#### Passenger

#### Airlines

#### 0.5%
Delta

Air

Lines,

Inc.

..................................

United

States

15,811

897,274

a

Joby

Aviation,

Inc.

...................................

United

States

31,641

510,686

Qantas

Airways

Ltd.

.................................

Australia

338,261

2,444,207

Ryanair

Holdings

plc

.................................

Italy

96,753

2,827,356

Ryanair

Holdings

plc,

ADR

............................

Italy

33,805

2,035,737

a

SkyWest,

Inc.

......................................

United

States

7,124

716,817

Southwest

Airlines

Co.

...............................

United

States

178,931

5,709,688

a

Sun

Country

Airlines

Holdings,

Inc.

......................

United

States

13,243

156,400

a

United

Airlines

Holdings,

Inc.

...........................

United

States

8,882

857,113

16,155,278

#### Personal

#### Care

#### Products

#### 0.2%
a

APR

Corp.

........................................

South

Korea

4,447

794,476

Unilever

plc

........................................

United

Kingdom

82,761

4,891,891

5,686,367

#### Pharmaceuticals

#### 3.7%
a

Arvinas,

Inc.

.......................................

United

States

58,126

495,234

AstraZeneca

plc

....................................

United

Kingdom

27,179

4,163,853

AstraZeneca

plc,

ADR

................................

United

Kingdom

67,491

5,177,909

Bristol-Myers

Squibb

Co.

..............................

United

States

153,660

6,930,066

Chugai

Pharmaceutical

Co.

Ltd.

........................

Japan

26,700

1,183,731

a

Corcept

Therapeutics,

Inc.

............................

United

States

12,671

1,053,087

Daiichi

Sankyo

Co.

Ltd.

...............................

Japan

69,000

1,552,515

Eli

Lilly

&

Co.

......................................

United

States

23,567

17,981,621

Galderma

Group

AG

.................................

Switzerland

12,180

2,153,428

GSK

plc

..........................................

United

States

56,112

1,204,836

Ipsen

SA

..........................................

France

5,246

704,413

Johnson

&

Johnson

.................................

United

States

103,103

19,117,358

a

Maze

Therapeutics,

Inc.

..............................

United

States

4,932

127,887

Merck

&

Co.,

Inc.

...................................

United

States

47,688

4,002,454

Putnam

Asset

Allocation

Funds

Consolidated

Schedule

of

Investments

#### Putnam

#### Dynamic

#### Asset

#### Allocation

#### Growth

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

consolidated

financial

statements.

Annual

Report

a

a

#### Country

#### Shares
a

#### Value
a

a

#### a
a

#### Common

#### Stocks
(continued)

#### Pharmaceuticals
(continued)

Merck

KGaA

.......................................

Germany

2,663

$

345,510

Novartis

AG

.......................................

United

States

72,314

9,298,018

Novo

Nordisk

A/S,

ADR

...............................

Denmark

74,497

4,133,838

Novo

Nordisk

A/S,

B

.................................

Denmark

93,114

5,184,743

Otsuka

Holdings

Co.

Ltd.

.............................

Japan

22,400

1,194,609

Pfizer,

Inc.

.........................................

United

States

39,654

1,010,384

Roche

Holding

AG

..................................

United

States

14,100

4,695,068

Sanofi

SA

.........................................

United

States

78,773

7,459,323

a

Supernus

Pharmaceuticals,

Inc.

........................

United

States

14,749

704,855

a

WaVe

Life

Sciences

Ltd.

..............................

United

States

15,754

115,319

99,990,059

#### Professional

#### Services

#### 0.7%
Automatic

Data

Processing,

Inc.

........................

United

States

42,570

12,494,295

Broadridge

Financial

Solutions,

Inc.

......................

United

States

3,755

894,328

Experian

plc

.......................................

United

States

22,128

1,111,427

Heidrick

&

Struggles

International,

Inc.

...................

United

States

3,228

160,658

a

IBEX

Holdings

Ltd.

..................................

United

States

4,763

192,997

Korn

Ferry

........................................

United

States

5,109

357,528

a

Legalzoom.com,

Inc.

.................................

United

States

53,223

552,455

Leidos

Holdings,

Inc.

.................................

United

States

5,149

972,955

Maximus,

Inc.

......................................

United

States

1,490

136,141

a

Paylocity

Holding

Corp.

...............................

United

States

5,578

888,408

Recruit

Holdings

Co.

Ltd.

.............................

Japan

40,800

2,193,566

a

Upwork,

Inc.

.......................................

United

States

38,420

713,459

Verisk

Analytics,

Inc.,

A

...............................

United

States

3,456

869,219

21,537,436

#### Real

#### Estate

#### Management

#### &

#### Development

#### 0.4%
a

Anywhere

Real

Estate,

Inc.

............................

United

States

29,152

308,720

a

CBRE

Group,

Inc.,

A

.................................

United

States

36,777

5,794,584

a

CoStar

Group,

Inc.

..................................

United

States

35,706

3,012,515

a

Cushman

&

Wakefield

plc

.............................

United

States

43,778

696,946

Emaar

Properties

PJSC

..............................

United

Arab

Emirates

422,407

1,500,772

11,313,537

#### Residential

#### REITs

#### 0.0%

#### †
Camden

Property

Trust

...............................

United

States

8,682

927,064

Equity

LifeStyle

Properties,

Inc.

.........................

United

States

15,231

924,522

Equity

Residential

...................................

United

States

14,496

938,326

Invitation

Homes,

Inc.

................................

United

States

30,590

897,205

Mid-America

Apartment

Communities,

Inc.

................

United

States

6,521

911,179

NexPoint

Residential

Trust,

Inc.

.........................

United

States

3,638

117,216

Sun

Communities,

Inc.

...............................

United

States

7,281

939,249

5,654,761

#### Retail

#### REITs

#### 0.3%
Brixmor

Property

Group,

Inc.

...........................

United

States

33,818

936,082

CBL

&

Associates

Properties,

Inc.

.......................

United

States

3,804

116,326

Curbline

Properties

Corp.

.............................

United

States

10,227

228,062

Kite

Realty

Group

Trust

...............................

United

States

12,340

275,182

Simon

Property

Group,

Inc.

............................

United

States

46,844

8,791,213

SITE

Centers

Corp.

..................................

United

States

45,634

411,162

Tanger,

Inc.

........................................

United

States

3,300

111,672

Urban

Edge

Properties

...............................

United

States

27,575

564,460

11,434,159

Putnam

Asset

Allocation

Funds

Consolidated

Schedule

of

Investments

#### Putnam

#### Dynamic

#### Asset

#### Allocation

#### Growth

#### Fund
(continued)

franklintempleton.com

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

consolidated

financial

statements.

a

a

#### Country

#### Shares
a

#### Value
a

a

#### a
a

#### Common

#### Stocks
(continued)

#### Semiconductors

#### &

#### Semiconductor

#### Equipment

#### 9.2%
a

Ambarella,

Inc.

.....................................

United

States

8,664

$

714,953

Applied

Materials,

Inc.

................................

United

States

5,640

1,154,734

ASML

Holding

NV

...................................

Netherlands

13,190

12,862,717

a

Astera

Labs,

Inc.

....................................

United

States

5,775

1,130,745

Broadcom,

Inc.

.....................................

United

States

130,873

43,176,311

a

CEVA,

Inc.

........................................

United

States

2,215

58,498

a

Cirrus

Logic,

Inc.

....................................

United

States

8,105

1,015,475

a

Credo

Technology

Group

Holding

Ltd.

....................

United

States

9,411

1,370,336

a

Impinj,

Inc.

........................................

United

States

4,008

724,446

KLA

Corp.

.........................................

United

States

999

1,077,521

Lam

Research

Corp.

.................................

United

States

22,510

3,014,089

Marvell

Technology,

Inc.

..............................

United

States

39,087

3,286,044

a

MaxLinear,

Inc.,

A

...................................

United

States

8,357

134,381

MediaTek,

Inc.

.....................................

Taiwan

39,000

1,691,420

NAURA

Technology

Group

Co.

Ltd.,

A

....................

China

14,325

912,726

NVIDIA

Corp.

......................................

United

States

763,654

142,482,563

QUALCOMM,

Inc.

...................................

United

States

104,850

17,442,846

a

Rambus,

Inc.

......................................

United

States

10,560

1,100,352

Renesas

Electronics

Corp.

............................

Japan

115,800

1,332,301

a

Rigetti

Computing,

Inc.

...............................

United

States

7,589

226,076

SCREEN

Holdings

Co.

Ltd.

............................

Japan

10,200

924,244

SK

Hynix,

Inc.

......................................

South

Korea

17,861

4,427,706

Skyworks

Solutions,

Inc.

..............................

United

States

6,003

462,111

Taiwan

Semiconductor

Manufacturing

Co.

Ltd.

.............

Taiwan

492,350

21,386,614

262,109,209

#### Software

#### 6.9%
a

8x8,

Inc.

..........................................

United

States

42,207

89,479

A10

Networks,

Inc.

..................................

United

States

6,514

118,229

a

ACI

Worldwide,

Inc.

..................................

United

States

6,521

344,113

Adeia,

Inc.

........................................

United

States

8,339

140,095

a

Adobe,

Inc.

........................................

United

States

40,369

14,240,165

a

Alarm.com

Holdings,

Inc.

.............................

United

States

1,971

104,621

a

AppLovin

Corp.,

A

...................................

United

States

11,735

8,432,067

a

Atlassian

Corp.,

A

...................................

United

States

5,413

864,456

a

Autodesk,

Inc.

......................................

United

States

25,436

8,080,254

a

Blend

Labs,

Inc.,

A

..................................

United

States

133,733

488,125

a

Cadence

Design

Systems,

Inc.

.........................

United

States

23,942

8,409,867

a

Cerence,

Inc.

......................................

United

States

11,522

143,564

a

Check

Point

Software

Technologies

Ltd.

..................

Israel

4,000

827,640

a

Commvault

Systems,

Inc.

.............................

United

States

4,421

834,596

a

Crowdstrike

Holdings,

Inc.,

A

...........................

United

States

2,158

1,058,240

a

DocuSign,

Inc.,

A

...................................

United

States

13,241

954,544

a

Domo,

Inc.,

B

......................................

United

States

25,014

396,222

a

Dropbox,

Inc.,

A

....................................

United

States

30,623

925,121

a

Fortinet,

Inc.

.......................................

United

States

12,315

1,035,445

a

Guidewire

Software,

Inc.

..............................

United

States

3,743

860,366

a

HubSpot,

Inc.

......................................

United

States

5,426

2,538,283

InterDigital,

Inc.

.....................................

United

States

2,779

959,394

Intuit,

Inc.

.........................................

United

States

1,465

1,000,463

a

Life360,

Inc.

.......................................

United

States

1,748

185,812

a

LiveRamp

Holdings,

Inc.

..............................

United

States

16,382

444,607

a

Manhattan

Associates,

Inc.

............................

United

States

4,452

912,571

Microsoft

Corp.

.....................................

United

States

233,649

121,018,500

a

Nice

Ltd.

..........................................

Israel

3,661

530,347

OneSpan,

Inc.

......................................

United

States

7,071

112,358

Oracle

Corp.

.......................................

United

States

22,381

6,294,432

Oracle

Corp.

Japan

..................................

Japan

6,000

612,619

Putnam

Asset

Allocation

Funds

Consolidated

Schedule

of

Investments

#### Putnam

#### Dynamic

#### Asset

#### Allocation

#### Growth

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

consolidated

financial

statements.

Annual

Report

a

a

#### Country

#### Shares
a

#### Value
a

a

#### a
a

#### Common

#### Stocks
(continued)

#### Software
(continued)

a

PagerDuty,

Inc.

.....................................

United

States

30,121

$

497,599

a

Palantir

Technologies,

Inc.,

A

...........................

United

States

17,987

3,281,189

Pegasystems,

Inc.

...................................

United

States

16,301

937,307

a

PROS

Holdings,

Inc.

.................................

United

States

7,830

179,385

a

Q2

Holdings,

Inc.

...................................

United

States

2,860

207,035

a

Rapid7,

Inc.

.......................................

United

States

29,266

548,738

a

RingCentral,

Inc.,

A

..................................

United

States

31,178

883,585

a

Rubrik,

Inc.,

A

......................................

United

States

13,975

1,149,444

Salesforce,

Inc.

.....................................

United

States

3,809

902,733

SAP

SE

..........................................

Germany

11,273

3,018,540

a

ServiceNow,

Inc.

....................................

United

States

9,064

8,341,418

a

Weave

Communications,

Inc.

..........................

United

States

15,810

105,611

a

Workday,

Inc.,

A

....................................

United

States

4,125

993,011

a

Workiva,

Inc.,

A

.....................................

United

States

1,451

124,902

a

Zoom

Communications,

Inc.,

A

.........................

United

States

11,272

929,940

a

Zscaler,

Inc.

.......................................

United

States

3,397

1,017,945

206,074,977

#### Specialized

#### REITs

#### 0.3%
American

Tower

Corp.

................................

United

States

34,310

6,598,499

EPR

Properties

.....................................

United

States

17,013

986,924

Farmland

Partners,

Inc.

...............................

United

States

9,905

107,766

Outfront

Media,

Inc.

.................................

United

States

32,930

603,278

PotlatchDeltic

Corp.

.................................

United

States

2,804

114,263

Public

Storage

.....................................

United

States

3,251

939,051

VICI

Properties,

Inc.,

A

...............................

United

States

28,544

930,820

Weyerhaeuser

Co.

..................................

United

States

38,014

942,367

11,222,968

#### Specialty

#### Retail

#### 0.9%
a

Abercrombie

&

Fitch

Co.,

A

............................

United

States

7,078

605,523

American

Eagle

Outfitters,

Inc.

.........................

United

States

10,539

180,322

a,b

Auto1

Group

SE,

144A,

Reg

S

.........................

Germany

28,865

987,452

a

AutoZone,

Inc.

.....................................

United

States

978,175

Avolta

AG

.........................................

Switzerland

6,591

359,893

Buckle,

Inc.

(The)

...................................

United

States

2,611

153,161

a

Chewy,

Inc.,

A

......................................

United

States

27,309

1,104,649

Fast

Retailing

Co.

Ltd.

................................

Japan

8,100

2,460,066

Gap,

Inc.

(The)

.....................................

United

States

41,335

884,156

Home

Depot,

Inc.

(The)

...............................

United

States

2,240

907,626

Industria

de

Diseno

Textil

SA

...........................

Spain

6,528

361,285

JUMBO

SA

........................................

Greece

18,787

644,502

Ross

Stores,

Inc.

...................................

United

States

6,309

961,429

a

Sally

Beauty

Holdings,

Inc.

............................

United

States

11,469

186,715

TJX

Cos.,

Inc.

(The)

.................................

United

States

93,460

13,508,708

a

Ulta

Beauty,

Inc.

....................................

United

States

1,838

1,004,926

Upbound

Group,

Inc.

.................................

United

States

4,133

97,663

a

Urban

Outfitters,

Inc.

.................................

United

States

2,771

197,933

a

Victoria's

Secret

&

Co.

...............................

United

States

16,776

455,301

Williams-Sonoma,

Inc.

...............................

United

States

4,595

898,093

26,937,578

#### Technology

#### Hardware,

#### Storage

#### &

#### Peripherals

#### 4.5%
Apple,

Inc.

........................................

United

States

442,614

112,702,803

Asia

Vital

Components

Co.

Ltd.

.........................

Taiwan

30,000

975,800

a

IonQ,

Inc.

.........................................

United

States

19,198

1,180,677

NetApp,

Inc.

.......................................

United

States

7,633

904,205

Samsung

Electronics

Co.

Ltd.

..........................

South

Korea

84,191

5,047,278

Putnam

Asset

Allocation

Funds

Consolidated

Schedule

of

Investments

#### Putnam

#### Dynamic

#### Asset

#### Allocation

#### Growth

#### Fund
(continued)

franklintempleton.com

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

consolidated

financial

statements.

a

a

#### Country

#### Shares
a

#### Value
a

a

#### a
a

#### Common

#### Stocks
(continued)

#### Technology

#### Hardware,

#### Storage

#### &

#### Peripherals
(continued)

Seagate

Technology

Holdings

plc

.......................

United

States

38,609

$

9,114,041

a,b

Xiaomi

Corp.,

B,

144A,

Reg

S

..........................

China

451,200

3,135,816

133,060,620

#### Textiles,

#### Apparel

#### &

#### Luxury

#### Goods

#### 0.3%
adidas

AG

.........................................

Germany

2,176

461,054

Asics

Corp.

........................................

Japan

39,500

1,033,616

Carter's,

Inc.

.......................................

United

States

14,137

398,946

Cie

Financiere

Richemont

SA

..........................

Switzerland

716

137,448

a

G-III

Apparel

Group

Ltd.

..............................

United

States

5,688

151,358

a

Hanesbrands,

Inc.

...................................

United

States

21,026

138,561

Hermes

International

SCA

.............................

France

939

2,309,038

Kontoor

Brands,

Inc.

.................................

United

States

1,325

105,695

a

Lululemon

Athletica,

Inc.

..............................

United

States

5,419

964,203

LVMH

Moet

Hennessy

Louis

Vuitton

SE

..................

France

243,076

Pandora

A/S

.......................................

Denmark

11,890

1,554,587

Tapestry,

Inc.

......................................

United

States

8,890

1,006,526

8,504,108

#### Tobacco

#### 0.9%
British

American

Tobacco

plc

...........................

United

Kingdom

71,428

3,799,063

Imperial

Brands

plc

..................................

United

Kingdom

72,504

3,080,075

Philip

Morris

International,

Inc.

.........................

United

States

120,356

19,521,743

Turning

Point

Brands,

Inc.

.............................

United

States

6,037

596,818

26,997,699

#### Trading

#### Companies

#### &

#### Distributors

#### 0.4%
AerCap

Holdings

NV

.................................

Ireland

6,600

798,600

Boise

Cascade

Co.

..................................

United

States

4,581

354,203

Bunzl

plc

..........................................

United

Kingdom

9,158

289,459

a

DNOW,

Inc.

.......................................

United

States

27,285

416,096

a

Hudson

Technologies,

Inc.

............................

United

States

19,032

188,988

McGrath

RentCorp

..................................

United

States

1,309

153,546

Mitsubishi

Corp.

....................................

Japan

70,800

1,687,830

Mitsui

&

Co.

Ltd.

....................................

Japan

151,300

3,756,963

a

NPK

International,

Inc.

...............................

United

States

10,034

113,485

United

Rentals,

Inc.

..................................

United

States

5,412

5,166,620

12,925,790

#### Transportation

#### Infrastructure

#### 0.1%
b

Aena

SME

SA,

144A,

Reg

S

...........................

Spain

53,507

1,462,845

International

Container

Terminal

Services,

Inc.

..............

Philippines

238,000

1,930,159

3,393,004

#### Water

#### Utilities

#### 0.1%
American

States

Water

Co.

............................

United

States

1,519

111,373

California

Water

Service

Group

.........................

United

States

2,636

120,966

Cia

de

Saneamento

Basico

do

Estado

de

Sao

Paulo

SABESP

..

Brazil

79,500

1,974,262

H2O

America

......................................

United

States

2,544

123,893

2,330,494

#### Wireless

#### Telecommunication

#### Services

#### 0.7%
Bharti

Airtel

Ltd.

....................................

India

139,770

2,956,064

Etihad

Etisalat

Co.

..................................

Saudi

Arabia

98,696

1,777,749

Far

EasTone

Telecommunications

Co.

Ltd.

................

Taiwan

331,000

961,348

KDDI

Corp.

........................................

Japan

140,400

2,239,173

MTN

Group

Ltd.

....................................

South

Africa

113,733

957,066

Putnam

Asset

Allocation

Funds

Consolidated

Schedule

of

Investments

#### Putnam

#### Dynamic

#### Asset

#### Allocation

#### Growth

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

consolidated

financial

statements.

Annual

Report

a

a

#### Country

#### Shares
a

#### Value
a

a

#### a
a

#### Common

#### Stocks
(continued)

#### Wireless

#### Telecommunication

#### Services
(continued)

SoftBank

Group

Corp.

................................

Japan

22,600

$

2,851,680

TIM

SA

...........................................

Brazil

665,600

2,938,907

T-Mobile

US,

Inc.

...................................

United

States

27,275

6,529,090

21,211,077

#### Total

#### Common

#### Stocks

#### (Cost

#### $1,449,602,779)

#### ..................................

#### 2,486,213,425

#### Management

#### Investment

#### Companies

#### 0.3%

#### Capital

#### Markets

#### 0.3%
iShares

Core

MSCI

Emerging

Markets

ETF

................

United

States

88,721

5,848,488

Xtrackers

Harvest

CSI

China

A-Shares

ETF,

Class

A

......

United

States

44,249

1,459,332

7,307,820

#### Total

#### Management

#### Investment

#### Companies

#### (Cost

#### $5,827,743)

#### ...................

#### 7,307,820

#### Convertible

#### Preferred

#### Stocks

#### 0.0%

#### †

#### Aerospace

#### &

#### Defense

#### 0.0%

#### †
Boeing

Co.

(The),

6%

................................

United

States

6,417

446,431

#### Electric

#### Utilities

#### 0.0%

#### †
PG&E

Corp.,

A,

6%

..................................

United

States

3,522

138,696

#### Financial

#### Services

#### 0.0%

#### †
Apollo

Global

Management,

Inc.,

6.75%

..................

United

States

2,781

195,449

#### Total

#### Convertible

#### Preferred

#### Stocks

#### (Cost

#### $636,000)

#### ............................

#### 780,576

#### Preferred

#### Stocks

#### 0.2%

#### Banks

#### 0.1%
c

Itau

Unibanco

Holding

SA,

7.34%

.......................

Brazil

362,400

2,660,335

#### Technology

#### Hardware,

#### Storage

#### &

#### Peripherals

#### 0.1%
c

Samsung

Electronics

Co.

Ltd.,

1.65%

....................

South

Korea

75,982

3,606,183

#### Total

#### Preferred

#### Stocks

#### (Cost

#### $5,358,469)

#### .....................................

#### 6,266,518

#### Rights

#### 0.0%

#### †

#### Biotechnology

#### 0.0%

#### †
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

Sage

Therapeutics,

Inc.,

CVR,

12/31/30

..................

United

States

39,811

7,166

10,803

#### Pharmaceuticals

#### 0.0%

#### †
a,d

CinCor

Pharma,

Inc.,

CVR,

3/31/33

......................

United

Kingdom

3,617

11,068

#### Total

#### Rights

#### (Cost

#### $21,936)

#### .................................................

#### 21,871

#### 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

224,440

Putnam

Asset

Allocation

Funds

Consolidated

Schedule

of

Investments

#### Putnam

#### Dynamic

#### Asset

#### Allocation

#### Growth

#### Fund
(continued)

franklintempleton.com

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

consolidated

financial

statements.

a

a

#### Country

#### Principal

#### Amount

#### \*
a

#### Value
a

#### a
a

#### Convertible

#### Bonds
(continued)

#### Energy

#### Equipment

#### &

#### Services

#### 0.0%

#### †
Nabors

Industries,

Inc.

,

Senior

Note

,

1.75 %

,

6/15/29

.........

United

States

130,000

$

100,100

#### Food

#### Products

#### 0.0%

#### †
Post

Holdings,

Inc.

,

Senior

Note

,

2.5 %

,

8/15/27

.............

United

States

195,000

219,277

#### Software

#### 0.0%

#### †
b

Guidewire

Software,

Inc.

,

Senior

Note

,

144A,

1.25 %

,

11/01/29

..

United

States

288,000

335,671

#### Total

#### Convertible

#### Bonds

#### (Cost

#### $827,868)
.....................................

#### 879,488

#### Corporate

#### Bonds

#### 7.4%

#### Aerospace

#### &

#### Defense

#### 0.5%
ATI,

Inc.

,

Senior

Bond,

5.125%,

10/01/31

.......................

United

States

65,000

64,018

Senior

Note,

5.875%,

12/01/27

.......................

United

States

355,000

355,982

Senior

Note,

4.875%,

10/01/29

.......................

United

States

85,000

83,641

Senior

Note,

7.25%,

8/15/30

.........................

United

States

265,000

278,380

b

Axon

Enterprise,

Inc.

,

Senior

Note,

144A,

6.125%,

3/15/30

...................

United

States

210,000

216,201

Senior

Note,

144A,

6.25%,

3/15/33

....................

United

States

160,000

165,087

b

BAE

Systems

plc

,

Senior

Bond

,

144A,

5.3 %

,

3/26/34

.........

United

Kingdom

325,000

336,909

Boeing

Co.

(The)

,

Senior

Bond,

2.95%,

2/01/30

.........................

United

States

63,000

59,340

Senior

Bond,

6.125%,

2/15/33

........................

United

States

70,000

75,493

Senior

Bond,

6.875%,

3/15/39

........................

United

States

60,000

67,992

Senior

Bond,

5.875%,

2/15/40

........................

United

States

175,000

180,880

Senior

Bond,

3.375%,

6/15/46

........................

United

States

140,000

99,839

Senior

Note,

2.196%,

2/04/26

........................

United

States

785,000

779,154

Senior

Note,

2.7%,

2/01/27

..........................

United

States

237,000

232,257

Senior

Note,

6.259%,

5/01/27

........................

United

States

120,000

123,519

Senior

Note,

6.298%,

5/01/29

........................

United

States

1,172,000

1,244,115

b

Bombardier,

Inc.

,

Senior

Note,

144A,

7.5%,

2/01/29

.....................

Canada

45,000

46,964

Senior

Note,

144A,

8.75%,

11/15/30

...................

Canada

235,000

253,716

Senior

Note,

144A,

7.25%,

7/01/31

....................

Canada

40,000

42,451

Senior

Note,

144A,

7%,

6/01/32

......................

Canada

75,000

78,482

Senior

Note,

144A,

6.75%,

6/15/33

....................

Canada

180,000

188,066

b

Efesto

Bidco

SpA

Efesto

US

LLC

,

XR

,

Senior

Secured

Note

,

144A,

7.5 %

,

2/15/32

...............................

Italy

415,000

422,646

Howmet

Aerospace,

Inc.

,

Senior

Bond,

6.75%,

1/15/28

.........................

United

States

255,000

269,864

Senior

Note,

3%,

1/15/29

...........................

United

States

396,000

382,200

Senior

Note,

4.85%,

10/15/31

........................

United

States

145,000

148,892

RTX

Corp.

,

Senior

Bond,

4.125%,

11/16/28

.......................

United

States

445,000

444,754

Senior

Bond,

5.15%,

2/27/33

.........................

United

States

60,000

62,165

Senior

Bond,

4.875%,

10/15/40

.......................

United

States

65,000

62,663

Spirit

AeroSystems,

Inc.

,

b

Secured

Note,

144A,

9.75%,

11/15/30

..................

United

States

400,000

440,418

Senior

Bond,

4.6%,

6/15/28

..........................

United

States

445,000

444,814

b

Senior

Secured

Note,

144A,

9.375%,

11/30/29

...........

United

States

95,000

100,174

b

TransDigm,

Inc.

,

Senior

Secured

Note,

144A,

6.875%,

12/15/30

...........

United

States

225,000

233,332

Senior

Secured

Note,

144A,

7.125%,

12/01/31

...........

United

States

55,000

57,439

Senior

Secured

Note,

144A,

6.625%,

3/01/32

............

United

States

160,000

164,927

Senior

Secured

Note,

144A,

6%,

1/15/33

................

United

States

345,000

349,127

Senior

Secured

Note,

144A,

6.25%,

1/31/34

.............

United

States

80,000

82,333

Putnam

Asset

Allocation

Funds

Consolidated

Schedule

of

Investments

#### Putnam

#### Dynamic

#### Asset

#### Allocation

#### Growth

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

consolidated

financial

statements.

Annual

Report

a

a

#### Country

#### Principal

#### Amount

#### \*
a

#### Value
a

#### a
a

#### Corporate

#### Bonds
(continued)

#### Aerospace

#### &

#### Defense
(continued)

b

TransDigm,

Inc.,

(continued)

Senior

Sub.

Note,

144A,

6.75%,

1/31/34

................

United

States

280,000

$

289,709

8,927,943

#### Automobile

#### Components

#### 0.0%

#### †
b

Adient

Global

Holdings

Ltd.

,

Senior

Note,

144A,

8.25%,

4/15/31

....................

United

States

440,000

461,809

Senior

Note,

144A,

7.5%,

2/15/33

.....................

United

States

100,000

103,624

b,e

American

Axle

&

Manufacturing,

Inc.

,

Senior

Secured

Note

,

144A,

6.375 %

,

10/15/32

..................................

United

States

235,000

234,750

b

Clarios

Global

LP

/

Clarios

US

Finance

Co.

,

Senior

Note

,

144A,

6.75 %

,

9/15/32

...................................

United

States

240,000

245,468

b

Dornoch

Debt

Merger

Sub,

Inc.

,

Senior

Note

,

144A,

6.625 %

,

10/15/29

........................................

United

States

330,000

284,226

b

Forvia

SE

,

Senior

Note

,

144A,

6.75 %

,

9/15/33

..............

France

275,000

279,176

b,f

IHO

Verwaltungs

GmbH

,

Senior

Secured

Note,

144A,

PIK,

7.75%,

11/15/30

.........

Germany

200,000

209,415

Senior

Secured

Note,

144A,

PIK,

8%,

11/15/32

...........

Germany

200,000

210,041

2,028,509

#### Automobiles

#### 0.1%
b

Hyundai

Capital

America

,

Senior

Bond,

144A,

6.375%,

4/08/30

...................

United

States

29,000

31,003

Senior

Note,

144A,

4.875%,

11/01/27

..................

United

States

215,000

217,450

Senior

Note,

144A,

6.5%,

1/16/29

.....................

United

States

465,000

493,071

Senior

Note,

144A,

5.35%,

3/19/29

....................

United

States

149,000

153,096

Senior

Note,

144A,

4.55%,

9/26/29

....................

United

States

55,000

55,134

Senior

Note,

144A,

5.4%,

1/08/31

.....................

United

States

74,000

76,337

b

Nissan

Motor

Co.

Ltd.

,

Senior

Bond

,

144A,

8.125 %

,

7/17/35

...

Japan

325,000

349,089

1,375,180

#### Banks

#### 0.7%
b

ABN

AMRO

Bank

NV

,

Senior

Non-Preferred

Note

,

144A,

4.988%

to

12/02/27,

FRN

thereafter

,

12/03/28

...................

Netherlands

300,000

304,764

b

ANZ

New

Zealand

Int'l

Ltd.

,

Senior

Bond

,

144A,

3.45 %

,

7/17/27

New

Zealand

200,000

197,921

b,g

Australia

&

New

Zealand

Banking

Group

Ltd.

,

Junior

Sub.

Bond

,

144A,

6.75%

to

6/14/26,

FRN

thereafter

,

Perpetual

.........

Australia

200,000

202,759

Banco

Santander

SA

,

Senior

Non-Preferred

Bond,

4.379%,

4/12/28

............

Spain

200,000

200,564

Senior

Non-Preferred

Note,

1.722%

to

9/13/26,

FRN

thereafter,

9/14/27

.........................................

Spain

200,000

195,194

Sub.

Bond,

5.179%,

11/19/25

........................

Spain

800,000

800,716

Sub.

Bond,

3.225%

to

8/21/31,

FRN

thereafter,

11/22/32

....

Spain

800,000

728,391

Bank

of

America

Corp.

,

Senior

Bond,

2.496%

to

2/12/30,

FRN

thereafter,

2/13/31

...

United

States

190,000

175,897

Senior

Note,

1.734%

to

7/21/26,

FRN

thereafter,

7/22/27

....

United

States

1,055,000

1,034,043

Sub.

Bond,

6.11%,

1/29/37

..........................

United

States

1,030,000

1,111,488

Sub.

Bond,

3.846%

to

3/07/32,

FRN

thereafter,

3/08/37

.....

United

States

1,350,000

1,261,734

L,

Sub.

Bond,

4.183%,

11/25/27

......................

United

States

270,000

270,163

Bank

of

Nova

Scotia

(The)

,

Junior

Sub.

Bond

,

7.35%

to

4/26/30,

FRN

thereafter

,

4/27/85

.............................

Canada

200,000

208,953

Barclays

plc

,

Senior

Note

,

5.367%

to

2/24/30,

FRN

thereafter

,

2/25/31

.........................................

United

Kingdom

200,000

206,280

b

BNP

Paribas

SA

,

Sub.

Bond,

144A,

4.375%,

5/12/26

....................

France

200,000

199,655

Sub.

Bond,

144A,

2.588%

to

8/11/30,

FRN

thereafter,

8/12/35

France

200,000

179,339

Putnam

Asset

Allocation

Funds

Consolidated

Schedule

of

Investments

#### Putnam

#### Dynamic

#### Asset

#### Allocation

#### Growth

#### Fund
(continued)

franklintempleton.com

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

consolidated

financial

statements.

a

a

#### Country

#### Principal

#### Amount

#### \*
a

#### Value
a

#### a
a

#### Corporate

#### Bonds
(continued)

#### Banks
(continued)

b

BPCE

SA

,

Senior

Non-Preferred

Note

,

144A,

5.975%

to

1/17/26,

FRN

thereafter

,

1/18/27

.............................

France

535,000

$

537,047

b

CaixaBank

SA

,

Senior

Non-Preferred

Note,

144A,

4.634%

to

7/02/28,

FRN

thereafter,

7/03/29

.................................

Spain

400,000

402,896

Senior

Non-Preferred

Note,

144A,

5.673%

to

3/14/29,

FRN

thereafter,

3/15/30

.................................

Spain

200,000

207,516

Citigroup,

Inc.

,

Senior

Bond,

3.887%

to

1/09/27,

FRN

thereafter,

1/10/28

...

United

States

323,000

321,748

Senior

Bond,

3.668%

to

7/23/27,

FRN

thereafter,

7/24/28

...

United

States

1,422,000

1,409,715

Senior

Note,

4.503%

to

9/10/30,

FRN

thereafter,

9/11/31

....

United

States

470,000

470,362

Sub.

Bond,

4.45%,

9/29/27

..........................

United

States

430,000

431,863

Sub.

Bond,

4.75%,

5/18/46

..........................

United

States

240,000

213,400

b

Commonwealth

Bank

of

Australia

,

Senior

Bond

,

144A,

3.15 %

,

9/19/27

.........................................

Australia

580,000

572,305

b

Federation

des

Caisses

Desjardins

du

Quebec

,

Senior

Note

,

144A,

4.565 %

,

8/26/30

..............................

Canada

410,000

412,424

First-Citizens

Bank

&

Trust

Co.

,

Sub.

Bond

,

6.125 %

,

3/09/28

...

United

States

649,000

674,011

Huntington

Bancshares,

Inc.

,

Sub.

Bond

,

2.487%

to

8/14/31,

FRN

thereafter

,

8/15/36

.................................

United

States

361,000

309,130

ING

Groep

NV

,

Senior

Note

,

6.083%

to

9/10/26,

FRN

thereafter

,

9/11/27

.........................................

Netherlands

240,000

244,135

JPMorgan

Chase

&

Co.

,

g

KK,

Junior

Sub.

Bond,

3.65%

to

5/31/26,

FRN

thereafter,

Perpetual

.......................................

United

States

44,000

43,571

h

W,

Junior

Sub.

Bond,

FRN,

5.473%,

(3-month

SOFR

+

1.262%),

5/15/47

.................................

United

States

116,000

101,834

Senior

Note,

6.07%

to

10/21/26,

FRN

thereafter,

10/22/27

...

United

States

570,000

581,436

Sub.

Bond,

3.625%,

12/01/27

........................

United

States

1,350,000

1,339,512

Sub.

Bond,

2.956%

to

5/12/30,

FRN

thereafter,

5/13/31

.....

United

States

700,000

656,672

Sub.

Bond,

5.717%

to

9/13/32,

FRN

thereafter,

9/14/33

.....

United

States

743,000

786,080

Lloyds

Banking

Group

plc

,

Sub.

Bond

,

4.65 %

,

3/24/26

........

United

Kingdom

215,000

215,182

Mitsubishi

UFJ

Financial

Group,

Inc.

,

Senior

Bond,

3.85%,

3/01/26

.........................

Japan

255,000

254,711

Senior

Note,

5.159%

to

4/23/30,

FRN

thereafter,

4/24/31

....

Japan

355,000

365,941

Morgan

Stanley

Bank

NA

,

Senior

Note

,

5.016%

to

1/11/28,

FRN

thereafter

,

1/12/29

.................................

United

States

470,000

478,524

NatWest

Group

plc

,

Senior

Note

,

5.847%

to

3/01/26,

FRN

thereafter

,

3/02/27

.................................

United

Kingdom

265,000

266,618

PNC

Financial

Services

Group,

Inc.

(The)

,

Senior

Bond,

5.373%

to

7/20/35,

FRN

thereafter,

7/21/36

...

United

States

30,000

30,884

Sub.

Bond,

4.626%

to

6/05/32,

FRN

thereafter,

6/06/33

.....

United

States

725,000

719,827

Royal

Bank

of

Canada

,

Sub.

Bond

,

4.65 %

,

1/27/26

..........

Canada

285,000

285,190

Santander

UK

Group

Holdings

plc

,

Senior

Note

,

6.833%

to

11/20/25,

FRN

thereafter

,

11/21/26

.....................

United

Kingdom

575,000

576,723

Toronto-Dominion

Bank

(The)

,

Sub.

Bond

,

3.625%

to

9/14/26,

FRN

thereafter

,

9/15/31

.............................

Canada

435,000

431,537

h

Truist

Bank

,

Sub.

Bond

,

FRN

,

4.632 %

,

(5-year

CMT

T-Note

+

1.15 %),

9/17/29

...................................

United

States

250,000

252,040

Truist

Financial

Corp.

,

Senior

Note

,

5.435%

to

1/23/29,

FRN

thereafter

,

1/24/30

.................................

United

States

235,000

243,203

US

Bancorp

,

Sub.

Bond

,

2.491%

to

11/02/31,

FRN

thereafter

,

11/03/36

........................................

United

States

630,000

543,271

Wells

Fargo

&

Co.

,

Senior

Bond,

3.35%

to

3/01/32,

FRN

thereafter,

3/02/33

....

United

States

1,935,000

1,801,754

Senior

Note,

5.574%

to

7/24/28,

FRN

thereafter,

7/25/29

....

United

States

235,000

243,594

Putnam

Asset

Allocation

Funds

Consolidated

Schedule

of

Investments

#### Putnam

#### Dynamic

#### Asset

#### Allocation

#### Growth

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

consolidated

financial

statements.

Annual

Report

a

a

#### Country

#### Principal

#### Amount

#### \*
a

#### Value
a

#### a
a

#### Corporate

#### Bonds
(continued)

#### Banks
(continued)

Westpac

Banking

Corp.

,

Sub.

Bond

,

2.963 %

,

11/16/40

.......

Australia

170,000

$

130,226

23,832,743

#### Biotechnology

#### 0.1%
AbbVie,

Inc.

,

Senior

Note

,

4.8 %

,

3/15/29

..................

United

States

355,000

363,119

Amgen,

Inc.

,

Senior

Bond,

4.663%,

6/15/51

........................

United

States

230,000

201,058

Senior

Bond,

5.65%,

3/02/53

.........................

United

States

51,000

50,905

Senior

Bond,

5.75%,

3/02/63

.........................

United

States

135,000

134,782

Senior

Note,

5.15%,

3/02/28

.........................

United

States

495,000

506,631

Senior

Note,

5.25%,

3/02/30

.........................

United

States

105,000

108,865

b

Grifols

SA

,

Senior

Note

,

Reg

S,

3.875 %

,

10/15/28

...........

Spain

755,000

EUR

870,593

2,235,953

#### Broadline

#### Retail

#### 0.0%

#### †
Amazon.com,

Inc.

,

Senior

Bond,

2.1%,

5/12/31

..........................

United

States

53,000

47,706

Senior

Note,

3.15%,

8/22/27

.........................

United

States

407,000

402,655

b

Kohl's

Corp.

,

Senior

Secured

Note

,

144A,

%

,

6/01/30

......

United

States

165,000

179,652

b

Match

Group

Holdings

II

LLC

,

Senior

Note

,

144A,

4.625 %

,

6/01/28

.........................................

United

States

226,000

222,212

b

Wayfair

LLC

,

Senior

Secured

Note,

144A,

7.25%,

10/31/29

............

United

States

290,000

299,727

Senior

Secured

Note,

144A,

7.75%,

9/15/30

.............

United

States

290,000

304,861

1,456,813

#### Building

#### Products

#### 0.0%

#### †
b

Builders

FirstSource,

Inc.

,

Senior

Bond,

144A,

6.375%,

3/01/34

...................

United

States

150,000

154,703

Senior

Bond,

144A,

6.75%,

5/15/35

....................

United

States

135,000

141,127

b

Camelot

Return

Merger

Sub,

Inc.

,

Senior

Secured

Note

,

144A,

8.75 %

,

8/01/28

...................................

United

States

275,000

266,322

b

EMRLD

Borrower

LP

/

Emerald

Co-Issuer,

Inc.

,

Senior

Secured

Note

,

Reg

S,

6.375 %

,

12/15/30

.......................

United

States

100,000

EUR

123,030

b

JH

North

America

Holdings,

Inc.

,

Senior

Secured

Note,

144A,

5.875%,

1/31/31

............

United

States

35,000

35,567

Senior

Secured

Note,

144A,

6.125%,

7/31/32

............

United

States

145,000

148,646

Johnson

Controls

International

plc

,

Senior

Bond,

4.95%,

7/02/64

.........................

United

States

250,000

218,428

Senior

Note,

3.9%,

2/14/26

..........................

United

States

202,000

201,594

b

Miter

Brands

Acquisition

Holdco,

Inc.

/

MIWD

Borrower

LLC

,

Senior

Secured

Note

,

144A,

6.75 %

,

4/01/32

..............

United

States

300,000

308,363

b

MIWD

Holdco

II

LLC

/

MIWD

Finance

Corp.

,

Senior

Note

,

144A,

5.5 %

,

2/01/30

....................................

United

States

320,000

312,516

b

Quikrete

Holdings,

Inc.

,

Senior

Note,

144A,

6.75%,

3/01/33

....................

United

States

100,000

104,045

Senior

Secured

Note,

144A,

6.375%,

3/01/32

............

United

States

205,000

212,508

b

Smyrna

Ready

Mix

Concrete

LLC

,

Senior

Secured

Note

,

144A,

8.875 %

,

11/15/31

..................................

United

States

275,000

290,656

b

Standard

Building

Solutions,

Inc.

,

Senior

Note,

144A,

6.5%,

8/15/32

.....................

United

States

345,000

354,331

Senior

Note,

144A,

6.25%,

8/01/33

....................

United

States

315,000

319,506

b

Standard

Industries,

Inc.

,

Senior

Bond,

144A,

4.375%,

7/15/30

...................

United

States

380,000

364,583

Senior

Bond,

144A,

3.375%,

1/15/31

...................

United

States

90,000

81,579

Putnam

Asset

Allocation

Funds

Consolidated

Schedule

of

Investments

#### Putnam

#### Dynamic

#### Asset

#### Allocation

#### Growth

#### Fund
(continued)

franklintempleton.com

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

consolidated

financial

statements.

a

a

#### Country

#### Principal

#### Amount

#### \*
a

#### Value
a

#### a
a

#### Corporate

#### Bonds
(continued)

#### Building

#### Products
(continued)

b

Standard

Industries,

Inc.,

(continued)

Senior

Note,

Reg

S,

2.25%,

11/21/26

..................

United

States

146,581

EUR

$

171,252

3,808,756

#### Capital

#### Markets

#### 0.5%
Ares

Capital

Corp.

,

Senior

Note,

3.875%,

1/15/26

........................

United

States

217,000

216,637

Senior

Note,

2.15%,

7/15/26

.........................

United

States

240,000

235,838

Senior

Note,

7%,

1/15/27

...........................

United

States

265,000

272,858

Senior

Note,

2.875%,

6/15/27

........................

United

States

255,000

249,024

b

Aretec

Group,

Inc.

,

Senior

Secured

Note

,

144A,

%

,

8/15/30

..

United

States

100,000

109,075

b

Blackstone

Holdings

Finance

Co.

LLC

,

Senior

Bond

,

144A,

1.6 %

,

3/30/31

.........................................

United

States

120,000

104,033

Blackstone

Private

Credit

Fund

,

Senior

Note

,

3.25 %

,

3/15/27

..

United

States

133,000

130,516

Deutsche

Bank

AG

,

Senior

Non-Preferred

Note,

2.311%

to

11/15/26,

FRN

thereafter,

11/16/27

........................................

Germany

150,000

146,735

Senior

Preferred

Note,

1.686%,

3/19/26

................

Germany

835,000

825,501

b

Dresdner

Funding

Trust

I

,

Junior

Sub.

Bond

,

144A,

8.151 %

,

6/30/31

.........................................

United

States

100,000

110,535

Goldman

Sachs

Group,

Inc.

(The)

,

Senior

Bond

,

4.223%

to

4/30/28,

FRN

thereafter

,

5/01/29

......................

United

States

1,531,000

1,533,126

Intercontinental

Exchange,

Inc.

,

Senior

Bond,

1.85%,

9/15/32

.........................

United

States

140,000

118,471

Senior

Note,

4%,

9/15/27

...........................

United

States

104,000

104,023

b

Jane

Street

Group

/

JSG

Finance,

Inc.

,

Senior

Secured

Note,

144A,

6.125%,

11/01/32

...........

United

States

715,000

725,231

Senior

Secured

Note,

144A,

6.75%,

5/01/33

.............

United

States

230,000

239,065

Jefferies

Financial

Group,

Inc.

,

Senior

Note

,

4.5 %

,

9/15/26

....

United

States

260,000

260,557

b

KKR

Group

Finance

Co.

III

LLC

,

Senior

Bond

,

144A,

5.125 %

,

6/01/44

.........................................

United

States

160,000

152,028

LPL

Holdings,

Inc.

,

Senior

Note,

6.75%,

11/17/28

........................

United

States

239,000

255,186

Senior

Note,

5.2%,

3/15/30

..........................

United

States

247,000

252,557

Moody's

Corp.

,

Senior

Bond,

2%,

8/19/31

...........................

United

States

520,000

457,250

Senior

Bond,

5%,

8/05/34

...........................

United

States

165,000

168,517

Morgan

Stanley

,

Senior

Bond,

3.772%

to

1/23/28,

FRN

thereafter,

1/24/29

...

United

States

1,365,000

1,353,317

Senior

Note,

5.123%

to

1/31/28,

FRN

thereafter,

2/01/29

....

United

States

475,000

485,289

Senior

Note,

4.994%

to

4/11/28,

FRN

thereafter,

4/12/29

....

United

States

120,000

122,411

Sub.

Bond,

3.95%,

4/23/27

..........................

United

States

470,000

469,117

Sub.

Bond,

5.297%

to

4/19/32,

FRN

thereafter,

4/20/37

.....

United

States

122,000

123,806

b

MSCI,

Inc.

,

Senior

Bond

,

144A,

3.625 %

,

9/01/30

............

United

States

418,000

399,133

Nasdaq,

Inc.

,

Senior

Bond,

5.55%,

2/15/34

.........................

United

States

35,000

36,768

Senior

Note,

5.35%,

6/28/28

.........................

United

States

137,000

141,292

b

Neuberger

Berman

Group

LLC

/

Neuberger

Berman

Finance

Corp.

,

Senior

Bond

,

144A,

4.875 %

,

4/15/45

..............

United

States

155,000

136,111

S&P

Global,

Inc.

,

Senior

Bond,

2.5%,

12/01/29

.........................

United

States

20,000

18,776

Senior

Bond,

1.25%,

8/15/30

.........................

United

States

87,000

75,829

Senior

Note,

2.45%,

3/01/27

.........................

United

States

120,000

117,566

b

Stonex

Escrow

Issuer

LLC

,

Secured

Note

,

144A,

6.875 %

,

7/15/32

United

States

215,000

221,475

Putnam

Asset

Allocation

Funds

Consolidated

Schedule

of

Investments

#### Putnam

#### Dynamic

#### Asset

#### Allocation

#### Growth

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

consolidated

financial

statements.

Annual

Report

a

a

#### Country

#### Principal

#### Amount

#### \*
a

#### Value
a

#### a
a

#### Corporate

#### Bonds
(continued)

#### Capital

#### Markets
(continued)

b

UBS

Group

AG

,

Senior

Bond,

144A,

3.869%

to

1/11/28,

FRN

thereafter,

1/12/29

Switzerland

285,000

$

282,643

Senior

Note,

144A,

1.305%

to

2/01/26,

FRN

thereafter,

2/02/27

Switzerland

308,000

304,948

Senior

Note,

144A,

5.428%

to

2/07/29,

FRN

thereafter,

2/08/30

Switzerland

385,000

397,849

11,353,093

#### Chemicals

#### 0.2%
b

Avient

Corp.

,

Senior

Note,

144A,

7.125%,

8/01/30

...................

United

States

155,000

159,412

Senior

Note,

144A,

6.25%,

11/01/31

...................

United

States

120,000

121,953

Celanese

US

Holdings

LLC

,

Senior

Note,

1.4%,

8/05/26

..........................

United

States

170,000

164,827

Senior

Note,

6.665%,

7/15/27

........................

United

States

303,000

311,025

b

Cerdia

Finanz

GmbH

,

Senior

Secured

Note

,

144A,

9.375 %

,

10/03/31

........................................

Germany

265,000

281,231

CF

Industries,

Inc.

,

Senior

Bond,

4.95%,

6/01/43

.........................

United

States

520,000

478,809

b

Senior

Bond,

144A,

4.5%,

12/01/26

....................

United

States

280,000

280,564

Ecolab,

Inc.

,

Senior

Bond

,

2.7 %

,

11/01/26

.................

United

States

750,000

740,421

FMC

Corp.

,

Sub.

Bond

,

8.45%

to

10/31/30,

FRN

thereafter

,

11/01/55

........................................

United

States

270,000

285,328

Huntsman

International

LLC

,

Senior

Bond,

4.5%,

5/01/29

..........................

United

States

286,000

273,821

Senior

Bond,

2.95%,

6/15/31

.........................

United

States

130,000

109,734

b

Olympus

Water

US

Holding

Corp.

,

Senior

Secured

Note,

Reg

S,

3.875%,

10/01/28

...........

United

States

125,000

EUR

146,724

Senior

Secured

Note,

144A,

9.75%,

11/15/28

............

United

States

215,000

225,777

b

Qnity

Electronics,

Inc.

,

Senior

Note,

144A,

6.25%,

8/15/33

....................

United

States

110,000

112,468

Senior

Secured

Note,

144A,

5.75%,

8/15/32

.............

United

States

185,000

186,642

b

Rain

Carbon,

Inc.

,

Senior

Secured

Note

,

144A,

12.25 %

,

9/01/29

United

States

255,000

273,390

b

SCIH

Salt

Holdings,

Inc.

,

Senior

Note,

144A,

6.625%,

5/01/29

...................

United

States

240,000

235,509

Senior

Secured

Note,

144A,

4.875%,

5/01/28

............

United

States

310,000

303,183

b

SCIL

IV

LLC

/

SCIL

USA

Holdings

LLC

,

Senior

Secured

Note

,

144A,

5.375 %

,

11/01/26

.............................

United

States

200,000

200,005

b

Solstice

Advanced

Materials,

Inc.

,

Senior

Note

,

144A,

5.625 %

,

9/30/33

.........................................

United

States

490,000

491,925

b

Vibrantz

Technologies,

Inc.

,

Senior

Note

,

144A,

%

,

2/15/30

...

United

States

360,000

203,722

b

WR

Grace

Holdings

LLC

,

Senior

Note

,

144A,

5.625 %

,

8/15/29

.

United

States

185,000

172,103

5,758,573

#### Commercial

#### Services

#### &

#### Supplies

#### 0.1%
b

Allied

Universal

Holdco

LLC

,

Senior

Secured

Note

,

144A,

7.875 %

,

2/15/31

...................................

United

States

370,000

388,267

b

Aramark

Services,

Inc.

,

Senior

Bond

,

144A,

%

,

2/01/28

......

United

States

343,000

341,791

b

Clean

Harbors,

Inc.

,

Senior

Note

,

144A,

6.375 %

,

2/01/31

.....

United

States

150,000

153,735

b

GFL

Environmental,

Inc.

,

Senior

Secured

Note

,

144A,

6.75 %

,

1/15/31

.........................................

United

States

90,000

94,290

b

Madison

IAQ

LLC

,

Senior

Secured

Note

,

144A,

4.125 %

,

6/30/28

United

States

145,000

141,647

b

Prime

Security

Services

Borrower

LLC

/

Prime

Finance,

Inc.

,

Secured

Note

,

144A,

6.25 %

,

1/15/28

...................

United

States

350,000

350,196

Republic

Services,

Inc.

,

Senior

Note

,

%

,

11/15/29

..........

United

States

820,000

847,051

b

RR

Donnelley

&

Sons

Co.

,

Senior

Secured

Note

,

144A,

9.5 %

,

8/01/29

.........................................

United

States

460,000

471,863

Putnam

Asset

Allocation

Funds

Consolidated

Schedule

of

Investments

#### Putnam

#### Dynamic

#### Asset

#### Allocation

#### Growth

#### Fund
(continued)

franklintempleton.com

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

consolidated

financial

statements.

a

a

#### Country

#### Principal

#### Amount

#### \*
a

#### Value
a

#### a
a

#### Corporate

#### Bonds
(continued)

#### Commercial

#### Services

#### &

#### Supplies
(continued)

b

Veritiv

Operating

Co.

,

Senior

Secured

Note

,

144A,

10.5 %

,

11/30/30

........................................

United

States

115,000

$

123,565

Waste

Connections,

Inc.

,

Senior

Bond,

3.5%,

5/01/29

..........................

United

States

265,000

260,583

Senior

Bond,

3.2%,

6/01/32

..........................

United

States

56,000

51,885

Senior

Bond,

5%,

3/01/34

...........................

United

States

115,000

117,483

Waste

Management,

Inc.

,

Senior

Note

,

4.875 %

,

2/15/29

......

United

States

403,000

413,983

b

Waste

Pro

USA,

Inc.

,

Senior

Note

,

144A,

%

,

2/01/33

........

United

States

280,000

290,723

b

Wrangler

Holdco

Corp.

,

Senior

Note

,

144A,

6.625 %

,

4/01/32

...

Canada

120,000

125,233

4,172,295

#### Communications

#### Equipment

#### 0.0%

#### †
b

CommScope

LLC

,

Senior

Note

,

144A,

7.125 %

,

7/01/28

.......

United

States

175,000

175,792

Motorola

Solutions,

Inc.

,

Senior

Bond,

2.3%,

11/15/30

.........................

United

States

121,000

109,414

Senior

Bond,

5.55%,

8/15/35

.........................

United

States

365,000

380,451

Senior

Note,

4.85%,

8/15/30

.........................

United

States

138,000

140,688

b

Viasat,

Inc.

,

Senior

Note

,

144A,

7.5 %

,

5/30/31

..............

United

States

260,000

244,309

1,050,654

#### Construction

#### &

#### Engineering

#### 0.0%

#### †
b

Arcosa,

Inc.

,

Senior

Note

,

144A,

6.875 %

,

8/15/32

...........

United

States

130,000

135,891

#### Consumer

#### Finance

#### 0.4%
AerCap

Ireland

Capital

DAC

/

AerCap

Global

Aviation

Trust

,

Senior

Bond,

3.65%,

7/21/27

.........................

Ireland

600,000

594,779

Senior

Bond,

3.3%,

1/30/32

..........................

Ireland

600,000

552,872

Senior

Bond,

6.95%

to

12/09/29,

FRN

thereafter,

3/10/55

...

Ireland

150,000

157,086

Senior

Note,

4.875%,

4/01/28

........................

Ireland

150,000

152,354

Ally

Financial,

Inc.

,

Senior

Bond,

8%,

11/01/31

..........................

United

States

562,000

640,934

Senior

Note,

4.75%,

6/09/27

.........................

United

States

250,000

251,415

Senior

Note,

2.2%,

11/02/28

.........................

United

States

200,000

186,977

American

Express

Co.

,

Senior

Bond,

5.667%

to

4/24/35,

FRN

thereafter,

4/25/36

...

United

States

440,000

465,090

Senior

Note,

5.098%

to

2/15/27,

FRN

thereafter,

2/16/28

....

United

States

265,000

268,588

b

Avolon

Holdings

Funding

Ltd.

,

Senior

Note,

144A,

5.75%,

11/15/29

...................

Ireland

495,000

514,513

Senior

Note,

144A,

4.9%,

10/10/30

....................

Ireland

235,000

236,405

Capital

One

Financial

Corp.

,

Senior

Note,

4.493%

to

9/10/30,

FRN

thereafter,

9/11/31

....

United

States

150,000

148,837

Sub.

Bond,

2.359%

to

7/28/31,

FRN

thereafter,

7/29/32

.....

United

States

926,000

799,501

b

Encore

Capital

Group,

Inc.

,

Senior

Secured

Note,

144A,

9.25%,

4/01/29

.............

United

States

200,000

211,282

Senior

Secured

Note,

144A,

8.5%,

5/15/30

..............

United

States

425,000

451,688

b

FirstCash,

Inc.

,

Senior

Note

,

144A,

6.875 %

,

3/01/32

.........

United

States

675,000

698,529

Ford

Motor

Credit

Co.

LLC

,

Senior

Note

,

4.125 %

,

8/17/27

.....

United

States

200,000

196,769

General

Motors

Financial

Co.,

Inc.

,

Senior

Note

,

4.9 %

,

10/06/29

United

States

254,000

257,016

b

Macquarie

Airfinance

Holdings

Ltd.

,

Senior

Note

,

144A,

5.15 %

,

3/17/30

.........................................

United

Kingdom

75,000

76,079

OneMain

Finance

Corp.

,

Senior

Bond,

5.375%,

11/15/29

.......................

United

States

115,000

113,792

Senior

Note,

7.5%,

5/15/31

..........................

United

States

280,000

292,948

Senior

Note,

7.125%,

11/15/31

.......................

United

States

275,000

285,383

Putnam

Asset

Allocation

Funds

Consolidated

Schedule

of

Investments

#### Putnam

#### Dynamic

#### Asset

#### Allocation

#### Growth

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

consolidated

financial

statements.

Annual

Report

a

a

#### Country

#### Principal

#### Amount

#### \*
a

#### Value
a

#### a
a

#### Corporate

#### Bonds
(continued)

#### Consumer

#### Finance
(continued)

OneMain

Finance

Corp.,

(continued)

Senior

Note,

6.5%,

3/15/33

..........................

United

States

210,000

$

210,594

7,763,431

#### Consumer

#### Staples

#### Distribution

#### &

#### Retail

#### 0.0%

#### †
b

7-Eleven,

Inc.

,

Senior

Note

,

144A,

1.3 %

,

2/10/28

............

United

States

488,000

456,391

b

Alimentation

Couche-Tard,

Inc.

,

Senior

Bond,

144A,

3.55%,

7/26/27

....................

Canada

240,000

237,804

Senior

Bond,

144A,

2.95%,

1/25/30

....................

Canada

148,000

139,853

b

US

Foods,

Inc.

,

Senior

Note,

144A,

7.25%,

1/15/32

....................

United

States

70,000

73,373

Senior

Note,

144A,

5.75%,

4/15/33

....................

United

States

225,000

226,741

1,134,162

#### Containers

#### &

#### Packaging

#### 0.0%

#### †
b

Ardagh

Metal

Packaging

Finance

USA

LLC

/

Ardagh

Metal

Packaging

Finance

plc

,

Senior

Note,

Reg

S,

3%,

9/01/29

......................

United

States

210,000

EUR

228,165

Senior

Note,

144A,

4%,

9/01/29

......................

United

States

200,000

185,264

Berry

Global,

Inc.

,

Senior

Secured

Note,

1.57%,

1/15/26

..................

United

States

450,000

446,167

Senior

Secured

Note,

1.65%,

1/15/27

..................

United

States

166,000

160,865

Senior

Secured

Note,

5.5%,

4/15/28

...................

United

States

14,000

14,400

b

Senior

Secured

Note,

144A,

4.875%,

7/15/26

............

United

States

12,000

12,002

b

Clydesdale

Acquisition

Holdings,

Inc.

,

Senior

Secured

Note

,

144A,

6.75 %

,

4/15/32

...............................

United

States

340,000

349,042

b

Graham

Packaging

Co.,

Inc.

,

Senior

Note

,

144A,

7.125 %

,

8/15/28

United

States

305,000

306,068

b

Graphic

Packaging

International

LLC

,

Senior

Note,

Reg

S,

2.625%,

2/01/29

..................

United

States

180,000

EUR

205,319

Senior

Note,

144A,

3.5%,

3/01/29

.....................

United

States

150,000

142,327

b

Mauser

Packaging

Solutions

Holding

Co.

,

Secured

Note,

144A,

9.25%,

4/15/27

...................

United

States

230,000

230,721

Senior

Secured

Note,

144A,

7.875%,

4/15/27

............

United

States

320,000

323,537

b

Toucan

FinCo

Ltd.

/

Toucan

FinCo

Can,

Inc.

/

Toucan

FinCo

US

LLC

,

Senior

Secured

Note

,

144A,

9.5 %

,

5/15/30

...........

Canada

540,000

529,486

WestRock

MWV

LLC

,

Senior

Bond,

8.2%,

1/15/30

..........................

United

States

305,000

349,857

Senior

Bond,

7.95%,

2/15/31

.........................

United

States

106,000

122,600

3,605,820

#### Distributors

#### 0.0%

#### †
b

American

Builders

&

Contractors

Supply

Co.,

Inc.

,

Senior

Note,

144A,

3.875%,

11/15/29

..................

United

States

265,000

251,671

Senior

Secured

Note,

144A,

4%,

1/15/28

................

United

States

180,000

176,547

b

RB

Global

Holdings,

Inc.

,

Senior

Note

,

144A,

7.75 %

,

3/15/31

..

Canada

190,000

198,959

627,177

#### Diversified

#### Consumer

#### Services

#### 0.0%

#### †
Service

Corp.

International

,

Senior

Bond

,

3.375 %

,

8/15/30

....

United

States

65,000

60,288

#### Diversified

#### REITs

#### 0.1%
GLP

Capital

LP

/

GLP

Financing

II,

Inc.

,

Senior

Bond

,

3.25 %

,

1/15/32

.........................................

United

States

175,000

157,586

VICI

Properties

LP

,

Senior

Note,

4.75%,

2/15/28

.........................

United

States

411,000

414,539

Senior

Note,

5.125%,

11/15/31

.......................

United

States

330,000

335,016

Putnam

Asset

Allocation

Funds

Consolidated

Schedule

of

Investments

#### Putnam

#### Dynamic

#### Asset

#### Allocation

#### Growth

#### Fund
(continued)

franklintempleton.com

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

consolidated

financial

statements.

a

a

#### Country

#### Principal

#### Amount

#### \*
a

#### Value
a

#### a
a

#### Corporate

#### Bonds
(continued)

#### Diversified

#### REITs
(continued)

b

VICI

Properties

LP

/

VICI

Note

Co.,

Inc.

,

Senior

Note

,

144A,

3.75 %

,

2/15/27

...................................

United

States

154,000

$

152,365

1,059,506

#### Diversified

#### Telecommunication

#### Services

#### 0.3%
b

Altice

France

SA

,

Senior

Secured

Note,

144A,

5.5%,

1/15/28

..............

France

200,000

177,000

Senior

Secured

Note,

144A,

5.125%,

7/15/29

............

France

200,000

171,810

Senior

Secured

Note,

144A,

5.5%,

10/15/29

.............

France

275,000

239,232

AT&T,

Inc.

,

Senior

Bond,

2.55%,

12/01/33

........................

United

States

476,000

405,513

Senior

Bond,

4.75%,

5/15/46

.........................

United

States

547,000

488,794

Senior

Bond,

3.55%,

9/15/55

.........................

United

States

1,018,000

702,075

Senior

Note,

4.1%,

2/15/28

..........................

United

States

210,000

209,873

b

CCO

Holdings

LLC

/

CCO

Holdings

Capital

Corp.

,

Senior

Bond,

144A,

5.375%,

6/01/29

...................

United

States

110,000

109,350

Senior

Bond,

144A,

4.75%,

3/01/30

....................

United

States

1,545,000

1,483,736

Senior

Bond,

144A,

4.25%,

2/01/31

....................

United

States

180,000

165,934

Senior

Bond,

144A,

4.75%,

2/01/32

....................

United

States

285,000

263,801

Deutsche

Telekom

International

Finance

BV

,

Senior

Bond

,

8.75 %

,

6/15/30

.........................................

Germany

195,000

229,908

b

Frontier

Communications

Holdings

LLC

,

Senior

Secured

Note,

144A,

5.875%,

10/15/27

...........

United

States

205,000

205,027

Senior

Secured

Note,

144A,

8.75%,

5/15/30

.............

United

States

200,000

209,092

b

Maya

SAS

,

Senior

Secured

Note

,

144A,

%

,

4/15/32

.........

France

230,000

234,842

Sprint

Capital

Corp.

,

Senior

Bond

,

6.875 %

,

11/15/28

.........

United

States

271,000

291,554

Telefonica

Emisiones

SA

,

Senior

Bond

,

4.895 %

,

3/06/48

......

Spain

520,000

446,687

Verizon

Communications,

Inc.

,

Senior

Bond,

4.4%,

11/01/34

.........................

United

States

335,000

323,277

Senior

Bond,

3.7%,

3/22/61

..........................

United

States

487,000

343,339

b

Senior

Bond,

144A,

5.401%,

7/02/37

...................

United

States

1,273,000

1,293,877

Senior

Note,

2.1%,

3/22/28

..........................

United

States

216,000

206,059

b

Virgin

Media

Secured

Finance

plc

,

Senior

Secured

Bond

,

144A,

4.5 %

,

8/15/30

....................................

United

Kingdom

200,000

188,744

8,389,524

#### Electric

#### Utilities

#### 0.4%
American

Electric

Power

Co.,

Inc.

,

J

,

Senior

Bond

,

4.3 %

,

12/01/28

........................................

United

States

510,000

512,456

b

American

Transmission

Systems,

Inc.

,

Senior

Bond

,

144A,

2.65 %

,

1/15/32

...................................

United

States

95,000

85,281

b

California

Buyer

Ltd.

/

Atlantica

Sustainable

Infrastructure

plc

,

Senior

Note

,

144A,

6.375 %

,

2/15/32

....................

United

Kingdom

320,000

328,208

Duke

Energy

Carolinas

LLC

,

Senior

Bond

,

4.95 %

,

1/15/33

....

United

States

45,000

46,291

Duke

Energy

Corp.

,

Senior

Bond,

3.15%,

8/15/27

.........................

United

States

445,000

438,053

Senior

Bond,

4.2%,

6/15/49

..........................

United

States

350,000

282,099

Duke

Energy

Indiana

LLC

,

Senior

Bond

,

6.45 %

,

4/01/39

......

United

States

80,000

89,687

Duke

Energy

Ohio,

Inc.

,

Senior

Bond

,

3.65 %

,

2/01/29

........

United

States

191,000

188,854

b

Enel

Finance

International

NV

,

Senior

Note

,

144A,

4.375 %

,

9/30/30

.........................................

Italy

495,000

491,799

Evergy

Kansas

Central,

Inc.

,

Senior

Bond

,

5.7 %

,

3/15/53

.....

United

States

110,000

111,584

b

Evergy

Missouri

West,

Inc.

,

Senior

Note

,

144A,

5.15 %

,

12/15/27

United

States

330,000

336,172

Eversource

Energy

,

Senior

Note

,

5.45 %

,

3/01/28

............

United

States

50,000

51,371

Putnam

Asset

Allocation

Funds

Consolidated

Schedule

of

Investments

#### Putnam

#### Dynamic

#### Asset

#### Allocation

#### Growth

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

consolidated

financial

statements.

Annual

Report

a

a

#### Country

#### Principal

#### Amount

#### \*
a

#### Value
a

#### a
a

#### Corporate

#### Bonds
(continued)

#### Electric

#### Utilities
(continued)

IPALCO

Enterprises,

Inc.

,

Senior

Secured

Note

,

4.25 %

,

5/01/30

United

States

140,000

$

137,194

NextEra

Energy

Capital

Holdings,

Inc.

,

Senior

Bond

,

5.45 %

,

3/15/35

.........................................

United

States

895,000

926,197

b

NRG

Energy,

Inc.

,

g

Junior

Sub.

Bond,

144A,

10.25%

to

3/14/28,

FRN

thereafter,

Perpetual

.......................................

United

States

265,000

289,690

Senior

Bond,

144A,

6.25%,

11/01/34

...................

United

States

310,000

317,972

e

Senior

Bond,

144A,

6%,

1/15/36

......................

United

States

560,000

560,431

Oncor

Electric

Delivery

Co.

LLC

,

Senior

Secured

Bond,

5.3%,

6/01/42

...................

United

States

45,000

44,579

Senior

Secured

Bond,

3.75%,

4/01/45

..................

United

States

405,000

321,061

Pacific

Gas

and

Electric

Co.

,

Senior

Note,

2.1%,

8/01/27

..........................

United

States

50,000

48,075

Senior

Note,

6.1%,

1/15/29

..........................

United

States

570,000

596,478

Senior

Note,

5.55%,

5/15/29

.........................

United

States

435,000

447,941

PG&E

Corp.

,

Junior

Sub.

Bond,

7.375%

to

3/14/30,

FRN

thereafter,

3/15/55

United

States

180,000

185,243

Senior

Secured

Bond,

5.25%,

7/01/30

..................

United

States

380,000

374,973

Public

Service

Electric

and

Gas

Co.

,

Senior

Bond

,

5.5 %

,

3/01/40

United

States

75,000

77,488

Southern

Co.

(The)

,

Senior

Note

,

5.5 %

,

3/15/29

............

United

States

295,000

306,871

b

Vistra

Operations

Co.

LLC

,

Senior

Note,

144A,

5%,

7/31/27

......................

United

States

150,000

149,616

Senior

Note,

144A,

7.75%,

10/15/31

...................

United

States

330,000

349,443

Senior

Note,

144A,

6.875%,

4/15/32

...................

United

States

185,000

193,622

Senior

Secured

Bond,

144A,

4.3%,

7/15/29

..............

United

States

212,000

210,456

Senior

Secured

Bond,

144A,

6%,

4/15/34

...............

United

States

105,000

110,785

Senior

Secured

Note,

144A,

5.05%,

12/30/26

............

United

States

85,000

85,552

Wisconsin

Electric

Power

Co.

,

Senior

Bond

,

4.6 %

,

10/01/34

...

United

States

183,000

182,372

8,877,894

#### Electrical

#### Equipment

#### 0.0%

#### †
b

Energizer

Gamma

Acquisition

BV

,

Senior

Note

,

Reg

S,

3.5 %

,

6/30/29

.........................................

United

States

220,000

EUR

254,950

b

Sensata

Technologies

BV

,

Senior

Note

,

144A,

5.875 %

,

9/01/30

.

United

States

260,000

262,499

517,449

#### Electronic

#### Equipment,

#### Instruments

#### &

#### Components

#### 0.0%

#### †
CDW

LLC

/

CDW

Finance

Corp.

,

Senior

Note

,

3.25 %

,

2/15/29

..

United

States

295,000

282,603

b

TTM

Technologies,

Inc.

,

Senior

Note

,

144A,

%

,

3/01/29

......

United

States

430,000

413,931

696,534

#### Energy

#### Equipment

#### &

#### Services

#### 0.0%

#### †
b

Kodiak

Gas

Services

LLC

,

Senior

Bond,

144A,

6.75%,

10/01/35

...................

United

States

115,000

118,149

Senior

Note,

144A,

7.25%,

2/15/29

....................

United

States

275,000

285,556

Senior

Note,

144A,

6.5%,

10/01/33

....................

United

States

205,000

208,854

b

Nabors

Industries,

Inc.

,

Senior

Note

,

144A,

8.875 %

,

8/15/31

...

United

States

455,000

424,092

b

Transocean

Aquila

Ltd.

,

Senior

Secured

Note

,

144A,

%

,

9/30/28

United

States

61,154

62,950

Transocean

International

Ltd.

,

Senior

Bond,

6.8%,

3/15/38

..........................

United

States

380,000

322,116

b

Senior

Secured

Note,

144A,

8.75%,

2/15/30

.............

United

States

86,250

90,816

b

Senior

Secured

Note,

144A,

7.875%,

10/15/32

...........

United

States

55,000

55,000

b

Transocean

Poseidon

Ltd.

,

Senior

Secured

Note

,

144A,

6.875 %

,

2/01/27

.........................................

United

States

117,000

117,235

Putnam

Asset

Allocation

Funds

Consolidated

Schedule

of

Investments

#### Putnam

#### Dynamic

#### Asset

#### Allocation

#### Growth

#### Fund
(continued)

franklintempleton.com

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

consolidated

financial

statements.

a

a

#### Country

#### Principal

#### Amount

#### \*
a

#### Value
a

#### a
a

#### Corporate

#### Bonds
(continued)

#### Energy

#### Equipment

#### &

#### Services
(continued)

b

Transocean

Titan

Financing

Ltd.

,

Senior

Secured

Note

,

144A,

8.375 %

,

2/01/28

...................................

United

States

129,524

$

133,060

b

Weatherford

International

Ltd.

,

Senior

Note,

144A,

8.625%,

4/30/30

...................

United

States

400,000

409,182

e

Senior

Note,

144A,

6.75%,

10/15/33

...................

United

States

305,000

305,403

2,532,413

#### Entertainment

#### 0.1%
b

Banijay

Entertainment

SAS

,

Senior

Secured

Note

,

144A,

8.125 %

,

5/01/29

.........................................

France

665,000

691,234

b

Cinemark

USA,

Inc.

,

Senior

Note

,

144A,

5.25 %

,

7/15/28

......

United

States

225,000

223,954

b

Live

Nation

Entertainment,

Inc.

,

Senior

Secured

Note

,

144A,

6.5 %

,

5/15/27

....................................

United

States

120,000

121,212

Netflix,

Inc.

,

Senior

Bond,

5.875%,

11/15/28

.......................

United

States

155,000

163,474

b

Senior

Bond,

Reg

S,

3.875%,

11/15/29

.................

United

States

515,000

EUR

630,702

b

Senior

Bond,

144A,

5.375%,

11/15/29

..................

United

States

562,000

588,250

b

Pinewood

Finco

plc

,

Senior

Secured

Note

,

144A,

%

,

3/27/30

..

United

Kingdom

260,000

GBP

352,520

Walt

Disney

Co.

(The)

,

Senior

Bond,

7.75%,

12/01/45

........................

United

States

194,000

253,592

Senior

Note,

2.2%,

1/13/28

..........................

United

States

78,000

75,278

Warnermedia

Holdings,

Inc.

,

Senior

Bond

,

5.05 %

,

3/15/42

.....

United

States

365,000

291,615

3,391,831

#### Financial

#### Services

#### 0.1%
b

Boost

Newco

Borrower

LLC

,

Senior

Secured

Note

,

144A,

7.5 %

,

1/15/31

.........................................

United

States

275,000

291,951

Corebridge

Financial,

Inc.

,

Senior

Note

,

3.85 %

,

4/05/29

.......

United

States

230,000

226,597

b

CrossCountry

Intermediate

HoldCo

LLC

,

Senior

Note

,

144A,

6.5 %

,

10/01/30

...................................

United

States

335,000

336,651

b

Freedom

Mortgage

Corp.

,

Senior

Note

,

144A,

12.25 %

,

10/01/30

United

States

250,000

279,097

b

Freedom

Mortgage

Holdings

LLC

,

Senior

Note

,

144A,

8.375 %

,

4/01/32

.........................................

United

States

460,000

482,531

b

GGAM

Finance

Ltd.

,

Senior

Note

,

144A,

%

,

2/15/27

........

Ireland

105,000

107,557

b

Jefferson

Capital

Holdings

LLC

,

Senior

Note,

144A,

9.5%,

2/15/29

.....................

United

States

370,000

391,027

Senior

Note,

144A,

8.25%,

5/15/30

....................

United

States

330,000

345,409

b

Nationstar

Mortgage

Holdings,

Inc.

,

Senior

Bond,

144A,

5.75%,

11/15/31

...................

United

States

410,000

415,649

Senior

Note,

144A,

7.125%,

2/01/32

...................

United

States

290,000

303,548

b

Osaic

Holdings,

Inc.

,

Senior

Note,

144A,

8%,

8/01/33

......................

United

States

280,000

290,429

Senior

Secured

Note,

144A,

6.75%,

8/01/32

.............

United

States

175,000

180,890

b

Petronas

Capital

Ltd.

,

Senior

Note

,

144A,

4.95 %

,

1/03/31

.....

Malaysia

330,000

340,811

b

PHH

Escrow

Issuer

LLC

/

PHH

Corp.

,

Senior

Note

,

144A,

9.875 %

,

11/01/29

..................................

United

States

640,000

649,274

b

PRA

Group,

Inc.

,

Senior

Note

,

144A,

8.875 %

,

1/31/30

........

United

States

570,000

588,917

b

Rocket

Cos.,

Inc.

,

Senior

Note

,

144A,

6.375 %

,

8/01/33

.......

United

States

350,000

361,677

b

Shift4

Payments

LLC

/

Shift4

Payments

Finance

Sub,

Inc.

,

Senior

Note

,

144A,

5.5 %

,

5/15/33

...........................

United

States

100,000

EUR

122,483

5,714,498

#### Food

#### Products

#### 0.1%
Bunge

Ltd.

Finance

Corp.

,

Senior

Note

,

3.2 %

,

4/21/31

.......

United

States

62,000

58,095

b,f

Chobani

Holdco

II

LLC

,

Senior

Note

,

144A,

PIK,

8.75 %

,

10/01/29

United

States

109,405

111,306

Putnam

Asset

Allocation

Funds

Consolidated

Schedule

of

Investments

#### Putnam

#### Dynamic

#### Asset

#### Allocation

#### Growth

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

consolidated

financial

statements.

Annual

Report

a

a

#### Country

#### Principal

#### Amount

#### \*
a

#### Value
a

#### a
a

#### Corporate

#### Bonds
(continued)

#### Food

#### Products
(continued)

b

Chobani

LLC

/

Chobani

Finance

Corp.,

Inc.

,

Senior

Note

,

144A,

7.625 %

,

7/01/29

...................................

United

States

290,000

$

302,759

b

Froneri

Lux

FinCo

SARL

,

Senior

Secured

Note

,

144A,

%

,

8/01/32

.........................................

United

Kingdom

200,000

200,482

JBS

USA

Holding

Lux

SARL

/

JBS

USA

Food

Co.

/

JBS

Lux

Co.

SARL

,

Senior

Note

,

%

,

2/02/29

......................

United

States

128,000

122,776

b

JBS

USA

Holding

Lux

SARL

/

JBS

USA

Foods

Group

Holdings,

Inc.

/

JBS

USA

Food

Co.

,

Senior

Bond

,

144A,

5.5 %

,

1/15/36

.

United

States

550,000

562,009

b

JDE

Peet's

NV

,

Senior

Note

,

144A,

1.375 %

,

1/15/27

.........

Netherlands

150,000

144,386

Kellanova

,

Senior

Bond,

4.5%,

4/01/46

..........................

United

States

14,000

12,280

B,

Senior

Bond,

7.45%,

4/01/31

.......................

United

States

62,000

71,069

Kraft

Heinz

Foods

Co.

,

Senior

Bond,

6.875%,

1/26/39

........................

United

States

65,000

72,563

Senior

Bond,

4.625%,

10/01/39

.......................

United

States

65,000

59,511

Senior

Note,

3%,

6/01/26

...........................

United

States

135,000

133,903

b

Mars,

Inc.

,

Senior

Bond,

144A,

5.65%,

5/01/45

....................

United

States

55,000

55,831

Senior

Bond,

144A,

5.7%,

5/01/55

.....................

United

States

45,000

45,615

Senior

Bond,

144A,

5.8%,

5/01/65

.....................

United

States

25,000

25,517

Senior

Note,

144A,

4.6%,

3/01/28

.....................

United

States

440,000

445,475

Senior

Note,

144A,

4.65%,

4/20/31

....................

United

States

32,000

32,495

Senior

Note,

144A,

5%,

3/01/32

......................

United

States

445,000

455,454

Senior

Note,

144A,

5.2%,

3/01/35

.....................

United

States

60,000

61,359

2,972,885

#### Gas

#### Utilities

#### 0.0%

#### †
Southern

California

Gas

Co.

,

Senior

Bond

,

5.05 %

,

9/01/34

....

United

States

185,000

188,330

#### Ground

#### Transportation

#### 0.2%
b

Ashtead

Capital,

Inc.

,

Senior

Bond,

144A,

4.375%,

8/15/27

...................

United

Kingdom

555,000

555,177

Senior

Bond,

144A,

2.45%,

8/12/31

....................

United

Kingdom

200,000

177,491

b

Beacon

Mobility

Corp.

,

Senior

Secured

Note

,

144A,

7.25 %

,

8/01/30

.........................................

United

States

200,000

208,081

Canadian

Pacific

Railway

Co.

,

Senior

Note

,

1.75 %

,

12/02/26

...

Canada

645,000

628,379

CSX

Corp.

,

Senior

Bond

,

4.1 %

,

3/15/44

..................

United

States

240,000

203,749

b

ERAC

USA

Finance

LLC

,

Senior

Bond

,

144A,

3.3 %

,

12/01/26

..

United

States

129,000

127,765

b

Penske

Truck

Leasing

Co.

LP

/

PTL

Finance

Corp.

,

Senior

Bond,

144A,

3.4%,

11/15/26

....................

United

States

113,000

111,861

Senior

Note,

144A,

4.4%,

7/01/27

.....................

United

States

145,000

145,412

Ryder

System,

Inc.

,

Senior

Note

,

4.95 %

,

9/01/29

............

United

States

325,000

332,940

b

SMBC

Aviation

Capital

Finance

DAC

,

Senior

Bond,

144A,

5.7%,

7/25/33

.....................

Ireland

200,000

209,305

Senior

Note,

144A,

5.3%,

4/03/29

.....................

Ireland

470,000

482,845

b

Watco

Cos.

LLC

/

Watco

Finance

Corp.

,

Senior

Note

,

144A,

7.125 %

,

8/01/32

...................................

United

States

450,000

466,162

3,649,167

#### Health

#### Care

#### Equipment

#### &

#### Supplies

#### 0.0%

#### †
b

Bausch

+

Lomb

Corp.

,

Senior

Secured

Note

,

144A,

8.375 %

,

10/01/28

........................................

United

States

160,000

166,950

Bausch

+

Lomb

Netherlands

BV

and

Bausch

&

Lomb,

Inc.

,

b,h

Senior

Secured

Note,

144A,

FRN,

5.872%,

(3-month

EURIBOR

+

7.75%),

1/15/31

.................................

United

States

200,000

EUR

238,402

Becton

Dickinson

&

Co.

,

Senior

Bond

,

2.823 %

,

5/20/30

.......

United

States

372,000

348,728

Putnam

Asset

Allocation

Funds

Consolidated

Schedule

of

Investments

#### Putnam

#### Dynamic

#### Asset

#### Allocation

#### Growth

#### Fund
(continued)

franklintempleton.com

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

consolidated

financial

statements.

a

a

#### Country

#### Principal

#### Amount

#### \*
a

#### Value
a

#### a
a

#### Corporate

#### Bonds
(continued)

#### Health

#### Care

#### Equipment

#### &

#### Supplies
(continued)

DH

Europe

Finance

II

SARL

,

Senior

Bond

,

3.4 %

,

11/15/49

....

United

States

155,000

$

114,408

GE

HealthCare

Technologies,

Inc.

,

Senior

Note,

5.65%,

11/15/27

........................

United

States

110,000

113,391

Senior

Note,

4.8%,

8/14/29

..........................

United

States

270,000

275,497

b

Insulet

Corp.

,

Senior

Note

,

144A,

6.5 %

,

4/01/33

............

United

States

50,000

52,027

b

Medline

Borrower

LP

,

Senior

Note,

144A,

5.25%,

10/01/29

...................

United

States

180,000

178,577

Senior

Secured

Note,

144A,

3.875%,

4/01/29

............

United

States

305,000

294,379

1,782,359

#### Health

#### Care

#### Providers

#### &

#### Services

#### 0.6%
b

CHS/Community

Health

Systems,

Inc.

,

Senior

Secured

Note,

144A,

5.25%,

5/15/30

.............

United

States

530,000

479,941

Senior

Secured

Note,

144A,

10.875%,

1/15/32

...........

United

States

245,000

259,785

Senior

Secured

Note,

144A,

9.75%,

1/15/34

.............

United

States

280,000

287,210

b

Concentra

Health

Services,

Inc.

,

Senior

Note

,

144A,

6.875 %

,

7/15/32

.........................................

United

States

265,000

275,502

CVS

Health

Corp.

,

Junior

Sub.

Bond,

7%

to

3/09/30,

FRN

thereafter,

3/10/55

...

United

States

440,000

462,635

Senior

Bond,

4.78%,

3/25/38

.........................

United

States

140,000

131,273

Senior

Note,

5%,

9/15/32

...........................

United

States

428,000

433,407

b

DaVita,

Inc.

,

Senior

Note,

144A,

6.875%,

9/01/32

...................

United

States

695,000

718,509

Senior

Note,

144A,

6.75%,

7/15/33

....................

United

States

55,000

56,762

HCA,

Inc.

,

Senior

Bond,

4.5%,

2/15/27

..........................

United

States

76,000

76,159

Senior

Bond,

4.125%,

6/15/29

........................

United

States

118,000

117,009

Senior

Note,

5.45%,

4/01/31

.........................

United

States

400,000

415,888

Senior

Note,

3.625%,

3/15/32

........................

United

States

410,000

384,751

Humana,

Inc.

,

Senior

Note

,

5.75 %

,

3/01/28

................

United

States

250,000

257,938

Icon

Investments

Six

DAC

,

Senior

Secured

Note

,

5.809 %

,

5/08/27

.........................................

United

States

215,000

219,473

b

Kedrion

SpA

,

Senior

Secured

Note

,

144A,

6.5 %

,

9/01/29

......

Italy

540,000

533,623

Tenet

Healthcare

Corp.

,

Senior

Secured

Note,

4.25%,

6/01/29

..................

United

States

215,000

210,152

Senior

Secured

Note,

6.125%,

6/15/30

.................

United

States

345,000

349,832

UnitedHealth

Group,

Inc.

,

Senior

Bond,

3.95%,

10/15/42

........................

United

States

245,000

205,948

Senior

Note,

3.85%,

6/15/28

.........................

United

States

740,000

737,773

6,613,570

#### Health

#### Care

#### REITs

#### 0.0%

#### †
b

MPT

Operating

Partnership

LP

/

MPT

Finance

Corp.

,

Senior

Secured

Note

,

144A,

8.5 %

,

2/15/32

....................

United

States

600,000

637,996

#### Health

#### Care

#### Technology

#### 0.1%
b

AthenaHealth

Group,

Inc.

,

Senior

Note

,

144A,

6.5 %

,

2/15/30

...

United

States

405,000

402,033

b

IQVIA,

Inc.

,

Senior

Note

,

144A,

6.25 %

,

6/01/32

.............

United

States

735,000

756,602

1,158,635

#### Hotel

#### &

#### Resort

#### REITs

#### 0.0%

#### †
b

RHP

Hotel

Properties

LP

/

RHP

Finance

Corp.

,

Senior

Note,

144A,

7.25%,

7/15/28

....................

United

States

80,000

82,589

Senior

Note,

144A,

6.5%,

4/01/32

.....................

United

States

330,000

339,516

Senior

Note,

144A,

6.5%,

6/15/33

.....................

United

States

165,000

170,043

Putnam

Asset

Allocation

Funds

Consolidated

Schedule

of

Investments

#### Putnam

#### Dynamic

#### Asset

#### Allocation

#### Growth

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

consolidated

financial

statements.

Annual

Report

a

a

#### Country

#### Principal

#### Amount

#### \*
a

#### Value
a

#### a
a

#### Corporate

#### Bonds
(continued)

#### Hotel

#### &

#### Resort

#### REITs
(continued)

b

XHR

LP

,

Senior

Note

,

144A,

6.625 %

,

5/15/30

..............

United

States

95,000

$

97,729

689,877

#### Hotels,

#### Restaurants

#### &

#### Leisure

#### 0.2%
b

1011778

BC

ULC

/

New

Red

Finance,

Inc.

,

Secured

Bond

,

144A,

%

,

10/15/30

.....................................

Canada

300,000

283,041

b

Boyd

Gaming

Corp.

,

Senior

Bond

,

144A,

4.75 %

,

6/15/31

......

United

States

480,000

463,121

b

Caesars

Entertainment,

Inc.

,

Senior

Note,

144A,

4.625%,

10/15/29

..................

United

States

440,000

421,019

Senior

Note,

144A,

6%,

10/15/32

.....................

United

States

140,000

137,982

Senior

Secured

Note,

144A,

7%,

2/15/30

................

United

States

130,000

133,801

b

Carnival

Corp.

,

Senior

Note,

144A,

5.125%,

5/01/29

...................

United

States

520,000

520,000

Senior

Note,

144A,

5.75%,

3/15/30

....................

United

States

284,000

290,150

Senior

Note,

144A,

5.875%,

6/15/31

...................

United

States

320,000

328,123

Senior

Note,

144A,

5.75%,

8/01/32

....................

United

States

300,000

305,678

Senior

Note,

144A,

6.125%,

2/15/33

...................

United

States

155,000

158,978

Senior

Secured

Note,

144A,

4%,

8/01/28

................

United

States

375,000

369,882

b

Churchill

Downs,

Inc.

,

Senior

Note

,

144A,

5.75 %

,

4/01/30

.....

United

States

275,000

274,940

b

Fertitta

Entertainment

LLC

/

Fertitta

Entertainment

Finance

Co.,

Inc.

,

Senior

Note

,

144A,

6.75 %

,

1/15/30

.................

United

States

410,000

385,034

b

Flutter

Treasury

DAC

,

Senior

Secured

Note

,

144A,

5.875 %

,

6/04/31

.........................................

Ireland

200,000

203,137

b

Great

Canadian

Gaming

Corp.

/

Raptor

LLC

,

Senior

Secured

Note

,

144A,

8.75 %

,

11/15/29

.........................

Canada

275,000

272,136

b

Hilton

Domestic

Operating

Co.,

Inc.

,

Senior

Note

,

144A,

5.75 %

,

9/15/33

.........................................

United

States

575,000

583,093

Hyatt

Hotels

Corp.

,

Senior

Bond,

4.85%,

3/15/26

.........................

United

States

337,000

337,277

Senior

Note,

5.75%,

1/30/27

.........................

United

States

184,000

187,524

b

Light

&

Wonder

International,

Inc.

,

Senior

Note,

144A,

7.25%,

11/15/29

...................

United

States

415,000

426,224

Senior

Note,

144A,

7.5%,

9/01/31

.....................

United

States

55,000

57,241

Marriott

International,

Inc.

,

GG

,

Senior

Bond

,

3.5 %

,

10/15/32

...

United

States

430,000

398,677

b

Mohegan

Tribal

Gaming

Authority

/

MS

Digital

Entertainment

Holdings

LLC

,

Senior

Secured

Note

,

144A,

8.25 %

,

4/15/30

..

United

States

380,000

395,118

b

NCL

Corp.

Ltd.

,

Senior

Note,

144A,

7.75%,

2/15/29

....................

United

States

170,000

181,106

Senior

Note,

144A,

6.75%,

2/01/32

....................

United

States

120,000

123,487

Senior

Note,

144A,

6.25%,

9/15/33

....................

United

States

130,000

130,754

b

Penn

Entertainment,

Inc.

,

Senior

Note

,

144A,

5.625 %

,

1/15/27

.

United

States

295,000

295,018

b,e

Rivers

Enterprise

Lender

LLC

/

Rivers

Enterprise

Lender

Corp.

,

Senior

Secured

Note

,

144A,

6.25 %

,

10/15/30

.............

United

States

220,000

222,099

Royal

Caribbean

Cruises

Ltd.

,

e

Senior

Bond,

5.375%,

1/15/36

........................

United

States

75,000

75,466

b

Senior

Note,

144A,

5.625%,

9/30/31

...................

United

States

215,000

219,385

b

Senior

Note,

144A,

6.25%,

3/15/32

....................

United

States

60,000

61,962

b

Senior

Note,

144A,

6%,

2/01/33

......................

United

States

485,000

497,552

b

Scientific

Games

Holdings

LP

/

Scientific

Games

US

FinCo,

Inc.

,

Senior

Note

,

144A,

6.625 %

,

3/01/30

....................

United

States

285,000

265,171

b

Station

Casinos

LLC

,

Senior

Note

,

144A,

6.625 %

,

3/15/32

.....

United

States

195,000

200,452

b

Viking

Cruises

Ltd.

,

Senior

Note,

144A,

7%,

2/15/29

......................

United

States

120,000

120,685

Senior

Note,

144A,

9.125%,

7/15/31

...................

United

States

305,000

327,587

Putnam

Asset

Allocation

Funds

Consolidated

Schedule

of

Investments

#### Putnam

#### Dynamic

#### Asset

#### Allocation

#### Growth

#### Fund
(continued)

franklintempleton.com

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

consolidated

financial

statements.

a

a

#### Country

#### Principal

#### Amount

#### \*
a

#### Value
a

#### a
a

#### Corporate

#### Bonds
(continued)

#### 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

$

506,270

10,159,170

#### Household

#### Durables

#### 0.0%

#### †
b

Ashton

Woods

USA

LLC

/

Ashton

Woods

Finance

Co.

,

Senior

Note

,

144A,

6.875 %

,

8/01/33

.........................

United

States

285,000

287,702

DR

Horton,

Inc.

,

Senior

Bond,

5%,

10/15/34

..........................

United

States

65,000

65,772

Senior

Bond,

5.5%,

10/15/35

.........................

United

States

70,000

72,624

Senior

Note,

1.3%,

10/15/26

.........................

United

States

590,000

573,776

b

K. Hovnanian

Enterprises,

Inc.

,

Senior

Note,

144A,

8%,

4/01/31

......................

United

States

115,000

117,998

Senior

Note,

144A,

8.375%,

10/01/33

..................

United

States

175,000

179,528

b

LGI

Homes,

Inc.

,

Senior

Note

,

144A,

8.75 %

,

12/15/28

........

United

States

365,000

383,412

Newell

Brands,

Inc.

,

Senior

Note,

6.375%,

5/15/30

........................

United

States

115,000

114,229

Senior

Note,

6.625%,

5/15/32

........................

United

States

160,000

158,305

b

Taylor

Morrison

Communities,

Inc.

,

Senior

Bond,

144A,

5.125%,

8/01/30

...................

United

States

210,000

209,516

Senior

Note,

144A,

5.875%,

6/15/27

...................

United

States

110,000

111,428

Senior

Note,

144A,

5.75%,

1/15/28

....................

United

States

135,000

136,999

Toll

Brothers

Finance

Corp.

,

Senior

Bond

,

4.35 %

,

2/15/28

.....

United

States

123,000

123,394

b

Weekley

Homes

LLC

/

Weekley

Finance

Corp.

,

Senior

Note

,

144A,

4.875 %

,

9/15/28

..............................

United

States

240,000

235,209

2,769,892

#### Household

#### Products

#### 0.0%

#### †
b

Energizer

Holdings,

Inc.

,

Senior

Note

,

144A,

4.375 %

,

3/31/29

..

United

States

120,000

115,244

#### Independent

#### Power

#### and

#### Renewable

#### Electricity

#### Producers

#### 0.0%

#### †
b

AES

Andes

SA

,

Senior

Note

,

144A,

6.25 %

,

3/14/32

..........

Chile

200,000

209,635

AES

Corp.

(The)

,

Senior

Note,

1.375%,

1/15/26

........................

United

States

188,000

186,284

Senior

Note,

5.45%,

6/01/28

.........................

United

States

145,000

148,546

b

Alexander

Funding

Trust

II

,

Senior

Secured

Note

,

144A,

7.467 %

,

7/31/28

.........................................

United

States

120,000

128,361

b

Calpine

Corp.

,

Senior

Bond

,

144A,

%

,

2/01/31

.............

United

States

195,000

194,552

Constellation

Energy

Generation

LLC

,

Senior

Note

,

5.6 %

,

3/01/28

United

States

235,000

242,947

Southern

Power

Co.

,

B,

Senior

Bond,

4.9%,

10/01/35

.......................

United

States

25,000

24,669

A,

Senior

Note,

4.25%,

10/01/30

......................

United

States

120,000

119,336

b,g

Vistra

Corp.

,

Junior

Sub.

Bond,

144A,

8%

to

10/14/26,

FRN

thereafter,

Perpetual

.......................................

United

States

135,000

138,188

Junior

Sub.

Bond,

144A,

7%

to

12/14/26,

FRN

thereafter,

Perpetual

.......................................

United

States

185,000

187,960

1,580,478

#### Industrial

#### Conglomerates

#### 0.0%

#### †
Honeywell

International,

Inc.

,

Senior

Bond

,

3.812 %

,

11/21/47

..

United

States

155,000

122,256

#### Industrial

#### REITs

#### 0.0%

#### †
Prologis

LP

,

Senior

Bond,

2.25%,

4/15/30

.........................

United

States

113,000

104,175

Putnam

Asset

Allocation

Funds

Consolidated

Schedule

of

Investments

#### Putnam

#### Dynamic

#### Asset

#### Allocation

#### Growth

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

consolidated

financial

statements.

Annual

Report

a

a

#### Country

#### Principal

#### Amount

#### \*
a

#### Value
a

#### a
a

#### Corporate

#### Bonds
(continued)

#### Industrial

#### REITs
(continued)

Prologis

LP,

(continued)

Senior

Note,

2.125%,

4/15/27

........................

United

States

47,000

$

45,721

149,896

#### Insurance

#### 0.2%
b

Acrisure

LLC

/

Acrisure

Finance,

Inc.

,

Senior

Note,

144A,

8.5%,

6/15/29

.....................

United

States

335,000

351,976

Senior

Secured

Note,

144A,

7.5%,

11/06/30

.............

United

States

335,000

349,247

b

AEGON

Funding

Co.

LLC

,

Senior

Note

,

144A,

5.5 %

,

4/16/27

..

Netherlands

220,000

223,982

b

Alliant

Holdings

Intermediate

LLC

/

Alliant

Holdings

Co-Issuer

,

Senior

Note,

144A,

5.875%,

11/01/29

..................

United

States

415,000

414,511

Senior

Note,

144A,

7.375%,

10/01/32

..................

United

States

100,000

103,168

Senior

Secured

Note,

144A,

7%,

1/15/31

................

United

States

440,000

454,968

b

Athene

Global

Funding

,

Secured

Note,

144A,

5.349%,

7/09/27

..................

United

States

375,000

382,144

Secured

Note,

144A,

1.985%,

8/19/28

..................

United

States

440,000

413,339

Secured

Note,

144A,

5.526%,

7/11/31

..................

United

States

245,000

252,722

Berkshire

Hathaway

Finance

Corp.

,

Senior

Bond,

4.3%,

5/15/43

..........................

United

States

90,000

81,258

Senior

Bond,

2.85%,

10/15/50

........................

United

States

375,000

246,290

Brown

&

Brown,

Inc.

,

Senior

Note,

4.7%,

6/23/28

..........................

United

States

110,000

111,110

Senior

Note,

4.9%,

6/23/30

..........................

United

States

271,000

274,857

CNO

Financial

Group,

Inc.

,

Senior

Note

,

5.25 %

,

5/30/29

......

United

States

210,000

213,738

b

CNO

Global

Funding

,

Secured

Note,

144A,

4.875%,

12/10/27

.................

United

States

130,000

131,734

Secured

Note,

144A,

2.65%,

1/06/29

...................

United

States

210,000

198,800

Secured

Note,

144A,

4.95%,

9/09/29

...................

United

States

261,000

266,395

b

Corebridge

Global

Funding

,

Secured

Note

,

144A,

5.2 %

,

6/24/29

United

States

160,000

164,394

Fairfax

Financial

Holdings

Ltd.

,

Senior

Note

,

4.85 %

,

4/17/28

...

Canada

298,000

302,037

b

Jones

Deslauriers

Insurance

Management,

Inc.

,

Senior

Secured

Note

,

144A,

8.5 %

,

3/15/30

...........................

Canada

130,000

136,685

Marsh

&

McLennan

Cos.,

Inc.

,

Senior

Bond,

4.375%,

3/15/29

........................

United

States

212,000

213,999

Senior

Bond,

4.9%,

3/15/49

..........................

United

States

175,000

161,107

b

Protective

Life

Global

Funding

,

Secured

Note

,

144A,

5.467 %

,

12/08/28

........................................

United

States

305,000

316,649

5,765,110

#### Interactive

#### Media

#### &

#### Services

#### 0.0%

#### †
Meta

Platforms,

Inc.

,

Senior

Bond

,

5.4 %

,

8/15/54

...........

United

States

385,000

380,676

#### IT

#### Services

#### 0.0%

#### †
b

Ahead

DB

Holdings

LLC

,

Senior

Note

,

144A,

6.625 %

,

5/01/28

..

United

States

50,000

50,070

b

Cogent

Communications

Group

LLC

/

Cogent

Finance,

Inc.

,

Senior

Secured

Note

,

144A,

6.5 %

,

7/01/32

...............

United

States

625,000

607,960

b

Fortress

Intermediate

3,

Inc.

,

Senior

Secured

Note

,

144A,

7.5 %

,

6/01/31

.........................................

United

States

245,000

256,831

b

Gartner,

Inc.

,

Senior

Note

,

144A,

3.75 %

,

10/01/30

...........

United

States

180,000

170,038

1,084,899

#### Leisure

#### Products

#### 0.0%

#### †
b

Mattel,

Inc.

,

Senior

Note

,

144A,

3.375 %

,

4/01/26

............

United

States

140,000

139,018

Putnam

Asset

Allocation

Funds

Consolidated

Schedule

of

Investments

#### Putnam

#### Dynamic

#### Asset

#### Allocation

#### Growth

#### Fund
(continued)

franklintempleton.com

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

consolidated

financial

statements.

a

a

#### Country

#### Principal

#### Amount

#### \*
a

#### Value
a

#### a
a

#### Corporate

#### Bonds
(continued)

#### Life

#### Sciences

#### Tools

#### &

#### Services

#### 0.0%

#### †
Illumina,

Inc.

,

Senior

Note

,

4.65 %

,

9/09/26

................

United

States

131,000

$

131,645

#### Machinery

#### 0.0%

#### †
Caterpillar,

Inc.

,

Senior

Bond

,

5.2 %

,

5/15/35

...............

United

States

300,000

310,501

b

Chart

Industries,

Inc.

,

Senior

Note

,

144A,

9.5 %

,

1/01/31

......

United

States

105,000

112,587

b

Daimler

Truck

Finance

North

America

LLC

,

Senior

Note

,

144A,

5.125 %

,

9/25/27

...................................

Germany

260,000

264,318

Oshkosh

Corp.

,

Senior

Bond

,

4.6 %

,

5/15/28

...............

United

States

146,000

147,268

Otis

Worldwide

Corp.

,

Senior

Note

,

2.565 %

,

2/15/30

.........

United

States

145,000

135,055

b

Terex

Corp.

,

Senior

Note,

144A,

5%,

5/15/29

......................

United

States

180,000

177,423

Senior

Note,

144A,

6.25%,

10/15/32

...................

United

States

225,000

229,391

1,376,543

#### Media

#### 0.5%
Charter

Communications

Operating

LLC

/

Charter

Communications

Operating

Capital

Corp.

,

Senior

Secured

Bond,

5.85%,

12/01/35

.................

United

States

45,000

45,447

Senior

Secured

Bond,

4.8%,

3/01/50

...................

United

States

220,000

174,360

Senior

Secured

Bond,

3.7%,

4/01/51

...................

United

States

205,000

135,337

Senior

Secured

Note,

2.25%,

1/15/29

..................

United

States

510,000

474,405

b

Clear

Channel

Outdoor

Holdings,

Inc.

,

Senior

Note,

144A,

7.75%,

4/15/28

....................

United

States

125,000

124,884

Senior

Secured

Note,

144A,

7.875%,

4/01/30

............

United

States

165,000

173,374

Senior

Secured

Note,

144A,

7.5%,

3/15/33

..............

United

States

475,000

496,985

Comcast

Corp.

,

Senior

Bond,

2.35%,

1/15/27

.........................

United

States

157,000

153,918

Senior

Bond,

3.999%,

11/01/49

.......................

United

States

130,000

100,340

Senior

Bond,

3.45%,

2/01/50

.........................

United

States

224,000

156,725

Senior

Bond,

2.987%,

11/01/63

.......................

United

States

107,000

61,152

b

CSC

Holdings

LLC

,

Senior

Note

,

144A,

11.75 %

,

1/31/29

......

United

States

285,000

239,847

b

Directv

Financing

LLC

,

Senior

Secured

Note,

144A,

8.875%,

2/01/30

............

United

States

115,000

114,149

Senior

Secured

Note,

144A,

8.875%,

2/01/30

............

United

States

245,000

242,298

b

Directv

Financing

LLC

/

Directv

Financing

Co-Obligor,

Inc.

,

Senior

Secured

Note,

144A,

5.875%,

8/15/27

............

United

States

50,000

49,981

Senior

Secured

Note,

144A,

10%,

2/15/31

...............

United

States

240,000

239,828

Discovery

Communications

LLC

,

Senior

Note

,

4.125 %

,

5/15/29

.

United

States

305,000

293,845

EchoStar

Corp.

,

Senior

Secured

Note

,

10.75 %

,

11/30/29

......

United

States

400,000

440,380

b

EW

Scripps

Co.

(The)

,

Senior

Secured

Note

,

144A,

9.875 %

,

8/15/30

.........................................

United

States

590,000

554,342

b

Gray

Media,

Inc.

,

Secured

Note,

144A,

9.625%,

7/15/32

..................

United

States

400,000

409,005

Senior

Bond,

144A,

5.375%,

11/15/31

..................

United

States

340,000

255,640

Senior

Secured

Note,

144A,

7.25%,

8/15/33

.............

United

States

120,000

118,990

Interpublic

Group

of

Cos.,

Inc.

(The)

,

Senior

Bond

,

4.65 %

,

10/01/28

........................................

United

States

698,000

703,772

b

McGraw-Hill

Education,

Inc.

,

Senior

Note,

144A,

8%,

8/01/29

......................

United

States

420,000

428,097

Senior

Secured

Note,

144A,

5.75%,

8/01/28

.............

United

States

145,000

145,038

Senior

Secured

Note,

144A,

7.375%,

9/01/31

............

United

States

365,000

379,532

b

News

Corp.

,

Senior

Bond

,

144A,

5.125 %

,

2/15/32

...........

United

States

76,000

75,599

b

Nexstar

Media,

Inc.

,

Senior

Note

,

144A,

4.75 %

,

11/01/28

......

United

States

185,000

180,721

Omnicom

Group,

Inc.

/

Omnicom

Capital,

Inc.

,

Senior

Bond

,

3.6 %

,

4/15/26

....................................

United

States

390,000

388,533

Putnam

Asset

Allocation

Funds

Consolidated

Schedule

of

Investments

#### Putnam

#### Dynamic

#### Asset

#### Allocation

#### Growth

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

consolidated

financial

statements.

Annual

Report

a

a

#### Country

#### Principal

#### Amount

#### \*
a

#### Value
a

#### a
a

#### Corporate

#### Bonds
(continued)

#### Media
(continued)

b

Outfront

Media

Capital

LLC

/

Outfront

Media

Capital

Corp.

,

Senior

Bond,

144A,

4.625%,

3/15/30

...................

United

States

190,000

$

182,770

Senior

Note,

144A,

5%,

8/15/27

......................

United

States

55,000

54,767

Senior

Secured

Note,

144A,

7.375%,

2/15/31

............

United

States

160,000

168,912

Paramount

Global

,

Senior

Bond,

2.9%,

1/15/27

..........................

United

States

64,000

62,710

Senior

Bond,

4.2%,

6/01/29

..........................

United

States

115,000

113,083

Senior

Note,

3.7%,

6/01/28

..........................

United

States

85,000

83,182

b

Sinclair

Television

Group,

Inc.

,

Senior

Secured

Note

,

144A,

8.125 %

,

2/15/33

...................................

United

States

690,000

708,682

b

Sirius

XM

Radio

LLC

,

Senior

Bond,

144A,

3.875%,

9/01/31

...................

United

States

320,000

290,210

Senior

Note,

144A,

4%,

7/15/28

......................

United

States

115,000

111,217

TCI

Communications,

Inc.

,

Senior

Bond

,

7.125 %

,

2/15/28

.....

United

States

205,000

218,610

Time

Warner

Cable

Enterprises

LLC

,

Senior

Secured

Bond

,

8.375 %

,

7/15/33

...................................

United

States

144,000

168,997

b

Univision

Communications,

Inc.

,

Senior

Secured

Note

,

144A,

9.375 %

,

8/01/32

...................................

United

States

275,000

293,289

b

VZ

Secured

Financing

BV

,

Senior

Secured

Note

,

144A,

%

,

1/15/32

.........................................

Netherlands

580,000

525,140

b

Ziggo

Bond

Co.

BV

,

Senior

Bond

,

144A,

5.125 %

,

2/28/30

.....

Netherlands

255,000

231,375

10,569,468

#### Metals

#### &

#### Mining

#### 0.2%
ArcelorMittal

SA

,

Senior

Bond

,

%

,

10/15/39

...............

Luxembourg

465,000

522,651

b

Big

River

Steel

LLC

/

BRS

Finance

Corp.

,

Senior

Secured

Note

,

144A,

6.625 %

,

1/31/29

..............................

United

States

263,000

263,316

b

Cleveland-Cliffs,

Inc.

,

Senior

Note,

144A,

7%,

3/15/32

......................

United

States

230,000

232,580

Senior

Note,

144A,

7.625%,

1/15/34

...................

United

States

140,000

144,348

Commercial

Metals

Co.

,

Senior

Bond,

4.375%,

3/15/32

........................

United

States

95,000

89,732

Senior

Note,

4.125%,

1/15/30

........................

United

States

115,000

110,430

b

Constellium

SE

,

Senior

Note,

Reg

S,

3.125%,

7/15/29

..................

United

States

100,000

EUR

114,572

Senior

Note,

144A,

6.375%,

8/15/32

...................

United

States

325,000

332,473

b

Fortescue

Treasury

Pty.

Ltd.

,

Senior

Bond

,

144A,

6.125 %

,

4/15/32

.........................................

Australia

250,000

258,527

b

Glencore

Funding

LLC

,

Senior

Bond,

144A,

4%,

3/27/27

......................

Australia

210,000

209,104

Senior

Bond,

144A,

2.5%,

9/01/30

.....................

Australia

328,000

299,394

Senior

Bond,

144A,

5.634%,

4/04/34

...................

Australia

170,000

177,008

Senior

Note,

144A,

5.371%,

4/04/29

...................

Australia

10,000

10,307

b

Hudbay

Minerals,

Inc.

,

Senior

Note

,

144A,

6.125 %

,

4/01/29

....

Canada

265,000

267,379

b,e

Mineral

Resources

Ltd.

,

Senior

Note

,

144A,

%

,

4/01/31

......

Australia

155,000

157,103

b

Novelis

Corp.

,

Senior

Bond,

144A,

4.75%,

1/30/30

....................

United

States

175,000

168,961

Senior

Bond,

144A,

3.875%,

8/15/31

...................

United

States

200,000

182,504

Senior

Note,

144A,

6.875%,

1/30/30

...................

United

States

240,000

249,073

Senior

Note,

144A,

6.375%,

8/15/33

...................

United

States

360,000

363,985

b

TMS

International

Corp.

,

Senior

Note

,

144A,

6.25 %

,

4/15/29

...

United

States

280,000

271,762

United

States

Steel

Corp.

,

Senior

Bond

,

6.65 %

,

6/01/37

......

United

States

140,000

145,200

4,570,409

Putnam

Asset

Allocation

Funds

Consolidated

Schedule

of

Investments

#### Putnam

#### Dynamic

#### Asset

#### Allocation

#### Growth

#### Fund
(continued)

franklintempleton.com

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

consolidated

financial

statements.

a

a

#### Country

#### Principal

#### Amount

#### \*
a

#### Value
a

#### a
a

#### Corporate

#### Bonds
(continued)

#### 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

$

307,780

#### Multi-Utilities

#### 0.1%
Ameren

Corp.

,

Senior

Note

,

%

,

1/15/29

..................

United

States

180,000

184,110

Consolidated

Edison

Co.

of

New

York,

Inc.

,

12-A

,

Senior

Bond

,

4.2 %

,

3/15/42

....................................

United

States

130,000

113,722

Dominion

Energy,

Inc.

,

Senior

Note

,

4.6 %

,

5/15/28

..........

United

States

280,000

282,917

NiSource,

Inc.

,

Senior

Bond

,

5.85 %

,

4/01/55

...............

United

States

180,000

182,752

Puget

Sound

Energy,

Inc.

,

Senior

Bond

,

5.448 %

,

6/01/53

.....

United

States

140,000

137,503

Southern

Co.

Gas

Capital

Corp.

,

Senior

Bond

,

4.95 %

,

9/15/34

.

United

States

865,000

868,191

1,769,195

#### Oil,

#### Gas

#### &

#### Consumable

#### Fuels

#### 0.4%
Cenovus

Energy,

Inc.

,

Senior

Bond

,

6.75 %

,

11/15/39

.........

Canada

25,000

27,645

Cheniere

Energy

Partners

LP

,

Senior

Note

,

4.5 %

,

10/01/29

....

United

States

1,010,000

1,007,053

b

Columbia

Pipelines

Operating

Co.

LLC

,

Senior

Note

,

144A,

5.927 %

,

8/15/30

...................................

United

States

150,000

158,773

b

Crescent

Energy

Finance

LLC

,

Senior

Note

,

144A,

8.375 %

,

1/15/34

.........................................

United

States

475,000

481,682

Devon

Energy

Corp.

,

Senior

Bond

,

7.95 %

,

4/15/32

..........

United

States

170,000

198,088

Enbridge,

Inc.

,

Senior

Bond

,

4.25 %

,

12/01/26

..............

Canada

210,000

210,103

Energy

Transfer

LP

,

g

B,

Junior

Sub.

Bond,

6.625%

to

2/14/28,

FRN

thereafter,

Perpetual

.......................................

United

States

1,275,000

1,274,317

Senior

Bond,

3.75%,

5/15/30

.........................

United

States

625,000

607,052

Senior

Note,

5.5%,

6/01/27

..........................

United

States

84,000

85,490

b

Expand

Energy

Corp.

,

Senior

Note

,

144A,

6.75 %

,

4/15/29

.....

United

States

665,000

671,997

b

Global

Partners

LP

/

GLP

Finance

Corp.

,

Senior

Note

,

144A,

7.125 %

,

7/01/33

...................................

United

States

515,000

528,265

b

Hess

Midstream

Operations

LP

,

Senior

Note

,

144A,

6.5 %

,

6/01/29

United

States

110,000

113,516

b

Hilcorp

Energy

I

LP

/

Hilcorp

Finance

Co.

,

Senior

Note

,

144A,

8.375 %

,

11/01/33

..................................

United

States

280,000

294,270

b

KazMunayGas

National

Co.

JSC

,

Senior

Bond

,

Reg

S,

5.375 %

,

4/24/30

.........................................

Kazakhstan

220,000

226,553

Kinder

Morgan,

Inc.

,

Senior

Bond,

7.75%,

1/15/32

.........................

United

States

305,000

354,853

Senior

Note,

1.75%,

11/15/26

........................

United

States

115,000

112,044

Senior

Note,

5%,

2/01/29

...........................

United

States

175,000

179,000

b

Kinetik

Holdings

LP

,

Senior

Note

,

144A,

5.875 %

,

6/15/30

......

United

States

575,000

578,775

b

Matador

Resources

Co.

,

Senior

Note

,

144A,

6.5 %

,

4/15/32

....

United

States

355,000

358,645

Occidental

Petroleum

Corp.

,

Senior

Bond,

7.5%,

5/01/31

..........................

United

States

139,000

156,211

Senior

Bond,

6.2%,

3/15/40

..........................

United

States

800,000

813,665

Senior

Note,

8.5%,

7/15/27

..........................

United

States

138,000

144,819

ONEOK,

Inc.

,

Senior

Note

,

4.75 %

,

10/15/31

...............

United

States

500,000

500,421

b

Pertamina

Hulu

Energi

PT

,

Senior

Note

,

144A,

5.25 %

,

5/21/30

.

Indonesia

200,000

204,484

b

Raizen

Fuels

Finance

SA

,

Senior

Note

,

144A,

6.25 %

,

7/08/32

..

Brazil

200,000

195,450

SM

Energy

Co.

,

Senior

Bond

,

6.75 %

,

9/15/26

..............

United

States

165,000

165,065

South

Bow

USA

Infrastructure

Holdings

LLC

,

Senior

Note

,

5.026 %

,

10/01/29

..................................

Canada

345,000

349,061

Spectra

Energy

Partners

LP

,

Senior

Note

,

3.375 %

,

10/15/26

...

United

States

190,000

188,626

b

Sunoco

LP

,

Senior

Note

,

144A,

6.25 %

,

7/01/33

.............

United

States

470,000

478,727

Putnam

Asset

Allocation

Funds

Consolidated

Schedule

of

Investments

#### Putnam

#### Dynamic

#### Asset

#### Allocation

#### Growth

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

consolidated

financial

statements.

Annual

Report

a

a

#### Country

#### Principal

#### Amount

#### \*
a

#### Value
a

#### a
a

#### Corporate

#### Bonds
(continued)

#### Oil,

#### Gas

#### &

#### Consumable

#### Fuels
(continued)

Targa

Resources

Partners

LP

/

Targa

Resources

Partners

Finance

Corp.

,

Senior

Bond

,

4.875 %

,

2/01/31

............

United

States

109,000

$

109,345

b

TGNR

Intermediate

Holdings

LLC

,

Senior

Note

,

144A,

5.5 %

,

10/15/29

........................................

United

States

395,000

386,831

b

Venture

Global

LNG,

Inc.

,

g

Junior

Sub.

Bond,

144A,

9%

to

9/29/29,

FRN

thereafter,

Perpetual

.......................................

United

States

315,000

312,411

Senior

Secured

Note,

144A,

9.5%,

2/01/29

..............

United

States

280,000

308,742

Senior

Secured

Note,

144A,

8.375%,

6/01/31

............

United

States

355,000

372,990

Senior

Secured

Note,

144A,

9.875%,

2/01/32

............

United

States

260,000

283,230

b

Venture

Global

Plaquemines

LNG

LLC

,

Senior

Secured

Bond,

144A,

7.75%,

5/01/35

.............

United

States

75,000

84,700

Senior

Secured

Bond,

144A,

6.75%,

1/15/36

.............

United

States

205,000

217,874

Senior

Secured

Note,

144A,

7.5%,

5/01/33

..............

United

States

75,000

82,923

Senior

Secured

Note,

144A,

6.5%,

1/15/34

..............

United

States

125,000

131,660

Viper

Energy

Partners

LLC

,

Senior

Bond,

5.7%,

8/01/35

..........................

United

States

164,000

166,845

Senior

Note,

4.9%,

8/01/30

..........................

United

States

167,000

168,377

b

Vital

Energy,

Inc.

,

Senior

Note

,

144A,

7.875 %

,

4/15/32

.......

United

States

290,000

281,712

b

Vnom

Sub,

Inc.

,

Senior

Note

,

144A,

5.375 %

,

11/01/27

........

United

States

70,000

70,056

Williams

Cos.,

Inc.

(The)

,

Senior

Bond

,

5.6 %

,

3/15/35

........

United

States

173,000

179,637

13,821,983

#### Paper

#### &

#### Forest

#### Products

#### 0.0%

#### †
b

Magnera

Corp.

,

Senior

Note,

144A,

4.75%,

11/15/29

...................

United

States

120,000

106,343

Senior

Secured

Note,

144A,

7.25%,

11/15/31

............

United

States

25,000

23,544

Mercer

International,

Inc.

,

Senior

Note,

5.125%,

2/01/29

........................

Germany

190,000

140,215

b

Senior

Note,

144A,

12.875%,

10/01/28

.................

Germany

155,000

141,253

411,355

#### Passenger

#### Airlines

#### 0.0%

#### †
b

American

Airlines,

Inc.

/

AAdvantage

Loyalty

IP

Ltd.

,

Senior

Secured

Note,

144A,

5.5%,

4/20/26

..............

United

States

58,750

58,826

Senior

Secured

Note,

144A,

5.75%,

4/20/29

.............

United

States

235,000

236,075

b

AS

Mileage

Plan

IP

Ltd.

,

Senior

Secured

Note

,

144A,

5.021 %

,

10/20/29

........................................

United

States

295,000

295,285

b

OneSky

Flight

LLC

,

Senior

Note

,

144A,

8.875 %

,

12/15/29

.....

United

States

340,000

357,854

b

United

Airlines,

Inc.

,

Senior

Secured

Note

,

144A,

4.625 %

,

4/15/29

United

States

315,000

310,415

1,258,455

#### Personal

#### Care

#### Products

#### 0.1%
b

Coty,

Inc.

/

HFC

Prestige

Products,

Inc.

/

HFC

Prestige

International

US

LLC

,

Senior

Secured

Note,

144A,

4.75%,

1/15/29

.............

United

States

275,000

269,544

Senior

Secured

Note,

144A,

6.625%,

7/15/30

............

United

States

170,000

173,930

Kenvue,

Inc.

,

Senior

Note,

4.85%,

5/22/32

.........................

United

States

45,000

45,671

Senior

Note,

4.9%,

3/22/33

..........................

United

States

263,000

267,460

b

Opal

Bidco

SAS

,

Senior

Secured

Note

,

144A,

6.5 %

,

3/31/32

...

France

715,000

733,323

1,489,928

#### Pharmaceuticals

#### 0.0%

#### †
b

1261229

BC

Ltd.

,

Senior

Secured

Note

,

144A,

%

,

4/15/32

...

United

States

200,000

205,168

Bristol-Myers

Squibb

Co.

,

Senior

Note

,

4.9 %

,

2/22/29

........

United

States

395,000

405,686

Putnam

Asset

Allocation

Funds

Consolidated

Schedule

of

Investments

#### Putnam

#### Dynamic

#### Asset

#### Allocation

#### Growth

#### Fund
(continued)

franklintempleton.com

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

consolidated

financial

statements.

a

a

#### Country

#### Principal

#### Amount

#### \*
a

#### Value
a

#### a
a

#### Corporate

#### Bonds
(continued)

#### Pharmaceuticals
(continued)

Eli

Lilly

&

Co.

,

Senior

Bond,

4.875%,

2/27/53

........................

United

States

145,000

$

135,337

Senior

Note,

4.75%,

2/12/30

.........................

United

States

300,000

307,861

b

Endo

Finance

Holdings,

Inc.

,

Senior

Secured

Note

,

144A,

8.5 %

,

4/15/31

.........................................

United

States

145,000

155,747

Merck

&

Co.,

Inc.

,

Senior

Bond

,

3.7 %

,

2/10/45

.............

United

States

395,000

317,263

Novartis

Capital

Corp.

,

Senior

Bond

,

%

,

11/20/45

..........

United

States

650,000

551,311

Pfizer

Investment

Enterprises

Pte.

Ltd.

,

Senior

Bond,

4.75%,

5/19/33

.........................

United

States

403,000

407,261

Senior

Bond,

5.3%,

5/19/53

..........................

United

States

105,000

101,543

Senior

Note,

4.45%,

5/19/28

.........................

United

States

87,000

88,005

b

Roche

Holdings,

Inc.

,

Senior

Bond

,

144A,

%

,

11/28/44

......

United

States

550,000

468,877

Royalty

Pharma

plc

,

Senior

Bond,

5.2%,

9/25/35

..........................

United

States

225,000

224,896

Senior

Note,

5.15%,

9/02/29

.........................

United

States

360,000

369,497

Senior

Note,

4.45%,

3/25/31

.........................

United

States

30,000

29,759

Teva

Pharmaceutical

Finance

Netherlands

II

BV

,

Senior

Note

,

4.375 %

,

5/09/30

...................................

Israel

495,000

EUR

597,304

Teva

Pharmaceutical

Finance

Netherlands

III

BV

,

Senior

Note,

5.125%,

5/09/29

........................

Israel

555,000

558,448

Senior

Note,

8.125%,

9/15/31

........................

Israel

225,000

257,539

Viatris,

Inc.

,

Senior

Note

,

2.3 %

,

6/22/27

...................

United

States

291,000

280,224

Wyeth

LLC

,

Senior

Bond

,

5.95 %

,

4/01/37

.................

United

States

305,000

330,513

Zoetis,

Inc.

,

Senior

Bond

,

%

,

5/15/30

....................

United

States

244,000

221,963

6,014,202

#### Professional

#### Services

#### 0.0%

#### †
b

CACI

International,

Inc.

,

Senior

Note

,

144A,

6.375 %

,

6/15/33

..

United

States

395,000

407,956

#### Real

#### Estate

#### Management

#### &

#### Development

#### 0.0%

#### †
b

Anywhere

Real

Estate

Group

LLC

/

Anywhere

Co-Issuer

Corp.

,

Secured

Note

,

144A,

%

,

4/15/30

.....................

United

States

198,200

200,738

#### Semiconductors

#### &

#### Semiconductor

#### Equipment

#### 0.2%
Broadcom

Corp.

/

Broadcom

Cayman

Finance

Ltd.

,

Senior

Note,

3.875%,

1/15/27

........................

United

States

494,000

493,831

Senior

Note,

3.5%,

1/15/28

..........................

United

States

1,147,000

1,133,975

Broadcom,

Inc.

,

b

Senior

Bond,

144A,

3.187%,

11/15/36

..................

United

States

80,000

68,301

Senior

Note,

5.05%,

7/12/29

.........................

United

States

280,000

288,487

Senior

Note,

5.05%,

4/15/30

.........................

United

States

155,000

160,360

Senior

Note,

4.2%,

10/15/30

.........................

United

States

65,000

64,906

b

Foundry

JV

Holdco

LLC

,

Senior

Secured

Note

,

144A,

6.15 %

,

1/25/32

.........................................

United

States

200,000

213,931

Intel

Corp.

,

Senior

Bond

,

4.15 %

,

8/05/32

..................

United

States

780,000

752,700

Marvell

Technology,

Inc.

,

Senior

Note

,

4.75 %

,

7/15/30

........

United

States

110,000

111,471

3,287,962

#### Software

#### 0.2%
Cadence

Design

Systems,

Inc.

,

Senior

Note

,

4.3 %

,

9/10/29

....

United

States

270,000

271,831

b

Cloud

Software

Group,

Inc.

,

Secured

Note,

144A,

9%,

9/30/29

.....................

United

States

170,000

176,518

Senior

Secured

Note,

144A,

6.5%,

3/31/29

..............

United

States

235,000

237,378

b

McAfee

Corp.

,

Senior

Note

,

144A,

7.375 %

,

2/15/30

..........

United

States

370,000

343,640

Putnam

Asset

Allocation

Funds

Consolidated

Schedule

of

Investments

#### Putnam

#### Dynamic

#### Asset

#### Allocation

#### Growth

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

consolidated

financial

statements.

Annual

Report

a

a

#### Country

#### Principal

#### Amount

#### \*
a

#### Value
a

#### a
a

#### Corporate

#### Bonds
(continued)

#### Software
(continued)

Microsoft

Corp.

,

Senior

Bond

,

2.4 %

,

8/08/26

...............

United

States

930,000

$

919,150

Oracle

Corp.

,

Senior

Bond,

2.875%,

3/25/31

........................

United

States

295,000

270,947

Senior

Bond,

3.65%,

3/25/41

.........................

United

States

305,000

244,409

Senior

Bond,

4%,

11/15/47

..........................

United

States

870,000

674,701

Senior

Note,

4.45%,

9/26/30

.........................

United

States

110,000

109,972

b

Rocket

Software,

Inc.

,

Senior

Note

,

144A,

6.5 %

,

2/15/29

......

United

States

260,000

253,521

ServiceNow,

Inc.

,

Senior

Bond

,

1.4 %

,

9/01/30

..............

United

States

315,000

275,938

Synopsys,

Inc.

,

Senior

Note

,

4.85 %

,

4/01/30

...............

United

States

320,000

326,044

b

UKG,

Inc.

,

Senior

Secured

Note

,

144A,

6.875 %

,

2/01/31

......

United

States

355,000

366,569

4,470,618

#### Specialized

#### REITs

#### 0.3%
American

Tower

Corp.

,

Senior

Bond,

3.55%,

7/15/27

.........................

United

States

476,000

471,555

Senior

Bond,

2.9%,

1/15/30

..........................

United

States

154,000

145,211

Senior

Bond,

2.7%,

4/15/31

..........................

United

States

397,000

362,419

Senior

Note,

2.75%,

1/15/27

.........................

United

States

520,000

510,999

Senior

Note,

4.9%,

3/15/30

..........................

United

States

115,000

117,321

Crown

Castle,

Inc.

,

Senior

Bond,

3.7%,

6/15/26

..........................

United

States

112,000

111,561

Senior

Bond,

3.65%,

9/01/27

.........................

United

States

319,000

315,762

Senior

Bond,

3.8%,

2/15/28

..........................

United

States

250,000

247,153

Senior

Note,

1.05%,

7/15/26

.........................

United

States

228,000

222,377

Equinix,

Inc.

,

Senior

Bond,

3.2%,

11/18/29

.........................

United

States

142,000

136,040

Senior

Note,

2.9%,

11/18/26

.........................

United

States

820,000

808,001

b

Iron

Mountain,

Inc.

,

Senior

Note

,

144A,

6.25 %

,

1/15/33

.......

United

States

580,000

592,044

b

Millrose

Properties,

Inc.

,

Senior

Note

,

144A,

6.375 %

,

8/01/30

..

United

States

655,000

666,633

4,707,076

#### Specialty

#### Retail

#### 0.0%

#### †
Bath

&

Body

Works,

Inc.

,

Senior

Bond

,

6.875 %

,

11/01/35

.....

United

States

525,000

546,894

b,f

Carvana

Co.

,

Senior

Secured

Note

,

144A,

PIK,

%

,

6/01/31

...

United

States

251,450

284,885

Dick's

Sporting

Goods,

Inc.

,

Senior

Bond

,

3.15 %

,

1/15/32

.....

United

States

230,000

210,795

Home

Depot,

Inc.

(The)

,

Senior

Bond,

4.95%,

6/25/34

.........................

United

States

215,000

220,254

Senior

Bond,

5.3%,

6/25/54

..........................

United

States

215,000

210,574

b

Specialty

Building

Products

Holdings

LLC

/

SBP

Finance

Corp.

,

Senior

Secured

Note

,

144A,

7.75 %

,

10/15/29

.............

United

States

140,000

142,343

b

White

Cap

Buyer

LLC

,

Senior

Note

,

144A,

6.875 %

,

10/15/28

...

United

States

500,000

498,970

2,114,715

#### Technology

#### Hardware,

#### Storage

#### &

#### Peripherals

#### 0.1%
Apple,

Inc.

,

Senior

Bond,

3.85%,

5/04/43

.........................

United

States

314,000

268,133

Senior

Bond,

4.375%,

5/13/45

........................

United

States

598,000

541,356

Senior

Bond,

3.95%,

8/08/52

.........................

United

States

240,000

195,359

Hewlett

Packard

Enterprise

Co.

,

Senior

Note,

4.55%,

10/15/29

........................

United

States

552,000

555,146

Senior

Note,

4.85%,

10/15/31

........................

United

States

113,000

114,220

b

Seagate

Data

Storage

Technology

Pte.

Ltd.

,

Senior

Note,

144A,

3.125%,

7/15/29

...................

United

States

110,000

95,661

Putnam

Asset

Allocation

Funds

Consolidated

Schedule

of

Investments

#### Putnam

#### Dynamic

#### Asset

#### Allocation

#### Growth

#### Fund
(continued)

franklintempleton.com

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

consolidated

financial

statements.

a

a

#### Country

#### Principal

#### Amount

#### \*
a

#### Value
a

#### a
a

#### Corporate

#### Bonds
(continued)

#### Technology

#### Hardware,

#### Storage

#### &

#### Peripherals
(continued)

b

Seagate

Data

Storage

Technology

Pte.

Ltd.,

(continued)

Senior

Note,

144A,

5.875%,

7/15/30

...................

United

States

310,000

$

316,174

2,086,049

#### Textiles,

#### Apparel

#### &

#### Luxury

#### Goods

#### 0.0%

#### †
b

Beach

Acquisition

Bidco

LLC

,

f

Senior

Note,

144A,

PIK,

10%,

7/15/33

..................

United

States

345,000

373,001

Senior

Secured

Note,

144A,

5.25%,

7/15/32

.............

United

States

230,000

EUR

277,464

b

Crocs,

Inc.

,

Senior

Note

,

144A,

4.25 %

,

3/15/29

.............

United

States

195,000

187,150

b

Hanesbrands,

Inc.

,

Senior

Note

,

144A,

%

,

2/15/31

..........

United

States

420,000

445,115

b

Levi

Strauss

&

Co.

,

Senior

Bond

,

144A,

3.5 %

,

3/01/31

.......

United

States

435,000

404,426

PVH

Corp.

,

Senior

Note

,

5.5 %

,

6/13/30

...................

United

States

35,000

35,671

b

Under

Armour,

Inc.

,

Senior

Note

,

144A,

7.25 %

,

7/15/30

.......

United

States

190,000

190,240

1,913,067

#### Tobacco

#### 0.0%

#### †
BAT

Capital

Corp.

,

Senior

Note

,

4.625 %

,

3/22/33

...........

United

Kingdom

200,000

198,006

Philip

Morris

International,

Inc.

,

Senior

Note,

5.125%,

2/15/30

........................

United

States

438,000

452,837

Senior

Note,

4.375%,

4/30/30

........................

United

States

65,000

65,322

Senior

Note,

4.75%,

11/01/31

........................

United

States

205,000

208,636

924,801

#### Trading

#### Companies

#### &

#### Distributors

#### 0.0%

#### †
Air

Lease

Corp.

,

Senior

Note,

5.85%,

12/15/27

........................

United

States

140,000

144,238

Senior

Note,

2.1%,

9/01/28

..........................

United

States

195,000

182,448

b

Aircastle

Ltd.

,

Senior

Note

,

144A,

6.5 %

,

7/18/28

............

United

States

275,000

289,124

b

Boise

Cascade

Co.

,

Senior

Note

,

144A,

4.875 %

,

7/01/30

.....

United

States

315,000

308,801

b

EquipmentShare.com,

Inc.

,

Secured

Note,

144A,

9%,

5/15/28

.....................

United

States

265,000

280,760

Secured

Note,

144A,

8.625%,

5/15/32

..................

United

States

185,000

199,966

b

Foundation

Building

Materials,

Inc.

,

Senior

Note

,

144A,

%

,

3/01/29

.........................................

United

States

335,000

339,769

b

Herc

Holdings,

Inc.

,

Senior

Note,

144A,

5.5%,

7/15/27

.....................

United

States

280,000

279,509

Senior

Note,

144A,

6.625%,

6/15/29

...................

United

States

160,000

164,520

b

Imola

Merger

Corp.

,

Senior

Secured

Note

,

144A,

4.75 %

,

5/15/29

United

States

290,000

282,315

b

QXO

Building

Products,

Inc.

,

Senior

Secured

Note

,

144A,

6.75 %

,

4/30/32

.........................................

United

States

520,000

539,706

b

United

Rentals

North

America,

Inc.

,

Senior

Bond

,

144A,

6.125 %

,

3/15/34

.........................................

United

States

240,000

249,858

b

WESCO

Distribution,

Inc.

,

Senior

Note,

144A,

6.375%,

3/15/29

...................

United

States

70,000

72,158

Senior

Note,

144A,

6.625%,

3/15/32

...................

United

States

325,000

338,153

Senior

Note,

144A,

6.375%,

3/15/33

...................

United

States

130,000

134,854

3,806,179

#### Transportation

#### Infrastructure

#### 0.0%

#### †
b,g

DP

World

Salaam

,

Junior

Sub.

Bond

,

Reg

S,

6%

to

12/31/25,

FRN

thereafter

,

Perpetual

...........................

United

Arab

Emirates

430,000

430,802

#### Wireless

#### Telecommunication

#### Services

#### 0.3%
b

Connect

Finco

SARL

/

Connect

US

Finco

LLC

,

Senior

Secured

Note

,

144A,

%

,

9/15/29

............................

United

Kingdom

670,000

705,279

Putnam

Asset

Allocation

Funds

Consolidated

Schedule

of

Investments

#### Putnam

#### Dynamic

#### Asset

#### Allocation

#### Growth

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

consolidated

financial

statements.

Annual

Report

a

a

#### Country

#### Principal

#### Amount

#### \*
a

#### Value
a

#### a
a

#### Corporate

#### Bonds
(continued)

#### Wireless

#### Telecommunication

#### Services
(continued)

Rogers

Communications,

Inc.

,

Senior

Bond,

8.75%,

5/01/32

.........................

Canada

166,000

$

197,067

Senior

Note,

5%,

2/15/29

...........................

Canada

670,000

682,944

T-Mobile

USA,

Inc.

,

Senior

Bond,

2.875%,

2/15/31

........................

United

States

160,000

147,561

Senior

Bond,

2.25%,

11/15/31

........................

United

States

600,000

527,997

Senior

Bond,

5.05%,

7/15/33

.........................

United

States

40,000

40,871

Senior

Note,

3.75%,

4/15/27

.........................

United

States

862,000

857,235

Senior

Note,

4.95%,

3/15/28

.........................

United

States

365,000

372,072

Senior

Note,

3.375%,

4/15/29

........................

United

States

235,000

228,217

Senior

Note,

3.875%,

4/15/30

........................

United

States

108,000

105,935

Senior

Note,

5.125%,

5/15/32

........................

United

States

183,000

188,387

Senior

Note,

6.7%,

12/15/33

.........................

United

States

85,000

95,091

b

Zegona

Finance

plc

,

Senior

Secured

Note

,

144A,

8.625 %

,

7/15/29

.........................................

United

Kingdom

405,000

431,864

4,580,520

#### Total

#### Corporate

#### Bonds

#### (Cost

#### $221,196,904)
...................................

#### 221,117,834
i

#### Senior

#### Floating

#### Rate

#### Interests

#### 0.3%

#### Aerospace

#### &

#### Defense

#### 0.0%

#### †
j

TransDigm,

Inc.,

First

Lien,

CME

Term

Loan,

K,

6.252%,

(3-month

SOFR

+

2.25%),

3/22/30

............................

United

States

140,000

140,020

#### Air

#### Freight

#### &

#### Logistics

#### 0.0%

#### †
j

Rand

Parent

LLC,

First

Lien,

CME

Term

Loan,

B,

7.296%,

(3-month

SOFR

+

3%),

3/18/30

.......................

United

States

125,626

125,267

#### Automobile

#### Components

#### 0.0%

#### †
j

DexKo

Global,

Inc.,

First

Lien,

Closing

Date

Dollar

CME

Term

Loan,

8.18%,

(1-month

SOFR

+

3.75%),

10/04/28

.........

United

States

178,515

176,304

#### Broadline

#### Retail

#### 0.0%

#### †
e,j

Peer

Holding

III

BV,

First

Lien,

CME

Term

Loan,

B,

6.017%,

(12-month

SOFR

+

2.25%),

9/27/32

....................

Netherlands

100,588

100,808

#### Capital

#### Markets

#### 0.0%

#### †
e,j

Jane

Street

Group

LLC,

First

Lien,

Extended

CME

Term

Loan,

6.199%,

(3-month

SOFR

+

2%),

12/15/31

................

United

States

219,424

218,122

j

#### Chemicals

#### 0.0%

#### †
Albaugh

LLC,

First

Lien,

Initial

CME

Term

Loan,

7.913%,

(1-month

SOFR

+

3.75%),

4/06/29

.....................

United

States

139,638

139,915

Hexion

Holdings

Corp.,

Second

Lien,

Initial

CME

Term

Loan,

11.701%,

(1-month

SOFR

+

7.438%),

3/15/30

............

United

States

222,353

220,241

Nouryon

Finance

BV,

First

Lien,

November

2024

Dollar

CME

Term

Loan,

B1,

7.5%,

(1-month

SOFR

+

3.25%),

4/03/28

....

Netherlands

303,697

304,584

Nouryon

Finance

BV,

First

Lien,

November

2024

Dollar

CME

Term

Loan,

B2,

7.424%,

(1-month

SOFR

+

3.25%),

4/03/28

..

Netherlands

112,998

113,228

e

Solstice

Advanced

Materials,

Inc.,

First

Lien,

CME

Term

Loan,

B,

5.517%,

(12-month

SOFR

+

1.75%),

9/17/32

.............

United

States

50,420

50,547

Vibrantz

Technologies,

Inc.,

First

Lien,

Initial

CME

Term

Loan,

8.728%,

(3-month

SOFR

+

4.25%),

4/23/29

..............

United

States

121,569

98,532

927,047

a

a

a

a

a

a

j

#### Commercial

#### Services

#### &

#### Supplies

#### 0.0%

#### †
e

Clean

Harbors,

Inc.,

First

Lien,

CME

Term

Loan,

5.259%,

(12-month

SOFR

+

1.5%),

9/24/32

.....................

United

States

219,691

220,789

Putnam

Asset

Allocation

Funds

Consolidated

Schedule

of

Investments

#### Putnam

#### Dynamic

#### Asset

#### Allocation

#### Growth

#### Fund
(continued)

franklintempleton.com

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

consolidated

financial

statements.

a

a

#### Country

#### Principal

#### Amount

#### \*
a

#### Value
a

#### a
a

i

#### Senior

#### Floating

#### Rate

#### Interests
(continued)

j

#### Commercial

#### Services

#### &

#### Supplies
(continued)

e

Prime

Security

Services

Borrower

LLC,

First

Lien,

2025

Incremental

CME

Term

Loan,

B2,

6.005%,

(1-month

SOFR

+

1.75%),

3/08/32

...................................

United

States

220,000

$

218,264

439,053

a

a

a

a

a

a

#### Communications

#### Equipment

#### 0.1%
e,j

CommScope,

Inc.,

First

Lien,

Initial

CME

Term

Loan,

8.913%,

(1-month

SOFR

+

4.75%),

12/18/29

....................

United

States

340,000

344,598

j

#### Containers

#### &

#### Packaging

#### 0.0%

#### †
d,e

Kleopatra

Finco

SARL,

First

Lien,

USD

CME

Term

Loan,

B,

14.157%,

(1-month

SOFR

+

10%),

10/27/25

..............

Luxembourg

18,136

16,171

Klockner

Pentaplast

of

America,

Inc.,

First

Lien,

USD

CME

Term

Loan,

B,

9.019%,

(6-month

SOFR

+

4.725%),

2/12/26

......

Luxembourg

178,029

88,959

Owens-Brockway

Glass

Container,

Inc.,

First

Lien,

CME

Term

Loan,

B,

6.509%,

(12-month

SOFR

+

2.75%),

9/27/32

......

United

States

108,803

108,735

213,865

a

a

a

a

a

a

#### Distributors

#### 0.0%

#### †
e,j

Verde

Purchaser

LLC,

First

Lien,

Second

Refinancing

CME

Term

Loan,

8.002%,

(3-month

SOFR

+

4%),

11/30/30

...........

United

States

219,749

217,841

#### Entertainment

#### 0.0%

#### †
e,j

Playtika

Holding

Corp.,

First

Lien,

CME

Term

Loan,

B1,

7.028%,

(1-month

SOFR

+

2.75%),

3/13/28

.....................

United

States

219,426

216,367

#### Financial

#### Services

#### 0.0%

#### †
e,j

Colossus

Acquireco

LLC,

First

Lien,

Initial

CME

Term

Loan,

6.05%,

(1-day

SOFR

+

1.75%),

7/30/32

.................

United

States

220,000

218,900

#### Food

#### Products

#### 0.0%

#### †
e,j

Froneri

International

Ltd.,

First

Lien,

CME

Term

Loan,

6.594%,

(12-month

SOFR

+

2.5%),

7/16/32

.....................

United

Kingdom

348,285

347,967

j

#### Health

#### Care

#### Equipment

#### &

#### Supplies

#### 0.1%
Bausch

+

Lomb

Corp.,

First

Lien,

Third

Amendment

CME

Term

Loan,

8.413%,

(1-month

SOFR

+

4.25%),

1/15/31

.........

United

States

245,084

245,544

Medline

Borrower

LP,

First

Lien,

2028

Refinancing

CME

Term

Loan,

6.163%,

(1-month

SOFR

+

2%),

10/23/28

...........

United

States

368,253

368,619

614,163

a

a

a

a

a

a

j

#### Hotels,

#### Restaurants

#### &

#### Leisure

#### 0.1%
e

1011778

BC

ULC,

First

Lien,

CME

Term

Loan,

B5,

5.913%,

(1-month

SOFR

+

1.75%),

9/20/30

.....................

Canada

219,444

218,987

e

Caesars

Entertainment,

Inc.,

First

Lien,

2023

Incremental

CME

Term

Loan,

B,

6.413%,

(1-month

SOFR

+

2.25%),

2/06/30

...

United

States

219,327

219,269

e

Fertitta

Entertainment

LLC,

First

Lien,

Initial

CME

Term

Loan,

B,

7.413%,

(1-month

SOFR

+

3.25%),

1/29/29

..............

United

States

345,384

345,277

e

Great

Canadian

Gaming

Corp.,

First

Lien,

CME

Term

Loan,

B,

8.753%,

(3-month

SOFR

+

4.75%),

11/01/29

.............

Canada

33,903

32,780

Scientific

Games

Holdings

LP,

First

Lien,

2024

Refinancing

Dollar

CME

Term

Loan,

7.036%,

(3-month

SOFR

+

2.75%),

4/04/29

.

United

States

138,598

137,616

953,929

a

a

a

a

a

a

#### Household

#### Products

#### 0.0%

#### †
e,j

Energizer

Holdings,

Inc.,

First

Lien,

Initial

CME

Term

Loan,

6.135%,

(1-month

SOFR

+

2%),

3/19/32

................

United

States

140,648

141,116

Putnam

Asset

Allocation

Funds

Consolidated

Schedule

of

Investments

#### Putnam

#### Dynamic

#### Asset

#### Allocation

#### Growth

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

consolidated

financial

statements.

Annual

Report

a

a

#### Country

#### Principal

#### Amount

#### \*
a

#### Value
a

#### a
a

i

#### Senior

#### Floating

#### Rate

#### Interests
(continued)

#### IT

#### Services

#### 0.0%

#### †
j

Fortress

Intermediate

3,

Inc.,

First

Lien,

CME

Term

Loan,

B,

7.255%,

(1-month

SOFR

+

3%),

6/27/31

................

United

States

193,538

$

194,747

#### Machinery

#### 0.0%

#### †
j

Filtration

Group

Corp.,

First

Lien,

2025

Incremental

Dollar

CME

Term

Loan,

B,

6.913%,

(1-month

SOFR

+

2.75%),

10/23/28

..

United

States

114,703

115,360

j

#### Media

#### 0.0%

#### †
e

Charter

Communications

Operating

LLC,

First

Lien,

CME

Term

Loan

B5,

6.541%,

(3-month

SOFR

+

2.25%),

12/15/31

......

United

States

219,447

219,605

Clear

Channel

Outdoor

Holdings,

Inc.,

First

Lien,

2024

Refinancing

CME

Term

Loan,

8.278%,

(1-month

SOFR

+

4%),

8/23/28

.........................................

United

States

149,412

149,861

DIRECTV

Financing

LLC,

First

Lien,

2024

Refinancing

CME

Term

Loan,

B,

9.82%,

(3-month

SOFR

+

5.25%),

8/02/29

........

United

States

315,421

316,358

685,824

a

a

a

a

a

a

#### Mortgage

#### Real

#### Estate

#### Investment

#### Trusts
(REITs)

#### 0.0%

#### †
j

Apollo

Commercial

Real

Estate

Finance,

Inc.,

First

Lien,

Initial

CME

Term

Loan,

7.4%,

(1-month

SOFR

+

3.25%),

6/13/30

...

United

States

35,910

36,191

j

#### Pharmaceuticals

#### 0.0%

#### †
1261229

BC

Ltd.,

First

Lien,

Initial

CME

Term

Loan,

10.413%,

(1-month

SOFR

+

6.25%),

10/08/30

....................

United

States

174,563

172,435

Endo

Finance

Holdings,

Inc.,

First

Lien,

2024

Refinancing

CME

Term

Loan,

8.163%,

(1-month

SOFR

+

4%),

4/23/31

.......

United

States

312,840

313,850

486,285

a

a

a

a

a

a

j

#### Software

#### 0.0%

#### †
Cloud

Software

Group,

Inc.,

First

Lien,

Initial

Dollar

CME

Term

Loan,

B,

7.252%,

(3-month

SOFR

+

3.25%),

8/16/32

.......

United

States

21,227

21,317

Rocket

Software,

Inc.,

First

Lien,

CME

Term

Loan,

7.913%,

(1-month

SOFR

+

3.75%),

11/28/28

....................

United

States

218,680

219,409

UKG,

Inc.,

First

Lien,

Initial

CME

Term

Loan,

6.81%,

(3-month

SOFR

+

2.5%),

2/10/31

.............................

United

States

34,650

34,655

275,381

a

a

a

a

a

a

j

#### Specialty

#### Retail

#### 0.0%

#### †
LBM

Acquisition

LLC,

First

Lien,

Amendment

No.

Incremental

CME

Term

Loan,

7.986%,

(1-month

SOFR

+

3.75%),

6/06/31

.

United

States

128,046

125,200

White

Cap

Supply

Holdings

LLC,

First

Lien,

CME

Term

Loan,

C,

7.416%,

(1-month

SOFR

+

3.25%),

10/19/29

.............

United

States

226,690

226,993

352,193

a

a

a

a

a

a

j

#### Textiles,

#### Apparel

#### &

#### Luxury

#### Goods

#### 0.0%

#### †
Beach

Acquisition

Bidco

LLC,

First

Lien,

CME

Term

Loan,

B1,

7.308%,

(3-month

SOFR

+

3.25%),

9/13/32

..............

United

States

14,659

14,747

Flash

Charm,

Inc.,

First

Lien,

CME

Term

Loan,

B2,

7.796%,

(3-month

SOFR

+

3.5%),

3/02/28

......................

United

States

222,180

195,519

210,266

a

a

a

a

a

a

j

#### Trading

#### Companies

#### &

#### Distributors

#### 0.0%

#### †
Foundation

Building

Materials,

Inc.,

First

Lien,

2025

Incremental

CME

Term

Loan,

9.546%,

(3-month

SOFR

+

5.25%),

1/29/31

.

United

States

29,925

30,141

Putnam

Asset

Allocation

Funds

Consolidated

Schedule

of

Investments

#### Putnam

#### Dynamic

#### Asset

#### Allocation

#### Growth

#### Fund
(continued)

franklintempleton.com

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

consolidated

financial

statements.

a

a

#### Country

#### Principal

#### Amount

#### \*
a

#### Value
a

#### a
a

i

#### Senior

#### Floating

#### Rate

#### Interests
(continued)

j

#### Trading

#### Companies

#### &

#### Distributors
(continued)

Foundation

Building

Materials,

Inc.,

First

Lien,

CME

Term

Loan,

8.308%,

(3-month

SOFR

+

4%),

1/29/31

................

United

States

292,043

$

292,906

323,047

a

a

a

a

a

a

#### Wireless

#### Telecommunication

#### Services

#### 0.0%

#### †
j

Connect

Finco

SARL,

First

Lien,

Amendment

No.

CME

Term

Loan,

8.663%,

(1-month

SOFR

+

4.5%),

9/13/29

..........

United

Kingdom

167,450

165,659

#### Total

#### Senior

#### Floating

#### Rate

#### Interests

#### (Cost

#### $8,332,151)
.........................

#### 8,240,320

#### Foreign

#### Government

#### and

#### Agency

#### Securities

#### 0.3%
b

Bank

Gospodarstwa

Krajowego

,

Senior

Bond

,

Reg

S,

5.375 %

,

5/22/33

.........................................

Poland

200,000

207,191

b

Benin

Government

Bond

,

Senior

Bond

,

Reg

S,

4.95 %

,

1/22/35

.

Benin

300,000

EUR

324,753

Brazil

Government

Bond

,

Senior

Bond,

3.875%,

6/12/30

........................

Brazil

427,000

410,240

Senior

Bond,

3.75%,

9/12/31

.........................

Brazil

270,000

250,169

b

Bulgaria

Government

Bond

,

Senior

Bond,

Reg

S,

5%,

3/05/37

......................

Bulgaria

80,000

80,180

Senior

Note,

Reg

S,

3.625%,

9/05/32

...................

Bulgaria

100,000

EUR

121,097

Chile

Government

Bond

,

Senior

Bond

,

5.65 %

,

1/13/37

.......

Chile

280,000

294,882

Colombia

Government

Bond

,

Senior

Bond

,

7.5 %

,

2/02/34

.....

Colombia

370,000

389,703

b

Comision

Federal

de

Electricidad

,

Senior

Bond

,

Reg

S,

3.875 %

,

7/26/33

.........................................

Mexico

280,000

247,562

b

Corp.

Nacional

del

Cobre

de

Chile

,

Senior

Bond

,

144A,

6.33 %

,

1/13/35

.........................................

Chile

200,000

213,750

b

Dominican

Republic

Government

Bond

,

Senior

Bond,

144A,

6.95%,

3/15/37

....................

Dominican

Republic

220,000

235,169

Senior

Bond,

Reg

S,

5.95%,

1/25/27

...................

Dominican

Republic

171,000

174,292

b

Eagle

Funding

Luxco

SARL

,

Senior

Note

,

144A,

5.5 %

,

8/17/30

.

Mexico

250,000

253,953

Ecopetrol

SA

,

Senior

Bond

,

4.625 %

,

11/02/31

..............

Colombia

120,000

107,706

b

Electricite

de

France

SA

,

g

Junior

Sub.

Bond,

144A,

9.125%

to

6/14/33,

FRN

thereafter,

Perpetual

........................................

France

200,000

232,045

Senior

Note,

144A,

5.65%,

4/22/29

.....................

France

540,000

563,468

b

Guatemala

Government

Bond

,

Senior

Bond,

Reg

S,

6.6%,

6/13/36

....................

Guatemala

330,000

349,700

Senior

Note,

144A,

7.05%,

10/04/32

....................

Guatemala

230,000

252,947

b

Hungary

Government

Bond

,

Senior

Note

,

Reg

S,

5.25 %

,

6/16/29

Hungary

230,000

235,766

b

Indonesia

Government

Bond

,

Senior

Bond

,

144A,

4.35 %

,

1/08/27

Indonesia

450,000

452,448

b

Ivory

Coast

Government

Bond

,

Senior

Bond

,

Reg

S,

6.125 %

,

6/15/33

.........................................

Ivory

Coast

225,000

216,558

b

Kazakhstan

Government

Bond

,

Senior

Bond

,

Reg

S,

4.714 %

,

4/09/35

.........................................

Kazakhstan

230,000

228,989

Mexico

Government

Bond

,

Senior

Bond

,

2.659 %

,

5/24/31

.....

Mexico

360,000

320,724

Panama

Government

Bond

,

Senior

Note

,

7.5 %

,

3/01/31

......

Panama

340,000

374,204

b

Paraguay

Government

Bond

,

Senior

Bond,

144A,

3.849%,

6/28/33

...................

Paraguay

200,000

187,520

Senior

Bond,

Reg

S,

4.7%,

3/27/27

....................

Paraguay

230,000

232,284

Peru

Government

Bond

,

Senior

Bond

,

2.783 %

,

1/23/31

.......

Peru

500,000

462,025

b

Perusahaan

Perseroan

Persero

PT

Perusahaan

Listrik

Negara

,

Senior

Bond

,

Reg

S,

5.45 %

,

5/21/28

...................

Indonesia

225,000

231,452

Petroleos

Mexicanos

,

Senior

Note

,

6.7 %

,

2/16/32

...........

Mexico

126,000

124,945

Putnam

Asset

Allocation

Funds

Consolidated

Schedule

of

Investments

#### Putnam

#### Dynamic

#### Asset

#### Allocation

#### Growth

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

consolidated

financial

statements.

Annual

Report

a

a

#### Country

#### Principal

#### Amount

#### \*
a

#### Value
a

#### a
a

#### Foreign

#### Government

#### and

#### Agency

#### Securities
(continued)

Philippines

Government

Bond

,

Senior

Bond

,

5.5 %

,

2/04/35

....

Philippines

310,000

$

330,242

b

Power

Finance

Corp.

Ltd.

,

Senior

Bond

,

Reg

S,

3.95 %

,

4/23/30

.

India

240,000

234,134

b

Romania

Government

Bond

,

Senior

Bond,

Reg

S,

5.625%,

2/22/36

..................

Romania

210,000

EUR

240,511

Senior

Note,

144A,

3%,

2/27/27

.......................

Romania

350,000

341,923

South

Africa

Government

Bond

,

Senior

Bond

,

4.85 %

,

9/27/27

..

South

Africa

360,000

362,735

b

Southern

Gas

Corridor

CJSC

,

Senior

Bond

,

Reg

S,

6.875 %

,

3/24/26

.........................................

Azerbaijan

220,000

222,749

Uruguay

Government

Bond

,

Senior

Bond,

7.875%,

1/15/33

........................

Uruguay

375,000

450,375

Senior

Bond,

7.625%,

3/21/36

........................

Uruguay

90,000

109,422

#### Total

#### Foreign

#### Government

#### and

#### Agency

#### Securities

#### (Cost

#### $9,621,391)
.............

#### 10,067,813

#### Asset-Backed

#### Securities

#### 0.7%

#### Capital

#### Markets

#### 0.1%
b,j

Magnetite

XL

Ltd.

,

2024-40A

,

A1

,

144A,

FRN

,

5.768 %

,

(3-month

SOFR

+

1.45 %),

7/15/37

.

............................

United

States

495,000

496,593

#### Commercial

#### Services

#### &

#### Supplies

#### 0.0%

#### †
b,j

Trestles

CLO

IV

Ltd.

,

2021-4A

,

A

,

144A,

FRN

,

5.757 %

,

(3-month

SOFR

+

1.432 %),

7/21/34

.

...........................

United

States

350,000

350,542

#### Consumer

#### Staples

#### Distribution

#### &

#### Retail

#### 0.0%

#### †
CVS

Pass-Through

Trust

,

6.036%,

12/10/28

..................................

United

States

3,507

3,580

b

2013,

144A,

4.704%,

1/10/36

.........................

United

States

104,450

100,040

103,620

a

a

a

a

a

a

#### Financial

#### Services

#### 0.6%
b,j

AGL

Core

CLO

Ltd.

,

2024-31A

,

A

,

144A,

FRN

,

5.725 %

,

(3-month

SOFR

+

1.4 %),

7/20/37

.

.....................

United

States

250,000

250,809

b,j

Allegro

CLO

XII

Ltd.

,

2020-1A

,

A1R

,

144A,

FRN

,

5.765 %

,

(3-month

SOFR

+

1.44 %),

7/21/37

.

....................

United

States

260,000

261,300

b,j

Bain

Capital

CLO

Ltd.

,

2024-1A

,

A1

,

144A,

FRN

,

5.868 %

,

(3-month

SOFR

+

1.55 %),

4/16/37

.

....................

Jersey

250,000

251,226

b,j

Bain

Capital

Credit

CLO

Ltd.

,

2022-2A

,

A1R

,

144A,

FRN

,

5.482 %

,

(3-month

SOFR

+

1.15 %),

4/22/35

.

....................

United

States

250,000

250,500

b,j

Battalion

CLO

Ltd.

,

2020-18A

,

ARR

,

144A,

FRN

,

5.463 %

,

(3-month

SOFR

+

1.18 %),

10/15/36

.

...................

United

States

345,000

345,833

b,j

BDS

Ltd.

,

2021-FL10

,

A

,

144A,

FRN

,

5.6 %

,

(1-month

SOFR

+

1.464 %),

12/16/36

.

.................................

United

States

285,246

285,628

b,j

Birch

Grove

CLO

Ltd.

,

2021-2A

,

A1R

,

144A,

FRN

,

5.725 %

,

(3-month

SOFR

+

1.4 %),

10/19/37

.

....................

United

States

350,000

351,155

b,j

Birch

Grove

CLO

Ltd.

,

2024-8A

,

A1

,

144A,

FRN

,

5.955 %

,

(3-month

SOFR

+

1.63 %),

4/20/37

.

....................

Jersey

325,000

326,578

b,j

BRAVO

Residential

Funding

Trust

,

2021-HE3

,

A2

,

144A,

FRN

,

5.356 %

,

(30-day

SOFR

Average

+

%),

8/25/69

.

..........

United

States

142,163

141,561

b,j

BXMT

Ltd.

,

2021-FL4

,

A

,

144A,

FRN

,

5.307 %

,

(1-month

SOFR

+

1.164 %),

5/15/38

.

.................................

United

States

323,643

321,221

b,j

Carlyle

US

CLO

Ltd.

,

2020-2A

,

A1R2

,

144A,

FRN

,

5.296 %

,

(3-month

SOFR

+

1.08 %),

1/25/35

.

....................

United

States

910,000

910,005

b,j

CBAM

Ltd.

,

2017-2A,

AR,

144A,

FRN,

5.774%,

(3-month

SOFR

+

1.452%),

7/17/34

.........................................

United

States

246,000

246,337

2020-12A,

AR,

144A,

FRN,

5.767%,

(3-month

SOFR

+

1.442%),

7/20/34

..................................

United

States

250,000

250,451

Putnam

Asset

Allocation

Funds

Consolidated

Schedule

of

Investments

#### Putnam

#### Dynamic

#### Asset

#### Allocation

#### Growth

#### Fund
(continued)

franklintempleton.com

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

consolidated

financial

statements.

a

a

#### Country

#### Principal

#### Amount

#### \*
a

#### Value
a

#### a
a

#### Asset-Backed

#### Securities
(continued)

#### Financial

#### Services
(continued)

b,j

CIFC

Funding

Ltd.

,

2014-2RA,

AR,

144A,

FRN,

5.679%,

(3-month

SOFR

+

1.36%),

10/24/37

........................................

United

States

300,000

$

300,869

2020-1A,

A1R,

144A,

FRN,

5.729%,

(3-month

SOFR

+

1.412%),

7/15/36

..................................

United

States

460,000

460,916

2021-4A,

AR,

144A,

FRN,

5.679%,

(3-month

SOFR

+

1.36%),

7/23/37

.........................................

United

States

350,000

351,050

2021-7A,

AR,

144A,

FRN,

5.318%,

(3-month

SOFR

+

1.09%),

1/23/35

.........................................

United

States

744,000

746,650

b,j

Crown

Point

CLO

Ltd.

,

2021-10A

,

A

,

144A,

FRN

,

5.757 %

,

(3-month

SOFR

+

1.432 %),

7/20/34

.

...................

United

States

250,000

250,497

b,j

Danby

Park

CLO

Ltd.

,

2022-1A

,

AR

,

144A,

FRN

,

5.685 %

,

(3-month

SOFR

+

1.36 %),

10/21/37

.

...................

Jersey

460,000

461,322

b,j

Diameter

Capital

CLO

Ltd.

,

2024-7A

,

A1A

,

144A,

FRN

,

5.805 %

,

(3-month

SOFR

+

1.48 %),

7/20/37

.

....................

United

States

300,000

300,968

b,j

Elevation

CLO

Ltd.

,

2018-10A,

AR,

144A,

FRN,

5.245%,

(3-month

SOFR

+

0.92%),

10/20/31

........................................

United

States

165,152

165,344

2021-13A,

A1R,

144A,

FRN,

5.378%,

(3-month

SOFR

+

1.06%),

7/15/34

...................................

United

States

250,000

250,468

b,j

Ellington

CLO

III

Ltd.

,

2018-3A

,

B

,

144A,

FRN

,

6.587 %

,

(3-month

SOFR

+

2.262 %),

7/20/30

.

...........................

United

States

105,285

105,507

b,j

Elmwood

CLO

Ltd.

,

2024-3A

,

A

,

144A,

FRN

,

5.849 %

,

(3-month

SOFR

+

1.52 %),

4/18/37

.

....................

United

States

300,000

301,065

b,j

Elmwood

CLO

Ltd.

,

2024-9RA

,

AR

,

144A,

FRN

,

5.705 %

,

(3-month

SOFR

+

1.38 %),

10/21/37

.

...................

United

States

250,000

250,714

b,j

Elmwood

CLO

I

Ltd.

,

2019-1A

,

A1RR

,

144A,

FRN

,

5.845 %

,

(3-month

SOFR

+

1.52 %),

4/20/37

.

....................

United

States

300,000

301,080

b,j

Elmwood

CLO

III

Ltd.

,

2019-3A

,

A1RR

,

144A,

FRN

,

5.709 %

,

(3-month

SOFR

+

1.38 %),

7/18/37

.

....................

United

States

350,000

350,968

b,j

Elmwood

CLO

IV

Ltd.

,

2020-1A

,

AR

,

144A,

FRN

,

5.789 %

,

(3-month

SOFR

+

1.46 %),

4/18/37

.

....................

United

States

250,000

250,781

b

FIGRE

Trust

,

2025-FL1

,

A1

,

144A,

5.265 %

,

7/25/55

.

.........

United

States

141,248

141,791

b,j

FS

Rialto

,

2021-FL3

,

A

,

144A,

FRN

,

5.511 %

,

(1-month

SOFR

+

1.364 %),

11/16/36

.

.................................

United

States

109,407

109,555

b,j

HalseyPoint

CLO

Ltd.

,

2021-4A

,

A

,

144A,

FRN

,

5.807 %

,

(3-month

SOFR

+

1.482 %),

4/20/34

.

...................

United

States

250,000

250,490

b,j

Hayfin

US

XIV

Ltd.

,

2021-14A

,

A1

,

144A,

FRN

,

5.817 %

,

(3-month

SOFR

+

1.492 %),

7/20/34

.

...........................

United

States

200,000

200,406

b

Home

Partners

of

America

Trust

,

2021-2

,

C

,

144A,

2.402 %

,

12/17/26

.

........................................

United

States

240,833

233,654

b,j

ICG

US

CLO

Ltd.

,

2017-1A

,

ARR

,

144A,

FRN

,

5.745 %

,

(3-month

SOFR

+

1.432 %),

7/28/34

.

...........................

United

States

500,000

500,984

b,j

J.P.

Morgan

Mortgage

Trust

,

2023-HE2

,

A1

,

144A,

FRN

,

6.089 %

,

(30-day

SOFR

Average

+

1.7 %),

3/20/54

.

................

United

States

154,762

155,700

b,j

KKR

CLO

Ltd.

,

2022-43A

,

A1R

,

144A,

FRN

,

6.068 %

,

(3-month

SOFR

+

1.75 %),

1/15/36

.

............................

Jersey

250,000

250,895

b,j

KKR

CLO

Ltd.

,

2024-54A

,

A

,

144A,

FRN

,

5.638 %

,

(3-month

SOFR

+

1.32 %),

1/15/38

.

............................

United

States

337,000

338,661

b,j

KREF

Ltd.

,

2022-FL3

,

A

,

144A,

FRN

,

5.584 %

,

(1-month

SOFR

+

1.45 %),

2/17/39

.

..................................

United

States

137,798

138,061

j

Long

Beach

Mortgage

Loan

Trust

,

2004-1

,

A2

,

FRN

,

5.072 %

,

(1-month

SOFR

+

0.914 %),

2/25/34

.

...................

United

States

215,837

216,683

b,j

Madison

Park

Funding

XXX

Ltd.

,

2018-30A

,

A1R

,

144A,

FRN

,

5.678 %

,

(3-month

SOFR

+

1.36 %),

7/16/37

.

..............

United

States

260,000

260,988

b,j

Magnetite

XXXVII

Ltd.

,

2023-37A

,

A

,

144A,

FRN

,

5.975 %

,

(3-month

SOFR

+

1.65 %),

10/20/36

.

...................

United

States

250,000

250,453

Putnam

Asset

Allocation

Funds

Consolidated

Schedule

of

Investments

#### Putnam

#### Dynamic

#### Asset

#### Allocation

#### Growth

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

consolidated

financial

statements.

Annual

Report

a

a

#### Country

#### Principal

#### Amount

#### \*
a

#### Value
a

#### a
a

#### Asset-Backed

#### Securities
(continued)

#### Financial

#### Services
(continued)

b,j

MF1

Ltd.

,

2021-FL6

,

A

,

144A,

FRN

,

5.35 %

,

(1-month

SOFR

+

1.214 %),

7/16/36

.

.................................

United

States

51,743

$

51,821

j

Morgan

Stanley

ABS

Capital

I,

Inc.

Trust

,

2004-HE6

,

M1

,

FRN

,

5.097 %

,

(1-month

SOFR

+

0.939 %),

8/25/34

.

.............

United

States

62,549

61,379

b,j

Nassau

Ltd.

,

2020-1A

,

A1R

,

144A,

FRN

,

5.869 %

,

(3-month

SOFR

+

1.552 %),

1/15/35

.

................................

United

States

248,192

249,208

b,j

Neuberger

Berman

CLO

XVII

Ltd.

,

2014-17A

,

AR3

,

144A,

FRN

,

5.732 %

,

(3-month

SOFR

+

1.4 %),

7/22/38

.

...............

United

States

350,000

351,136

j

New

Century

Home

Equity

Loan

Trust

,

2003-4

,

M1

,

FRN

,

5.397 %

,

(1-month

SOFR

+

1.239 %),

10/25/33

.

..................

United

States

62,469

62,694

b,j

Northwoods

Capital

Ltd.

,

2021-27A

,

A1R

,

144A,

FRN

,

5.459 %

,

(3-month

SOFR

+

1.18 %),

10/17/34

.

...................

United

States

470,000

471,022

b,j

Oaktree

CLO

Ltd.

,

2021-1A

,

A1R

,

144A,

FRN

,

5.668 %

,

(3-month

SOFR

+

1.35 %),

1/15/38

.

............................

United

States

250,000

251,099

b,j

OHA

Loan

Funding

Ltd.

,

2016-1A

,

A1R2

,

144A,

FRN

,

5.785 %

,

(3-month

SOFR

+

1.46 %),

7/20/37

.

....................

United

States

363,000

364,167

j

Park

Place

Securities,

Inc.

,

2004-WCW2

,

M3

,

FRN

,

5.322 %

,

(1-month

SOFR

+

1.164 %),

10/25/34

.

..................

United

States

108,835

107,783

b,e

PK

Alift

Loan

Funding

LP

,

2025-2

,

A

,

144A,

4.75 %

,

3/15/43

.

..

United

States

250,000

250,659

b,j

PRMI

Securitization

Trust

,

2024-CMG1

,

A1

,

144A,

FRN

,

5.805 %

,

(30-day

SOFR

Average

+

1.45 %),

7/25/54

.

...............

United

States

346,868

347,959

b,j

RR

Ltd.

,

2024-29RA

,

A1R

,

144A,

FRN

,

5.708 %

,

(3-month

SOFR

+

1.39 %),

7/15/39

.

............................

United

States

250,000

250,873

b,j

Sound

Point

CLO

XXVI

Ltd.

,

2020-1A

,

AR

,

144A,

FRN

,

5.757 %

,

(3-month

SOFR

+

1.432 %),

7/20/34

.

...................

United

States

322,000

322,436

b,j

Sound

Point

CLO

XXXII

Ltd.

,

2021-4A

,

A

,

144A,

FRN

,

5.73 %

,

(3-month

SOFR

+

1.412 %),

10/25/34

.

..................

United

States

300,000

300,574

b,j

Symphony

CLO

XXIII

Ltd.

,

2020-23A

,

AR2

,

144A,

FRN

,

5.218 %

,

(3-month

SOFR

+

0.9 %),

1/15/34

.

.....................

United

States

366,624

367,032

b,j

TICP

CLO

XII

Ltd.

,

2018-12A

,

BR

,

144A,

FRN

,

6.229 %

,

(3-month

SOFR

+

1.912 %),

7/15/34

.

...........................

United

States

300,000

300,777

b,j

Towd

Point

Mortgage

Trust

,

2025-HE1

,

A1A

,

144A,

FRN

,

5.706 %

,

(30-day

SOFR

Average

+

1.35 %),

7/25/65

.

...............

United

States

94,207

94,298

b,j

Trinitas

CLO

XVIII

Ltd.

,

2021-18A

,

A1R

,

144A,

FRN

,

5.545 %

,

(3-month

SOFR

+

1.22 %),

1/20/35

.

....................

United

States

250,000

250,750

b,j

Venture

CLO

Ltd.

,

2021-41A

,

A1RR

,

144A,

FRN

,

5.546 %

,

(3-month

SOFR

+

1.13 %),

1/20/34

.

....................

United

States

710,000

710,261

b,j

Venture

XIX

CLO

Ltd.

,

2014-19A

,

ARR

,

144A,

FRN

,

5.839 %

,

(3-month

SOFR

+

1.522 %),

1/15/32

.

...................

United

States

123,910

124,133

b,j

Venture

XV

CLO

Ltd.

,

2013-15A

,

AR3

,

144A,

FRN

,

5.759 %

,

(3-month

SOFR

+

1.442 %),

7/15/32

.

...................

United

States

128,109

128,140

b,j

Voya

CLO

Ltd.

,

2019-3A

,

AR

,

144A,

FRN

,

5.664 %

,

(3-month

SOFR

+

1.342 %),

10/17/32

.

..........................

United

States

230,958

231,227

b,j

Warwick

Capital

CLO

Ltd.

,

2024-3A

,

A1

,

144A,

FRN

,

5.975 %

,

(3-month

SOFR

+

1.65 %),

4/20/37

.

....................

Jersey

250,000

251,500

b,j

Wind

River

CLO

Ltd.

,

2021-4A

,

AR

,

144A,

FRN

,

5.562 %

,

(3-month

SOFR

+

1.23 %),

1/20/35

.

....................

United

States

250,000

250,856

b,j

Wise

CLO

Ltd.

,

2023-2A,

A,

144A,

FRN,

6.118%,

(3-month

SOFR

+

1.8%),

1/15/37

.........................................

Jersey

350,000

351,181

2024-2A,

A,

144A,

FRN,

5.778%,

(3-month

SOFR

+

1.46%),

7/15/37

.........................................

United

States

350,000

351,208

18,943,297

a

a

a

a

a

a

#### Total

#### Asset-Backed

#### Securities

#### (Cost

#### $19,829,714)
.............................

#### 19,894,052
Putnam

Asset

Allocation

Funds

Consolidated

Schedule

of

Investments

#### Putnam

#### Dynamic

#### Asset

#### Allocation

#### Growth

#### Fund
(continued)

franklintempleton.com

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

consolidated

financial

statements.

a

a

#### Country

#### Principal

#### Amount

#### \*
a

#### Value
a

#### a
a

#### Commercial

#### Mortgage-Backed

#### Securities

#### 0.4%

#### Financial

#### Services

#### 0.4%
b,k,l

Arbor

Multifamily

Mortgage

Securities

Trust

,

2020-MF1

,

XA

,

IO,

144A,

FRN

,

1.045 %

,

5/15/53

.........................

United

States

4,027,958

$

136,986

k,l

BANK

,

2019-BN20,

XA,

IO,

FRN,

0.924%,

9/15/62

..............

United

States

3,668,452

100,410

2020-BN26,

XA,

IO,

FRN,

1.306%,

3/15/63

..............

United

States

1,735,781

68,377

k,l

BANK5

Trust

,

2024-5YR7

,

XA

,

IO,

FRN

,

1.57 %

,

6/15/57

......

United

States

6,793,058

292,741

Barclays

Commercial

Mortgage

Trust

,

2019-C3,

C,

4.178%,

5/15/52

.........................

United

States

187,000

166,035

k,l

2019-C4,

XA,

IO,

FRN,

1.661%,

8/15/52

.................

United

States

4,335,870

193,432

k,l

Benchmark

Mortgage

Trust

,

2020-B22

,

XA

,

IO,

FRN

,

1.613 %

,

1/15/54

.........................................

United

States

1,729,589

108,301

l

CD

Mortgage

Trust

,

2017-CD4

,

B

,

FRN

,

3.947 %

,

5/10/50

.....

United

States

266,000

252,266

l

CFCRE

Commercial

Mortgage

Trust

,

b

2011-C2,

D,

144A,

FRN,

5.08%,

12/15/47

...............

United

States

29,158

28,185

b

2011-C2,

E,

144A,

FRN,

5.08%,

12/15/47

................

United

States

214,000

200,375

2017-C8,

B,

FRN,

4.199%,

6/15/50

....................

United

States

193,000

185,976

COMM

Mortgage

Trust

,

l

2013-CR13,

C,

FRN,

5.109%,

11/10/46

.................

United

States

86,763

85,559

b,l

2013-CR13,

D,

144A,

FRN,

5.109%,

11/10/46

............

United

States

347,000

196,055

l

2014-CR17,

C,

FRN,

4.942%,

5/10/47

..................

United

States

452,000

417,874

b,l

2014-CR17,

D,

144A,

FRN,

5.006%,

5/10/47

.............

United

States

285,000

240,326

l

2014-CR20,

C,

FRN,

4.826%,

11/10/47

.................

United

States

476,473

459,779

2014-UBS3,

AM,

4.012%,

6/10/47

.....................

United

States

34,413

33,828

l

2014-UBS5,

AM,

FRN,

4.193%,

9/10/47

.................

United

States

112,803

111,435

l

2015-CR22,

B,

FRN,

3.926%,

3/10/48

..................

United

States

223,053

214,803

2015-DC1,

AM,

3.724%,

2/10/48

......................

United

States

137,497

135,320

l

2015-LC19,

C,

FRN,

4.2%,

2/10/48

....................

United

States

530,000

509,725

l

2015-LC21,

B,

FRN,

4.441%,

7/10/48

...................

United

States

15,184

15,073

b,l

2015-LC23,

D,

144A,

FRN,

3.679%,

10/10/48

.............

United

States

336,000

292,378

b,k,l

Credit

Suisse

Commercial

Mortgage

Trust

,

2007-C2

,

AX

,

IO,

144A,

FRN

,

0.029 %

,

1/15/49

.........................

United

States

1,067,520

CSAIL

Commercial

Mortgage

Trust

,

l

2015-C2,

B,

FRN,

4.208%,

6/15/57

....................

United

States

204,937

198,206

l

2016-C7,

AS,

FRN,

3.958%,

11/15/49

...................

United

States

323,000

317,349

2019-C17,

AS,

3.278%,

9/15/52

.......................

United

States

289,000

260,617

k,l

2020-C19,

XA,

IO,

FRN,

1.207%,

3/15/53

................

United

States

6,248,570

226,376

k,l

2021-C20,

XA,

IO,

FRN,

1.112%,

3/15/54

................

United

States

2,570,437

102,698

b,l

DBUBS

Mortgage

Trust

,

2011-LC3A

,

D

,

144A,

FRN

,

5.53 %

,

8/10/44

.........................................

United

States

563,668

545,683

k,l

GS

Mortgage

Securities

Trust

,

2014-GC22,

XA,

IO,

FRN,

0.743%,

6/10/47

..............

United

States

1,232,573

7,131

2019-GC38,

XA,

IO,

FRN,

1.169%,

2/10/52

..............

United

States

5,354,112

152,729

b,l

J.P.

Morgan

Chase

Commercial

Mortgage

Securities

Trust

,

2012-

C6

,

E

,

144A,

FRN

,

5.129 %

,

5/15/45

....................

United

States

205,000

201,550

l

JPMBB

Commercial

Mortgage

Securities

Trust

,

2014-C18,

B,

FRN,

4.654%,

2/15/47

...................

United

States

332,325

323,825

2014-C23,

B,

FRN,

4.688%,

9/15/47

...................

United

States

233,000

226,289

2014-C23,

C,

FRN,

4.688%,

9/15/47

...................

United

States

503,000

483,398

b

LSTAR

Commercial

Mortgage

Trust

,

2017-5

,

A5

,

144A,

3.549 %

,

3/10/50

.........................................

United

States

585,000

574,870

Morgan

Stanley

Bank

of

America

Merrill

Lynch

Trust

,

l

2013-C10,

B,

FRN,

4.085%,

7/15/46

...................

United

States

455,200

431,760

2014-C19,

C,

4%,

12/15/47

..........................

United

States

81,708

79,204

l

2015-C22,

C,

FRN,

4.113%,

4/15/48

...................

United

States

357,000

316,306

Morgan

Stanley

Capital

I

Trust

,

l

2016-UB12,

AS,

FRN,

3.778%,

12/15/49

................

United

States

200,000

191,422

Putnam

Asset

Allocation

Funds

Consolidated

Schedule

of

Investments

#### Putnam

#### Dynamic

#### Asset

#### Allocation

#### Growth

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

consolidated

financial

statements.

Annual

Report

a

a

#### Country

#### Principal

#### Amount

#### \*
a

#### Value
a

#### a
a

#### Commercial

#### Mortgage-Backed

#### Securities
(continued)

#### Financial

#### Services
(continued)

Morgan

Stanley

Capital

I

Trust,

(continued)

2018-L1,

A3,

4.139%,

10/15/51

.......................

United

States

246,000

$

245,160

k,l

UBS

Commercial

Mortgage

Trust

,

2017-C7,

XA,

IO,

FRN,

1.123%,

12/15/50

................

United

States

3,123,147

56,173

2018-C8,

XA,

IO,

FRN,

0.963%,

2/15/51

.................

United

States

6,788,661

109,115

k,l

Wachovia

Bank

Commercial

Mortgage

Trust

,

2006-C29

,

IO,

FRN

,

0.488 %

,

11/15/48

..................................

United

States

9,267

Wells

Fargo

Commercial

Mortgage

Trust

,

b,l

2013-LC12,

D,

144A,

FRN,

3.913%,

7/15/46

.............

United

States

256,000

147,200

2016-BNK1,

AS,

2.814%,

8/15/49

......................

United

States

274,000

262,399

k,l

2016-LC25,

XA,

IO,

FRN,

0.957%,

12/15/59

..............

United

States

4,218,978

25,505

k,l

2019-C52,

XA,

IO,

FRN,

1.71%,

8/15/52

.................

United

States

4,821,471

226,871

l

2020-C57,

C,

FRN,

4.157%,

8/15/53

...................

United

States

139,000

126,880

k,l

2024-5C1,

XA,

IO,

FRN,

1.257%,

7/15/57

................

United

States

8,002,032

272,996

l

WFRBS

Commercial

Mortgage

Trust

,

b,m

2011-C3,

D,

144A,

FRN,

5.415%,

3/15/44

...............

United

States

206,195

75,777

2013-C11,

C,

FRN,

4.146%,

3/15/45

...................

United

States

849,000

818,160

b

2013-C15,

D,

144A,

FRN,

4.284%,

8/15/46

..............

United

States

201,003

115,577

k

2014-C22,

XA,

IO,

FRN,

0.384%,

9/15/57

................

United

States

1,952,768

11,567,038

a

a

a

a

a

a

#### Total

#### Commercial

#### Mortgage-Backed

#### Securities

#### (Cost

#### $12,240,336)
..............

#### 11,567,038

#### Mortgage-Backed

#### Securities

#### 4.1%

#### Federal

#### Home

#### Loan

#### Mortgage

#### Corp.
(FHLMC)

#### Fixed

#### Rate

#### 0.3%
FHLMC

Pool,

Year,

2.5%,

8/01/50

-

8/01/51

.............

United

States

1,594,180

1,361,679

FHLMC

Pool,

Year,

3%,

1/01/48

......................

United

States

3,392,620

3,058,499

FHLMC

Pool,

Year,

4%,

9/01/45

......................

United

States

98,775

95,606

FHLMC

Pool,

Year,

5.5%,

5/01/53

-

9/01/53

.............

United

States

1,752,606

1,792,342

FHLMC

Pool,

Year,

6%,

5/01/53

......................

United

States

1,284,381

1,327,871

FHLMC

Pool,

Year,

6.5%,

5/01/53

.....................

United

States

140,527

145,432

7,781,429

#### Federal

#### National

#### Mortgage

#### Association
(FNMA)

#### Fixed

#### Rate

#### 2.7%
FNMA,

2.73%,

9/01/29

...............................

United

States

261,997

249,167

FNMA,

3.5%,

6/01/56

-

10/01/56

........................

United

States

1,992,653

1,816,314

FNMA,

4%,

1/01/57

..................................

United

States

376,776

356,495

FNMA,

5.28%,

12/01/28

..............................

United

States

218,000

225,291

FNMA,

Year,

2.5%,

7/01/50

-

8/01/51

..................

United

States

10,794,727

9,205,300

FNMA,

Year,

3%,

4/01/46

-

4/01/52

....................

United

States

4,720,560

4,255,409

FNMA,

Year,

3.5%,

11/01/51

-

4/01/52

.................

United

States

1,547,838

1,425,193

FNMA,

Year,

4.5%,

2/01/39

-

4/01/39

..................

United

States

9,988

10,077

FNMA,

Year,

6%,

5/01/53

-

6/01/53

....................

United

States

1,469,600

1,515,396

FNMA,

Year,

6.5%,

3/01/53

-

5/01/53

..................

United

States

1,232,869

1,282,910

n

Uniform

Mortgage-Backed

Securities,

2.5%,

TBA,

10/25/40

....

United

States

10,000,000

9,408,041

n

Uniform

Mortgage-Backed

Securities,

2.5%,

TBA,

10/25/55

....

United

States

24,000,000

20,223,650

n

Uniform

Mortgage-Backed

Securities,

3.5%,

TBA,

10/25/55

....

United

States

9,000,000

8,223,800

n

Uniform

Mortgage-Backed

Securities,

5%,

TBA,

10/25/55

.....

United

States

20,000,000

19,837,831

n

Uniform

Mortgage-Backed

Securities,

6%,

TBA,

10/25/55

.....

United

States

1,000,000

1,021,744

79,056,618

#### Government

#### National

#### Mortgage

#### Association
(GNMA)

#### Fixed

#### Rate

#### 1.1%
GNMA

II,

Year,

5.5%,

7/20/53

........................

United

States

1,254,669

1,285,621

GNMA

II,

Single-family,

Year,

3%,

8/20/49

-

10/15/55

......

United

States

21,759,780

19,487,533

GNMA

II,

Single-family,

Year,

4%,

2/20/48

...............

United

States

2,447,765

2,343,173

GNMA

II,

Single-family,

Year,

4.5%,

5/20/49

-

10/15/55

.....

United

States

3,537,427

3,431,147

Putnam

Asset

Allocation

Funds

Consolidated

Schedule

of

Investments

#### Putnam

#### Dynamic

#### Asset

#### Allocation

#### Growth

#### Fund
(continued)

franklintempleton.com

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

consolidated

financial

statements.

a

a

#### Country

#### Principal

#### Amount

#### \*
a

#### Value
a

#### a
a

#### Mortgage-Backed

#### Securities
(continued)

#### Government

#### National

#### Mortgage

#### Association
(GNMA)

#### Fixed

#### Rate
(continued)

n

GNMA

II,

Single-family,

Year,

5%,

10/15/55

..............

United

States

4,000,000

$

3,979,414

GNMA

II,

Single-family,

Year,

5.5%,

3/20/53

-

7/20/53

......

United

States

1,893,058

1,925,903

GNMA

II,

Single-family,

Year,

6%,

12/20/48

-

11/20/53

......

United

States

1,194,621

1,238,593

33,691,384

#### Total

#### Mortgage-Backed

#### Securities

#### (Cost

#### $124,535,378)
.........................

#### 120,529,431

#### Residential

#### Mortgage-Backed

#### Securities

#### 0.6%

#### Financial

#### Services

#### 0.6%
b

A&D

Mortgage

Trust

,

2023-NQM4

,

A1

,

144A,

7.472 %

,

9/25/68

.

United

States

206,493

210,494

j

Alternative

Loan

Trust

,

2005-59,

1A1,

FRN,

4.91%,

(1-month

SOFR

+

0.774%),

11/20/35

........................................

United

States

220,948

214,396

2005-65CB,

2A1,

FRN,

4.697%,

(1-month

SOFR

+

0.539%),

12/25/35

........................................

United

States

410,744

253,487

2006-OA10,

4A1,

FRN,

4.652%,

(1-month

SOFR

+

0.494%),

8/25/46

.........................................

United

States

581,392

504,666

2006-OA19,

A1,

FRN,

4.43%,

(1-month

SOFR

+

0.294%),

2/20/47

.........................................

United

States

190,872

154,428

2006-OA7,

1A2,

FRN,

5.093%,

(12-month

average

of

1-year

CMT

+

0.94%),

6/25/46

.............................

United

States

314,944

310,763

j

American

Home

Mortgage

Investment

Trust

,

2007-1

,

GA1C

,

FRN

,

4.462 %

,

(1-month

SOFR

+

0.304 %),

5/25/47

.............

United

States

317,974

187,484

b

Angel

Oak

Mortgage

Trust

,

2024-9

,

A1

,

144A,

5.138 %

,

9/25/69

.

United

States

265,871

265,986

b,l

Arroyo

Mortgage

Trust

,

2019-1,

A3,

144A,

FRN,

4.208%,

1/25/49

................

United

States

28,978

28,444

2019-3,

A3,

144A,

FRN,

3.416%,

10/25/48

...............

United

States

40,232

38,758

b

BRAVO

Residential

Funding

Trust

,

2023-NQM5

,

A1

,

144A,

6.505 %

,

6/25/63

...................................

United

States

199,448

201,178

b,l

Bunker

Hill

Loan

Depositary

Trust

,

2020-1

,

A2

,

144A,

FRN

,

2.6 %

,

2/25/55

.........................................

United

States

285,000

279,066

b,j

Chase

Home

Lending

Mortgage

Trust

,

2025-10,

A11,

144A,

FRN,

5.669%,

(30-day

SOFR

Average

+

1.3%),

7/25/56

....................................

United

States

100,000

100,250

2025-7,

A11,

144A,

FRN,

5.756%,

(30-day

SOFR

Average

+

1.4%),

5/25/56

....................................

United

States

93,873

94,174

b

Citigroup

Mortgage

Loan

Trust

,

2022-A

,

A1

,

144A,

9.17 %

,

9/25/62

United

States

110,829

111,187

l

Citigroup

Mortgage

Loan

Trust,

Inc.

,

2005-2

,

1A2A

,

FRN

,

6.134 %

,

5/25/35

.........................................

United

States

61,864

61,096

b

Cross

Mortgage

Trust

,

2024-H4

,

A1

,

144A,

6.147 %

,

7/25/69

...

United

States

154,541

156,642

b,l

CSMC

Trust

,

2021-RPL4,

A1,

144A,

FRN,

4.136%,

12/27/60

............

United

States

134,340

133,896

2021-RPL7,

A1,

144A,

FRN,

4.209%,

7/27/61

.............

United

States

126,516

126,027

b,l

FHLMC

Seasoned

Credit

Risk

Transfer

Trust

,

2017-2

,

M1

,

144A,

FRN

,

%

,

8/25/56

.................................

United

States

26,015

25,924

j

FHLMC

STACR

Debt

Notes

,

2015-DNA3

,

M3

,

FRN

,

9.171 %

,

(30-

day

SOFR

Average

+

4.814 %),

4/25/28

.................

United

States

129,541

129,913

b,j

FHLMC

STACR

REMIC

Trust

,

2021-DNA5,

M2,

144A,

FRN,

6.006%,

(30-day

SOFR

Average

+

1.65%),

1/25/34

.................................

United

States

31,541

31,645

2021-DNA6,

M2,

144A,

FRN,

5.856%,

(30-day

SOFR

Average

+

1.5%),

10/25/41

.................................

United

States

181,467

182,014

2021-DNA7,

M2,

144A,

FRN,

6.156%,

(30-day

SOFR

Average

+

1.8%),

11/25/41

..................................

United

States

521,000

525,606

2021-HQA4,

M1,

144A,

FRN,

5.306%,

(30-day

SOFR

Average

+

0.95%),

12/25/41

................................

United

States

46,781

46,812

Putnam

Asset

Allocation

Funds

Consolidated

Schedule

of

Investments

#### Putnam

#### Dynamic

#### Asset

#### Allocation

#### Growth

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

consolidated

financial

statements.

Annual

Report

a

a

#### Country

#### Principal

#### Amount

#### \*
a

#### Value
a

#### a
a

#### Residential

#### Mortgage-Backed

#### Securities
(continued)

#### Financial

#### Services
(continued)

b,j

FHLMC

STACR

REMIC

Trust,

(continued)

2022-DNA2,

M1A,

144A,

FRN,

5.656%,

(30-day

SOFR

Average

+

1.3%),

2/25/42

..................................

United

States

75,903

$

75,914

2022-DNA3,

M1B,

144A,

FRN,

7.256%,

(30-day

SOFR

Average

+

2.9%),

4/25/42

..................................

United

States

17,000

17,499

2022-DNA5,

M1A,

144A,

FRN,

7.306%,

(30-day

SOFR

Average

+

2.95%),

6/25/42

.................................

United

States

268,634

274,051

2022-DNA6,

M1A,

144A,

FRN,

6.506%,

(30-day

SOFR

Average

+

2.15%),

9/25/42

.................................

United

States

23,889

24,027

2022-DNA6,

M1B,

144A,

FRN,

8.056%,

(30-day

SOFR

Average

+

3.7%),

9/25/42

..................................

United

States

18,000

18,929

2022-HQA1,

M1A,

144A,

FRN,

6.456%,

(30-day

SOFR

Average

+

2.1%),

3/25/42

..................................

United

States

4,907

4,930

2022-HQA2,

M1A,

144A,

FRN,

7.006%,

(30-day

SOFR

Average

+

2.65%),

7/25/42

.................................

United

States

372,172

379,836

2022-HQA3,

M1A,

144A,

FRN,

6.656%,

(30-day

SOFR

Average

+

2.3%),

8/25/42

..................................

United

States

144,508

146,717

2023-DNA1,

M1A,

144A,

FRN,

6.448%,

(30-day

SOFR

Average

+

2.1%),

3/25/43

..................................

United

States

89,527

90,834

2023-HQA2,

M1A,

144A,

FRN,

6.356%,

(30-day

SOFR

Average

+

2%),

6/25/43

....................................

United

States

31,920

32,067

2023-HQA3,

A1,

144A,

FRN,

6.206%,

(30-day

SOFR

Average

+

1.85%),

11/25/43

..................................

United

States

60,282

60,993

2023-HQA3,

M1,

144A,

FRN,

6.206%,

(30-day

SOFR

Average

+

1.85%),

11/25/43

.................................

United

States

37,793

38,026

2025-DNA1,

A1,

144A,

FRN,

5.306%,

(30-day

SOFR

Average

+

0.95%),

1/25/45

...................................

United

States

473,025

473,567

2025-DNA3,

M1,

144A,

FRN,

5.47%,

(30-day

SOFR

Average

+

1.1%),

9/25/45

....................................

United

States

351,000

352,097

FNMA

,

k,l

2001-79,

BI,

IO,

FRN,

0.247%,

3/25/45

.................

United

States

41,512

k,l

2002-W8,

1,

IO,

FRN,

0.291%,

6/25/42

.................

United

States

139,701

1,772

2003-34,

P1,

Strip,

4/25/43

...........................

United

States

4,508

4,134

j

FNMA

Connecticut

Avenue

Securities

Trust

,

2015-C04,

1M2,

FRN,

10.171%,

(30-day

SOFR

Average

+

5.814%),

4/25/28

..................................

United

States

333,390

334,647

2016-C01,

1M2,

FRN,

11.221%,

(30-day

SOFR

Average

+

6.864%),

8/25/28

..................................

United

States

116,688

119,081

2016-C01,

2M2,

FRN,

11.421%,

(30-day

SOFR

Average

+

7.064%),

8/25/28

..................................

United

States

76,058

77,618

2016-C02,

1M2,

FRN,

10.471%,

(30-day

SOFR

Average

+

6.114%),

9/25/28

..................................

United

States

41,350

41,832

2016-C03,

2M2,

FRN,

10.371%,

(30-day

SOFR

Average

+

6.014%),

10/25/28

.................................

United

States

18,392

18,674

2016-C04,

1M2,

FRN,

8.721%,

(30-day

SOFR

Average

+

4.364%),

1/25/29

..................................

United

States

265,014

270,278

2016-C05,

2M2,

FRN,

8.921%,

(30-day

SOFR

Average

+

4.564%),

1/25/29

..................................

United

States

216,055

219,596

2016-C06,

1M2,

FRN,

8.721%,

(30-day

SOFR

Average

+

4.364%),

4/25/29

..................................

United

States

146,513

148,796

2016-C07,

2M2,

FRN,

8.821%,

(30-day

SOFR

Average

+

4.464%),

5/25/29

..................................

United

States

207,525

213,359

2017-C02,

2M2C,

FRN,

8.121%,

(30-day

SOFR

Average

+

3.764%),

9/25/29

..................................

United

States

43,317

43,883

2017-C06,

2M2,

FRN,

7.271%,

(30-day

SOFR

Average

+

2.914%),

2/25/30

..................................

United

States

111,215

113,135

Putnam

Asset

Allocation

Funds

Consolidated

Schedule

of

Investments

#### Putnam

#### Dynamic

#### Asset

#### Allocation

#### Growth

#### Fund
(continued)

franklintempleton.com

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

consolidated

financial

statements.

a

a

#### Country

#### Principal

#### Amount

#### \*
a

#### Value
a

#### a
a

#### Residential

#### Mortgage-Backed

#### Securities
(continued)

#### Financial

#### Services
(continued)

j

FNMA

Connecticut

Avenue

Securities

Trust,

(continued)

2017-C06,

2M2C,

FRN,

7.271%,

(30-day

SOFR

Average

+

2.914%),

2/25/30

..................................

United

States

66,139

$

67,281

2018-C02,

2M2,

FRN,

6.671%,

(30-day

SOFR

Average

+

2.314%),

8/25/30

..................................

United

States

7,738

7,859

b

2021-R03,

1M1,

144A,

FRN,

5.206%,

(30-day

SOFR

Average

+

0.85%),

12/25/41

..................................

United

States

1,003

1,003

b

2021-R03,

1M2,

144A,

FRN,

6.006%,

(30-day

SOFR

Average

+

1.65%),

12/25/41

..................................

United

States

156,000

156,786

b

2022-R01,

1M1,

144A,

FRN,

5.356%,

(30-day

SOFR

Average

+

1%),

12/25/41

....................................

United

States

35,556

35,527

b

2022-R01,

1M2,

144A,

FRN,

6.256%,

(30-day

SOFR

Average

+

1.9%),

12/25/41

...................................

United

States

159,000

161,282

b

2022-R02,

2M1,

144A,

FRN,

5.556%,

(30-day

SOFR

Average

+

1.2%),

1/25/42

....................................

United

States

51,111

51,098

b

2022-R03,

1M2,

144A,

FRN,

7.856%,

(30-day

SOFR

Average

+

3.5%),

3/25/42

....................................

United

States

75,000

77,421

b

2022-R04,

1M2,

144A,

FRN,

7.456%,

(30-day

SOFR

Average

+

3.1%),

3/25/42

....................................

United

States

74,000

76,072

b

2022-R05,

2M1,

144A,

FRN,

6.256%,

(30-day

SOFR

Average

+

1.9%),

4/25/42

....................................

United

States

18,426

18,468

b

2022-R05,

2M2,

144A,

FRN,

7.356%,

(30-day

SOFR

Average

+

3%),

4/25/42

.....................................

United

States

581,000

596,819

b

2022-R06,

1M1,

144A,

FRN,

7.106%,

(30-day

SOFR

Average

+

2.75%),

5/25/42

...................................

United

States

74,684

76,453

b

2022-R07,

1M1,

144A,

FRN,

7.298%,

(30-day

SOFR

Average

+

2.95%),

6/25/42

...................................

United

States

149,224

153,143

b

2022-R08,

1M1,

144A,

FRN,

6.906%,

(30-day

SOFR

Average

+

2.55%),

7/25/42

...................................

United

States

113,251

116,197

b

2022-R09,

2M1,

144A,

FRN,

6.848%,

(30-day

SOFR

Average

+

2.5%),

9/25/42

....................................

United

States

71,448

72,468

b

2023-R01,

1M1,

144A,

FRN,

6.748%,

(30-day

SOFR

Average

+

2.4%),

12/25/42

...................................

United

States

24,635

25,219

b

2023-R02,

1M1,

144A,

FRN,

6.656%,

(30-day

SOFR

Average

+

2.3%),

1/25/43

....................................

United

States

49,302

50,220

b

2023-R06,

1M1,

144A,

FRN,

6.056%,

(30-day

SOFR

Average

+

1.7%),

7/25/43

....................................

United

States

30,481

30,585

b

2023-R07,

2M1,

144A,

FRN,

6.298%,

(30-day

SOFR

Average

+

1.95%),

9/25/43

...................................

United

States

15,214

15,288

b

2024-R03,

2M1,

144A,

FRN,

5.498%,

(30-day

SOFR

Average

+

1.15%),

3/25/44

...................................

United

States

21,786

21,799

b

2024-R04,

1M1,

144A,

FRN,

5.456%,

(30-day

SOFR

Average

+

1.1%),

5/25/44

....................................

United

States

41,726

41,764

b

2024-R05,

2M1,

144A,

FRN,

5.356%,

(30-day

SOFR

Average

+

1%),

7/25/44

.....................................

United

States

5,565

5,566

b

2024-R06,

1A1,

144A,

FRN,

5.506%,

(30-day

SOFR

Average

+

1.15%),

9/25/44

...................................

United

States

173,359

174,012

b

2024-R06,

1M1,

144A,

FRN,

5.406%,

(30-day

SOFR

Average

+

1.05%),

9/25/44

...................................

United

States

21,959

21,951

b

2025-R01,

1A1,

144A,

FRN,

5.298%,

(30-day

SOFR

Average

+

0.95%),

1/25/45

...................................

United

States

157,404

157,587

b

2025-R01,

1M1,

144A,

FRN,

5.448%,

(30-day

SOFR

Average

+

1.1%),

1/25/45

....................................

United

States

147,409

147,546

b

2025-R02,

1A1,

144A,

FRN,

5.348%,

(30-day

SOFR

Average

+

1%),

2/25/45

.....................................

United

States

145,740

145,995

b

2025-R02,

1M1,

144A,

FRN,

5.498%,

(30-day

SOFR

Average

+

1.15%),

2/25/45

...................................

United

States

382,890

383,126

Putnam

Asset

Allocation

Funds

Consolidated

Schedule

of

Investments

#### Putnam

#### Dynamic

#### Asset

#### Allocation

#### Growth

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

consolidated

financial

statements.

Annual

Report

a

a

#### Country

#### Principal

#### Amount

#### \*
a

#### Value
a

#### a
a

#### Residential

#### Mortgage-Backed

#### Securities
(continued)

#### Financial

#### Services
(continued)

j

FNMA

Connecticut

Avenue

Securities

Trust,

(continued)

b

2025-R03,

2A1,

144A,

FRN,

5.806%,

(30-day

SOFR

Average

+

1.45%),

3/25/45

...................................

United

States

26,398

$

26,575

b

2025-R04,

1A1,

144A,

FRN,

5.356%,

(30-day

SOFR

Average

+

1%),

5/25/45

.....................................

United

States

124,566

124,766

b

2025-R04,

1M1,

144A,

FRN,

5.556%,

(30-day

SOFR

Average

+

1.2%),

5/25/45

....................................

United

States

331,742

332,707

b

J.P.

Morgan

Mortgage

Trust

,

j

2024-10,

A11,

144A,

FRN,

5.606%,

(30-day

SOFR

Average

+

1.25%),

3/25/55

...................................

United

States

140,662

140,481

2024-CES1,

A1A,

144A,

5.919%,

6/25/54

................

United

States

89,634

90,413

2024-VIS2,

A1,

144A,

5.853%,

11/25/64

.................

United

States

190,462

192,595

j

2025-1,

A11,

144A,

FRN,

5.606%,

(30-day

SOFR

Average

+

1.25%),

6/25/55

...................................

United

States

175,196

175,089

b

MFA

Trust

,

2023-INV2,

A1,

144A,

6.775%,

10/25/58

.................

United

States

170,261

172,266

2025-NQM3,

A1,

144A,

5.261%,

8/25/70

................

United

States

125,873

126,384

b

Mill

City

Mortgage

Loan

Trust

,

2023-NQM2

,

A1

,

144A,

6.24 %

,

12/25/67

........................................

United

States

373,533

374,505

b,l

Morgan

Stanley

Resecuritization

Trust

,

2015-R4

,

CB1

,

144A,

FRN

,

4.162 %

,

8/26/47

..............................

United

States

31,435

31,440

b

OBX

Trust

,

2023-NQM4,

A1,

144A,

6.113%,

3/25/63

................

United

States

288,388

289,684

j

2025-J2,

AF,

144A,

FRN,

5.656%,

(30-day

SOFR

Average

+

1.3%),

9/25/55

....................................

United

States

128,877

128,952

b,l

Onity

Loan

Investment

Trust

,

2025-HB1

,

A

,

144A,

FRN

,

%

,

6/25/38

.........................................

United

States

65,361

63,863

b

PRPM

Trust

,

2024-NQM2

,

A1

,

144A,

6.327 %

,

6/25/69

........

United

States

774,395

792,376

b,l

Residential

Mortgage

Loan

Trust

,

2020-2

,

A2

,

144A,

FRN

,

2.508 %

,

5/25/60

...................................

United

States

75,578

75,091

b,l

Starwood

Mortgage

Residential

Trust

,

2020-2,

M1E,

144A,

FRN,

3%,

4/25/60

..................

United

States

298,208

293,164

2020-3,

A3,

144A,

FRN,

2.591%,

4/25/65

................

United

States

407,000

369,862

b,j

Station

Place

Securitization

Trust

,

2024-10,

A,

144A,

FRN,

5.057%,

(1-month

SOFR

+

0.9%),

10/27/25

........................................

United

States

650,000

650,281

2025-1,

A,

144A,

FRN,

5.057%,

(1-month

SOFR

+

0.9%),

7/23/26

.........................................

United

States

646,000

655,565

2025-3,

A,

144A,

FRN,

5.057%,

(1-month

SOFR

+

0.9%),

9/23/26

.........................................

United

States

650,000

652,644

j

Structured

Asset

Mortgage

Investments

II

Trust

,

2007-AR7

,

1A1

,

FRN

,

5.122 %

,

(1-month

SOFR

+

0.964 %),

5/25/47

.........

United

States

492,728

404,307

b,l

Towd

Point

Mortgage

Trust

,

2016-5

,

M2

,

144A,

FRN

,

3.375 %

,

10/25/56

........................................

United

States

177,000

168,443

WaMu

Mortgage

Pass-Through

Certificates

Trust

,

j

2005-AR11,

A1B3,

FRN,

5.072%,

(1-month

SOFR

+

0.914%),

8/25/45

.........................................

United

States

106,927

105,553

j

2005-AR9,

A1C3,

FRN,

5.232%,

(1-month

SOFR

+

1.074%),

7/25/45

.........................................

United

States

79,693

78,179

l

2007-HY2,

1A1,

FRN,

4.161%,

12/25/36

................

United

States

188,370

171,162

17,545,707

a

a

a

a

a

a

#### Total

#### Residential

#### Mortgage-Backed

#### Securities

#### (Cost

#### $17,538,400)
...............

#### 17,545,707
Putnam

Asset

Allocation

Funds

Consolidated

Schedule

of

Investments

#### Putnam

#### Dynamic

#### Asset

#### Allocation

#### Growth

#### Fund
(continued)

franklintempleton.com

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

consolidated

financial

statements.

a

a

#### Country

#### Principal

#### Amount

#### \*
a

#### Value
a

#### a
a

#### Agency

#### Commercial

#### Mortgage-Backed

#### Securities

#### 0.4%

#### Financial

#### Services

#### 0.4%
FHLMC

,

j

3065,

DC,

FRN,

6.4%,

(30-day

SOFR

Average

+

19.517%),

3/15/35

.........................................

United

States

11,007

$

11,481

j

406,

F30,

FRN,

5.506%,

(30-day

SOFR

Average

+

1.15%),

10/25/53

........................................

United

States

287,183

289,230

j,k

4326,

GS,

IO,

FRN,

1.563%,

(30-day

SOFR

Average

+

5.936%),

4/15/44

..................................

United

States

2,602,843

275,403

k

5010,

IA,

IO,

3.5%,

9/25/50

..........................

United

States

1,773,781

326,059

k

5024,

HI,

IO,

4.5%,

10/25/50

.........................

United

States

2,253,566

537,992

k

5036,

IK,

IO,

4%,

4/25/50

............................

United

States

2,413,169

498,716

k

5079,

BI,

IO,

5.5%,

2/25/51

..........................

United

States

1,525,739

265,131

k

5121,

KI,

IO,

4%,

6/25/51

............................

United

States

2,505,579

554,112

k

5134,

IB,

IO,

4%,

8/25/51

............................

United

States

2,962,673

594,129

k

5138,

YI,

IO,

4.5%,

12/25/49

.........................

United

States

3,216,665

831,068

k

5142,

AI,

IO,

3.5%,

9/25/51

..........................

United

States

2,930,881

555,471

FNMA

,

k

2020-96,

JI,

IO,

3%,

1/25/51

..........................

United

States

4,149,395

697,671

k

2021-28,

NI,

IO,

3%,

5/25/41

.........................

United

States

3,686,515

372,379

k

2021-45,

MI,

IO,

2.5%,

2/25/49

........................

United

States

3,789,895

479,115

k

2021-65,

LI,

IO,

3.5%,

10/25/51

.......................

United

States

2,120,353

367,244

j

2024-89,

FA,

FRN,

5.556%,

(30-day

SOFR

Average

+

1.2%),

12/25/54

........................................

United

States

435,194

437,387

j

2024-98,

FA,

FRN,

5.506%,

(30-day

SOFR

Average

+

1.15%),

12/25/53

........................................

United

States

310,092

311,316

j

2025-41,

FA,

FRN,

5.506%,

(30-day

SOFR

Average

+

1.15%),

6/25/54

.........................................

United

States

205,419

206,243

b,l

FREMF

Mortgage

Trust

,

2015-K51

,

B

,

144A,

FRN

,

4.175 %

,

10/25/48

........................................

United

States

29,014

28,925

GNMA

,

k,l

2015-H26,

EI,

IO,

FRN,

1.749%,

10/20/65

...............

United

States

616,367

19,515

k,l

2016-H16,

LI,

IO,

FRN,

2.172%,

7/20/66

................

United

States

1,790,877

89,916

k

2021-117,

MI,

IO,

3.5%,

5/20/42

.......................

United

States

3,634,684

577,964

k

2021-214,

AI,

IO,

4%,

12/20/51

.......................

United

States

2,165,496

431,198

k

2022-60,

IY,

IO,

3%,

2/20/52

.........................

United

States

4,031,796

596,153

j

2023-152,

FB,

FRN,

5.539%,

(30-day

SOFR

Average

+

1.15%),

4/20/51

.........................................

United

States

421,193

427,960

j

2024-78,

QF,

FRN,

5.489%,

(30-day

SOFR

Average

+

1.1%),

5/20/54

.........................................

United

States

425,166

426,467

10,208,245

a

a

a

a

a

a

#### Total

#### Agency

#### Commercial

#### Mortgage-Backed

#### Securities

#### (Cost

#### $8,308,275)
........

#### 10,208,245

#### Total

#### Long

#### Term

#### Investments

#### (Cost

#### $1,883,877,344)

#### ...........................

#### 2,920,640,138

#### a

#### Short

#### Term

#### Investments

#### 4.2%
a

a

#### Country

#### Principal

#### Amount

#### \*
a

#### Value
a

a

#### a
a

#### U.S.

#### Government

#### and

#### Agency

#### Securities

#### 0.7%
o

U.S.

Treasury

Bills

,

p

2.01%,

10/02/25

...................................

United

States

11,200,000

11,198,751

p

3.86%,

12/04/25

...................................

United

States

3,200,000

3,177,854

Putnam

Asset

Allocation

Funds

Consolidated

Schedule

of

Investments

#### Putnam

#### Dynamic

#### Asset

#### Allocation

#### Growth

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

consolidated

financial

statements.

Annual

Report

#### Short

#### Term

#### Investments
(continued)

a

a

#### Country

#### Principal

#### Amount

#### \*
a

#### Value
a

a

#### a
a

#### U.S.

#### Government

#### and

#### Agency

#### Securities
(continued)

o

U.S.

Treasury

Bills,

(continued)

3.83%,

1/20/26

...................................

United

States

6,900,000

$

6,818,836

21,195,441

#### Total

#### U.S.

#### Government

#### and

#### Agency

#### Securities

#### (Cost

#### $21,194,013)

#### ...............

#### 21,195,441

#### Shares

#### Management

#### Investment

#### Companies

#### 3.2%
q,r

Putnam

Short

Term

Investment

Fund,

Class

P,

4.364%

.......

United

States

94,625,401

94,625,401

#### Total

#### Management

#### Investment

#### Companies

#### (Cost

#### $94,625,401)

#### ..................

#### 94,625,401

#### Money

#### Market

#### Funds

#### 0.3%
r,s

JPMorgan

US

Dollar

Treasury

Liquidity

Fund,

3.98%

.........

United

States

9,801,907

9,801,907

#### Total

#### Money

#### Market

#### Funds

#### (Cost

#### $9,801,907)

#### .................................

#### 9,801,907

#### Total

#### Short

#### Term

#### Investments

#### (Cost

#### $125,621,321

####)
.............................

#### 125,622,749

#### a

#### Total

#### Investments

#### (Cost

#### $2,009,498,665)

#### 102.5%

#### ..............................

#### $3,046,262,887

#### TBA

#### Sale

#### Commitments

#### (0.5)%

#### ..............................................

#### (14,591,839)

#### Other

#### Assets,

#### less

#### Liabilities

#### (2.0)%

#### .........................................

#### (58,892,171)

#### Net

#### Assets

#### 100.0%

#### .........................................................

#### $2,972,778,877

#### a

#### Principal

#### Amount

#### \*
t

#### TBA

#### Sale

#### Commitments

#### (0.5)%

#### Mortgage-Backed

#### Securities

#### (0.5)%

#### Federal

#### National

#### Mortgage

#### Association
(FNMA)

#### Fixed

#### Rate

#### (0.5)%
Uniform

Mortgage-Backed

Securities

,

3%,

TBA,

10/25/55

.................................

United

States

(3,000,000)

(2,635,541)

4.5%,

TBA,

10/25/55

...............................

United

States

(4,000,000)

(3,880,369)

5.5%,

TBA,

10/25/55

...............................

United

States

(7,000,000)

(7,058,759)

(13,574,669)

#### Government

#### National

#### Mortgage

#### Association
(GNMA)

#### Fixed

#### Rate

#### (0.0)%

#### †
GNMA

II,

Single-family,

Year,

6%,

10/15/55

..............

United

States

(1,000,000)

(1,017,170)

#### Total

#### TBA

#### Sale

#### Commitments

#### (Proceeds

#### $(14,648,281))

#### ........................

#### $(14,591,839)
\*

The

principal

amount

is

stated

in

U.S.

dollars

unless

otherwise

indicated.

†

Rounds

to

less

than

0.1%

of

net

assets.

a

Non-income

producing.

b

Security

was

purchased

pursuant

to

Rule

144A

or

Regulation

S

under

the

Securities

Act

of

1933. 144A

securities

may

be

sold

in

transactions

exempt

from

registration

only

to

qualified

institutional

buyers

or

in

a

public

offering

registered

under

the

Securities

Act

of

1933. Regulation

S

securities

cannot

be

sold

in

the

United

States

without

either

an

effective

registration

statement

filed

pursuant

to

the

Securities

Act

of

1933,

or

pursuant

to

an

exemption

from

registration.

At

September

30,

2025,

the

aggregate

value

of

these

securities

was

$172,735,850,

representing

5.8%

of

net

assets.

c

Variable

rate

security.

The

rate

shown

represents

the

yield

at

period

end.

d

Fair

valued

using

significant

unobservable

inputs.

See

Note

regarding

fair

value

measurements.

e

A

portion

or

all

of

the

security

purchased

on

a

delayed

delivery

basis.

See

Note

1(d).

f

Income

may

be

received

in

additional

securities

and/or

cash.

g

Perpetual

security

with

no

stated

maturity

date.

h

The

coupon

rate

shown

represents

the

rate

at

period

end.

i

See

Note

1(f)

regarding

senior

floating

rate

interests.

Putnam

Asset

Allocation

Funds

Consolidated

Schedule

of

Investments

#### Putnam

#### Dynamic

#### Asset

#### Allocation

#### Growth

#### Fund
(continued)

franklintempleton.com

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

consolidated

financial

statements.

j

The

coupon

rate

shown

represents

the

rate

inclusive

of

any

caps

or

floors,

if

applicable,

in

effect

at

period

end.

k

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.

l

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.

m

Defaulted

security

or

security

for

which

income

has

been

deemed

uncollectible.

See

Note

7. n

Security

purchased

on

a

to-be-announced

(TBA)

basis.

See

Note

1(d).

o

The

rate

shown

represents

the

yield

at

period

end.

p

A

portion

or

all

of

the

security

has

been

segregated

as

collateral

for

certain

derivative

contracts.

At

September

30,

2025,

the

value

of

this

security

pledged

amounted

to

$9,256,773,

representing

0.3%

net

assets.

q

See

Note

3(g)

regarding

investments

in

affiliated

management

investment

companies.

r

The

rate

shown

is

the

annualized

seven-day

effective

yield

at

period

end.

s

The

security

is

owned

by

Franklin

Dynamic

Asset

Allocation

Growth

Ltd.,

a

wholly-owned

subsidiary

of

the

Fund.

See

Note

1(g).

t

Security

sold

on

a

to-be-announced

(TBA)

basis

resulting

in

a

short

position.

As

such,

the

Fund

is

not

subject

to

fees

and

expenses

associated

with

short

sale

transactions.

See

Note

1(d).

Putnam

Asset

Allocation

Funds

Consolidated

Schedule

of

Investments

#### Putnam

#### Dynamic

#### Asset

#### Allocation

#### Growth

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

consolidated

financial

statements.

Annual

Report

At

September

30,

2025,

the

Fund

had

the

following futures

contracts

outstanding.

See

Note

1(e).

\*

As

of

period

end.

At

September

30,

2025,

the

Fund

had

the

following

forward

exchange

contracts

outstanding.

See

Note

1(e).

#### Futures

#### Contracts

#### Description

#### Type

#### Number

#### of

#### Contracts

#### Notional

#### Amount

#### \*

#### Expiration

#### Date

#### Value/

#### Unrealized

#### Appreciation
(Depreciation)

#### Commodity

#### contracts
Bloomberg

Commodity

Index

#

...................

Long

4,267

$

44,645,621

12/17/25

$

(234,984)

#### Equity

#### contracts
MSCI

EAFE

Index

............................

Long

18,661,510

12/19/25

(71,900)

MSCI

Emerging

Markets

Index

..................

Long

13,597,000

12/19/25

88,886

Russell

2000

E-Mini

Index

......................

Short

34,499,775

12/19/25

(417,930)

S&P

500

E-Mini

Index

.........................

Short

66,376,688

12/19/25

(583,776)

#### Interest

#### rate

#### contracts
U.S.

Treasury

Year

Notes

....................

Short

944

106,200,000

12/19/25

(52,713)

U.S.

Treasury

Year

Ultra

Notes

................

Long

690,469

12/19/25

5,039

U.S.

Treasury

Year

Notes

.....................

Long

71,689,063

12/31/25

(48,463)

U.S.

Treasury

Year

Notes

.....................

Long

45,752,836

12/31/25

(49,675)

U.S.

Treasury

Long

Bonds

.....................

Long

33,229,219

12/19/25

685,925

U.S.

Treasury

Ultra

Bonds

......................

Long

15,848,250

12/19/25

479,851

Total

Futures

Contracts

......................................................................

$(199,740)

#

The

security

is

owned

by

Franklin

Dynamic

Asset

Allocation

Growth

Ltd.,

a

wholly-owned

subsidiary

of

the

Fund.

#### Forward

#### Exchange

#### Contracts

#### Currency

#### Counter-

#### party

#### a

#### Type

#### Quantity

#### Contract

#### Amount

#### \*

#### Settlement

#### Date

#### Unrealized

#### Appreciation

#### Unrealized

#### Depreciation

#### a

#### OTC

#### Forward

#### Exchange

#### Contracts
Brazilian

Real

......

BOFA

Buy

2,083,200

368,776

10/02/25

$

22,637

$

—

Brazilian

Real

......

BOFA

Sell

2,083,200

383,229

10/02/25

—

(8,184)

Brazilian

Real

......

GSCO

Buy

3,839,900

697,068

10/02/25

24,411

—

Brazilian

Real

......

GSCO

Sell

3,839,900

689,774

10/02/25

—

(31,706)

Australian

Dollar

....

BZWS

Buy

479,000

315,376

10/15/25

1,642

—

Australian

Dollar

....

MSCO

Buy

9,022,900

5,940,984

10/15/25

30,660

—

Australian

Dollar

....

MSCO

Sell

929,300

602,748

10/15/25

—

(12,292)

Australian

Dollar

....

SSBT

Sell

715,900

470,025

10/15/25

—

(3,781)

Australian

Dollar

....

TDOM

Buy

5,567,600

3,655,380

10/15/25

29,436

—

Australian

Dollar

....

UBSW

Buy

944,300

619,981

10/15/25

4,987

—

Australian

Dollar

....

WPAC

Buy

659,000

432,655

10/15/25

3,493

—

Canadian

Dollar

....

BOFA

Sell

2,594,500

1,902,977

10/15/25

37,475

—

Canadian

Dollar

....

BZWS

Sell

25,500

18,704

10/15/25

—

Canadian

Dollar

....

JPHQ

Sell

1,600

1,175

10/15/25

—

Canadian

Dollar

....

SSBT

Sell

436,600

320,959

10/15/25

7,034

—

Canadian

Dollar

....

TDOM

Sell

6,879,000

5,049,790

10/15/25

103,639

—

Canadian

Dollar

....

UBSW

Sell

798,300

586,026

10/15/25

12,031

—

Israeli

New

Shekel

..

BZWS

Buy

647,900

194,807

10/15/25

800

—

Israeli

New

Shekel

..

CITI

Buy

121,100

36,412

10/15/25

—

Israeli

New

Shekel

..

HSBK

Buy

2,564,300

765,222

10/15/25

8,965

—

Israeli

New

Shekel

..

MSCO

Buy

55,600

16,719

10/15/25

—

Israeli

New

Shekel

..

SSBT

Buy

125,300

37,400

10/15/25

—

Israeli

New

Shekel

..

UBSW

Buy

1,788,000

533,620

10/15/25

6,194

—

Putnam

Asset

Allocation

Funds

Consolidated

Schedule

of

Investments

#### Putnam

#### Dynamic

#### Asset

#### Allocation

#### Growth

#### Fund
(continued)

franklintempleton.com

Annual

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)

Mexican

Peso

......

BOFA

Buy

1,642,900

86,985

10/15/25

$

2,597

$

—

Mexican

Peso

......

BZWS

Buy

1,143,800

60,552

10/15/25

1,815

—

Mexican

Peso

......

GSCO

Buy

15,750,400

834,212

10/15/25

24,604

—

Mexican

Peso

......

MSCO

Sell

1,251,100

66,236

10/15/25

—

(1,982)

Mexican

Peso

......

UBSW

Buy

12,247,400

646,271

10/15/25

21,539

—

New

Zealand

Dollar

.

MSCO

Buy

352,200

212,156

10/15/25

—

(7,866)

South

African

Rand

..

BOFA

Buy

21,073,100

1,179,328

10/15/25

39,756

—

South

African

Rand

..

BOFA

Sell

9,801,400

546,227

10/15/25

—

(20,786)

South

African

Rand

..

BZWS

Buy

2,379,000

134,293

10/15/25

3,333

—

South

African

Rand

..

GSCO

Buy

8,200,500

455,842

10/15/25

18,559

—

South

African

Rand

..

MSCO

Buy

4,349,600

242,026

10/15/25

9,600

—

South

African

Rand

..

MSCO

Sell

17,016,800

949,254

10/15/25

—

(35,172)

South

African

Rand

..

SSBT

Sell

11,227,200

623,569

10/15/25

—

(25,928)

South

African

Rand

..

TDOM

Buy

2,407,900

138,519

10/15/25

778

—

South

African

Rand

..

UBSW

Sell

2,465,000

136,975

10/15/25

—

(5,626)

Chinese

Yuan

......

SSBT

Buy

4,827,900

676,103

11/19/25

3,562

—

Hong

Kong

Dollar

...

BOFA

Buy

2,576,800

331,130

11/19/25

—

Hong

Kong

Dollar

...

BZWS

Buy

1,070,300

137,312

11/19/25

—

Hong

Kong

Dollar

...

BZWS

Sell

2,774,300

356,581

11/19/25

—

(340) Hong

Kong

Dollar

...

CITI

Buy

3,708,200

476,627

11/19/25

—

Hong

Kong

Dollar

...

GSCO

Buy

10,037,500

1,290,097

11/19/25

1,255

—

Hong

Kong

Dollar

...

GSCO

Sell

4,086,200

525,449

11/19/25

—

(252) Hong

Kong

Dollar

...

HSBK

Buy

1,648,900

212,282

11/19/25

—

(147) Hong

Kong

Dollar

...

HSBK

Sell

48,313,000

6,209,632

11/19/25

(6,256)

Hong

Kong

Dollar

...

JPHQ

Buy

652,600

83,867

11/19/25

—

Hong

Kong

Dollar

...

MSCO

Sell

13,570,900

1,747,872

11/19/25

1,940

—

Hong

Kong

Dollar

...

SSBT

Buy

13,948,500

1,794,082

11/19/25

1,041

(612) Hong

Kong

Dollar

...

SSBT

Sell

85,400

10,972

11/19/25

—

(15) Hong

Kong

Dollar

...

UBSW

Sell

3,370,900

433,177

11/19/25

—

(498) Japanese

Yen

......

BOFA

Buy

260,209,000

1,789,202

11/19/25

—

(20,714)

Japanese

Yen

......

BZWS

Sell

115,618,100

794,976

11/19/25

9,187

—

Japanese

Yen

......

GSCO

Buy

306,267,000

2,103,014

11/19/25

—

(21,497)

Japanese

Yen

......

GSCO

Sell

14,391,100

98,113

11/19/25

(154) Japanese

Yen

......

HSBK

Buy

95,599,900

656,101

11/19/25

—

(6,364)

Japanese

Yen

......

HSBK

Sell

66,657,900

454,944

11/19/25

1,909

—

Japanese

Yen

......

MSCO

Buy

804,205,200

5,488,811

11/19/25

—

(23,099)

Japanese

Yen

......

MSCO

Sell

118,277,800

807,864

11/19/25

4,118

(118) Japanese

Yen

......

SSBT

Buy

39,953,900

272,679

11/19/25

—

(1,136)

Japanese

Yen

......

TDOM

Sell

35,687,500

243,954

11/19/25

1,407

—

New

Taiwan

Dollar

..

BZWS

Sell

24,477,600

824,106

11/19/25

17,799

—

Singapore

Dollar

....

BZWS

Buy

27,300

21,454

11/19/25

—

(210) Singapore

Dollar

....

HSBK

Buy

2,072,100

1,624,641

11/19/25

—

(12,193)

Singapore

Dollar

....

SSBT

Buy

3,644,900

2,857,714

11/19/25

—

(21,359)

Singapore

Dollar

....

UBSW

Buy

8,700

6,821

11/19/25

—

(51) South

Korean

Won

..

JPHQ

Sell

1,217,286,700

881,926

11/19/25

13,166

—

British

Pound

......

BOFA

Sell

2,253,200

3,057,971

12/17/25

27,354

—

British

Pound

......

BZWS

Buy

334,600

453,501

12/17/25

—

(3,455)

British

Pound

......

CITI

Sell

2,593,500

3,515,151

12/17/25

26,821

—

British

Pound

......

GSCO

Sell

2,821,000

3,820,553

12/17/25

27,096

(867) British

Pound

......

HSBK

Sell

263,400

356,449

12/17/25

2,169

—

British

Pound

......

JPHQ

Sell

809,800

1,097,502

12/17/25

8,299

—

British

Pound

......

MSCO

Buy

1,776,500

2,399,684

12/17/25

—

(10,241)

British

Pound

......

MSCO

Sell

2,343,900

3,173,051

12/17/25

20,439

—

British

Pound

......

SSBT

Sell

4,089,900

5,546,113

12/17/25

45,083

—

British

Pound

......

TDOM

Sell

72,700

98,588

12/17/25

804

—

British

Pound

......

UBSW

Sell

446,100

604,934

12/17/25

4,917

—

Danish

Krone

......

BOFA

Buy

12,305,100

1,945,898

12/17/25

—

(389) #### Putnam

#### Dynamic

#### Asset

#### Allocation

#### Growth

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

consolidated

financial

statements.

Annual

Report

Putnam

Asset

Allocation

Funds

Consolidated

Schedule

of

Investments

#### Forward

#### Exchange

#### Contracts
(continued)

#### Currency

#### Counter-

#### party

#### a

#### Type

#### Quantity

#### Contract

#### Amount\*

#### Settlement

#### Date

#### Unrealized

#### Appreciation

#### Unrealized

#### Depreciation

#### a

#### OTC

#### Forward

#### Exchange

#### Contracts
(continued)

Danish

Krone

......

BZWS

Buy

3,070,400

485,489

12/17/25

$

—

$

(41) Danish

Krone

......

CITI

Buy

3,526,400

557,600

12/17/25

—

(55) Danish

Krone

......

JPHQ

Buy

4,849,000

766,672

12/17/25

—

(17) Danish

Krone

......

MSCO

Buy

4,351,700

687,943

12/17/25

—

Danish

Krone

......

MSCO

Sell

17,991,700

2,852,251

12/17/25

7,657

—

Danish

Krone

......

SSBT

Buy

406,900

64,328

12/17/25

—

Euro

.............

BOFA

Sell

5,774,700

6,810,162

12/17/25

—

Euro

.............

BZWS

Buy

2,748,600

3,241,416

12/17/25

—

Euro

.............

CITI

Buy

75,800

89,056

12/17/25

—

Euro

.............

GSCO

Sell

63,500

74,845

12/17/25

—

(40) Euro

.............

HSBK

Buy

360,900

425,613

12/17/25

—

(4) Euro

.............

HSBK

Sell

812,200

956,255

12/17/25

—

(1,572)

Euro

.............

JPHQ

Sell

1,258,900

1,484,520

12/17/25

—

(101) Euro

.............

MSCO

Buy

1,159,700

1,363,969

12/17/25

3,666

—

Euro

.............

MSCO

Sell

8,108,700

9,561,868

12/17/25

1,255

(1,978)

Euro

.............

SSBT

Sell

3,150,400

3,714,511

12/17/25

—

(757) Euro

.............

TDOM

Buy

61,900

72,926

12/17/25

—

Euro

.............

TDOM

Sell

411,200

484,838

12/17/25

—

(90) Euro

.............

UBSW

Sell

22,900

27,000

12/17/25

—

(6) Euro

.............

WPAC

Sell

3,385,500

3,991,217

12/17/25

—

(1,304)

Hungarian

Forint

....

BOFA

Sell

143,542,700

425,912

12/17/25

—

(4,156)

Hungarian

Forint

....

SSBT

Sell

73,560,400

218,861

12/17/25

—

(1,533)

Norwegian

Krone

...

JPHQ

Sell

10,324,500

1,044,539

12/17/25

9,751

—

Norwegian

Krone

...

MSCO

Sell

82,400

8,340

12/17/25

—

Polish

Zloty

........

BOFA

Buy

178,200

48,966

12/17/25

—

(1) Polish

Zloty

........

GSCO

Buy

1,231,100

338,256

12/17/25

—

Polish

Zloty

........

HSBK

Buy

210,300

57,783

12/17/25

—

Polish

Zloty

........

MSCO

Buy

907,000

249,552

12/17/25

—

(333) Polish

Zloty

........

SSBT

Buy

1,611,500

443,430

12/17/25

—

(633) Polish

Zloty

........

UBSW

Buy

745,400

205,086

12/17/25

—

(270) Swedish

Krona

.....

BOFA

Buy

1,089,700

117,700

12/17/25

—

(1,390)

Swedish

Krona

.....

BZWS

Buy

10,366,800

1,119,718

12/17/25

—

(13,207)

Swedish

Krona

.....

HSBK

Buy

22,644,800

2,445,826

12/17/25

—

(28,810)

Swedish

Krona

.....

MSCO

Buy

9,208,600

993,003

12/17/25

—

(10,113)

Swedish

Krona

.....

SSBT

Buy

6,402,100

690,354

12/17/25

—

(7,019)

Swiss

Franc

.......

BOFA

Buy

939,500

1,191,730

12/17/25

—

(576) Swiss

Franc

.......

BZWS

Buy

54,000

68,506

12/17/25

—

(42) Swiss

Franc

.......

GSCO

Sell

220,400

279,577

12/17/25

—

Swiss

Franc

.......

HSBK

Buy

403,300

511,588

12/17/25

—

(260) Swiss

Franc

.......

HSBK

Sell

61,700

78,244

12/17/25

—

Swiss

Franc

.......

JPHQ

Buy

116,900

148,304

12/17/25

—

(91) Swiss

Franc

.......

MSCO

Buy

1,055,500

1,340,496

12/17/25

—

(2,271)

Swiss

Franc

.......

SSBT

Buy

1,473,800

1,871,711

12/17/25

—

(3,140)

Swiss

Franc

.......

UBSW

Buy

1,749,400

2,221,771

12/17/25

—

(3,778)

Brazilian

Real

......

BOFA

Buy

1,005,700

184,123

1/05/26

571

—

Brazilian

Real

......

GSCO

Sell

1,459,200

267,072

1/05/26

—

(906) Total

Forward

Exchange

Contracts

...................................................

$661,164

$(367,784)

Net

unrealized

appreciation

(depreciation)

............................................

$293,380

\*

In

U.S.

dollars

unless

otherwise

indicated.

a

May

be

comprised

of

multiple

contracts

with

the

same

counterparty,

currency

and

settlement

date.

Putnam

Asset

Allocation

Funds

Consolidated

Schedule

of

Investments

#### Putnam

#### Dynamic

#### Asset

#### Allocation

#### Growth

#### Fund
(continued)

franklintempleton.com

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

consolidated

financial

statements.

At

September

30,

2025,

the

Fund

had

the

following credit

default

swap

contracts outstanding.

See

Note

(e).

At

September

30,

2025,

the

Fund

had

the

following

interest

rate

swap

contracts

outstanding.

See

Note

1(e).

#### 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

#### Sell

#### Protection

#### (c)(d)

#### Traded

#### Index
CDX.NA.HY.44

.

5.00%

Quarterly

6/20/30

10,144,000

$

822,882

$

489,205

$

333,677

Non-

Investment

Grade

CDX.NA.IG.45

..

1.00%

Quarterly

12/20/30

69,792,000

1,579,585

1,579,585

—

Investment

Grade

Total

Centrally

Cleared

Swap

Contracts

.....................................

$2,402,467

$2,068,790

$333,677

#### OTC

#### Swap

#### Contracts

#### to

#### Buy

#### Protection
(c) #### Traded

#### Index
CMBX.NA.BBB-.6

(3.00)%

Monthly

CITI

5/11/63

1,000

(62) 94

#### Contracts

#### to

#### Sell

#### Protection

#### (c)(d)

#### Traded

#### Index
CMBX.NA.BBB-.6

3.00%

Monthly

BOFA

5/11/63

1,000

(33) 63

(96) Investment

Grade

Total

OTC

Swap

Contracts

..............................................

$(1)

$1

$(2)

Total

Credit

Default

Swap

Contracts

....................................

$2,402,466

$

2,068,791

$333,675

(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

3.6%

.....

Annual

9/17/27

25,224,000

$

(88,793)

$

41,653

$

(130,446)

Receive

Fixed

3.58%

..

Annual

Pay

Floating

1-day

SOFR

............

Annual

9/17/27

36,967,000

115,879

51,261

64,618

Receive

Floating

1-day

SOFR

..............

Annual

Pay

Fixed

3.63%

....

Annual

9/17/30

2,883,000

(31,137)

(9,310)

(21,827)

#### Putnam

#### Dynamic

#### Asset

#### Allocation

#### Growth

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

consolidated

financial

statements.

Annual

Report

Putnam

Asset

Allocation

Funds

Consolidated

Schedule

of

Investments

At

September

30,

2025,

the

Fund

had

the

following total

return swap

contracts

outstanding.

See

Note

1(e)

.

#### Interest

#### Rate

#### Swap

#### Contracts
(continued)

#### Description

#### Payment

#### Frequency

#### Maturity

#### Date

#### Notional

#### Amount\*

#### Value

#### Upfront

#### Payments
(Receipts)

#### Unrealized

#### Appreciation
(Depreciation)

aa

#### aa

#### Centrally

#### Cleared

#### Swap

#### Contracts
(continued)

Receive

Floating

1-day

SOFR

..............

Annual

Pay

Fixed

3.65%

....

Annual

9/17/30

48,777,000

$

(571,620)

$

167,040

$

(738,660)

Receive

Floating

1-day

SOFR

..............

Annual

Pay

Fixed

3.2%

.....

Annual

12/17/30

1,749,000

13,443

7,939

5,504

Receive

Fixed

3.88%

..

Annual

Pay

Floating

1-day

SOFR

............

Annual

9/17/35

23,910,000

445,095

75,389

369,706

Receive

Fixed

3.9%

...

Annual

Pay

Floating

1-day

SOFR

............

Annual

9/17/35

1,764,000

35,798

54,961

(19,163)

Receive

Floating

1-day

SOFR

..............

Annual

Pay

Fixed

4.05%

....

Annual

9/17/55

59,000

(1,237)

(1,570)

Receive

Fixed

4.03%

..

Annual

Pay

Floating

1-day

SOFR

............

Annual

9/17/55

8,031,000

139,964

13,909

126,055

Total

Interest

Rate

Swap

Contracts

.................................

$57,392

$

403,175

$(345,783)

\*

In

U.S.

dollars

unless

otherwise

indicated.

#### Total

#### Return

#### Swap

#### Contracts

#### Underlying

#### Instruments

#### Financing

#### Rate

#### Payment

#### Frequency

#### Counter-

#### party

#### Maturity

#### Date

#### Notional

#### Value

#### \*

#### Value/

#### Unrealized

#### Appreciation
(Depreciation)

#### OTC

#### Swap

#### Contracts

#### Long
(a) RCXTPGDL

Index

#

....................

0%

At

Maturity

GSCO

12/16/25

119,571,775

$

2,003,058

BCFTDEAL

Index

#

....................

1-day

SOFR

+

0.45%

At

Maturity

BZWS

9/18/26

84,232,431

(130,331)

#### Short
(b) RCXTPGSS

Index

#

....................

0%

At

Maturity

GSCO

12/16/25

115,021,745

(531,599)

BCFTDEAS

Index

#

....................

1-day

SOFR

+

0.25%

At

Maturity

BZWS

9/18/26

84,142,620

145,891

Total

Return

Swap

Contracts

....................................................................

$1,487,019

\*

In

U.S.

dollars

unless

otherwise

indicated.

#

Represents

a

custom

index

comprised

of

a

basket

of

underlying

instruments.

The

largest

components,

and

any

individual

component

greater

than

1%

of

basket

value,

are

shown

below.

(a) The

Fund

receives

the

total

return

on

the

underlying

instrument

and

pays

a

variable

financing

rate.

(b) The

Fund

receives

a

variable

financing

rate

and

pays

the

total

return

on

the

underlying

instrument.

Putnam

Asset

Allocation

Funds

Consolidated

Schedule

of

Investments

#### Putnam

#### Dynamic

#### Asset

#### Allocation

#### Growth

#### Fund
(continued)

franklintempleton.com

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

consolidated

financial

statements.

#### Common

#### stocks

#### Sector

#### Shares

#### Value

#### Percentage

#### value

#### A

#### BASKET

#### (#### RCXTPGDL

####)

#### OF

#### COMMON

#### STOCKS
Inpex

Corp

Energy

42,672

$

772,335

0.63%

Lam

Research

Corp

Information

Technology

5,325

712,982

0.58%

Expedia

Group

Inc

Consumer

Discretionary

3,273

699,538

0.57%

Novartis

AG

Health

Care

5,505

692,747

0.57%

Uber

Technologies

Inc

Industrials

7,057

691,414

0.57%

Keysight

Technologies

Inc

Information

Technology

3,917

685,144

0.56%

Endesa

SA

Utilities

21,024

672,182

0.55%

Osaka

Gas

Co

Ltd

Utilities

23,059

669,659

0.55%

Kirin

Holdings

Co

Ltd

Consumer

Staples

45,574

668,863

0.55%

Exxon

Mobil

Corp

Energy

5,912

666,591

0.55%

Dai

Nippon

Printing

Co

Ltd

Industrials

39,095

665,898

0.55%

Garmin

Ltd

Consumer

Discretionary

2,685

661,177

0.54%

Telenor

ASA

Communication

Services

39,576

656,052

0.54%

Idemitsu

Kosan

Co

Ltd

Energy

95,025

653,726

0.54%

MSCI

Inc

Financials

1,148

651,574

0.53%

SS&C

Technologies

Holdings

Inc

Industrials

7,308

648,613

0.53%

AT&T

Inc

Communication

Services

22,906

646,860

0.53%

Holcim

AG

Materials

7,587

642,132

0.53%

Graco

Inc

Industrials

7,549

641,369

0.53%

Netflix

Inc

Communication

Services

534

640,470

0.53%

Smiths

Group

PLC

Industrials

20,204

639,738

0.52%

ConocoPhillips

Energy

6,763

639,708

0.52%

Eni

SpA

Energy

36,363

635,174

0.52%

Altria

Group

Inc

Consumer

Staples

9,595

633,828

0.52%

United

Utilities

Group

PLC

Utilities

40,775

629,347

0.52%

Fortum

Oyj

Utilities

33,216

628,556

0.52%

PepsiCo

Inc

Consumer

Staples

4,472

628,101

0.52%

TotalEnergies

SE

Energy

10,316

627,042

0.51%

Rio

Tinto

PLC

Materials

9,501

625,136

0.51%

Veralto

Corp

Industrials

5,859

624,589

0.51%

Iberdrola

SA

Utilities

32,858

621,777

0.51%

E.ON

SE

Utilities

32,843

618,033

0.51%

Veeva

Systems

Inc

Health

Care

2,059

613,497

0.50%

Automatic

Data

Processing

Inc

Industrials

2,087

612,620

0.50%

Weyerhaeuser

Co

Real

Estate

24,645

610,939

0.50%

Avery

Dennison

Corp

Materials

3,756

609,185

0.50%

PayPal

Holdings

Inc

Financials

9,070

608,251

0.50%

Tokyo

Gas

Co

Ltd

Utilities

17,020

606,667

0.50%

Engie

SA

Utilities

28,245

605,835

0.50%

Imperial

Oil

Ltd

Energy

6,672

605,112

0.50%

Honeywell

International

Inc

Industrials

2,872

604,596

0.50%

Norsk

Hydro

ASA

Materials

88,913

602,391

0.49%

Illumina

Inc

Health

Care

6,290

597,403

0.49%

Danone

SA

Consumer

Staples

6,833

595,454

0.49%

Amadeus

IT

Group

SA

Consumer

Discretionary

7,497

594,591

0.49%

Sekisui

Chemical

Co

Ltd

Industrials

31,487

587,379

0.48%

Airbnb

Inc

Consumer

Discretionary

4,825

585,835

0.48%

NN

Group

NV

Financials

8,293

583,657

0.48%

Telia

Co

AB

Communication

Services

151,954

579,858

0.48%

WH

Group

Ltd

Consumer

Staples

534,257

578,863

0.47%

#### A

#### BASKET

#### (#### BCFTDEAL

####)

#### OF

#### COMMON

#### STOCKS
Valero

Energy

Corp

Energy

6,464

1,100,490

1.31%

General

Motors

Co

Consumer

Discretionary

17,838

1,087,589

1.29%

Johnson

Controls

International

plc

Industrials

9,750

1,071,962

1.27%

Uber

Technologies

Inc

Industrials

10,746

1,052,738

1.25%

#### Putnam

#### Dynamic

#### Asset

#### Allocation

#### Growth

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

consolidated

financial

statements.

Annual

Report

Putnam

Asset

Allocation

Funds

Consolidated

Schedule

of

Investments

#### Common

#### stocks

#### Sector

#### Shares

#### Value

#### Percentage

#### value

#### A

#### BASKET
(BCFTDEAL)

#### OF

#### COMMON

#### STOCKS
(continued)

Pegasystems

Inc

Information

Technology

18,112

$

1,041,459

1.24%

NRG

Energy

Inc

Utilities

6,401

1,036,719

1.23%

DoorDash

Inc

Consumer

Discretionary

3,804

1,034,594

1.23%

Tapestry

Inc

Consumer

Discretionary

8,986

1,017,344

1.21%

Pure

Storage

Inc

Information

Technology

12,071

1,011,648

1.20%

Booking

Holdings

Inc

Consumer

Discretionary

1,002,922

1.19%

Axis

Capital

Holdings

Ltd

Financials

10,339

990,515

1.18%

Exelixis

Inc

Health

Care

23,850

985,002

1.17%

MGIC

Investment

Corp

Financials

34,689

984,119

1.17%

QUALCOMM

Inc

Information

Technology

5,892

980,171

1.16%

Howmet

Aerospace

Inc

Industrials

4,980

977,139

1.16%

Netflix

Inc

Communication

Services

805

965,605

1.15%

Unum

Group

Financials

12,239

951,941

1.13%

AutoNation

Inc

Consumer

Discretionary

4,321

945,381

1.12%

Arista

Networks

Inc

Information

Technology

6,448

939,536

1.12%

State

Street

Corp

Financials

8,068

935,952

1.11%

Cheniere

Energy

Inc

Energy

3,938

925,335

1.10%

Cadence

Design

Systems

Inc

Information

Technology

2,626

922,524

1.10%

Freeport-McMoRan

Inc

Materials

23,206

910,135

1.08%

Natera

Inc

Health

Care

5,622

905,001

1.08%

Equitable

Holdings

Inc

Financials

17,520

889,675

1.06%

Vornado

Realty

Trust

Real

Estate

21,926

888,674

1.06%

Synchrony

Financial

Financials

12,412

881,864

1.05%

Virtu

Financial

Inc

Financials

23,994

851,786

1.01%

Cirrus

Logic

Inc

Information

Technology

6,658

834,126

0.99%

Regeneron

Pharmaceuticals

Inc

Health

Care

1,477

830,437

0.99%

Rubrik

Inc

Information

Technology

10,092

830,030

0.99%

Spotify

Technology

SA

Communication

Services

1,182

825,236

0.98%

Curtiss-Wright

Corp

Industrials

1,508

818,671

0.97%

American

International

Group

Inc

Financials

10,355

813,282

0.97%

Toll

Brothers

Inc

Consumer

Discretionary

5,773

797,488

0.95%

Allison

Transmission

Holdings

Inc

Industrials

9,112

773,405

0.92%

Affiliated

Managers

Group

Inc

Financials

3,224

768,595

0.91%

Docusign

Inc

Information

Technology

10,292

741,954

0.88%

Boyd

Gaming

Corp

Consumer

Discretionary

8,292

716,834

0.85%

Textron

Inc

Industrials

8,467

715,389

0.85%

eBay

Inc

Consumer

Discretionary

7,856

714,504

0.85%

NVR

Inc

Consumer

Discretionary

674,451

0.80%

Louisiana-Pacific

Corp

Materials

7,342

652,226

0.78%

Ulta

Beauty

Inc

Consumer

Discretionary

1,185

647,811

0.77%

Edison

International

Utilities

11,583

640,290

0.76%

Southwest

Airlines

Co

Industrials

19,979

637,536

0.76%

Manhattan

Associates

Inc

Information

Technology

3,061

627,516

0.75%

Ventas

Inc

Real

Estate

8,772

613,953

0.73%

Dropbox

Inc

Information

Technology

19,867

600,196

0.71%

Duolingo

Inc

Consumer

Discretionary

1,797

578,382

0.69%

#### A

#### BASKET

#### (#### RCXTPGSS

####)

#### OF

#### COMMON

#### STOCKS
Ferrovial

SE

Industrials

11,598

664,765

0.57%

Atmos

Energy

Corp

Utilities

3,844

656,306

0.57%

Salmar

ASA

Consumer

Staples

12,284

656,210

0.57%

Equifax

Inc

Industrials

2,509

643,572

0.56%

Antofagasta

PLC

Materials

17,369

643,254

0.56%

Imperial

Brands

PLC

Consumer

Staples

15,033

639,113

0.55%

Lennar

Corp

Consumer

Discretionary

5,057

637,387

0.55%

Sigma

Healthcare

Ltd

Health

Care

321,598

633,024

0.55%

Realty

Income

Corp

Real

Estate

10,406

632,566

0.55%

Putnam

Asset

Allocation

Funds

Consolidated

Schedule

of

Investments

#### Putnam

#### Dynamic

#### Asset

#### Allocation

#### Growth

#### Fund
(continued)

franklintempleton.com

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

consolidated

financial

statements.

#### Common

#### stocks

#### Sector

#### Shares

#### Value

#### Percentage

#### value

#### A

#### BASKET
(RCXTPGSS)

#### OF

#### COMMON

#### STOCKS
(continued)

Keppel

Ltd

Industrials

90,899

$

628,930

0.54%

Singapore

Telecommunications

Ltd

Communication

Services

193,585

620,157

0.54%

Nutrien

Ltd

Materials

10,411

611,514

0.53%

Orange

SA

Communication

Services

37,374

606,464

0.52%

International

Paper

Co

Materials

13,027

604,465

0.52%

Southern

Co/The

Utilities

6,375

604,122

0.52%

Hermes

International

SCA

Consumer

Discretionary

600,936

0.52%

Marriott

International

Inc/MD

Consumer

Discretionary

2,297

598,300

0.52%

Diamondback

Energy

Inc

Energy

4,181

598,296

0.52%

RELX

PLC

Industrials

12,419

594,679

0.51%

Cellnex

Telecom

SA

Communication

Services

17,048

590,739

0.51%

Infrastrutture

Wireless

Italiane

SpA

Communication

Services

50,109

589,373

0.51%

Swisscom

AG

Communication

Services

809

587,121

0.51%

EssilorLuxottica

SA

Health

Care

1,807

586,148

0.51%

Allianz

SE

Financials

1,390

583,684

0.50%

Haleon

PLC

Health

Care

130,074

582,071

0.50%

Wilmar

International

Ltd

Consumer

Staples

261,372

577,808

0.50%

Coca-Cola

Co/The

Consumer

Staples

8,683

575,864

0.50%

Royalty

Pharma

PLC

Health

Care

16,260

573,636

0.50%

Saputo

Inc

Consumer

Staples

23,591

573,075

0.49%

Air

Products

and

Chemicals

Inc

Materials

2,088

569,494

0.49%

Waste

Connections

Inc

Industrials

3,213

564,815

0.49%

Aker

BP

ASA

Energy

22,051

559,353

0.48%

Swiss

Life

Holding

AG

Financials

513

551,909

0.48%

Visa

Inc

Financials

1,609

549,279

0.47%

Dominion

Energy

Inc

Utilities

8,965

548,414

0.47%

Pernod

Ricard

SA

Consumer

Staples

5,576

547,341

0.47%

Martin

Marietta

Materials

Inc

Materials

857

540,097

0.47%

U-Haul

Holding

Co

Industrials

10,600

539,521

0.47%

PPL

Corp

Utilities

14,176

526,776

0.45%

Alamos

Gold

Inc

Materials

15,096

526,320

0.45%

Walmart

Inc

Consumer

Staples

5,068

522,304

0.45%

Thomson

Reuters

Corp

Industrials

3,355

521,123

0.45%

CMS

Energy

Corp

Utilities

7,068

517,827

0.45%

FUJIFILM

Holdings

Corp

Information

Technology

20,703

516,024

0.45%

Paychex

Inc

Industrials

4,012

508,562

0.44%

Straumann

Holding

AG

Health

Care

4,762

508,126

0.44%

Bureau

Veritas

SA

Industrials

16,190

506,768

0.44%

Aeon

Co

Ltd

Consumer

Staples

41,284

501,779

0.43%

Masco

Corp

Industrials

7,063

497,177

0.43%

Metso

Oyj

Industrials

35,944

493,511

0.43%

#### A

#### BASKET

#### (#### BCFTDEAS

####)

#### OF

#### COMMON

#### STOCKS
Synopsys

Inc

Information

Technology

2,468

1,217,588

1.45%

Micron

Technology

Inc

Information

Technology

6,619

1,107,490

1.32%

DT

Midstream

Inc

Energy

9,719

1,098,820

1.31%

Take-Two

Interactive

Software

Inc

Communication

Services

4,244

1,096,387

1.30%

Diamondback

Energy

Inc

Energy

7,594

1,086,738

1.29%

BWX

Technologies

Inc

Industrials

5,856

1,079,591

1.28%

Royal

Caribbean

Cruises

Ltd

Consumer

Discretionary

3,268

1,057,397

1.26%

Dell

Technologies

Inc

Information

Technology

7,443

1,055,169

1.26%

SoFi

Technologies

Inc

Financials

38,338

1,012,889

1.20%

MKS

Inc

Information

Technology

8,101

1,002,630

1.19%

Roivant

Sciences

Ltd

Health

Care

64,645

978,082

1.16%

Blue

Owl

Capital

Inc

Financials

56,670

959,420

1.14%

Norwegian

Cruise

Line

Holdings

Ltd

Consumer

Discretionary

37,479

923,107

1.10%

Lithia

Motors

Inc

Consumer

Discretionary

2,912

920,251

1.09%

#### Putnam

#### Dynamic

#### Asset

#### Allocation

#### Growth

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

consolidated

financial

statements.

Annual

Report

Putnam

Asset

Allocation

Funds

Consolidated

Schedule

of

Investments

See

Note

regarding

other

derivative

information.

See

abbreviations

on

.

#### Common

#### stocks

#### Sector

#### Shares

#### Value

#### Percentage

#### value

#### A

#### BASKET
(BCFTDEAS)

#### OF

#### COMMON

#### STOCKS
(continued)

Carnival

Corp

Consumer

Discretionary

31,267

$

903,935

1.08%

Gen

Digital

Inc

Information

Technology

31,757

901,589

1.07%

Monolithic

Power

Systems

Inc

Information

Technology

971

894,214

1.06%

Aon

PLC

Financials

2,406

857,822

1.02%

Domino's

Pizza

Inc

Consumer

Discretionary

1,977

853,328

1.02%

Kinsale

Capital

Group

Inc

Financials

1,944

826,589

0.98%

Ross

Stores

Inc

Consumer

Discretionary

5,225

796,303

0.95%

RPM

International

Inc

Materials

6,707

790,610

0.94%

Tyler

Technologies

Inc

Information

Technology

1,494

781,724

0.93%

Equifax

Inc

Industrials

2,937

753,392

0.90%

PTC

Inc

Information

Technology

3,652

741,386

0.88%

Affirm

Holdings

Inc

Financials

10,096

737,822

0.88%

Bunge

Global

SA

Consumer

Staples

9,044

734,799

0.87%

Royal

Gold

Inc

Materials

3,662

734,580

0.87%

Jack

Henry

&

Associates

Inc

Financials

4,864

724,374

0.86%

NU

Holdings

Ltd/Cayman

Islands

Financials

43,399

694,812

0.83%

Somnigroup

International

Inc

Consumer

Discretionary

8,194

691,028

0.82%

Texas

Instruments

Inc

Information

Technology

3,740

687,147

0.82%

Fox

Corp

Communication

Services

11,965

685,488

0.82%

Entegris

Inc

Information

Technology

7,083

654,915

0.78%

Watsco

Inc

Industrials

1,618

654,109

0.78%

NIKE

Inc

Consumer

Discretionary

9,248

644,854

0.77%

Coherent

Corp

Information

Technology

5,796

624,316

0.74%

LPL

Financial

Holdings

Inc

Financials

1,875

623,920

0.74%

Albemarle

Corp

Materials

7,689

623,399

0.74%

elf

Beauty

Inc

Consumer

Staples

4,695

622,047

0.74%

Healthcare

Realty

Trust

Inc

Real

Estate

34,036

613,672

0.73%

Expand

Energy

Corp

Energy

5,691

604,651

0.72%

Amdocs

Ltd

Information

Technology

7,310

599,794

0.71%

Marriott

International

Inc/MD

Consumer

Discretionary

2,260

588,650

0.70%

CH

Robinson

Worldwide

Inc

Industrials

4,400

582,622

0.69%

Stanley

Black

&

Decker

Inc

Industrials

7,674

570,404

0.68%

T

Rowe

Price

Group

Inc

Financials

5,515

566,057

0.67%

Arthur

J

Gallagher

&

Co

Financials

1,731

536,170

0.64%

Alphabet

Inc

Communication

Services

2,176

529,051

0.63%

General

Electric

Co

Industrials

1,751

526,701

0.63%

Putnam

Asset

Allocation

Funds

Consolidated

Financial

Statements

Consolidated

Statement

of

Assets

and

Liabilities

September

30,

2025

franklintempleton.com

Annual

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

...................................................................

$1,914,873,264

Cost

-

Non-controlled

affiliates

(Note

g)

........................................................

94,625,401

Value

-

Unaffiliated

issuers

..................................................................

$2,951,637,486

Value

-

Non-controlled

affiliates

(Note

g)

.......................................................

94,625,401

Cash

....................................................................................

1,628,727

Foreign

currency,

at

value

(cost

$377,451)

........................................................

376,593

Receivables:

Investment

securities

sold

...................................................................

6,568,753

Receivable

for

sales

of

TBA

securities

(Note

d)

..................................................

14,648,281

Capital

shares

sold

........................................................................

2,839,837

Dividends

and

interest

.....................................................................

6,179,447

European

Union

tax

reclaims

(Note

h)

.........................................................

1,032,566

Deposits

with

brokers

for:

Centrally

cleared

swap

contracts

............................................................

3,467,092

Variation

margin

on

futures

contracts

...........................................................

1,268,866

OTC

swap

contracts

(upfront

payments)

..........................................................

Unrealized

appreciation

on

OTC

forward

exchange

contracts

..........................................

661,164

Unrealized

appreciation

on

OTC

swap

contracts

....................................................

2,149,043

Prepaid

expenses

..........................................................................

248,932

Total

assets

..........................................................................

3,087,332,251

Liabilities:

Payables:

Investment

securities

purchased

..............................................................

13,880,269

Payable

for

purchases

of

TBA

securities

(Note

d)

................................................

73,587,910

Capital

shares

redeemed

...................................................................

5,398,572

Management

fees

.........................................................................

1,370,738

Administrative

fees

........................................................................

9,575

Distribution

fees

..........................................................................

502,714

Transfer

agent

fees

........................................................................

579,133

Trustees'

fees

and

expenses

.................................................................

320,510

Variation

margin

on

centrally

cleared

swap

contracts

...............................................

254,890

Deposits

from

brokers

for:

OTC

derivative

contracts

..................................................................

2,160,000

OTC

swap

contracts

(upfront

receipts)

...........................................................

Unrealized

depreciation

on

OTC

swap

contracts

....................................................

662,026

Unrealized

depreciation

on

OTC

forward

exchange

contracts

..........................................

367,784

TBA

sale

commitments,

at

value

(proceeds

$14,648,281)

(Note

1d)

....................................

14,591,839

Deferred

taxes

on

unrealized

appreciation

........................................................

591,782

Accrued

expenses

and

other

liabilities

...........................................................

275,570

Total

liabilities

.........................................................................

114,553,374

Net

assets,

at

value

.................................................................

$2,972,778,877

Net

assets

consist

of:

Paid-in

capital

.............................................................................

$1,876,860,071

Total

distributable

earnings

(losses)

.............................................................

1,095,918,806

Net

assets,

at

value

.................................................................

$2,972,778,877

Putnam

Asset

Allocation

Funds

Consolidated

Financial

Statements

Consolidated

Statement

of

Assets

and

Liabilities

(continued)

September

30,

2025

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

consolidated

financial

statements.

Annual

Report

#### Putnam

#### Dynamic

#### Asset

#### Allocation

#### Growth

#### Fund

#### Class

#### A:
Net

assets,

at

value

.......................................................................

$1,965,554,528

Shares

outstanding

........................................................................

87,828,587

Net

asset

value

per

share

a,b

..................................................................

$22.38

Maximum

offering

price

per

share

(net

asset

value

per

share

÷

94.25%)

b

................................

$23.75

#### Class

#### C:
Net

assets,

at

value

.......................................................................

$118,596,586

Shares

outstanding

........................................................................

5,871,221

Net

asset

value

and

maximum

offering

price

per

share

a,b

............................................

$20.20

#### Class

#### P:
Net

assets,

at

value

.......................................................................

$84,031,223

Shares

outstanding

........................................................................

3,681,943

Net

asset

value

and

maximum

offering

price

per

share

b

.............................................

$22.82

#### Class

#### R:
Net

assets,

at

value

.......................................................................

$15,143,466

Shares

outstanding

........................................................................

699,897

Net

asset

value

and

maximum

offering

price

per

share

b

.............................................

$21.64

#### Class

#### R5:
Net

assets,

at

value

.......................................................................

$66,519

Shares

outstanding

........................................................................

2,815

Net

asset

value

and

maximum

offering

price

per

share

b

.............................................

$23.63

#### Class

#### R6:
Net

assets,

at

value

.......................................................................

$387,782,555

Shares

outstanding

........................................................................

16,970,285

Net

asset

value

and

maximum

offering

price

per

share

b

.............................................

$22.85

#### Class

#### Y:
Net

assets,

at

value

.......................................................................

$401,604,000

Shares

outstanding

........................................................................

17,617,163

Net

asset

value

and

maximum

offering

price

per

share

b

.............................................

$22.80

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

Financial

Statements

Consolidated

Statement

of

Operations\*

for

the

year

ended

September

30,

2025

franklintempleton.com

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

consolidated

financial

statements.

#### Putnam

#### Dynamic

#### Asset

#### Allocation

#### Growth

#### Fund
Investment

income:

Dividends:

(net

of

foreign

taxes

of

$1,501,098)

Unaffiliated

issuers

........................................................................

$35,430,301

Non-controlled

affiliates

(Note

g)

.............................................................

6,325,720

Interest:

Unaffiliated

issuers

........................................................................

19,931,621

Other

income

(Note

h)

......................................................................

256,749

Total

investment

income

...................................................................

61,944,391

Expenses:

Management

fees

(Note

a)

...................................................................

15,632,451

Administrative

fees

(Note

b)

..................................................................

54,052

Distribution

fees:

(Note

3c)

&nbsp;&nbsp;&nbsp;&nbsp;Class

A

................................................................................

4,576,772

&nbsp;&nbsp;&nbsp;&nbsp;Class

C

................................................................................

1,242,004

&nbsp;&nbsp;&nbsp;&nbsp;Class

R

................................................................................

68,630

Transfer

agent

fees:

(Note

3e)

&nbsp;&nbsp;&nbsp;&nbsp;Class

A

................................................................................

2,062,892

&nbsp;&nbsp;&nbsp;&nbsp;Class

C

................................................................................

139,920

&nbsp;&nbsp;&nbsp;&nbsp;Class

P

................................................................................

7,126

&nbsp;&nbsp;&nbsp;&nbsp;Class

R

................................................................................

15,421

&nbsp;&nbsp;&nbsp;&nbsp;Class

R5

...............................................................................

&nbsp;&nbsp;&nbsp;&nbsp;Class

R6

...............................................................................

181,847

&nbsp;&nbsp;&nbsp;&nbsp;Class

Y

................................................................................

365,963

Custodian

fees

(Note

4)

......................................................................

265,410

Reports

to

shareholders

fees

..................................................................

120,638

Registration

and

filing

fees

....................................................................

109,464

Professional

fees

...........................................................................

461,716

Trustees'

fees

and

expenses

(Note

f)

...........................................................

97,956

Organization

costs

(Note

1j)

...................................................................

13,835

Interest

expense

...........................................................................

1,895

Other

....................................................................................

62,995

Total

expenses

.........................................................................

25,481,043

Expense

reductions

(Note

4)

...............................................................

(39,667)

Expenses

waived/paid

by

affiliates

(Note

g

and

h)

..............................................

(387) Net

expenses

.........................................................................

25,440,989

Net

investment

income

................................................................

36,503,402

Putnam

Asset

Allocation

Funds

Financial

Statements

Consolidated

Statement

of

Operations\*

(continued)

for

the

year

ended

September

30,

2025

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

consolidated

financial

statements.

Annual

Report

#### Putnam

#### Dynamic

#### Asset

#### Allocation

#### Growth

#### Fund
Realized

and

unrealized

gains

(losses):

Net

realized

gain

(loss)

from:

Investments:

(net

of

foreign

taxes

of

$374,625)

Unaffiliated

issuers

......................................................................

146,545,952

Written

options

...........................................................................

1,358,955

Foreign

currency

transactions

................................................................

80,094

Forward

exchange

contracts

.................................................................

(1,495,550)

Futures

contracts

.........................................................................

(23,389,434)

TBA

sale

commitments

.....................................................................

535,644

Swap

contracts

...........................................................................

5,630,561

Net

realized

gain

(loss)

..................................................................

129,266,222

Net

change

in

unrealized

appreciation

(depreciation)

on:

Investments:

Unaffiliated

issuers

......................................................................

226,329,550

Translation

of

other

assets

and

liabilities

denominated

in

foreign

currencies

..............................

1,166,283

Written

options

...........................................................................

(1,045,495)

Forward

exchange

contracts

.................................................................

(161,860)

Futures

contracts

.........................................................................

(375,169)

TBA

sale

commitments

.....................................................................

862

Swap

contracts

...........................................................................

1,734,568

Change

in

deferred

taxes

on

unrealized

appreciation

...............................................

(591,782)

Net

change

in

unrealized

appreciation

(depreciation)

............................................

227,056,957

Net

realized

and

unrealized

gain

(loss)

............................................................

356,323,179

Net

increase

(decrease)

in

net

assets

resulting

from

operations

..........................................

$392,826,581

\*

I

ncludes

the

consolidated

operations

of

Franklin

Dynamic

Asset

Allocation

Growth

Ltd.

from

July

7,

2025

through

September

30,

2025. See

Note

1(g).

Putnam

Asset

Allocation

Funds

Financial

Statements

Consolidated

Statements

of

Changes

in

Net

Assets

franklintempleton.com

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

consolidated

financial

statements.

#### Putnam

#### Dynamic

#### Asset

#### Allocation

#### Growth

#### Fund

#### Year

#### Ended

#### September

#### 30,

#### 2025\*

#### Year

#### Ended

#### September

#### 30,

#### 2024
Increase

(decrease)

in

net

assets:

Operations:

Net

investment

income

.................................................

$36,503,402

$37,301,807

Net

realized

gain

(loss)

.................................................

129,266,222

231,547,233

Net

change

in

unrealized

appreciation

(depreciation)

...........................

227,056,957

405,956,400

Net

increase

(decrease)

in

net

assets

resulting

from

operations

................

392,826,581

674,805,440

Distributions

to

shareholders:

Class

A

.............................................................

(179,413,226)

(65,698,161)

Class

B

.............................................................

—

(270,230)

Class

C

.............................................................

(13,180,514)

(4,908,033)

Class

P

.............................................................

(6,492,298)

(1,285,475)

Class

R

.............................................................

(1,339,288)

(596,269)

Class

R5

............................................................

(1,868)

(82) Class

R6

............................................................

(36,600,037)

(14,597,609)

Class

Y

.............................................................

(30,037,953)

(8,679,660)

Total

distributions

to

shareholders

..........................................

(267,065,184)

(96,035,519)

Capital

share

transactions:

(Note

2)

Class

A

.............................................................

42,962,154

(53,707,797)

Class

B

.............................................................

—

(11,794,161)

Class

C

.............................................................

(20,042,439)

(25,718,730)

Class

P

.............................................................

25,523,719

20,227,317

Class

R

.............................................................

990,295

(3,619,760)

Class

R5

............................................................

47,560

7,636

Class

R6

............................................................

9,289,381

(33,795,760)

Class

Y

.............................................................

90,413,517

37,858,951

Total

capital

share

transactions

............................................

149,184,187

(70,542,304)

Net

increase

(decrease)

in

net

assets

...................................

274,945,584

508,227,617

Net

assets:

Beginning

of

year

.......................................................

2,697,833,293

2,189,605,676

End

of

year

...........................................................

$2,972,778,877

$2,697,833,293

\*

I

ncludes

the

consolidated

operations

of

Franklin

Dynamic

Asset

Allocation

Growth

Ltd.

from

July

7,

2025

through

September

30,

2025. See

Note

1(g).

Putnam

Asset

Allocation

Funds

franklintempleton.com

Annual

Report

Notes

to

Consolidated

Financial

Statements

#### 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.

Effective

September

5,

2024,

all

Class

B

shares

were

converted

to

Class

A. The

following

summarizes

the Fund's

significant

accounting

policies.

a. #### Financial

#### Instrument

#### Valuation
The

Fund's

investments

in

financial

instruments

are

carried

at

fair

value

daily.

Fair

value

is

the

price

that

would

be

received

to

sell

an

asset

or

paid

to

transfer

a

liability

in

an

orderly

transaction

between

market

participants

on

the

measurement

date.

The

Fund

calculates

the

net

asset

value

(NAV)

per

share

each business

day as

of

p.m.

Eastern

time

or

the

regularly

scheduled

close

of

the

New

York

Stock

Exchange

(NYSE),

whichever

is

earlier.

Under

compliance

policies

and

procedures

approved

by

the Trust's

Board

of

Trustees

(the

Board),

the

Board

has

designated

the

Fund's

investment

manager

as

the

valuation

designee

and

has

responsibility

for

oversight

of

valuation.

The

investment

manager

is

assisted

by

the

Fund's

administrator

in

performing

this

responsibility,

including

leading

the

cross-

functional

Valuation

Committee

(VC).

The

Fund

may

utilize

independent

pricing

services,

quotations

from

securities

and

financial

instrument

dealers,

and

other

market

sources

to

determine

fair

value.

Equity

securities,

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.

Certain

derivative

financial

instruments

are

centrally

cleared

or

trade

in

the

OTC

market.

The

Fund's

pricing

services

use

various

techniques

including

industry

standard

option

pricing

models

and

proprietary

discounted

cash

flow

models

to

determine

the

fair

value

of

those

instruments.

The

Fund's

net

benefit

or

obligation

under

the

derivative

contract,

as

measured

by

the

fair

value

of

the

contract,

is

included

in

net

assets.

Putnam

Asset

Allocation

Funds

Notes

to

Consolidated

Financial

Statements

franklintempleton.com

Annual

Report

#### Putnam

#### Dynamic

#### Asset

#### Allocation

#### 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

September

30,

2025,

certain

securities

may

have

been

fair

valued

using

these

procedures,

in

which

case

the

securities

were

categorized

as

Level

within

the

fair

value

hierarchy

(referred

to

as

"market

level

fair

value").

See

the

Fair

Value

Measurements

note

for

more

information.

When

the

last

day

of

the

reporting

period

is

a

non-business

day,

certain

foreign

markets

may

be

open

on

those

days

that

the

Fund's

NAV

is

not

calculated,

which

could

result

in

differences

between

the

value

of

the

Fund's

portfolio

securities

on

the

last

business

day

and

the

last

calendar

day

of

the

reporting

period.

Any

security

valuation

changes

due

to

an

open

foreign

market

are

adjusted

and

reflected

by

the

Fund

for

financial

reporting

purposes.

b. #### Foreign

#### Currency

#### Translation
Portfolio

securities

and

other

assets

and

liabilities

denominated

in

foreign

currencies

are

translated

into

U.S.

dollars

based

on

the

exchange

rate

of

such

currencies

against

U.S.

dollars

on

the

date

of

valuation.

The

Fund

may

enter

into

foreign

currency

exchange

contracts

to

facilitate

transactions

denominated

in

a

foreign

currency.

Purchases

and

sales

of

securities,

income

and

expense

items

denominated

in

foreign

currencies

are

translated

into

U.S.

dollars

at

the

exchange

rate

in

effect

on

the

transaction

date.

Portfolio

securities

and

assets

and

liabilities

denominated

in

foreign

currencies

contain

risks

that

those

currencies

will

decline

in

value

relative

to

the

U.S.

dollar.

Occasionally,

events

may

impact

the

availability

or

reliability

of

foreign

exchange

rates

used

to

convert

the

U.S.

dollar

equivalent

value.

If

such

an

event

occurs,

the

foreign

exchange

rate

will

be

valued

at

fair

value

using

procedures

established

and

approved

by

the

Board.

The

Fund

does

not

separately

report

the

effect

of

changes

in

foreign

exchange

rates

from

changes

in

market

prices

on

securities

held.

Such

changes

are

included

in

net

realized

and

unrealized

gain

or

loss

from

investments

in

the

Consolidated

Statement of

Operations.

Realized

foreign

exchange

gains

or

losses

arise

from

sales

of

foreign

currencies,

currency

gains

or

losses

realized

between

the

trade

and

settlement

dates

on

securities

transactions

and

the

difference

between

the

recorded

amounts

of

dividends,

interest,

and

foreign

withholding

taxes

and

the

U.S.

dollar

equivalent

of

the

amounts

actually

received

or

paid.

Net

unrealized

foreign

exchange

gains

and

losses

arise

from

changes

in

foreign

exchange

rates

on

foreign

denominated

assets

and

liabilities

other

than

investments

in

securities

held

at

the

end

of

the

reporting

period.

c. #### Stripped

#### Securities
The

Fund

may

invest

in

stripped

securities

which

represent

a

participation

in

securities

that

may

be

structured

in

classes

with

rights

to

receive

different

portions

of

the

interest

and

principal.

Interest-only

securities

receive

all

of

the

interest

and

principal-only

securities

receive

all

of

the

principal.

If

the

interest

only

securities

experience

greater

than

anticipated

prepayments

of

principal,

the

Fund

may

fail

to

recoup

fully

its

initial

investment

in

these

securities.

Conversely,

principal-

only

securities

increase

in

value

if

prepayments

are

greater

1. #### Organization

#### and

#### Significant

#### Accounting

#### Policies
(continued)

a. #### Financial

#### Instrument

#### Valuation
(continued)

Putnam

Asset

Allocation

Funds

Notes

to

Consolidated

Financial

Statements

franklintempleton.com

Annual

Report

#### Putnam

#### Dynamic

#### Asset

#### Allocation

#### Growth

#### Fund
(continued)

than

anticipated

and

decline

if

prepayments

are

slower

than

anticipated.

The

fair

value

of

these

securities

is

highly

sensitive

to

changes

in

interest

rates.

d. #### Securities

#### Purchased

#### on

#### a

#### When-Issued,

#### Forward Commitment or

#### Delayed

#### Delivery

#### Basis

#### and

#### TBA

#### Basis
The

Fund

may

purchase

securities

on

a when-issued,

forward

commitment

or

delayed

delivery

and to-be-

announced

(TBA)

basis,

with

payment

and

delivery

scheduled

for

a

future

date.

These

transactions

are

subject

to

market

fluctuations

and

are

subject

to

the

risk

that

the

value

at

delivery

may

be

more

or

less

than

the

trade

date

purchase

price.

Although

the

Fund

will

generally

purchase

these

securities

with

the

intention

of

holding

the

securities, it

may

sell

the

securities

before

the

settlement

date.

Collateral

has

been

pledged

and/or

received

for

open

TBA

trades.

The

Fund

may

also

enter

into

TBA

sale

commitments

to

hedge

its

portfolio

positions,

to

sell

mortgage-backed

securities

it

owns

under

delayed

delivery

arrangements

or

to

take

a

short

position

in

mortgage-backed

securities.

Proceeds

of

TBA

sale

commitments

are

not

received

until

the

contractual

settlement

date.

During

the

time

a

TBA

sale

commitment

is

outstanding,

either

equivalent

deliverable

securities

or

an

offsetting

TBA

purchase

commitment

deliverable

on

or

before

the

sale

commitment

date

are

held

as

"cover"

for

the

transaction,

or

other

liquid

assets

in

an

amount

equal

to

the

notional

value

of

the

TBA

sale

commitment

are

segregated.

If

the

TBA

sale

commitment

is

closed

through

the

acquisition

of

an

offsetting

TBA

purchase

commitment,

the

Fund

realizes

a

gain

or

loss.

If

the

Fund

delivers

securities

under

the

commitment,

the

Fund

realizes

a

gain

or

a

loss

from

the

sale

of

the

securities

based

upon

the

unit

price

established

at

the

date

the

commitment

was

entered

into.

TBA

commitments,

which

are

accounted

for

as

purchase

and

sale

transactions,

may

be

considered

securities

themselves,

and

involve

a

risk

of

loss

due

to

changes

in

the

value

of

the

security

prior

to

the

settlement

date

as

well

as

the

risk

that

the

counterparty

to

the

transaction

will

not

perform

its

obligations.

Counterparty

risk

is

mitigated

by

having

a

master

agreement

between

the

Fund

and

the

counterparty.

Unsettled

TBA

commitments

are

valued

at

their

fair

value

according

to

the

procedures

described

in

the

Financial

Instrument

Valuation

note.

The

contract

is

marked

to

market

daily

and

the

change

in

fair

value

is

recorded

by

the

Fund

as

an

unrealized

gain

or

loss.

Based

on

market

circumstances,

the

investment

manager

will

determine

whether

to

take

delivery

of

the

underlying

securities

or

to

dispose

of

the

TBA

commitments

prior

to

settlement.

e. #### Derivative

#### Financial

#### Instruments
The

Fund invested

in

derivative

financial

instruments

in

order

to

manage

risk

or

gain

exposure

to

various

other

investments

or

markets.

Derivatives

are

financial

contracts

based

on

an

underlying

or

notional

amount,

require

no

initial

investment

or

an

initial

net

investment

that

is

smaller

than

would

normally

be

required

to

have

a

similar

response

to

changes

in

market

factors,

and

require

or

permit

net

settlement.

Derivatives

contain

various

risks

including

the

potential

inability

of

the

counterparty

to

fulfill

their

obligations

under

the

terms

of

the

contract,

the

potential

for

an

illiquid

secondary

market,

and/or

the

potential

for

market

movements

which

expose

the

Fund

to

gains

or

losses

in

excess

of

the

amounts

shown

in

the

Consolidated

Statement

of

Assets

and

Liabilities.

Realized

gain

and

loss

and

unrealized

appreciation

and

depreciation

on

these

contracts

for

the

period

are

included

in

the

Consolidated

Statement

of

Operations.

Derivative

counterparty

credit

risk

is

managed

through

a

formal

evaluation

of

the

creditworthiness

of

all

potential

counterparties.

The

Fund

attempts

to

reduce

its

exposure

to

counterparty

credit

risk

on

OTC

derivatives,

whenever

possible,

by

entering

into

International

Swaps

and

Derivatives

Association

(ISDA)

master

agreements

with

certain

counterparties.

These

agreements

contain

various

provisions,

including

but

not

limited

to

collateral

requirements,

events

of

default,

or

early

termination.

Termination

events

applicable

to

the

counterparty

include

certain

deteriorations

in

the

credit

quality

of

the

counterparty.

Termination

events

applicable

to

the

Fund

include

failure

of

the

Fund

to

maintain

certain

net

asset

levels

and/

or

limit

the

decline

in

net

assets

over

various

periods

of

time.

In

the

event

of

default

or

early

termination,

the

ISDA

master

agreement

gives

the

non-defaulting

party

the

right

to

net

and

close-out

all

transactions

traded,

whether

or

not

arising

under

the

ISDA

agreement,

to

one

net

amount

payable

by

one

counterparty

to

the

other.

However,

absent

an

event

of

default

or

early

termination,

OTC

derivative

1. #### Organization

#### and

#### Significant

#### Accounting

#### Policies
(continued)

c. #### Stripped

#### Securities
(continued)

Putnam

Asset

Allocation

Funds

Notes

to

Consolidated

Financial

Statements

franklintempleton.com

Annual

Report

#### Putnam

#### Dynamic

#### Asset

#### Allocation

#### Growth

#### Fund
(continued)

assets

and

liabilities

are

presented

gross

and

not

offset

in

the

Consolidated

Statement

of

Assets

and

Liabilities.

Early

termination

by

the

counterparty

may

result

in

an

immediate

payment

by

the

Fund

of

any

net

liability

owed

to

that

counterparty

under

the

ISDA

agreement.

Collateral

requirements

differ

by

type

of

derivative.

Collateral

or

initial

margin

requirements

are

set

by

the

broker

or

exchange

clearing

house

for

exchange

traded

and

centrally

cleared

derivatives.

Initial

margin

deposited

is

held

at

the

exchange

and

can

be

in

the

form

of

cash

and/or

securities.

For

OTC

derivatives

traded

under

an

ISDA

master

agreement,

posting

of

collateral

is

required

by

either

the

Fund

or

the

applicable

counterparty

if

the

total

net

exposure

of

all

OTC

derivatives

with

the

applicable

counterparty

exceeds

the

minimum

transfer

amount,

which

typically

ranges

from

$100,000

to

$250,000,

and

can

vary

depending

on

the

counterparty

and

the

type

of agreement.

Generally,

collateral

is

determined

at

the

close

of

Fund

business

each

day

and

any

additional

collateral

required

due

to

changes

in

derivative

values

may

be

delivered

by

the

Fund

or

the

counterparty

the

next

business

day,

or

within

a

few

business

days.

Collateral

pledged

and/or

received

by

the

Fund

for

OTC

derivatives,

if

any,

is

held

in

segregated

accounts

with

the

Fund's

custodian/counterparty

broker

and

can

be

in

the

form

of

cash

and/or

securities.

Unrestricted

cash

may

be

invested

according

to

the

Fund's

investment

objectives.

To

the

extent

that

the

amounts

due

to

the

Fund

from

its

counterparties

are

not

subject

to

collateralization

or

are

not

fully

collateralized,

the

Fund

bears

the

risk

of

loss

from

counterparty

non-performance.

The

Fund

entered

into

exchange

traded

futures

contracts

primarily

to

manage

and/or

gain

exposure

to

commodity

price,

interest

rate

and

equity

price

risk.

A

futures

contract

is

an

agreement

between

the

Fund

and

a

counterparty

to

buy

or

sell

an

asset

at

a

specified

price

on

a

future

date.

Required

initial

margins

are

pledged

by

the

Fund,

and

the

daily

change

in

fair

value

is

accounted

for

as

a

variation

margin

payable

or

receivable

in

the

Consolidated

Statement

of

Assets

and

Liabilities.

Futures

contracts

outstanding

at

period

end,

if

any,

are

listed

in

the

Fund's

Consolidated

Schedule

of

Investments.

The

Fund entered

into

OTC

forward

exchange

contracts

primarily

to

manage

and/or

gain exposure

to

certain

foreign

currencies.

A

forward

exchange

contract

is

an

agreement

between

the

Fund

and

a

counterparty

to

buy

or

sell

a

foreign

currency at

a

specific

exchange

rate

on

a

future

date.

Forward

exchange

contracts

outstanding

at

period

end,

if

any,

are

listed

in

the

Fund's

Consolidated

Schedule

of

Investments.

The

Fund

entered

into

credit

default

swap

contracts

primarily

to

manage

and/or

gain

exposure

to

credit

risk.

A

credit

default

swap

is

an

agreement

between

the

Fund

and

a

counterparty

whereby

the

buyer

of

the

contract

receives

credit

protection

and

the

seller

of

the

contract

guarantees

the

credit

worthiness

of

a

referenced

debt

obligation.

These

agreements

may

be

privately

negotiated

in

the

over-the-

counter

market

(OTC

credit

default

swaps)

or

may

be

executed

in

a

multilateral

trade

facility

platform,

such

as

a

registered

exchange

(centrally

cleared

credit

default

swaps).

The

underlying

referenced

debt

obligation

may

be

a

single

issuer

of

corporate

or

sovereign

debt,

a

credit

index,

a

basket

of

issuers

or

indices,

or

a

tranche

of

a

credit

index

or

basket

of

issuers

or

indices.

In

the

event

of

a

default

of

the

underlying

referenced

debt

obligation,

the

buyer

is

entitled

to

receive

the

notional

amount

of

the

credit

default

swap

contract

from

the

seller

in

exchange

for

the

referenced

debt

obligation,

a

net

settlement

amount

equal

to

the

notional

amount

of

the

credit

default

swap

less

the

recovery

value

of

the

referenced

debt

obligation,

or

other

agreed

upon

amount.

For

centrally

cleared

credit

default

swaps,

required

initial

margins

are

pledged

by

the

Fund,

and

the

daily

change

in

fair

value

is

accounted

for

as

a

variation

margin

payable

or

receivable

in

the

Consolidated

Statement

of

Assets

and

Liabilities.

Over

the

term

of

the

contract,

the

buyer

pays

the

seller

a

periodic

stream

of

payments,

provided

that

no

event

of

default

has

occurred.

Such

periodic

payments

are

accrued

daily

as

an

unrealized

appreciation or

depreciation

until

the

payments

are

made,

at

which

time

they

are

realized.

Upfront

payments

and

receipts

are

reflected

in

the Consolidated

Statement

of

Assets

and

Liabilities

and

represent

compensating

factors

between

stated

terms

of

the

credit

default

swap

agreement

and

prevailing

market

conditions

(credit

spreads

and

other

relevant

factors).

These

upfront

payments

and

receipts

are

amortized

over

the

term

of

the

contract

as

a

realized

gain

or

loss

in

the Consolidated

Statement

of

Operations.

Credit

default

swap

contracts

outstanding

at

period

end,

if

any,

are

listed

in

the

Fund's

Consolidated

Schedule

of

Investments.

1. #### Organization

#### and

#### Significant

#### Accounting

#### Policies
(continued)

e. #### Derivative

#### Financial

#### Instruments
(continued)

Putnam

Asset

Allocation

Funds

Notes

to

Consolidated

Financial

Statements

franklintempleton.com

Annual

Report

#### Putnam

#### Dynamic

#### Asset

#### Allocation

#### Growth

#### Fund
(continued)

The

Fund entered

into

interest

rate

swap

contracts

primarily

to

manage

interest

rate

risk.

An

interest

rate

swap

is

an

agreement

between

the

Fund

and

a

counterparty

to

exchange

cash

flows

based

on

the

difference

between

two

interest

rates,

applied

to

a

notional

amount.

These

agreements

may

be

privately

negotiated

in

the

over-the-

counter

market

(OTC

interest

rate

swaps)

or

may

be

executed

on

a

registered

exchange

(centrally

cleared

interest

rate

swaps).

For

centrally

cleared

interest

rate

swaps,

required

initial

margins

are

pledged

by

the

Fund,

and

the

daily

change

in

fair

value

is

accounted

for

as

a

variation

margin

payable

or

receivable

in

the

Consolidated

Statement

of

Assets

and

Liabilities.

Over

the

term

of

the

contract,

contractually

required

payments

to

be

paid

and

to

be

received

are

accrued

daily

and

recorded

as

unrealized

appreciation

or

depreciation

until

the

payments

are

made,

at

which

time

they

are

realized.

Interest

rate

swap

contracts

outstanding

at

period

end,

if

any,

are

listed

in

the

Fund's

Consolidated

Schedule

of

Investments.

The

Fund

entered

into

OTC

total

return

swap

contracts

primarily

to

manage

and/or

gain exposure

to equity price

risk

of

an

underlying

instrument

such

as

a

stock,

bond,

index

or

basket

of

securities

or

indices.

A

total

return

swap

is

an

agreement

between

the

Fund

and

a

counterparty

to

exchange

a

return

linked

to

an

underlying

instrument

for

a

floating

or

fixed

rate

payment,

both

based

upon

a

notional

amount.

Over

the

term

of

the

contract,

contractually

required

payments

to

be

paid

or

received

are

accrued

daily

and

recorded

as

unrealized

appreciation or

depreciation

until

the

payments

are

made,

at

which

time

they

are

recognized

as

realized

gain

or

loss. Total

return

swap contracts outstanding

at

period

end,

if

any,

are

listed

in

the

Fund's

Consolidated

Schedule

of

Investments.

The

Fund

purchased

or

wrote

exchange

traded

option

contracts

primarily

to

manage

and/or

gain exposure

to

equity

price

risk.

An

option

is

a

contract

entitling

the

holder

to

purchase

or

sell

a

specific

amount

of

shares

or

units

of

an

asset

or

notional

amount

of

a

swap

(swaption),

at

a

specified

price.

When

an

option

is

purchased

or

written,

an

amount

equal

to

the

premium

paid

or

received

is

recorded

as

an

asset

or

liability,

respectively.

Upon

exercise

of

an

option,

the

acquisition

cost

or

sales

proceeds

of

the

underlying

investment

is

adjusted

by

any

premium

received

or

paid.

Upon

expiration

of

an

option,

any

premium

received

or

paid

is

recorded

as

a

realized

gain

or

loss.

Upon

closing

an

option

other

than

through

expiration

or

exercise,

the

difference

between

the

premium

received

or

paid

and

the

cost

to

close

the

position

is

recorded

as

a

realized

gain

or

loss.

Option contracts

outstanding

at

period

end,

if

any,

are

listed

in

the

Fund's

Consolidated

Schedule

of

Investments.

See

Note

8 regarding

other

derivative

information.

f. #### Senior

#### Floating

#### Rate

#### Interests
The

Fund

invests

in

senior

secured

corporate

loans

that

pay

interest

at

rates

which

are

periodically

reset

by

reference

to

a

base

lending

rate

plus

a

spread.

These

base

lending

rates

are

generally

the

prime

rate

offered

by

a

designated

U.S.

bank

or

the

Secured

Overnight

Financing

Rate

(SOFR).

Senior

secured

corporate

loans

often

require

prepayment

of

principal

from

excess

cash

flows

or

at

the

discretion

of

the

borrower.

As

a

result,

actual

maturity

may

be

substantially

less

than

the

stated

maturity.

Senior

secured

corporate

loans

in

which

the Fund

invests

are

generally

readily

marketable,

but

may

be

subject

to

certain

restrictions

on

resale.

g. #### Investments

#### in

#### Franklin

#### Dynamic

#### Asset

#### Allocation

#### Growth

#### Ltd.

#### (FT

#### Subsidiary)
Effective

July

7,

2025,

Fund

invests

in

certain

financial

instruments,

warrants

or

commodity-linked

derivative

investments

through

its

investments

in

FT

Subsidiary.

FT

Subsidiary

is

a

Cayman

Islands

exempted

company

with

limited

liability,

is

a

wholly-owned

subsidiary

of

the

Fund,

and

is

able

to

invest

in

certain

financial

instruments

and

commodity-linked

derivative

investments

consistent

with

the

investment

objective

of

the

Fund.

At

September

30,

2025,

FT

Subsidiary's

investments,

as

well

as

any

other

assets

and

liabilities

of

FT

Subsidiary

are

reflected

in

the

Fund's

Consolidated

Schedule

of

Investments

and

Consolidated

Statement

of

Assets

and

Liabilities.

All

intercompany

transactions

and

balances

have

been

eliminated.

At

September

30,

2025,

the

net

assets

of

FT

Subsidiary

were

$10,965,864,

representing

0.37%

of

the

Fund's

consolidated

net

assets.

The

Fund's

investment

in

FT

Subsidiary

is

limited

to

25%

of

consolidated

assets.

h. #### Income

#### and

#### Deferred

#### Taxes
It

is the

Fund

's

policy

to

qualify

as

a

regulated

investment

company

under

the

Internal

Revenue

Code. The Fund

intends

to

distribute

to

shareholders

substantially

all

of

its

1. #### Organization

#### and

#### Significant

#### Accounting

#### Policies
(continued)

e. #### Derivative

#### Financial

#### Instruments
(continued)

Putnam

Asset

Allocation

Funds

Notes

to

Consolidated

Financial

Statements

franklintempleton.com

Annual

Report

#### Putnam

#### Dynamic

#### Asset

#### Allocation

#### Growth

#### Fund
(continued)

taxable

income

and

net

realized

gains

to

relieve

it

from

federal

income

and

excise

taxes.

As

a

result,

no

provision

for

U.S.

federal

income

taxes

is

required.

The

Fund

may

be

subject

to

foreign

taxation

related

to

income

received,

capital

gains

on

the

sale

of

securities

and

certain

foreign

currency

transactions

in

the

foreign

jurisdictions

in

which it

invests.

Foreign

taxes,

if

any,

are

recorded

based

on

the

tax

regulations

and

rates

that

exist

in

the

foreign

markets

in

which

the

Fund

invests.

When

a

capital

gain

tax

is

determined

to

apply,

the

Fund

records

an

estimated

deferred

tax

liability

in

an

amount

that

would

be

payable

if

the

securities

were

disposed

of

on

the

valuation

date.

As

a

result

of

several

court

cases,

in

certain

countries

across

the

European

Union, the

Fund

filed

additional

tax

reclaims

for

previously

withheld

taxes

on

dividends

earned

in

those

countries

(EU

reclaims). Income

recognized,

if

any,

for

EU

reclaims

is

reflected

as

other

income

in

the

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

financial

statements.

For

U.S.

income

tax

purposes,

EU

reclaims

received

by

the

Fund,

if

any,

reduce

the

amount

of

foreign

taxes

Fund

shareholders

can

use

as

tax

deductions

or credits

on

their

income

tax

returns.

The Fund

may

recognize

an

income

tax

liability

related

to

its

uncertain

tax

positions

under

U.S.

GAAP

when

the

uncertain

tax

position

has

a

less

than

50%

probability

that

it

will

be

sustained

upon

examination

by

the

tax

authorities

based

on

its

technical

merits.

As

of

September

30,

2025, the Fund

has

determined

that

no

tax

liability

is

required

in

its

financial

statements

related

to

uncertain

tax

positions

for

any

open

tax

years

(or

expected

to

be

taken

in

future

tax

years).

Open

tax

years

are

those

that

remain

subject

to

examination

and

are

based

on

the

statute

of

limitations

in

each

jurisdiction

in

which

the Fund

invests.

i. #### Security

#### Transactions,

#### Investment

#### Income,

#### Expenses

#### and

#### Distributions
Security

transactions

are

accounted

for

on

trade

date.

Realized

gains

and

losses

on

security

transactions

are

determined

on

a

specific

identification

basis.

Interest

income

(including

interest

income

from

payment-in-kind

securities,

if

any)

and

estimated

expenses

are

accrued

daily.

Amortization

of

premium

and

accretion

of

discount

on

debt

securities

are

included

in

interest

income.

Paydown

gains

and

losses

are

recorded

as

an

adjustment

to

interest

income. The

Fund

may

receive

other

income

from

investments

in

senior

secured

corporate

loans

or

unfunded

commitments,

including

amendment

fees,

consent

fees

or

commitment

fees.

These

fees

are

recorded

as

income

when

received

by

the

Fund.

Dividend

income

is

recorded

on

the

ex-dividend

date.

Dividends from

net

investment

income

are

normally

declared

daily;

these

dividends

may

be

reinvested

or

paid

monthly

to

shareholders.

Distributions

from

net

realized

capital

gains

and

other

distributions,

if

any,

are

recorded

on

the

ex-dividend

date.

Distributable

earnings

are

determined

according

to

income

tax

regulations

(tax

basis)

and

may

differ

from

earnings

recorded

in

accordance

with

U.S.

GAAP.

These

differences

may

be

permanent

or

temporary.

Permanent

differences

are

reclassified

among

capital

accounts

to

reflect

their

tax

character.

These

reclassifications

have

no

impact

on

net

assets

or

the

results

of

operations.

Temporary

differences

are

not

reclassified,

as

they

may

reverse

in

subsequent

periods.

Common

expenses

incurred

by

the

Trust

are

allocated

among

the

Funds

based

on

the

ratio

of

net

assets

of

each

Fund

to

the

combined

net

assets

of

the

Trust

or

based

on

the

ratio

of

number

of

shareholders

of

each

Fund

to

the

combined

number

of

shareholders

of

the

Trust.

Fund

specific

expenses

are

charged

directly

to

the

Fund

that

incurred

the

expense.

Realized

and

unrealized

gains

and

losses

and

net

investment

income,

excluding

class

specific

expenses,

are

allocated

daily

to

each

class

of

shares

based

upon

the

relative

proportion

of

net

assets

of

each

class.

Differences

in

per

share

distributions

by

class

are

generally

due

to

differences

in

class

specific

expenses.

j. #### Organization

#### Costs
Organization

costs

were

expensed

as

incurred.

1. #### Organization

#### and

#### Significant

#### Accounting

#### Policies
(continued)

h. #### Income

#### and

#### Deferred

#### Taxes
(continued)

Putnam

Asset

Allocation

Funds

Notes

to

Consolidated

Financial

Statements

franklintempleton.com

Annual

Report

#### Putnam

#### Dynamic

#### Asset

#### Allocation

#### Growth

#### Fund
(continued)

k. #### Accounting

#### Estimates
The

preparation

of

financial

statements

in

accordance

with

U.S.

GAAP

requires

management

to

make

estimates

and

assumptions

that

affect

the

reported

amounts

of

assets

and

liabilities

at

the

date

of

the

financial

statements

and

the

amounts

of

income

and

expenses

during

the

reporting

period.

Actual

results

could

differ

from

those

estimates.

l. #### Guarantees

#### and

#### Indemnifications
Under

the Trust's

organizational

documents,

its

officers

and trustees

are

indemnified

by

the Trust against

certain

liabilities

arising

out

of

the

performance

of

their

duties

to

the

Trust.

Additionally,

in

the

normal

course

of

business,

the Trust,

on

behalf

of

the

Fund, enters

into

contracts

with

service

providers

that

contain

general

indemnification

clauses.

The Trust's

maximum

exposure

under

these

arrangements

is

unknown

as

this

would

involve

future

claims

that

may

be

made

against

the Trust

that

have

not

yet

occurred.

Currently,

the Trust

expects

the

risk

of

loss

to

be

remote.

2. #### Shares

#### of

#### Beneficial

#### Interest
At

September

30,

2025,

there

were

an

unlimited

number

of

shares

authorized

(without

par

value).

Transactions

in

the

Fund's

shares

were

as

follows:

#### Year

#### Ended

#### September

#### 30,

#### 2025

#### Year

#### Ended

#### September

#### 30,

#### 2024

#### Shares

#### Amount

#### Shares

#### Amount

#### Class

#### A

#### Shares:
Shares

sold

a

...................................

4,213,605

$86,116,693

4,635,179

$88,709,364

Shares

issued

in

reinvestment

of

distributions

..........

8,983,735

174,284,467

3,559,192

63,780,722

Shares

redeemed

...............................

(10,633,884)

(217,439,006)

(10,711,307)

(206,197,883)

Net

increase

(decrease)

..........................

2,563,456

$42,962,154

(2,516,936)

$(53,707,797)

#### Class

#### B

#### Shares:

#### \*
Shares

sold

...................................

—

$—

1,227

$23,031

Shares

issued

in

reinvestment

of

distributions

..........

—

—

15,349

269,063

Shares

redeemed

...............................

—

—

(635,104)

(12,086,255)

Net

increase

(decrease)

..........................

—

$—

(618,528)

$(11,794,161)

#### Class

#### C

#### Shares:
Shares

sold

...................................

968,556

$17,964,513

878,828

$15,345,058

Shares

issued

in

reinvestment

of

distributions

..........

744,515

13,118,357

297,793

4,892,743

Shares

redeemed

a

..............................

(2,750,968)

(51,125,309)

(2,634,210)

(45,956,531)

Net

increase

(decrease)

..........................

(1,037,897)

$(20,042,439)

(1,457,589)

$(25,718,730)

#### Class

#### P

#### Shares:
Shares

sold

...................................

1,873,351

$39,494,983

1,437,603

$29,340,117

Shares

issued

in

reinvestment

of

distributions

..........

328,890

6,492,298

70,630

1,285,475

Shares

redeemed

...............................

(969,741)

(20,463,562)

(522,323)

(10,398,275)

Net

increase

(decrease)

..........................

1,232,500

$25,523,719

985,910

$20,227,317

#### Class

#### R

#### Shares:
Shares

sold

...................................

195,890

$3,867,575

119,312

$2,246,057

Shares

issued

in

reinvestment

of

distributions

..........

69,954

1,315,144

34,143

594,433

Shares

redeemed

...............................

(213,425)

(4,192,424)

(340,229)

(6,460,250)

Net

increase

(decrease)

..........................

52,419

$990,295

(186,774)

$(3,619,760)

1. #### Organization

#### and

#### Significant

#### Accounting

#### Policies
(continued)

Putnam

Asset

Allocation

Funds

Notes

to

Consolidated

Financial

Statements

franklintempleton.com

Annual

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:

a. #### Management

#### Fees
The

Fund

pays Advisers

a

management

fee

(based

on

the

Fund's

average

net

assets

and

computed

and

paid

monthly)

at

annual

rates

that

may

vary

based

on

the

average

of

the

aggregate

net

assets

of

all

open-end

mutual

funds

sponsored

by

Putnam

Management

(including

open-end

funds

managed

by

affiliates

of

Putnam

Management

that

have

been

deemed

to

#### Year

#### Ended

#### September

#### 30,

#### 2025

#### Year

#### Ended

#### September

#### 30,

#### 2024

#### Shares

#### Amount

#### Shares

#### Amount

#### Class

#### R5

#### Shares:
Shares

sold

...................................

2,147

$46,012

$8,451

Shares

issued

in

reinvestment

of

distributions

..........

1,868

Shares

redeemed

...............................

(16) (320) (46) (897) Net

increase

(decrease)

..........................

2,222

$47,560

$7,636

#### Class

#### R6

#### Shares:
Shares

sold

...................................

2,769,253

$57,762,390

3,171,367

$61,652,425

Shares

issued

in

reinvestment

of

distributions

..........

1,813,007

35,825,020

787,110

14,341,140

Shares

redeemed

...............................

(4,077,939)

(84,298,029)

(5,631,994)

(109,789,325)

Net

increase

(decrease)

..........................

504,321

$9,289,381

(1,673,517)

$(33,795,760)

#### Class

#### Y

#### Shares:
Shares

sold

...................................

8,778,954

$184,778,666

5,971,528

$118,143,325

Shares

issued

in

reinvestment

of

distributions

..........

1,480,589

29,212,011

458,630

8,342,472

Shares

redeemed

...............................

(5,945,640)

(123,577,160)

(4,595,107)

(88,626,846)

Net

increase

(decrease)

..........................

4,313,903

$90,413,517

1,835,051

$37,858,951

\*

Effective

September

5,

2024,

the

Fund

has

terminated

its

Class

B

shares.

a

May

include

a

portion

of

Class

C

shares

that

were

automatically

converted

to

Class

A. #### Subsidiary

#### Affiliation
Franklin

Advisers,

Inc.

(Advisers)

Investment

manager

Putnam

Investment

Management,

LLC

(Putnam

Management)

Subadvisor

Franklin

Templeton

Investment

Management

Limited

(FTIML)

Subadvisor

Putnam

Advisory

Company,

LLC

(PAC)

Subadvisor

Putnam

Investments

Limited

(PIL)

Subadvisor

Franklin

Templeton

Services,

LLC

(FT

Services)

Administrative

manager

Franklin

Distributors,

LLC

(Distributors)

Principal

underwriter

Putnam

Investor

Services,

Inc.

(PSERV)

Transfer

agent

2. #### Shares

#### of

#### Beneficial

#### Interest
(continued)

Putnam

Asset

Allocation

Funds

Notes

to

Consolidated

Financial

Statements

franklintempleton.com

Annual

Report

#### Putnam

#### Dynamic

#### Asset

#### Allocation

#### Growth

#### Fund
(continued)

be

sponsored

by

Putnam

Management

for

this

purpose)

(excluding

net

assets

of

such

funds

that

are

invested

in,

or

that

are

invested

in

by,

other

such

funds

to

the

extent

necessary

to

avoid

"double

counting"

of

those

assets).

Such

annual

rates

may

vary

as

follows:

For

the

year

ended

September

30,

2025,

the

gross

effective

investment

management

fee

rate

was 0.573%

of

the

Fund's

average daily

net

assets.

Under

a

subadvisory

agreement,

Putnam

Management

provides

portfolio

management

and

certain

other

advisory

and

related

services

to

the

Fund.

With

respect

to

the

portfolio

management

services,

Advisers

pays

a

fee

to

Putnam

Management

based

on

the

average

net

asset

value

of

the

Fund

and

with

respect

to

the

other

advisory

and

related

services,

Advisers

pays

a

fee

to

Putnam

Management

based

on

the

costs

of

Putnam

Management

in

providing

these

services

to

the

Fund.

These

fees

are

not

an

additional

expense

to

the

Fund.

Effective

November

1,

2024,

under

a

subadvisory

agreement,

FTIML

provides

subadvisory

services

to

the

Fund.

The

subadvisory

fee

is

paid by Advisers

based

on

the

average

net

assets

managed

by

FTIML,

and

is

not

an

additional

expense

of

the

Fund.

Prior

to

November

1,

2024,

PIL

provided

subadvisory

services

to

the

Fund.

Effective

November

1,

2024,

PIL

merged

into

FTIML,

and

PIL

investment

professionals

became

employees

of

FTIML.

Management

fees

paid

by

the

Fund

were

reduced

on

assets

invested

in

FT

Subsidiary,

in

an

amount

equal

to

the

management

fees

paid

by

FT

Subsidiary.

Under

a

subadvisory

agreement,

PAC

provides

subadvisory

services

to

the

Fund.

The

subadvisory

fee

is

paid by

Advisers based

on

the

average

net

assets

managed

by

PAC,

and

is

not

an

additional

expense

of

the

Fund.

b. #### Administrative

#### Fees
Under

an

agreement

with

Advisers,

FT

Services

provides

administrative

services

to

the

Fund

and

FT

Subsidiary.

The

fee

is

paid

by Advisers

based

on

the Fund's

and

FT

Subsidiary's

average

daily

net

assets,

and

is

not

an

additional

expense

of

the

Fund

or

FT

Subsidiary.

The

Fund

reimburses

Advisers

an

allocated

amount

for

the

compensation

and

related

expenses

of

certain

officers

of

the

Fund

and

their

staff

who

provide

administrative

services

to

the

Fund.

The

aggregate

amount

of

all

such

reimbursements

is

determined

annually

by

the

Trustees.

#### Annualized

#### Fee

#### Rate

#### Net

#### Assets
0.750%

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)

a. #### Management

#### Fees
(continued)

Putnam

Asset

Allocation

Funds

Notes

to

Consolidated

Financial

Statements

franklintempleton.com

Annual

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

year:

e. #### Transfer

#### Agent

#### Fees
PSERV,

an

affiliate

of

Advisers,

provides

investor

servicing

agent

functions

to

the

Fund.

PSERV

received

fees

for

investor

servicing

for

Class

A,

Class

C, Class

R and

Class

Y

shares

that

included

(1) a

per

account

fee

for

each

direct

and

underlying

non-defined

contribution

account

(retail

account)

of

the

Fund;

(2) a

specified

rate

of

the

Fund's

assets

attributable

to

defined

contribution

plan

accounts;

and

(3) a

specified

rate

based

on

the

average

net

assets

in

retail

accounts.

PSERV

has

agreed

that

the

aggregate

investor

servicing

fees

for

each

Fund's

retail

and

defined

contribution

accounts

for

these

share

classes

will

not

exceed

an

annual

rate

of

0.25%

of the

Fund's

average

assets

attributable

to

such

accounts.

Class

P

shares

paid

a

monthly

fee

based

on

the

average

net

assets

of

Class

P

shares

at

an

annual

rate

of

0.01%.

Class

R5

shares

paid

a

monthly

fee

based

on

the

average

net

assets

of

Class

R5

shares

at

an

annual

rate

of

0.15%.

Class

R6

shares

paid

a

monthly

fee

based

on

the

average

net

assets

of

Class

R6

shares

at

an

annual

rate

of

0.05%.

f. #### Trustee

#### Fees
The

Fund

has

adopted

a

Trustee

Fee

Deferral

Plan

(the

Deferral

Plan)

which

allows

the

Trustees to

defer

the

receipt

of

all

or

a

portion

of

Trustees'

fees

payable

from

July

1,

1995

through

December

31,

2023. The

deferred

fees

remain

invested

in

certain

Putnam

funds

until

distribution

in

accordance

with

the

Deferral

Plan.

The

Fund

has

adopted

an

unfunded

noncontributory

defined

benefit

pension

plan

(the

Pension

Plan)

covering

all

Trustees

of

the

Fund

who

have

served

as

a

Trustee

for

at

least

five

years

and

were

first

elected

prior

to

2004. Benefits

under

the

Pension

Plan

are

equal

to

50%

of

the

Trustee's

average

annual

attendance

and

retainer

fees

for

the

three

years

ended

December

31,

2005. The

retirement

benefit

is

payable

during

a

Trustee's

lifetime,

beginning

the

year

following

retirement,

for

the

number

of

years

of

service

through

December

31,

2006. Pension

expense

for

the

Fund

is

included

in

the

Trustees' fees

and

expenses

#### 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

..............................

$181,892

CDSC

retained

..............................................................................

$14,036

3. #### Transactions

#### with

#### Affiliates
(continued)

Putnam

Asset

Allocation

Funds

Notes

to

Consolidated

Financial

Statements

franklintempleton.com

Annual

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

year

ended

September

30,

2025,

the

Fund

held

investments

in

affiliated

management

investment

companies

as

follows:

h. #### Waiver

#### and

#### Expense

#### Reimbursements
Advisers has

contractually

agreed,

through

January

30,

2027,

to

waive

fees

and/or

reimburse

the

Fund's

expenses

to

the

extent

necessary

to

limit

the

cumulative

expenses

of

the

Fund,

exclusive

of

brokerage,

interest,

taxes,

investment-related

expenses,

extraordinary

expenses,

acquired

fund

fees

and

expenses

and

payments

under

the

Fund's

investor

servicing

contract,

investment

management

contract

and

distribution

plans,

on

a

fiscal

year-to-date

basis

to

an

annual

rate

of

0.20%

of

the

Fund's

average

net

assets

over

such

fiscal

year-to-date

period.

i. #### Interfund

#### Transactions
The

Fund

engaged

in

purchases

and

sales

of

investments

with

funds

or

other

accounts

that

have

common

investment

managers

(or

affiliated

investment

managers),

directors,

trustees

or

officers.

During

the

year

ended

September

30,

2025,

these

purchase

and

sale

transactions

aggregated

$45,963

and

$0,

respectively.

4. #### Expense

#### Offset

#### Arrangement
The Fund has entered

into arrangements

with

PSERV

and

its

custodian

whereby

credits

realized

as

a

result

of

uninvested

cash

balances

are

used

to

reduce

a

portion

of

the

Fund's

transfer

agent

and

custodian

fees,

respectively.

During

the

year

ended

September

30,

2025,

the

fees

were

reduced

as

noted

in

the

Consolidated

Statement

of

Operations.

Effective

April

14,

2025,

earned

credits

on

custodian

fees,

if

any,

are

recognized

as

income.

#### &nbsp;&nbsp;&nbsp;&nbsp;aa

#### Value

#### at

#### Beginning

#### of

#### Year

#### Purchases

#### Sales

#### Realized

#### Gain
(Loss)

#### Net

#### Change

#### in

#### Unrealized

#### Appreciation
(Depreciation)

#### Value

#### at

#### End

#### of

#### Year

#### Number

#### of

#### Shares

#### Held

#### at

#### End

#### of

#### Year

#### Investment

#### Income

#### a&nbsp;&nbsp;&nbsp;&nbsp;

#### a

#### Putnam

#### Dynamic

#### Asset

#### Allocation

#### Growth

#### Fund

#### Non-Controlled

#### Affiliates
Dividends

Putnam

Short

Term

Investment

Fund,

Class

P,

4.364%

......

$139,744,403

$345,977,795

$(391,096,797)

$—

$—

$94,625,401

94,625,401

$6,325,720

#### Total

#### Affiliated

#### Securities

#### ...
$139,744,403

$345,977,795

$(391,096,797)

$—

$—

$94,625,401

$6,325,720

3. #### Transactions

#### with

#### Affiliates
(continued)

f. #### Trustee

#### Fees
(continued)

Putnam

Asset

Allocation

Funds

Notes

to

Consolidated

Financial

Statements

franklintempleton.com

Annual

Report

#### Putnam

#### Dynamic

#### Asset

#### Allocation

#### Growth

#### Fund
(continued)

5. #### Income

#### Taxes
The

tax

character

of

distributions

paid

during

the

years

ended

September

30,

2025

and

2024,

was

as

follows:

At

September

30,

2025,

the

cost

of

investments,

net

unrealized

appreciation

(depreciation),

undistributed

ordinary

income

and

undistributed

long

term

capital

gains 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.

The

Fund

utilized

a

tax

accounting

practice

to

treat

a

portion

of

the

proceeds

from

capital

shares

redeemed

as

a

distribution

from

realized

capital

gains.

6. #### Investment

#### Transactions
Purchases

and

sales

of

investments (excluding

short

term

securities) for

the

year

ended

September

30,

2025,

aggregated

$2,743,407,975 and

$2,640,380,583,

respectively.

7. #### Defaulted

#### Securities
The

Fund held

a defaulted

security

and/or

other

securities

for

which

the

income

has

been

deemed

uncollectible.

At

September

30,

2025,

the

value

of

this

security represents less

than

0.1%

of

the

Fund's net

assets.

The

Fund

discontinues

accruing

income

on

securities

for

which

income

has

been

deemed

uncollectible

and

provides

an

estimate

for

losses

on

interest

receivable.

The

security

has

been

identified

in

the

accompanying

Consolidated

Schedule

of

Investments.

#### 2025

#### 2024
Distributions

paid

from:

Ordinary

income

..........................................................

$121,939,824

$55,858,481

Long

term

capital

gain

......................................................

145,125,360

40,177,038

$267,065,184

$96,035,519

Cost

of

investments

..........................................................................

$2,106,821,760

Unrealized

appreciation

........................................................................

$1,081,897,387

Unrealized

depreciation

........................................................................

(153,007,582)

Net

unrealized

appreciation

(depreciation)

..........................................................

$928,889,805

Distributable

earnings:

Undistributed

ordinary

income

...................................................................

$79,231,644

Undistributed

long

term

capital

gains

..............................................................

87,282,456

Total

distributable

earnings

.....................................................................

$166,514,100

Putnam

Asset

Allocation

Funds

Notes

to

Consolidated

Financial

Statements

franklintempleton.com

Annual

Report

#### Putnam

#### Dynamic

#### Asset

#### Allocation

#### Growth

#### Fund
(continued)

8. #### Other

#### Derivative

#### Information
At

September

30,

2025,

investments

in

derivative

contracts

are

reflected

in

the Consolidated

Statement of

Assets

and

Liabilities

as

follows:

#### Asset

#### Derivatives

#### Liability

#### Derivatives

#### Derivative

#### Contracts

#### Not

#### Accounted

#### for

#### as

#### Hedging

#### Instruments

#### Consolidated

#### Statement

#### of

#### Assets

#### and

#### Liabilities

#### Location

#### Fair

#### Value

#### Consolidated

#### Statement

#### of

#### Assets

#### and

#### Liabilities

#### Location

#### Fair

#### Value

#### Putnam

#### Dynamic

#### Asset

#### Allocation

#### Growth

#### Fund
Interest

rate

contracts

.......

Variation

margin

on

futures

contracts

$

1,170,815

a

Variation

margin

on

futures

contracts

$

150,851

a

Variation

margin

on

centrally

cleared

swap

contracts

565,883

a

Variation

margin

on

centrally

cleared

swap

contracts

911,666

a

Foreign

exchange

contracts

..

Unrealized

appreciation

on

OTC

forward

exchange

contracts

661,164

Unrealized

depreciation

on

OTC

forward

exchange

contracts

367,784

Credit

contracts

............

Variation

margin

on

centrally

cleared

swap

contracts

333,677

a

Variation

margin

on

centrally

cleared

swap

contracts

—

OTC

swap

contracts

(upfront

payments)

OTC

swap

contracts

(upfront

receipts)

Unrealized

appreciation

on

OTC

swap

contracts

Unrealized

depreciation

on

OTC

swap

contracts

Equity

contracts

...........

Variation

margin

on

futures

contracts

88,886

a

Variation

margin

on

futures

contracts

1,073,606

a

Unrealized

appreciation

on

OTC

swap

contracts

2,148,949

Unrealized

depreciation

on

OTC

swap

contracts

661,930

Commodity

contracts

.......

Variation

margin

on

futures

contracts

—

Variation

margin

on

futures

contracts

234,984

a

Total

....................

$4,969,531

$3,400,979

a

This

amount

reflects

the

cumulative

appreciation

(depreciation)

of

futures

contracts

and

centrally

cleared

swap

contracts

as

reported

in

the

Consolidated

Schedule

of

Investments.

Only

the

variation

margin

receivable/payable

at

year

end

is

separately

reported

within

the

Consolidated

Statement

of

Assets

and

Liabilities.

Prior

variation

margin

movements

were

recorded

to

cash

upon

receipt

or

payment.

Putnam

Asset

Allocation

Funds

Notes

to

Consolidated

Financial

Statements

franklintempleton.com

Annual

Report

#### Putnam

#### Dynamic

#### Asset

#### Allocation

#### Growth

#### Fund
(continued)

For

the

year

ended

September

30,

2025,

the

effect

of

derivative

contracts

in

the Consolidated

Statement

of

Operations

was

as

follows:

For

the

year

ended

September

30,

2025,

the

average

month

end

notional

amount

of

futures

contracts,

swap

contracts

and

options,

and

the

average month

end

contract

value

for forward

exchange

contracts,

were as

follows:

#### Derivative

#### Contracts

#### Not

#### Accounted

#### for

#### as

#### Hedging

#### Instruments

#### Consolidated

#### Statement

#### of

#### Operations

#### Location

#### Net

#### Realized

#### Gain
(Loss)

#### for

#### the

#### Year

#### Consolidated

#### Statement

#### of

#### Operations

#### Location

#### Net

#### Change

#### in

#### Unrealized

#### Appreciation
(Depreciation)

#### for

#### the

#### Year

#### Putnam

#### Dynamic

#### Asset

#### Allocation

#### Growth

#### Fund
Net

realized

gain

(loss)

from:

Net

change

in

unrealized

&nbsp;&nbsp;&nbsp;&nbsp;appreciation

(depreciation)

on:

Interest

rate

contracts

..........

Futures

contracts

$(7,735,925)

Futures

contracts

$1,138,020

Swap

contracts

(797,644)

Swap

contracts

(180,612)

Foreign

exchange

contracts

.....

Forward

exchange

contracts

(1,495,550)

Forward

exchange

contracts

(161,860)

Credit

contracts

...............

Swap

contracts

1,386,997

Swap

contracts

299,231

Equity

contracts

..............

Investments

(3,852,124)

a

Investments

3,282,136

a

Written

options

1,358,955

Written

options

(1,045,495)

Futures

contracts

(15,653,509)

Futures

contracts

(1,278,205)

Swap

contracts

5,041,208

Swap

contracts

1,615,949

Commodity

contracts

..........

Futures

contracts

—

Futures

contracts

(234,984)

Total

.......................

$(21,747,592)

$3,434,180

a

Purchased

option

contracts

are

included

in

net

realized

gain

(loss)

from

investments

and

net

change

in

unrealized

appreciation

(depreciation) on

investments

in

the

Consolidated

Statement

of

Operations.

#### Putnam

#### Dynamic

#### Asset

#### Allocation

#### Growth

#### Fund
Futures

contracts

..........................................................................

$

314,321,205

Swap

contracts

............................................................................

609,355,769

Forwards

exchange

contracts

.................................................................

167,750,896

Options

..................................................................................

90,775,600

8. #### Other

#### Derivative

#### Information
(continued)

Putnam

Asset

Allocation

Funds

Notes

to

Consolidated

Financial

Statements

franklintempleton.com

Annual

Report

#### Putnam

#### Dynamic

#### Asset

#### Allocation

#### Growth

#### Fund
(continued)

At

September

30,

2025,

the

Fund's

OTC

derivative

assets

and

liabilities

are

as

follows:

At

September

30,

2025,

OTC

derivative

assets,

which

may

be

offset

against

the

Fund's

OTC

derivative

liabilities

and

collateral

received

from

the

counterparty,

are

as

follows:

#### 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

.............................

$

661,164

$

367,784

Swap

Contracts

.......................................

2,149,106

662,088

Total

.............................................

$2,810,270

$1,029,872

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.

#### 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,b

#### Cash

#### Collateral

#### Received

#### b

#### Net

#### Amount

#### (Not

#### less

#### than

#### zero)

#### Putnam

#### Dynamic

#### Asset

#### Allocation

#### Growth

#### Fund

#### Counterparty
BOFA

....................

$

130,893

$

(56,292)

$

—

$

—

$

74,601

BZWS

...................

181,229

(147,626)

—

(33,603)

—

CITI

.....................

27,842

(117) —

(27,725)

—

GSCO

...................

2,099,600

(587,021)

—

(1,512,579)

—

HSBK

...................

13,354

(13,354)

—

—

—

JPHQ

...................

31,332

(209) —

—

31,123

MSCO

...................

79,569

(79,569)

—

—

—

SSBT

....................

57,154

(57,154)

—

—

—

TDOM

...................

136,136

(90) —

(110,000)

26,046

UBSW

...................

49,668

(10,229)

(37,847)

—

1,592

WPAC

...................

3,493

(1,304)

—

—

2,189

Total

...................

$2,810,270

$(952,965)

$(37,847)

$(1,683,907)

$135,551

$

a

At

September

30,

2025,

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

over

collateralization.

Actual

collateral

received

and/or

pledged

may

be

more

than

the

amounts

disclosed

herein.

8. #### Other

#### Derivative

#### Information
(continued)

Putnam

Asset

Allocation

Funds

Notes

to

Consolidated

Financial

Statements

franklintempleton.com

Annual

Report

#### Putnam

#### Dynamic

#### Asset

#### Allocation

#### Growth

#### Fund
(continued)

At

September

30,

2025,

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(e) regarding

derivative

financial

instruments.

See

Abbreviations

on

.

9. #### Credit

#### Facility
Effective

January

31,

2025,

the

Fund,

together

with

other

U.S.

registered

and

foreign

investment

funds

(collectively,

Borrowers)

managed

by

Franklin

Templeton,

are

borrowers

in

a

joint

syndicated

senior

unsecured

credit

facility

totaling

$2.995

billion

(Global

Credit

Facility)

which

matures

on

January

30,

2026. This

Global

Credit

Facility

provides

a

source

of

funds

to

the

Borrowers

for

temporary

and

emergency

purposes,

including

the

ability

to

meet

future

unanticipated

or

unusually

large

redemption

requests.

Under

the

terms

of

the

Global

Credit

Facility,

the

Fund

shall,

in

addition

to

interest

charged

on

any

borrowings

made

by

the

Fund

and

other

costs

incurred

by

the

Fund,

pay its

share

of

fees

and

expenses

incurred

in

connection

with

the

implementation

and

maintenance

of

the

Global

Credit

Facility,

based

upon its

relative

share

of

the

aggregate

net

assets

of

all

of

the

Borrowers,

including

an

annual

commitment

fee

of

0.15%

based

upon

the

unused

portion

of

the

Global

Credit

Facility.

These

fees

are

reflected

in

other

expenses

in

the

Consolidated

Statement

of

Operations.

During

the

reporting

period,

the

Fund

did

not

use

the

Global

Credit

Facility.

#### 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

....................

$

56,292

$

(56,292)

$

—

$

—

$

—

BZWS

...................

147,626

(147,626)

—

—

—

CITI

.....................

(117) —

—

—

GSCO

...................

587,021

(587,021)

—

—

—

HSBK

...................

55,606

(13,354)

—

—

42,252

JPHQ

...................

(209) —

—

—

MSCO

...................

105,465

(79,569)

(25,896)

—

—

SSBT

....................

65,913

(57,154)

—

—

8,759

TDOM

...................

(90) —

—

—

UBSW

...................

10,229

(10,229)

—

—

—

WPAC

...................

1,304

(1,304)

—

—

—

Total

...................

$1,029,872

$(952,965)

$(25,896)

$—

$51,011

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

over

collateralization.

Actual

collateral

received

and/or

pledged

may

be

more

than

the

amounts

disclosed

herein.

8. #### Other

#### Derivative

#### Information
(continued)

Putnam

Asset

Allocation

Funds

Notes

to

Consolidated

Financial

Statements

franklintempleton.com

Annual

Report

#### Putnam

#### Dynamic

#### Asset

#### Allocation

#### Growth

#### Fund
(continued)

Prior

to

January

31,

2025,

the

Fund

participated,

along

with

other

Putnam

funds,

in

a

$320

million

syndicated

unsecured

committed

line

of

credit,

provided

by

State

Street

($160

million)

and

JPMorgan

($160

million),

and

a

$235.5

million

unsecured

uncommitted

line

of

credit,

provided

by

State

Street.

Borrowings

may

have

been

made

for

temporary

or

emergency

purposes,

including

the

funding

of

shareholder

redemption

requests

and

trade

settlements.

Interest

was

charged

to

the

Fund

based

on

the

Fund's

borrowings.

A

closing

fee

equal

to

0.04%

of

the

committed

line

of

credit

and

0.04%

of

the

uncommitted

line

of

credit

was

paid

by

the

participating

funds

and

a

$75,000

fee

was

paid

by

the

participating

funds

to

State

Street

as

agent

of

the

syndicated

committed

line

of

credit.

In

addition,

a

commitment

fee

of

0.21%

per

annum

on

any

unutilized

portion

of

the

committed

line

of

credit

was

allocated

to

the

participating

funds

based

on

their

relative

net

assets

and

paid

quarterly.

During

the

reporting

period,

the

Fund

had

no

borrowings

against

these

arrangements.

10. #### Fair

#### Value

#### Measurements
The

Fund

follows

a

fair

value

hierarchy

that

distinguishes

between

market

data

obtained

from

independent

sources

(observable

inputs)

and

the Fund's

own

market

assumptions

(unobservable

inputs).

These

inputs

are

used

in

determining

the

value

of

the

Fund's financial

instruments

and

are

summarized

in

the

following

fair

value

hierarchy:

Level

–

quoted

prices

in

active

markets

for

identical

financial

instruments

Level

–

other

significant

observable

inputs

(including

quoted

prices

for

similar

financial

instruments,

interest

rates,

prepayment

speed,

credit

risk,

etc.)

Level

–

significant

unobservable

inputs

(including

the

Fund's

own

assumptions

in

determining

the

fair

value

of

financial

instruments)

The

input

levels

are

not

necessarily

an

indication

of

the

risk

or

liquidity

associated

with

financial

instruments

at

that

level.

A

summary

of

inputs

used

as

of

September

30,

2025,

in

valuing

the

Fund's assets

and

liabilities carried

at

fair

value,

is

as

follows:

#### Level

#### 1

#### Level

#### 2

#### Level

#### 3

#### Total

#### Putnam

#### Dynamic

#### Asset

#### Allocation

#### Growth

#### Fund

#### Assets:
Investments

in

Securities:

Common

Stocks

:

Aerospace

&

Defense

...................

$

47,647,849

$

14,909,233

$

—

$

62,557,082

Air

Freight

&

Logistics

...................

8,653,665

—

—

8,653,665

Automobile

Components

.................

3,166,484

1,992,974

—

5,159,458

Automobiles

..........................

53,001,143

4,656,521

—

57,657,664

Banks

...............................

76,548,809

80,513,085

—

157,061,894

Beverages

...........................

17,354,922

1,819,373

—

19,174,295

Biotechnology

.........................

50,148,559

1,287,880

—

51,436,439

Broadline

Retail

.......................

77,830,593

15,059,134

—

92,889,727

Building

Products

......................

14,357,745

5,807,644

—

20,165,389

Capital

Markets

........................

67,299,015

23,350,950

—

90,649,965

Chemicals

...........................

36,133,019

9,118,461

—

45,251,480

Commercial

Services

&

Supplies

...........

10,400,529

1,355,406

—

11,755,935

Communications

Equipment

..............

24,332,246

2,501,928

—

26,834,174

Construction

&

Engineering

...............

3,437,854

7,635,648

—

11,073,502

Construction

Materials

..................

11,121,096

10,264,586

—

21,385,682

Consumer

Finance

.....................

19,021,997

—

—

19,021,997

Consumer

Staples

Distribution

&

Retail

......

31,838,286

5,805,490

—

37,643,776

Containers

&

Packaging

.................

3,913,220

—

—

3,913,220

Distributors

...........................

104,285

—

—

104,285

9. #### Credit

#### Facility
(continued)

Putnam

Asset

Allocation

Funds

Notes

to

Consolidated

Financial

Statements

franklintempleton.com

Annual

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:

(continued)

Common

Stocks:

(continued)

Diversified

Consumer

Services

............

$

4,274,374

$

—

$

—

$

4,274,374

Diversified

REITs

......................

1,256,867

—

—

1,256,867

Diversified

Telecommunication

Services

.....

7,575,284

2,578,725

—

10,154,009

Electric

Utilities

........................

36,260,185

14,513,833

—

50,774,018

Electrical

Equipment

....................

25,556,926

15,468,606

—

41,025,532

Electronic

Equipment,

Instruments

&

Components

........................

5,776,914

971,310

—

6,748,224

Energy

Equipment

&

Services

.............

7,283,852

—

—

7,283,852

Entertainment

.........................

43,265,067

7,189,113

—

50,454,180

Financial

Services

......................

68,304,832

5,376,118

—

73,680,950

Food

Products

........................

6,244,028

6,812,554

—

13,056,582

Gas

Utilities

..........................

1,821,498

1,283,668

—

3,105,166

Ground

Transportation

..................

21,308,937

—

—

21,308,937

Health

Care

Equipment

&

Supplies

.........

27,122,995

10,675,033

—

37,798,028

Health

Care

Providers

&

Services

..........

24,888,465

2,881,582

—

27,770,047

Health

Care

REITs

.....................

2,258,086

—

—

2,258,086

Health

Care

Technology

.................

10,950,206

—

—

10,950,206

Hotel

&

Resort

REITs

...................

782,471

—

—

782,471

Hotels,

Restaurants

&

Leisure

.............

32,077,345

13,142,330

—

45,219,675

Household

Durables

....................

12,756,938

5,314,907

—

18,071,845

Household

Products

....................

22,456,193

1,541,965

—

23,998,158

Independent

Power

and

Renewable

Electricity

Producers

..........................

904,759

2,861,713

—

3,766,472

Industrial

Conglomerates

................

6,836,933

7,143,062

—

13,979,995

Industrial

REITs

.......................

3,972,470

—

—

3,972,470

Insurance

............................

38,592,782

23,405,969

—

61,998,751

Interactive

Media

&

Services

..............

124,034,070

22,086,636

—

146,120,706

IT

Services

...........................

12,551,041

1,718,126

—

14,269,167

Leisure

Products

.......................

1,611,190

1,141,213

—

2,752,403

Life

Sciences

Tools

&

Services

............

8,412,359

4,366,109

—

12,778,468

Machinery

............................

21,852,076

6,691,540

—

28,543,616

Marine

Transportation

...................

1,831,807

—

—

1,831,807

Media

...............................

6,868,754

588,077

—

7,456,831

Metals

&

Mining

.......................

8,606,470

18,874,463

—

27,480,933

Mortgage

Real

Estate

Investment

Trusts

(REITs)

............................

1,340,742

—

—

1,340,742

Multi-Utilities

..........................

4,037,239

5,127,746

—

9,164,985

Office

REITs

..........................

3,873,396

—

—

3,873,396

Oil,

Gas

&

Consumable

Fuels

.............

40,825,804

25,962,085

—

66,787,889

Paper

&

Forest

Products

.................

1,194,837

—

—

1,194,837

Passenger

Airlines

.....................

10,883,715

5,271,563

—

16,155,278

Personal

Care

Products

.................

—

5,686,367

—

5,686,367

Pharmaceuticals

.......................

60,850,012

39,140,047

—

99,990,059

Professional

Services

...................

18,232,443

3,304,993

—

21,537,436

Real

Estate

Management

&

Development

....

11,313,537

—

—

11,313,537

Residential

REITs

......................

5,654,761

—

—

5,654,761

Retail

REITs

..........................

11,434,159

—

—

11,434,159

Semiconductors

&

Semiconductor

Equipment

.

218,571,481

43,537,728

—

262,109,209

Software

.............................

201,913,471

4,161,506

—

206,074,977

Specialized

REITs

......................

11,222,968

—

—

11,222,968

Specialty

Retail

........................

22,768,882

4,168,696

—

26,937,578

Technology

Hardware,

Storage

&

Peripherals

.

123,901,726

9,158,894

—

133,060,620

Textiles,

Apparel

&

Luxury

Goods

..........

2,765,289

5,738,819

—

8,504,108

Tobacco

.............................

20,118,561

6,879,138

—

26,997,699

10. #### Fair

#### Value

#### Measurements
(continued)

Putnam

Asset

Allocation

Funds

Notes

to

Consolidated

Financial

Statements

franklintempleton.com

Annual

Report

#### Putnam

#### Dynamic

#### Asset

#### Allocation

#### Growth

#### Fund
(continued)

A

reconciliation

of

assets

in

which

Level

inputs

are

used

in

determining

fair

value

is

presented

when

there

are

significant

Level

assets

and/or

liabilities

at

the

beginning

and/or

end

of

the

year.

11. #### Operating

#### Segments
The Fund operates

as

a

single

operating

segment,

which

is

an

investment

portfolio.

The

portfolio

managers

assigned

to

the

Fund

within

the

Fund's

Investment

manager serve

as

the

Chief

Operating

Decision

Maker

("CODM")

and

are

responsible

for

evaluating

the

Fund's

operating

results

and

allocating

resources

in

accordance

with

the

Fund's

investment

strategy.

Internal

reporting

provided

to

the

CODM

aligns

with

the

accounting

policies

and

measurement

principles

used

in

the financial

statements.

#### Level

#### 1

#### Level

#### 2

#### Level

#### 3

#### Total

#### Putnam

#### Dynamic

#### Asset

#### Allocation

#### Growth

#### Fund
(continued)

#### Assets:
(continued)

Investments

in

Securities:

(continued)

Common

Stocks:

(continued)

Trading

Companies

&

Distributors

..........

$

7,191,538

$

5,734,252

$

—

$

12,925,790

Transportation

Infrastructure

..............

—

3,393,004

—

3,393,004

Water

Utilities

.........................

2,330,494

—

—

2,330,494

Wireless

Telecommunication

Services

.......

11,245,746

9,965,331

—

21,211,077

Management

Investment

Companies

.........

7,307,820

—

—

7,307,820

Convertible

Preferred

Stocks

................

780,576

—

—

780,576

Preferred

Stocks

:

Banks

...............................

2,660,335

—

—

2,660,335

Technology

Hardware,

Storage

&

Peripherals

.

—

3,606,183

—

3,606,183

Rights

.................................

—

—

21,871

21,871

Convertible

Bonds

.......................

—

879,488

—

879,488

Corporate

Bonds

........................

—

221,117,834

—

221,117,834

Senior

Floating

Rate

Interests

...............

—

8,224,149

16,171

8,240,320

Foreign

Government

and

Agency

Securities

....

—

10,067,813

—

10,067,813

Asset-Backed

Securities

...................

—

19,894,052

—

19,894,052

Commercial

Mortgage-Backed

Securities

......

—

11,567,038

—

11,567,038

Mortgage-Backed

Securities

................

—

120,529,431

—

120,529,431

Residential

Mortgage-Backed

Securities

.......

—

17,545,707

—

17,545,707

Agency

Commercial

Mortgage-Backed

Securities

—

10,208,245

—

10,208,245

Short

Term

Investments

...................

104,427,308

21,195,441

—

125,622,749

Total

Investments

in

Securities

...........

$2,061,454,330

$984,770,515

a

$38,042

$3,046,262,887

Other

Financial

Instruments:

Forward

Exchange

Contracts

...............

$—

$661,164

$—

$661,164

Futures

Contracts

.......................

1,259,701

—

—

1,259,701

Swap

Contracts

.........................

—

3,048,603

—

3,048,603

Total

Other

Financial

Instruments

.........

$1,259,701

$3,709,767

$—

$4,969,468

#### Liabilities:
Other

Financial

Instruments:

TBA

Sale

Commitments

...................

$

—

$

14,591,839

$

—

$

14,591,839

Forward

Exchange

Contracts

...............

—

367,784

—

367,784

Futures

Contracts

........................

1,459,441

—

—

1,459,441

Swap

Contracts

.........................

—

1,573,692

—

1,573,692

Total

Other

Financial

Instruments

.........

$1,459,441

$16,533,315

$—

$17,992,756

a

Includes

foreign

securities

valued

at

$543,541,317,

which

were

categorized

as

Level

as

a

result

of

the

application

of

market

level

fair

value

procedures.

See

the

Financial

Instrument

Valuation

note

for

more

information.

10. #### Fair

#### Value

#### Measurements
(continued)

Putnam

Asset

Allocation

Funds

Notes

to

Consolidated

Financial

Statements

franklintempleton.com

Annual

Report

#### Putnam

#### Dynamic

#### Asset

#### Allocation

#### Growth

#### Fund
(continued)

For

information

regarding

segment

assets,

segment

profit

or

loss,

and

significant

expenses,

refer

to

the Consolidated

Statement

of

Assets

and

Liabilities

and

the Consolidated

Statement

of

Operations,

along

with

the

related

notes

to

the consolidated

financial

statements.

The Consolidated

Schedule

of

Investments

provides

details

of

the Fund's investments

that

generate

returns

such

as

interest,

dividends,

and

realized

and

unrealized

gains

or

losses.

Performance

metrics,

including

portfolio

turnover

and

expense

ratios,

are

disclosed

in

the Consolidated

Financial

Highlights.

12. #### New

#### Accounting

#### Pronouncements
In

December

2023,

the

FASB

issued

ASU

No.

2023-09,

Income

Taxes

(Topic

740)

–

Improvements

to

Income

Tax

Disclosures.

The

amendments

enhance

income

tax

disclosures

by

requiring

greater

disaggregation

in

the

rate

reconciliation

and

income

taxes

paid

by

jurisdiction,

while

removing

certain

disclosure

requirements.

The

ASU

is

effective

for

annual

periods

beginning

after

December

15,

2024,

with

early

adoption

permitted.

Management

is

currently

evaluating

the

impact

and

believes

that

the

adoption

of

the

ASU

will

not

have

a

material

impact

on

the

consolidated

financial

statements.

13. #### Subsequent

#### Events
The

Fund

has

evaluated

subsequent

events

through

the

issuance

of

the

consolidated

financial

statements

and

determined

that

no

events

have

occurred

that

require

disclosure.

11. #### Operating

#### Segments
(continued)

Putnam

Asset

Allocation

Funds

Notes

to

Consolidated

Financial

Statements

franklintempleton.com

Annual

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.

#### Currency

#### AUD
Australian

Dollar

#### EUR
Euro

#### GBP
British

Pound

#### USD
United

States

Dollar

#### Index

#### CDX.NA.HY.

#### Series

#### number
CDX

North

America

High

Yield

Index

#### CDX.NA.IG.

#### Series

#### number
CDX

North

America

Investment

Grade

Index

#### 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

#### IO
Interest

Only

#### PIK
Payment-In-Kind

#### PJSC
Public

Joint

Stock

Company

#### REIT
Real

Estate

Investment

Trust

#### REMIC
Real

Estate

Mortgage

Investment

Conduit

#### SOFR
Secured

Overnight

Financing

Rate

#### STACR
Structured

Agency

Credit

Risk

#### T-Note
Treasury

Note

The

following

reference

rates,

and

their

values

as

of

period

end,

are

used

for

security

descriptions:

#### Reference

#### Index

#### Reference

#### Rate
1-day

SOFR

........................

4.24%

Putnam

Asset

Allocation

Funds

Report

of

Independent

Registered

Public

Accounting

Firm

franklintempleton.com

Annual

Report

To

the

Board

of

Trustees

of

Putnam

Asset

Allocation

Funds

and

Shareholders

of

Putnam

Dynamic

Asset

Allocation

Growth

Fund

#### Opinion

#### on

#### the

#### Financial

#### Statements
We

have

audited

the

accompanying

consolidated

statement

of

assets

and

liabilities,

including

the

consolidated

schedule

of

investments,

of

Putnam

Dynamic

Asset

Allocation

Growth

Fund

and

its

subsidiary

(one

of

the

funds

constituting

Putnam

Asset

Allocation

Funds,

referred

to

hereafter

as

the

"Fund")

as

of

September

30,

2025,

the

related

consolidated

statement

of

operations

for

the

year

ended

September

30,

2025,

the

consolidated

statement

of

changes

in

net

assets

for

the

year

ended

September

30,

2025,

the

statement

of

changes

in

net

assets

for

the

year

ended

September

30,

2024,

including

the

related

notes,

the

consolidated

financial

highlights

for

the

year

ended

September

30,

2025,

and

the

financial

highlights

for

each

of

the

four

years

in

the

period

ended

September

30,

2024

(collectively

referred

to

as

the

"financial

statements").

In

our

opinion,

the

financial

statements

present

fairly,

in

all

material

respects,

the

financial

position

of

the

Fund

as

of

September

30,

2025,

the

results

of

its

operations

for

the

year

then

ended,

the

changes

in

its

net

assets

for

each

of

the

two

years

in

the

period

ended

September

30,

2025

and

the

financial

highlights

for

each

of

the

five

years

in

the

period

ended

September

30,

2025

in

conformity

with

accounting

principles

generally

accepted

in

the

United

States

of

America.

#### Basis

#### for

#### Opinion
These

financial

statements

are

the

responsibility

of

the

Fund's

management.

Our

responsibility

is

to

express

an

opinion

on

the

Fund's

financial

statements

based

on

our

audits.

We

are

a

public

accounting

firm

registered

with

the

Public

Company

Accounting

Oversight

Board

(United

States)

(PCAOB)

and

are

required

to

be

independent

with

respect

to

the

Fund

in

accordance

with

the

U.S.

federal

securities

laws

and

the

applicable

rules

and

regulations

of

the

Securities

and

Exchange

Commission

and

the

PCAOB.

We

conducted

our

audits

of

these

financial

statements

in

accordance

with

the

standards

of

the

PCAOB.

Those

standards

require

that

we

plan

and

perform

the

audit

to

obtain

reasonable

assurance

about

whether

the

financial

statements

are

free

of

material

misstatement,

whether

due

to

error

or

fraud.

Our

audits

included

performing

procedures

to

assess

the

risks

of

material

misstatement

of

the

financial

statements,

whether

due

to

error

or

fraud,

and

performing

procedures

that

respond

to

those

risks.

Such

procedures

included

examining,

on

a

test

basis,

evidence

regarding

the

amounts

and

disclosures

in

the

financial

statements.

Our

audits

also

included

evaluating

the

accounting

principles

used

and

significant

estimates

made

by

management,

as

well

as

evaluating

the

overall

presentation

of

the

financial

statements.

Our

procedures

included

confirmation

of

securities

owned

as

of

September

30,

2025

by

correspondence

with

the

custodian,

transfer

agents,

agent

banks

and

brokers;

when

replies

were

not

received

from

brokers

or

agent

banks,

we

performed

other

auditing

procedures.

We

believe

that

our

audits

provide

a

reasonable

basis

for

our

opinion.

/s/

PricewaterhouseCoopers

LLP

Boston,

Massachusetts

November

19,

2025

We

have

served

as

the

auditor

of

one

or

more

investment

companies

in

the

Putnam

Funds

family

of

funds

since

at

least

1957. We

have

not

been

able

to

determine

the

specific

year

we

began

serving

as

auditor.

Putnam

Asset

Allocation

Funds

Tax

Information

(unaudited)

franklintempleton.com

Annual

Report

#### Putnam

#### Dynamic

#### Asset

#### Allocation

#### Growth

#### Fund
By

mid-February,

tax

information

related

to

a

shareholder's

proportionate

share

of

distributions

paid

during

the

preceding

calendar

year

will

be

received,

if

applicable.

Please

also

refer

to

www.franklintempleton.com

for

per

share

tax

information

related

to

any

distributions

paid

during

the

preceding

calendar

year.

Shareholders

are

advised

to

consult

with

their

tax

advisors

for

further

information

on

the

treatment

of

these

amounts

on

their

tax

returns.

The

following

tax

information

for

the

Fund

is

required

to

be

furnished

to

shareholders

with

respect

to

income

earned

and

distributions

paid

during

its

fiscal

year.

The

Fund

hereby

reports

the

following

amounts,

or

if

subsequently

determined

to

be

different,

the

maximum

allowable

amounts,

for

the

fiscal

year

ended

September

30,

2025:

#### Pursuant

#### to:

#### Amount

#### Reported
Long-Term

Capital

Gain

Dividends

Distributed

§852(b)(3)(C)

$157,395,360

Income

Eligible

for

Dividends

Received

Deduction

(DRD)

§854(b)(1)(A)

$14,457,058

Qualified

Dividend

Income

Earned

(QDI)

§854(b)(1)(B)

$28,107,869

Short-Term

Capital

Gain

Dividends

Distributed

§871(k)(2)(C)

$71,318,042

Section

163(j)

Interest

Earned

§163(j)

$17,603,382

Putnam

Asset

Allocation

Funds

franklintempleton.com

Annual

Report

#### Putnam

#### Dynamic

#### Asset

#### Allocation

#### Growth

#### Fund

#### Trustee

#### approval

#### of

#### management

#### contracts
(unaudited)

*Consideration* 

*of* 

*your* 

*fund's* 

*management* 

*and* 

*sub-advisory* 

*contracts*

At

their

meeting

on

June

27,

2025,

the

Board

of

Trustees

("Board"

or

the

"Trustees")

of

your

fund,

including

all

of

the

Trustees

who

are

not

"interested

persons"

(as

this

term

is

defined

in

the

Investment

Company

Act

of

1940,

as

amended

(the

"1940

Act"))

of

the

Putnam

mutual

funds

and

exchange-traded

funds

(collectively,

the

"funds")

(the

"Independent

Trustees")

approved

the

continuance

of

a

management

contract

with

Franklin

Advisers,

Inc.

(the

"Advisor"),

a

subadvisory

agreement

between

the

Advisor

and

Franklin

Templeton

Investment

Management

Limited

("FTIML"),

a

subadvisory

agreement

between

the

Advisor

and

The

Putnam

Advisory

Company,

LLC

("PAC"),

and

a

subadvisory

agreement

between

the

Advisor

and

Putnam

Investment

Management,

LLC

("Putnam

Management"

and

together

with

FTIML

and

PAC,

the

"Subadvisors")

(collectively,

the

"Management

Contracts").

The

Advisor,

FTIML,

PAC,

and

Putnam

Management

are

each

direct

or

indirect,

wholly-owned

subsidiaries

of

Franklin

Resources,

Inc.

(together

with

its

subsidiaries,

"Franklin

Templeton").

*General* 

*conclusions*

The

Board

oversees

the

management

of

each

fund

and,

as

required

by

law,

determines

annually

whether

to

approve

the

continuance

of

your

fund's

management

contract

with

the

Advisor

and

the

sub-advisory

contract

with

respect

to

your

fund

between

the

Advisor

and

each

Subadvisor.

Because

the

Subadvisors

are

affiliates

of

the

Advisor

and

the

Advisor

remains

fully

responsible

for

all

services

provided

by

the

Subadvisors,

the

Trustees

did

not

attempt

to

evaluate

the

Subadvisors

as

separate

#### Changes

#### In

#### and

#### Disagreements

#### with

#### Accountants
For

the

period

covered

by

this

report

Not

applicable.

#### Results

#### of

#### Meeting(s)

#### of

#### Shareholders
For

the

period

covered

by

this

report

Not

applicable.

#### Remuneration

#### Paid

#### to

#### Directors,

#### Officers

#### and

#### Others
For

the

period

covered

by

this

report

Refer

to

the

consolidated

financial

statements

included

herein.

Remuneration

to

officers

is

paid

by

the

Fund's

investment

manager

according

to

the

terms

of

the

agreement.

#### Board

#### Approval

#### of

#### Management

#### and

#### Subadvisory

#### Agreements
For

the

period

covered

by

this

report

Putnam

Asset

Allocation

Funds

franklintempleton.com

Annual

Report

entities.

All

references

to

the

Advisor

describing

the

Board's

considerations

should

be

deemed

to

include

references

to

the

applicable

Subadvisor

as

necessary

or

appropriate

in

the

context.

The

Board,

with

the

assistance

of

its

Contract

Committee,

requests

and

evaluates

all

information

it

deems

reasonably

necessary

under

the

circumstances

in

connection

with

its

annual

contract

review.

The

Contract

Committee

consists

solely

of

Independent

Trustees.

At

the

outset

of

the

review

process,

the

Board's

independent

staff

and

independent

legal

counsel,

as

defined

in

Rule

0-1(a)

(6) under

the

1940

Act

(their

"independent

legal

counsel"),

considered

any

possible

changes

to

the

annual

contract

review

materials

furnished

to

the

Contract

Committee

in

prior

years

and,

as

applicable,

identified

those

changes

to

the

Advisor.

Following

these

discussions

and

in

consultation

with

the

Contract

Committee,

the

Independent

Trustees'

independent

legal

counsel

submitted

an

initial

request

that

the

Advisor

and

its

affiliates

furnish

specified

information,

together

with

any

additional

information

the

Advisor

considered

relevant,

to

the

Contract

Committee.

Over

the

course

of

several

months

ending

in

June

2025,

the

Contract

Committee

met

on

a

number

of

occasions

with

representatives

of

the

Advisor,

and

separately

in

executive

session,

to

consider

the

information

that

the

Advisor

provided,

including

information

provided

in

response

to

supplemental

requests

submitted

by

independent

legal

counsel.

Throughout

this

process,

the

Contract

Committee

was

assisted

by

the

Board's

independent

staff

and

by

independent

legal

counsel.

At

the

Board's

June

2025

meeting,

the

Contract

Committee

met

in

executive

session

to

discuss

and

consider

its

recommendations

with

respect

to

the

continuance

of

the

Management

Contracts.

At

that

meeting,

the

Contract

Committee

also

met

in

executive

session

with

the

other

Independent

Trustees

to

review

a

summary

of

the

process

undertaken

by

the

Contract

Committee

and

key

information

that

the

Contract

Committee

considered

in

the

course

of

its

review.

The

Contract

Committee

then

presented

its

written

report,

which

summarized

the

key

factors

that

the

Committee

had

considered

and

set

forth

its

recommendations.

The

Contract

Committee

recommended,

and

the

Independent

Trustees

approved,

the

continuance

of

your

fund's

Management

Contracts,

effective

July

1,

2025. In

considering

the

continuance

of

the

Management

Contracts,

the

Board

took

into

account

a

number

of

factors,

including:

1. That

the

fee

schedule

in

effect

for

your

fund

represented

reasonable

compensation

in

light

of

the

nature

and

quality

of

the

services

being

provided

to

the

fund,

the

fees

paid

by

competitive

funds,

the

costs

incurred

by

the

Advisor

in

providing

services

to

the

fund

and

the

application

of

certain

reductions

and

waivers

noted

below;

2. That

the

fee

schedule

in

effect

for

your

fund

represented

an

appropriate

sharing

between

fund

shareholders

and

the

Advisor

of

any

economies

of

scale

that

may

exist

in

the

management

of

the

fund

at

current

asset

levels;

3. That

the

funds

benefited,

and

were

expected

to

continue

to

benefit,

from

Franklin

Templeton's

large

retail

and

institutional

global

distribution

capabilities

and

significant

network

of

intermediary

relationships,

which

may

provide

additional

opportunities

for

the

funds

to

increase

assets

and

reduce

the

impact

of

expenses

by

spreading

them

over

a

larger

asset

base;

4. Potential

benefits

to

shareholders

of

the

funds

that

could

result

from

the

alignment

of

certain

fund

features

and

shareholder

benefits

with

those

of

other

funds

sponsored

by

the

Advisor

and

its

affiliates

and

access

to

a

broader

array

of

investment

opportunities;

and

5. The

financial

strength,

reputation,

experience

and

resources

of

Franklin

Templeton

and

its

investment

advisory

subsidiaries.

These

conclusions

were

based

on

a

comprehensive

consideration

of

all

information

provided

to

the

Trustees

and

were

not

the

result

of

any

single

factor.

Some

of

the

factors

that

figured

particularly

in

the

Trustees'

deliberations

and

how

the

Trustees

considered

these

factors

are

described

below,

although

individual

Trustees

may

have

evaluated

the

information

presented

differently,

giving

different

weights

to

various

factors.

It

is

also

important

to

recognize

that

the

management

arrangements

for

your

fund

and

the

other

funds

are

the

result

of

many

years

of

review

and

discussion

between

the

Independent

Trustees

and

management,

occurring

both

in

connection

with

formal

contract

reviews

as

well

as

throughout

the

year

and

that

the

Trustees'

conclusions

may

be

based,

in

part,

on

their

consideration

of

fee

arrangements

in

previous

years.

For

example,

with

certain

exceptions

primarily

involving

newer

funds

(including

the

exchange-traded

funds)

or

repositioned

funds,

the

current

fee

arrangements

under

the

vast

majority

of

the

funds'

management

contracts

were

first

implemented

at

the

beginning

of

2010

following

extensive

review

by

the

Contract

Committee

and

discussions

with

management,

as

well

as

approval

by

shareholders.

Putnam

Asset

Allocation

Funds

franklintempleton.com

Annual

Report

*Management* 

*fee* 

*schedules* 

*and* 

*total* 

*expenses*

The

Trustees

reviewed

the

management

fee

schedules

in

effect

for

all

funds,

including

fee

levels

and

any

breakpoints.

Under

its

management

contract,

your

fund

has

the

benefit

of

breakpoints

in

its

management

fee

schedule

that

provide

shareholders

with

reduced

fee

levels

as

assets

under

management

of

other

mutual

funds

sponsored

by

the

applicable

Advisor

(or

that

have

been

deemed

to

be

sponsored

by

the

Advisor

for

the

purpose

of

the

management

fee

calculation)

increase.

The

Trustees

also

reviewed

the

total

expenses

of

each

fund,

recognizing

that

in

most

cases

management

fees

represented

the

major,

but

not

the

sole,

determinant

of

total

costs

to

fund

shareholders.

(Two

mutual

funds

and

each

of

the

exchange-traded

funds

have

implemented

(or,

in

the

case

of

ten

municipal

income

funds

that

are

converting

into

exchange-traded

funds,

will

implement)

so-

called

"all-in"

or

unitary

management

fees

covering

substantially

all

routine

fund

operating

costs.)

In

reviewing

fees

and

expenses,

the

Trustees

generally

focus

their

attention

on

material

changes

in

circumstances

—

for

example,

changes

in

assets

under

management,

changes

in

a

fund's

investment

strategy,

changes

in

the

Advisor's

operating

costs

or

profitability,

or

changes

in

competitive

practices

in

the

fund

industry

—

that

suggest

that

consideration

of

fee

changes

might

be

warranted.

The

Trustees

concluded

that

the

circumstances

did

not

indicate

that

changes

to

the

management

fee

schedule

for

your

fund

would

be

appropriate

at

this

time.

As

in

the

past,

the

Trustees

also

focused

on

the

competitiveness

of

each

fund's

total

expense

ratio.

The

Trustees,

the

Advisor

and

the

funds'

investor

servicing

agent,

Putnam

Investor

Services,

Inc.

("PSERV"),

have

implemented

expense

limitations

that

were

in

effect

during

your

fund's

fiscal

year

ending

in

2024. These

expense

limitations

were:

(i) a

contractual

expense

limitation

applicable

to

specified

mutual

funds

(including

your

fund)

of

basis

points

on

investor

servicing

fees

and

expenses

and

(ii) a

contractual

expense

limitation

applicable

to

specified

mutual

funds

(including

your

fund)

of

basis

points

on

so-called

"other

expenses"

(i.e.,

all

expenses

exclusive

of

management

fees,

distribution

fees,

investor

servicing

fees,

investment-related

expenses,

interest,

taxes,

brokerage

commissions,

acquired

fund

fees

and

expenses

and

extraordinary

expenses).

These

expense

limitations

attempt

to

maintain

competitive

expense

levels

for

the

funds.

Most

funds

(including

your

fund)

had

sufficiently

low

expenses

that

these

expense

limitations

were

not

operative

during

their

fiscal

years

ending

in

2024. The

Advisor

and

PSERV

have

agreed

to

maintain

these

expense

limitations

until

at

least

January

30,

2027. The

Advisor

and

PSERV's

commitment

to

these

expense

limitation

arrangements,

which

were

intended

to

support

an

effort

to

have

the

mutual

fund

expenses

meet

competitive

standards,

was

an

important

factor

in

the

Trustees'

decision

to

approve

the

continuance

of

your

fund's

Management

Contracts.

The

Trustees

reviewed

comparative

fee

and

expense

information

for

a

custom

group

of

competitive

funds

selected

by

Broadridge

Financial

Solutions,

Inc.

("Broadridge").

This

comparative

information

included

your

fund's

percentile

ranking

for

effective

management

fees

and

total

expenses

(excluding

any

applicable

12b-1

fees),

which

provides

a

general

indication

of

your

fund's

relative

standing.

In

the

custom

peer

group,

your

fund

ranked

in

the

second

quintile

in

effective

management

fees

(determined

for

your

fund

and

the

other

funds

in

the

custom

peer

group

assuming

the

same

fund

asset

size

for

your

fund

and

the

other

funds

in

the

custom

peer

group

and

the

applicable

contractual

management

fee

schedule)

and

in

the

fifth

quintile

in

total

expenses

(excluding

any

applicable

12b-1

fees)

as

of

December

31,

2024. The

first

quintile

represents

the

least

expensive

funds

and

the

fifth

quintile

the

most

expensive

funds.

The

fee

and

expense

data

reported

by

Broadridge

as

of

December

31,

2024

reflected

the

most

recent

fiscal

year-end

data

available

in

Broadridge's

database

at

that

time.

Putnam

Asset

Allocation

Funds

franklintempleton.com

Annual

Report

In

connection

with

their

review

of

fund

management

fees

and

total

expenses,

the

Trustees

also

reviewed

the

costs

of

the

services

provided

and

the

profits

realized

by

the

Advisor

and

its

affiliates

from

their

contractual

relationships

with

the

funds.

This

information

included

trends

in

revenues,

expenses

and

profitability

of

the

Advisor

and

its

affiliates

relating

to

the

investment

management,

investor

servicing

and

distribution

services

provided

to

the

funds,

as

applicable.

In

this

regard,

the

Trustees

also

reviewed

an

analysis

of

the

revenues,

expenses

and

profitability

of

the

Advisor

and

its

affiliates,

allocated

on

a

fund-by-fund

basis,

with

respect

to

(as

applicable)

the

funds'

management,

distribution

and

investor

servicing

contracts.

For

each

fund,

the

analysis

presented

information

about

revenues,

expenses

and

profitability

in

2024

for

each

of

the

applicable

agreements

separately

and

for

the

agreements

taken

together

on

a

combined

basis.

The

Trustees

concluded

that,

at

current

asset

levels,

the

fee

schedules

in

place

for

each

of

the

funds,

including

the

fee

schedule

for

your

fund,

represented

reasonable

compensation

for

the

services

being

provided

and

represented

an

appropriate

sharing

between

fund

shareholders

and

the

Advisor

of

any

economies

of

scale

as

may

exist

in

the

management

of

the

funds

at

that

time.

The

information

examined

by

the

Trustees

in

connection

with

their

annual

contract

review

for

the

funds

included

information

regarding

services

provided

and

fees

charged

by

the

Advisor

and

certain

affiliates

to

other

clients

in

similar

asset

categories,

including

other

1940

Act

funds

advised

by

the

Advisor

but

overseen

by

a

board

of

trustees

other

than

the

Board,

sub-advised

U.S.

mutual

funds,

exchange-traded

funds,

other

U.S.

products

(such

as

collective

investment

trusts,

private

funds,

and

separately

managed

and

institutional

accounts),

non-U.S.

funds,

and

other

non-U.S.

products.

This

information

included,

for

products

that

are

managed

by

the

same

portfolio

team

in

a

similar

asset

category

to

those

of

the

funds,

comparisons

of

the

fees

charged

to

other

clients,

by

category,

with

fees

charged

to

the

funds,

as

well

as

a

detailed

assessment

of

the

differences

in

the

services

provided

to

these

clients

as

compared

to

the

services

provided

to

the

funds.

The

Trustees

observed

that

the

differences

in

fee

rates

between

these

clients

and

the

funds

are

by

no

means

uniform

when

examined

by

individual

asset

classes,

suggesting

that

differences

in

the

pricing

of

investment

management

services

to

these

types

of

clients

may

reflect,

among

other

things,

historical

competitive

forces

operating

in

separate

marketplaces,

the

characteristics

of

different

clients,

the

particulars

of

different

fee

structures,

factors

unique

to

specific

market

segments,

and

the

distinct

risks

and

costs

associated

with

providing

services

to

different

clients.

The

Trustees

considered

the

fact

that

in

many

cases

fee

rates

across

different

asset

classes

are

higher

on

average

for

1940

Act-registered

funds

than

for

other

clients,

and

the

Trustees

also

considered

the

differences

between

the

services

that

the

Advisor

provides

to

the

funds

and

those

that

it

provides

to

its

other

clients.

The

Trustees

did

not

rely

on

these

fee

comparisons

to

any

significant

extent

in

concluding

that

the

management

fees

paid

by

your

fund

are

reasonable.

*Investment* 

*performance*

The

quality

of

the

investment

process

provided

by

the

Advisor

represented

a

major

factor

in

the

Trustees'

evaluation

of

the

quality

of

services

provided

by

the

Advisor

under

your

fund's

Management

Contracts.

The

Trustees

were

assisted

in

their

review

of

the

Advisor's

investment

process

and

performance

by

the

work

of

the

investment

oversight

committees

of

the

Trustees

and

the

full

Board,

which

meet

on

a

regular

basis

with

individual

portfolio

managers

and

with

senior

investment

management

of

the

Advisor

throughout

the

year.

The

Trustees

concluded

that

the

Advisor

generally

provides

a

high-quality

investment

process

—

based

on

the

experience

and

skills

of

the

individuals

assigned

to

the

management

of

fund

portfolios,

the

resources

made

available

to

them

and

in

general

the

Advisor's

ability

to

attract

and

retain

high-quality

personnel

—

but

also

recognized

that

this

does

not

guarantee

favorable

investment

results

for

every

fund

in

every

time

period.

The

Trustees

considered

that,

in

the

aggregate,

peer-relative

and

benchmark-relative

fund

performance

was

strong

in

2024

against

a

constructive

yet

complex

investing

environment.

The

S&P

500

was

up

25%

in

2024,

but

significant

concentration

of

returns

among

large

cap

and

technology

stocks

and

periods

of

volatility

posed

challenges

in

the

market.

The

Bloomberg

Aggregate

fixed

income

index

was

up

slightly

over

1%

amidst

many

moving

pieces,

with

the

Federal

Reserve

cutting

the

Effective

Federal

Funds

rate

from

5.25%

at

year-end

2023

to

4.25%

at

year-end

2024,

with

three

cuts

in

the

latter

part

of

the

year,

while

also

trying

to

manage

inflation

concerns.

Ten-year

Treasury

yields

ended

2024

at

4.6%

up

from

3.9%

at

year-end

2023. Corporate

earnings

and

employment

figures

continued

to

generally

show

strength

during

the

year,

while

geopolitical

tensions

were

closely

watched.

Putnam

Asset

Allocation

Funds

franklintempleton.com

Annual

Report

For

the

one-year

period

ended

December

31,

2024,

the

Trustees

noted

that

the

funds,

on

an

asset-weighted

basis,

ranked

in

the

27th

percentile

of

their

peers

as

determined

by

Lipper

Inc.

("Lipper")

and,

on

an

asset-weighted

basis,

outperformed

their

benchmarks

by

3.0%

gross

of

fees

over

the

one-year

period.

The

Committee

also

noted

that

the

funds'

aggregate

performance

over

longer-term

periods

continued

to

be

strong,

with

the

funds,

on

an

asset-weighted

basis,

ranking

in

the

20th,

22nd

and

20th

percentiles

of

their

Lipper

peers

over

the

three-year,

five-year

and

ten-year

periods

ended

December

31,

2024,

respectively.

The

Trustees

further

noted

that

the

funds,

in

the

aggregate,

outperformed

their

benchmarks

on

a

gross

basis

for

each

of

the

three-year,

five-year

and

ten-year

periods.

The

Trustees

also

considered

the

Morningstar

Inc.

ratings

assigned

to

the

funds

and

that

funds

were

rated

four

or

five

stars

at

the

end

of

2024,

which

represented

an

increase

of

seven

funds

year-over-year.

The

Trustees

also

considered

that

funds

were

five-star

rated

at

the

end

of

2024,

which

was

also

a

year-

over-year

increase

of

seven

funds.

The

Board

noted,

however,

the

disappointing

investment

performance

of

some

funds

for

periods

ended

December

31,

2024

and

considered

information

provided

by

the

Advisor

regarding

the

factors

contributing

to

the

underperformance

and,

where

relevant,

actions

being

taken

to

improve

the

performance

of

these

particular

funds.

The

Trustees

indicated

their

intention

to

continue

to

monitor

the

performance

of

those

funds.

For

purposes

of

the

Trustees'

evaluation

of

the

funds'

investment

performance,

the

Trustees

generally

focus

on

a

competitive

industry

ranking

of

each

fund's

total

net

return

over

a

one-year,

three-year

and

five-year

period.

For

a

number

of

funds

with

relatively

unique

investment

mandates

for

which

the

Advisor

informed

the

Trustees

that

meaningful

competitive

performance

rankings

are

not

considered

to

be

available,

the

Trustees

evaluated

performance

based

on

their

total

gross

and

net

returns

and

comparisons

of

those

returns

to

the

returns

of

selected

investment

benchmarks.

In

the

case

of

your

fund,

the

Trustees

considered

that

its

class

A

share

cumulative

total

return

performance

at

net

asset

value

was

in

the

following

quartiles

of

its

Lipper

peer

group

(Lipper

Mixed-Asset

Target

Allocation

Growth

Funds)

for

the

one-year,

three-year

and

five-year

periods

ended

December

31,

2024

(the

first

quartile

representing

the

best-performing

funds

and

the

fourth

quartile

the

worst-

performing

funds):

For

the

one-year,

three-year,

and

five-year

periods

ended

December

31,

2024,

your

fund's

performance

was

in

the

top

decile

of

its

Lipper

peer

group.

Over

the

one-year,

three-year

and

five-year

periods

ended

December

31,

2024,

there

were

445,

and

funds,

respectively,

in

your

fund's

Lipper

peer

group.

(When

considering

performance

information,

shareholders

should

be

mindful

that

past

performance

is

not

a

guarantee

of

future

results.)

The

Trustees

noted

that

the

Advisor

had

made

internal

promotions

and

other

portfolio

management

assignment

changes

in

2024

to

strengthen

its

investment

teams

providing

services

to

the

funds.

*Brokerage* 

*and* 

*soft-dollar* 

*allocations;* 

*distribution* 

*and* 

*investor* 

*servicing*

The

Trustees

considered

various

potential

benefits

that

the

Advisor

may

receive

in

connection

with

the

services

it

provides

under

the

management

contract

with

your

fund.

These

include

benefits

related

to

brokerage

allocation

and

the

use

of

soft

dollars,

whereby

a

portion

of

the

commissions

paid

by

a

fund

for

brokerage

may

be

used

to

acquire

research

services

that

are

expected

to

be

useful

to

the

Advisor

in

managing

the

assets

of

the

fund

and

of

other

clients.

Subject

to

policies

approved

by

the

Trustees,

soft

dollars

generated

by

these

means

may

be

used

to

acquire

brokerage

and

research

services

(including

proprietary

executing

broker

research,

third-party

research

and

market

data)

that

enhance

the

Advisor's

investment

capabilities

and

supplement

the

Advisor's

internal

research

efforts.

The

Trustees

indicated

their

continued

intent

to

monitor

regulatory

and

industry

developments

in

this

area

with

the

assistance

of

their

Contract

Committee.

In

addition,

with

the

assistance

of

their

Contract

Committee,

the

Trustees

indicated

their

continued

intent

to

monitor

the

allocation

of

the

funds'

brokerage

in

order

to

ensure

that

the

principle

of

seeking

best

price

and

execution

remains

paramount

in

the

portfolio

trading

process.

One-year

period

Three-year

period

Five-year

period

1st

1st

1st

Putnam

Asset

Allocation

Funds

franklintempleton.com

Annual

Report

The

Advisor

may

also

receive

benefits

from

payments

that

funds

make

to

the

Advisor

for

distribution

services

and

investor

services.

In

conjunction

with

the

review

of

your

fund's

management

and

sub-advisory

contracts,

the

Trustees

reviewed

your

fund's

investor

servicing

agreement

with

PSERV

and

its

distributor's

contract

and

distribution

plans

with

Franklin

Distributors,

LLC

("Franklin

Distributors"),

both

of

which

are

affiliates

of

the

Advisor.

The

Trustees

concluded

that

the

fees

payable

by

the

mutual

funds

to

PSERV

and

Franklin

Distributors

for

such

services

were

fair

and

reasonable

in

relation

to

the

nature

and

quality

of

such

services,

the

fees

paid

by

competitive

funds

and

the

costs

incurred

by

PSERV

and

Franklin

Distributors

in

providing

such

services.

Furthermore,

the

Trustees

were

of

the

view

that

the

investor

services

provided

by

PSERV

were

required

for

the

operation

of

the

mutual

funds,

and

that

they

were

of

a

quality

at

least

equal

to

those

provided

by

other

providers.

38952-AFSOI

11/25©

2025

Franklin

Templeton.

All

rights

reserved.

ITEM 8. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES.

The information is disclosed as part of the Financial Statements included in Item 7 of this Form N-CSR.

ITEM 9. PROXY DISCLOSURES FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES.

The information is disclosed as part of the Financial Statements included in Item 7 of this Form N-CSR.

ITEM 10. REMUNERATION PAID TO DIRECTORS, OFFICERS, AND OTHERS OF OPEN-END MANAGEMENT INVESTMENT COMPANIES.

The information is disclosed as part of the Financial Statements included in Item 7 of this Form N-CSR.

ITEM 11. STATEMENT REGARDING BASIS FOR APPROVAL OF INVESTMENT ADVISORY CONTRACT.

The information is disclosed as part of the Financial Statements included in Item 7 of this Form N-CSR, as applicable.

ITEM 12. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable.

ITEM 13. PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable.

ITEM 14. PURCHASES OF SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS.

Not applicable.

---

| | |
|:---|:---|
| ITEM 15. | SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS. |

---

There have been no changes to the procedures by which shareholders may recommend nominees to the Registrant's Board of Trustees that would require disclosure herein.

ITEM 16. CONTROLS AND PROCEDURES.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Registrant's principal executive officer and principal financial officer have concluded that the Registrant's disclosure
 controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the "1940 Act"))
 are effective as of a date within 90 days of the filing date of this report that includes the disclosure required by this paragraph, based
 on their evaluation of the disclosure controls and procedures required by Rule 30a-3(b) under the 1940 Act and 15d-15(b) under the Securities
 Exchange Act of 1934.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) During the period covered by this report, the Registrant transitioned to a new third-party service provider who performs certain accounting
 and administrative services for the Registrant that are subject to Franklin Templeton's oversight.

ITEM 17. DISCLOSURE OF SECURITIES LENDING ACTIVITIES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable.

ITEM 18. RECOVERY OF ERRONEOUSLY AWARDED COMPENSATION.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Not applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Not applicable.

ITEM 19. EXHIBITS.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[(a) (1) Code of Ethics attached hereto.](pdaagf-efp18848_ex99code.htm)

Exhibit 99.CODE ETH

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[(a) (3) Certifications pursuant to section 302 of the Sarbanes-Oxley Act of 2002 attached hereto.](pdaagf-efp18848_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.](pdaagf-efp18848_ex99906cert.htm)

Exhibit 99.906CERT

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this Report to be signed on its behalf by the undersigned, there unto duly authorized.

---

| | |
|:---|:---|
| **Putnam Asset Allocation Funds** | **Putnam Asset Allocation Funds** |
| By: | /s/ Jonathan S. Horwitz |
|  | Jonathan S. Horwitz |
|  | Principal Executive Officer |
| Date: | November 28, 2025 |

---

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

---

| | |
|:---|:---|
| By: | /s/ Jonathan S. Horwitz |
|  | Jonathan S. Horwitz |
|  | Principal Executive Officer |
| Date: | November 28, 2025 |
| By: | /s/ Jeffrey White |
|  | Jeffrey White |
|  | Principal Financial Officer |
| Date: | November 28, 2025 |

---

## Ex-99.Code

**Code of Ethics for Principal Executives & Senior Financial Officers**

---

| | |
|:---|:---|
| **Procedures** | &nbsp;&nbsp;&nbsp;Revised [September 27, 2024] |

---

**FRANKLIN TEMPLETON AFFILIATED FUNDS**

**CODE OF ETHICS FOR PRINCIPAL EXECUTIVES AND**

**SENIOR FINANCIAL OFFICERS**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;I. Covered Officers
 and Purpose of the Code

This code of ethics (the "Code") applies to the Principal Executive Officers, Principal Financial Officer and Principal Accounting Officer (the "Covered Officers") of each investment company advised by a Franklin Resources subsidiary and that is registered with the United States Securities & Exchange Commission ("SEC") (collectively, "FT Funds") for the purpose of promoting:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Honest
 and ethical conduct, including the ethical resolution of actual or apparent conflicts of
 interest between personal and professional relationships;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Full,
 fair, accurate, timely and understandable disclosure in reports and documents that a registrant
 files with, or submits to, the SEC and in other public communications made by or on behalf
 of the FT Funds;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Compliance
 with applicable laws and governmental rules and regulations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The
 prompt internal reporting of violations of the Code to an appropriate person or persons identified
 in the Code; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Accountability
 for adherence to the Code.

Each Covered Officer will be expected to adhere to a high standard of business ethics and must be sensitive to situations that may give rise to actual as well as apparent conflicts of interest.

*\** Rule 38a-1 under the Investment Company Act of 1940 ("1940 Act") and Rule 206(4)-7 under the Investment Advisers Act of 1940 ("Advisers Act") (together the "Compliance Rule") require registered investment companies and registered investment advisers to, among other things, adopt and implement written policies and procedures reasonably designed to prevent violations of the federal securities laws ("Compliance Rule Policies and Procedures").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;II. Other Policies
 and Procedures

This Code shall be the sole code of ethics adopted by the Funds for purposes of Section 406 of the Sarbanes-Oxley Act and the rules and forms applicable to registered investment companies thereunder.

Franklin Resources, Inc. has separately adopted the <u>Code of Ethics and Business Conduct</u> ("Business Conduct"), which is applicable to all officers, directors and employees of Franklin Resources, Inc., including Covered Officers. It summarizes the values, principles and business practices that guide the employee's business conduct and also provides a set of basic principles to guide officers, directors and employees regarding the minimum ethical requirements expected of them. It supplements the values, principles and business conduct identified in the Code and other existing employee policies.

Additionally, the Franklin Templeton Funds have separately adopted the <u>FTI Personal Investments and Insider Trading Policy</u> governing personal securities trading and other related matters. The Code for Insider Trading provides for separate requirements that apply to the Covered Officers and others, and therefore is not part of this Code.

Insofar as other policies or procedures of Franklin Resources, Inc., the Funds, the Funds' adviser, principal underwriter, or other service providers govern or purport to govern the behavior or activities of the Covered Officers who are subject to this Code, they are superseded by this Code to the extent that they overlap or conflict with the provisions of this Code. Please review these other documents or consult with the Legal Department if have questions regarding the applicability of these policies to you.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;III. Covered
 Officers Should Handle Ethically Actual and Apparent Conflicts of Interest

**Overview.** A "conflict of interest" occurs when a Covered Officer's private interest interferes with the interests of, or his or her service to, the FT Funds. For example, a conflict of interest would arise if a Covered Officer, or a member of his family, receives improper personal benefits as a result of a position with the FT Funds.

Certain conflicts of interest arise out of the relationships between Covered Officers and the FT Funds and already are subject to conflict of interest provisions in the Investment Company Act of 1940 ("Investment Company Act") and the Investment Advisers Act of 1940 ("Investment Advisers Act"). For example, Covered Officers may not individually engage in certain transactions (such as the purchase or sale of securities or other property) with the FT Funds because of their status as "affiliated persons" of the FT Funds. The FT Funds' and the investment advisers' compliance programs and procedures are designed to prevent, or identify and correct, violations of these provisions. This Code does not, and is not intended to, repeat or replace these programs and procedures, and such conflicts fall outside of the parameters of this Code.

Although typically not presenting an opportunity for improper personal benefit, conflicts arise from, or as a result of, the contractual relationship between the FT Funds, the investment advisers and the fund administrator of which the Covered Officers are also officers or employees. As a result, this Code recognizes that the Covered Officers will, in the normal course of their duties (whether formally for the FT Funds, for the adviser, the administrator, or for all three), be involved in establishing policies and implementing decisions that will have different effects on the

adviser, administrator and the FT Funds. The participation of the Covered Officers in such activities is inherent in the contractual relationship between the FT Funds, the adviser, and the administrator and is consistent with the performance by the Covered Officers of their duties as officers of the FT Funds. Thus, if performed in conformity with the provisions of the Investment Company Act and the Investment Advisers Act, such activities will be deemed to have been handled ethically. In addition, it is recognized by the FT Funds' Boards of Directors ("Boards") that the Covered Officers may also be officers or employees of one or more other investment companies covered by this or other codes.

Other conflicts of interest are covered by the Code, even if such conflicts of interest are not subject to provisions in the Investment Company Act and the Investment Advisers Act. The following list provides examples of conflicts of interest under the Code, but Covered Officers should keep in mind that these examples are not exhaustive. The overarching principle is that the personal interest of a Covered Officer should not be placed improperly before the interest of the FT Funds.

Each Covered Officer must:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Not
 use his or her personal influence or personal relationships improperly to influence investment
 decisions or financial reporting by the FT Funds whereby the Covered Officer would benefit
 personally to the detriment of the FT Funds;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Not
 cause the FT Funds to take action, or fail to take action, for the individual personal benefit
 of the Covered Officer rather than the benefit of the FT Funds;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Not
 retaliate against any other Covered Officer or any employee of the FT Funds or their affiliated
 persons for reports of potential violations that are made in good faith;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Report
 at least annually the following affiliations or other relationships:<sup>1</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• all
 directorships for public companies and all companies that are required to file reports with
 the SEC;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• any
 direct or indirect business relationship with any independent directors of the FT Funds;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• any
 direct or indirect business relationship with any independent public accounting firm (which
 are not related to the routine issues related to the firm's service as the Covered
 Persons accountant); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• any
 direct or indirect interest in any transaction with any FT Fund that will benefit the officer
 (not including benefits derived from the advisory, sub-advisory, distribution or service
 agreements with affiliates of Franklin Resources).

These reports will be reviewed by the Legal Department for compliance with the Code.

There are some conflict of interest situations that should always be approved in writing by Franklin Resources General Counsel or Deputy General Counsel, if material. Examples of these include<sup>2</sup>:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Service
 as a director on the board of any public or private Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The
 receipt of any gifts in excess of $100 from any person, from any corporation or association.

<sup>1</sup> Reporting of these affiliations or other relationships shall be made by completing the annual Directors and Officers Questionnaire and returning the questionnaire to Franklin Resources Inc, General Counsel or Deputy General Counsel.

<sup>2</sup> Any activity or relationship that would present a conflict for a Covered Officer may also present a conflict for the Covered Officer if a member of the Covered Officer's immediate family engages in such an activity or has such a relationship. The Covered Person should also obtain written approval by FT's General Counsel in such situations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The
 receipt of any entertainment from any Company with which the FT Funds has current or prospective
 business dealings unless such entertainment is business related, reasonable in cost, appropriate
 as to time and place, and not so frequent as to raise any question of impropriety. Notwithstanding
 the foregoing, the Covered Officers must obtain prior approval from the Franklin Resources
 General Counsel for any entertainment with a value in excess of $1000.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Any
 ownership interest in, or any consulting or employment relationship with, any of the FT Fund's
 service providers, other than an investment adviser, principal underwriter, administrator
 or any affiliated person thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• A
 direct or indirect financial interest in commissions, transaction charges or spreads paid
 by the FT Funds for effecting portfolio transactions or for selling or redeeming shares other
 than an interest arising from the Covered Officer's employment, such as compensation
 or equity ownership.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Franklin
 Resources General Counsel or Deputy General Counsel, or the Chief Compliance Officer, will
 provide a report to the FT Funds Audit Committee of any approvals granted at the next regularly
 scheduled meeting.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;IV. Disclosure
 and Compliance

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Each
 Covered Officer should familiarize himself with the disclosure requirements generally applicable
 to the FT Funds;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Each
 Covered Officer should not knowingly misrepresent, or cause others to misrepresent, facts
 about the FT Funds to others, whether within or outside the FT Funds, including to the FT
 Funds' directors and auditors, and to governmental regulators and self- regulatory
 organizations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Each
 Covered Officer should, to the extent appropriate within his or her area of responsibility,
 consult with other officers and employees of the FT Funds, the FT Fund's adviser and
 the administrator with the goal of promoting full, fair, accurate, timely and understandable
 disclosure in the reports and documents the FT Funds file with, or submit to, the SEC and
 in other public communications made by the FT Funds; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• It
 is the responsibility of each Covered Officer to promote compliance with the standards and
 restrictions imposed by applicable laws, rules and regulations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;V. Reporting
 and Accountability

Each Covered Officer must:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Upon
 becoming a covered officer affirm in writing to the Board that he or she has received, read,
 and understands the Code (see Exhibit A);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Annually
 thereafter affirm to the Board that he has complied with the requirements of the Code; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Notify
 Franklin Resources' General Counsel or Deputy General Counsel promptly if he or she
 knows of any violation of this Code. Failure to do so is itself is a violation of this Code.

Franklin Resources' General Counsel and Deputy General Counsel are responsible for applying this Code to specific situations in which questions are presented under it and have the authority to interpret this Code in any particular situation.<sup>3</sup> However, the Independent Directors of the respective FT Funds will consider any approvals or waivers<sup>4</sup> sought by any Chief Executive Officers of the Funds.

The FT Funds will follow these procedures in investigating and enforcing this Code:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Franklin
 Resources General Counsel or Deputy General Counsel will take all appropriate action to investigate
 any potential violations reported to the Legal Department;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• If,
 after such investigation, the General Counsel or Deputy General Counsel believes that no
 violation has occurred, The General Counsel is not required to take any further action;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Any
 matter that the General Counsel or Deputy General Counsel believes is a violation will be
 reported to the Independent Directors of the appropriate FT Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• If
 the Independent Directors concur that a violation has occurred, it will inform and make a
 recommendation to the Board of the appropriate FT Fund or Funds, which will consider appropriate
 action, which may include review of, and appropriate modifications to, applicable policies
 and procedures; notification to appropriate personnel of the investment adviser or its board;
 or a recommendation to dismiss the Covered Officer;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The
 Independent Directors will be responsible for granting waivers, as appropriate; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Any
 changes to or waivers of this Code will, to the extent required, are disclosed as provided
 by SEC rules.<sup>5</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VI. Other
 Policies and Procedures

This Code shall be the sole code of ethics adopted by the FT Funds for purposes of Section 406 of the Sarbanes-Oxley Act and the rules and forms applicable to registered investment companies thereunder. Insofar as other policies or procedures of the FT Funds, the FT Funds' advisers, principal underwriter, or other service providers govern or purport to govern the behavior or activities of the Covered Officers who are subject to this Code, they are superseded by this Code to the extent that they overlap or conflict with the provisions of this Code. The FTI Personal Investments and Insider Trading Policy, adopted by the FT Funds, FT investment advisers and FT Fund's principal underwriter pursuant to Rule 17j-1 under the Investment Company Act, the Code of Ethics and Business Conduct and more detailed policies and procedures set forth in FT's Employee Handbook are separate requirements applying to the Covered Officers and others, and are not part of this Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VII. Amendments

Any amendments to this Code must be approved or ratified by a majority vote of the FT Funds' Board including a majority of independent directors.

<sup>3</sup> Franklin Resources General Counsel and Deputy General Counsel are authorized to consult, as appropriate, with members of the Audit Committee, counsel to the FT Funds and counsel to the Independent Directors, and are encouraged to do so.

<sup>4</sup> Item 2 of Form N-CSR defines "waiver" as "the approval by the registrant of a material departure from a provision of the code of ethics" and "implicit waiver," which must also be disclosed, as "the registrant's failure to take action within a reasonable period of time regarding a material departure from a provision of the code of ethics that has been made known to an executive officer" of the registrant. See Part X.

<sup>5</sup> See Part X.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VIII. Confidentiality

All reports and records prepared or maintained pursuant to this Code will be considered confidential and shall be maintained and protected accordingly. Except as otherwise required by law or this Code, such matters shall not be disclosed to anyone other than the FT Funds' Board and their counsel.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;IX. Internal
 Use

The Code is intended solely for the internal use by the FT Funds and does not constitute an admission, by or on behalf of any FT Funds, as to any fact, circumstance, or legal conclusion.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;X. Disclosure
 on Form N-CSR

Item 2 of Form N-CSR requires a registered management investment company to disclose annually whether, as of the end of the period covered by the report, it has adopted a code of ethics that applies to the registrant's principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, regardless of whether these officers are employed by the registrant or a third party. If the registrant has not adopted such a code of ethics, it must explain why it has not done so.

The registrant must also: (1) file with the SEC a copy of the code as an exhibit to its annual report; (2) post the text of the code on its Internet website and disclose, in its most recent report on Form N-CSR, its Internet address and the fact that it has posted the code on its Internet website; or (3) undertake in its most recent report on Form N-CSR to provide to any person without charge, upon request, a copy of the code and explain the manner in which such request may be made. Disclosure is also required of amendments to, or waivers (including implicit waivers) from, a provision of the code in the registrant's annual report on Form N-CSR or on its website. If the registrant intends to satisfy the requirement to disclose amendments and waivers by posting such information on its website, it will be required to disclose its Internet address and this intention.

The Legal Department shall be responsible for ensuring that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• a
 copy of the Code is filed with the SEC as an exhibit to each Fund's annual report;
 and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• any
 amendments to, or waivers (including implicit waivers) from, a provision of the Code is disclosed
 in the registrant's annual report on Form N-CSR.

In the event that the foregoing disclosure is omitted or is determined to be incorrect, the Legal Department shall promptly file such information with the SEC as an amendment to Form N- CSR.

In such an event, the Fund Chief Compliance Officer shall review the Code and propose such changes to the Code as are necessary or appropriate to prevent reoccurrences.

**Exhibit A**

**ACKNOWLEDGMENT FORM**

**Franklin Templeton Funds Code of Ethics**

**For Principal Executives and Senior Financial Officers**

**Instructions:**

&nbsp;&nbsp;&nbsp;&nbsp;1. Complete
 all sections of this form.

&nbsp;&nbsp;&nbsp;&nbsp;2. Print
 the completed form, sign, and date.

&nbsp;&nbsp;&nbsp;&nbsp;3. Submit
 completed form to FT's General Counsel c/o Code of Ethics Administration within 10
 days of becoming a Covered Officer and by February 15<sup>th</sup> of each subsequent year.

---

| | |
|:---|:---|
| **E-mail:** | Code of Ethics Inquiries & Requests (internal address);<br> lpreclear@franklintempleton.com (external address) |

---

---

| |
|:---|
| **Covered Officer's Name:** |
| **Title:** |
| **Department:** |
| **Location:** |
| **Certification for Year Ending:** |

---

***To: Franklin Resources General Counsel, Legal Department***

I acknowledge receiving, reading and understanding the Franklin Templeton Fund's Code of Ethics for Principal Executive Officers and Senior Financial Officers (the "Code"). I will comply fully with all provisions of the Code to the extent they apply to me during the period of my employment. I further understand and acknowledge that any violation of the Code may subject me to disciplinary action, including termination of employment.

---

| | |
|:---|:---|
| ***Signature*** | ***Date signed*** |

---

## Ex-99.Cert

CERTIFICATIONS PURSUANT TO SECTION 302

EX-99.CERT

**<u>CERTIFICATIONS</u>**

I, Jonathan S. Horwitz, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;1. I have reviewed this report on Form N-CSR of **Putnam Asset Allocation Funds**;

&nbsp;&nbsp;&nbsp;&nbsp;2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary
to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period
covered by this report;

&nbsp;&nbsp;&nbsp;&nbsp;3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material
respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required
to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

&nbsp;&nbsp;&nbsp;&nbsp;4. The registrant's other certifying officers and I are responsible for establishing and maintaining disclosure controls and procedures
(as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule
30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to
be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries,
is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) Designed such internal control over financial reporting, or caused such internal control over financial
reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the
preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented
in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to
the filing date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d) Disclosed in this report any change in the registrant's internal control over financial reporting
that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the
registrant's internal control over financial reporting; and

&nbsp;&nbsp;&nbsp;&nbsp;5. The registrant's other certifying officers and I have disclosed to the registrant's auditors
and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) All significant deficiencies and material weaknesses in the design or operation of internal control over
financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and
report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) Any fraud, whether or not material, that involves management or other employees who have a significant
role in the registrant's internal control over financial reporting.

---

| | |
|:---|:---|
| Date: | November 28, 2025 |
| /s/ Jonathan S. Horwitz | /s/ Jonathan S. Horwitz |
| Jonathan S. Horwitz | Jonathan S. Horwitz |
| Principal Executive Officer | Principal Executive Officer |

---

**<u>CERTIFICATIONS</u>**

I, Jeffrey White, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;1. I have reviewed this report on Form N-CSR of **Putnam Asset Allocation Funds**;

&nbsp;&nbsp;&nbsp;&nbsp;2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to
state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not
misleading with respect to the period covered by this report;

&nbsp;&nbsp;&nbsp;&nbsp;3. Based on my knowledge, the financial information included in this report, and the financial statements
on which the financial information is based, fairly present in all material respects the financial condition, results of operations, changes
in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of,
and for, the periods presented in this report;

&nbsp;&nbsp;&nbsp;&nbsp;4. The registrant's other certifying officers and I are responsible for establishing and maintaining
disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial
reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision,
to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others
within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under
our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements
for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions
about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report
based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the period
covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control
over financial reporting; and

&nbsp;&nbsp;&nbsp;&nbsp;5. The registrant's other certifying officers and I have disclosed to the registrant's auditors
and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) All significant deficiencies and material weaknesses
in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's
ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) Any fraud, whether or not material, that involves
management or other employees who have a significant role in the registrant's internal control over financial reporting.

---

| | |
|:---|:---|
| Date: | November 28, 2025 |
| /s/ Jeffrey White | /s/ Jeffrey White |
| Jeffrey White | Jeffrey White |
| Principal Financial Officer | Principal Financial Officer |

---

## Exhibit 99.906

CERTIFICATIONS PURSUANT TO SECTION 906

EX-99.906CERT

**CERTIFICATION**

**Jonathan S. Horwitz,** Principal Executive Officer, and **Jeffrey White,** Principal Financial Officer of **Putnam Asset Allocation Funds** (the "Registrant"), each certify to the best of their knowledge that:

&nbsp;&nbsp;&nbsp;&nbsp;1. The Registrant's periodic report on Form N-CSR for the period ended **September 30, 2025** (the "Form N-CSR") fully complies with the requirements of Section 13(a) or 15(d), as applicable, of the Securities Exchange Act of 1934, as amended; and

&nbsp;&nbsp;&nbsp;&nbsp;2. The information contained in the Form N-CSR fairly presents, in all material respects, the financial condition and results of operations of the Registrant.

---

| | |
|:---|:---|
| **Principal Executive Officer** | **Principal Financial Officer** |
| Putnam Asset Allocation Funds | Putnam Asset Allocation Funds |
| /s/ Jonathan S. Horwitz | /s/ Jeffrey White |
| Jonathan S. Horwitz | Jeffrey White |
| Date: November 28, 2025 | Date: November 28, 2025 |

---

This certification is being furnished to the Securities and Exchange Commission solely pursuant to 18 U.S.C. § 1350 and is not being filed as part of the Form N-CSR with the Commission.