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Consolidated
Schedules
of
Investments
(unaudited)
Putnam
Dynamic
Asset
Allocation
Balanced
Fund
2
Putnam
Dynamic
Asset
Allocation
Conservative
Fund
76
Putnam
Dynamic
Asset
Allocation
Growth
Fund
148
Notes
to
Consolidated
Schedules
of
Investments
223
Putnam
Asset
Allocation
Funds
Consolidated
Schedule
of
Investments
(unaudited),
June
30,
2026
Putnam
Dynamic
Asset
Allocation
Balanced
Fund
Quarterly
Consolidated
Schedule
of
Investments
See
Notes
to
Consolidated
Schedules
of
Investments.
2
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Common
Stocks
77.6%
Aerospace
&
Defense
2.0%
Airbus
SE
.........................................
France
24,615
$
5,476,637
a
Astronics
Corp.
.....................................
United
States
5,934
482,197
a
Astronics
Corp.
,
B
...................................
United
States
1,186
90,136
Curtiss-Wright
Corp.
.................................
United
States
1,439
1,090,417
Embraer
SA
.......................................
Brazil
71,800
1,138,413
a
Firefly
Aerospace,
Inc.
................................
United
States
11,929
350,713
General
Dynamics
Corp.
..............................
United
States
3,068
1,086,808
General
Electric
Co.
.................................
United
States
33,393
12,479,966
a
Honeywell
Aerospace,
Inc.
............................
United
States
20,296
4,487,040
a
Kratos
Defense
&
Security
Solutions,
Inc.
.................
United
States
1,737
86,607
L3Harris
Technologies,
Inc.
............................
United
States
3,372
979,869
Leonardo
DRS,
Inc.
.................................
United
States
23,426
999,587
Leonardo
SpA
......................................
Italy
15,035
807,235
Lockheed
Martin
Corp.
...............................
United
States
22,724
11,576,969
Melrose
Industries
plc
................................
United
Kingdom
94,964
598,810
Moog,
Inc.
,
A
.......................................
United
States
448
189,880
Northrop
Grumman
Corp.
.............................
United
States
10,936
5,569,814
RTX
Corp.
........................................
United
States
39,684
7,529,245
Safran
SA
.........................................
France
8,381
3,302,793
Thales
SA
.........................................
France
5,436
1,397,060
TransDigm
Group,
Inc.
...............................
United
States
1,617
2,153,909
a
V2X,
Inc.
..........................................
United
States
3,159
235,535
62,109,640
Air
Freight
&
Logistics
0.3%
Deutsche
Post
AG
...................................
Germany
15,522
943,683
Expeditors
International
of
Washington,
Inc.
...............
United
States
6,692
1,090,662
FedEx
Corp.
.......................................
United
States
22,824
7,146,879
Hub
Group,
Inc.
,
A
...................................
United
States
6,384
279,555
United
Parcel
Service,
Inc.
,
B
..........................
United
States
10,416
1,119,720
10,580,499
Automobile
Components
0.1%
a
Adient
plc
.........................................
United
States
9,645
177,275
Aisin
Corp.
........................................
Japan
77,900
1,057,624
BorgWarner,
Inc.
....................................
United
States
18,308
1,215,651
Dana,
Inc.
.........................................
United
States
18,245
496,447
a
Gentherm,
Inc.
.....................................
United
States
3,738
127,503
a
Strattec
Security
Corp.
...............................
United
States
1,430
116,474
Sumitomo
Electric
Industries
Ltd.
.......................
Japan
27,200
504,754
Visteon
Corp.
......................................
United
States
5,495
545,159
4,240,887
Automobiles
1.4%
Ford
Motor
Co.
.....................................
United
States
78,051
1,084,909
General
Motors
Co.
..................................
United
States
106,775
8,230,217
Isuzu
Motors
Ltd.
...................................
Japan
17,100
227,707
Kia
Corp.
.........................................
South
Korea
9,544
861,992
Mahindra
&
Mahindra
Ltd.
.............................
India
56,403
1,834,496
Subaru
Corp.
......................................
Japan
22,900
335,034
a
Tesla,
Inc.
.........................................
United
States
73,259
30,812,735
Toyota
Motor
Corp.
..................................
Japan
21,000
351,803
43,738,893
Banks
4.6%
AIB
Group
plc
......................................
Ireland
282,127
3,315,694
Al
Rajhi
Bank
......................................
Saudi
Arabia
97,894
1,717,260
Amalgamated
Financial
Corp.
..........................
United
States
6,200
284,580
Putnam
Asset
Allocation
Funds
Consolidated
Schedule
of
Investments
(unaudited)
Putnam
Dynamic
Asset
Allocation
Balanced
Fund
(continued)
See
Notes
to
Consolidated
Schedules
of
Investments.
Quarterly
Consolidated
Schedule
of
Investments
3
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Common
Stocks
(continued)
Banks
(continued)
Ameris
Bancorp
....................................
United
States
1,333
$
120,317
Associated
Banc-Corp.
...............................
United
States
3,828
117,788
a
Axos
Financial,
Inc.
..................................
United
States
2,986
290,807
Banc
of
California,
Inc.
...............................
United
States
5,984
122,253
Banco
Bilbao
Vizcaya
Argentaria
SA
.....................
Spain
80,488
2,026,431
Banco
de
Sabadell
SA
...............................
Spain
26,320
93,263
Banco
Santander
SA
.................................
Spain
537,461
7,459,882
Bank
Hapoalim
BM
..................................
Israel
40,590
936,227
Bank
Leumi
Le-Israel
BM
.............................
Israel
92,658
2,073,557
Bank
of
America
Corp.
...............................
United
States
220,682
12,574,460
Bank
of
China
Ltd.
,
H
................................
China
3,060,000
1,951,433
Bank
of
Hawaii
Corp.
................................
United
States
3,626
295,483
BankUnited,
Inc.
....................................
United
States
2,435
117,976
Banner
Corp.
......................................
United
States
1,596
106,038
Barclays
plc
.......................................
United
Kingdom
444,153
2,976,269
BNP
Paribas
SA
....................................
France
28,034
3,274,179
BOC
Hong
Kong
Holdings
Ltd.
.........................
China
49,500
268,614
CaixaBank
SA
......................................
Spain
18,376
260,354
Carter
Bankshares,
Inc.
...............................
United
States
4,200
142,842
Cathay
General
Bancorp
..............................
United
States
10,778
668,128
Central
Pacific
Financial
Corp.
.........................
United
States
5,771
220,452
Citigroup,
Inc.
......................................
United
States
244,940
34,281,802
Citizens
Financial
Group,
Inc.
..........................
United
States
16,732
1,172,411
CTBC
Financial
Holding
Co.
Ltd.
........................
Taiwan
943,000
2,113,744
a
Customers
Bancorp,
Inc.
..............................
United
States
7,371
583,046
CVB
Financial
Corp.
.................................
United
States
5,551
125,175
Danske
Bank
A/S
...................................
Denmark
45,705
2,449,906
Enterprise
Financial
Services
Corp.
......................
United
States
5,036
331,772
Erste
Group
Bank
AG
................................
Austria
27,491
3,679,339
Financial
Institutions,
Inc.
.............................
United
States
3,214
125,250
First
Bancorp
......................................
United
States
25,810
672,867
First
Financial
Corp.
.................................
United
States
1,617
125,220
First
Horizon
Corp.
..................................
United
States
41,575
1,065,983
First
Merchants
Corp.
................................
United
States
1,398
61,079
Grupo
Financiero
Banorte
SAB
de
CV
,
O
..................
Mexico
109,492
1,155,622
Hancock
Whitney
Corp.
...............................
United
States
7,232
540,375
Hanmi
Financial
Corp.
................................
United
States
6,205
201,042
Hilltop
Holdings,
Inc.
.................................
United
States
11,071
429,333
Hope
Bancorp,
Inc.
..................................
United
States
13,238
181,096
HSBC
Holdings
plc
,
(
GBP
Traded)
......................
United
Kingdom
269,030
5,087,168
HSBC
Holdings
plc
,
(
HKD
Traded)
......................
United
Kingdom
48,400
919,672
ICICI
Bank
Ltd.
.....................................
India
149,235
2,178,418
Independent
Bank
Corp.
..............................
United
States
3,824
137,932
Intesa
Sanpaolo
SpA
.................................
Italy
198,853
1,366,774
JPMorgan
Chase
&
Co.
...............................
United
States
17,238
5,642,515
KB
Financial
Group,
Inc.
..............................
South
Korea
19,765
2,045,031
Lloyds
Banking
Group
plc
.............................
United
Kingdom
1,953,597
2,859,144
Mercantile
Bank
Corp.
................................
United
States
2,144
123,108
Metropolitan
Bank
Holding
Corp.
........................
United
States
1,365
134,807
Mitsubishi
UFJ
Financial
Group,
Inc.
.....................
Japan
289,100
5,759,720
National
Bank
Holdings
Corp.
,
A
........................
United
States
7,241
321,718
National
Bank
of
Greece
SA
...........................
Greece
187,416
3,237,901
NatWest
Group
plc
..................................
United
Kingdom
290,114
2,559,952
Northrim
BanCorp,
Inc.
...............................
United
States
4,304
119,393
Northwest
Bancshares,
Inc.
............................
United
States
7,780
117,945
a
NU
Holdings
Ltd.
,
A
..................................
Brazil
41,331
552,182
OceanFirst
Financial
Corp.
............................
United
States
9,184
179,363
OFG
Bancorp
......................................
United
States
6,955
341,282
Putnam
Asset
Allocation
Funds
Consolidated
Schedule
of
Investments
(unaudited)
Putnam
Dynamic
Asset
Allocation
Balanced
Fund
(continued)
Quarterly
Consolidated
Schedule
of
Investments
See
Notes
to
Consolidated
Schedules
of
Investments.
4
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Common
Stocks
(continued)
Banks
(continued)
Origin
Bancorp,
Inc.
.................................
United
States
2,687
$
137,440
OTP
Bank
Nyrt.
.....................................
Hungary
11,547
1,705,562
PNC
Financial
Services
Group,
Inc.
(The)
.................
United
States
31,772
7,822,902
Popular,
Inc.
.......................................
United
States
6,634
1,089,170
Preferred
Bank
.....................................
United
States
1,209
128,468
Raiffeisen
Bank
International
AG
........................
Austria
8,230
526,119
Shore
Bancshares,
Inc.
...............................
United
States
5,422
124,435
Simmons
First
National
Corp.
,
A
........................
United
States
12,044
272,797
Southern
Missouri
Bancorp,
Inc.
........................
United
States
1,695
129,176
Sumitomo
Mitsui
Financial
Group,
Inc.
....................
Japan
82,300
3,226,082
a
Third
Coast
Bancshares,
Inc.
..........................
United
States
2,327
94,011
Towne
Bank
.......................................
United
States
3,332
120,752
Trustmark
Corp.
....................................
United
States
9,168
421,820
UniCredit
SpA
......................................
Italy
30,217
2,708,010
United
Community
Banks,
Inc.
.........................
United
States
3,214
112,779
Univest
Financial
Corp.
...............................
United
States
3,731
163,231
US
Bancorp
.......................................
United
States
19,192
1,159,197
Valley
National
Bancorp
..............................
United
States
8,896
130,326
WaFd,
Inc.
........................................
United
States
3,035
116,453
Wells
Fargo
&
Co.
...................................
United
States
14,260
1,178,446
Westamerica
BanCorp
...............................
United
States
2,168
127,197
WSFS
Financial
Corp.
................................
United
States
1,738
133,357
Zions
Bancorp
NA
...................................
United
States
16,939
1,172,009
147,193,113
Beverages
0.9%
a
Boston
Beer
Co.,
Inc.
(The)
,
A
..........................
United
States
4,085
723,168
Carlsberg
A/S
,
B
....................................
Denmark
20,367
2,665,215
Coca-Cola
Co.
(The)
.................................
United
States
138,715
11,273,368
Coca-Cola
Consolidated,
Inc.
..........................
United
States
5,995
1,144,566
Coca-Cola
HBC
AG
.................................
Italy
21,123
1,376,920
a
Monster
Beverage
Corp.
..............................
United
States
68,476
6,581,913
PepsiCo,
Inc.
......................................
United
States
35,513
4,808,460
28,573,610
Biotechnology
1.8%
AbbVie,
Inc.
.......................................
United
States
61,284
15,421,506
a
ACADIA
Pharmaceuticals,
Inc.
.........................
United
States
22,049
557,840
a
ADMA
Biologics,
Inc.
.................................
United
States
9,732
81,457
a
Alkermes
plc
.......................................
United
States
19,085
999,959
a
Alnylam
Pharmaceuticals,
Inc.
..........................
United
States
3,537
1,064,743
Amgen,
Inc.
.......................................
United
States
3,101
1,122,934
a
AnaptysBio,
Inc.
....................................
United
States
10,530
710,775
a
Arrowhead
Pharmaceuticals,
Inc.
.......................
United
States
11,609
946,250
a
Atrium
Therapeutics,
Inc.
..............................
United
States
10,176
136,867
a
BioCryst
Pharmaceuticals,
Inc.
.........................
United
States
61,324
613,240
a
Capricor
Therapeutics,
Inc.
............................
United
States
4,358
104,941
a
Corvus
Pharmaceuticals,
Inc.
..........................
United
States
9,062
135,386
a
Enanta
Pharmaceuticals,
Inc.
..........................
United
States
6,115
89,157
a
Exelixis,
Inc.
.......................................
United
States
20,984
1,141,739
a
Genmab
A/S
.......................................
Denmark
777
213,016
a
ImmunityBio,
Inc.
...................................
United
States
81,859
716,675
a
Incyte
Corp.
.......................................
United
States
46,572
5,279,402
a
Inhibrx
Biosciences,
Inc.
..............................
United
States
2,404
227,779
a
Insmed,
Inc.
.......................................
United
States
4,952
527,982
a
Ironwood
Pharmaceuticals,
Inc.
,
A
.......................
United
States
72,370
304,678
a
Kodiak
Sciences,
Inc.
................................
United
States
4,033
157,126
a
MeiraGTx
Holdings
plc
...............................
United
States
10,996
148,556
Putnam
Asset
Allocation
Funds
Consolidated
Schedule
of
Investments
(unaudited)
Putnam
Dynamic
Asset
Allocation
Balanced
Fund
(continued)
See
Notes
to
Consolidated
Schedules
of
Investments.
Quarterly
Consolidated
Schedule
of
Investments
5
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Common
Stocks
(continued)
Biotechnology
(continued)
a
Mineralys
Therapeutics,
Inc.
...........................
United
States
9,339
$
251,966
a
Monte
Rosa
Therapeutics,
Inc.
.........................
United
States
23,906
578,525
a
Natera,
Inc.
........................................
United
States
5,178
1,405,568
a
Neurocrine
Biosciences,
Inc.
...........................
United
States
6,716
1,131,881
a
Olema
Pharmaceuticals,
Inc.
...........................
United
States
6,088
76,161
a
Praxis
Precision
Medicines,
Inc.
........................
United
States
344
115,168
a
Precigen,
Inc.
......................................
United
States
25,120
143,184
a
Protagonist
Therapeutics,
Inc.
..........................
United
States
6,932
849,724
a
Puma
Biotechnology,
Inc.
.............................
United
States
12,518
101,521
Regeneron
Pharmaceuticals,
Inc.
.......................
United
States
21,283
13,270,802
a
Rhythm
Pharmaceuticals,
Inc.
..........................
United
States
5,924
657,742
a
Rigel
Pharmaceuticals,
Inc.
............................
United
States
3,769
147,443
a
Stoke
Therapeutics,
Inc.
..............................
United
States
14,238
465,867
a
Tango
Therapeutics,
Inc.
..............................
United
States
13,275
414,976
a
Travere
Therapeutics,
Inc.
.............................
United
States
14,707
835,505
a
Vertex
Pharmaceuticals,
Inc.
...........................
United
States
13,452
6,682,012
a
Xenon
Pharmaceuticals,
Inc.
...........................
Canada
2,067
124,764
a
Zymeworks,
Inc.
....................................
United
States
6,678
174,563
58,129,380
Broadline
Retail
2.3%
Alibaba
Group
Holding
Ltd.
............................
China
206,700
2,478,013
a
Amazon.com,
Inc.
...................................
United
States
278,395
66,352,664
eBay,
Inc.
.........................................
United
States
9,092
1,016,031
a
Etsy,
Inc.
..........................................
United
States
8,435
635,409
Next
plc
..........................................
United
Kingdom
2,462
475,025
Prosus
NV
........................................
China
41,669
1,810,669
72,767,811
Building
Products
0.4%
Allegion
plc
........................................
United
States
8,067
1,133,333
Apogee
Enterprises,
Inc.
..............................
United
States
3,113
142,389
a
Janus
International
Group,
Inc.
.........................
United
States
21,018
116,650
Johnson
Controls
International
plc
.......................
United
States
7,605
1,111,166
a
Modine
Manufacturing
Co.
............................
United
States
484
129,238
a
Resideo
Technologies,
Inc.
............................
United
States
4,021
125,053
Trane
Technologies
plc
...............................
United
States
18,651
9,160,625
UFP
Industries,
Inc.
..................................
United
States
6,374
578,377
12,496,831
Capital
Markets
2.5%
3i
Group
plc
.......................................
United
Kingdom
19,942
655,771
Affiliated
Managers
Group,
Inc.
.........................
United
States
3,320
1,123,488
Ameriprise
Financial,
Inc.
.............................
United
States
2,326
1,067,076
Bank
of
New
York
Mellon
Corp.
(The)
....................
United
States
7,521
1,087,612
Charles
Schwab
Corp.
(The)
...........................
United
States
93,825
8,657,233
CME
Group,
Inc.
....................................
United
States
22,355
4,936,655
Deutsche
Bank
AG
..................................
Germany
43,537
1,474,468
b
Euronext
NV
,
144A
,
Reg
S
............................
Netherlands
10,601
1,695,643
Goldman
Sachs
Group,
Inc.
(The)
.......................
United
States
22,453
22,708,291
b
HDFC
Asset
Management
Co.
Ltd.
,
144A
,
Reg
S
...........
India
21,903
614,916
Hong
Kong
Exchanges
&
Clearing
Ltd.
...................
Hong
Kong
33,100
1,540,042
Interactive
Brokers
Group,
Inc.
,
A
.......................
United
States
13,028
1,133,957
Janus
Henderson
Group
plc
...........................
United
States
20,310
1,055,105
Japan
Exchange
Group,
Inc.
...........................
Japan
90,100
1,140,298
Korea
Investment
Holdings
Co.
Ltd.
.....................
South
Korea
5,997
868,699
London
Stock
Exchange
Group
plc
......................
United
Kingdom
18,155
1,962,838
Morgan
Stanley
.....................................
United
States
6,255
1,307,545
Putnam
Asset
Allocation
Funds
Consolidated
Schedule
of
Investments
(unaudited)
Putnam
Dynamic
Asset
Allocation
Balanced
Fund
(continued)
Quarterly
Consolidated
Schedule
of
Investments
See
Notes
to
Consolidated
Schedules
of
Investments.
6
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Common
Stocks
(continued)
Capital
Markets
(continued)
Nasdaq,
Inc.
.......................................
United
States
27,980
$
2,205,384
Nomura
Holdings,
Inc.
................................
Japan
201,500
1,769,156
Northern
Trust
Corp.
.................................
United
States
6,308
1,096,583
State
Street
Corp.
...................................
United
States
91,289
15,482,614
a
StoneX
Group,
Inc.
..................................
United
States
7,313
866,590
UBS
Group
AG
.....................................
Switzerland
71,761
3,556,556
Virtu
Financial,
Inc.
,
A
................................
United
States
19,085
1,136,893
Virtus
Investment
Partners,
Inc.
.........................
United
States
1,408
202,048
79,345,461
Chemicals
1.1%
Air
Liquide
SA
......................................
France
6,579
1,302,819
Asahi
Kasei
Corp.
...................................
Japan
119,500
1,329,090
Avient
Corp.
.......................................
United
States
4,038
149,245
a
Axalta
Coating
Systems
Ltd.
...........................
United
States
36,013
1,232,365
Balchem
Corp.
.....................................
United
States
2,661
449,576
Cabot
Corp.
.......................................
United
States
1,292
117,339
CF
Industries
Holdings,
Inc.
...........................
United
States
65,716
7,114,414
Chemours
Co.
(The)
.................................
United
States
2,493
51,156
Corteva,
Inc.
.......................................
United
States
81,607
6,911,297
DuPont
de
Nemours,
Inc.
.............................
United
States
3,492
473,655
Ecolab,
Inc.
........................................
United
States
4,154
1,157,346
a
Ingevity
Corp.
......................................
United
States
2,038
152,177
Innospec,
Inc.
......................................
United
States
2,733
222,439
a
Intrepid
Potash,
Inc.
.................................
United
States
3,817
125,121
Linde
plc
..........................................
United
States
4,989
2,588,992
a
LSB
Industries,
Inc.
..................................
United
States
8,748
94,566
Mativ
Holdings,
Inc.
..................................
United
States
10,809
81,824
Minerals
Technologies,
Inc.
............................
United
States
6,299
465,937
NewMarket
Corp.
...................................
United
States
1,480
1,171,035
a
Perimeter
Solutions,
Inc.
..............................
United
States
21,824
778,026
PPG
Industries,
Inc.
.................................
United
States
19,067
2,312,636
a
Rayonier
Advanced
Materials,
Inc.
.......................
United
States
12,273
96,466
Sherwin-Williams
Co.
(The)
............................
United
States
11,282
3,884,618
Solstice
Advanced
Materials,
Inc.
.......................
United
States
21,261
1,883,725
34,145,864
Commercial
Services
&
Supplies
0.2%
Brink's
Co.
(The)
....................................
United
States
5,404
510,624
a
Cimpress
plc
.......................................
Ireland
1,371
139,431
Cintas
Corp.
.......................................
United
States
15,281
2,598,992
a
CoreCivic,
Inc.
.....................................
United
States
5,391
163,779
a
OPENLANE,
Inc.
...................................
United
States
3,808
157,042
Republic
Services,
Inc.
,
A
.............................
United
States
5,036
1,073,071
Veralto
Corp.
.......................................
United
States
12,123
1,075,068
Waste
Management,
Inc.
..............................
United
States
4,829
1,076,287
6,794,294
Communications
Equipment
1.1%
Accton
Technology
Corp.
..............................
Taiwan
16,000
1,276,195
a
Arista
Networks,
Inc.
.................................
United
States
65,418
11,113,210
a
BK
Technologies
Corp.
...............................
United
States
1,397
120,114
a
Calix,
Inc.
.........................................
United
States
5,978
223,099
a
Ciena
Corp.
.......................................
United
States
9,555
4,687,301
Cisco
Systems,
Inc.
.................................
United
States
117,169
13,762,671
a
Extreme
Networks,
Inc.
...............................
United
States
25,934
839,483
a
NETGEAR,
Inc.
.....................................
United
States
4,406
102,880
a
NetScout
Systems,
Inc.
...............................
United
States
4,095
178,337
Putnam
Asset
Allocation
Funds
Consolidated
Schedule
of
Investments
(unaudited)
Putnam
Dynamic
Asset
Allocation
Balanced
Fund
(continued)
See
Notes
to
Consolidated
Schedules
of
Investments.
Quarterly
Consolidated
Schedule
of
Investments
7
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Common
Stocks
(continued)
Communications
Equipment
(continued)
Telefonaktiebolaget
LM
Ericsson
,
B
......................
Sweden
29,592
$
331,865
Ubiquiti,
Inc.
.......................................
United
States
1,022
545,779
a
Viasat,
Inc.
........................................
United
States
1,702
152,857
a
Viavi
Solutions,
Inc.
..................................
United
States
6,961
332,388
Vistance
Networks,
Inc.
...............................
United
States
47,622
608,609
34,274,788
Construction
&
Engineering
0.5%
ACS
Actividades
de
Construccion
y
Servicios
SA
............
Spain
11,400
1,676,448
Argan,
Inc.
........................................
United
States
1,288
1,028,533
a
Centuri
Holdings,
Inc.
................................
United
States
3,693
111,676
Comfort
Systems
USA,
Inc.
............................
United
States
597
1,183,224
a
Dycom
Industries,
Inc.
................................
United
States
395
199,708
Larsen
&
Toubro
Ltd.
.................................
India
27,289
1,196,547
a
Legence
Corp.
,
A
...................................
United
States
1,360
115,913
a
NWPX
Infrastructure,
Inc.
.............................
United
States
1,286
192,823
Primoris
Services
Corp.
...............................
United
States
5,002
495,798
Quanta
Services,
Inc.
................................
United
States
6,319
4,549,933
a
Sterling
Infrastructure,
Inc.
............................
United
States
1,667
1,399,213
Tutor
Perini
Corp.
...................................
United
States
7,715
640,114
Vinci
SA
..........................................
France
17,085
2,495,232
15,285,162
Construction
Materials
0.4%
CRH
plc
..........................................
United
States
64,584
6,910,488
Holcim
AG
........................................
United
States
22,322
2,012,613
Vulcan
Materials
Co.
.................................
United
States
12,714
3,750,757
12,673,858
Consumer
Finance
0.5%
Ally
Financial,
Inc.
...................................
United
States
24,847
1,141,720
American
Express
Co.
...............................
United
States
3,375
1,141,594
Bread
Financial
Holdings,
Inc.
..........................
United
States
7,628
826,494
Capital
One
Financial
Corp.
...........................
United
States
45,167
9,061,403
a
Enova
International,
Inc.
..............................
United
States
3,494
841,111
a
Happen,
Inc.
.......................................
United
States
34,987
725,630
PROG
Holdings,
Inc.
.................................
United
States
10,877
506,977
Synchrony
Financial
.................................
United
States
14,649
1,114,056
15,358,985
Consumer
Staples
Distribution
&
Retail
1.2%
Andersons,
Inc.
(The)
................................
United
States
1,896
129,686
a
BJ's
Wholesale
Club
Holdings,
Inc.
......................
United
States
22,867
1,994,460
Costco
Wholesale
Corp.
..............................
United
States
6,802
6,363,067
Dollar
General
Corp.
.................................
United
States
9,960
1,146,496
a
Dollar
Tree,
Inc.
....................................
United
States
11,079
1,340,005
Jeronimo
Martins
SGPS
SA
...........................
Portugal
31,631
605,800
Koninklijke
Ahold
Delhaize
NV
..........................
Netherlands
39,063
1,571,988
Kroger
Co.
(The)
....................................
United
States
55,337
3,072,864
a
Maplebear,
Inc.
.....................................
United
States
25,530
1,208,845
Raia
Drogasil
SA
....................................
Brazil
111,400
362,752
Sysco
Corp.
.......................................
United
States
13,239
1,106,516
Target
Corp.
.......................................
United
States
8,378
1,094,250
Tesco
plc
.........................................
United
Kingdom
24,590
149,903
a
United
Natural
Foods,
Inc.
.............................
United
States
3,687
168,385
Walmart,
Inc.
......................................
United
States
149,583
16,941,771
37,256,788
Putnam
Asset
Allocation
Funds
Consolidated
Schedule
of
Investments
(unaudited)
Putnam
Dynamic
Asset
Allocation
Balanced
Fund
(continued)
Quarterly
Consolidated
Schedule
of
Investments
See
Notes
to
Consolidated
Schedules
of
Investments.
8
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Common
Stocks
(continued)
Containers
&
Packaging
0.1%
Avery
Dennison
Corp.
................................
United
States
6,590
$
1,069,887
Ball
Corp.
.........................................
United
States
18,621
1,161,950
Crown
Holdings,
Inc.
.................................
United
States
10,881
1,216,713
Greif,
Inc.
,
A
.......................................
United
States
1,775
132,220
a
O-I
Glass,
Inc.
......................................
United
States
12,435
119,749
3,700,519
Distributors
0.0%
†
a
GigaCloud
Technology,
Inc.
,
A
..........................
United
States
3,383
106,903
Gold.com,
Inc.
.....................................
United
States
3,090
128,575
235,478
Diversified
Consumer
Services
0.0%
†
a
Coursera,
Inc.
......................................
United
States
113,075
637,743
a
Frontdoor,
Inc.
.....................................
United
States
1,774
137,645
a
Laureate
Education,
Inc.
..............................
United
States
18,591
675,225
Perdoceo
Education
Corp.
............................
United
States
3,251
104,032
1,554,645
Diversified
REITs
0.0%
†
American
Assets
Trust,
Inc.
............................
United
States
5,527
136,462
Broadstone
Net
Lease,
Inc.
............................
United
States
5,726
118,356
Global
Net
Lease,
Inc.
................................
United
States
46,598
416,586
671,404
Diversified
Telecommunication
Services
0.5%
AT&T,
Inc.
.........................................
United
States
455,065
9,419,845
a
Bandwidth,
Inc.
,
A
...................................
United
States
8,299
525,327
Comcast
Corp.
,
A
...................................
United
States
41,749
1,024,938
Deutsche
Telekom
AG
................................
Germany
93,627
2,552,674
IDT
Corp.
,
B
.......................................
United
States
3,808
221,473
Iridium
Communications,
Inc.
..........................
United
States
10,773
590,899
a
Lumen
Technologies,
Inc.
.............................
United
States
14,552
111,759
a
Space
Exploration
Technologies
Corp.
,
A
..................
United
States
5,888
1,006,024
Telstra
Group
Ltd.
...................................
Australia
335,264
1,175,728
Verizon
Communications,
Inc.
..........................
United
States
21,382
905,314
17,533,981
Electric
Utilities
1.3%
American
Electric
Power
Co.,
Inc.
.......................
United
States
37,221
5,092,205
Constellation
Energy
Corp.
............................
United
States
3,578
888,668
Duke
Energy
Corp.
..................................
United
States
8,373
1,059,854
Edison
International
.................................
United
States
17,352
1,291,856
Enel
SpA
.........................................
Italy
231,548
2,655,945
Eversource
Energy
..................................
United
States
15,032
1,086,363
Exelon
Corp.
.......................................
United
States
22,762
1,061,164
a
Hawaiian
Electric
Industries,
Inc.
........................
United
States
4,198
56,799
Iberdrola
SA
.......................................
Spain
128,003
3,185,941
Kansai
Electric
Power
Co.,
Inc.
(The)
....................
Japan
73,500
1,038,691
NextEra
Energy,
Inc.
.................................
United
States
93,480
8,204,740
NRG
Energy,
Inc.
...................................
United
States
44,927
6,562,038
a
Oklo,
Inc.
,
A
.......................................
United
States
1,588
83,100
PG&E
Corp.
.......................................
United
States
491,374
8,264,911
Portland
General
Electric
Co.
..........................
United
States
4,573
237,019
Southern
Co.
(The)
..................................
United
States
10,527
1,007,539
TXNM
Energy,
Inc.
..................................
United
States
1,906
108,223
Putnam
Asset
Allocation
Funds
Consolidated
Schedule
of
Investments
(unaudited)
Putnam
Dynamic
Asset
Allocation
Balanced
Fund
(continued)
See
Notes
to
Consolidated
Schedules
of
Investments.
Quarterly
Consolidated
Schedule
of
Investments
9
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Common
Stocks
(continued)
Electric
Utilities
(continued)
Xcel
Energy,
Inc.
....................................
United
States
12,978
$
1,042,133
42,927,189
Electrical
Equipment
1.8%
ABB
Ltd.
..........................................
Switzerland
59,247
6,444,849
Allient,
Inc.
........................................
United
States
4,270
439,511
AMETEK,
Inc.
......................................
United
States
4,686
1,133,731
a
Bloom
Energy
Corp.
,
A
...............................
United
States
9,376
2,838,115
Contemporary
Amperex
Technology
Co.
Ltd.
,
A
.............
China
19,400
1,127,714
Eaton
Corp.
plc
.....................................
United
States
2,688
1,145,411
EnerSys
..........................................
United
States
3,722
870,278
GE
Vernova
T&D
India
Ltd.
............................
India
29,765
1,561,327
GE
Vernova,
Inc.
....................................
United
States
17,765
20,871,388
c
Harbin
Electric
Co.
Ltd.
,
H
.............................
China
294,000
579,553
Hyosung
Heavy
Industries
Corp.
........................
South
Korea
294
668,143
Mitsubishi
Electric
Corp.
..............................
Japan
58,100
2,130,789
a
Nextpower,
Inc.
,
A
...................................
United
States
7,237
862,216
a
Nidec
Corp.
.......................................
Japan
22,500
369,826
a
Power
Solutions
International,
Inc.
.......................
United
States
1,348
52,424
Rockwell
Automation,
Inc.
.............................
United
States
2,383
1,179,776
Schneider
Electric
SE
................................
United
States
5,376
1,759,166
Siemens
Energy
AG
.................................
Germany
24,462
4,663,473
Sieyuan
Electric
Co.
Ltd.
,
A
............................
China
24,100
616,872
Vertiv
Holdings
Co.
,
A
................................
United
States
23,459
7,854,542
a
Vicor
Corp.
........................................
United
States
2,584
981,351
58,150,455
Electronic
Equipment,
Instruments
&
Components
1.0%
Advanced
Energy
Industries,
Inc.
.......................
United
States
2,596
967,971
a
Aeva
Technologies,
Inc.
..............................
United
States
12,713
365,117
a
Arlo
Technologies,
Inc.
...............................
United
States
18,057
243,408
Chroma
ATE,
Inc.
...................................
Taiwan
13,000
903,415
a
Coherent
Corp.
.....................................
United
States
12,980
5,120,221
Corning,
Inc.
.......................................
United
States
50,554
12,913,008
a
Daktronics,
Inc.
.....................................
United
States
2,941
57,526
Delta
Electronics,
Inc.
................................
Taiwan
4,000
251,215
Elite
Material
Co.
Ltd.
................................
Taiwan
8,000
1,383,044
a
Fabrinet
..........................................
Thailand
395
222,022
Hon
Hai
Precision
Industry
Co.
Ltd.
......................
Taiwan
98,000
782,010
a
Insight
Enterprises,
Inc.
...............................
United
States
1,385
168,693
a
Itron,
Inc.
.........................................
United
States
6,095
527,400
Keyence
Corp.
.....................................
Japan
4,900
2,476,888
a
Keysight
Technologies,
Inc.
............................
United
States
2,933
1,026,755
a
nLight,
Inc.
........................................
United
States
8,731
607,852
a
Ouster,
Inc.
........................................
United
States
15,255
953,743
Samsung
Electro-Mechanics
Co.
Ltd.
....................
South
Korea
1,283
1,858,091
a
Sanmina
Corp.
.....................................
United
States
1,119
283,197
a
TTM
Technologies,
Inc.
...............................
United
States
6,395
1,195,993
32,307,569
Energy
Equipment
&
Services
0.4%
Baker
Hughes
Co.
,
A
.................................
United
States
15,856
880,008
Flowco
Holdings,
Inc.
,
A
..............................
United
States
4,487
95,753
a
Forum
Energy
Technologies,
Inc.
........................
United
States
7,626
383,054
Halliburton
Co.
.....................................
United
States
27,851
945,541
Kodiak
Gas
Services,
Inc.
.............................
United
States
2,693
202,325
Liberty
Energy,
Inc.
,
A
................................
United
States
5,985
156,747
a
National
Energy
Services
Reunited
Corp.
.................
United
States
12,567
376,130
Putnam
Asset
Allocation
Funds
Consolidated
Schedule
of
Investments
(unaudited)
Putnam
Dynamic
Asset
Allocation
Balanced
Fund
(continued)
Quarterly
Consolidated
Schedule
of
Investments
See
Notes
to
Consolidated
Schedules
of
Investments.
10
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Common
Stocks
(continued)
Energy
Equipment
&
Services
(continued)
a
Oceaneering
International,
Inc.
.........................
United
States
16,727
$
677,778
a
Oil
States
International,
Inc.
...........................
United
States
38,280
306,623
Patterson-UTI
Energy,
Inc.
............................
United
States
16,074
147,559
a
ProPetro
Holding
Corp.
...............................
United
States
7,991
114,591
SLB
Ltd.
..........................................
United
States
18,706
869,642
TechnipFMC
plc
....................................
United
Kingdom
111,175
7,370,903
a
Transocean
Ltd.
....................................
United
States
109,212
534,047
Weatherford
International
plc
...........................
United
States
9,372
763,818
13,824,519
Entertainment
0.9%
Cinemark
Holdings,
Inc.
..............................
United
States
4,158
131,933
a
Live
Nation
Entertainment,
Inc.
.........................
United
States
22,710
4,158,428
a
Netflix,
Inc.
........................................
United
States
181,597
12,966,026
Nexon
Co.
Ltd.
.....................................
Japan
13,800
183,403
a
ROBLOX
Corp.
,
A
...................................
United
States
21,850
1,188,203
a
Spotify
Technology
SA
................................
United
States
17,745
8,147,262
Universal
Music
Group
NV
............................
Netherlands
74,513
1,561,014
28,336,269
Financial
Services
1.9%
a
Aditya
Birla
Capital
Ltd.
...............................
India
308,321
1,278,985
Apollo
Global
Management,
Inc.
........................
United
States
31,865
3,769,948
a
Berkshire
Hathaway,
Inc.
,
B
............................
United
States
4,110
2,056,603
Bladex,
Inc.
,
E
.....................................
Panama
3,690
226,824
Corebridge
Financial,
Inc.
.............................
United
States
37,409
1,071,020
Equitable
Holdings,
Inc.
...............................
United
States
24,714
1,084,450
Essent
Group
Ltd.
...................................
United
States
1,941
124,767
Fidelity
National
Information
Services,
Inc.
.................
United
States
24,157
939,224
FirstRand
Ltd.
......................................
South
Africa
261,528
1,554,496
a
Fiserv,
Inc.
........................................
United
States
9,209
451,701
Investor
AB
,
B
......................................
Sweden
66,674
2,770,381
Jackson
Financial,
Inc.
,
A
.............................
United
States
7,059
722,771
Mastercard,
Inc.
,
A
..................................
United
States
55,946
28,733,866
MGIC
Investment
Corp.
...............................
United
States
40,473
1,141,339
a
NCR
Atleos
Corp.
...................................
United
States
10,525
456,890
a
NMI
Holdings,
Inc.
,
A
.................................
United
States
5,052
207,587
Pagseguro
Digital
Ltd.
,
A
..............................
Brazil
65,568
593,390
a
Payoneer
Global,
Inc.
................................
United
States
20,877
148,644
PayPal
Holdings,
Inc.
................................
United
States
23,791
1,027,295
PennyMac
Financial
Services,
Inc.
......................
United
States
2,370
206,427
StoneCo
Ltd.
,
A
.....................................
Brazil
36,995
401,026
Visa,
Inc.
,
A
........................................
United
States
30,150
10,344,164
59,311,798
Food
Products
0.3%
Ajinomoto
Co.,
Inc.
..................................
Japan
31,600
1,152,110
Archer-Daniels-Midland
Co.
...........................
United
States
14,063
1,074,413
Associated
British
Foods
plc
...........................
United
Kingdom
39,982
1,051,070
Cal-Maine
Foods,
Inc.
................................
United
States
5,772
464,992
a
Darling
Ingredients,
Inc.
..............................
United
States
17,957
980,811
Dole
plc
..........................................
United
States
20,138
276,293
Mondelez
International,
Inc.
,
A
..........................
United
States
16,122
932,497
Nestle
SA
.........................................
Switzerland
5,802
595,083
a
Seneca
Foods
Corp.
,
A
...............................
United
States
2,257
392,583
a
Simply
Good
Foods
Co.
(The)
..........................
United
States
4,800
63,744
Smithfield
Foods,
Inc.
................................
United
States
33,804
820,085
Tyson
Foods,
Inc.
,
A
.................................
United
States
7,676
439,451
Putnam
Asset
Allocation
Funds
Consolidated
Schedule
of
Investments
(unaudited)
Putnam
Dynamic
Asset
Allocation
Balanced
Fund
(continued)
See
Notes
to
Consolidated
Schedules
of
Investments.
Quarterly
Consolidated
Schedule
of
Investments
11
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Common
Stocks
(continued)
Food
Products
(continued)
b
WH
Group
Ltd.
,
144A
,
Reg
S
..........................
Hong
Kong
1,746,500
$
1,851,841
Wilmar
International
Ltd.
..............................
China
260,200
726,188
10,821,161
Gas
Utilities
0.1%
National
Fuel
Gas
Co.
................................
United
States
13,004
1,004,039
New
Jersey
Resources
Corp.
..........................
United
States
10,422
584,049
Northwest
Natural
Holding
Co.
.........................
United
States
2,304
113,034
Spire,
Inc.
.........................................
United
States
1,279
99,877
Tokyo
Gas
Co.
Ltd.
..................................
Japan
15,500
586,920
2,387,919
Ground
Transportation
0.3%
Canadian
National
Railway
Co.
.........................
Canada
13,607
1,623,821
CSX
Corp.
........................................
United
States
23,739
1,128,315
a
Fedex
Freight
Holding
Co.,
Inc.
.........................
United
States
12,315
1,859,565
JB
Hunt
Transport
Services,
Inc.
........................
United
States
4,268
1,235,287
Norfolk
Southern
Corp.
...............................
United
States
3,179
1,000,082
a
Uber
Technologies,
Inc.
...............................
United
States
14,651
1,057,216
Union
Pacific
Corp.
..................................
United
States
3,733
1,015,376
8,919,662
Health
Care
Equipment
&
Supplies
0.9%
Abbott
Laboratories
..................................
United
States
12,038
1,092,328
Alcon
AG
.........................................
United
States
3,642
245,580
a
AtriCure,
Inc.
.......................................
United
States
4,033
112,843
a
Avanos
Medical,
Inc.
.................................
United
States
7,792
193,865
a
Axogen,
Inc.
.......................................
United
States
10,284
475,018
Becton
Dickinson
&
Co.
...............................
United
States
25,404
3,844,387
BioMerieux
........................................
France
2,100
164,853
a
Boston
Scientific
Corp.
...............................
United
States
69,077
2,948,206
a
Cerus
Corp.
.......................................
United
States
38,797
113,287
a
Dexcom,
Inc.
.......................................
United
States
14,596
983,041
a
Edwards
Lifesciences
Corp.
...........................
United
States
12,432
1,124,599
a
Glaukos
Corp.
......................................
United
States
3,295
460,509
a
Haemonetics
Corp.
..................................
United
States
1,699
127,425
Hoya
Corp.
........................................
Japan
27,700
4,468,048
a
IDEXX
Laboratories,
Inc.
..............................
United
States
6,770
3,563,999
a
Insulet
Corp.
.......................................
United
States
3,398
517,346
a
Intuitive
Surgical,
Inc.
................................
United
States
11,754
4,674,331
a
Lantheus
Holdings,
Inc.
...............................
United
States
1,252
138,897
a
LivaNova
plc
.......................................
United
States
6,254
514,267
Medtronic
plc
......................................
United
States
13,388
1,047,343
a
Novocure
Ltd.
......................................
United
States
36,121
547,233
Olympus
Corp.
.....................................
Japan
21,700
227,225
Straumann
Holding
AG
...............................
Switzerland
1,289
169,436
Stryker
Corp.
......................................
United
States
3,325
1,046,843
a
Varex
Imaging
Corp.
.................................
United
States
10,768
112,310
28,913,219
Health
Care
Providers
&
Services
0.9%
a
AMN
Healthcare
Services,
Inc.
.........................
United
States
19,703
637,786
Apollo
Hospitals
Enterprise
Ltd.
.........................
India
12,932
1,187,003
Cardinal
Health,
Inc.
.................................
United
States
5,243
1,245,527
a
Castle
Biosciences,
Inc.
..............................
United
States
13,391
319,375
Cencora,
Inc.
......................................
United
States
2,919
826,019
Cigna
Group
(The)
..................................
United
States
3,676
1,013,400
a
Cross
Country
Healthcare,
Inc.
.........................
United
States
4,950
65,390
Putnam
Asset
Allocation
Funds
Consolidated
Schedule
of
Investments
(unaudited)
Putnam
Dynamic
Asset
Allocation
Balanced
Fund
(continued)
Quarterly
Consolidated
Schedule
of
Investments
See
Notes
to
Consolidated
Schedules
of
Investments.
12
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Common
Stocks
(continued)
Health
Care
Providers
&
Services
(continued)
CVS
Health
Corp.
...................................
United
States
12,171
$
1,259,090
Fresenius
SE
&
Co.
KGaA
.............................
Germany
2,970
135,689
a
GeneDx
Holdings
Corp.
,
A
.............................
United
States
1,575
108,124
a
Guardant
Health,
Inc.
................................
United
States
8,334
1,250,350
HCA
Healthcare,
Inc.
.................................
United
States
1,952
761,065
a
HealthEquity,
Inc.
...................................
United
States
1,242
112,177
McKesson
Corp.
....................................
United
States
11,644
8,798,206
a
Omada
Health,
Inc.
..................................
United
States
8,119
178,212
Select
Medical
Holdings
Corp.
..........................
United
States
6,861
113,275
a
Tenet
Healthcare
Corp.
...............................
United
States
6,055
1,132,769
UnitedHealth
Group,
Inc.
..............................
United
States
24,842
10,325,081
29,468,538
Health
Care
REITs
0.1%
American
Healthcare
REIT,
Inc.
.........................
United
States
2,290
119,424
CareTrust
REIT,
Inc.
.................................
United
States
18,723
755,473
LTC
Properties,
Inc.
.................................
United
States
2,995
115,158
National
Health
Investors,
Inc.
..........................
United
States
1,504
114,695
Omega
Healthcare
Investors,
Inc.
.......................
United
States
20,758
989,741
2,094,491
Health
Care
Technology
0.2%
a
Doximity,
Inc.
,
A
....................................
United
States
52,773
1,094,512
HealthStream,
Inc.
..................................
United
States
5,086
138,593
a
HeartFlow,
Inc.
.....................................
United
States
3,570
104,744
a
Phreesia,
Inc.
......................................
United
States
28,593
294,222
a
Teladoc
Health,
Inc.
.................................
United
States
81,459
690,772
a
Veeva
Systems,
Inc.
,
A
...............................
United
States
26,280
4,663,912
6,986,755
Hotel
&
Resort
REITs
0.1%
Apple
Hospitality
REIT,
Inc.
............................
United
States
7,979
134,127
DiamondRock
Hospitality
Co.
..........................
United
States
11,569
140,910
Host
Hotels
&
Resorts,
Inc.
............................
United
States
47,912
1,135,994
Ryman
Hospitality
Properties,
Inc.
.......................
United
States
4,662
599,300
Xenia
Hotels
&
Resorts,
Inc.
...........................
United
States
6,773
137,898
2,148,229
Hotels,
Restaurants
&
Leisure
1.3%
a
Airbnb,
Inc.
,
A
......................................
United
States
95,412
13,653,457
Aristocrat
Leisure
Ltd.
................................
Australia
41,754
1,769,429
Bloomin'
Brands,
Inc.
................................
United
States
13,616
124,450
Booking
Holdings,
Inc.
...............................
United
States
6,534
1,164,620
Brightstar
Lottery
plc
.................................
United
States
28,349
303,901
a
Brinker
International,
Inc.
.............................
United
States
4,587
770,616
a
Chipotle
Mexican
Grill,
Inc.
,
A
..........................
United
States
31,994
1,087,796
Compass
Group
plc
.................................
United
Kingdom
115,731
3,739,193
a
DoorDash,
Inc.
,
A
...................................
United
States
6,566
1,211,624
Galaxy
Entertainment
Group
Ltd.
.......................
Macau
34,000
127,994
Hilton
Worldwide
Holdings,
Inc.
.........................
United
States
26,835
8,867,894
InterContinental
Hotels
Group
plc
.......................
United
States
8,583
1,475,269
Las
Vegas
Sands
Corp.
...............................
United
States
21,289
983,339
a
Life
Time
Group
Holdings,
Inc.
.........................
United
States
1,937
79,107
Monarch
Casino
&
Resort,
Inc.
.........................
United
States
1,167
153,589
Red
Rock
Resorts,
Inc.
,
A
.............................
United
States
2,012
130,901
Starbucks
Corp.
....................................
United
States
27,877
2,848,751
Putnam
Asset
Allocation
Funds
Consolidated
Schedule
of
Investments
(unaudited)
Putnam
Dynamic
Asset
Allocation
Balanced
Fund
(continued)
See
Notes
to
Consolidated
Schedules
of
Investments.
Quarterly
Consolidated
Schedule
of
Investments
13
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Common
Stocks
(continued)
Hotels,
Restaurants
&
Leisure
(continued)
a
Viking
Holdings
Ltd.
.................................
United
States
12,419
$
1,299,897
39,791,827
Household
Durables
0.5%
Garmin
Ltd.
........................................
United
States
4,371
1,038,287
a
Hovnanian
Enterprises,
Inc.
,
A
..........................
United
States
982
139,847
KB
Home
.........................................
United
States
2,304
144,207
a
M/I
Homes,
Inc.
.....................................
United
States
3,373
542,345
PulteGroup,
Inc.
....................................
United
States
59,731
8,195,690
a
Sonos,
Inc.
........................................
United
States
38,369
519,132
Sony
Group
Corp.
...................................
Japan
135,000
2,716,749
a
Taylor
Morrison
Home
Corp.
,
A
.........................
United
States
9,277
665,532
Toll
Brothers,
Inc.
...................................
United
States
7,833
1,290,487
15,252,276
Household
Products
0.3%
Colgate-Palmolive
Co.
...............................
United
States
22,066
2,023,011
Procter
&
Gamble
Co.
(The)
...........................
United
States
48,041
7,044,732
Reckitt
Benckiser
Group
plc
...........................
United
Kingdom
22,323
1,453,977
Unilever
Indonesia
Tbk.
PT
............................
Indonesia
4,876,300
492,873
11,014,593
Independent
Power
and
Renewable
Electricity
Producers
0.1%
AES
Corp.
(The)
....................................
United
States
67,896
995,355
NTPC
Ltd.
.........................................
India
445,109
1,678,132
RWE
AG
..........................................
Germany
5,744
371,465
Vistra
Corp.
........................................
United
States
6,733
1,068,056
4,113,008
Industrial
Conglomerates
0.4%
3M
Co.
...........................................
United
States
6,903
1,117,665
CK
Hutchison
Holdings
Ltd.
............................
United
Kingdom
43,000
364,452
Hitachi
Ltd.
........................................
Japan
98,200
2,717,793
Honeywell
International,
Inc.
...........................
United
States
20,296
4,544,274
Sekisui
Chemical
Co.
Ltd.
.............................
Japan
26,300
421,732
Siemens
AG
.......................................
Germany
523
168,148
SK
Square
Co.
Ltd.
..................................
South
Korea
1,150
1,300,490
Smiths
Group
plc
...................................
United
Kingdom
17,827
605,579
11,240,133
Industrial
REITs
0.2%
LXP
Industrial
Trust
..................................
United
States
2,050
110,454
Prologis,
Inc.
.......................................
United
States
38,052
5,154,904
5,265,358
Insurance
1.6%
Aflac,
Inc.
.........................................
United
States
8,557
1,003,308
AIA
Group
Ltd.
.....................................
Hong
Kong
221,200
2,025,138
Allianz
SE
.........................................
Germany
6,240
2,953,692
Allstate
Corp.
(The)
..................................
United
States
30,676
7,299,047
American
International
Group,
Inc.
......................
United
States
64,484
4,805,993
AXA
SA
...........................................
France
4,850
243,031
Axis
Capital
Holdings
Ltd.
.............................
United
States
24,935
2,679,016
a
Brighthouse
Financial,
Inc.
............................
United
States
8,423
533,176
China
Pacific
Insurance
Group
Co.
Ltd.
,
H
.................
China
430,400
1,480,183
Chubb
Ltd.
........................................
United
States
3,061
1,043,005
CNO
Financial
Group,
Inc.
............................
United
States
12,367
630,470
Putnam
Asset
Allocation
Funds
Consolidated
Schedule
of
Investments
(unaudited)
Putnam
Dynamic
Asset
Allocation
Balanced
Fund
(continued)
Quarterly
Consolidated
Schedule
of
Investments
See
Notes
to
Consolidated
Schedules
of
Investments.
14
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Common
Stocks
(continued)
Insurance
(continued)
Daiichi
Life
Group,
Inc.
...............................
Japan
20,000
$
218,375
Everest
Group
Ltd.
..................................
United
States
2,838
1,013,819
a
Genworth
Financial,
Inc.
,
A
............................
United
States
65,387
619,215
Globe
Life,
Inc.
.....................................
United
States
15,140
2,705,215
Hamilton
Insurance
Group
Ltd.
,
B
.......................
United
States
17,895
607,356
Hanover
Insurance
Group,
Inc.
(The)
.....................
United
States
5,348
1,145,114
a
Heritage
Insurance
Holdings,
Inc.
.......................
United
States
12,185
317,785
Horace
Mann
Educators
Corp.
.........................
United
States
2,302
118,898
Marsh
&
McLennan
Cos.,
Inc.
..........................
United
States
3,206
534,344
MetLife,
Inc.
.......................................
United
States
35,052
2,965,750
Muenchener
Rueckversicherungs-Gesellschaft
AG
in
Muenchen
Germany
2,226
1,243,133
NN
Group
NV
......................................
Netherlands
24,931
2,185,673
Pelagos
Insurance
Capital
Ltd.
.........................
United
Kingdom
5,941
144,663
Powszechny
Zaklad
Ubezpieczen
SA
....................
Poland
63,911
1,116,816
Primerica,
Inc.
......................................
United
States
1,819
516,960
Progressive
Corp.
(The)
..............................
United
States
5,274
1,152,105
Prudential
Financial,
Inc.
..............................
United
States
9,764
1,053,829
QBE
Insurance
Group
Ltd.
............................
Australia
93,257
1,622,219
a
Rasan
Information
Technology
Co.
......................
Saudi
Arabia
28,342
1,166,207
Reinsurance
Group
of
America,
Inc.
.....................
United
States
4,689
997,116
RenaissanceRe
Holdings
Ltd.
..........................
United
States
3,560
1,128,164
a
SiriusPoint
Ltd.
.....................................
United
States
12,225
293,400
Talanx
AG
.........................................
Germany
9,876
1,249,162
Travelers
Cos.,
Inc.
(The)
.............................
United
States
3,467
1,144,526
Unipol
Assicurazioni
SpA
..............................
Italy
17,364
485,332
Universal
Insurance
Holdings,
Inc.
.......................
United
States
5,311
219,663
Unum
Group
.......................................
United
States
12,601
1,126,529
51,787,427
Interactive
Media
&
Services
4.7%
Alphabet,
Inc.
,
A
....................................
United
States
146,730
52,436,900
Alphabet,
Inc.
,
C
....................................
United
States
128,778
45,501,131
a
Cargurus,
Inc.
,
A
....................................
United
States
13,511
460,590
a
EverQuote,
Inc.
,
A
...................................
United
States
15,004
356,945
a
fuboTV,
Inc.
,
A
......................................
United
States
10,861
99,921
LY
Corp.
..........................................
Japan
340,800
907,060
a
MediaAlpha,
Inc.
,
A
..................................
United
States
12,743
160,180
Meta
Platforms,
Inc.
,
A
...............................
United
States
76,943
43,341,222
a
Nextdoor
Holdings,
Inc.
...............................
United
States
69,224
157,138
a
Pinterest,
Inc.
,
A
....................................
United
States
53,894
1,133,391
Tencent
Holdings
Ltd.
................................
China
92,900
5,126,460
149,680,938
IT
Services
0.5%
Accenture
plc
,
A
....................................
United
States
26,378
3,282,478
a
Fastly,
Inc.
,
A
......................................
United
States
23,406
429,734
Fujitsu
Ltd.
........................................
Japan
93,700
1,861,820
a
GoDaddy,
Inc.
,
A
....................................
United
States
11,851
1,005,913
a
MongoDB,
Inc.
,
A
...................................
United
States
3,872
1,300,605
NEC
Corp.
........................................
Japan
34,400
830,495
a
Snowflake,
Inc.
,
A
...................................
United
States
26,629
6,777,081
VeriSign,
Inc.
......................................
United
States
3,579
900,333
16,388,459
Leisure
Products
0.1%
Bandai
Namco
Holdings,
Inc.
..........................
Japan
61,600
1,427,955
Hasbro,
Inc.
.......................................
United
States
12,014
992,236
Putnam
Asset
Allocation
Funds
Consolidated
Schedule
of
Investments
(unaudited)
Putnam
Dynamic
Asset
Allocation
Balanced
Fund
(continued)
See
Notes
to
Consolidated
Schedules
of
Investments.
Quarterly
Consolidated
Schedule
of
Investments
15
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Common
Stocks
(continued)
Leisure
Products
(continued)
Polaris,
Inc.
........................................
United
States
9,867
$
675,298
3,095,489
Life
Sciences
Tools
&
Services
0.5%
a
10X
Genomics,
Inc.
,
A
................................
United
States
23,858
914,716
a
CryoPort,
Inc.
......................................
United
States
7,428
116,620
Lonza
Group
AG
....................................
Switzerland
3,979
2,684,251
a
Medpace
Holdings,
Inc.
...............................
United
States
2,431
1,287,433
Mesa
Laboratories,
Inc.
...............................
United
States
3,792
377,494
Thermo
Fisher
Scientific,
Inc.
..........................
United
States
17,183
8,614,869
a
Waters
Corp.
......................................
United
States
3,383
1,268,760
b
WuXi
AppTec
Co.
Ltd.
,
H
,
144A
,
Reg
S
...................
China
80,400
1,582,717
16,846,860
Machinery
1.8%
Alamo
Group,
Inc.
...................................
United
States
742
122,052
Albany
International
Corp.
,
A
...........................
United
States
2,118
157,791
Allison
Transmission
Holdings,
Inc.
......................
United
States
9,577
1,079,711
Atmus
Filtration
Technologies,
Inc.
......................
United
States
11,175
569,813
a
Blue
Bird
Corp.
.....................................
United
States
9,200
726,432
Caterpillar,
Inc.
.....................................
United
States
24,500
26,090,050
a
Chart
Industries,
Inc.
.................................
United
States
1,416
295,859
Cummins,
Inc.
......................................
United
States
2,261
1,612,568
Deere
&
Co.
.......................................
United
States
1,988
1,261,048
Douglas
Dynamics,
Inc.
...............................
United
States
2,542
137,141
Ebara
Corp.
.......................................
Japan
14,900
583,522
ESCO
Technologies,
Inc.
..............................
United
States
641
224,376
FANUC
Corp.
......................................
Japan
2,800
128,929
Federal
Signal
Corp.
.................................
United
States
943
121,166
Franklin
Electric
Co.,
Inc.
.............................
United
States
1,143
122,518
GEA
Group
AG
.....................................
Germany
15,453
1,061,094
Helios
Technologies,
Inc.
..............................
United
States
1,364
121,737
Hyster-Yale,
Inc.
....................................
United
States
1,561
54,729
Illinois
Tool
Works,
Inc.
...............................
United
States
2,086
564,200
Ingersoll
Rand,
Inc.
..................................
United
States
46,499
3,812,453
Kennametal,
Inc.
....................................
United
States
3,442
120,642
Knorr-Bremse
AG
...................................
Germany
8,601
1,000,810
Komatsu
Ltd.
......................................
Japan
15,800
616,950
Lincoln
Electric
Holdings,
Inc.
..........................
United
States
4,097
1,087,794
Makita
Corp.
.......................................
Japan
5,100
183,402
a
Microvast
Holdings,
Inc.
..............................
United
States
70,804
82,841
Minebea
Mitsumi,
Inc.
................................
Japan
60,300
1,788,670
Mueller
Water
Products,
Inc.
,
A
.........................
United
States
4,332
111,896
NGK
Corp.
........................................
Japan
26,700
1,258,349
Otis
Worldwide
Corp.
................................
United
States
53,863
3,856,591
PACCAR,
Inc.
......................................
United
States
9,623
1,155,915
Parker-Hannifin
Corp.
................................
United
States
1,213
1,186,460
a
Proto
Labs,
Inc.
.....................................
United
States
3,081
251,132
Schindler
Holding
AG
................................
Switzerland
3,447
1,142,669
a
SPX
Technologies,
Inc.
...............................
United
States
529
129,695
Terex
Corp.
........................................
United
States
1,860
134,645
b
VAT
Group
AG
,
144A
,
Reg
S
...........................
Switzerland
292
256,061
Watts
Water
Technologies,
Inc.
,
A
.......................
United
States
2,513
983,714
Weichai
Power
Co.
Ltd.
,
A
.............................
China
193,300
783,775
Worthington
Enterprises,
Inc.
..........................
United
States
2,008
107,950
Yangzijiang
Shipbuilding
Holdings
Ltd.
....................
China
635,100
1,684,797
56,771,947
Putnam
Asset
Allocation
Funds
Consolidated
Schedule
of
Investments
(unaudited)
Putnam
Dynamic
Asset
Allocation
Balanced
Fund
(continued)
Quarterly
Consolidated
Schedule
of
Investments
See
Notes
to
Consolidated
Schedules
of
Investments.
16
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Common
Stocks
(continued)
Marine
Transportation
0.0%
†
Matson,
Inc.
.......................................
United
States
3,989
$
766,805
SITC
International
Holdings
Co.
Ltd.
.....................
China
186,000
746,149
1,512,954
Media
0.1%
a
Ibotta,
Inc.
,
A
.......................................
United
States
3,276
111,908
Informa
plc
........................................
United
Kingdom
31,888
382,579
a
Magnite,
Inc.
.......................................
United
States
7,541
143,128
New
York
Times
Co.
(The)
,
A
...........................
United
States
14,038
982,379
Publicis
Groupe
SA
..................................
France
9,183
907,491
a
PubMatic,
Inc.
,
A
....................................
United
States
18,352
240,778
2,768,263
Metals
&
Mining
1.0%
Anglogold
Ashanti
plc
,
(
USD
Traded)
.....................
Australia
11,609
939,052
Anglogold
Ashanti
plc
,
(
ZAR
Traded)
.....................
Australia
18,507
1,491,818
ArcelorMittal
SA
....................................
Luxembourg
9,859
594,429
BHP
Group
Ltd.
,
(
AUD
Traded)
.........................
Australia
151,442
6,311,036
BHP
Group
Ltd.
,
(
GBP
Traded)
.........................
Australia
6,045
248,999
Boliden
AB
........................................
Sweden
8,285
468,132
a
Century
Aluminum
Co.
...............................
United
States
4,997
229,912
China
Hongqiao
Group
Ltd.
............................
China
129,000
332,658
Coeur
Mining,
Inc.
...................................
United
States
20,460
333,907
Commercial
Metals
Co.
...............................
United
States
1,588
99,647
a
Constellium
SE
,
A
...................................
United
States
21,959
699,833
Fortescue
Ltd.
......................................
Australia
135,180
1,799,285
Freeport-McMoRan,
Inc.
..............................
United
States
130,155
8,185,448
Glencore
plc
.......................................
Australia
440,559
3,003,920
Hecla
Mining
Co.
...................................
United
States
47,877
738,742
Norsk
Hydro
ASA
...................................
Norway
45,404
410,851
Rio
Tinto
plc
.......................................
Australia
32,417
3,066,804
a
SSR
Mining,
Inc.
....................................
Canada
3,757
106,248
SunCoke
Energy,
Inc.
................................
United
States
12,248
98,596
Zijin
Mining
Group
Co.
Ltd.
,
H
..........................
China
320,000
1,131,520
30,290,837
Mortgage
Real
Estate
Investment
Trusts
(REITs)
0.0%
†
Chimera
Investment
Corp.
.............................
United
States
8,098
108,028
Ladder
Capital
Corp.
,
A
...............................
United
States
11,095
110,395
MFA
Financial,
Inc.
..................................
United
States
11,800
114,342
332,765
Multi-Utilities
0.3%
Ameren
Corp.
......................................
United
States
9,455
1,068,793
Avista
Corp.
.......................................
United
States
10,219
418,059
Black
Hills
Corp.
....................................
United
States
7,280
541,632
CMS
Energy
Corp.
..................................
United
States
14,119
1,080,104
Consolidated
Edison,
Inc.
.............................
United
States
9,695
1,072,558
DTE
Energy
Co.
....................................
United
States
7,242
1,103,464
Engie
SA
.........................................
France
51,871
1,632,615
Northwestern
Energy
Group,
Inc.
.......................
United
States
1,560
111,727
Public
Service
Enterprise
Group,
Inc.
....................
United
States
13,234
1,074,071
Sempra,
Inc.
.......................................
United
States
11,339
1,051,239
9,154,262
Office
REITs
0.1%
COPT
Defense
Properties
.............................
United
States
3,380
122,998
Putnam
Asset
Allocation
Funds
Consolidated
Schedule
of
Investments
(unaudited)
Putnam
Dynamic
Asset
Allocation
Balanced
Fund
(continued)
See
Notes
to
Consolidated
Schedules
of
Investments.
Quarterly
Consolidated
Schedule
of
Investments
17
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Common
Stocks
(continued)
Office
REITs
(continued)
Empire
State
Realty
Trust,
Inc.
,
A
.......................
United
States
19,770
$
106,956
Vornado
Realty
Trust
.................................
United
States
69,091
2,715,276
2,945,230
Oil,
Gas
&
Consumable
Fuels
2.0%
Antero
Midstream
Corp.
..............................
United
States
44,900
1,021,475
BP
plc
............................................
United
States
240,515
1,482,473
California
Resources
Corp.
............................
United
States
2,119
112,031
Cheniere
Energy,
Inc.
................................
United
States
39,874
9,530,285
Chevron
Corp.
.....................................
United
States
6,051
1,003,014
ConocoPhillips
.....................................
United
States
45,804
4,761,784
Delek
US
Holdings,
Inc.
..............................
United
States
2,399
121,893
Devon
Energy
Corp.
.................................
United
States
42,713
1,764,901
DHT
Holdings,
Inc.
..................................
United
States
7,762
128,306
Dorian
LPG
Ltd.
....................................
United
States
3,858
134,181
ENEOS
Holdings,
Inc.
................................
Japan
159,100
1,177,717
Eni
SpA
..........................................
Italy
20,029
469,914
Equinor
ASA
.......................................
Norway
55,367
1,745,909
Exxon
Mobil
Corp.
...................................
United
States
87,980
12,028,626
Galp
Energia
SGPS
SA
,
B
............................
Portugal
58,107
1,231,515
a
Gulfport
Energy
Corp.
................................
United
States
661
112,172
HF
Sinclair
Corp.
...................................
United
States
16,586
1,155,215
Idemitsu
Kosan
Co.
Ltd.
..............................
Japan
20,800
153,656
Inpex
Corp.
........................................
Japan
14,400
290,566
Kinder
Morgan,
Inc.
..................................
United
States
31,066
993,180
Marathon
Petroleum
Corp.
............................
United
States
5,085
1,300,082
Murphy
Oil
Corp.
....................................
United
States
8,672
282,360
Occidental
Petroleum
Corp.
...........................
United
States
17,893
869,063
a
Par
Pacific
Holdings,
Inc.
.............................
United
States
2,029
113,786
Peabody
Energy
Corp.
...............................
United
States
3,894
90,029
PetroChina
Co.
Ltd.
,
H
...............................
China
1,136,000
1,226,041
Phillips
66
.........................................
United
States
6,054
1,023,429
Repsol
SA
.........................................
Spain
25,028
625,315
Scorpio
Tankers,
Inc.
.................................
Monaco
8,029
556,089
Shell
plc
,
(
EUR
Traded)
...............................
United
States
119,611
4,632,859
Shell
plc
,
(
GBP
Traded)
...............................
United
States
7,663
297,746
Teekay
Corp.
Ltd.
...................................
United
States
28,381
283,810
Teekay
Tankers
Ltd.
,
A
...............................
Canada
7,531
488,536
TotalEnergies
SE
...................................
France
39,745
3,073,302
Valero
Energy
Corp.
.................................
United
States
26,902
7,006,357
Williams
Cos.,
Inc.
(The)
..............................
United
States
13,577
1,009,314
World
Kinect
Corp.
..................................
United
States
4,541
149,581
62,446,512
Paper
&
Forest
Products
0.0%
†
Sylvamo
Corp.
.....................................
United
States
2,873
108,599
Passenger
Airlines
0.5%
a
Allegiant
Travel
Co.
..................................
United
States
1,626
191,217
International
Consolidated
Airlines
Group
SA
...............
United
Kingdom
278,309
1,766,745
a
Joby
Aviation,
Inc.
...................................
United
States
34,140
304,529
Qantas
Airways
Ltd.
.................................
Australia
229,180
1,683,851
Ryanair
Holdings
plc
.................................
Italy
31,033
970,052
Ryanair
Holdings
plc
,
ADR
............................
Italy
19,060
1,234,135
a
SkyWest,
Inc.
......................................
United
States
6,572
652,797
Southwest
Airlines
Co.
...............................
United
States
159,116
8,181,745
Putnam
Asset
Allocation
Funds
Consolidated
Schedule
of
Investments
(unaudited)
Putnam
Dynamic
Asset
Allocation
Balanced
Fund
(continued)
Quarterly
Consolidated
Schedule
of
Investments
See
Notes
to
Consolidated
Schedules
of
Investments.
18
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Common
Stocks
(continued)
Passenger
Airlines
(continued)
a
United
Airlines
Holdings,
Inc.
...........................
United
States
10,527
$
1,431,567
16,416,638
Personal
Care
Products
0.1%
APR
Corp.
........................................
South
Korea
3,460
868,141
Kenvue,
Inc.
.......................................
United
States
60,028
1,147,135
L'Oreal
SA
........................................
France
429
188,055
2,203,331
Pharmaceuticals
3.2%
a
Alumis,
Inc.
........................................
United
States
5,293
148,945
a
Arvinas,
Inc.
.......................................
United
States
37,365
310,503
AstraZeneca
plc
,
(
GBP
Traded)
.........................
United
Kingdom
25,634
4,785,978
AstraZeneca
plc
,
(
USD
Traded)
.........................
United
Kingdom
29,490
5,591,894
a
Axsome
Therapeutics,
Inc.
............................
United
States
486
118,958
Bristol-Myers
Squibb
Co.
..............................
United
States
86,719
4,996,749
Chugai
Pharmaceutical
Co.
Ltd.
........................
Japan
18,100
836,097
a
Corcept
Therapeutics,
Inc.
............................
United
States
8,738
759,769
Daiichi
Sankyo
Co.
Ltd.
...............................
Japan
74,800
1,202,804
Eli
Lilly
&
Co.
......................................
United
States
30,924
37,091,173
Galderma
Group
AG
.................................
Switzerland
6,426
1,461,578
GSK
plc
..........................................
United
Kingdom
79,076
2,075,975
Ipsen
SA
..........................................
France
7,929
1,528,070
Johnson
&
Johnson
.................................
United
States
4,490
1,140,325
a
Maze
Therapeutics,
Inc.
..............................
United
States
10,313
307,740
Merck
&
Co.,
Inc.
...................................
United
States
135,136
17,364,976
Novartis
AG
.......................................
United
States
42,188
6,593,664
Novo
Nordisk
A/S
,
ADR
...............................
Denmark
66,124
3,169,985
Novo
Nordisk
A/S
,
B
.................................
Denmark
50,082
2,405,286
Otsuka
Holdings
Co.
Ltd.
.............................
Japan
15,300
1,018,356
Pfizer,
Inc.
.........................................
United
States
40,629
978,346
Roche
Holding
AG
..................................
United
States
10,798
4,438,911
Sanofi
SA
.........................................
United
States
29,314
2,506,454
a
Supernus
Pharmaceuticals,
Inc.
........................
United
States
9,630
447,891
101,280,427
Professional
Services
0.2%
Automatic
Data
Processing,
Inc.
........................
United
States
4,671
1,046,070
Broadridge
Financial
Solutions,
Inc.
......................
United
States
6,992
957,554
Computershare
Ltd.
.................................
Australia
6,916
183,156
a
IBEX
Holdings
Ltd.
..................................
United
States
3,988
121,116
a
Innodata,
Inc.
......................................
United
States
1,140
86,161
Korn
Ferry
........................................
United
States
4,180
278,304
a
Legalzoom.com,
Inc.
.................................
United
States
44,369
271,982
Leidos
Holdings,
Inc.
.................................
United
States
4,176
430,003
Maximus,
Inc.
......................................
United
States
1,801
96,822
a
Paylocity
Holding
Corp.
...............................
United
States
4,656
486,692
Recruit
Holdings
Co.
Ltd.
.............................
Japan
20,400
1,419,411
a
Upwork,
Inc.
.......................................
United
States
69,897
584,339
Verisk
Analytics,
Inc.
,
A
...............................
United
States
6,149
1,103,930
7,065,540
Real
Estate
Management
&
Development
0.2%
a
CBRE
Group,
Inc.
,
A
.................................
United
States
23,407
3,152,689
a
Cushman
&
Wakefield
Ltd.
............................
United
States
43,991
589,039
a
Jones
Lang
LaSalle,
Inc.
..............................
United
States
3,607
1,117,990
4,859,718
Putnam
Asset
Allocation
Funds
Consolidated
Schedule
of
Investments
(unaudited)
Putnam
Dynamic
Asset
Allocation
Balanced
Fund
(continued)
See
Notes
to
Consolidated
Schedules
of
Investments.
Quarterly
Consolidated
Schedule
of
Investments
19
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Common
Stocks
(continued)
Residential
REITs
0.1%
Invitation
Homes,
Inc.
................................
United
States
37,412
$
1,130,216
Mid-America
Apartment
Communities,
Inc.
................
United
States
7,714
1,071,783
Sun
Communities,
Inc.
...............................
United
States
8,237
987,699
3,189,698
Retail
REITs
0.2%
Alexander's,
Inc.
....................................
United
States
426
117,389
Brixmor
Property
Group,
Inc.
...........................
United
States
34,121
1,075,835
CBL
&
Associates
Properties,
Inc.
.......................
United
States
3,825
203,069
Kite
Realty
Group
Trust
...............................
United
States
4,622
131,172
Realty
Income
Corp.
.................................
United
States
16,967
1,051,275
Simon
Property
Group,
Inc.
............................
United
States
8,711
1,948,215
SITE
Centers
Corp.
..................................
United
States
32,680
129,740
Tanger,
Inc.
........................................
United
States
3,048
120,305
Urban
Edge
Properties
...............................
United
States
5,076
116,139
4,893,139
Semiconductors
&
Semiconductor
Equipment
13.6%
a
Advanced
Micro
Devices,
Inc.
..........................
United
States
41,635
24,186,188
Advantest
Corp.
....................................
Japan
3,900
802,341
a
Aehr
Test
Systems
..................................
United
States
6,684
642,065
a
Ambarella,
Inc.
.....................................
United
States
7,525
645,645
Amkor
Technology,
Inc.
...............................
United
States
76,822
6,624,361
Analog
Devices,
Inc.
.................................
United
States
3,975
1,578,751
Applied
Materials,
Inc.
................................
United
States
26,297
19,012,731
a
ARM
Holdings
plc
,
ADR
..............................
United
States
6,397
2,268,184
ASE
Technology
Holding
Co.
Ltd.
.......................
Taiwan
102,000
2,276,289
ASML
Holding
NV
...................................
Netherlands
7,272
14,399,839
ASML
Holding
NV
,
ADR
..............................
Netherlands
4,963
9,873,591
Broadcom,
Inc.
.....................................
United
States
104,944
39,642,596
a
CEVA,
Inc.
........................................
United
States
2,712
127,898
a
Cirrus
Logic,
Inc.
....................................
United
States
6,030
895,636
a
Credo
Technology
Group
Holding
Ltd.
....................
United
States
8,153
2,217,208
a
FormFactor,
Inc.
....................................
United
States
1,178
188,397
Infineon
Technologies
AG
.............................
Germany
20,771
1,956,669
a
Kioxia
Holdings
Corp.
................................
Japan
7,600
4,417,347
KLA
Corp.
.........................................
United
States
55,720
16,811,281
Kulicke
&
Soffa
Industries,
Inc.
.........................
Singapore
1,489
199,169
Lam
Research
Corp.
.................................
United
States
79,060
34,259,070
a
Lattice
Semiconductor
Corp.
...........................
United
States
3,673
561,822
Marvell
Technology,
Inc.
..............................
United
States
38,982
11,612,348
a
MaxLinear,
Inc.
,
A
...................................
United
States
8,459
1,083,006
MediaTek,
Inc.
.....................................
Taiwan
16,000
2,180,235
Microchip
Technology,
Inc.
............................
United
States
11,263
1,027,186
Micron
Technology,
Inc.
...............................
United
States
30,622
35,346,668
MKS,
Inc.
.........................................
United
States
3,282
1,459,834
Monolithic
Power
Systems,
Inc.
.........................
United
States
661
913,740
a
Nanya
Technology
Corp.
..............................
Taiwan
59,000
863,496
NAURA
Technology
Group
Co.
Ltd.
,
A
....................
China
12,700
1,665,625
a
Navitas
Semiconductor
Corp.
,
A
........................
United
States
20,265
363,149
NVIDIA
Corp.
......................................
United
States
673,031
134,666,773
a
ON
Semiconductor
Corp.
.............................
United
States
9,055
856,060
a
Onto
Innovation,
Inc.
.................................
United
States
4,012
1,518,341
Qnity
Electronics,
Inc.
................................
United
States
3,352
547,415
QUALCOMM,
Inc.
...................................
United
States
48,162
8,899,856
a
Rambus,
Inc.
......................................
United
States
7,424
985,462
SCREEN
Holdings
Co.
Ltd.
............................
Japan
20,300
2,277,190
a
Semtech
Corp.
.....................................
United
States
4,767
771,539
Putnam
Asset
Allocation
Funds
Consolidated
Schedule
of
Investments
(unaudited)
Putnam
Dynamic
Asset
Allocation
Balanced
Fund
(continued)
Quarterly
Consolidated
Schedule
of
Investments
See
Notes
to
Consolidated
Schedules
of
Investments.
20
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Common
Stocks
(continued)
Semiconductors
&
Semiconductor
Equipment
(continued)
a
Silicon
Laboratories,
Inc.
..............................
United
States
518
$
113,214
SK
Hynix,
Inc.
......................................
South
Korea
5,311
9,371,698
Taiwan
Semiconductor
Manufacturing
Co.
Ltd.
.............
Taiwan
287,000
22,641,511
Teradyne,
Inc.
......................................
United
States
15,266
7,386,301
Texas
Instruments,
Inc.
...............................
United
States
3,403
1,014,332
431,152,057
Software
4.0%
a
ACI
Worldwide,
Inc.
..................................
United
States
4,663
234,502
a
Adobe,
Inc.
........................................
United
States
56,222
11,526,634
a
Alarm.com
Holdings,
Inc.
.............................
United
States
2,568
119,977
a
Appian
Corp.
,
A
.....................................
United
States
5,072
116,149
a
Arteris,
Inc.
........................................
United
States
17,798
864,805
a
Atlassian
Corp.
,
A
...................................
United
States
12,320
958,373
a
Autodesk,
Inc.
......................................
United
States
24,244
4,713,519
a
Blend
Labs,
Inc.
,
A
..................................
United
States
69,715
119,213
a
Cadence
Design
Systems,
Inc.
.........................
United
States
20,554
7,714,327
a
Cerence,
Inc.
......................................
United
States
28,632
324,114
a
Check
Point
Software
Technologies
Ltd.
..................
Israel
7,000
920,010
Clear
Secure,
Inc.
,
A
.................................
United
States
1,997
111,293
a
Commvault
Systems,
Inc.
.............................
United
States
3,639
515,756
Constellation
Software,
Inc.
............................
Canada
730
1,374,299
a
Crowdstrike
Holdings,
Inc.
,
A
...........................
United
States
2,415
1,842,983
a
Daily
Journal
Corp.
..................................
United
States
218
131,059
a
Datadog,
Inc.
,
A
....................................
United
States
5,308
1,381,991
a
DocuSign,
Inc.
,
A
...................................
United
States
21,382
949,788
a
Fortinet,
Inc.
.......................................
United
States
7,857
1,206,992
a
Hut
8
Corp.
........................................
United
States
1,276
147,308
InterDigital,
Inc.
.....................................
United
States
2,087
590,892
Intuit,
Inc.
.........................................
United
States
3,289
858,429
a
LiveRamp
Holdings,
Inc.
..............................
United
States
13,339
502,080
a
Manhattan
Associates,
Inc.
............................
United
States
7,701
1,072,364
Microsoft
Corp.
.....................................
United
States
197,246
73,576,703
a
Nice
Ltd.
..........................................
Israel
11,054
1,001,102
OneSpan,
Inc.
......................................
United
States
8,986
128,949
Oracle
Corp.
.......................................
United
States
30,278
4,437,241
Oracle
Corp.
Japan
..................................
Japan
4,100
210,151
a
PagerDuty,
Inc.
.....................................
United
States
66,908
645,662
a
Palantir
Technologies,
Inc.
,
A
...........................
United
States
15,865
1,850,970
Pegasystems,
Inc.
...................................
United
States
15,318
459,081
a
Q2
Holdings,
Inc.
...................................
United
States
2,342
112,650
a
Rapid7,
Inc.
.......................................
United
States
45,680
370,008
RingCentral,
Inc.
,
A
..................................
United
States
24,169
942,108
a
Rubrik,
Inc.
,
A
......................................
United
States
15,803
1,268,665
SAP
SE
..........................................
Germany
11,488
1,770,855
a
ServiceNow,
Inc.
....................................
United
States
10,904
1,082,549
a
Teradata
Corp.
.....................................
United
States
31,469
1,090,401
a
Weave
Communications,
Inc.
..........................
United
States
19,776
118,458
a
Workday,
Inc.
,
A
....................................
United
States
8,099
991,480
a
Workiva,
Inc.
,
A
.....................................
United
States
2,432
117,976
128,471,866
Specialized
REITs
0.3%
American
Tower
Corp.
................................
United
States
22,576
3,692,756
Digital
Realty
Trust,
Inc.
..............................
United
States
5,479
983,919
EPR
Properties
.....................................
United
States
16,907
980,775
Farmland
Partners,
Inc.
...............................
United
States
9,132
88,398
Outfront
Media,
Inc.
.................................
United
States
22,270
729,565
Putnam
Asset
Allocation
Funds
Consolidated
Schedule
of
Investments
(unaudited)
Putnam
Dynamic
Asset
Allocation
Balanced
Fund
(continued)
See
Notes
to
Consolidated
Schedules
of
Investments.
Quarterly
Consolidated
Schedule
of
Investments
21
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Common
Stocks
(continued)
Specialized
REITs
(continued)
Public
Storage
.....................................
United
States
3,278
$
1,043,420
VICI
Properties,
Inc.
,
A
...............................
United
States
98,797
2,623,061
10,141,894
Specialty
Retail
0.4%
a
Abercrombie
&
Fitch
Co.
,
A
............................
United
States
6,829
614,678
American
Eagle
Outfitters,
Inc.
.........................
United
States
8,533
146,768
a
AutoZone,
Inc.
.....................................
United
States
308
984,350
Avolta
AG
.........................................
Switzerland
4,483
299,496
Buckle,
Inc.
(The)
...................................
United
States
2,244
94,697
a
Chewy,
Inc.
,
A
......................................
United
States
25,382
498,756
Fast
Retailing
Co.
Ltd.
................................
Japan
4,000
2,049,377
a
Five
Below,
Inc.
.....................................
United
States
2,196
394,819
Home
Depot,
Inc.
(The)
...............................
United
States
3,361
1,185,357
Industria
de
Diseno
Textil
SA
...........................
Spain
9,863
621,688
Ross
Stores,
Inc.
...................................
United
States
4,482
953,994
a
Sally
Beauty
Holdings,
Inc.
............................
United
States
9,594
135,659
TJX
Cos.,
Inc.
(The)
.................................
United
States
13,776
2,087,064
a
Ulta
Beauty,
Inc.
....................................
United
States
2,043
921,352
a
Urban
Outfitters,
Inc.
.................................
United
States
2,257
159,931
a
Victoria's
Secret
&
Co.
...............................
United
States
10,499
876,457
12,024,443
Technology
Hardware,
Storage
&
Peripherals
5.2%
Apple,
Inc.
........................................
United
States
419,916
121,506,894
Asia
Vital
Components
Co.
Ltd.
.........................
Taiwan
12,000
970,683
a
Everpure,
Inc.
,
A
....................................
United
States
15,572
1,226,918
a
IonQ,
Inc.
.........................................
United
States
15,723
837,407
c
Lenovo
Group
Ltd.
..................................
China
308,000
913,930
Samsung
Electronics
Co.
Ltd.
..........................
South
Korea
56,735
12,589,340
a
Sandisk
Corp.
......................................
United
States
4,051
9,210,880
Seagate
Technology
Holdings
plc
.......................
United
States
5,938
5,730,170
Western
Digital
Corp.
................................
United
States
16,920
10,807,142
163,793,364
Textiles,
Apparel
&
Luxury
Goods
0.2%
Asics
Corp.
........................................
Japan
100,800
2,741,630
Carter's,
Inc.
.......................................
United
States
11,699
481,531
G-III
Apparel
Group
Ltd.
..............................
United
States
4,671
157,460
Hermes
International
SCA
.............................
France
468
855,829
LVMH
Moet
Hennessy
Louis
Vuitton
SE
..................
France
220
121,673
Pandora
A/S
.......................................
Denmark
8,058
925,756
Tapestry,
Inc.
......................................
United
States
7,598
1,112,195
6,396,074
Tobacco
0.8%
British
American
Tobacco
plc
...........................
United
Kingdom
51,423
3,182,208
Imperial
Brands
plc
..................................
United
Kingdom
48,697
1,799,786
Philip
Morris
International,
Inc.
.........................
United
States
111,686
20,205,114
25,187,108
Trading
Companies
&
Distributors
0.4%
AerCap
Holdings
NV
.................................
Ireland
14,100
2,055,498
Bunzl
plc
..........................................
United
Kingdom
6,193
216,128
McGrath
RentCorp
..................................
United
States
1,076
130,228
Mitsubishi
Corp.
....................................
Japan
16,600
444,086
Mitsui
&
Co.
Ltd.
....................................
Japan
76,700
2,141,692
Putnam
Asset
Allocation
Funds
Consolidated
Schedule
of
Investments
(unaudited)
Putnam
Dynamic
Asset
Allocation
Balanced
Fund
(continued)
Quarterly
Consolidated
Schedule
of
Investments
See
Notes
to
Consolidated
Schedules
of
Investments.
22
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Common
Stocks
(continued)
Trading
Companies
&
Distributors
(continued)
a
NPK
International,
Inc.
...............................
United
States
7,440
$
118,371
Sunbelt
Rentals
Holdings,
Inc.
..........................
United
States
20,390
1,487,418
United
Rentals,
Inc.
..................................
United
States
4,809
5,448,068
WW
Grainger,
Inc.
...................................
United
States
1,152
1,567,181
13,608,670
Transportation
Infrastructure
0.1%
b
Aena
SME
SA
,
144A
,
Reg
S
...........................
Spain
12,654
385,601
International
Container
Terminal
Services,
Inc.
..............
Philippines
129,430
1,883,360
2,268,961
Water
Utilities
0.1%
American
States
Water
Co.
............................
United
States
1,396
115,352
California
Water
Service
Group
.........................
United
States
2,585
125,760
Cia
de
Saneamento
Basico
do
Estado
de
Sao
Paulo
SABESP
..
Brazil
285,500
1,639,234
1,880,346
Wireless
Telecommunication
Services
0.4%
Bharti
Airtel
Ltd.
....................................
India
89,320
1,749,711
Etihad
Etisalat
Co.
..................................
Saudi
Arabia
65,140
1,048,045
Far
EasTone
Telecommunications
Co.
Ltd.
................
Taiwan
272,000
897,041
KDDI
Corp.
........................................
Japan
106,800
1,793,995
MTN
Group
Ltd.
....................................
South
Africa
68,283
950,993
TIM
SA
...........................................
Brazil
175,700
744,350
T-Mobile
US,
Inc.
...................................
United
States
24,241
4,065,943
Vodafone
Group
plc
.................................
United
Kingdom
1,139,409
1,508,079
12,758,157
Total
Common
Stocks
(Cost
$
1,540,381,497
)
..................................
2,463,658,832
Convertible
Preferred
Stocks
0.0%
†
Aerospace
&
Defense
0.0%
†
Boeing
Co.
(The)
,
6
%
................................
United
States
3,297
221,888
Financial
Services
0.0%
†
Apollo
Global
Management,
Inc.
,
6.75
%
..................
United
States
2,332
142,066
Interactive
Media
&
Services
0.0%
†
Alphabet,
Inc.
,
A
,
6.25
%
..............................
United
States
4,628
235,519
Alphabet,
Inc.
,
B
,
6.25
%
..............................
United
States
4,628
232,788
468,307
Software
0.0%
†
Oracle
Corp.
,
D
,
6.5
%
................................
United
States
5,068
227,807
Total
Convertible
Preferred
Stocks
(Cost
$
996,250
)
............................
1,060,068
Preferred
Stocks
0.1%
Banks
0.1%
d
Itau
Unibanco
Holding
SA
,
4
.3
%
........................
Brazil
250,900
2,050,048
Technology
Hardware,
Storage
&
Peripherals
0.0%
†
d
Samsung
Electronics
Co.
Ltd.
,
0
.6
%
.....................
South
Korea
11,990
1,690,858
Total
Preferred
Stocks
(Cost
$
2,673,342
)
.....................................
3,740,906
Putnam
Asset
Allocation
Funds
Consolidated
Schedule
of
Investments
(unaudited)
Putnam
Dynamic
Asset
Allocation
Balanced
Fund
(continued)
See
Notes
to
Consolidated
Schedules
of
Investments.
Quarterly
Consolidated
Schedule
of
Investments
23
a
a
Country
Rights
a
Value
a
a
a
a
a
a
Rights
0.0%
†
Biotechnology
0.0%
†
a,e
Akero
Therapeutics,
Inc.,
CVR
,
6/30/31
...................
United
States
8,919
$
5,797
a,e
Blueprint
Medicines
Corp.,
CVR
,
12/31/28
.................
United
States
2,540
1,168
a,e
Icosavax,
Inc.,
CVR
,
2/19/31
...........................
United
Kingdom
4,444
1,334
a,e,f
Pfizer,
Inc.,
CVR
,
3/31/32
.............................
United
States
2,750
13,475
a,e
Sage
Therapeutics,
Inc.,
CVR
,
12/31/30
..................
United
States
27,419
—
21,774
Health
Care
Equipment
&
Supplies
0.0%
†
a,e,f
TPG,
Inc.,
CVR
,
12/31/27
.............................
United
States
12,833
128
Total
Rights
(Cost
$
21,947
)
.................................................
21,902
Principal
Amount
*
Convertible
Bonds
0.1%
Consumer
Staples
Distribution
&
Retail
0.0%
†
Chefs'
Warehouse,
Inc.
(The)
,
Senior
Note
,
2.375
%
,
12/15/28
..
United
States
125,000
279,763
Energy
Equipment
&
Services
0.0%
†
Nabors
Industries,
Inc.
,
Senior
Note
,
1.75
%
,
6/15/29
.........
United
States
110,000
104,555
Hotels,
Restaurants
&
Leisure
0.0%
†
g
DoorDash,
Inc.
,
Senior
Note
,
0
.36
%
,
5/15/30
...............
United
States
265,000
261,356
Oil,
Gas
&
Consumable
Fuels
0.0%
†
b
Crescent
Energy
Co.
,
Senior
Note
,
144A,
2.75
%
,
3/15/31
.....
United
States
220,000
216,920
Semiconductors
&
Semiconductor
Equipment
0.1%
b
Onto
Innovation,
Inc.
,
Senior
Note
,
144A,
Zero
Cpn.,
6/01/31
...
United
States
245,000
323,621
Software
0.0%
†
Guidewire
Software,
Inc.
,
Senior
Note
,
1.25
%
,
11/01/29
.......
United
States
239,000
230,037
Technology
Hardware,
Storage
&
Peripherals
0.0%
†
Seagate
HDD
Cayman
,
Senior
Note
,
3.5
%
,
6/01/28
..........
United
States
20,000
233,430
Total
Convertible
Bonds
(Cost
$
1,341,498
)
...................................
1,649,682
Corporate
Bonds
10.4%
Aerospace
&
Defense
0.4%
ATI,
Inc.
,
Senior
Note
,
4.875
%
,
10/01/29
.......................
United
States
75,000
74,223
Senior
Note
,
7.25
%
,
8/15/30
.........................
United
States
170,000
176,621
b
Axon
Enterprise,
Inc.
,
Senior
Note
,
144A,
6.125
%
,
3/15/30
...................
United
States
180,000
184,043
Senior
Note
,
144A,
6.25
%
,
3/15/33
....................
United
States
210,000
215,375
b
BAE
Systems
plc
,
Senior
Bond
,
144A,
5.3
%
,
3/26/34
.....................
United
Kingdom
595,000
605,944
Senior
Note
,
144A,
5.125
%
,
3/26/29
...................
United
Kingdom
545,000
552,575
Boeing
Co.
(The)
,
Senior
Bond
,
2.95
%
,
2/01/30
.........................
United
States
91,000
85,642
Senior
Bond
,
6.125
%
,
2/15/33
........................
United
States
290,000
308,413
Senior
Bond
,
6.875
%
,
3/15/39
........................
United
States
110,000
123,170
Senior
Bond
,
3.375
%
,
6/15/46
........................
United
States
215,000
151,036
Senior
Note
,
2.7
%
,
2/01/27
..........................
United
States
340,000
336,330
Senior
Note
,
6.259
%
,
5/01/27
........................
United
States
174,000
176,340
Senior
Note
,
6.298
%
,
5/01/29
........................
United
States
1,940,000
2,019,985
b
Bombardier,
Inc.
,
Senior
Bond
,
144A,
7.45
%
,
5/01/34
....................
Canada
770,000
853,211
Putnam
Asset
Allocation
Funds
Consolidated
Schedule
of
Investments
(unaudited)
Putnam
Dynamic
Asset
Allocation
Balanced
Fund
(continued)
Quarterly
Consolidated
Schedule
of
Investments
See
Notes
to
Consolidated
Schedules
of
Investments.
24
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Corporate
Bonds
(continued)
Aerospace
&
Defense
(continued)
b
Bombardier,
Inc.,
(continued)
Senior
Note
,
144A,
8.75
%
,
11/15/30
...................
Canada
185,000
$
195,786
Senior
Note
,
144A,
7
%
,
6/01/32
......................
Canada
10,000
10,372
Senior
Note
,
144A,
6.75
%
,
6/15/33
....................
Canada
155,000
160,639
Senior
Note
,
144A,
5.875
%
,
1/15/35
...................
Canada
205,000
206,015
b
Efesto
Bidco
SpA
Efesto
US
LLC
,
XR
,
Senior
Secured
Note
,
144A,
7.5
%
,
2/15/32
...............................
Italy
860,000
861,392
b
Honeywell
Aerospace,
Inc.
,
Senior
Note
,
144A,
4.3
%
,
3/16/31
..
United
States
455,000
447,272
Howmet
Aerospace,
Inc.
,
Senior
Note
,
3
%
,
1/15/29
...........................
United
States
805,000
775,446
Senior
Note
,
4.85
%
,
10/15/31
........................
United
States
265,000
266,001
RTX
Corp.
,
Senior
Bond
,
4.125
%
,
11/16/28
.......................
United
States
857,000
850,512
Senior
Bond
,
5.15
%
,
2/27/33
.........................
United
States
110,000
112,043
Senior
Bond
,
4.875
%
,
10/15/40
.......................
United
States
125,000
119,208
Spirit
AeroSystems,
Inc.
,
Senior
Bond
,
4.6
%
,
6/15/28
........
United
States
945,000
942,516
b
TransDigm,
Inc.
,
Senior
Secured
Note
,
144A,
6.875
%
,
12/15/30
...........
United
States
540,000
555,322
Senior
Secured
Note
,
144A,
7.125
%
,
12/01/31
...........
United
States
45,000
46,652
Senior
Secured
Note
,
144A,
6.625
%
,
3/01/32
............
United
States
135,000
138,628
Senior
Secured
Note
,
144A,
6
%
,
1/15/33
................
United
States
250,000
252,606
Senior
Secured
Note
,
144A,
6.25
%
,
1/31/34
.............
United
States
70,000
71,485
Senior
Sub.
Note
,
144A,
6.75
%
,
1/31/34
................
United
States
235,000
241,210
12,116,013
Automobile
Components
0.1%
b
Adient
Global
Holdings
Ltd.
,
Senior
Note
,
144A,
8.25
%
,
4/15/31
United
States
365,000
381,787
b
Clarios
Global
LP
/
Clarios
US
Finance
Co.
,
Senior
Note
,
144A,
6.75
%
,
9/15/32
...................................
United
States
205,000
209,495
b
Dexko
Global,
Inc.
,
Senior
Note
,
144A,
7.5
%
,
4/15/32
........
United
States
433,400
357,987
b
Forvia
SE
,
Senior
Note
,
144A,
6.75
%
,
9/15/33
..............
France
860,000
860,175
b
,h
IHO
Verwaltungs
GmbH
,
Senior
Secured
Note
,
144A,
PIK,
7.75
%
,
11/15/30
.........
Germany
200,000
207,164
Senior
Secured
Note
,
144A,
PIK,
8
%
,
11/15/32
...........
Germany
590,000
615,029
Senior
Secured
Note
,
144A,
PIK,
7.375
%
,
5/15/33
.........
Germany
200,000
208,071
2,839,708
Automobiles
0.1%
b
Hyundai
Capital
America
,
Senior
Bond
,
144A,
6.375
%
,
4/08/30
...................
United
States
41,000
42,853
Senior
Note
,
144A,
4.875
%
,
11/01/27
..................
United
States
395,000
396,105
Senior
Note
,
144A,
6.5
%
,
1/16/29
.....................
United
States
775,000
804,706
Senior
Note
,
144A,
5.35
%
,
3/19/29
....................
United
States
215,000
218,017
Senior
Note
,
144A,
4.55
%
,
9/26/29
....................
United
States
100,000
99,257
Senior
Note
,
144A,
5.4
%
,
1/08/31
.....................
United
States
107,000
108,793
b
Nissan
Motor
Co.
Ltd.
,
Senior
Bond
,
144A,
8.125
%
,
7/17/35
...
Japan
275,000
291,351
1,961,082
Banks
1.2%
b
ABN
AMRO
Bank
NV
,
Senior
Non-Preferred
Note
,
144A,
4.988%
to
12/02/27,
FRN
thereafter
,
12/03/28
...................
Netherlands
500,000
502,805
b
ANZ
New
Zealand
Int'l
Ltd.
,
Senior
Bond
,
144A,
3.45
%
,
7/17/27
New
Zealand
200,000
198,303
Banco
Santander
SA
,
Senior
Non-Preferred
Bond
,
4.379
%
,
4/12/28
............
Spain
400,000
398,495
Sub.
Bond
,
3.225%
to
8/21/31,
FRN
thereafter
,
11/22/32
....
Spain
1,400,000
1,267,386
Putnam
Asset
Allocation
Funds
Consolidated
Schedule
of
Investments
(unaudited)
Putnam
Dynamic
Asset
Allocation
Balanced
Fund
(continued)
See
Notes
to
Consolidated
Schedules
of
Investments.
Quarterly
Consolidated
Schedule
of
Investments
25
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Corporate
Bonds
(continued)
Banks
(continued)
Bank
of
America
Corp.
,
Senior
Bond
,
2.496%
to
2/12/30,
FRN
thereafter
,
2/13/31
...
United
States
672,000
$
621,117
Senior
Note
,
1.734%
to
7/21/26,
FRN
thereafter
,
7/22/27
....
United
States
2,328,000
2,324,484
Senior
Note
,
4.695%
to
4/22/31,
FRN
thereafter
,
4/23/32
....
United
States
450,000
446,311
i
Sub.
Bond
,
FRN
,
4.686
%
,
(
3-month
SOFR
+
1.022
%
),
9/15/26
United
States
125,000
125,056
Sub.
Bond
,
6.11
%
,
1/29/37
..........................
United
States
1,572,000
1,655,432
Sub.
Bond
,
3.846%
to
3/07/32,
FRN
thereafter
,
3/08/37
.....
United
States
2,112,000
1,963,278
L
,
Sub.
Bond
,
4.183
%
,
11/25/27
......................
United
States
555,000
552,428
Bank
of
Nova
Scotia
(The)
,
Junior
Sub.
Bond
,
7.35%
to
4/26/30,
FRN
thereafter
,
4/27/85
.............................
Canada
310,000
321,348
b
Banque
Federative
du
Credit
Mutuel
SA
,
Senior
Preferred
Note
,
144A,
4.541
%
,
1/15/31
..............................
France
575,000
565,711
Barclays
plc
,
Senior
Note
,
5.367%
to
2/24/30,
FRN
thereafter
,
2/25/31
.........................................
United
Kingdom
590,000
598,422
b
CaixaBank
SA
,
Senior
Non-Preferred
Note
,
144A,
4.634%
to
7/02/28,
FRN
thereafter
,
7/03/29
.................................
Spain
590,000
589,498
Senior
Non-Preferred
Note
,
144A,
5.673%
to
3/14/29,
FRN
thereafter
,
3/15/30
.................................
Spain
280,000
286,334
Citigroup,
Inc.
,
Senior
Bond
,
3.887%
to
1/09/27,
FRN
thereafter
,
1/10/28
...
United
States
609,000
606,988
Senior
Bond
,
3.668%
to
7/23/27,
FRN
thereafter
,
7/24/28
...
United
States
2,674,000
2,650,806
Senior
Note
,
4.503%
to
9/10/30,
FRN
thereafter
,
9/11/31
....
United
States
735,000
725,596
Sub.
Bond
,
4.45
%
,
9/29/27
..........................
United
States
776,000
774,903
Sub.
Bond
,
4.75
%
,
5/18/46
..........................
United
States
415,000
354,761
b
Commonwealth
Bank
of
Australia
,
Sub.
Bond
,
144A,
5.837
%
,
3/13/34
.........................................
Australia
525,000
540,523
b
Credit
Agricole
SA
,
Sub.
Bond
,
144A,
4%
to
1/09/28,
FRN
thereafter
,
1/10/33
.................................
France
250,000
245,904
b
Federation
des
Caisses
Desjardins
du
Quebec
,
Senior
Note
,
144A,
4.565
%
,
8/26/30
..............................
Canada
530,000
527,341
First-Citizens
Bank
&
Trust
Co.
,
Sub.
Bond
,
6.125
%
,
3/09/28
...
United
States
1,137,000
1,158,613
Huntington
Bancshares,
Inc.
,
Sub.
Bond
,
2.487%
to
8/14/31,
FRN
thereafter
,
8/15/36
.................................
United
States
781,000
674,062
ING
Groep
NV
,
Senior
Note
,
6.083%
to
9/10/26,
FRN
thereafter
,
9/11/27
.........................................
Netherlands
345,000
345,960
JPMorgan
Chase
&
Co.
,
i
W
,
Junior
Sub.
Bond
,
FRN
,
4.913
%
,
(
3-month
SOFR
+
1.262
%
),
5/15/47
.................................
United
States
368,000
334,591
Senior
Bond
,
3.782%
to
1/31/27,
FRN
thereafter
,
2/01/28
...
United
States
140,000
139,444
Senior
Note
,
6.07%
to
10/21/26,
FRN
thereafter
,
10/22/27
...
United
States
360,000
361,767
Senior
Note
,
4.622%
to
4/22/31,
FRN
thereafter
,
4/23/32
....
United
States
450,000
444,906
Sub.
Bond
,
3.625
%
,
12/01/27
........................
United
States
2,616,000
2,586,640
Sub.
Bond
,
2.956%
to
5/12/30,
FRN
thereafter
,
5/13/31
.....
United
States
1,000,000
933,896
Sub.
Bond
,
5.717%
to
9/13/32,
FRN
thereafter
,
9/14/33
.....
United
States
1,198,000
1,236,807
Mitsubishi
UFJ
Financial
Group,
Inc.
,
Senior
Note
,
5.159%
to
4/23/30,
FRN
thereafter
,
4/24/31
......................
Japan
650,000
656,944
Morgan
Stanley
Bank
NA
,
Senior
Note
,
5.016%
to
1/11/28,
FRN
thereafter
,
1/12/29
.................................
United
States
905,000
910,666
PNC
Financial
Services
Group,
Inc.
(The)
,
Senior
Bond
,
5.373%
to
7/20/35,
FRN
thereafter
,
7/21/36
...
United
States
55,000
55,534
Sub.
Bond
,
4.626%
to
6/05/32,
FRN
thereafter
,
6/06/33
.....
United
States
1,380,000
1,343,366
Toronto-Dominion
Bank
(The)
,
Sub.
Bond
,
3.625%
to
9/14/26,
FRN
thereafter
,
9/15/31
.............................
Canada
965,000
962,812
i
Truist
Bank
,
Sub.
Bond
,
FRN
,
4.632
%
,
(
5-year
CMT
T-Note
+
1.15
%
),
9/17/29
...................................
United
States
540,000
536,760
Putnam
Asset
Allocation
Funds
Consolidated
Schedule
of
Investments
(unaudited)
Putnam
Dynamic
Asset
Allocation
Balanced
Fund
(continued)
Quarterly
Consolidated
Schedule
of
Investments
See
Notes
to
Consolidated
Schedules
of
Investments.
26
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Corporate
Bonds
(continued)
Banks
(continued)
Truist
Financial
Corp.
,
Senior
Note
,
5.435%
to
1/23/29,
FRN
thereafter
,
1/24/30
.................................
United
States
340,000
$
345,722
US
Bancorp
,
Sub.
Bond
,
2.491%
to
11/02/31,
FRN
thereafter
,
11/03/36
........................................
United
States
1,227,000
1,068,401
Wells
Fargo
&
Co.
,
Senior
Bond
,
3.35%
to
3/01/32,
FRN
thereafter
,
3/02/33
....
United
States
3,684,000
3,387,358
Senior
Note
,
5.574%
to
7/24/28,
FRN
thereafter
,
7/25/29
....
United
States
340,000
345,777
Westpac
Banking
Corp.
,
Senior
Bond
,
2.7
%
,
8/19/26
..........................
Australia
78,000
77,859
Sub.
Bond
,
2.963
%
,
11/16/40
........................
Australia
359,000
266,685
37,017,800
Biotechnology
0.1%
AbbVie,
Inc.
,
Senior
Note
,
4.8
%
,
3/15/29
..........................
United
States
510,000
514,053
Senior
Note
,
4.125
%
,
3/15/31
........................
United
States
235,000
230,074
Amgen,
Inc.
,
Senior
Bond
,
4.663
%
,
6/15/51
........................
United
States
512,000
435,315
Senior
Bond
,
5.65
%
,
3/02/53
.........................
United
States
36,000
35,063
Senior
Bond
,
5.75
%
,
3/02/63
.........................
United
States
230,000
223,197
Senior
Note
,
5.15
%
,
3/02/28
.........................
United
States
740,000
747,201
Senior
Note
,
5.25
%
,
3/02/30
.........................
United
States
75,000
76,431
b
Genmab
A/S
/
Genmab
Finance
LLC
,
Senior
Note
,
144A,
7.25
%
,
12/15/33
...................
Denmark
330,000
344,275
Senior
Secured
Note
,
144A,
6.25
%
,
12/15/32
............
Denmark
530,000
540,422
b
Grifols
SA
,
Senior
Note
,
Reg
S,
3.875
%
,
10/15/28
.................
Spain
620,000
EUR
704,392
Senior
Note
,
144A,
4.75
%
,
10/15/28
...................
Spain
200,000
196,129
4,046,552
Broadline
Retail
0.1%
Amazon.com,
Inc.
,
Senior
Note
,
4.1
%
,
11/20/30
.........................
United
States
180,000
176,960
Senior
Note
,
4.25
%
,
3/13/31
.........................
United
States
340,000
334,884
b
Kohl's
Corp.
,
Senior
Secured
Note
,
144A,
10
%
,
6/01/30
......
United
States
140,000
151,516
b
Match
Group
Holdings
II
LLC
,
Senior
Note
,
144A,
4.625
%
,
6/01/28
.........................................
United
States
424,000
418,474
b
Wayfair
LLC
,
Senior
Secured
Note
,
144A,
7.25
%
,
10/31/29
............
United
States
245,000
253,027
Senior
Secured
Note
,
144A,
7.75
%
,
9/15/30
.............
United
States
420,000
441,805
Senior
Secured
Note
,
144A,
6.75
%
,
11/15/32
............
United
States
845,000
868,425
2,645,091
Building
Products
0.1%
b
EMRLD
Borrower
LP
/
Emerald
Co-Issuer,
Inc.
,
Senior
Secured
Note
,
Reg
S,
6.375
%
,
12/15/30
.......................
United
States
100,000
EUR
118,100
b
JH
North
America
Holdings,
Inc.
,
Senior
Secured
Note
,
144A,
5.875
%
,
1/31/31
............
United
States
30,000
30,164
Senior
Secured
Note
,
144A,
6.125
%
,
7/31/32
............
United
States
125,000
126,124
Johnson
Controls
International
plc
,
Senior
Bond
,
4.95
%
,
7/02/64
United
States
515,000
450,403
b
Quikrete
Holdings,
Inc.
,
Senior
Secured
Note
,
144A,
6.375
%
,
3/01/32
.........................................
United
States
600,000
612,994
b
Standard
Building
Solutions,
Inc.
,
Senior
Note
,
144A,
6.5
%
,
8/15/32
.........................................
United
States
280,000
281,874
b
Standard
Industries,
Inc.
,
Senior
Bond
,
144A,
4.375
%
,
7/15/30
...................
United
States
690,000
655,839
Putnam
Asset
Allocation
Funds
Consolidated
Schedule
of
Investments
(unaudited)
Putnam
Dynamic
Asset
Allocation
Balanced
Fund
(continued)
See
Notes
to
Consolidated
Schedules
of
Investments.
Quarterly
Consolidated
Schedule
of
Investments
27
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Corporate
Bonds
(continued)
Building
Products
(continued)
b
Standard
Industries,
Inc.,
(continued)
Senior
Bond
,
144A,
3.375
%
,
1/15/31
...................
United
States
90,000
$
81,061
2,356,559
Capital
Markets
0.6%
Ares
Capital
Corp.
,
Senior
Note
,
2.15
%
,
7/15/26
.........................
United
States
421,000
420,576
Senior
Note
,
7
%
,
1/15/27
...........................
United
States
195,000
197,001
Senior
Note
,
2.875
%
,
6/15/27
........................
United
States
449,000
440,437
b
Aretec
Group,
Inc.
,
Senior
Secured
Note
,
144A,
10
%
,
8/15/30
..
United
States
77,000
81,203
b
Blackstone
Holdings
Finance
Co.
LLC
,
Senior
Bond
,
144A,
1.6
%
,
3/30/31
.........................................
United
States
270,000
234,054
Blackstone
Private
Credit
Fund
,
Senior
Note
,
3.25
%
,
3/15/27
..
United
States
193,000
190,636
b
Dresdner
Funding
Trust
I
,
Junior
Sub.
Bond
,
144A,
8.151
%
,
6/30/31
.........................................
United
States
125,000
134,343
Goldman
Sachs
Group,
Inc.
(The)
,
Senior
Bond
,
4.223%
to
4/30/28,
FRN
thereafter
,
5/01/29
...
United
States
2,554,000
2,532,428
Senior
Note
,
4.153%
to
10/20/28,
FRN
thereafter
,
10/21/29
..
United
States
1,096,000
1,080,668
Senior
Note
,
4.594%
to
4/19/29,
FRN
thereafter
,
4/20/30
....
United
States
170,000
169,063
Senior
Note
,
4.972%
to
6/02/31,
FRN
thereafter
,
6/03/32
....
United
States
300,000
299,892
Sub.
Bond
,
5.95
%
,
1/15/27
..........................
United
States
220,000
221,809
Intercontinental
Exchange,
Inc.
,
Senior
Bond
,
1.85
%
,
9/15/32
.........................
United
States
297,000
250,704
Senior
Note
,
4
%
,
9/15/27
...........................
United
States
182,000
181,117
b
Jane
Street
Group
/
JSG
Finance,
Inc.
,
Senior
Secured
Note
,
144A,
6.125
%
,
11/01/32
...........
United
States
595,000
595,401
Senior
Secured
Note
,
144A,
6.75
%
,
5/01/33
.............
United
States
1,060,000
1,090,646
Jefferies
Financial
Group,
Inc.
,
Senior
Note
,
4.5
%
,
9/15/26
....
United
States
390,000
389,728
b
KKR
Group
Finance
Co.
III
LLC
,
Senior
Bond
,
144A,
5.125
%
,
6/01/44
.........................................
United
States
340,000
303,942
LPL
Holdings,
Inc.
,
Senior
Note
,
6.75
%
,
11/17/28
........................
United
States
377,000
392,294
Senior
Note
,
5.2
%
,
3/15/30
..........................
United
States
401,000
403,750
Moody's
Corp.
,
Senior
Bond
,
2
%
,
8/19/31
...........................
United
States
962,000
846,461
Senior
Bond
,
5
%
,
8/05/34
...........................
United
States
295,000
295,173
Morgan
Stanley
,
Senior
Bond
,
3.772%
to
1/23/28,
FRN
thereafter
,
1/24/29
...
United
States
2,599,000
2,564,021
Senior
Note
,
5.123%
to
1/31/28,
FRN
thereafter
,
2/01/29
....
United
States
680,000
684,218
Senior
Note
,
4.994%
to
4/11/28,
FRN
thereafter
,
4/12/29
....
United
States
389,000
391,177
Senior
Note
,
4.493%
to
1/15/31,
FRN
thereafter
,
1/16/32
....
United
States
165,000
161,830
Senior
Note
,
4.708%
to
3/11/31,
FRN
thereafter
,
3/12/32
....
United
States
315,000
311,182
Sub.
Bond
,
3.95
%
,
4/23/27
..........................
United
States
817,000
814,458
Sub.
Bond
,
5.297%
to
4/19/32,
FRN
thereafter
,
4/20/37
.....
United
States
150,000
149,436
b
MSCI,
Inc.
,
Senior
Bond
,
144A,
3.625
%
,
9/01/30
............
United
States
677,000
640,684
Nasdaq,
Inc.
,
Senior
Bond
,
5.55
%
,
2/15/34
.........................
United
States
63,000
64,830
Senior
Note
,
5.35
%
,
6/28/28
.........................
United
States
144,000
145,963
S&P
Global,
Inc.
,
Senior
Bond
,
2.5
%
,
12/01/29
.........................
United
States
91,000
85,111
Senior
Bond
,
1.25
%
,
8/15/30
.........................
United
States
188,000
164,309
Senior
Note
,
4.75
%
,
8/01/28
.........................
United
States
86,000
86,455
b
Stonex
Escrow
Issuer
LLC
,
Secured
Note
,
144A,
6.875
%
,
7/15/32
United
States
515,000
529,993
b
StoneX
Group,
Inc.
,
Secured
Note
,
144A,
7.875
%
,
3/01/31
....
United
States
345,000
362,449
Putnam
Asset
Allocation
Funds
Consolidated
Schedule
of
Investments
(unaudited)
Putnam
Dynamic
Asset
Allocation
Balanced
Fund
(continued)
Quarterly
Consolidated
Schedule
of
Investments
See
Notes
to
Consolidated
Schedules
of
Investments.
28
a
a
Country
Principal
Amount
*
a
Value
a
a
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
342,000
$
338,120
Senior
Note
,
144A,
5.428%
to
2/07/29,
FRN
thereafter
,
2/08/30
Switzerland
455,000
461,519
18,707,081
Chemicals
0.1%
b
ARC
Falcon
I,
Inc.
/
Arclin
USA
LLC
/
New
Arclin
US
Holding
Corp.
,
Senior
Secured
Note
,
144A,
9.75
%
,
3/01/33
.........
United
States
395,000
380,399
Celanese
US
Holdings
LLC
,
Senior
Note
,
1.4
%
,
8/05/26
......
United
States
300,000
298,773
b
Element
Solutions,
Inc.
,
Senior
Note
,
144A,
3.875
%
,
9/01/28
...
United
States
320,000
312,441
FMC
Corp.
,
Sub.
Bond
,
8.45%
to
10/31/30,
FRN
thereafter
,
11/01/55
........................................
United
States
230,000
167,675
b
Rain
Carbon,
Inc.
,
Senior
Secured
Note
,
144A,
12.25
%
,
9/01/29
United
States
865,000
923,676
b
SCIH
Salt
Holdings,
Inc.
,
Senior
Note
,
144A,
6.625
%
,
5/01/29
...................
United
States
200,000
198,422
Senior
Secured
Note
,
144A,
4.875
%
,
5/01/28
............
United
States
255,000
251,687
2,533,073
Commercial
Services
&
Supplies
0.2%
b
Aramark
Services,
Inc.
,
Senior
Bond
,
144A,
5
%
,
2/01/28
......
United
States
250,000
249,620
b
Clean
Harbors,
Inc.
,
Senior
Note
,
144A,
6.375
%
,
2/01/31
.....
United
States
250,000
253,704
b
GFL
Environmental,
Inc.
,
Senior
Note
,
144A,
4.375
%
,
8/15/29
...................
United
States
370,000
359,956
Senior
Note
,
144A,
6.75
%
,
1/15/31
....................
United
States
70,000
72,102
b
Madison
IAQ
LLC
,
Senior
Secured
Note
,
144A,
4.125
%
,
6/30/28
United
States
120,000
118,142
b
Neptune
Bidco
US,
Inc.
,
Senior
Secured
Note
,
144A,
9.29
%
,
4/15/29
.............
United
States
240,000
244,947
Senior
Secured
Note
,
144A,
9.5
%
,
2/15/33
..............
United
States
680,000
688,369
Republic
Services,
Inc.
,
Senior
Note
,
5
%
,
11/15/29
..........
United
States
1,360,000
1,378,469
b
RR
Donnelley
&
Sons
Co.
,
Senior
Secured
Note
,
144A,
9.5
%
,
8/01/29
.........................................
United
States
820,000
850,993
b
Veritiv
Operating
Co.
,
Senior
Secured
Note
,
144A,
10.5
%
,
11/30/30
........................................
United
States
100,000
102,398
Waste
Connections,
Inc.
,
Senior
Bond
,
3.5
%
,
5/01/29
..........................
United
States
497,000
484,604
Senior
Bond
,
3.2
%
,
6/01/32
..........................
United
States
92,000
84,552
Senior
Bond
,
5
%
,
3/01/34
...........................
United
States
220,000
220,411
Waste
Management,
Inc.
,
Senior
Note
,
4.875
%
,
2/15/29
......
United
States
323,000
326,405
b
Waste
Pro
USA,
Inc.
,
Senior
Note
,
144A,
7
%
,
2/01/33
........
United
States
365,000
374,414
b
Wrangler
Holdco
Corp.
,
Senior
Note
,
144A,
6.625
%
,
4/01/32
...
Canada
100,000
102,582
5,911,668
Communications
Equipment
0.0%
†
Motorola
Solutions,
Inc.
,
Senior
Bond
,
2.3
%
,
11/15/30
.........................
United
States
179,000
161,522
Senior
Bond
,
5.55
%
,
8/15/35
.........................
United
States
675,000
687,446
Senior
Note
,
4.85
%
,
8/15/30
.........................
United
States
205,000
205,813
b
Viasat,
Inc.
,
Senior
Note
,
144A,
7.5
%
,
5/30/31
..............
United
States
470,000
475,222
1,530,003
Construction
&
Engineering
0.0%
†
b
Arcosa,
Inc.
,
Senior
Note
,
144A,
6.875
%
,
8/15/32
...........
United
States
110,000
114,835
Consumer
Finance
0.5%
AerCap
Ireland
Capital
DAC
/
AerCap
Global
Aviation
Trust
,
Senior
Bond
,
3.65
%
,
7/21/27
.........................
Ireland
900,000
893,150
Putnam
Asset
Allocation
Funds
Consolidated
Schedule
of
Investments
(unaudited)
Putnam
Dynamic
Asset
Allocation
Balanced
Fund
(continued)
See
Notes
to
Consolidated
Schedules
of
Investments.
Quarterly
Consolidated
Schedule
of
Investments
29
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Corporate
Bonds
(continued)
Consumer
Finance
(continued)
AerCap
Ireland
Capital
DAC
/
AerCap
Global
Aviation
Trust,
(continued)
Senior
Bond
,
3.3
%
,
1/30/32
..........................
Ireland
1,245,000
$
1,138,344
Senior
Bond
,
6.95%
to
12/09/29,
FRN
thereafter
,
3/10/55
...
Ireland
150,000
155,325
Senior
Note
,
4.125
%
,
2/28/29
........................
Ireland
150,000
147,852
Ally
Financial,
Inc.
,
Senior
Bond
,
8
%
,
11/01/31
..........................
United
States
807,000
899,058
Senior
Note
,
4.75
%
,
6/09/27
.........................
United
States
442,000
443,074
Senior
Note
,
2.2
%
,
11/02/28
.........................
United
States
312,000
294,667
American
Express
Co.
,
Senior
Bond
,
5.667%
to
4/24/35,
FRN
thereafter
,
4/25/36
...
United
States
805,000
834,108
Senior
Note
,
5.098%
to
2/15/27,
FRN
thereafter
,
2/16/28
....
United
States
380,000
381,546
b
Avolon
Holdings
Funding
Ltd.
,
Senior
Note
,
144A,
5.75
%
,
11/15/29
...................
Ireland
829,000
847,908
Senior
Note
,
144A,
4.9
%
,
10/10/30
....................
Ireland
350,000
347,088
Capital
One
Financial
Corp.
,
Senior
Note
,
4.493%
to
9/10/30,
FRN
thereafter
,
9/11/31
....
United
States
220,000
215,933
Sub.
Bond
,
2.359%
to
7/28/31,
FRN
thereafter
,
7/29/32
.....
United
States
1,934,000
1,679,416
b
Encore
Capital
Group,
Inc.
,
Senior
Secured
Note
,
144A,
8.5
%
,
5/15/30
..............
United
States
555,000
589,787
Senior
Secured
Note
,
144A,
6.625
%
,
6/01/32
............
United
States
265,000
265,559
b
FirstCash,
Inc.
,
Senior
Note
,
144A,
6.875
%
,
3/01/32
...................
United
States
775,000
797,348
Senior
Note
,
144A,
6.125
%
,
5/01/34
...................
United
States
710,000
707,106
Ford
Motor
Credit
Co.
LLC
,
Senior
Note
,
4.125
%
,
8/17/27
.....
United
States
220,000
218,113
b
Gabx
Leasing
LLC
,
Senior
Note
,
144A,
4.625
%
,
4/15/31
......
United
States
365,000
360,051
General
Motors
Financial
Co.,
Inc.
,
Senior
Note
,
4.2
%
,
10/27/28
.........................
United
States
155,000
153,352
Senior
Note
,
4.9
%
,
10/06/29
.........................
United
States
513,000
514,429
b
Jefferson
Capital
Holdings
LLC
,
Senior
Note
,
144A,
9.5
%
,
2/15/29
.....................
United
States
305,000
319,706
Senior
Note
,
144A,
8.25
%
,
5/15/30
....................
United
States
950,000
999,457
b
Macquarie
Airfinance
Holdings
Ltd.
,
Senior
Note
,
144A,
5.15
%
,
3/17/30
.........................................
United
Kingdom
668,000
666,360
OneMain
Finance
Corp.
,
Senior
Bond
,
5.375
%
,
11/15/29
.......................
United
States
135,000
132,690
Senior
Note
,
7.5
%
,
5/15/31
..........................
United
States
230,000
237,758
Senior
Note
,
7.125
%
,
11/15/31
.......................
United
States
405,000
413,533
Senior
Note
,
6.5
%
,
3/15/33
..........................
United
States
180,000
177,267
b
PRA
Group,
Inc.
,
Senior
Note
,
144A,
8.875
%
,
1/31/30
........
United
States
490,000
506,037
15,336,022
Consumer
Staples
Distribution
&
Retail
0.1%
b
7-Eleven,
Inc.
,
Senior
Note
,
144A,
1.3
%
,
2/10/28
............
United
States
715,000
679,365
b
Alimentation
Couche-Tard,
Inc.
,
Senior
Bond
,
144A,
3.55
%
,
7/26/27
....................
Canada
458,000
454,098
Senior
Bond
,
144A,
2.95
%
,
1/25/30
....................
Canada
328,000
309,194
b
US
Foods,
Inc.
,
Senior
Note
,
144A,
4.625
%
,
6/01/30
...................
United
States
370,000
361,480
Senior
Note
,
144A,
7.25
%
,
1/15/32
....................
United
States
265,000
275,326
Senior
Note
,
144A,
5.75
%
,
4/15/33
....................
United
States
430,000
430,816
2,510,279
Containers
&
Packaging
0.1%
AptarGroup,
Inc.
,
Senior
Note
,
4.75
%
,
3/30/31
.............
United
States
170,000
168,445
Putnam
Asset
Allocation
Funds
Consolidated
Schedule
of
Investments
(unaudited)
Putnam
Dynamic
Asset
Allocation
Balanced
Fund
(continued)
Quarterly
Consolidated
Schedule
of
Investments
See
Notes
to
Consolidated
Schedules
of
Investments.
30
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Corporate
Bonds
(continued)
Containers
&
Packaging
(continued)
Berry
Global,
Inc.
,
Senior
Secured
Note
,
1.65
%
,
1/15/27
..................
United
States
273,000
$
268,934
Senior
Secured
Note
,
5.5
%
,
4/15/28
...................
United
States
23,000
23,357
b
CANPACK
Group,
Inc.
/
CANPACK
SA
,
Senior
Note
,
144A,
6
%
,
5/15/31
.........................................
United
States
200,000
201,272
b
Clydesdale
Acquisition
Holdings,
Inc.
,
Senior
Secured
Note
,
144A,
6.75
%
,
4/15/32
...............................
United
States
435,000
422,537
b
Graphic
Packaging
International
LLC
,
Senior
Note
,
144A,
3.5
%
,
3/01/29
.........................................
United
States
155,000
147,486
b
Mauser
Packaging
Solutions
Holding
Co.
,
Secured
Note
,
144A,
9.25
%
,
4/15/30
...................
United
States
185,000
182,153
Senior
Secured
Note
,
144A,
7.875
%
,
4/15/30
............
United
States
275,000
281,285
b
Toucan
FinCo
Ltd.
/
Toucan
FinCo
Can,
Inc.
/
Toucan
FinCo
US
LLC
,
Senior
Secured
Note
,
144A,
9.5
%
,
5/15/30
...........
Canada
640,000
603,894
WestRock
MWV
LLC
,
Senior
Bond
,
8.2
%
,
1/15/30
..........................
United
States
690,000
765,074
Senior
Bond
,
7.95
%
,
2/15/31
.........................
United
States
154,000
172,925
3,237,362
Diversified
Consumer
Services
0.0%
†
Service
Corp.
International
,
Senior
Bond
,
3.375
%
,
8/15/30
....
United
States
100,000
92,834
Diversified
REITs
0.1%
Equinix
Asia
Financing
Corp.
Pte.
Ltd.
,
Senior
Note
,
4.4
%
,
3/15/31
.........................................
United
States
205,000
200,435
GLP
Capital
LP
/
GLP
Financing
II,
Inc.
,
Senior
Bond
,
3.25
%
,
1/15/32
.........................................
United
States
336,000
301,069
VICI
Properties
LP
,
Senior
Note
,
4.75
%
,
2/15/28
.........................
United
States
658,000
657,984
Senior
Note
,
5.125
%
,
11/15/31
.......................
United
States
615,000
612,476
b
VICI
Properties
LP
/
VICI
Note
Co.,
Inc.
,
Senior
Note
,
144A,
3.75
%
,
2/15/27
...................................
United
States
263,000
261,401
2,033,365
Diversified
Telecommunication
Services
0.6%
b
Altice
France
SA
,
Senior
Secured
Note
,
144A,
6.875
%
,
10/15/30
...........
France
152,440
148,024
Senior
Secured
Note
,
144A,
6.5
%
,
4/15/32
..............
France
152,439
147,449
b
APLD
ComputeCo
2
LLC
,
Senior
Secured
Note
,
144A,
6.75
%
,
3/15/31
.........................................
United
States
560,000
562,410
b
APLD
ComputeCo
LLC
,
Senior
Secured
Note
,
144A,
9.25
%
,
12/15/30
........................................
United
States
855,000
922,848
AT&T,
Inc.
,
Senior
Bond
,
2.55
%
,
12/01/33
........................
United
States
804,000
675,503
Senior
Bond
,
4.75
%
,
5/15/46
.........................
United
States
1,045,000
879,166
Senior
Bond
,
3.55
%
,
9/15/55
.........................
United
States
2,055,000
1,324,304
Senior
Note
,
4.1
%
,
2/15/28
..........................
United
States
165,000
163,792
b
Black
Pearl
Compute
LLC
,
Senior
Secured
Note
,
144A,
6.125
%
,
2/15/31
.........................................
United
States
315,000
319,430
b
CCO
Holdings
LLC
/
CCO
Holdings
Capital
Corp.
,
Senior
Bond
,
144A,
5.375
%
,
6/01/29
...................
United
States
360,000
352,365
Senior
Bond
,
144A,
4.75
%
,
3/01/30
....................
United
States
1,255,000
1,190,582
Senior
Bond
,
144A,
4.25
%
,
2/01/31
....................
United
States
160,000
144,219
Senior
Bond
,
144A,
4.75
%
,
2/01/32
....................
United
States
675,000
602,536
Senior
Bond
,
144A,
4.25
%
,
1/15/34
....................
United
States
270,000
228,828
Senior
Note
,
144A,
7
%
,
2/01/33
......................
United
States
215,000
211,026
Putnam
Asset
Allocation
Funds
Consolidated
Schedule
of
Investments
(unaudited)
Putnam
Dynamic
Asset
Allocation
Balanced
Fund
(continued)
See
Notes
to
Consolidated
Schedules
of
Investments.
Quarterly
Consolidated
Schedule
of
Investments
31
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Corporate
Bonds
(continued)
Diversified
Telecommunication
Services
(continued)
b
Cipher
Compute
LLC
,
Senior
Secured
Note
,
144A,
7.125
%
,
11/15/30
........................................
United
States
710,000
$
738,949
Comcast
Corp.
,
Senior
Bond
,
3.999
%
,
11/01/49
.......................
United
States
307,000
217,904
Senior
Bond
,
3.45
%
,
2/01/50
.........................
United
States
557,000
358,514
Senior
Bond
,
2.987
%
,
11/01/63
.......................
United
States
189,000
98,405
Deutsche
Telekom
International
Finance
BV
,
Senior
Bond
,
8.25
%
,
6/15/30
.........................................
Germany
435,000
489,502
b
Edged
Compute
LLC
,
Senior
Secured
Note
,
144A,
7.5
%
,
4/30/31
United
States
965,000
941,244
b
PR
RNO
Property
Owner
1
LLC
,
Senior
Secured
Note
,
144A,
6.5
%
,
5/01/31
....................................
United
States
665,000
664,499
b
Space
Exploration
Technologies
Corp.
,
Senior
Note
,
144A,
5.35
%
,
7/15/31
...................................
United
States
265,000
264,378
Sprint
Capital
Corp.
,
Senior
Bond
,
6.875
%
,
11/15/28
.........
United
States
455,000
476,745
b
SV
RNO
Property
Owner
1
LLC
,
Senior
Secured
Note
,
144A,
5.875
%
,
3/01/31
...................................
United
States
420,000
414,212
Telefonica
Emisiones
SA
,
Senior
Bond
,
4.895
%
,
3/06/48
......
Spain
1,130,000
955,578
Verizon
Communications,
Inc.
,
Senior
Bond
,
4.4
%
,
11/01/34
.........................
United
States
755,000
716,052
Senior
Bond
,
5.401
%
,
7/02/37
........................
United
States
2,010,000
2,005,582
Senior
Bond
,
3.7
%
,
3/22/61
..........................
United
States
957,000
640,478
b
Virgin
Media
Secured
Finance
plc
,
Senior
Secured
Bond
,
144A,
4.5
%
,
8/15/30
....................................
United
Kingdom
200,000
169,994
b
WULF
Compute
LLC
,
Senior
Secured
Note
,
144A,
7.75
%
,
10/15/30
........................................
United
States
835,000
877,554
b
Yondr
JK
1
LLC
,
Senior
Secured
Note
,
144A,
6.875
%
,
6/30/31
.
United
States
440,000
441,433
18,343,505
Electric
Utilities
0.5%
American
Electric
Power
Co.,
Inc.
,
J
,
Senior
Bond
,
4.3
%
,
12/01/28
........................................
United
States
1,094,000
1,087,728
b
American
Transmission
Systems,
Inc.
,
Senior
Bond
,
144A,
2.65
%
,
1/15/32
...................................
United
States
181,000
162,129
b
California
Buyer
Ltd.
/
Atlantica
Sustainable
Infrastructure
plc
,
Senior
Note
,
144A,
6.375
%
,
2/15/32
....................
United
Kingdom
645,000
646,938
Commonwealth
Edison
Co.
,
Senior
Bond
,
5.9
%
,
3/15/36
......
United
States
133,000
140,904
Duke
Energy
Corp.
,
Senior
Bond
,
3.15
%
,
8/15/27
.........................
United
States
416,000
410,127
Senior
Bond
,
4.2
%
,
6/15/49
..........................
United
States
781,000
611,018
Duke
Energy
Indiana
LLC
,
Senior
Bond
,
6.45
%
,
4/01/39
......
United
States
210,000
230,855
Duke
Energy
Ohio,
Inc.
,
Senior
Bond
,
3.65
%
,
2/01/29
........
United
States
427,000
418,706
b
Enel
Finance
International
NV
,
Senior
Note
,
144A,
4.375
%
,
9/30/30
.........................................
Italy
540,000
530,656
Evergy
Kansas
Central,
Inc.
,
Senior
Bond
,
5.7
%
,
3/15/53
.....
United
States
169,000
168,877
b
Evergy
Missouri
West,
Inc.
,
Senior
Note
,
144A,
5.15
%
,
12/15/27
United
States
680,000
683,159
Eversource
Energy
,
Senior
Note
,
5.45
%
,
3/01/28
............
United
States
75,000
75,871
IPALCO
Enterprises,
Inc.
,
Senior
Secured
Note
,
4.25
%
,
5/01/30
United
States
265,000
257,464
NextEra
Energy
Capital
Holdings,
Inc.
,
Senior
Bond
,
5.45
%
,
3/15/35
.........................
United
States
1,645,000
1,670,652
Senior
Note
,
5.05
%
,
3/15/30
.........................
United
States
915,000
927,040
b
NRG
Energy,
Inc.
,
j
Junior
Sub.
Bond
,
144A,
10.25%
to
3/14/28,
FRN
thereafter
,
Perpetual
.......................................
United
States
215,000
232,621
Senior
Bond
,
144A,
6.25
%
,
11/01/34
...................
United
States
770,000
779,982
Putnam
Asset
Allocation
Funds
Consolidated
Schedule
of
Investments
(unaudited)
Putnam
Dynamic
Asset
Allocation
Balanced
Fund
(continued)
Quarterly
Consolidated
Schedule
of
Investments
See
Notes
to
Consolidated
Schedules
of
Investments.
32
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Corporate
Bonds
(continued)
Electric
Utilities
(continued)
b
NRG
Energy,
Inc.,
(continued)
Senior
Bond
,
144A,
6
%
,
1/15/36
......................
United
States
470,000
$
468,768
Senior
Note
,
144A,
3.375
%
,
2/15/29
...................
United
States
335,000
319,690
Senior
Secured
Bond
,
144A,
7
%
,
3/15/33
...............
United
States
280,000
303,899
Oncor
Electric
Delivery
Co.
LLC
,
Senior
Secured
Bond
,
5.3
%
,
6/01/42
...................
United
States
175,000
169,779
Senior
Secured
Bond
,
3.75
%
,
4/01/45
..................
United
States
760,000
590,285
Pacific
Gas
and
Electric
Co.
,
Senior
Note
,
2.1
%
,
8/01/27
..........................
United
States
99,000
96,417
Senior
Note
,
6.1
%
,
1/15/29
..........................
United
States
1,000,000
1,029,855
Senior
Note
,
5.55
%
,
5/15/29
.........................
United
States
670,000
684,005
Senior
Note
,
5.05
%
,
11/15/31
........................
United
States
220,000
219,845
b
Palomino
Funding
Trust
I
,
Senior
Secured
Note
,
144A,
7.233
%
,
5/17/28
.........................................
United
States
530,000
550,200
PG&E
Corp.
,
Junior
Sub.
Bond
,
7.375%
to
3/14/30,
FRN
thereafter
,
3/15/55
United
States
150,000
152,944
Senior
Secured
Bond
,
5.25
%
,
7/01/30
..................
United
States
300,000
295,562
Public
Service
Electric
and
Gas
Co.
,
Senior
Bond
,
5.5
%
,
3/01/40
United
States
160,000
160,929
Southern
Co.
(The)
,
Senior
Note
,
5.5
%
,
3/15/29
............
United
States
425,000
434,706
b
Vistra
Operations
Co.
LLC
,
Senior
Bond
,
144A,
6
%
,
4/15/34
......................
United
States
415,000
427,697
Senior
Note
,
144A,
5
%
,
7/31/27
......................
United
States
155,000
154,952
Senior
Note
,
144A,
4.375
%
,
5/01/29
...................
United
States
450,000
442,299
Senior
Note
,
144A,
4.7
%
,
1/31/31
.....................
United
States
180,000
176,653
Senior
Note
,
144A,
7.75
%
,
10/15/31
...................
United
States
225,000
235,500
Senior
Note
,
144A,
6.875
%
,
4/15/32
...................
United
States
150,000
155,420
Senior
Secured
Bond
,
144A,
4.3
%
,
7/15/29
..............
United
States
387,000
379,318
Wisconsin
Electric
Power
Co.
,
Senior
Bond
,
4.6
%
,
10/01/34
.........................
United
States
340,000
333,187
Senior
Note
,
4.15
%
,
10/15/30
........................
United
States
360,000
353,230
17,169,867
Electrical
Equipment
0.0%
†
b
Energizer
Gamma
Acquisition
BV
,
Senior
Note
,
Reg
S,
3.5
%
,
6/30/29
.........................................
United
States
185,000
EUR
207,371
b
Sensata
Technologies
BV
,
Senior
Note
,
144A,
5.875
%
,
9/01/30
.
United
States
225,000
226,398
433,769
Electronic
Equipment,
Instruments
&
Components
0.0%
†
Amphenol
Corp.
,
Senior
Note
,
3.9
%
,
11/15/28
..............
United
States
195,000
192,673
CDW
LLC
/
CDW
Finance
Corp.
,
Senior
Note
,
3.25
%
,
2/15/29
..
United
States
320,000
306,006
b
Ingram
Micro,
Inc.
,
Senior
Secured
Note
,
144A,
4.75
%
,
5/15/29
.
United
States
240,000
235,855
b
TTM
Technologies,
Inc.
,
Senior
Note
,
144A,
4
%
,
3/01/29
......
United
States
585,000
565,455
1,299,989
Energy
Equipment
&
Services
0.2%
b
Archrock
Services
LP
/
Archrock
Partners
Finance
Corp.
,
Senior
Note
,
144A,
6
%
,
2/01/34
............................
United
States
655,000
651,466
b
Borr
IHC
Ltd.
/
Borr
Finance
LLC
,
Senior
Secured
Note
,
144A,
8.75
%
,
1/15/32
.............
Mexico
230,000
224,795
Senior
Secured
Note
,
144A,
9
%
,
1/15/34
................
Mexico
200,000
193,556
b
Kodiak
Gas
Services
LLC
,
Senior
Note
,
144A,
5.875
%
,
4/01/31
...................
United
States
225,000
225,697
Senior
Note
,
144A,
6.5
%
,
10/01/33
....................
United
States
550,000
557,826
b
Nabors
Industries,
Inc.
,
Senior
Note
,
144A,
8.875
%
,
8/15/31
...
United
States
105,000
107,876
Putnam
Asset
Allocation
Funds
Consolidated
Schedule
of
Investments
(unaudited)
Putnam
Dynamic
Asset
Allocation
Balanced
Fund
(continued)
See
Notes
to
Consolidated
Schedules
of
Investments.
Quarterly
Consolidated
Schedule
of
Investments
33
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Corporate
Bonds
(continued)
Energy
Equipment
&
Services
(continued)
b
,c
Oceaneering
International,
Inc.
,
Senior
Note
,
144A,
6.875
%
,
7/15/34
.........................................
United
States
245,000
$
248,999
b
Transocean
Aquila
Ltd.
,
Senior
Secured
Note
,
144A,
8
%
,
9/30/28
United
States
36,923
37,897
Transocean
International
Ltd.
,
Senior
Bond
,
6.8
%
,
3/15/38
..........................
United
States
320,000
297,022
b
Senior
Note
,
144A,
8.5
%
,
5/15/31
.....................
United
States
295,000
306,435
b
Senior
Note
,
144A,
7.875
%
,
10/15/32
..................
United
States
410,000
428,231
b
Senior
Secured
Note
,
144A,
8.75
%
,
2/15/30
.............
United
States
353,500
367,561
b
Weatherford
International
Ltd.
,
Senior
Note
,
144A,
8.625
%
,
4/30/30
...................
United
States
127,000
129,091
Senior
Note
,
144A,
6.75
%
,
10/15/33
...................
United
States
1,065,000
1,087,206
4,863,658
Entertainment
0.2%
b
Banijay
Entertainment
SAS
,
Senior
Secured
Note
,
144A,
8.125
%
,
5/01/29
.........................................
France
705,000
723,165
Discovery
Global
Holdings,
Inc.
,
Senior
Bond
,
5.05
%
,
3/15/42
..
United
States
210,000
154,102
b
Live
Nation
Entertainment,
Inc.
,
Senior
Secured
Note
,
144A,
6.5
%
,
5/15/27
....................................
United
States
120,000
120,053
Netflix,
Inc.
,
Senior
Bond
,
5.875
%
,
11/15/28
.......................
United
States
135,000
139,298
b
Senior
Bond
,
Reg
S,
3.875
%
,
11/15/29
.................
United
States
725,000
EUR
849,404
b
Senior
Bond
,
144A,
5.375
%
,
11/15/29
..................
United
States
878,000
901,336
b
OAK-Eagle
Acquireco,
Inc.
,
Senior
Note
,
144A,
8.75
%
,
7/01/34
....................
United
States
490,000
520,342
Senior
Secured
Note
,
144A,
7.25
%
,
7/01/33
.............
United
States
345,000
361,094
b
Pinewood
Finco
plc
,
Senior
Secured
Note
,
144A,
6
%
,
3/27/30
..
United
Kingdom
460,000
GBP
611,773
Walt
Disney
Co.
(The)
,
Senior
Bond
,
7.75
%
,
12/01/45
........
United
States
382,000
476,113
4,856,680
Financial
Services
0.2%
Corebridge
Financial,
Inc.
,
Senior
Note
,
3.85
%
,
4/05/29
.......
United
States
402,000
393,027
b
CrossCountry
Intermediate
HoldCo
LLC
,
Senior
Note
,
144A,
6.5
%
,
10/01/30
....................
United
States
285,000
281,262
Senior
Note
,
144A,
6.75
%
,
12/01/32
...................
United
States
445,000
430,045
b
Freedom
Mortgage
Corp.
,
Senior
Note
,
144A,
12.25
%
,
10/01/30
United
States
360,000
388,683
b
Freedom
Mortgage
Holdings
LLC
,
Senior
Note
,
144A,
8.375
%
,
4/01/32
.........................................
United
States
560,000
570,039
b
GGAM
Finance
Ltd.
,
Senior
Note
,
144A,
8
%
,
2/15/27
........
Ireland
85,000
85,343
b
Neuberger
Berman
Group
LLC
/
Neuberger
Berman
Finance
Corp.
,
Senior
Bond
,
144A,
4.875
%
,
4/15/45
..............
United
States
305,000
263,290
b
Osaic
Holdings,
Inc.
,
Senior
Note
,
144A,
8
%
,
8/01/33
......................
United
States
565,000
567,507
Senior
Secured
Note
,
144A,
6.75
%
,
8/01/32
.............
United
States
430,000
430,983
b
Petronas
Capital
Ltd.
,
Senior
Note
,
144A,
4.95
%
,
1/03/31
.....
Malaysia
660,000
668,290
b
PHH
Escrow
Issuer
LLC
/
PHH
Corp.
,
Senior
Note
,
144A,
9.875
%
,
11/01/29
..................................
United
States
820,000
803,291
b
Rocket
Cos.,
Inc.
,
Senior
Note
,
144A,
6.125
%
,
8/01/30
...................
United
States
525,000
534,265
Senior
Note
,
144A,
6.125
%
,
8/01/31
...................
United
States
110,000
112,425
Senior
Note
,
144A,
7.125
%
,
2/01/32
...................
United
States
360,000
373,868
Senior
Note
,
144A,
6.375
%
,
8/01/33
...................
United
States
445,000
453,105
Senior
Note
,
144A,
6.5
%
,
6/15/34
.....................
United
States
240,000
246,463
Putnam
Asset
Allocation
Funds
Consolidated
Schedule
of
Investments
(unaudited)
Putnam
Dynamic
Asset
Allocation
Balanced
Fund
(continued)
Quarterly
Consolidated
Schedule
of
Investments
See
Notes
to
Consolidated
Schedules
of
Investments.
34
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Corporate
Bonds
(continued)
Financial
Services
(continued)
b
Shift4
Payments
LLC
/
Shift4
Payments
Finance
Sub,
Inc.
,
Senior
Note
,
144A,
5.5
%
,
5/15/33
...........................
United
States
270,000
EUR
$
302,618
6,904,504
Food
Products
0.2%
Bunge
Ltd.
Finance
Corp.
,
Senior
Note
,
3.2
%
,
4/21/31
.......
United
States
94,000
87,735
b
Chobani
LLC
/
Chobani
Finance
Corp.,
Inc.
,
Senior
Note
,
144A,
7.625
%
,
7/01/29
...................
United
States
240,000
247,782
Senior
Note
,
144A,
6.375
%
,
4/15/34
...................
United
States
230,000
233,578
b
Froneri
Lux
FinCo
SARL
,
Senior
Secured
Note
,
144A,
6
%
,
8/01/32
.........................................
United
Kingdom
395,000
387,609
b
Industrial
F&B
Investments
III,
Inc.
,
Senior
Secured
Note
,
144A,
7.75
%
,
2/11/33
....................................
United
States
330,000
336,535
JBS
NV
/
JBS
USA
Foods
Group
Holdings,
Inc.
/
JBS
USA
Food
Co.
Holdings
,
Senior
Bond
,
5.5
%
,
1/15/36
..........................
United
States
1,015,000
1,014,159
Senior
Note
,
3
%
,
2/02/29
...........................
United
States
183,000
175,695
b
JDE
Peet's
NV
,
Senior
Note
,
144A,
1.375
%
,
1/15/27
.........
Netherlands
150,000
147,247
Kellanova
,
Senior
Bond
,
4.5
%
,
4/01/46
..........................
United
States
24,000
20,707
B
,
Senior
Bond
,
7.45
%
,
4/01/31
.......................
United
States
99,000
110,636
Kraft
Heinz
Foods
Co.
,
Senior
Bond
,
6.875
%
,
1/26/39
........................
United
States
125,000
137,067
Senior
Bond
,
4.625
%
,
10/01/39
.......................
United
States
125,000
111,734
b
Mars,
Inc.
,
Senior
Bond
,
144A,
5.65
%
,
5/01/45
....................
United
States
95,000
94,449
Senior
Bond
,
144A,
5.7
%
,
5/01/55
.....................
United
States
205,000
202,102
Senior
Bond
,
144A,
5.8
%
,
5/01/65
.....................
United
States
50,000
49,680
Senior
Note
,
144A,
4.6
%
,
3/01/28
.....................
United
States
645,000
646,344
Senior
Note
,
144A,
4.65
%
,
4/20/31
....................
United
States
412,000
412,488
Senior
Note
,
144A,
5
%
,
3/01/32
......................
United
States
830,000
836,082
Senior
Note
,
144A,
5.2
%
,
3/01/35
.....................
United
States
105,000
105,453
McCormick
&
Co.,
Inc.
,
Senior
Note
,
4.15
%
,
2/15/29
.........
United
States
280,000
277,010
5,634,092
Gas
Utilities
0.0%
†
Southern
California
Gas
Co.
,
Senior
Bond
,
5.05
%
,
9/01/34
....
United
States
250,000
250,370
Ground
Transportation
0.1%
b
Ashtead
Capital,
Inc.
,
Senior
Bond
,
144A,
4.375
%
,
8/15/27
...................
United
Kingdom
1,000,000
996,334
Senior
Bond
,
144A,
2.45
%
,
8/12/31
....................
United
Kingdom
280,000
247,265
Senior
Note
,
144A,
4.25
%
,
11/01/29
...................
United
Kingdom
255,000
249,848
b
Beacon
Mobility
Corp.
,
Senior
Secured
Note
,
144A,
7.25
%
,
8/01/30
.........................................
United
States
170,000
177,079
CSX
Corp.
,
Senior
Bond
,
4.1
%
,
3/15/44
..................
United
States
446,000
371,995
b
ERAC
USA
Finance
LLC
,
Senior
Bond
,
144A,
3.3
%
,
12/01/26
..
United
States
143,000
142,474
b
Penske
Truck
Leasing
Co.
LP
/
PTL
Finance
Corp.
,
Senior
Bond
,
144A,
3.4
%
,
11/15/26
....................
United
States
216,000
215,148
Senior
Note
,
144A,
4.4
%
,
7/01/27
.....................
United
States
255,000
254,598
Ryder
System,
Inc.
,
Senior
Note
,
4.95
%
,
9/01/29
............
United
States
595,000
599,626
b
SMBC
Aviation
Capital
Finance
DAC
,
Senior
Bond
,
144A,
5.7
%
,
7/25/33
.....................
Ireland
200,000
205,311
Senior
Note
,
144A,
5.3
%
,
4/03/29
.....................
Ireland
917,000
928,205
Putnam
Asset
Allocation
Funds
Consolidated
Schedule
of
Investments
(unaudited)
Putnam
Dynamic
Asset
Allocation
Balanced
Fund
(continued)
See
Notes
to
Consolidated
Schedules
of
Investments.
Quarterly
Consolidated
Schedule
of
Investments
35
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Corporate
Bonds
(continued)
Ground
Transportation
(continued)
b
Watco
Cos.
LLC
/
Watco
Finance
Corp.
,
Senior
Note
,
144A,
7.125
%
,
8/01/32
...................................
United
States
375,000
$
385,300
4,773,183
Health
Care
Equipment
&
Supplies
0.1%
b
Bausch
+
Lomb
Corp.
,
Senior
Secured
Note
,
144A,
8.375
%
,
10/01/28
........................................
United
States
135,000
138,881
b
,i
Bausch
+
Lomb
Netherlands
BV
and
Bausch
&
Lomb,
Inc.
,
Senior
Secured
Note
,
144A,
FRN
,
6.079
%
,
(
3-month
EURIBOR
+
3.875
%
),
1/15/31
..................................
United
States
100,000
EUR
115,435
Becton
Dickinson
&
Co.
,
Senior
Bond
,
2.823
%
,
5/20/30
.......
United
States
731,000
682,633
DH
Europe
Finance
II
SARL
,
Senior
Bond
,
3.4
%
,
11/15/49
....
United
States
333,000
236,998
GE
HealthCare
Technologies,
Inc.
,
Senior
Note
,
5.65
%
,
11/15/27
........................
United
States
230,000
233,396
Senior
Note
,
4.15
%
,
12/15/28
........................
United
States
325,000
322,154
Senior
Note
,
4.8
%
,
8/14/29
..........................
United
States
480,000
482,622
b
Insulet
Corp.
,
Senior
Note
,
144A,
6.5
%
,
4/01/33
............
United
States
330,000
334,971
b
Medline
Borrower
LP
,
Senior
Note
,
144A,
5.25
%
,
10/01/29
...................
United
States
245,000
243,626
Senior
Secured
Note
,
144A,
3.875
%
,
4/01/29
............
United
States
950,000
923,062
3,713,778
Health
Care
Providers
&
Services
0.3%
b
CHS/Community
Health
Systems,
Inc.
,
Senior
Secured
Note
,
144A,
5.25
%
,
5/15/30
.............
United
States
480,000
453,259
Senior
Secured
Note
,
144A,
10.875
%
,
1/15/32
...........
United
States
252,000
271,704
Senior
Secured
Note
,
144A,
9.75
%
,
1/15/34
.............
United
States
530,000
554,026
b
Concentra
Health
Services,
Inc.
,
Senior
Note
,
144A,
6.875
%
,
7/15/32
.........................................
United
States
330,000
342,007
CVS
Health
Corp.
,
Junior
Sub.
Bond
,
7%
to
3/09/30,
FRN
thereafter
,
3/10/55
...
United
States
380,000
394,684
Senior
Bond
,
1.875
%
,
2/28/31
........................
United
States
105,000
92,123
Senior
Bond
,
4.78
%
,
3/25/38
.........................
United
States
253,000
237,307
Senior
Note
,
5.4
%
,
6/01/29
..........................
United
States
180,000
183,953
Senior
Note
,
5
%
,
9/15/32
...........................
United
States
278,000
278,716
b
DaVita,
Inc.
,
Senior
Note
,
144A,
4.625
%
,
6/01/30
...................
United
States
550,000
533,155
Senior
Note
,
144A,
6.875
%
,
9/01/32
...................
United
States
910,000
939,022
Senior
Note
,
144A,
6.75
%
,
7/15/33
....................
United
States
45,000
46,460
HCA,
Inc.
,
Senior
Bond
,
4.5
%
,
2/15/27
..........................
United
States
116,000
115,962
Senior
Bond
,
4.125
%
,
6/15/29
........................
United
States
242,000
238,322
Senior
Note
,
5.45
%
,
4/01/31
.........................
United
States
700,000
715,465
Senior
Note
,
3.625
%
,
3/15/32
........................
United
States
815,000
758,944
Humana,
Inc.
,
Senior
Note
,
5.375
%
,
4/15/31
...............
United
States
190,000
192,630
Icon
Investments
Six
DAC
,
Senior
Secured
Note
,
5.809
%
,
5/08/27
.........................................
United
States
310,000
312,483
b
Kedrion
SpA
,
Senior
Secured
Note
,
144A,
6.5
%
,
9/01/29
......
Italy
910,000
898,718
Tenet
Healthcare
Corp.
,
b
Senior
Note
,
144A,
6
%
,
11/15/33
......................
United
States
660,000
666,246
Senior
Secured
Note
,
6.125
%
,
6/15/30
.................
United
States
300,000
302,573
UnitedHealth
Group,
Inc.
,
Senior
Bond
,
3.95
%
,
10/15/42
......
United
States
512,000
422,993
8,950,752
Putnam
Asset
Allocation
Funds
Consolidated
Schedule
of
Investments
(unaudited)
Putnam
Dynamic
Asset
Allocation
Balanced
Fund
(continued)
Quarterly
Consolidated
Schedule
of
Investments
See
Notes
to
Consolidated
Schedules
of
Investments.
36
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Corporate
Bonds
(continued)
Health
Care
REITs
0.0%
†
b
MPT
Operating
Partnership
LP
/
MPT
Finance
Corp.
,
Senior
Secured
Note
,
144A,
8.5
%
,
2/15/32
....................
United
States
780,000
$
799,102
Health
Care
Technology
0.1%
b
AthenaHealth
Group,
Inc.
,
Senior
Note
,
144A,
6.5
%
,
2/15/30
...
United
States
355,000
340,604
b
IQVIA,
Inc.
,
Senior
Note
,
144A,
6.25
%
,
6/01/32
.............
United
States
1,325,000
1,348,755
1,689,359
Hotel
&
Resort
REITs
0.0%
†
b
RHP
Hotel
Properties
LP
/
RHP
Finance
Corp.
,
Senior
Note
,
144A,
7.25
%
,
7/15/28
....................
United
States
70,000
71,564
Senior
Note
,
144A,
6.5
%
,
4/01/32
.....................
United
States
850,000
870,212
Senior
Note
,
144A,
6.5
%
,
6/15/33
.....................
United
States
140,000
143,729
Senior
Note
,
144A,
5.75
%
,
3/15/34
....................
United
States
210,000
208,174
b
XHR
LP
,
Senior
Note
,
144A,
6.625
%
,
5/15/30
..............
United
States
80,000
81,946
1,375,625
Hotels,
Restaurants
&
Leisure
0.4%
b
1011778
BC
ULC
/
New
Red
Finance,
Inc.
,
Secured
Bond
,
144A,
4
%
,
10/15/30
.....................................
Canada
935,000
883,223
b
A&K
Travel
Group
Holdings
Ltd.
,
Senior
Note
,
144A,
7.5
%
,
5/15/33
.........................................
United
Kingdom
285,000
287,886
Airbnb,
Inc.
,
Senior
Note
,
4.65
%
,
3/16/31
.................
United
States
165,000
163,979
b
Boyd
Gaming
Corp.
,
Senior
Bond
,
144A,
4.75
%
,
6/15/31
......
United
States
410,000
396,112
b
Caesars
Entertainment,
Inc.
,
Senior
Note
,
144A,
4.625
%
,
10/15/29
..................
United
States
350,000
336,596
Senior
Note
,
144A,
6
%
,
10/15/32
.....................
United
States
120,000
108,831
Senior
Secured
Note
,
144A,
7
%
,
2/15/30
................
United
States
115,000
115,730
b
Carnival
Corp.
Ltd.
,
Senior
Note
,
144A,
5.125
%
,
5/01/29
...................
United
States
590,000
589,370
Senior
Note
,
144A,
5.75
%
,
3/15/30
....................
United
States
520,000
526,663
Senior
Note
,
144A,
5.875
%
,
6/15/31
...................
United
States
275,000
280,097
Senior
Note
,
144A,
5.75
%
,
8/01/32
....................
United
States
255,000
257,810
Senior
Note
,
144A,
6.125
%
,
2/15/33
...................
United
States
130,000
131,637
Senior
Secured
Note
,
144A,
4
%
,
8/01/28
................
United
States
547,000
537,151
b
Churchill
Downs,
Inc.
,
Senior
Note
,
144A,
5.75
%
,
4/01/30
.....
United
States
235,000
234,907
b
Fertitta
Entertainment
LLC
/
Fertitta
Entertainment
Finance
Co.,
Inc.
,
Senior
Note
,
144A,
6.75
%
,
1/15/30
.................
United
States
545,000
534,861
b
Flutter
Treasury
DAC
,
Senior
Secured
Note
,
144A,
5.875
%
,
6/04/31
.........................................
United
Kingdom
200,000
199,396
b
Great
Canadian
Gaming
Corp.
/
Raptor
LLC
,
Senior
Secured
Note
,
144A,
8.75
%
,
11/15/29
.........................
Canada
245,000
245,311
b
Hilton
Domestic
Operating
Co.,
Inc.
,
Senior
Note
,
144A,
5.75
%
,
9/15/33
.........................................
United
States
1,090,000
1,094,624
Hyatt
Hotels
Corp.
,
Senior
Note
,
5.75
%
,
1/30/27
............
United
States
272,000
273,577
b
Light
&
Wonder
International,
Inc.
,
Senior
Note
,
144A,
7.25
%
,
11/15/29
...................
United
States
375,000
381,979
Senior
Note
,
144A,
7.5
%
,
9/01/31
.....................
United
States
45,000
46,666
Marriott
International,
Inc.
,
GG
,
Senior
Bond
,
3.5
%
,
10/15/32
...
United
States
795,000
731,949
b
Mohegan
Tribal
Gaming
Authority
/
MS
Digital
Entertainment
Holdings
LLC
,
Senior
Secured
Note
,
144A,
8.25
%
,
4/15/30
..
United
States
515,000
536,803
b
NCL
Corp.
Ltd.
,
Senior
Note
,
144A,
7.75
%
,
2/15/29
....................
United
States
140,000
146,167
Senior
Note
,
144A,
6.75
%
,
2/01/32
....................
United
States
390,000
389,398
Senior
Note
,
144A,
6.25
%
,
9/15/33
....................
United
States
115,000
111,753
b
Penn
Entertainment,
Inc.
,
Senior
Note
,
144A,
5.625
%
,
1/15/27
.
United
States
245,000
245,143
Putnam
Asset
Allocation
Funds
Consolidated
Schedule
of
Investments
(unaudited)
Putnam
Dynamic
Asset
Allocation
Balanced
Fund
(continued)
See
Notes
to
Consolidated
Schedules
of
Investments.
Quarterly
Consolidated
Schedule
of
Investments
37
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Corporate
Bonds
(continued)
Hotels,
Restaurants
&
Leisure
(continued)
b
Rivers
Enterprise
Borrower
LLC
,
Senior
Secured
Note
,
144A,
6.25
%
,
10/15/30
...................................
United
States
635,000
$
643,297
Royal
Caribbean
Cruises
Ltd.
,
Senior
Bond
,
5.375
%
,
1/15/36
........................
United
States
140,000
139,040
b
Senior
Note
,
144A,
5.625
%
,
9/30/31
...................
United
States
175,000
176,521
b
Senior
Note
,
144A,
6.25
%
,
3/15/32
....................
United
States
180,000
184,017
b
Senior
Note
,
144A,
6
%
,
2/01/33
......................
United
States
400,000
405,753
b
Scientific
Games
Holdings
LP
/
Scientific
Games
US
FinCo,
Inc.
,
Senior
Note
,
144A,
6.625
%
,
3/01/30
....................
United
States
235,000
201,027
b
Station
Casinos
LLC
,
Senior
Bond
,
144A,
4.625
%
,
12/01/31
..................
United
States
380,000
361,026
Senior
Note
,
144A,
6.625
%
,
3/15/32
...................
United
States
175,000
177,818
b
Viking
Cruises
Ltd.
,
Senior
Note
,
144A,
7
%
,
2/15/29
......................
United
States
100,000
100,388
Senior
Note
,
144A,
9.125
%
,
7/15/31
...................
United
States
390,000
408,855
Senior
Note
,
144A,
5.875
%
,
10/15/33
..................
United
States
180,000
180,370
b
Wynn
Resorts
Finance
LLC
/
Wynn
Resorts
Capital
Corp.
,
Senior
Note
,
144A,
7.125
%
,
2/15/31
.........................
United
States
425,000
449,376
13,215,107
Household
Durables
0.1%
b
Ashton
Woods
USA
LLC
/
Ashton
Woods
Finance
Co.
,
Senior
Note
,
144A,
6.875
%
,
8/01/33
.........................
United
States
440,000
436,658
DR
Horton,
Inc.
,
Senior
Bond
,
5
%
,
10/15/34
..........................
United
States
145,000
143,555
Senior
Note
,
1.3
%
,
10/15/26
.........................
United
States
1,056,000
1,047,244
b
K.
Hovnanian
Enterprises,
Inc.
,
Senior
Note
,
144A,
8
%
,
4/01/31
......................
United
States
100,000
103,253
Senior
Note
,
144A,
8.375
%
,
10/01/33
..................
United
States
150,000
154,258
b
Taylor
Morrison
Communities,
Inc.
,
Senior
Note
,
144A,
5.75
%
,
1/15/28
.........................................
United
States
115,000
116,334
Toll
Brothers
Finance
Corp.
,
Senior
Bond
,
4.35
%
,
2/15/28
.....
United
States
221,000
219,997
b
Weekley
Homes
LLC
/
Weekley
Finance
Corp.
,
Senior
Note
,
144A,
4.875
%
,
9/15/28
...................
United
States
380,000
375,044
Senior
Note
,
144A,
6.75
%
,
1/15/34
....................
United
States
630,000
632,463
Whirlpool
Corp.
,
Senior
Bond
,
5.75
%
,
3/01/34
.........................
United
States
225,000
174,369
Senior
Bond
,
4.5
%
,
6/01/46
..........................
United
States
215,000
128,222
b
Senior
Secured
Note
,
144A,
7.5
%
,
7/01/31
..............
United
States
170,000
172,456
b
Senior
Secured
Note
,
144A,
7.875
%
,
7/01/34
............
United
States
290,000
291,915
3,995,768
Household
Products
0.0%
†
b
Energizer
Holdings,
Inc.
,
Senior
Note
,
144A,
4.375
%
,
3/31/29
..
United
States
100,000
96,872
Independent
Power
and
Renewable
Electricity
Producers
0.1%
AES
Corp.
(The)
,
Senior
Note
,
5.45
%
,
6/01/28
.............
United
States
230,000
232,604
b
Alexander
Funding
Trust
II
,
Senior
Secured
Note
,
144A,
7.467
%
,
7/31/28
.........................................
United
States
180,000
188,056
b
Clearway
Energy
Operating
LLC
,
Senior
Bond
,
144A,
3.75
%
,
1/15/32
....................
United
States
220,000
200,323
Senior
Note
,
144A,
3.75
%
,
2/15/31
....................
United
States
405,000
375,788
Senior
Note
,
144A,
5.75
%
,
1/15/34
....................
United
States
220,000
215,853
Constellation
Energy
Generation
LLC
,
Senior
Note
,
5.6
%
,
3/01/28
..........................
United
States
340,000
345,422
Senior
Note
,
4.4
%
,
1/15/31
..........................
United
States
120,000
118,006
Putnam
Asset
Allocation
Funds
Consolidated
Schedule
of
Investments
(unaudited)
Putnam
Dynamic
Asset
Allocation
Balanced
Fund
(continued)
Quarterly
Consolidated
Schedule
of
Investments
See
Notes
to
Consolidated
Schedules
of
Investments.
38
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Corporate
Bonds
(continued)
Independent
Power
and
Renewable
Electricity
Producers
(continued)
Constellation
Energy
Generation
LLC,
(continued)
b
Senior
Note
,
144A,
5
%
,
2/01/31
......................
United
States
315,000
$
314,994
Southern
Power
Co.
,
B
,
Senior
Bond
,
4.9
%
,
10/01/35
.......................
United
States
45,000
43,675
A
,
Senior
Note
,
4.25
%
,
10/01/30
......................
United
States
180,000
176,884
b
Talen
Energy
Supply
LLC
,
Senior
Bond
,
144A,
6.5
%
,
2/01/36
.....................
United
States
415,000
418,553
Senior
Note
,
144A,
6.125
%
,
5/01/31
...................
United
States
95,000
95,041
Senior
Note
,
144A,
6.375
%
,
5/01/33
...................
United
States
315,000
314,735
Senior
Note
,
144A,
6.25
%
,
2/01/34
....................
United
States
415,000
412,652
b
,j
Vistra
Corp.
,
Junior
Sub.
Bond
,
144A,
8%
to
10/14/26,
FRN
thereafter
,
Perpetual
.......................................
United
States
95,000
96,014
Junior
Sub.
Bond
,
144A,
7%
to
12/14/26,
FRN
thereafter
,
Perpetual
.......................................
United
States
190,000
191,962
3,740,562
Industrial
REITs
0.0%
†
Prologis
LP
,
Senior
Bond
,
2.25
%
,
4/15/30
.........................
United
States
236,000
216,677
Senior
Note
,
2.125
%
,
4/15/27
........................
United
States
106,000
104,347
321,024
Insurance
0.3%
b
Acrisure
LLC
/
Acrisure
Finance,
Inc.
,
Senior
Note
,
144A,
8.5
%
,
6/15/29
.....................
United
States
275,000
258,777
Senior
Secured
Note
,
144A,
7.5
%
,
11/06/30
.............
United
States
275,000
261,009
b
AEGON
Funding
Co.
LLC
,
Senior
Note
,
144A,
5.5
%
,
4/16/27
..
United
States
410,000
412,684
b
Alliant
Holdings
Intermediate
LLC
/
Alliant
Holdings
Co-Issuer
,
Senior
Note
,
144A,
5.875
%
,
11/01/29
..................
United
States
340,000
333,067
Senior
Note
,
144A,
7.375
%
,
10/01/32
..................
United
States
85,000
84,474
Senior
Secured
Note
,
144A,
7
%
,
1/15/31
................
United
States
505,000
513,470
b
Asurion
LLC
/
Asurion
Co-Issuer,
Inc.
,
Secured
Note
,
144A,
8.375
%
,
2/01/34
..................
United
States
565,000
523,424
Senior
Secured
Note
,
144A,
8
%
,
12/31/32
...............
United
States
385,000
388,223
b
Athene
Global
Funding
,
Senior
Secured
Note
,
144A,
5.349
%
,
7/09/27
............
United
States
540,000
543,859
Senior
Secured
Note
,
144A,
1.985
%
,
8/19/28
............
United
States
905,000
850,428
Senior
Secured
Note
,
144A,
5.526
%
,
7/11/31
............
United
States
360,000
363,431
Berkshire
Hathaway
Finance
Corp.
,
Senior
Bond
,
4.3
%
,
5/15/43
..........................
United
States
176,000
155,411
Senior
Bond
,
2.85
%
,
10/15/50
........................
United
States
812,000
516,615
Brown
&
Brown,
Inc.
,
Senior
Note
,
4.7
%
,
6/23/28
..........................
United
States
170,000
169,988
Senior
Note
,
4.9
%
,
6/23/30
..........................
United
States
400,000
399,499
CNO
Financial
Group,
Inc.
,
Senior
Note
,
5.25
%
,
5/30/29
......
United
States
210,000
211,444
b
CNO
Global
Funding
,
Secured
Note
,
144A,
4.875
%
,
12/10/27
.................
United
States
240,000
240,152
Secured
Note
,
144A,
2.65
%
,
1/06/29
...................
United
States
304,000
288,046
Secured
Note
,
144A,
4.95
%
,
9/09/29
...................
United
States
378,000
377,851
b
Corebridge
Global
Funding
,
Secured
Note
,
144A,
5.2
%
,
6/24/29
United
States
315,000
318,079
Fairfax
Financial
Holdings
Ltd.
,
Senior
Note
,
4.85
%
,
4/17/28
...
Canada
719,000
721,645
b
Jones
Deslauriers
Insurance
Management,
Inc.
,
Senior
Secured
Note
,
144A,
8.5
%
,
3/15/30
...........................
Canada
110,000
112,276
Marsh
&
McLennan
Cos.,
Inc.
,
Senior
Bond
,
4.375
%
,
3/15/29
..
United
States
393,000
391,570
Putnam
Asset
Allocation
Funds
Consolidated
Schedule
of
Investments
(unaudited)
Putnam
Dynamic
Asset
Allocation
Balanced
Fund
(continued)
See
Notes
to
Consolidated
Schedules
of
Investments.
Quarterly
Consolidated
Schedule
of
Investments
39
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Corporate
Bonds
(continued)
Insurance
(continued)
b
MetLife
Capital
Trust
IV
,
Junior
Sub.
Bond
,
144A,
7.875
%
,
12/15/37
........................................
United
States
300,000
$
329,349
b
Protective
Life
Global
Funding
,
Secured
Note
,
144A,
5.467
%
,
12/08/28
........................................
United
States
435,000
442,534
9,207,305
Interactive
Media
&
Services
0.0%
†
Alphabet,
Inc.
,
Senior
Note
,
4.1
%
,
11/15/30
.........................
United
States
400,000
394,201
Senior
Note
,
4.1
%
,
2/15/31
..........................
United
States
315,000
309,588
Meta
Platforms,
Inc.
,
Senior
Bond
,
5.625
%
,
11/15/55
.........
United
States
310,000
281,099
984,888
IT
Services
0.0%
†
b
Cogent
Communications
Group
LLC
/
Cogent
Finance,
Inc.
,
Senior
Secured
Note
,
144A,
6.5
%
,
7/01/32
...............
United
States
720,000
648,719
b
Fortress
Intermediate
3,
Inc.
,
Senior
Secured
Note
,
144A,
7.5
%
,
6/01/31
.........................................
United
States
200,000
203,576
852,295
Leisure
Products
0.0%
†
Brunswick
Corp.
,
Senior
Bond
,
2.4
%
,
8/18/31
..............
United
States
435,000
380,569
Life
Sciences
Tools
&
Services
0.0%
†
Illumina,
Inc.
,
Senior
Note
,
4.65
%
,
9/09/26
................
United
States
186,000
186,067
Machinery
0.1%
Caterpillar,
Inc.
,
Senior
Bond
,
5.2
%
,
5/15/35
...............
United
States
555,000
566,303
b
Chart
Industries,
Inc.
,
Senior
Note
,
144A,
9.5
%
,
1/01/31
......
United
States
85,000
89,059
b
Daimler
Truck
Finance
North
America
LLC
,
Senior
Note
,
144A,
5.125
%
,
9/25/27
...................................
Germany
480,000
483,475
b
ESAB
Corp.
,
Senior
Note
,
144A,
5.625
%
,
4/01/31
...........
United
States
760,000
762,725
Oshkosh
Corp.
,
Senior
Bond
,
4.6
%
,
5/15/28
...............
United
States
263,000
262,727
Otis
Worldwide
Corp.
,
Senior
Note
,
2.565
%
,
2/15/30
.........
United
States
298,000
276,977
b
Terex
Corp.
,
Senior
Note
,
144A,
5
%
,
5/15/29
......................
United
States
150,000
148,798
Senior
Note
,
144A,
6.25
%
,
10/15/32
...................
United
States
110,000
111,488
2,701,552
Media
0.4%
b
Block
Communications,
Inc.
,
Senior
Secured
Note
,
144A,
10.25
%
,
3/01/31
...................................
United
States
345,000
315,833
Charter
Communications
Operating
LLC
/
Charter
Communications
Operating
Capital
Corp.
,
Senior
Secured
Bond
,
5.85
%
,
12/01/35
.................
United
States
75,000
72,631
Senior
Secured
Bond
,
4.8
%
,
3/01/50
...................
United
States
730,000
545,054
Senior
Secured
Bond
,
3.7
%
,
4/01/51
...................
United
States
327,000
203,078
Senior
Secured
Note
,
2.25
%
,
1/15/29
..................
United
States
731,000
681,200
b
Clear
Channel
Outdoor
Holdings,
Inc.
,
Senior
Note
,
144A,
7.75
%
,
4/15/28
....................
United
States
105,000
105,453
Senior
Secured
Note
,
144A,
7.875
%
,
4/01/30
............
United
States
140,000
145,932
Senior
Secured
Note
,
144A,
7.5
%
,
3/15/33
..............
United
States
400,000
421,450
b
CSC
Holdings
LLC
,
Senior
Note
,
144A,
11.75
%
,
1/31/29
......
United
States
245,000
150,858
b
Directv
Financing
LLC
,
Senior
Secured
Note
,
144A,
8.875
%
,
2/01/30
.........................................
United
States
405,000
412,380
Putnam
Asset
Allocation
Funds
Consolidated
Schedule
of
Investments
(unaudited)
Putnam
Dynamic
Asset
Allocation
Balanced
Fund
(continued)
Quarterly
Consolidated
Schedule
of
Investments
See
Notes
to
Consolidated
Schedules
of
Investments.
40
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Corporate
Bonds
(continued)
Media
(continued)
b
Directv
Financing
LLC
/
Directv
Financing
Co-Obligor,
Inc.
,
Senior
Secured
Note
,
144A,
5.875
%
,
8/15/27
............
United
States
7,000
$
6,994
Senior
Secured
Note
,
144A,
10
%
,
2/15/31
...............
United
States
200,000
207,671
Senior
Secured
Note
,
144A,
9.25
%
,
6/01/32
.............
United
States
125,000
127,097
Discovery
Communications
LLC
,
Senior
Note
,
4.125
%
,
5/15/29
.
United
States
260,000
257,598
EchoStar
Corp.
,
Senior
Secured
Note
,
10.75
%
,
11/30/29
......
United
States
340,000
367,608
b
EW
Scripps
Co.
(The)
,
Secured
Note
,
144A,
9.875
%
,
8/15/30
..
United
States
675,000
591,370
b
Gray
Media,
Inc.
,
Secured
Note
,
144A,
9.625
%
,
7/15/32
..................
United
States
340,000
328,450
Senior
Bond
,
144A,
5.375
%
,
11/15/31
..................
United
States
290,000
194,793
b
McGraw-Hill
Education,
Inc.
,
Senior
Note
,
144A,
8
%
,
8/01/29
......................
United
States
360,000
360,957
Senior
Secured
Note
,
144A,
5.75
%
,
8/01/28
.............
United
States
125,000
124,561
Senior
Secured
Note
,
144A,
7.375
%
,
9/01/31
............
United
States
300,000
305,125
b
News
Corp.
,
Senior
Bond
,
144A,
5.125
%
,
2/15/32
...........
United
States
119,000
116,624
b
Nexstar
Media,
Inc.
,
Senior
Note
,
144A,
7.25
%
,
4/15/34
....................
United
States
385,000
384,401
Senior
Secured
Note
,
144A,
6.5
%
,
9/15/33
..............
United
States
635,000
635,383
Omnicom
Group,
Inc.
,
Senior
Note
,
4.65
%
,
10/01/28
.........
United
States
1,275,000
1,273,396
b
Outfront
Media
Capital
LLC
/
Outfront
Media
Capital
Corp.
,
Senior
Bond
,
144A,
4.625
%
,
3/15/30
...................
United
States
155,000
150,425
Senior
Secured
Note
,
144A,
7.375
%
,
2/15/31
............
United
States
135,000
140,809
Paramount
Global
,
Senior
Bond
,
2.9
%
,
1/15/27
..........................
United
States
169,000
166,959
Senior
Bond
,
4.2
%
,
6/01/29
..........................
United
States
175,000
167,927
Senior
Bond
,
5.85
%
,
9/01/43
.........................
United
States
255,000
191,057
b
Sinclair
Television
Group,
Inc.
,
Senior
Secured
Note
,
144A,
8.125
%
,
2/15/33
...................................
United
States
700,000
719,891
b
Sirius
XM
Radio
LLC
,
Senior
Bond
,
144A,
3.875
%
,
9/01/31
...................
United
States
435,000
395,318
Senior
Note
,
144A,
4
%
,
7/15/28
......................
United
States
100,000
97,433
b
Telenet
Finance
Luxembourg
Notes
SARL
,
Senior
Secured
Bond
,
144A,
5.5
%
,
3/01/28
...............................
Belgium
200,000
195,538
Time
Warner
Cable
Enterprises
LLC
,
Senior
Secured
Bond
,
8.375
%
,
7/15/33
...................................
United
States
249,000
276,106
b
Univision
Communications,
Inc.
,
Senior
Secured
Note
,
144A,
9.375
%
,
8/01/32
............
United
States
235,000
238,961
Senior
Secured
Note
,
144A,
8.875
%
,
4/15/33
............
United
States
365,000
359,563
b
VZ
Secured
Financing
BV
,
Senior
Secured
Note
,
144A,
5
%
,
1/15/32
................
Netherlands
510,000
446,854
Senior
Secured
Note
,
144A,
7.5
%
,
1/15/33
..............
Netherlands
290,000
277,825
12,160,563
Metals
&
Mining
0.2%
b
Anglo
American
Capital
plc
,
Senior
Note
,
144A,
4.625
%
,
3/19/31
South
Africa
400,000
394,418
b
Big
River
Steel
LLC
/
BRS
Finance
Corp.
,
Senior
Secured
Note
,
144A,
6.625
%
,
1/31/29
..............................
United
States
222,000
222,428
b
Cleveland-Cliffs,
Inc.
,
Senior
Bond
,
144A,
4.875
%
,
3/01/31
...................
United
States
145,000
132,663
Senior
Note
,
144A,
7
%
,
3/15/32
......................
United
States
335,000
332,771
Senior
Note
,
144A,
7.625
%
,
1/15/34
...................
United
States
435,000
434,741
Commercial
Metals
Co.
,
Senior
Bond
,
4.375
%
,
3/15/32
........................
United
States
330,000
312,792
Senior
Note
,
4.125
%
,
1/15/30
........................
United
States
170,000
164,854
b
Glencore
Funding
LLC
,
Senior
Bond
,
144A,
4
%
,
3/27/27
......................
Australia
340,000
338,894
Putnam
Asset
Allocation
Funds
Consolidated
Schedule
of
Investments
(unaudited)
Putnam
Dynamic
Asset
Allocation
Balanced
Fund
(continued)
See
Notes
to
Consolidated
Schedules
of
Investments.
Quarterly
Consolidated
Schedule
of
Investments
41
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Corporate
Bonds
(continued)
Metals
&
Mining
(continued)
b
Glencore
Funding
LLC,
(continued)
Senior
Bond
,
144A,
2.5
%
,
9/01/30
.....................
Australia
668,000
$
609,063
Senior
Bond
,
144A,
5.634
%
,
4/04/34
...................
Australia
265,000
272,081
b
Hudbay
Minerals,
Inc.
,
Senior
Note
,
144A,
6.125
%
,
4/01/29
....
Canada
215,000
216,278
b
Mineral
Resources
Ltd.
,
Senior
Note
,
144A,
7
%
,
4/01/31
......................
Australia
130,000
134,658
Senior
Note
,
144A,
6
%
,
5/01/32
......................
Australia
120,000
118,787
b
Novelis
Corp.
,
Senior
Bond
,
144A,
4.75
%
,
1/30/30
....................
United
States
465,000
450,054
Senior
Bond
,
144A,
3.875
%
,
8/15/31
...................
United
States
250,000
227,860
Senior
Note
,
144A,
6.875
%
,
1/30/30
...................
United
States
195,000
200,047
Senior
Note
,
144A,
6.375
%
,
8/15/33
...................
United
States
305,000
307,415
4,869,804
Multi-Utilities
0.1%
Ameren
Corp.
,
Senior
Note
,
5
%
,
1/15/29
..................
United
States
220,000
221,874
Consolidated
Edison
Co.
of
New
York,
Inc.
,
12-A
,
Senior
Bond
,
4.2
%
,
3/15/42
....................................
United
States
255,000
216,153
Dominion
Energy,
Inc.
,
Senior
Note
,
4.6
%
,
5/15/28
..........
United
States
1,210,000
1,210,761
NiSource,
Inc.
,
Senior
Bond
,
5.85
%
,
4/01/55
...............
United
States
320,000
317,539
Puget
Sound
Energy,
Inc.
,
Senior
Bond
,
5.448
%
,
6/01/53
.....
United
States
258,000
247,525
Southern
Co.
Gas
Capital
Corp.
,
Senior
Bond
,
4.95
%
,
9/15/34
.
United
States
1,595,000
1,576,106
3,789,958
Oil,
Gas
&
Consumable
Fuels
0.7%
b
Calumet
Specialty
Products
Partners
LP
/
Calumet
Finance
Corp.
,
Senior
Note
,
144A,
9.75
%
,
2/15/31
....................
United
States
365,000
386,164
Senior
Secured
Note
,
144A,
9.25
%
,
7/15/29
.............
United
States
85,000
86,275
Canadian
Natural
Resources
Ltd.
,
Senior
Note
,
5
%
,
12/15/29
..
Canada
360,000
363,690
Cenovus
Energy,
Inc.
,
Senior
Bond
,
6.75
%
,
11/15/39
.........
Canada
25,000
27,526
Cheniere
Energy
Partners
LP
,
Senior
Note
,
4.5
%
,
10/01/29
....
United
States
1,715,000
1,704,007
b
Columbia
Pipelines
Operating
Co.
LLC
,
Senior
Note
,
144A,
5.927
%
,
8/15/30
...................................
United
States
225,000
233,873
b
Coronado
Finance
Pty.
Ltd.
,
Senior
Secured
Note
,
144A,
9.25
%
,
10/01/29
........................................
Australia
130,000
118,590
b
Crescent
Energy
Finance
LLC
,
Senior
Note
,
144A,
7.875
%
,
4/15/32
...................
United
States
245,000
248,227
Senior
Note
,
144A,
7.375
%
,
1/15/33
...................
United
States
320,000
318,254
Senior
Note
,
144A,
8.375
%
,
1/15/34
...................
United
States
575,000
592,603
Enbridge,
Inc.
,
Senior
Bond
,
4.25
%
,
12/01/26
..............
Canada
122,000
121,931
Energy
Transfer
LP
,
j
B
,
Junior
Sub.
Bond
,
6.625%
to
2/14/28,
FRN
thereafter
,
Perpetual
.......................................
United
States
1,375,000
1,386,810
Senior
Bond
,
3.75
%
,
5/15/30
.........................
United
States
1,308,000
1,260,010
Senior
Note
,
5.5
%
,
6/01/27
..........................
United
States
86,000
86,577
Expand
Energy
Corp.
,
Senior
Bond
,
4.75
%
,
2/01/32
.........
United
States
545,000
531,345
b
Hess
Midstream
Operations
LP
,
Senior
Note
,
144A,
6.5
%
,
6/01/29
.....................
United
States
90,000
91,889
Senior
Note
,
144A,
4.25
%
,
2/15/30
....................
United
States
865,000
834,851
Senior
Note
,
144A,
5.5
%
,
10/15/30
....................
United
States
125,000
124,798
b
Hilcorp
Energy
I
LP
/
Hilcorp
Finance
Co.
,
Senior
Bond
,
144A,
6
%
,
2/01/31
......................
United
States
420,000
407,067
Senior
Bond
,
144A,
6.875
%
,
5/15/34
...................
United
States
320,000
311,569
Senior
Bond
,
144A,
7.25
%
,
2/15/35
....................
United
States
120,000
118,226
Putnam
Asset
Allocation
Funds
Consolidated
Schedule
of
Investments
(unaudited)
Putnam
Dynamic
Asset
Allocation
Balanced
Fund
(continued)
Quarterly
Consolidated
Schedule
of
Investments
See
Notes
to
Consolidated
Schedules
of
Investments.
42
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Corporate
Bonds
(continued)
Oil,
Gas
&
Consumable
Fuels
(continued)
b
Hilcorp
Energy
I
LP
/
Hilcorp
Finance
Co.,
(continued)
Senior
Note
,
144A,
6
%
,
4/15/30
......................
United
States
125,000
$
123,074
Senior
Note
,
144A,
8.375
%
,
11/01/33
..................
United
States
595,000
619,891
b
KazMunayGas
National
Co.
JSC
,
Senior
Bond
,
Reg
S,
5.375
%
,
4/24/30
.........................................
Kazakhstan
770,000
777,502
Kinder
Morgan,
Inc.
,
Senior
Bond
,
7.75
%
,
1/15/32
.........................
United
States
580,000
658,978
Senior
Note
,
5
%
,
2/01/29
...........................
United
States
410,000
413,768
b
Kinetik
Holdings
LP
,
Senior
Note
,
144A,
5.875
%
,
6/15/30
......
United
States
485,000
488,039
b
Martin
Midstream
Partners
LP
/
Martin
Midstream
Finance
Corp.
,
Secured
Note
,
144A,
11.5
%
,
2/15/28
...................
United
States
720,000
725,891
Murphy
Oil
Corp.
,
Senior
Note
,
6
%
,
10/01/32
..........................
United
States
220,000
219,231
Senior
Note
,
6.5
%
,
2/15/34
..........................
United
States
405,000
401,450
b
Neo
Next+
Energy
Consolidated
Holdings
Ltd.
,
Senior
Note
,
144A,
Reg
S,
6.625
%
,
6/11/31
........................
United
Kingdom
400,000
394,064
Occidental
Petroleum
Corp.
,
Senior
Bond
,
7.5
%
,
5/01/31
......
United
States
236,000
261,521
ONEOK,
Inc.
,
Senior
Note
,
4.75
%
,
10/15/31
...............
United
States
920,000
909,748
b
Pertamina
Hulu
Energi
PT
,
Senior
Note
,
144A,
5.25
%
,
5/21/30
.
Indonesia
500,000
499,284
South
Bow
USA
Infrastructure
Holdings
LLC
,
Senior
Note
,
5.026
%
,
10/01/29
..................................
Canada
500,000
501,822
Spectra
Energy
Partners
LP
,
Senior
Note
,
3.375
%
,
10/15/26
...
United
States
425,000
423,803
b
Sunoco
LP
,
Senior
Note
,
144A,
5.375
%
,
7/15/31
...................
United
States
220,000
217,119
Senior
Note
,
144A,
6.25
%
,
7/01/33
....................
United
States
755,000
762,132
Senior
Note
,
144A,
5.625
%
,
7/15/34
...................
United
States
25,000
24,414
Targa
Resources
Corp.
,
Senior
Note
,
4.35
%
,
4/15/31
........
United
States
160,000
156,361
Targa
Resources
Partners
LP
/
Targa
Resources
Partners
Finance
Corp.
,
Senior
Bond
,
4.875
%
,
2/01/31
............
United
States
202,000
201,304
b
TGNR
Intermediate
Holdings
LLC
,
Senior
Note
,
144A,
5.5
%
,
10/15/29
........................................
United
States
325,000
320,002
b
Venture
Global
Calcasieu
Pass
LLC
,
Senior
Secured
Bond
,
144A,
6
%
,
5/01/36
......................................
United
States
250,000
252,842
b
Venture
Global
LNG,
Inc.
,
j
Junior
Sub.
Bond
,
144A,
9%
to
9/29/29,
FRN
thereafter
,
Perpetual
.......................................
United
States
375,000
366,313
Senior
Secured
Note
,
144A,
9.5
%
,
2/01/29
..............
United
States
420,000
452,261
Senior
Secured
Note
,
144A,
8.375
%
,
6/01/31
............
United
States
300,000
312,391
Senior
Secured
Note
,
144A,
9.875
%
,
2/01/32
............
United
States
300,000
320,388
b
Venture
Global
Plaquemines
LNG
LLC
,
Senior
Secured
Bond
,
144A,
7.75
%
,
5/01/35
.............
United
States
65,000
72,926
Senior
Secured
Bond
,
144A,
6.75
%
,
1/15/36
.............
United
States
175,000
185,637
Senior
Secured
Note
,
144A,
7.5
%
,
5/01/33
..............
United
States
545,000
598,384
Senior
Secured
Note
,
144A,
6.5
%
,
1/15/34
..............
United
States
110,000
114,669
Viper
Energy
Partners
LLC
,
Senior
Bond
,
5.7
%
,
8/01/35
..........................
United
States
222,000
225,648
Senior
Note
,
4.9
%
,
8/01/30
..........................
United
States
455,000
453,734
Williams
Cos.,
Inc.
(The)
,
Senior
Bond
,
5.6
%
,
3/15/35
........
United
States
321,000
327,655
22,136,528
Paper
&
Forest
Products
0.0%
†
b
Georgia-Pacific
LLC
,
Senior
Note
,
144A,
4.6
%
,
5/15/31
.......
United
States
525,000
520,772
b
Magnera
Corp.
,
Senior
Secured
Note
,
144A,
4.75
%
,
11/15/29
............
United
States
245,000
228,883
Putnam
Asset
Allocation
Funds
Consolidated
Schedule
of
Investments
(unaudited)
Putnam
Dynamic
Asset
Allocation
Balanced
Fund
(continued)
See
Notes
to
Consolidated
Schedules
of
Investments.
Quarterly
Consolidated
Schedule
of
Investments
43
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Corporate
Bonds
(continued)
Paper
&
Forest
Products
(continued)
b
Magnera
Corp.,
(continued)
Senior
Secured
Note
,
144A,
7.25
%
,
11/15/31
............
United
States
255,000
$
249,152
998,807
Passenger
Airlines
0.0%
†
b
American
Airlines,
Inc.
/
AAdvantage
Loyalty
IP
Ltd.
,
Senior
Secured
Note
,
144A,
5.75
%
,
4/20/29
...................
United
States
505,000
506,279
b
AS
Mileage
Plan
IP
Ltd.
,
Senior
Secured
Note
,
144A,
5.021
%
,
10/20/29
........................................
United
States
425,000
421,616
b
United
Airlines,
Inc.
,
Senior
Secured
Note
,
144A,
4.625
%
,
4/15/29
United
States
435,000
429,247
1,357,142
Personal
Care
Products
0.1%
b
Coty,
Inc.
/
HFC
Prestige
Products,
Inc.
/
HFC
Prestige
International
US
LLC
,
Senior
Note
,
144A,
6.625
%
,
7/15/30
...................
United
States
140,000
140,136
Senior
Secured
Note
,
144A,
4.75
%
,
1/15/29
.............
United
States
225,000
218,802
Kenvue,
Inc.
,
Senior
Note
,
4.85
%
,
5/22/32
.........................
United
States
85,000
85,479
Senior
Note
,
4.9
%
,
3/22/33
..........................
United
States
480,000
481,994
b
Opal
Bidco
SAS
,
Senior
Secured
Note
,
144A,
6.5
%
,
3/31/32
...
France
1,200,000
1,224,841
2,151,252
Pharmaceuticals
0.3%
b
1261229
BC
Ltd.
,
Senior
Secured
Note
,
144A,
10
%
,
4/15/32
...
United
States
200,000
202,701
Eli
Lilly
&
Co.
,
Senior
Bond
,
4.875
%
,
2/27/53
........................
United
States
261,000
236,190
Senior
Note
,
4.75
%
,
2/12/30
.........................
United
States
562,000
568,064
Merck
&
Co.,
Inc.
,
Senior
Bond
,
3.7
%
,
2/10/45
.............
United
States
805,000
633,850
Novartis
Capital
Corp.
,
Senior
Bond
,
4
%
,
11/20/45
..........................
United
States
994,000
822,375
Senior
Note
,
4.1
%
,
11/05/30
.........................
United
States
580,000
569,969
Senior
Note
,
4.4
%
,
3/18/31
..........................
United
States
635,000
630,500
Pfizer
Investment
Enterprises
Pte.
Ltd.
,
Senior
Bond
,
4.75
%
,
5/19/33
.........................
United
States
1,441,000
1,427,592
Senior
Bond
,
5.3
%
,
5/19/53
..........................
United
States
171,000
161,207
Senior
Note
,
4.45
%
,
5/19/28
.........................
United
States
131,000
131,139
b
Roche
Holdings,
Inc.
,
Senior
Bond
,
144A,
4
%
,
11/28/44
......
United
States
1,210,000
1,011,412
Royalty
Pharma
plc
,
Senior
Bond
,
5.2
%
,
9/25/35
..........................
United
States
415,000
411,343
Senior
Note
,
2.2
%
,
9/02/30
..........................
United
States
520,000
470,044
Senior
Note
,
4.45
%
,
3/25/31
.........................
United
States
55,000
54,100
Teva
Pharmaceutical
Finance
Netherlands
II
BV
,
Senior
Note
,
4.375
%
,
5/09/30
...................................
Israel
420,000
EUR
489,385
Teva
Pharmaceutical
Finance
Netherlands
III
BV
,
Senior
Note
,
5.125
%
,
5/09/29
........................
Israel
465,000
465,090
Senior
Note
,
8.125
%
,
9/15/31
........................
Israel
415,000
468,144
Viatris,
Inc.
,
Senior
Note
,
2.3
%
,
6/22/27
...................
United
States
565,000
551,842
Zoetis,
Inc.
,
Senior
Bond
,
3
%
,
9/12/27
...........................
United
States
242,000
238,154
Senior
Bond
,
2
%
,
5/15/30
...........................
United
States
160,000
144,778
9,687,879
Professional
Services
0.0%
†
b
CACI
International,
Inc.
,
Senior
Note
,
144A,
6.375
%
,
6/15/33
..
United
States
415,000
421,150
Putnam
Asset
Allocation
Funds
Consolidated
Schedule
of
Investments
(unaudited)
Putnam
Dynamic
Asset
Allocation
Balanced
Fund
(continued)
Quarterly
Consolidated
Schedule
of
Investments
See
Notes
to
Consolidated
Schedules
of
Investments.
44
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Corporate
Bonds
(continued)
Professional
Services
(continued)
Paychex,
Inc.
,
Senior
Note
,
5.1
%
,
4/15/30
.................
United
States
360,000
$
363,191
784,341
Semiconductors
&
Semiconductor
Equipment
0.2%
Broadcom
Corp.
/
Broadcom
Cayman
Finance
Ltd.
,
Senior
Note
,
3.5
%
,
1/15/28
....................................
United
States
2,010,000
1,983,878
Broadcom,
Inc.
,
b
Senior
Bond
,
144A,
3.187
%
,
11/15/36
..................
United
States
107,000
89,689
Senior
Note
,
5.05
%
,
4/15/30
.........................
United
States
275,000
279,132
Senior
Note
,
4.2
%
,
10/15/30
.........................
United
States
115,000
112,754
b
Foundry
JV
Holdco
LLC
,
Senior
Secured
Note
,
144A,
5.9
%
,
1/25/30
..............
United
States
200,000
206,442
Senior
Secured
Note
,
144A,
6.15
%
,
1/25/32
.............
United
States
200,000
209,924
Intel
Corp.
,
Senior
Bond
,
4.15
%
,
8/05/32
..................
United
States
1,270,000
1,218,324
Marvell
Technology,
Inc.
,
Senior
Note
,
5.75
%
,
2/15/29
.........................
United
States
180,000
184,682
Senior
Note
,
4.75
%
,
7/15/30
.........................
United
States
190,000
189,631
NVIDIA
Corp.
,
Senior
Note
,
4.5
%
,
6/15/31
.................
United
States
1,570,000
1,564,785
b
Qnity
Electronics,
Inc.
,
Senior
Note
,
144A,
6.25
%
,
8/15/33
....................
United
States
370,000
376,914
Senior
Secured
Note
,
144A,
5.75
%
,
8/15/32
.............
United
States
1,020,000
1,026,707
7,442,862
Software
0.2%
Cadence
Design
Systems,
Inc.
,
Senior
Note
,
4.3
%
,
9/10/29
....
United
States
505,000
501,072
b
Cloud
Software
Group
LLC
,
Secured
Note
,
144A,
9
%
,
9/30/29
.....................
United
States
140,000
135,995
Senior
Secured
Note
,
144A,
6.5
%
,
3/31/29
..............
United
States
195,000
189,349
b
McAfee
Corp.
,
Senior
Note
,
144A,
7.375
%
,
2/15/30
..........
United
States
315,000
267,929
Oracle
Corp.
,
Senior
Bond
,
5.375
%
,
7/15/40
........................
United
States
199,000
175,414
Senior
Bond
,
3.65
%
,
3/25/41
.........................
United
States
412,000
296,053
Senior
Bond
,
4
%
,
11/15/47
..........................
United
States
1,319,000
879,648
Senior
Note
,
4.55
%
,
2/04/29
.........................
United
States
580,000
571,860
Senior
Note
,
4.45
%
,
9/26/30
.........................
United
States
165,000
159,337
Senior
Note
,
4.95
%
,
2/04/31
.........................
United
States
320,000
313,354
b
Rocket
Software,
Inc.
,
Senior
Note
,
144A,
6.5
%
,
2/15/29
......
United
States
215,000
193,779
Salesforce,
Inc.
,
Senior
Note
,
4.5
%
,
3/15/28
...............
United
States
455,000
454,588
ServiceNow,
Inc.
,
Senior
Bond
,
1.4
%
,
9/01/30
..............
United
States
674,000
591,051
Synopsys,
Inc.
,
Senior
Note
,
4.85
%
,
4/01/30
...............
United
States
510,000
510,982
b
UKG,
Inc.
,
Senior
Secured
Note
,
144A,
6.875
%
,
2/01/31
......
United
States
295,000
286,778
5,527,189
Specialized
REITs
0.3%
American
Tower
Corp.
,
Senior
Bond
,
3.55
%
,
7/15/27
.........................
United
States
788,000
781,276
Senior
Bond
,
2.9
%
,
1/15/30
..........................
United
States
413,000
388,093
Senior
Bond
,
2.7
%
,
4/15/31
..........................
United
States
724,000
659,014
Senior
Note
,
2.75
%
,
1/15/27
.........................
United
States
844,000
836,134
Senior
Note
,
4.9
%
,
3/15/30
..........................
United
States
210,000
211,023
Crown
Castle,
Inc.
,
Senior
Bond
,
3.65
%
,
9/01/27
.........................
United
States
591,000
585,340
Senior
Bond
,
3.8
%
,
2/15/28
..........................
United
States
450,000
444,481
Senior
Note
,
1.05
%
,
7/15/26
.........................
United
States
385,000
384,515
Putnam
Asset
Allocation
Funds
Consolidated
Schedule
of
Investments
(unaudited)
Putnam
Dynamic
Asset
Allocation
Balanced
Fund
(continued)
See
Notes
to
Consolidated
Schedules
of
Investments.
Quarterly
Consolidated
Schedule
of
Investments
45
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Corporate
Bonds
(continued)
Specialized
REITs
(continued)
Crown
Castle,
Inc.,
(continued)
Senior
Note
,
4.9
%
,
9/01/29
..........................
United
States
545,000
$
547,184
Equinix,
Inc.
,
Senior
Bond
,
3.2
%
,
11/18/29
.........................
United
States
266,000
253,385
Senior
Note
,
2.9
%
,
11/18/26
.........................
United
States
1,563,000
1,553,825
b
Iron
Mountain,
Inc.
,
Senior
Note
,
144A,
6.25
%
,
1/15/33
.......
United
States
655,000
662,178
b
Millrose
Properties,
Inc.
,
Senior
Note
,
144A,
6.375
%
,
8/01/30
..
United
States
690,000
699,798
8,006,246
Specialty
Retail
0.1%
Dick's
Sporting
Goods,
Inc.
,
Senior
Bond
,
3.15
%
,
1/15/32
.........................
United
States
430,000
392,775
b
Senior
Note
,
144A,
4
%
,
10/01/29
.....................
United
States
670,000
652,508
Home
Depot,
Inc.
(The)
,
Senior
Bond
,
4.95
%
,
6/25/34
.........................
United
States
397,000
398,458
Senior
Bond
,
5.3
%
,
6/25/54
..........................
United
States
397,000
376,027
b
PetSmart
LLC
/
PetSmart
Finance
Corp.
,
Senior
Secured
Note
,
144A,
7.5
%
,
9/15/32
...............................
United
States
450,000
450,422
2,270,190
Technology
Hardware,
Storage
&
Peripherals
0.1%
Apple,
Inc.
,
Senior
Bond
,
3.85
%
,
5/04/43
.........................
United
States
556,000
460,322
Senior
Bond
,
4.375
%
,
5/13/45
........................
United
States
1,550,000
1,343,120
Dell
International
LLC
/
EMC
Corp.
,
Senior
Note
,
4.75
%
,
7/15/31
United
States
80,000
79,536
Hewlett
Packard
Enterprise
Co.
,
Senior
Note
,
4.55
%
,
10/15/29
........................
United
States
835,000
830,275
Senior
Note
,
4.85
%
,
10/15/31
........................
United
States
210,000
209,191
Seagate
Data
Storage
Technology
Pte.
Ltd.
,
Senior
Note
,
5.875
%
,
7/15/30
........................
United
States
295,000
300,419
b
Senior
Note
,
144A,
4.091
%
,
6/01/29
...................
United
States
550,000
535,601
b
Senior
Note
,
144A,
3.125
%
,
7/15/29
...................
United
States
90,000
83,410
3,841,874
Textiles,
Apparel
&
Luxury
Goods
0.0%
†
b
Beach
Acquisition
Bidco
LLC
,
h
Senior
Note
,
144A,
PIK,
10
%
,
7/15/33
..................
United
States
641,078
696,285
Senior
Secured
Note
,
144A,
5.25
%
,
7/15/32
.............
United
States
205,000
EUR
238,873
b
Crocs,
Inc.
,
Senior
Note
,
144A,
4.25
%
,
3/15/29
.............
United
States
260,000
252,427
Tapestry,
Inc.
,
Senior
Note
,
5.1
%
,
3/11/30
.................
United
States
360,000
362,829
1,550,414
Tobacco
0.1%
BAT
Capital
Corp.
,
Senior
Bond
,
4.906
%
,
4/02/30
........................
United
Kingdom
90,000
90,463
Senior
Note
,
6.343
%
,
8/02/30
........................
United
Kingdom
255,000
269,624
Senior
Note
,
4.625
%
,
3/22/33
........................
United
Kingdom
370,000
362,225
Philip
Morris
International,
Inc.
,
Senior
Note
,
5.125
%
,
2/15/30
........................
United
States
806,000
818,353
Senior
Note
,
4.375
%
,
4/30/30
........................
United
States
1,025,000
1,014,956
Senior
Note
,
4.75
%
,
11/01/31
........................
United
States
380,000
381,375
2,936,996
Putnam
Asset
Allocation
Funds
Consolidated
Schedule
of
Investments
(unaudited)
Putnam
Dynamic
Asset
Allocation
Balanced
Fund
(continued)
Quarterly
Consolidated
Schedule
of
Investments
See
Notes
to
Consolidated
Schedules
of
Investments.
46
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Corporate
Bonds
(continued)
Trading
Companies
&
Distributors
0.1%
b
Aviation
Capital
Group
LLC
,
Senior
Note
,
144A,
5.375
%
,
7/15/29
United
States
360,000
$
364,328
b
EquipmentShare.com,
Inc.
,
Secured
Note
,
144A,
9
%
,
5/15/28
.....................
United
States
420,000
428,973
Secured
Note
,
144A,
8.625
%
,
5/15/32
..................
United
States
295,000
307,238
c
Secured
Note
,
144A,
7.125
%
,
7/01/34
..................
United
States
225,000
221,352
b
Herc
Holdings,
Inc.
,
Senior
Note
,
144A,
6.625
%
,
6/15/29
...................
United
States
130,000
132,820
Senior
Note
,
144A,
5.75
%
,
3/15/31
....................
United
States
370,000
369,821
Sumisho
Air
Lease
Corp.
,
Senior
Note
,
5.85
%
,
12/15/27
........................
United
States
110,000
111,803
Senior
Note
,
2.1
%
,
9/01/28
..........................
United
States
252,000
237,951
b
United
Rentals
North
America,
Inc.
,
Senior
Bond
,
144A,
6.125
%
,
3/15/34
.........................................
United
States
195,000
200,154
b
WESCO
Distribution,
Inc.
,
Senior
Note
,
144A,
6.375
%
,
3/15/29
...................
United
States
55,000
56,050
Senior
Note
,
144A,
5.25
%
,
4/15/31
....................
United
States
100,000
99,224
Senior
Note
,
144A,
6.625
%
,
3/15/32
...................
United
States
265,000
273,403
2,803,117
Wireless
Telecommunication
Services
0.2%
b
Connect
Finco
SARL
/
Connect
US
Finco
LLC
,
Senior
Secured
Note
,
144A,
9
%
,
9/15/29
............................
United
Kingdom
680,000
716,376
b
Digicel
International
Finance
Ltd.
/
DIFL
US
LLC
,
Senior
Secured
Note
,
144A,
8.625
%
,
8/01/32
.........................
Bermuda
480,000
494,592
b
Iliad
Holding
SAS
,
Senior
Secured
Note
,
144A,
7
%
,
4/15/32
...
France
200,000
204,082
Rogers
Communications,
Inc.
,
Senior
Note
,
5
%
,
2/15/29
......
Canada
1,430,000
1,439,036
T-Mobile
USA,
Inc.
,
Senior
Bond
,
2.875
%
,
2/15/31
........................
United
States
155,000
142,487
Senior
Bond
,
2.25
%
,
11/15/31
........................
United
States
1,231,000
1,080,873
Senior
Bond
,
5.05
%
,
7/15/33
.........................
United
States
24,000
23,968
Senior
Note
,
3.75
%
,
4/15/27
.........................
United
States
1,210,000
1,203,938
Senior
Note
,
4.95
%
,
3/15/28
.........................
United
States
660,000
664,284
Senior
Note
,
3.375
%
,
4/15/29
........................
United
States
340,000
328,755
Senior
Note
,
3.875
%
,
4/15/30
........................
United
States
119,000
115,333
Senior
Note
,
5.125
%
,
5/15/32
........................
United
States
351,000
354,749
Senior
Note
,
6.7
%
,
12/15/33
.........................
United
States
45,000
49,188
b
Zegona
Finance
plc
,
Senior
Secured
Note
,
144A,
8.625
%
,
7/15/29
.........................................
United
Kingdom
430,000
449,160
7,266,821
Total
Corporate
Bonds
(Cost
$
338,168,272
)
...................................
331,311,552
Senior
Floating
Rate
Interests
0.6%
k
Aerospace
&
Defense
0.0%
†
TransDigm,
Inc.,
First
Lien,
CME
Term
Loan,
N
,
6.12
%
,
(
1-month
SOFR
+
2.5
%
),
2/14/33
.............................
United
States
115,116
115,246
VSE
Corp.,
First
Lien,
CME
Term
Loan,
B
,
5.613
%
,
(
1-month
SOFR
+
2
%
),
5/05/33
...............................
United
States
45,288
45,381
160,627
a
a
a
a
a
a
k
Air
Freight
&
Logistics
0.0%
†
Rand
Parent
LLC,
First
Lien,
CME
Term
Loan,
B
,
6.732
%
,
(
3-month
SOFR
+
3
%
),
3/18/30
.......................
United
States
178,113
177,953
Putnam
Asset
Allocation
Funds
Consolidated
Schedule
of
Investments
(unaudited)
Putnam
Dynamic
Asset
Allocation
Balanced
Fund
(continued)
See
Notes
to
Consolidated
Schedules
of
Investments.
Quarterly
Consolidated
Schedule
of
Investments
47
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Senior
Floating
Rate
Interests
(continued)
k
Air
Freight
&
Logistics
(continued)
Stonepeak
Nile
Parent
LLC,
First
Lien,
Amendment
No.
3
CME
Term
Loan
,
5.657
%
,
(
3-month
SOFR
+
2
%
),
4/09/32
.......
United
States
329,175
$
328,765
506,718
a
a
a
a
a
a
k
Automobile
Components
0.0%
†
Allison
Transmission,
Inc.,
First
Lien,
2026
CME
Term
Loan
,
5.375
%
,
(
1-month
SOFR
+
1.75
%
),
1/03/33
..............
United
States
154,129
154,161
American
Axle
&
Manufacturing,
Inc.,
First
Lien,
CME
Term
Loan,
C
,
6.915
%
,
(
3-month
SOFR
+
3.25
%
),
2/03/33
............
United
States
325,875
326,553
DexKo
Global,
Inc.,
First
Lien,
Refinancing
Dollar
CME
Term
Loan
,
8.163
%
,
(
3-month
SOFR
+
4.5
%
),
10/06/31
.........
United
States
157,893
153,382
634,096
a
a
a
a
a
a
Beverages
0.0%
†
k
Primo
Brands
Corp.,
First
Lien,
2026
Refinancing
CME
Term
Loan
,
6.482
%
,
(
3-month
SOFR
+
2.75
%
),
3/31/31
.........
United
States
197,586
198,716
k
Biotechnology
0.0%
†
Alkermes,
Inc.,
First
Lien,
Initial
CME
Term
Loan,
B
,
6.482
%
,
(
3-month
SOFR
+
2.75
%
),
8/12/31
.....................
United
States
30,385
30,537
BioMarin
Pharmaceutical,
Inc.,
First
Lien,
Initial
CME
Term
Loan,
B
,
5.428
%
,
(
6-month
SOFR
+
1.75
%
),
4/27/33
............
United
States
103,812
103,916
Genmab
A/S,
First
Lien,
Amendment
No.
1
CME
Term
Loan
,
5.732
%
,
(
3-month
SOFR
+
2
%
),
12/13/32
................
Denmark
47,851
47,872
182,325
a
a
a
a
a
a
Broadline
Retail
0.0%
†
k
Peer
Holding
III
BV,
First
Lien,
CME
Term
Loan,
B8
,
5.982
%
,
(
3-month
SOFR
+
2.25
%
),
9/29/32
.....................
Netherlands
150,882
151,180
Building
Products
0.0%
†
k
Advanced
Drainage
Systems,
Inc.,
First
Lien,
Initial
CME
Term
Loan
,
5.245
%
,
(
1-month
SOFR
+
1.625
%
),
2/11/33
........
United
States
117,333
118,507
k
Capital
Markets
0.1%
c
Citadel
Securities
LP,
First
Lien,
2026-1
CME
Term
Loan
,
5.661
%
,
(
3-month
SOFR
+
2
%
),
6/10/33
.......................
United
States
249,842
249,582
CPI
Holdco
B
LLC,
First
Lien,
2025
Fourth
Amendment
Incremental
CME
Term
Loan
,
5.644
%
,
(
1-month
SOFR
+
2
%
),
5/19/31
.........................................
United
States
329,165
328,273
Jane
Street
Group
LLC,
First
Lien,
Extended
CME
Term
Loan
,
5.666
%
,
(
3-month
SOFR
+
2
%
),
12/15/31
................
United
States
327,408
324,843
902,698
a
a
a
a
a
a
k
Chemicals
0.0%
†
Albaugh
LLC,
First
Lien,
Initial
CME
Term
Loan
,
7.413
%
,
(
1-month
SOFR
+
3.75;
3-month
SOFR
+
3.75
),
4/06/29
.....
United
States
198,450
192,248
Element
Solutions,
Inc.,
First
Lien,
CME
Term
Loan,
B3
,
5.394
%
,
(
1-month
SOFR
+
1.75
%
),
12/18/30
....................
United
States
329,138
329,755
Hexion
Holdings
Corp.,
Second
Lien,
Initial
CME
Term
Loan
,
11.181
%
,
(
1-month
SOFR
+
7.438
%
),
3/15/30
............
United
States
61,509
57,434
Solstice
Advanced
Materials,
Inc.,
First
Lien,
CME
Term
Loan,
B
,
5.413
%
,
(
3-month
SOFR
+
1.75
%
),
10/29/32
.............
United
States
75,441
75,877
655,314
a
a
a
a
a
a
Putnam
Asset
Allocation
Funds
Consolidated
Schedule
of
Investments
(unaudited)
Putnam
Dynamic
Asset
Allocation
Balanced
Fund
(continued)
Quarterly
Consolidated
Schedule
of
Investments
See
Notes
to
Consolidated
Schedules
of
Investments.
48
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Senior
Floating
Rate
Interests
(continued)
k
Commercial
Services
&
Supplies
0.1%
APi
Group
DE,
Inc.,
First
Lien,
Amendment
No.
9
CME
Term
Loan
,
5.394
%
,
(
1-month
SOFR
+
1.75
%
),
5/16/33
.........
United
States
330,000
$
329,754
Filtration
Group
Corp.,
First
Lien,
2025
Incremental
Dollar
CME
Term
Loan,
B
,
6.144
%
,
(
1-month
SOFR
+
2.5
%
),
10/23/28
...
United
States
54,203
54,295
Prime
Security
Services
Borrower
LLC,
First
Lien,
2025
Incremental
CME
Term
Loan,
B2
,
5.369
%
,
(
1-month
SOFR
+
1.75
%
),
3/08/32
...................................
United
States
327,519
323,084
WMB
Holdings,
Inc.,
First
Lien,
USD
CME
Term
Loan,
B
,
5.644
%
,
(
1-month
SOFR
+
2
%
),
11/05/29
......................
United
States
308,460
307,419
1,014,552
a
a
a
a
a
a
Construction
&
Engineering
0.0%
†
k
Dycom
Industries,
Inc.,
First
Lien,
CME
Term
Loan,
B
,
5.401
%
,
(
3-month
SOFR
+
1.75
%
),
1/27/33
.....................
United
States
21,903
21,961
Construction
Materials
0.0%
†
k
Knife
River
Corp.,
First
Lien,
2026
CME
Term
Loan,
B
,
5.401
%
,
(
3-month
SOFR
+
1.75
%
),
3/08/32
.....................
United
States
110,276
110,655
Containers
&
Packaging
0.0%
†
k
Mauser
Packaging
Solutions
Holding
Co.,
First
Lien,
2025
CME
Term
Loan
,
7.12
%
,
(
1-month
SOFR
+
3.5
%
),
4/15/30
.......
United
States
260,000
256,710
Distributors
0.0%
†
k
Verde
Purchaser
LLC,
First
Lien,
Second
Refinancing
CME
Term
Loan
,
7.732
%
,
(
3-month
SOFR
+
4
%
),
11/30/30
...........
United
States
178,451
169,112
k
Electric
Utilities
0.0%
†
Alpha
Generation
LLC,
First
Lien,
Initial
CME
Term
Loan,
B
,
5.394
%
,
(
1-month
SOFR
+
1.75
%
),
9/30/31
..............
United
States
327,500
325,075
Constellation
Renewables
LLC,
First
Lien,
CME
Term
Loan
,
5.666
%
,
(
3-month
SOFR
+
2
%
),
12/15/27
................
United
States
407,279
406,856
731,931
a
a
a
a
a
a
Electronic
Equipment,
Instruments
&
Components
0.0%
†
k
TTM
Technologies,
Inc.,
First
Lien,
2026
CME
Term
Loan,
B
,
5.457
%
,
(
12-month
SOFR
+
1.75
%
),
5/30/30
.............
United
States
143,634
144,053
k
Entertainment
0.1%
Discovery
Global
Holdings,
Inc.,
First
Lien,
Initial
Dollar
CME
Term
Loan
,
6.241
%
,
(
12-month
SOFR
+
2.5
%
),
6/03/33
.....
United
States
109,084
109,250
Live
Nation
Entertainment,
Inc.,
First
Lien,
Initial
CME
Term
Loan,
B
,
5.639
%
,
(
1-month
SOFR
+
2
%
),
10/21/32
.............
United
States
266,951
267,410
Playtika
Holding
Corp.,
First
Lien,
CME
Term
Loan,
B1
,
6.508
%
,
(
1-month
SOFR
+
2.75
%
),
3/13/28
.....................
United
States
326,554
317,719
TKO
Worldwide
Holdings
LLC,
First
Lien,
CME
Term
Loan,
B7
,
5.412
%
,
(
3-month
SOFR
+
1.75
%
),
11/21/31
.............
United
States
278,839
278,279
972,658
a
a
a
a
a
a
k
Financial
Services
0.1%
Colossus
Acquireco
LLC,
First
Lien,
Initial
CME
Term
Loan
,
5.38
%
,
(
1-day
SOFR
+
1.75
%
),
7/30/32
.................
United
States
328,350
326,641
Corpay
Technologies
Operating
Co.
LLC,
First
Lien,
CME
Term
Loan,
B6
,
5.37
%
,
(
1-month
SOFR
+
1.75
%
),
11/05/32
......
United
States
150,880
150,637
First
Eagle
Holdings,
Inc.,
First
Lien,
Initial
CME
Term
Loan
,
7.2
%
,
(
3-month
SOFR
+
3.5
%
),
8/16/32
......................
United
States
288,965
289,092
Putnam
Asset
Allocation
Funds
Consolidated
Schedule
of
Investments
(unaudited)
Putnam
Dynamic
Asset
Allocation
Balanced
Fund
(continued)
See
Notes
to
Consolidated
Schedules
of
Investments.
Quarterly
Consolidated
Schedule
of
Investments
49
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Senior
Floating
Rate
Interests
(continued)
k
Financial
Services
(continued)
Hudson
River
Trading
LLC,
First
Lien,
CME
Term
Loan,
B2
,
6.139
%
,
(
1-month
SOFR
+
2.5
%
),
3/18/30
...............
United
States
328,350
$
326,488
1,092,858
a
a
a
a
a
a
k
Food
Products
0.0%
†
Froneri
US,
Inc.,
First
Lien,
CME
Term
Loan,
B6
,
6.127
%
,
(
6-month
SOFR
+
2.5
%
),
9/30/32
......................
United
States
295,980
294,290
TreeHouse
Foods,
Inc.,
First
Lien,
Initial
CME
Term
Loan
,
7.894
%
,
(
1-month
SOFR
+
4.25
%
),
2/11/33
..............
United
States
327,500
328,877
623,167
a
a
a
a
a
a
Ground
Transportation
0.0%
†
k
Genesee
&
Wyoming,
Inc.,
First
Lien,
Initial
CME
Term
Loan
,
5.482
%
,
(
3-month
SOFR
+
1.75
%
),
4/10/31
..............
United
States
327,500
326,517
Health
Care
Equipment
&
Supplies
0.0%
†
k
Bausch
+
Lomb
Corp.,
First
Lien,
2025-2
Refinancing
CME
Term
Loan
,
7.394
%
,
(
1-month
SOFR
+
3.75
%
),
1/15/31
.........
United
States
206,868
207,618
k
Health
Care
Providers
&
Services
0.0%
†
DaVita,
Inc.,
First
Lien,
CME
Term
Loan,
B2
,
5.394
%
,
(
1-month
SOFR
+
1.75
%
),
5/09/31
............................
United
States
251,274
251,333
McKesson
Medical-Surgical
Top
Holdings,
Inc.,
First
Lien,
Amendment
No.
1
CME
Term
Loan,
B
,
5.982
%
,
(
3-month
SOFR
+
2.25
%
),
6/09/32
.................................
United
States
46,745
46,813
298,146
a
a
a
a
a
a
k
Hotels,
Restaurants
&
Leisure
0.1%
1011778
BC
ULC,
First
Lien,
CME
Term
Loan,
B5
,
5.394
%
,
(
1-month
SOFR
+
1.75
%
),
9/20/30
.....................
Canada
312,632
312,502
Caesars
Entertainment,
Inc.,
First
Lien,
2023
Incremental
CME
Term
Loan,
B
,
5.894
%
,
(
1-month
SOFR
+
2.25
%
),
2/06/30
...
United
States
325,963
316,237
DK
Crown
Holdings,
Inc.,
First
Lien,
CME
Term
Loan,
B
,
5.374
%
,
(
1-month
SOFR
+
1.75
%
),
3/04/32
.....................
United
States
328,338
328,063
Fertitta
Entertainment
LLC,
First
Lien,
Initial
CME
Term
Loan,
B
,
6.894
%
,
(
1-month
SOFR
+
3.25
%
),
1/29/29
..............
United
States
418,045
418,091
Flutter
Financing
BV,
First
Lien,
2024
Refinancing
CME
Term
Loan,
B
,
5.482
%
,
(
3-month
SOFR
+
1.75
%
),
12/02/30
......
Ireland
327,481
325,107
Great
Canadian
Gaming
Corp.,
First
Lien,
CME
Term
Loan,
B
,
8.427
%
,
(
3-month
SOFR
+
4.75
%
),
11/01/29
.............
Canada
27,754
27,442
Penn
Entertainment,
Inc.,
First
Lien,
CME
Term
Loan,
B
,
5.644
%
,
(
1-month
SOFR
+
2
%
),
5/30/33
.......................
United
States
328,295
327,884
Raising
Cane's
Restaurants
LLC,
First
Lien,
First
Amendment
New
CME
Term
Loan
,
5.62
%
,
(
1-month
SOFR
+
2
%
),
11/03/32
United
States
233,694
232,988
Scientific
Games
Holdings
LP,
First
Lien,
2024
Refinancing
Dollar
CME
Term
Loan
,
6.674
%
,
(
3-month
SOFR
+
3
%
),
4/04/29
...
United
States
112,701
111,298
2,399,612
a
a
a
a
a
a
Household
Products
0.0%
†
k
Energizer
Holdings,
Inc.,
First
Lien,
Initial
CME
Term
Loan
,
5.639
%
,
(
1-month
SOFR
+
2
%
),
3/19/32
................
United
States
183,267
183,096
k
Independent
Power
and
Renewable
Electricity
Producers
0.0%
†
Calpine
Construction
Finance
Co.
LP,
First
Lien,
2025
Refinancing
CME
Term
Loan
,
5.394
%
,
(
1-month
SOFR
+
1.75
%
),
7/31/30
...................................
United
States
330,000
330,154
Putnam
Asset
Allocation
Funds
Consolidated
Schedule
of
Investments
(unaudited)
Putnam
Dynamic
Asset
Allocation
Balanced
Fund
(continued)
Quarterly
Consolidated
Schedule
of
Investments
See
Notes
to
Consolidated
Schedules
of
Investments.
50
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Senior
Floating
Rate
Interests
(continued)
k
Independent
Power
and
Renewable
Electricity
Producers
(continued)
Talen
Energy
Supply
LLC,
First
Lien,
2025-1
Incremental
CME
Term
Loan,
B
,
5.644
%
,
(
1-month
SOFR
+
2
%
),
11/25/32
.....
United
States
350,291
$
348,375
678,529
a
a
a
a
a
a
IT
Services
0.0%
†
k
Fortress
Intermediate
3,
Inc.,
First
Lien,
CME
Term
Loan,
B
,
6.624
%
,
(
1-month
SOFR
+
3
%
),
6/27/31
................
United
States
162,534
162,026
k
Media
0.0%
†
Clear
Channel
Outdoor
Holdings,
Inc.,
First
Lien,
2024
Refinancing
CME
Term
Loan
,
7.735
%
,
(
1-month
SOFR
+
4
%
),
8/23/28
.........................................
United
States
128,804
129,138
DIRECTV
Financing
LLC,
First
Lien,
2024
Refinancing
CME
Term
Loan,
B
,
9.175
%
,
(
3-month
SOFR
+
5.25
%
),
8/02/29
.......
United
States
242,638
244,307
Nexstar
Media,
Inc.,
First
Lien,
CME
Term
Loan,
B
,
6.144
%
,
(
1-month
SOFR
+
2.5
%
),
6/28/32
......................
United
States
328,346
325,473
698,918
a
a
a
a
a
a
k
Oil,
Gas
&
Consumable
Fuels
0.1%
CQP
Holdco
LP,
First
Lien,
CME
Term
Loan,
B
,
5.45
%
,
(
3-month
SOFR
+
1.75
%
),
12/31/32
...........................
United
States
329,171
327,716
UGI
Energy
Services
LLC,
First
Lien,
Initial
CME
Term
Loan
,
6.144
%
,
(
1-month
SOFR
+
2.5
%
),
2/22/30
...............
United
States
328,299
329,296
Venture
Global
Calcasieu
Pass
LLC,
First
Lien,
Initial
CME
Term
Loan
,
6.954
%
,
(
6-month
SOFR
+
3.25
%
),
4/11/33
.........
United
States
682,627
685,425
1,342,437
a
a
a
a
a
a
Paper
&
Forest
Products
0.0%
†
k
Asplundh
Tree
Expert
LLC,
First
Lien,
Amendment
No.
5
Refinancing
CME
Term
Loan
,
5.457
%
,
(
12-month
SOFR
+
1.75
%
),
5/30/33
...................................
United
States
119,674
119,674
k
Passenger
Airlines
0.0%
†
AAdvantage
Loyalty
IP
Ltd.,
First
Lien,
CME
Term
Loan
,
5.925
%
,
(
3-month
SOFR
+
2.25
%
),
4/20/28
.....................
United
States
327,519
327,596
United
Airlines,
Inc.,
First
Lien,
CME
Term
Loan,
B
,
5.403
%
,
(
1-month
SOFR
+
1.75
%
),
2/24/31
.....................
United
States
329,160
329,262
656,858
a
a
a
a
a
a
Personal
Care
Products
0.0%
†
c,k
Prestige
Brands,
Inc.,
First
Lien,
Delayed
Draw
CME
Term
Loan,
B
,
5.621
%
,
(
1-month
SOFR
+
2
%
),
6/13/33
..............
United
States
64,935
65,077
k
Pharmaceuticals
0.0%
†
1261229
BC
Ltd.,
First
Lien,
Initial
CME
Term
Loan
,
9.894
%
,
(
1-month
SOFR
+
6.25
%
),
10/08/30
....................
United
States
193,274
187,868
Endo
Finance
Holdings
LP,
First
Lien,
2024
Refinancing
CME
Term
Loan
,
7.37
%
,
(
1-month
SOFR
+
3.75
%
),
4/23/31
......
United
States
250,537
251,007
438,875
a
a
a
a
a
a
Professional
Services
0.0%
†
k
SS&C
Technologies,
Inc.,
First
Lien,
CME
Term
Loan,
B8
,
5.62
%
,
(
1-month
SOFR
+
2
%
),
5/09/31
.......................
United
States
307,614
307,358
k
Software
0.0%
†
Cloud
Software
Group,
Inc.,
First
Lien,
Initial
Dollar
CME
Term
Loan,
B
,
6.95
%
,
(
3-month
SOFR
+
3.25
%
),
8/16/32
........
United
States
18,058
15,682
Putnam
Asset
Allocation
Funds
Consolidated
Schedule
of
Investments
(unaudited)
Putnam
Dynamic
Asset
Allocation
Balanced
Fund
(continued)
See
Notes
to
Consolidated
Schedules
of
Investments.
Quarterly
Consolidated
Schedule
of
Investments
51
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Senior
Floating
Rate
Interests
(continued)
k
Software
(continued)
c,l
CoreWeave
Financing
DDTL
V
LLC,
First
Lien,
Delayed
Draw
CME
Term
Loan
,
8.1
%
,
(
1-day
SOFR
+
4.5
%
),
11/17/31
.....
United
States
9,097
$
9,292
Gen
Digital,
Inc.,
First
Lien,
Second
Amendment
Incremental
CME
Term
Loan,
B
,
5.394
%
,
(
1-month
SOFR
+
1.75
%
),
4/16/32
United
States
327,519
323,711
Rocket
Software,
Inc.,
First
Lien,
CME
Term
Loan
,
7.508
%
,
(
1-month
SOFR
+
3.75
%
),
11/28/28
....................
United
States
179,885
171,358
UKG,
Inc.,
First
Lien,
Initial
CME
Term
Loan
,
5.913
%
,
(
3-month
SOFR
+
2.25
%
),
2/10/31
............................
United
States
29,477
27,829
547,872
a
a
a
a
a
a
Specialty
Retail
0.0%
†
k
Chewy,
Inc.,
First
Lien,
Initial
CME
Term
Loan
,
6.092
%
,
(
12-month
SOFR
+
2.25
%
),
6/23/33
............................
United
States
94,151
94,210
k
Textiles,
Apparel
&
Luxury
Goods
0.0%
†
Flash
Charm,
Inc.,
First
Lien,
CME
Term
Loan,
B2
,
7.163
%
,
(
3-month
SOFR
+
3.5
%
),
3/02/28
......................
United
States
181,286
141,524
Samsonite
IP
Holdings
SARL,
First
Lien,
Initial
CME
Term
Loan,
B
,
5.394
%
,
(
1-month
SOFR
+
1.75
%
),
11/08/32
...........
United
States
127,587
128,186
269,710
a
a
a
a
a
a
Trading
Companies
&
Distributors
0.0%
†
k
QXO
Building
Products,
Inc.,
First
Lien,
CME
Term
Loan,
B
,
5.62
%
,
(
1-month
SOFR
+
2
%
),
4/30/32
.................
United
States
357,642
357,508
Wireless
Telecommunication
Services
0.0%
†
k
Connect
Finco
SARL,
First
Lien,
Amendment
No.
4
CME
Term
Loan
,
8.144
%
,
(
1-month
SOFR
+
4.5
%
),
9/13/29
..........
United
Kingdom
136,850
137,421
Total
Senior
Floating
Rate
Interests
(Cost
$
18,009,096
)
........................
17,939,300
Foreign
Government
and
Agency
Securities
0.6%
Brazil
Government
Bond
,
Senior
Bond
,
3.875
%
,
6/12/30
......
Brazil
870,000
829,414
Chile
Government
Bond
,
Senior
Note
,
4.85
%
,
1/22/29
........
Chile
710,000
716,532
Colombia
Government
Bond
,
Senior
Note
,
7.375
%
,
4/25/30
.........................
Colombia
420,000
443,520
Senior
Note
,
4.5
%
,
11/26/30
..........................
Colombia
150,000
EUR
172,121
b
Corp.
Nacional
del
Cobre
de
Chile
,
Senior
Bond
,
Reg
S,
3
%
,
9/30/29
.........................................
Chile
290,000
273,388
b
Costa
Rica
Government
Bond
,
Senior
Bond
,
144A,
6.125
%
,
2/19/31
.........................................
Costa
Rica
520,000
537,898
b
Dominican
Republic
Government
Bond
,
Senior
Bond
,
Reg
S,
5.95
%
,
1/25/27
...................
Dominican
Republic
250,000
251,837
Senior
Bond
,
Reg
S,
6
%
,
7/19/28
......................
Dominican
Republic
530,000
537,738
b
Eagle
Funding
Luxco
SARL
,
Senior
Note
,
144A,
5.5
%
,
8/17/30
.
Mexico
330,000
331,749
b
Egypt
Government
Bond
,
Senior
Bond
,
Reg
S,
7.6
%
,
3/01/29
..
Egypt
300,000
310,061
b
El
Salvador
Government
Bond
,
Senior
Bond
,
Reg
S,
8.625
%
,
2/28/29
.........................................
El
Salvador
390,000
411,894
b
Electricite
de
France
SA
,
Senior
Note
,
144A,
5.65
%
,
4/22/29
...
France
835,000
858,463
b
Guatemala
Government
Bond
,
Senior
Bond
,
144A,
4.875
%
,
2/13/28
.........................................
Guatemala
780,000
779,614
b
Hungary
Government
Bond
,
Senior
Note
,
Reg
S,
5.25
%
,
6/16/29
Hungary
730,000
739,733
Indonesia
Government
Bond
,
Senior
Bond
,
3.85
%
,
10/15/30
...
Indonesia
480,000
462,955
b
Ivory
Coast
Government
Bond
,
Senior
Bond
,
Reg
S,
6.375
%
,
3/03/28
.........................................
Ivory
Coast
646,990
656,314
Putnam
Asset
Allocation
Funds
Consolidated
Schedule
of
Investments
(unaudited)
Putnam
Dynamic
Asset
Allocation
Balanced
Fund
(continued)
Quarterly
Consolidated
Schedule
of
Investments
See
Notes
to
Consolidated
Schedules
of
Investments.
52
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Foreign
Government
and
Agency
Securities
(continued)
Jamaica
Government
Bond
,
Senior
Bond
,
6.75
%
,
4/28/28
.....
Bermuda
273,333
$
282,394
Mexico
Government
Bond
,
Senior
Bond
,
2.659
%
,
5/24/31
........................
Mexico
580,000
512,517
Senior
Note
,
6
%
,
5/13/30
............................
Mexico
200,000
205,340
b
Montenegro
Government
Bond
,
Senior
Bond
,
144A,
2.55
%
,
10/03/29
........................................
Montenegro
400,000
EUR
440,660
b
Morocco
Government
Bond
,
Senior
Note
,
144A,
5.95
%
,
3/08/28
Morocco
410,000
416,959
b
Nigeria
Government
Bond
,
Senior
Note
,
144A,
8.375
%
,
3/24/29
Nigeria
310,000
326,396
b
North
Macedonia
Government
Bond
,
Senior
Note
,
144A,
3.875
%
,
1/21/30
.........................................
North
Macedonia
310,000
EUR
352,226
b
Oman
Government
Bond
,
Senior
Bond
,
144A,
5.625
%
,
1/17/28
.
Oman
630,000
636,980
b
Paraguay
Government
Bond
,
Senior
Bond
,
Reg
S,
4.95
%
,
4/28/31
.........................................
Paraguay
740,000
742,879
Peru
Government
Bond
,
Senior
Bond
,
2.783
%
,
1/23/31
........................
Peru
940,000
868,419
Philippines
Government
Bond
,
Senior
Bond
,
9.5
%
,
2/02/30
....
Philippines
590,000
685,440
Poland
Government
Bond
,
4.875
%
,
2/12/30
...................................
Poland
900,000
910,751
b
Power
Finance
Corp.
Ltd.
,
Senior
Bond
,
Reg
S,
3.95
%
,
4/23/30
.
India
560,000
537,990
b
Romania
Government
Bond
,
Senior
Bond
,
144A,
2.875
%
,
5/26/28
Romania
790,000
EUR
895,126
b
Serbia
Government
Bond
,
Senior
Note
,
144A,
6.25
%
,
5/26/28
..
Serbia
600,000
612,178
South
Africa
Government
Bond
,
Senior
Bond
,
4.85
%
,
9/27/27
.........................
South
Africa
700,000
702,415
Senior
Bond
,
5.875
%
,
6/22/30
........................
South
Africa
200,000
204,892
Turkiye
Government
Bond
,
Senior
Note
,
9.125
%
,
7/13/30
.....
Turkiye
770,000
848,787
Uruguay
Government
Bond
,
Senior
Bond
,
4.375
%
,
10/27/27
...
Uruguay
773,333
774,455
b
Uzbekistan
Government
Bond
,
Senior
Note
,
144A,
7.85
%
,
10/12/28
........................................
Uzbekistan
590,000
624,900
Total
Foreign
Government
and
Agency
Securities
(Cost
$
20,004,825
)
............
19,894,935
U.S.
Government
and
Agency
Securities
0.1%
m
U.S.
Treasury
Bonds
,
1.875
%,
2/15/51
...................
United
States
386,000
214,645
m
,n
U.S.
Treasury
Inflation
Indexed
Bonds
,
Index
Linked,
1.5
%,
2/15/53
.........................................
United
States
933,000
709,533
m
U.S.
Treasury
Notes
,
3.5
%,
4/30/30
....................................
United
States
480,000
468,507
4.125
%,
8/31/30
..................................
United
States
274,000
273,272
4
%,
2/15/34
.....................................
United
States
473,900
463,071
Total
U.S.
Government
and
Agency
Securities
(Cost
$
2,129,028
)
................
2,129,028
Asset-Backed
Securities
1.4%
Capital
Markets
0.0%
†
b
,k
Magnetite
XL
Ltd.
,
2024-40A
,
A1
,
144A,
FRN
,
5.123
%
,
(
3-month
SOFR
+
1.45
%
),
7/15/37
.
............................
United
States
774,000
774,669
Consumer
Staples
Distribution
&
Retail
0.0%
†
CVS
Pass-Through
Trust
,
6.036
%
,
12/10/28
..................................
United
States
10,016
10,049
b
2013
,
144A,
4.704
%
,
1/10/36
.........................
United
States
202,535
189,148
199,197
a
a
a
a
a
a
Financial
Services
1.4%
b
,k
AGL
Core
CLO
31
Ltd.
,
2024-31A
,
A
,
144A,
FRN
,
5.075
%
,
(
3-month
SOFR
+
1.4
%
),
7/20/37
.
.....................
United
States
350,000
350,523
Putnam
Asset
Allocation
Funds
Consolidated
Schedule
of
Investments
(unaudited)
Putnam
Dynamic
Asset
Allocation
Balanced
Fund
(continued)
See
Notes
to
Consolidated
Schedules
of
Investments.
Quarterly
Consolidated
Schedule
of
Investments
53
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Asset-Backed
Securities
(continued)
Financial
Services
(continued)
b
,k
Allegro
CLO
XII
Ltd.
,
2020-1A
,
A1R
,
144A,
FRN
,
5.112
%
,
(
3-month
SOFR
+
1.44
%
),
7/21/37
.
....................
United
States
370,000
$
370,470
b
,k
Ares
LXIX
CLO
Ltd.
,
2024-69A
,
A1R
,
144A,
FRN
,
4.888
%
,
(
3-month
SOFR
+
1.25
%
),
4/15/36
.
....................
Jersey
1,800,000
1,804,335
b
,k
Bain
Capital
Credit
CLO
Ltd.
,
2022-2A
,
A1R
,
144A,
FRN
,
4.814
%
,
(
3-month
SOFR
+
1.15
%
),
4/22/35
.
....................
United
States
300,000
300,272
b
,k
Battalion
CLO
18
Ltd.
,
2020-18A
,
ARR
,
144A,
FRN
,
4.853
%
,
(
3-month
SOFR
+
1.18
%
),
10/15/36
.
...................
United
States
515,000
515,604
b
,k
Battalion
CLO
X
Ltd.
,
2016-10A
,
A1R3
,
144A,
FRN
,
4.807
%
,
(
3-month
SOFR
+
1.14
%
),
1/24/35
.
....................
United
States
814,124
814,903
b
,k
Birch
Grove
CLO
2
Ltd.
,
2021-2A
,
A1R
,
144A,
FRN
,
5.075
%
,
(
3-month
SOFR
+
1.4
%
),
10/19/37
.
....................
United
States
500,000
500,995
b
,k
Black
Diamond
CLO
Ltd.
,
2021-1A
,
A1AR
,
144A,
FRN
,
4.914
%
,
(
3-month
SOFR
+
1.25
%
),
11/22/34
.
....................
United
States
454,000
454,547
b
,k
BRAVO
Residential
Funding
Trust
,
2021-HE3
,
A2
,
144A,
FRN
,
4.628
%
,
(
30-day
SOFR
Average
+
1
%
),
8/25/69
.
..........
United
States
180,610
180,097
b
,k
BXMT
Ltd.
,
2021-FL4
,
A
,
144A,
FRN
,
5.051
%
,
(
1-month
SOFR
+
1.414
%
),
5/15/38
.
.................................
United
States
184,873
184,065
b
,k
Carlyle
US
CLO
Ltd.
,
2020-2A
,
A1R2
,
144A,
FRN
,
4.747
%
,
(
3-month
SOFR
+
1.08
%
),
1/25/35
.
....................
United
States
1,120,000
1,121,106
b
,k
Cathedral
Lake
VIII
Ltd.
,
2021-8A
,
A1R
,
144A,
FRN
,
4.805
%
,
(
3-month
SOFR
+
1.13
%
),
1/20/35
.
....................
United
States
690,000
690,589
b
,k
CIFC
Funding
Ltd.
,
2014-2RA
,
AR
,
144A,
FRN
,
5.027
%
,
(
3-month
SOFR
+
1.36
%
),
10/24/37
........................................
United
States
400,000
400,398
2021-4A
,
AR
,
144A,
FRN
,
5.026
%
,
(
3-month
SOFR
+
1.36
%
),
7/23/37
.........................................
United
States
550,000
551,595
2021-7A
,
AR
,
144A,
FRN
,
4.756
%
,
(
3-month
SOFR
+
1.09
%
),
1/23/35
.........................................
United
States
1,124,000
1,125,112
b
Compass
Datacenters
Issuer
II
LLC
,
2025-2A
,
A1
,
144A,
4.926
%
,
11/25/50
.
........................................
United
States
721,000
706,399
b
Compass
Datacenters
Issuer
III
LLC
,
2025-1A
,
A2
,
144A,
5.656
%
,
2/25/50
.
..................................
United
States
1,318,000
1,320,392
b
,k
Crown
Point
CLO
10
Ltd.
,
2021-10A
,
A
,
144A,
FRN
,
5.107
%
,
(
3-month
SOFR
+
1.432
%
),
7/20/34
.
...................
United
States
350,000
350,602
b
,k
Danby
Park
CLO
Ltd.
,
2022-1A
,
AR
,
144A,
FRN
,
5.032
%
,
(
3-month
SOFR
+
1.36
%
),
10/21/37
.
...................
Jersey
670,000
670,590
b
,k
Diameter
Capital
CLO
7
Ltd.
,
2024-7A
,
A1A
,
144A,
FRN
,
5.155
%
,
(
3-month
SOFR
+
1.48
%
),
7/20/37
.
....................
United
States
400,000
400,499
b
,k
Dryden
86
CLO
Ltd.
,
2020-86A
,
A1R2
,
144A,
FRN
,
4.81
%
,
(
3-month
SOFR
+
1.13
%
),
7/17/34
.
....................
United
States
1,600,000
1,601,775
b
,k
Elevation
CLO
Ltd.
,
2021-13A
,
A1R
,
144A,
FRN
,
4.733
%
,
(
3-month
SOFR
+
1.06
%
),
7/15/34
.
....................
United
States
615,000
615,292
b
,k
Elmwood
CLO
16
Ltd.
,
2022-3A
,
BRR
,
144A,
FRN
,
5.125
%
,
(
3-month
SOFR
+
1.45
%
),
4/20/37
.
....................
United
States
400,000
400,684
b
,k
Elmwood
CLO
33
Ltd.
,
2024-9RA
,
AR
,
144A,
FRN
,
5.052
%
,
(
3-month
SOFR
+
1.38
%
),
10/21/37
.
...................
United
States
350,000
350,525
b
,k
Elmwood
CLO
I
Ltd.
,
2019-1A
,
A1R3
,
144A,
FRN
,
4.795
%
,
(
3-month
SOFR
+
1.12
%
),
4/20/37
.
....................
United
States
425,000
424,791
b
,k
Elmwood
CLO
III
Ltd.
,
2019-3A
,
A1RR
,
144A,
FRN
,
5.055
%
,
(
3-month
SOFR
+
1.38
%
),
7/18/37
.
....................
United
States
500,000
500,432
b
FIGRE
Trust
,
2025-FL1
,
A1
,
144A,
5.265
%
,
7/25/55
.
.........
United
States
133,715
133,397
b
,k
HalseyPoint
CLO
3
Ltd.
,
2020-3A
,
A1R
,
144A,
FRN
,
5.143
%
,
(
3-month
SOFR
+
1.48
%
),
7/30/37
.
....................
United
States
274,000
274,274
b
,k
HalseyPoint
CLO
4
Ltd.
,
2021-4A
,
A
,
144A,
FRN
,
5.157
%
,
(
3-month
SOFR
+
1.482
%
),
4/20/34
.
...................
United
States
250,000
250,416
b
Home
Partners
of
America
Trust
,
2021-2
,
C
,
144A,
2.402
%
,
12/17/26
.
........................................
United
States
420,193
414,491
Putnam
Asset
Allocation
Funds
Consolidated
Schedule
of
Investments
(unaudited)
Putnam
Dynamic
Asset
Allocation
Balanced
Fund
(continued)
Quarterly
Consolidated
Schedule
of
Investments
See
Notes
to
Consolidated
Schedules
of
Investments.
54
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Asset-Backed
Securities
(continued)
Financial
Services
(continued)
b
Iskandar
Enterprise
LLC
,
2026-1A
,
A21
,
144A,
5.049
%
,
4/17/56
.
United
States
1,352,000
$
1,345,707
b
J.P.
Morgan
Mortgage
Trust
,
k
2023-HE2
,
A1
,
144A,
FRN
,
5.312
%
,
(
30-day
SOFR
Average
+
1.7
%
),
3/20/54
....................................
United
States
135,697
136,080
2024-CES1
,
A1A
,
144A,
5.919
%
,
6/25/54
................
United
States
92,592
92,859
k
2026-HE1
,
A1
,
144A,
FRN
,
4.859
%
,
(
30-day
SOFR
Average
+
1.25
%
),
9/20/56
...................................
United
States
185,620
186,419
b
,k
KKR
CLO
43
Ltd.
,
2022-43A
,
A2R2
,
144A,
FRN
,
5.121
%
,
(
3-month
SOFR
+
1.45
%
),
4/15/38
.
....................
Jersey
1,240,000
1,241,779
b
,k
KKR
CLO
54
Ltd.
,
2024-54A
,
A
,
144A,
FRN
,
4.993
%
,
(
3-month
SOFR
+
1.32
%
),
1/15/38
.
............................
United
States
364,000
364,803
b
,k
KREF
Ltd.
,
2022-FL3
,
A
,
144A,
FRN
,
5.089
%
,
(
1-month
SOFR
+
1.45
%
),
2/17/39
.
..................................
United
States
40,749
40,775
k
Long
Beach
Mortgage
Loan
Trust
,
2004-1
,
A2
,
FRN
,
4.563
%
,
(
1-month
SOFR
+
0.914
%
),
2/25/34
.
...................
United
States
239,252
238,074
b
,k
Madison
Park
Funding
XXX
Ltd.
,
2018-30A
,
A1R
,
144A,
FRN
,
5.04
%
,
(
3-month
SOFR
+
1.36
%
),
7/16/37
.
...............
United
States
380,000
381,103
b
MAST
Ltd.
,
2026-1A
,
A
,
144A,
5.134
%
,
2/15/51
.
............
United
States
690,446
677,564
k
Morgan
Stanley
ABS
Capital
I,
Inc.
Trust
,
2004-HE6
,
M1
,
FRN
,
4.588
%
,
(
1-month
SOFR
+
0.939
%
),
8/25/34
.
.............
United
States
108,846
107,167
b
,k
Mountain
View
CLO
XV
Ltd.
,
2019-2A
,
A1R2
,
144A,
FRN
,
4.918
%
,
(
3-month
SOFR
+
1.29
%
),
7/15/37
.
..............
United
States
550,000
550,271
b
,k
Neuberger
Berman
Loan
Advisers
CLO
43
Ltd.
,
2021-43A
,
AR
,
144A,
FRN
,
4.73
%
,
(
3-month
SOFR
+
1.05
%
),
7/17/36
.
.....
United
States
1,600,000
1,600,999
b
,k
Neuberger
Berman
Loan
Advisers
CLO
45
Ltd.
,
2021-45A
,
AR
,
144A,
FRN
,
4.729
%
,
(
3-month
SOFR
+
1.06
%
),
10/14/36
.
...
United
States
2,200,000
2,201,109
b
,k
Neuberger
Berman
Loan
Advisers
CLO
51
Ltd.
,
2022-51A
,
BR2
,
144A,
FRN
,
5.066
%
,
(
3-month
SOFR
+
1.4
%
),
10/23/36
.
....
Jersey
275,000
275,552
b
,k
Northwoods
Capital
27
Ltd.
,
2021-27A
,
A1R
,
144A,
FRN
,
4.86
%
,
(
3-month
SOFR
+
1.18
%
),
10/17/34
.
...................
United
States
750,000
750,871
b
,k
Oaktree
CLO
Ltd.
,
2019-4AR
,
AR3
,
144A,
FRN
,
Zero
Cpn.,
(
3-month
SOFR
+
1.23
%
),
7/20/37
...................................
United
States
1,000,000
1,000,495
2021-1A
,
A1R
,
144A,
FRN
,
5.023
%
,
(
3-month
SOFR
+
1.35
%
),
1/15/38
.........................................
United
States
272,000
272,599
b
,k
Octagon
Investment
Partners
49
Ltd.
,
2020-5A
,
ARR
,
144A,
FRN
,
4.793
%
,
(
3-month
SOFR
+
1.12
%
),
4/15/37
.
..............
United
States
1,080,000
1,079,460
b
,k
OHA
Loan
Funding
Ltd.
,
2016-1A
,
A1R2
,
144A,
FRN
,
5.135
%
,
(
3-month
SOFR
+
1.46
%
),
7/20/37
.
....................
United
States
526,000
527,729
k
Park
Place
Securities,
Inc.
,
2004-WCW2
,
M3
,
FRN
,
4.813
%
,
(
1-month
SOFR
+
1.164
%
),
10/25/34
.
..................
United
States
84,295
83,778
b
PK
ALIFT
Loan
Funding
7
LP
,
2025-2
,
A
,
144A,
4.75
%
,
3/15/43
.
United
States
837,020
831,279
b
PK
ALIFT
Loan
Funding
8
LP
,
2026-1
,
A
,
144A,
4.614
%
,
9/15/43
.
United
States
250,000
246,504
b
PRET
LLC
,
2026-NPL3
,
A1
,
144A,
4.968
%
,
2/25/56
.
.........
United
States
1,033,966
1,025,518
b
,k
PRMI
Securitization
Trust
,
2024-CMG1
,
A1
,
144A,
FRN
,
5.042
%
,
(
30-day
SOFR
Average
+
1.45
%
),
7/25/54
.
...............
United
States
429,342
429,353
b
,k
RR
29
Ltd.
,
2024-29RA
,
A1R
,
144A,
FRN
,
5.063
%
,
(
3-month
SOFR
+
1.39
%
),
7/15/39
.
............................
United
States
350,000
350,952
b
,k
Signal
Peak
CLO
5
Ltd.
,
2018-5A
,
A1R2
,
144A,
FRN
,
4.861
%
,
(
3-month
SOFR
+
1.23
%
),
4/25/37
.
....................
United
States
250,000
250,250
b
,k
Sixth
Street
CLO
XXV
Ltd.
,
2024-25A
,
A
,
144A,
FRN
,
5.147
%
,
(
3-month
SOFR
+
1.48
%
),
7/24/37
.
....................
United
States
1,000,000
1,000,839
b
,k
Sound
Point
CLO
XXVI
Ltd.
,
2020-1A
,
AR
,
144A,
FRN
,
5.107
%
,
(
3-month
SOFR
+
1.432
%
),
7/20/34
.
...................
United
States
508,000
508,734
b
,k
Sound
Point
CLO
XXXII
Ltd.
,
2021-4A
,
AR
,
144A,
FRN
,
4.697
%
,
(
3-month
SOFR
+
1.03
%
),
10/25/34
.
...................
United
States
450,000
450,210
b
Stack
Infrastructure
Issuer
LLC
,
2026-1A
,
A2
,
144A,
5
%
,
3/27/56
.
United
States
599,000
581,194
Putnam
Asset
Allocation
Funds
Consolidated
Schedule
of
Investments
(unaudited)
Putnam
Dynamic
Asset
Allocation
Balanced
Fund
(continued)
See
Notes
to
Consolidated
Schedules
of
Investments.
Quarterly
Consolidated
Schedule
of
Investments
55
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Asset-Backed
Securities
(continued)
Financial
Services
(continued)
b
,k
Symphony
CLO
XXIII
Ltd.
,
2020-23A
,
AR2
,
144A,
FRN
,
4.573
%
,
(
3-month
SOFR
+
0.9
%
),
1/15/34
.
.....................
United
States
204,204
$
204,218
b
,k
TCW
CLO
Ltd.
,
2020-1A
,
A1R3
,
144A,
FRN
,
4.725
%
,
(
3-month
SOFR
+
1.05
%
),
4/20/34
.
............................
United
States
2,000,000
2,001,215
b
,k
Towd
Point
Mortgage
Trust
,
2025-HE1
,
A1A
,
144A,
FRN
,
4.978
%
,
(
30-day
SOFR
Average
+
1.35
%
),
7/25/65
.
...............
United
States
118,643
118,889
b
,k
Trinitas
CLO
XII
Ltd.
,
2020-12A
,
A1R2
,
144A,
FRN
,
4.717
%
,
(
3-month
SOFR
+
1.05
%
),
4/25/33
.
....................
United
States
1,099,925
1,100,586
b
,k
Trinitas
CLO
XV
Ltd.
,
2021-15A
,
A1R
,
144A,
FRN
,
4.784
%
,
(
3-month
SOFR
+
1.12
%
),
4/22/34
.
....................
United
States
1,000,000
1,001,023
b
,k
Trinitas
CLO
XVIII
Ltd.
,
2021-18A
,
A1R
,
144A,
FRN
,
4.895
%
,
(
3-month
SOFR
+
1.22
%
),
1/20/35
.
....................
United
States
300,000
300,312
b
VCAT
LLC
,
2026-NPL1
,
A1
,
144A,
5.101
%
,
1/25/56
.
.........
United
States
146,008
145,010
b
,k
Venture
41
CLO
Ltd.
,
2021-41A
,
A1RR
,
144A,
FRN
,
4.805
%
,
(
3-month
SOFR
+
1.13
%
),
1/20/34
.
....................
United
States
976,307
977,246
b
,k
Venture
XV
CLO
Ltd.
,
2013-15A
,
AR3
,
144A,
FRN
,
5.115
%
,
(
3-month
SOFR
+
1.442
%
),
7/15/32
.
...................
United
States
82,969
83,016
b
,k
Voya
CLO
Ltd.
,
2019-3A
,
AR
,
144A,
FRN
,
5.022
%
,
(
3-month
SOFR
+
1.342
%
),
10/17/32
.
..........................
United
States
173,956
174,136
b
,k
Wind
River
CLO
Ltd.
,
2021-4A
,
AR
,
144A,
FRN
,
4.902
%
,
(
3-month
SOFR
+
1.23
%
),
1/20/35
.
....................
United
States
360,000
360,385
b
,k
Wise
CLO
Ltd.
,
2024-2A
,
A
,
144A,
FRN
,
5.133
%
,
(
3-month
SOFR
+
1.46
%
),
7/15/37
.
.................................
United
States
500,000
500,452
b
,k
Zais
CLO
16
Ltd.
,
2020-16A
,
A1R2
,
144A,
FRN
,
4.805
%
,
(
3-month
SOFR
+
1.13
%
),
10/20/34
.
...................
United
States
620,000
620,822
44,196,506
a
a
a
a
a
a
Total
Asset-Backed
Securities
(Cost
$
45,181,458
)
.............................
45,170,372
Commercial
Mortgage-Backed
Securities
1.0%
Financial
Services
1.0%
b
1166
Avenue
of
the
Americas
Commercial
Mortgage
Trust
II
,
2005-C6A
,
A3
,
144A,
5.69
%
,
10/13/37
..................
United
States
713,000
721,405
b
,o
,p
Arbor
Multifamily
Mortgage
Securities
Trust
,
2020-MF1
,
XA
,
IO,
144A,
FRN
,
1.043
%
,
5/15/53
.........................
United
States
5,008,892
141,023
o
,p
BANK
,
2020-BN26
,
XA
,
IO,
FRN
,
1.305
%
,
3/15/63
..........
United
States
2,576,393
80,634
p
BANK5
Trust
,
o
2024-5YR7
,
XA
,
IO,
FRN
,
1.571
%
,
6/15/57
..............
United
States
7,537,420
252,855
2026-5YR22
,
C
,
FRN
,
5.962
%
,
6/15/59
.................
United
States
336,000
337,017
o
2026-5YR23
,
XB
,
IO,
FRN
,
0.6
%
,
7/15/31
...............
United
States
16,658,000
364,760
Barclays
Commercial
Mortgage
Trust
,
o,p
2019-C4
,
XA
,
IO,
FRN
,
1.649
%
,
8/15/52
.................
United
States
9,513,242
337,516
2019-C5
,
C
,
3.71
%
,
11/15/52
.........................
United
States
473,000
436,743
p
BBCMS
Mortgage
Trust
,
o
2021-C9
,
XA
,
IO,
FRN
,
1.658
%
,
2/15/54
.................
United
States
2,585,164
144,589
o
2025-5C38
,
XA
,
IO,
FRN
,
1.674
%
,
11/15/58
..............
United
States
5,113,000
283,379
2026-5C40
,
AS
,
FRN
,
5.529
%
,
2/15/59
.................
United
States
320,000
323,813
2026-5C40
,
B
,
FRN
,
5.78
%
,
2/15/59
...................
United
States
510,000
515,469
2026-5C40
,
C
,
FRN
,
5.813
%
,
2/15/59
..................
United
States
368,000
368,286
Benchmark
Mortgage
Trust
,
o,p
2020-B22
,
XA
,
IO,
FRN
,
1.602
%
,
1/15/54
................
United
States
2,561,532
136,043
o,p
2024-V10
,
XA
,
IO,
FRN
,
1.522
%
,
9/15/57
................
United
States
5,153,357
184,757
p
2025-V19
,
AS
,
FRN
,
5.597
%
,
1/15/58
...................
United
States
330,000
334,769
2026-V21
,
AS
,
5.506
%
,
3/15/59
.......................
United
States
360,000
363,195
o,p
2026-V21
,
XA
,
IO,
FRN
,
1.648
%
,
3/15/59
................
United
States
3,217,511
189,932
Putnam
Asset
Allocation
Funds
Consolidated
Schedule
of
Investments
(unaudited)
Putnam
Dynamic
Asset
Allocation
Balanced
Fund
(continued)
Quarterly
Consolidated
Schedule
of
Investments
See
Notes
to
Consolidated
Schedules
of
Investments.
56
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Commercial
Mortgage-Backed
Securities
(continued)
Financial
Services
(continued)
b
,k
BIKE
Pass-Through
Trust
,
2026-BAND
,
A
,
144A,
FRN
,
5.78
%
,
(
1-month
SOFR
+
2.15
%
),
7/15/43
.........................................
United
States
347,000
$
347,508
2026-BAND
,
B
,
144A,
FRN
,
7.78
%
,
(
1-month
SOFR
+
4.15
%
),
7/15/43
.........................................
United
States
318,000
318,844
o
,p
BMO
Mortgage
Trust
,
2026-5C14
,
XA
,
IO,
FRN
,
1.394
%
,
3/15/59
United
States
7,427,833
359,447
b
BX
Trust
,
p
2025-ARIA
,
C
,
144A,
FRN
,
5.701
%
,
12/13/42
.............
United
States
364,000
363,497
k
2025-VOLT
,
A
,
144A,
FRN
,
5.325
%
,
(
1-month
SOFR
+
1.7
%
),
12/15/44
........................................
United
States
177,000
177,458
k
2026-CLS
,
A
,
144A,
FRN
,
5.025
%
,
(
1-month
SOFR
+
1.4
%
),
5/15/43
.........................................
United
States
436,000
437,053
k
2026-CLS
,
D
,
144A,
FRN
,
7.075
%
,
(
1-month
SOFR
+
3.45
%
),
5/15/43
.........................................
United
States
449,000
451,627
p
CFCRE
Commercial
Mortgage
Trust
,
b
2011-C2
,
D
,
144A,
FRN
,
5.08
%
,
12/15/47
...............
United
States
47,038
46,272
2017-C8
,
B
,
FRN
,
4.199
%
,
6/15/50
....................
United
States
169,000
164,686
p
CGMS
Commercial
Mortgage
Trust
,
2017-B1
,
AS
,
FRN
,
3.711
%
,
8/15/50
.........................................
United
States
262,000
257,163
Citigroup
Commercial
Mortgage
Trust
,
2016-C3
,
A4
,
3.154
%
,
11/15/49
.......................
United
States
413,000
410,660
2016-P4
,
AS
,
3.075
%
,
7/10/49
........................
United
States
798,000
791,684
p
COMM
Mortgage
Trust
,
b
2013-CR13
,
D
,
144A,
FRN
,
5.002
%
,
11/10/46
............
United
States
313,257
177,375
2014-CR17
,
C
,
FRN
,
4.941
%
,
5/10/47
..................
United
States
333,000
324,901
b
2014-CR17
,
D
,
144A,
FRN
,
5.005
%
,
5/10/47
.............
United
States
442,000
391,608
2014-UBS5
,
AM
,
FRN
,
4.193
%
,
9/10/47
.................
United
States
122,945
121,392
2015-CR22
,
B
,
FRN
,
3.926
%
,
3/10/48
..................
United
States
159,210
153,228
2015-LC19
,
C
,
FRN
,
4.568
%
,
2/10/48
..................
United
States
344,026
335,658
b
,o
,p
Credit
Suisse
Commercial
Mortgage
Trust
,
2007-C2
,
AX
,
IO,
144A,
FRN
,
0.029
%
,
1/15/49
.........................
United
States
2,892,725
798
CSAIL
Commercial
Mortgage
Trust
,
p
2015-C1
,
C
,
FRN
,
3.891
%
,
4/15/50
....................
United
States
538,000
512,441
p
2016-C7
,
AS
,
FRN
,
3.958
%
,
11/15/49
...................
United
States
399,000
396,279
2019-C17
,
AS
,
3.278
%
,
9/15/52
.......................
United
States
430,000
391,279
o,p
2020-C19
,
XA
,
IO,
FRN
,
1.205
%
,
3/15/53
................
United
States
10,220,678
305,798
o,p
2021-C20
,
XA
,
IO,
FRN
,
1.109
%
,
3/15/54
................
United
States
3,823,184
127,385
b
,p
CSTL
Commercial
Mortgage
Trust
,
2025-GATE2
,
A
,
144A,
FRN
,
4.712
%
,
11/10/42
..................................
United
States
415,000
407,533
b
,p
DBUBS
Mortgage
Trust
,
2011-LC3A
,
D
,
144A,
FRN
,
5.534
%
,
8/10/44
.........................................
United
States
808,977
791,218
b
,p
GS
Mortgage
Securities
Corp.
Trust
,
2017-375H
,
A
,
144A,
FRN
,
3.591
%
,
9/10/37
...................................
United
States
558,000
542,952
p
GS
Mortgage
Securities
Trust
,
o
2014-GC22
,
XA
,
IO,
FRN
,
0.715
%
,
6/10/47
..............
United
States
763,379
4,305
2015-GC30
,
B
,
FRN
,
4.094
%
,
5/10/50
..................
United
States
488,743
477,137
o
2019-GC38
,
XA
,
IO,
FRN
,
1.168
%
,
2/10/52
..............
United
States
7,581,633
166,038
J.P.
Morgan
Chase
Commercial
Mortgage
Securities
Trust
,
2016-
JP3
,
AS
,
3.144
%
,
8/15/49
...........................
United
States
556,000
540,852
p
JPMBB
Commercial
Mortgage
Securities
Trust
,
2013-C12
,
C
,
FRN
,
4.072
%
,
7/15/45
...................
United
States
215,151
212,544
2014-C18
,
B
,
FRN
,
4.659
%
,
2/15/47
...................
United
States
395,213
392,695
2014-C18
,
C
,
FRN
,
4.659
%
,
2/15/47
...................
United
States
747,000
729,654
2014-C23
,
B
,
FRN
,
4.673
%
,
9/15/47
...................
United
States
285,835
283,066
2014-C23
,
C
,
FRN
,
4.673
%
,
9/15/47
...................
United
States
700,400
680,981
2014-C24
,
AS
,
FRN
,
3.914
%
,
11/15/47
..................
United
States
542,000
524,844
o
2014-C25
,
XA
,
IO,
FRN
,
0.545
%
,
11/15/47
...............
United
States
1,009,481
4,104
Putnam
Asset
Allocation
Funds
Consolidated
Schedule
of
Investments
(unaudited)
Putnam
Dynamic
Asset
Allocation
Balanced
Fund
(continued)
See
Notes
to
Consolidated
Schedules
of
Investments.
Quarterly
Consolidated
Schedule
of
Investments
57
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Commercial
Mortgage-Backed
Securities
(continued)
Financial
Services
(continued)
p
JPMCC
Commercial
Mortgage
Securities
Trust
,
2017-JP5
,
AS
,
FRN
,
3.876
%
,
3/15/50
..............................
United
States
373,000
$
364,332
b
LSTAR
Commercial
Mortgage
Trust
,
2017-5
,
A5
,
144A,
3.549
%
,
3/10/50
.........................................
United
States
809,530
805,013
b
,p
MAD
Commercial
Mortgage
Trust
,
2025-11MD
,
C
,
144A,
FRN
,
5.818
%
,
10/15/42
............
United
States
397,000
398,962
2025-11MD
,
D
,
144A,
FRN
,
6.571
%
,
10/15/42
............
United
States
388,000
391,397
Morgan
Stanley
Bank
of
America
Merrill
Lynch
Trust
,
p
2013-C10
,
B
,
FRN
,
4.081
%
,
7/15/46
...................
United
States
617,131
587,135
b,p
2013-C9
,
D
,
144A,
FRN
,
3.915
%
,
5/15/46
...............
United
States
316,000
288,779
p
2015-C21
,
B
,
FRN
,
3.854
%
,
3/15/48
...................
United
States
113,649
111,440
p
2015-C22
,
B
,
FRN
,
3.883
%
,
4/15/48
...................
United
States
237,000
217,007
p
2015-C22
,
C
,
FRN
,
4.094
%
,
4/15/48
...................
United
States
520,000
442,153
2016-C30
,
AS
,
3.175
%
,
9/15/49
.......................
United
States
1,162,000
1,148,974
p
2016-C32
,
AS
,
FRN
,
3.994
%
,
12/15/49
.................
United
States
392,000
386,272
Morgan
Stanley
Capital
I
Trust
,
b
2015-UBS8
,
D
,
144A,
3.18
%
,
12/15/48
..................
United
States
578,000
549,808
p
2016-BNK2
,
C
,
FRN
,
4.006
%
,
11/15/49
.................
United
States
148,000
133,130
2018-L1
,
A3
,
4.139
%
,
10/15/51
.......................
United
States
268,253
265,499
b
One
Bryant
Park
Trust
,
2019-OBP
,
A
,
144A,
2.516
%
,
9/15/54
..
United
States
371,000
342,795
b
,k
SHRN
Trust
,
2025-MF18
,
A
,
144A,
FRN
,
4.825
%
,
(
1-month
SOFR
+
1.2
%
),
10/15/40
.................................
United
States
415,000
415,225
b
,q
TIAA
Real
Estate
CDO
Ltd.
,
2003-1A
,
E
,
144A,
8
%
,
12/28/38
..
United
States
417,718
52
b
VCAT
LLC
,
2026-NPL2
,
A1
,
144A,
5.062
%
,
2/25/56
..........
United
States
2,135,403
2,124,909
b
,p
VEGAS
,
2024-GCS
,
D
,
144A,
FRN
,
6.424
%
,
7/10/36
.........
United
States
363,000
362,335
o
,p
Wachovia
Bank
Commercial
Mortgage
Trust
,
2006-C29
,
IO,
FRN
,
0.488
%
,
11/15/48
..................................
United
States
6,475
4
Wells
Fargo
Commercial
Mortgage
Trust
,
b,p
2013-LC12
,
D
,
144A,
FRN
,
3.865
%
,
7/15/46
.............
United
States
312,000
216,060
b
2016-C33
,
D
,
144A,
3.123
%
,
3/15/59
...................
United
States
97,884
95,982
b,p
2016-C34
,
D
,
144A,
FRN
,
5.424
%
,
6/15/49
..............
United
States
231,711
227,479
o,p
2016-LC25
,
XA
,
IO,
FRN
,
1.004
%
,
12/15/59
..............
United
States
6,814,046
8,742
p
2020-C56
,
B
,
FRN
,
3.726
%
,
6/15/53
...................
United
States
400,000
349,093
o,p
2024-5C1
,
XA
,
IO,
FRN
,
1.254
%
,
7/15/57
................
United
States
4,417,468
113,360
o,p
2026-5C10
,
XA
,
IO,
FRN
,
0.985
%
,
6/15/59
...............
United
States
8,315,000
396,929
p
WFRBS
Commercial
Mortgage
Trust
,
b,q
2011-C3
,
D
,
144A,
FRN
,
5.415
%
,
3/15/44
...............
United
States
257,303
94,551
o
2013-C14
,
XA
,
IO,
FRN
,
0.456
%
,
6/15/46
................
United
States
91,757
1
b
2013-C15
,
D
,
144A,
FRN
,
4.286
%
,
8/15/46
..............
United
States
299,515
211,308
2014-C21
,
B
,
FRN
,
4.213
%
,
8/15/47
...................
United
States
840,410
828,180
o
2014-C22
,
XA
,
IO,
FRN
,
0.383
%
,
9/15/57
................
United
States
2,229,516
384
2014-C23
,
B
,
FRN
,
4.408
%
,
10/15/57
...................
United
States
206,000
202,496
30,717,935
a
a
a
a
a
a
Total
Commercial
Mortgage-Backed
Securities
(Cost
$
31,104,330
)
..............
30,717,935
Mortgage-Backed
Securities
8.4%
Federal
Home
Loan
Mortgage
Corp.
(FHLMC)
Fixed
Rate
0.4%
FHLMC
Pool,
30
Year
,
2.5
%,
8/01/50
-
8/01/51
.............
United
States
3,794,837
3,187,614
FHLMC
Pool,
30
Year
,
3
%,
1/01/48
......................
United
States
6,893,226
6,137,092
FHLMC
Pool,
30
Year
,
4
%,
9/01/45
......................
United
States
89,263
85,151
FHLMC
Pool,
30
Year
,
5.5
%,
5/01/53
.....................
United
States
912,974
928,732
FHLMC
Pool,
30
Year
,
6
%,
5/01/53
......................
United
States
862,779
890,400
FHLMC
Pool,
30
Year
,
6.5
%,
5/01/53
.....................
United
States
171,200
177,279
11,406,268
Putnam
Asset
Allocation
Funds
Consolidated
Schedule
of
Investments
(unaudited)
Putnam
Dynamic
Asset
Allocation
Balanced
Fund
(continued)
Quarterly
Consolidated
Schedule
of
Investments
See
Notes
to
Consolidated
Schedules
of
Investments.
58
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Mortgage-Backed
Securities
(continued)
Federal
National
Mortgage
Association
(FNMA)
Fixed
Rate
6.2%
FNMA
,
2.73
%,
9/01/29
...............................
United
States
360,578
$
342,781
FNMA
,
3.5
%,
6/01/56
-
2/01/57
.........................
United
States
4,485,237
4,060,654
FNMA
,
4
%,
1/01/57
..................................
United
States
567,568
532,688
FNMA
,
5.28
%,
12/01/28
..............................
United
States
294,000
298,770
FNMA,
30
Year
,
2.5
%,
7/01/50
-
8/01/51
..................
United
States
18,866,306
15,950,611
FNMA,
30
Year
,
3
%,
4/01/46
-
4/01/52
....................
United
States
9,480,610
8,447,004
FNMA,
30
Year
,
3.5
%,
4/01/52
.........................
United
States
1,370,147
1,254,877
FNMA,
30
Year
,
6.5
%,
3/01/53
-
5/01/53
..................
United
States
1,968,318
2,046,677
r
Uniform
Mortgage-Backed
Securities
,
2
%
,
TBA,
8/25/56
......
United
States
2,020,000
1,612,834
r
Uniform
Mortgage-Backed
Securities
,
2.5
%
,
TBA,
7/25/41
.....
United
States
21,900,000
20,558,625
r
Uniform
Mortgage-Backed
Securities
,
2.5
%
,
TBA,
8/25/41
.....
United
States
21,900,000
20,476,463
r
Uniform
Mortgage-Backed
Securities
,
2.5
%
,
TBA,
8/25/56
.....
United
States
55,190,000
46,105,208
r
Uniform
Mortgage-Backed
Securities
,
3
%
,
TBA,
7/25/56
......
United
States
400,000
351,047
r
Uniform
Mortgage-Backed
Securities
,
3.5
%
,
TBA,
7/25/56
.....
United
States
540,000
493,197
r
Uniform
Mortgage-Backed
Securities
,
3.5
%
,
TBA,
8/25/56
.....
United
States
15,000,000
13,600,195
r
Uniform
Mortgage-Backed
Securities
,
4
%
,
TBA,
7/25/56
......
United
States
500,000
469,531
r
Uniform
Mortgage-Backed
Securities
,
4.5
%
,
TBA,
8/25/56
.....
United
States
3,040,000
2,909,969
r
Uniform
Mortgage-Backed
Securities
,
5
%,
TBA,
7/25/41
-
8/25/41
United
States
3,080,000
3,093,343
r
Uniform
Mortgage-Backed
Securities
,
5
%
,
TBA,
8/25/56
......
United
States
52,540,000
51,571,387
r
Uniform
Mortgage-Backed
Securities
,
5.5
%
,
TBA,
8/25/56
.....
United
States
2,610,000
2,614,873
r
Uniform
Mortgage-Backed
Securities
,
6
%
,
TBA,
7/25/56
......
United
States
480,000
490,800
r
Uniform
Mortgage-Backed
Securities
,
6.5
%
,
TBA,
7/25/56
.....
United
States
1,270,000
1,314,450
198,595,984
Government
National
Mortgage
Association
(GNMA)
Fixed
Rate
1.8%
GNMA
I,
Single-family,
30
Year
,
4.5
%,
5/15/47
..............
United
States
245,402
238,599
GNMA
II,
30
Year
,
5.5
%,
7/20/53
........................
United
States
1,489,947
1,521,465
r
GNMA
II,
Single-family,
30
Year
,
2
%,
8/15/56
...............
United
States
940,000
769,731
GNMA
II,
Single-family,
30
Year
,
3
%,
8/20/49
-
1/20/54
.......
United
States
23,994,049
21,389,730
r
GNMA
II,
Single-family,
30
Year
,
3
%,
8/15/56
...............
United
States
24,500,000
21,732,265
GNMA
II,
Single-family,
30
Year
,
4.5
%,
5/20/49
.............
United
States
65,754
63,514
r
GNMA
II,
Single-family,
30
Year
,
4.5
%,
7/15/56
.............
United
States
300,000
289,547
r
GNMA
II,
Single-family,
30
Year
,
5
%,
8/15/56
...............
United
States
2,020,000
1,989,585
GNMA
II,
Single-family,
30
Year
,
5.5
%,
6/20/53
-
7/20/53
......
United
States
1,482,602
1,511,361
r
GNMA
II,
Single-family,
30
Year
,
5.5
%,
7/15/56
.............
United
States
2,350,000
2,365,789
GNMA
II,
Single-family,
30
Year
,
6
%,
12/20/48
-
4/20/49
......
United
States
516,242
546,178
r
GNMA
II,
Single-family,
30
Year
,
6
%,
7/15/56
-
8/15/56
.......
United
States
5,120,000
5,223,885
57,641,649
Total
Mortgage-Backed
Securities
(Cost
$
275,811,896
)
.........................
267,643,901
Residential
Mortgage-Backed
Securities
0.7%
Financial
Services
0.7%
b
A&D
Mortgage
Trust
,
2023-NQM4
,
A1
,
144A,
7.472
%
,
9/25/68
.
United
States
187,211
187,974
k
Alternative
Loan
Trust
,
2005-59
,
1A1
,
FRN
,
4.418
%
,
(
1-month
SOFR
+
0.774
%
),
11/20/35
........................................
United
States
132,907
126,681
2005-65CB
,
2A1
,
FRN
,
4.188
%
,
(
1-month
SOFR
+
0.539
%
),
12/25/35
........................................
United
States
649,669
384,677
2006-24CB
,
A19
,
FRN
,
4.263
%
,
(
1-month
SOFR
+
0.614
%
),
8/25/36
.........................................
United
States
331,975
130,061
2006-OA10
,
4A1
,
FRN
,
4.143
%
,
(
1-month
SOFR
+
0.494
%
),
8/25/46
.........................................
United
States
624,636
558,177
2006-OA19
,
A1
,
FRN
,
3.934
%
,
(
1-month
SOFR
+
0.294
%
),
2/20/47
.........................................
United
States
333,161
272,479
2006-OA7
,
1A2
,
FRN
,
4.684
%
,
(
12-month
average
of
1-year
CMT
+
0.94
%
),
6/25/46
.............................
United
States
290,945
290,155
Putnam
Asset
Allocation
Funds
Consolidated
Schedule
of
Investments
(unaudited)
Putnam
Dynamic
Asset
Allocation
Balanced
Fund
(continued)
See
Notes
to
Consolidated
Schedules
of
Investments.
Quarterly
Consolidated
Schedule
of
Investments
59
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Residential
Mortgage-Backed
Securities
(continued)
Financial
Services
(continued)
b
Angel
Oak
Mortgage
Trust
,
2024-9
,
A1
,
144A,
5.138
%
,
9/25/69
.
United
States
287,474
$
286,655
b
,p
Arroyo
Mortgage
Trust
,
2019-1
,
A3
,
144A,
FRN
,
4.208
%
,
1/25/49
................
United
States
33,647
32,918
2019-3
,
A3
,
144A,
FRN
,
3.416
%
,
10/25/48
...............
United
States
60,945
58,913
k
BankUnited
Trust
,
2005-1
,
1A1
,
FRN
,
4.363
%
,
(
1-month
SOFR
+
0.714
%
),
9/25/45
..................................
United
States
46,698
44,865
b
BRAVO
Residential
Funding
Trust
,
2023-NQM5
,
A1
,
144A,
6.505
%
,
6/25/63
...................................
United
States
122,589
122,768
b
,p
Bunker
Hill
Loan
Depositary
Trust
,
2020-1
,
A2
,
144A,
FRN
,
2.6
%
,
2/25/55
.........................................
United
States
170,546
169,736
b
,k
Chase
Home
Lending
Mortgage
Trust
,
2025-10
,
A11
,
144A,
FRN
,
4.928
%
,
(
30-day
SOFR
Average
+
1.3
%
),
7/25/56
....................................
United
States
122,623
122,962
2025-7
,
A11
,
144A,
FRN
,
5.028
%
,
(
30-day
SOFR
Average
+
1.4
%
),
5/25/56
....................................
United
States
100,409
100,961
p
Citigroup
Mortgage
Loan
Trust,
Inc.
,
2005-2
,
1A2A
,
FRN
,
5.683
%
,
5/25/35
.........................................
United
States
67,881
67,198
b
Cross
Mortgage
Trust
,
2024-H4
,
A1
,
144A,
6.147
%
,
7/25/69
...................
United
States
122,678
123,363
p
2024-H8
,
A1
,
144A,
FRN
,
5.549
%
,
12/25/69
..............
United
States
739,424
742,536
b
,p
CSMC
Trust
,
2021-RPL4
,
A1
,
144A,
FRN
,
4.148
%
,
12/27/60
...
United
States
192,419
191,934
b
,k
FHLMC
STACR
REMIC
Trust
,
2021-DNA5
,
M2
,
144A,
FRN
,
5.278
%
,
(
30-day
SOFR
Average
+
1.65
%
),
1/25/34
.................................
United
States
21,204
21,231
2021-DNA6
,
M2
,
144A,
FRN
,
5.128
%
,
(
30-day
SOFR
Average
+
1.5
%
),
10/25/41
.................................
United
States
211,177
211,450
2021-DNA7
,
M2
,
144A,
FRN
,
5.428
%
,
(
30-day
SOFR
Average
+
1.8
%
),
11/25/41
..................................
United
States
714,000
715,649
2022-DNA2
,
M1A
,
144A,
FRN
,
4.928
%
,
(
30-day
SOFR
Average
+
1.3
%
),
2/25/42
..................................
United
States
30,265
30,267
2022-DNA3
,
M1B
,
144A,
FRN
,
6.528
%
,
(
30-day
SOFR
Average
+
2.9
%
),
4/25/42
..................................
United
States
24,000
24,359
2022-DNA5
,
M1A
,
144A,
FRN
,
6.578
%
,
(
30-day
SOFR
Average
+
2.95
%
),
6/25/42
.................................
United
States
223,844
226,547
2022-DNA6
,
M1A
,
144A,
FRN
,
5.778
%
,
(
30-day
SOFR
Average
+
2.15
%
),
9/25/42
.................................
United
States
8,984
9,001
2022-DNA6
,
M1B
,
144A,
FRN
,
7.328
%
,
(
30-day
SOFR
Average
+
3.7
%
),
9/25/42
..................................
United
States
24,000
24,768
2023-DNA1
,
M1A
,
144A,
FRN
,
5.73
%
,
(
30-day
SOFR
Average
+
2.1
%
),
3/25/43
..................................
United
States
91,591
92,668
2023-HQA2
,
M1A
,
144A,
FRN
,
5.628
%
,
(
30-day
SOFR
Average
+
2
%
),
6/25/43
....................................
United
States
15,350
15,362
2023-HQA3
,
A1
,
144A,
FRN
,
5.478
%
,
(
30-day
SOFR
Average
+
1.85
%
),
11/25/43
..................................
United
States
75,555
75,938
2023-HQA3
,
M1
,
144A,
FRN
,
5.478
%
,
(
30-day
SOFR
Average
+
1.85
%
),
11/25/43
.................................
United
States
37,621
37,804
2024-DNA1
,
A1
,
144A,
FRN
,
4.978
%
,
(
30-day
SOFR
Average
+
1.35
%
),
2/25/44
...................................
United
States
79,149
79,439
2024-DNA2
,
A1
,
144A,
FRN
,
4.878
%
,
(
30-day
SOFR
Average
+
1.25
%
),
5/25/44
...................................
United
States
82,143
82,444
2025-DNA1
,
A1
,
144A,
FRN
,
4.578
%
,
(
30-day
SOFR
Average
+
0.95
%
),
1/25/45
...................................
United
States
523,020
523,653
2025-DNA3
,
M1
,
144A,
FRN
,
4.728
%
,
(
30-day
SOFR
Average
+
1.1
%
),
9/25/45
..................................
United
States
244,114
244,360
2025-DNA4
,
M1
,
144A,
FRN
,
4.728
%
,
(
30-day
SOFR
Average
+
1.1
%
),
10/25/45
.................................
United
States
173,209
173,379
Putnam
Asset
Allocation
Funds
Consolidated
Schedule
of
Investments
(unaudited)
Putnam
Dynamic
Asset
Allocation
Balanced
Fund
(continued)
Quarterly
Consolidated
Schedule
of
Investments
See
Notes
to
Consolidated
Schedules
of
Investments.
60
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Residential
Mortgage-Backed
Securities
(continued)
Financial
Services
(continued)
k
FNMA
Connecticut
Avenue
Securities
Trust
,
2016-C04
,
1M2
,
FRN
,
7.992
%
,
(
30-day
SOFR
Average
+
4.364
%
),
1/25/29
..................................
United
States
270,284
$
270,932
2016-C05
,
2M2
,
FRN
,
8.192
%
,
(
30-day
SOFR
Average
+
4.564
%
),
1/25/29
..................................
United
States
213,910
214,454
2016-C06
,
1M2
,
FRN
,
7.992
%
,
(
30-day
SOFR
Average
+
4.364
%
),
4/25/29
..................................
United
States
128,978
129,778
2016-C07
,
2M2
,
FRN
,
8.092
%
,
(
30-day
SOFR
Average
+
4.464
%
),
5/25/29
..................................
United
States
197,557
199,952
2018-C02
,
2M2
,
FRN
,
5.942
%
,
(
30-day
SOFR
Average
+
2.314
%
),
8/25/30
..................................
United
States
8,485
8,599
b
2021-R03
,
1M2
,
144A,
FRN
,
5.278
%
,
(
30-day
SOFR
Average
+
1.65
%
),
12/25/41
..................................
United
States
222,095
222,828
b
2022-R01
,
1M1
,
144A,
FRN
,
4.628
%
,
(
30-day
SOFR
Average
+
1
%
),
12/25/41
....................................
United
States
4,501
4,500
b
2022-R02
,
2M2
,
144A,
FRN
,
6.628
%
,
(
30-day
SOFR
Average
+
3
%
),
1/25/42
.....................................
United
States
411,681
416,050
b
2022-R03
,
1M2
,
144A,
FRN
,
7.128
%
,
(
30-day
SOFR
Average
+
3.5
%
),
3/25/42
....................................
United
States
104,000
105,833
b
2022-R04
,
1M2
,
144A,
FRN
,
6.728
%
,
(
30-day
SOFR
Average
+
3.1
%
),
3/25/42
....................................
United
States
102,000
103,292
b
2022-R05
,
2M2
,
144A,
FRN
,
6.628
%
,
(
30-day
SOFR
Average
+
3
%
),
4/25/42
.....................................
United
States
891,303
901,987
b
2022-R09
,
2M1
,
144A,
FRN
,
6.128
%
,
(
30-day
SOFR
Average
+
2.5
%
),
9/25/42
....................................
United
States
60,470
60,919
b
2023-R06
,
1M1
,
144A,
FRN
,
5.328
%
,
(
30-day
SOFR
Average
+
1.7
%
),
7/25/43
....................................
United
States
21,274
21,317
b
2023-R07
,
2M1
,
144A,
FRN
,
5.578
%
,
(
30-day
SOFR
Average
+
1.95
%
),
9/25/43
...................................
United
States
7,401
7,417
b
2024-R02
,
1M1
,
144A,
FRN
,
4.728
%
,
(
30-day
SOFR
Average
+
1.1
%
),
2/25/44
....................................
United
States
1,262
1,262
b
2024-R03
,
2M1
,
144A,
FRN
,
4.778
%
,
(
30-day
SOFR
Average
+
1.15
%
),
3/25/44
...................................
United
States
8,530
8,533
b
2024-R06
,
1A1
,
144A,
FRN
,
4.778
%
,
(
30-day
SOFR
Average
+
1.15
%
),
9/25/44
...................................
United
States
184,784
185,314
b
2025-R01
,
1A1
,
144A,
FRN
,
4.578
%
,
(
30-day
SOFR
Average
+
0.95
%
),
1/25/45
...................................
United
States
179,454
179,632
b
2025-R01
,
1M1
,
144A,
FRN
,
4.728
%
,
(
30-day
SOFR
Average
+
1.1
%
),
1/25/45
....................................
United
States
78,740
78,777
b
2025-R02
,
1A1
,
144A,
FRN
,
4.628
%
,
(
30-day
SOFR
Average
+
1
%
),
2/25/45
.....................................
United
States
182,772
183,067
b
2025-R02
,
1M1
,
144A,
FRN
,
4.778
%
,
(
30-day
SOFR
Average
+
1.15
%
),
2/25/45
...................................
United
States
169,137
169,200
b
2025-R03
,
2A1
,
144A,
FRN
,
5.078
%
,
(
30-day
SOFR
Average
+
1.45
%
),
3/25/45
...................................
United
States
30,364
30,520
b
2025-R04
,
1A1
,
144A,
FRN
,
4.628
%
,
(
30-day
SOFR
Average
+
1
%
),
5/25/45
.....................................
United
States
127,702
127,905
b
2025-R04
,
1M1
,
144A,
FRN
,
4.828
%
,
(
30-day
SOFR
Average
+
1.2
%
),
5/25/45
....................................
United
States
227,411
227,636
b
2025-R06
,
1A1
,
144A,
FRN
,
4.528
%
,
(
30-day
SOFR
Average
+
0.9
%
),
9/25/45
....................................
United
States
294,659
294,962
b
2026-R01
,
2A1
,
144A,
FRN
,
4.478
%
,
(
30-day
SOFR
Average
+
0.85
%
),
1/25/46
...................................
United
States
492,734
492,753
b
2026-R01
,
2M1
,
144A,
FRN
,
4.628
%
,
(
30-day
SOFR
Average
+
1
%
),
1/25/46
.....................................
United
States
459,011
459,054
b
2026-R02
,
1M1
,
144A,
FRN
,
4.678
%
,
(
30-day
SOFR
Average
+
1.05
%
),
2/25/46
...................................
United
States
372,725
372,932
Putnam
Asset
Allocation
Funds
Consolidated
Schedule
of
Investments
(unaudited)
Putnam
Dynamic
Asset
Allocation
Balanced
Fund
(continued)
See
Notes
to
Consolidated
Schedules
of
Investments.
Quarterly
Consolidated
Schedule
of
Investments
61
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Residential
Mortgage-Backed
Securities
(continued)
Financial
Services
(continued)
k
FNMA
Connecticut
Avenue
Securities
Trust,
(continued)
b
2026-R03
,
2A1
,
144A,
FRN
,
4.728
%
,
(
30-day
SOFR
Average
+
1.1
%
),
4/25/46
....................................
United
States
882,350
$
885,088
b
,k
GS
Mortgage-Backed
Securities
Trust
,
2025-PJ10
,
A27
,
144A,
FRN
,
4.978
%
,
(
30-day
SOFR
Average
+
1.35
%
),
4/25/56
....
United
States
526,789
528,133
b
Imperial
Fund
Mortgage
Trust
,
2022-NQM5
,
A1
,
144A,
5.39
%
,
8/25/67
.........................................
United
States
111,999
111,715
b
J.P.
Morgan
Mortgage
Trust
,
k
2024-10
,
A11
,
144A,
FRN
,
4.878
%
,
(
30-day
SOFR
Average
+
1.25
%
),
3/25/55
...................................
United
States
136,531
136,580
2024-VIS2
,
A1
,
144A,
5.853
%
,
11/25/64
.................
United
States
236,614
237,273
2024-VIS2
,
A2
,
144A,
6.106
%
,
11/25/64
.................
United
States
604,197
606,105
k
2025-1
,
A11
,
144A,
FRN
,
4.878
%
,
(
30-day
SOFR
Average
+
1.25
%
),
6/25/55
...................................
United
States
177,731
177,503
k
2025-2
,
A11
,
144A,
FRN
,
4.878
%
,
(
30-day
SOFR
Average
+
1.25
%
),
7/25/55
...................................
United
States
229,063
229,842
2026-NQX2
,
A1FC
,
144A,
5.628
%
,
10/25/66
.............
United
States
820,000
819,998
b
MFA
Trust
,
2023-INV2
,
A1
,
144A,
6.775
%
,
10/25/58
.................
United
States
108,543
108,692
2025-NQM3
,
A1
,
144A,
5.261
%
,
8/25/70
................
United
States
187,130
186,356
b
,p
Morgan
Stanley
Resecuritization
Trust
,
2015-R4
,
CB1
,
144A,
FRN
,
3.933
%
,
8/26/47
..............................
United
States
10,882
10,898
b
,k
New
Residential
Mortgage
Loan
Trust
,
2018-4A
,
A1M
,
144A,
FRN
,
4.663
%
,
(
1-month
SOFR
+
1.014
%
),
1/25/48
.........
United
States
105,294
104,408
b
,k
OBX
Trust
,
2025-J2
,
AF
,
144A,
FRN
,
4.928
%
,
(
30-day
SOFR
Average
+
1.3
%
),
9/25/55
....................................
United
States
154,206
154,678
2026-INV3
,
AF2
,
144A,
FRN
,
4.978
%
,
(
30-day
SOFR
Average
+
1.35
%
),
4/25/56
...................................
United
States
376,510
376,702
b
,p
Onity
Loan
Investment
Trust
,
2025-HB1
,
A
,
144A,
FRN
,
3
%
,
6/25/38
.........................................
United
States
39,364
38,630
b
,k
PMT
Loan
Trust
,
2025-INV10
,
A36
,
144A,
FRN
,
4.978
%
,
(
30-day
SOFR
Average
+
1.35
%
),
10/01/56
....................
United
States
342,949
343,471
b
PRET
LLC
,
2026-NPL1
,
A1
,
144A,
5.18
%
,
1/25/56
..........
United
States
179,460
178,091
b
PRPM
LLC
,
2026-1
,
A1
,
144A,
5.185
%
,
2/25/31
............
United
States
386,043
381,469
b
PRPM
Trust
,
2024-NQM2
,
A1
,
144A,
6.327
%
,
6/25/69
........
United
States
923,245
929,132
b
,p
Starwood
Mortgage
Residential
Trust
,
2020-3
,
A3
,
144A,
FRN
,
2.591
%
,
4/25/65
...................................
United
States
757,000
696,582
b
,k
Station
Place
Securitization
Trust
,
2025-1
,
A
,
144A,
FRN
,
4.543
%
,
(
1-month
SOFR
+
0.9
%
),
7/23/26
.........................................
United
States
967,000
967,489
2025-3
,
A
,
144A,
FRN
,
4.543
%
,
(
1-month
SOFR
+
0.9
%
),
9/23/26
.........................................
United
States
960,000
964,629
2025-7
,
A
,
144A,
FRN
,
4.543
%
,
(
1-month
SOFR
+
0.9
%
),
11/24/26
........................................
United
States
972,000
977,676
b
,k
Structured
Agency
Credit
Risk
,
2026-DNA1
,
M1
,
144A,
FRN
,
4.628
%
,
(
30-day
SOFR
Average
+
1
%
),
2/25/46
...........
United
States
168,951
168,980
k
Structured
Asset
Mortgage
Investments
II
Trust
,
2007-AR7
,
1A1
,
FRN
,
5.463
%
,
(
1-month
SOFR
+
1.814
%
),
5/25/47
.........
United
States
424,717
352,577
b
,p
Towd
Point
Mortgage
Trust
,
2016-5
,
M2
,
144A,
FRN
,
3.375
%
,
10/25/56
........................................
United
States
282,000
268,183
WaMu
Mortgage
Pass-Through
Certificates
Trust
,
k
2005-AR11
,
A1B3
,
FRN
,
4.563
%
,
(
1-month
SOFR
+
0.914
%
),
8/25/45
.........................................
United
States
77,902
74,340
k
2005-AR9
,
A1C3
,
FRN
,
4.723
%
,
(
1-month
SOFR
+
1.074
%
),
7/25/45
.........................................
United
States
111,781
108,247
Putnam
Asset
Allocation
Funds
Consolidated
Schedule
of
Investments
(unaudited)
Putnam
Dynamic
Asset
Allocation
Balanced
Fund
(continued)
Quarterly
Consolidated
Schedule
of
Investments
See
Notes
to
Consolidated
Schedules
of
Investments.
62
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Residential
Mortgage-Backed
Securities
(continued)
Financial
Services
(continued)
WaMu
Mortgage
Pass-Through
Certificates
Trust,
(continued)
p
2007-HY2
,
1A1
,
FRN
,
4.015
%
,
12/25/36
................
United
States
265,171
$
246,111
23,452,315
a
a
a
a
a
a
Total
Residential
Mortgage-Backed
Securities
(Cost
$
23,583,907
)
...............
23,452,315
Agency
Commercial
Mortgage-Backed
Securities
0.9%
Financial
Services
0.9%
FHLMC
,
p
3117
,
AF
,
FRN
,
Zero
Cpn.,
2/15/36
.....................
United
States
2,834
2,501
3391
,
Strip
,
4/15/37
................................
United
States
1,655
1,445
k
3408
,
EK
,
FRN
,
10.875
%
,
(
-
4
x
30-day
SOFR
Average
+
25.332
%
),
4/15/37
.................................
United
States
20,535
23,313
k
406
,
F30
,
FRN
,
4.778
%
,
(
30-day
SOFR
Average
+
1.15
%
),
10/25/53
........................................
United
States
306,379
309,412
k,o
4326
,
GS
,
IO,
FRN
,
2.343
%
,
(
-
1
x
30-day
SOFR
Average
+
5.936
%
),
4/15/44
..................................
United
States
3,701,727
328,624
o
5010
,
IA
,
IO,
3.5
%
,
9/25/50
..........................
United
States
2,581,163
456,188
o
5024
,
HI
,
IO,
4.5
%
,
10/25/50
.........................
United
States
3,305,168
752,442
o
5036
,
IK
,
IO,
4
%
,
4/25/50
............................
United
States
3,456,088
721,701
o
5079
,
BI
,
IO,
5.5
%
,
2/25/51
..........................
United
States
2,086,577
350,653
o
5104
,
HI
,
IO,
3.5
%
,
6/25/49
..........................
United
States
4,855,583
890,414
o
5121
,
KI
,
IO,
4
%
,
6/25/51
............................
United
States
3,518,296
847,556
o
5134
,
IB
,
IO,
4
%
,
8/25/51
............................
United
States
4,085,031
810,186
o
5138
,
YI
,
IO,
4.5
%
,
12/25/49
.........................
United
States
4,773,559
1,297,152
o
5142
,
AI
,
IO,
3.5
%
,
9/25/51
..........................
United
States
3,758,535
718,198
o
5236
,
KI
,
IO,
4
%
,
11/25/51
...........................
United
States
10,177,240
2,041,080
k
5387
,
DF
,
FRN
,
4.828
%
,
(
30-day
SOFR
Average
+
1.2
%
),
3/25/54
.........................................
United
States
903,217
914,004
k
5393
,
FA
,
FRN
,
4.828
%
,
(
30-day
SOFR
Average
+
1.2
%
),
12/25/53
........................................
United
States
978,722
990,401
k
5438
,
FC
,
FRN
,
4.728
%
,
(
30-day
SOFR
Average
+
1.1
%
),
8/25/54
.........................................
United
States
670,723
676,682
k
5440
,
FH
,
FRN
,
4.728
%
,
(
30-day
SOFR
Average
+
1.1
%
),
7/25/54
.........................................
United
States
1,249,923
1,261,317
k
5446
,
DF
,
FRN
,
4.778
%
,
(
30-day
SOFR
Average
+
1.15
%
),
8/25/54
.........................................
United
States
938,946
948,767
k
5466
,
FG
,
FRN
,
4.578
%
,
(
30-day
SOFR
Average
+
0.95
%
),
10/25/54
........................................
United
States
2,254,771
2,266,106
FNMA
,
2006-84
,
OT
,
Strip
,
9/25/36
..........................
United
States
578
487
2007-14
,
KO
,
Strip
,
3/25/37
..........................
United
States
4,132
3,521
o
2020-31
,
BI
,
IO,
4
%
,
5/25/50
.........................
United
States
1,500,601
293,700
o
2020-78
,
JI
,
IO,
4
%
,
3/25/50
..........................
United
States
3,183,184
729,815
o
2020-96
,
JI
,
IO,
3
%
,
1/25/51
..........................
United
States
6,251,701
1,019,905
o
2021-28
,
NI
,
IO,
3
%
,
5/25/41
.........................
United
States
5,118,160
481,133
o
2021-45
,
MI
,
IO,
2.5
%
,
2/25/49
........................
United
States
5,594,135
672,888
o
2021-65
,
LI
,
IO,
3.5
%
,
10/25/51
.......................
United
States
3,121,149
590,631
k
2024-82
,
FE
,
FRN
,
4.578
%
,
(
30-day
SOFR
Average
+
0.95
%
),
11/25/54
........................................
United
States
327,876
329,525
k
2024-89
,
FA
,
FRN
,
4.828
%
,
(
30-day
SOFR
Average
+
1.2
%
),
12/25/54
........................................
United
States
525,826
532,090
k
2024-98
,
FA
,
FRN
,
4.778
%
,
(
30-day
SOFR
Average
+
1.15
%
),
12/25/53
........................................
United
States
309,405
312,674
k
2025-25
,
FB
,
FRN
,
4.578
%
,
(
30-day
SOFR
Average
+
0.95
%
),
4/25/55
.........................................
United
States
702,804
706,694
Putnam
Asset
Allocation
Funds
Consolidated
Schedule
of
Investments
(unaudited)
Putnam
Dynamic
Asset
Allocation
Balanced
Fund
(continued)
See
Notes
to
Consolidated
Schedules
of
Investments.
Quarterly
Consolidated
Schedule
of
Investments
63
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Agency
Commercial
Mortgage-Backed
Securities
(continued)
Financial
Services
(continued)
FNMA,
(continued)
k
2025-41
,
FA
,
FRN
,
4.778
%
,
(
30-day
SOFR
Average
+
1.15
%
),
6/25/54
.........................................
United
States
252,209
$
255,164
GNMA
,
o,p
2015-H26
,
EI
,
IO,
FRN
,
1.709
%
,
10/20/65
...............
United
States
383,508
14,584
o,p
2016-H16
,
LI
,
IO,
FRN
,
2.667
%
,
7/20/66
................
United
States
1,629,270
88,639
o,p
2020-103
,
IO,
FRN
,
0.855
%
,
1/16/63
...................
United
States
5,154,798
328,178
o
2021-117
,
MI
,
IO,
3.5
%
,
5/20/42
.......................
United
States
5,200,545
779,775
o
2021-214
,
AI
,
IO,
4
%
,
12/20/51
.......................
United
States
2,725,332
528,184
o
2021-27
,
IT
,
IO,
3
%
,
2/20/51
..........................
United
States
3,715,796
624,744
o
2022-30
,
IG
,
IO,
3
%
,
2/20/52
.........................
United
States
11,275,417
1,671,092
k
2023-152
,
FB
,
FRN
,
4.759
%
,
(
30-day
SOFR
Average
+
1.15
%
),
4/20/51
.........................................
United
States
571,704
585,064
k
2024-78
,
QF
,
FRN
,
4.709
%
,
(
30-day
SOFR
Average
+
1.1
%
),
5/20/54
.........................................
United
States
588,381
593,644
k,o
2025-120
,
SD
,
IO,
FRN
,
2.246
%
,
(
-
1
x
1-month
SOFR
+
5.886
%
),
10/20/49
.................................
United
States
4,132,484
412,031
k
2025-169
,
FC
,
FRN
,
4.609
%
,
(
30-day
SOFR
Average
+
1
%
),
10/20/55
........................................
United
States
615,859
620,625
28,782,929
a
a
a
a
a
a
Total
Agency
Commercial
Mortgage-Backed
Securities
(Cost
$
26,665,511
)
.......
28,782,929
Municipal
Bonds
0.1%
Alabama
0.0%
†
Alabama
Economic
Settlement
Authority
,
BP
Settlement
Fund
,
Revenue
,
2016
B
,
4.263
%
,
9/15/32
....................
United
States
435,000
429,513
California
0.0%
†
State
of
California
,
GO
,
4.35
%
,
11/01/32
..................
United
States
375,000
371,208
Florida
0.0%
†
State
Board
of
Administration
Finance
Corp.
,
Florida
Hurricane
Catastrophe
Fund
,
Revenue
,
2024
A
,
5.526
%
,
7/01/34
......
United
States
275,000
286,207
Illinois
0.0%
†
City
of
Chicago
,
GO
,
2017
B
,
PEDM
,
7.045
%
,
1/01/29
........
United
States
140,000
142,720
State
of
Illinois
,
GO
,
2026
A
,
4.854
%
,
4/01/32
..............
United
States
310,000
310,609
453,329
Pennsylvania
0.0%
†
Philadelphia
Authority
for
Industrial
Development
,
City
of
Philadelphia
,
Revenue
,
2004
,
NATL
Insured
,
6.55
%
,
10/15/28
United
States
235,000
245,037
Redevelopment
Authority
of
the
City
of
Philadelphia
,
City
of
Philadelphia
,
Revenue
,
2026
A
,
4.132
%
,
11/01/30
.........
United
States
155,000
152,344
397,381
South
Carolina
0.1%
South
Carolina
Public
Service
Authority
,
Revenue
,
2009
F
,
5.74
%
,
1/01/30
.........................................
United
States
560,000
573,433
Putnam
Asset
Allocation
Funds
Consolidated
Schedule
of
Investments
(unaudited)
Putnam
Dynamic
Asset
Allocation
Balanced
Fund
(continued)
Quarterly
Consolidated
Schedule
of
Investments
See
Notes
to
Consolidated
Schedules
of
Investments.
64
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Virginia
0.0%
†
Virginia
Commonwealth
University
,
Revenue
,
2020
B
,
Refunding
,
2.124
%
,
11/01/30
..................................
United
States
275,000
$
250,466
Total
Municipal
Bonds
(Cost
$
2,798,906
)
.....................................
2,761,537
Total
Long
Term
Investments
(Cost
$
2,328,871,763
)
...........................
3,239,935,194
a
Short
Term
Investments
3.8%
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
a
U.S.
Government
and
Agency
Securities
1.5%
g
,s
U.S.
Treasury
Bills
,
3.37
%,
7/16/26
...................................
United
States
41,200,000
41,138,303
3.75
%,
10/22/26
...................................
United
States
9,300,000
9,190,786
50,329,089
Total
U.S.
Government
and
Agency
Securities
(Cost
$
50,333,366
)
...............
50,329,089
Shares
Management
Investment
Companies
1.9%
t,u
Putnam
Short
Term
Investment
Fund
,
Class
P
,
3.837
%
.......
United
States
60,441,705
60,441,705
Total
Management
Investment
Companies
(Cost
$
60,441,705
)
..................
60,441,705
Money
Market
Funds
0.4%
u,v
JPM
USD
Treasury
CNAV
Fund
,
3.149
%
..................
Luxembourg
10,694
10,694
t,u,v
Putnam
Government
Money
Market
Fund
,
Class
G
,
3.477
%
...
United
States
11,148,204
11,148,204
Total
Money
Market
Funds
(Cost
$
11,158,898
)
................................
11,158,898
Total
Short
Term
Investments
(Cost
$
121,933,969
)
.............................
121,929,692
a
Total
Investments
(Cost
$
2,450,805,732
)
105.8
%
..............................
$3,361,864,886
TBA
Sale
Commitments
(
1.1
)
%
..............................................
(
35,887,270
)
Other
Assets,
less
Liabilities
(
4.7
)
%
.........................................
(151,301,983)
Net
Assets
100.0%
.........................................................
$3,174,675,633
a
a
a
Principal
Amount
*
w
TBA
Sale
Commitments
(1.1)%
Mortgage-Backed
Securities
(1.1)%
Federal
National
Mortgage
Association
(FNMA)
Fixed
Rate
(0.9)%
Uniform
Mortgage-Backed
Securities
,
2.5
%
,
TBA,
7/25/41
................................
United
States
(21,900,000)
(
20,558,625
)
3
%
,
TBA,
7/25/56
..................................
United
States
(400,000)
(
351,047
)
3
%
,
TBA,
8/25/56
..................................
United
States
(400,000)
(
348,625
)
3.5
%
,
TBA,
7/25/56
................................
United
States
(540,000)
(
493,197
)
3.5
%
,
TBA,
8/25/56
................................
United
States
(140,000)
(
126,935
)
4
%
,
TBA,
7/25/56
..................................
United
States
(500,000)
(
469,531
)
4
%
,
TBA,
8/25/56
..................................
United
States
(500,000)
(
467,030
)
5
%
,
TBA,
7/25/41
..................................
United
States
(1,540,000)
(
1,548,903
)
6
%
,
TBA,
7/25/56
..................................
United
States
(480,000)
(
490,800
)
6
%
,
TBA,
8/25/56
..................................
United
States
(480,000)
(
489,161
)
Putnam
Asset
Allocation
Funds
Consolidated
Schedule
of
Investments
(unaudited)
Putnam
Dynamic
Asset
Allocation
Balanced
Fund
(continued)
See
Notes
to
Consolidated
Schedules
of
Investments.
Quarterly
Consolidated
Schedule
of
Investments
65
a
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
a
Mortgage-Backed
Securities
(continued)
Federal
National
Mortgage
Association
(FNMA)
Fixed
Rate
(continued)
Uniform
Mortgage-Backed
Securities,
(continued)
6.5
%
,
TBA,
7/25/56
................................
United
States
(1,270,000)
$
(
1,314,450
)
6.5
%
,
TBA,
8/25/56
................................
United
States
(1,270,000)
(
1,312,307
)
(27,970,611)
Government
National
Mortgage
Association
(GNMA)
Fixed
Rate
(0.2)%
GNMA
II,
Single-family,
30
Year
,
4.5
%
,
7/15/56
....................................
United
States
(300,000)
(
289,547
)
4.5
%
,
8/15/56
....................................
United
States
(300,000)
(
287,929
)
5.5
%
,
7/15/56
....................................
United
States
(2,350,000)
(
2,365,789
)
5.5
%
,
8/15/56
....................................
United
States
(2,350,000)
(
2,358,794
)
6
%
,
7/15/56
......................................
United
States
(2,560,000)
(
2,614,600
)
(7,916,659)
Total
TBA
Sale
Commitments
(Proceeds
$
(
35,887,317
)
)
........................
$(35,887,270)
*
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
June
30,
2026,
the
aggregate
value
of
these
securities
was
$253,704,635,
representing
8.0%
of
net
assets.
c
A
portion
or
all
of
the
security
purchased
on
a
delayed
delivery
basis.
d
Variable
rate
security.
The
rate
shown
represents
the
yield
at
period
end.
e
Fair
valued
using
significant
unobservable
inputs.
See
Note
7
regarding
fair
value
measurements.
f
See
Note
3
regarding
restricted
securities.
g
The
rate
shown
represents
the
yield
at
period
end.
h
Income
may
be
received
in
additional
securities
and/or
cash.
i
The
coupon
rate
shown
represents
the
rate
at
period
end.
j
Perpetual
security
with
no
stated
maturity
date.
k
The
coupon
rate
shown
represents
the
rate
inclusive
of
any
caps
or
floors,
if
applicable,
in
effect
at
period
end.
l
See
Note
4
regarding
unfunded
loan
commitments.
m
This
security
was
pledged,
or
purchased
with
cash
that
was
pledged,
to
the
Fund
for
collateral
on
certain
derivative
contracts.
n
Principal
amount
of
security,
redemption
price
at
maturity,
and/or
coupon
payments
are
adjusted
for
inflation.
o
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.
p
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.
q
Defaulted
security
or
security
for
which
income
has
been
deemed
uncollectible.
r
Security
purchased
on
a
to-be-announced
(TBA)
basis.
s
A
portion
or
all
of
the
security
has
been
segregated
as
collateral
for
certain
derivative
contracts.
At
June
30,
2026,
the
aggregate
value
of
these
securities
pledged
amounted
to
$49,470,243,
representing
1.6%
of
net
assets.
t
See
Note
5
regarding
investments
in
affiliated
management
investment
companies.
u
The
rate
shown
is
the
annualized
seven-day
effective
yield
at
period
end.
v
The
security
is
owned
by
Franklin
Dynamic
Asset
Allocation
Balanced
Ltd.,
a
wholly-owned
subsidiary
of
the
Fund.
See
Note
6.
w
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.
Putnam
Asset
Allocation
Funds
Consolidated
Schedule
of
Investments
(unaudited)
Putnam
Dynamic
Asset
Allocation
Balanced
Fund
(continued)
Quarterly
Consolidated
Schedule
of
Investments
See
Notes
to
Consolidated
Schedules
of
Investments.
66
At
June
30,
2026,
the
Fund
had
the
following futures
contracts
outstanding.
At
June
30,
2026,
the
Fund
had
the
following
forward
exchange
contracts
outstanding.
Futures
Contracts
Description
Type
Number
of
Contracts
Notional
Amount
*
Expiration
Date
Value/
Unrealized
Appreciation
(Depreciation)
Equity
contracts
MSCI
EAFE
Index
............................
Short
466
$
73,285,490
9/18/26
$
737,506
MSCI
Emerging
Markets
Index
..................
Long
38
3,338,870
9/18/26
275
Russell
2000
E-Mini
Index
......................
Short
252
38,374,560
9/18/26
(377,887)
S&P
500
E-Mini
Index
.........................
Short
1,105
417,040,812
9/18/26
(2,737,318)
S&P/TSX
60
Index
...........................
Long
160
46,382,796
9/17/26
29,063
SPI
200
Index
...............................
Short
305
46,329,985
9/17/26
715,317
TOPIX
Index
................................
Long
131
32,251,484
9/10/26
849,597
Interest
rate
contracts
Euro-Bobl
..................................
Short
51
6,723,493
9/08/26
(41,632)
Euro-BTP
..................................
Long
54
7,363,943
9/08/26
91,463
Euro-Bund
.................................
Long
50
7,274,934
9/08/26
87,214
Euro-OAT
..................................
Long
83
11,378,399
9/08/26
87,015
Euro-Schatz
................................
Long
80
9,685,592
9/08/26
23,833
Japan
10
Year
Bonds
.........................
Long
44
34,575,971
9/14/26
102,582
Long
Gilt
...................................
Long
68
8,046,617
9/28/26
99,470
Short-Term
Euro-BTP
.........................
Long
13
1,590,099
9/08/26
5,675
U.S.
Treasury
10
Year
Notes
....................
Long
659
72,417,922
9/21/26
133,890
U.S.
Treasury
10
Year
Ultra
Notes
................
Short
69
7,760,344
9/21/26
(39,984)
U.S.
Treasury
2
Year
Notes
.....................
Long
681
140,376,445
9/30/26
(222,290)
U.S.
Treasury
5
Year
Notes
.....................
Long
1,260
134,879,062
9/30/26
(79,704)
U.S.
Treasury
Long
Bonds
.....................
Long
614
69,689,000
9/21/26
897,009
U.S.
Treasury
Ultra
Bonds
......................
Long
384
44,604,000
9/21/26
767,540
Total
Futures
Contracts
......................................................................
$1,128,634
*
As
of
period
end.
Forward
Exchange
Contracts
Currency
Counter-
party
a
Type
Quantity
Contract
Amount
*
Settlement
Date
Unrealized
Appreciation
Unrealized
Depreciation
a
a
a
a
a
a
a
a
OTC
Forward
Exchange
Contracts
Australian
Dollar
....
BOFA
Buy
589,900
415,862
7/15/26
$
—
$
(7,543)
Australian
Dollar
....
BZWS
Buy
182,300
128,517
7/15/26
—
(2,332)
Australian
Dollar
....
MSCO
Buy
76,200
54,191
7/15/26
—
(1,447)
Australian
Dollar
....
MSCO
Sell
3,812,200
2,688,361
7/15/26
49,617
—
Australian
Dollar
....
SSBT
Buy
1,931,400
1,361,610
7/15/26
—
(24,726)
Australian
Dollar
....
TDOM
Buy
634,400
447,239
7/15/26
—
(8,118)
Australian
Dollar
....
UBSW
Buy
522,400
368,246
7/15/26
—
(6,649)
Australian
Dollar
....
WPAC
Buy
7,786,200
5,488,944
7/15/26
—
(99,461)
Canadian
Dollar
....
BOFA
Buy
41,371,500
30,053,174
7/15/26
—
(865,044)
Canadian
Dollar
....
BOFA
Sell
236,100
169,576
7/15/26
3,004
—
Canadian
Dollar
....
BZWS
Sell
2,000
1,453
7/15/26
42
—
Canadian
Dollar
....
HSBK
Sell
1,255,600
915,290
7/15/26
29,448
—
Canadian
Dollar
....
JPHQ
Sell
1,280,300
930,014
7/15/26
26,746
—
Putnam
Dynamic
Asset
Allocation
Balanced
Fund
(continued)
See
Notes
to
Consolidated
Schedules
of
Investments.
Quarterly
Consolidated
Schedule
of
Investments
67
Putnam
Asset
Allocation
Funds
Consolidated
Schedule
of
Investments
(unaudited)
Forward
Exchange
Contracts
(continued)
Currency
Counter-
party
a
Type
Quantity
Contract
Amount*
Settlement
Date
Unrealized
Appreciation
Unrealized
Depreciation
a
a
a
a
a
a
a
a
OTC
Forward
Exchange
Contracts
(continued)
Canadian
Dollar
....
MSCO
Sell
1,373,600
982,580
7/15/26
$
13,961
$
(
474)
Canadian
Dollar
....
SSBT
Buy
160,800
117,504
7/15/26
—
(4,057)
Canadian
Dollar
....
SSBT
Sell
112,300
81,574
7/15/26
2,345
—
Canadian
Dollar
....
UBSW
Sell
6,455,000
4,689,651
7/15/26
135,565
—
Israeli
New
Shekel
..
BZWS
Buy
358,600
117,141
7/15/26
3,404
—
Israeli
New
Shekel
..
CITI
Buy
33,100
10,810
7/15/26
316
—
Israeli
New
Shekel
..
GSCO
Sell
93,200
30,444
7/15/26
—
(886)
Israeli
New
Shekel
..
HSBK
Buy
1,391,000
454,331
7/15/26
13,261
—
Israeli
New
Shekel
..
UBSW
Buy
981,600
320,684
7/15/26
9,286
—
New
Zealand
Dollar
.
MSCO
Buy
198,300
116,325
7/15/26
—
(3,644)
Chinese
Yuan
......
CITI
Sell
27,275,100
4,037,615
8/12/26
9,729
—
Hong
Kong
Dollar
...
BOFA
Buy
9,501,900
1,213,510
8/12/26
—
(61)
Hong
Kong
Dollar
...
BOFA
Sell
225,900
28,935
8/12/26
87
—
Hong
Kong
Dollar
...
CITI
Sell
287,700
36,848
8/12/26
107
—
Hong
Kong
Dollar
...
GSCO
Buy
10,081,800
1,291,413
8/12/26
—
(3,907)
Hong
Kong
Dollar
...
HSBK
Sell
34,796,300
4,455,934
8/12/26
12,241
—
Hong
Kong
Dollar
...
MSCO
Buy
2,526,300
323,564
8/12/26
—
(940)
Hong
Kong
Dollar
...
SSBT
Buy
4,041,600
517,704
8/12/26
—
(1,568)
Hong
Kong
Dollar
...
SSBT
Sell
4,116,900
527,219
8/12/26
1,466
—
Hong
Kong
Dollar
...
UBSW
Sell
828,200
106,077
8/12/26
311
—
Japanese
Yen
......
BOFA
Buy
62,729,500
403,441
8/12/26
—
(16,325)
Japanese
Yen
......
BOFA
Sell
55,473,800
351,303
8/12/26
8,962
—
Japanese
Yen
......
BZWS
Sell
96,262,200
619,202
8/12/26
25,148
—
Japanese
Yen
......
CITI
Sell
320,077,100
2,058,998
8/12/26
83,738
—
Japanese
Yen
......
GSCO
Buy
133,133,500
856,428
8/12/26
—
(34,835)
Japanese
Yen
......
HSBK
Sell
167,787,500
1,079,342
8/12/26
43,891
—
Japanese
Yen
......
JPHQ
Buy
28,937,400
186,147
8/12/26
—
(7,568)
Japanese
Yen
......
MSCO
Buy
1,356,779,800
8,664,551
8/12/26
—
(291,588)
Japanese
Yen
......
MSCO
Sell
261,335,100
1,637,393
8/12/26
24,642
—
Japanese
Yen
......
SSBT
Sell
216,694,600
1,393,889
8/12/26
56,623
—
Japanese
Yen
......
TDOM
Sell
51,757,900
332,923
8/12/26
13,515
—
Japanese
Yen
......
UBSW
Buy
398,324,300
2,521,002
8/12/26
—
(62,861)
Japanese
Yen
......
UBSW
Sell
500,182,300
3,208,491
8/12/26
121,765
—
Singapore
Dollar
....
BZWS
Sell
3,300
2,620
8/12/26
62
—
Singapore
Dollar
....
HSBK
Buy
4,500
3,573
8/12/26
—
(84)
Singapore
Dollar
....
JPHQ
Buy
1,248,800
991,497
8/12/26
—
(23,345)
Singapore
Dollar
....
MSCO
Buy
439,600
349,057
8/12/26
—
(8,251)
Singapore
Dollar
....
SSBT
Buy
2,286,200
1,815,184
8/12/26
—
(42,771)
Singapore
Dollar
....
SSBT
Sell
1,463,700
1,148,805
8/12/26
14,049
—
British
Pound
......
BOFA
Sell
1,326,400
1,782,456
9/16/26
23,058
—
British
Pound
......
BZWS
Sell
700
941
9/16/26
12
—
British
Pound
......
CITI
Sell
8,946,700
12,013,593
9/16/26
146,279
—
British
Pound
......
GSCO
Sell
412,700
554,083
9/16/26
6,659
—
British
Pound
......
HSBK
Buy
287,400
385,896
9/16/26
—
(4,675)
British
Pound
......
HSBK
Sell
2,581,200
3,465,113
9/16/26
41,291
—
British
Pound
......
JPHQ
Sell
258,500
347,035
9/16/26
4,149
—
British
Pound
......
MSCO
Buy
580,600
777,629
9/16/26
—
(7,494)
British
Pound
......
MSCO
Sell
3,126,400
4,190,769
9/16/26
44,858
(1,090)
British
Pound
......
SSBT
Sell
1,746,900
2,343,000
9/16/26
25,832
—
British
Pound
......
TDOM
Buy
1,072,100
1,438,356
9/16/26
—
(16,273)
British
Pound
......
UBSW
Sell
3,153,000
4,230,790
9/16/26
48,506
—
Danish
Krone
......
BOFA
Buy
3,378,900
527,196
9/16/26
—
(8,541)
Danish
Krone
......
BZWS
Sell
2,691,000
419,826
9/16/26
6,762
—
Danish
Krone
......
CITI
Sell
6,140,300
957,743
9/16/26
15,218
—
Danish
Krone
......
HSBK
Buy
2,364,700
368,706
9/16/26
—
(5,729)
Danish
Krone
......
MSCO
Sell
30,124,500
4,690,008
9/16/26
66,867
(916)
Danish
Krone
......
SSBT
Buy
185,500
28,902
9/16/26
—
(428)
Putnam
Asset
Allocation
Funds
Consolidated
Schedule
of
Investments
(unaudited)
Putnam
Dynamic
Asset
Allocation
Balanced
Fund
(continued)
Quarterly
Consolidated
Schedule
of
Investments
See
Notes
to
Consolidated
Schedules
of
Investments.
68
Forward
Exchange
Contracts
(continued)
Currency
Counter-
party
a
Type
Quantity
Contract
Amount*
Settlement
Date
Unrealized
Appreciation
Unrealized
Depreciation
a
a
a
a
a
a
a
a
OTC
Forward
Exchange
Contracts
(continued)
Danish
Krone
......
TDOM
Buy
85,400
13,308
9/16/26
$
—
$
(200)
Danish
Krone
......
TDOM
Sell
1,884,500
288,626
9/16/26
—
(641)
Danish
Krone
......
UBSW
Sell
1,021,800
159,273
9/16/26
2,428
—
Euro
.............
BOFA
Buy
1,710,300
1,992,705
9/16/26
—
(32,168)
Euro
.............
BOFA
Sell
399,800
458,113
9/16/26
749
(932)
Euro
.............
BZWS
Sell
2,882,600
3,358,128
9/16/26
53,771
—
Euro
.............
CITI
Sell
1,338,400
1,558,673
9/16/26
24,450
—
Euro
.............
GSCO
Sell
1,495,600
1,741,178
9/16/26
26,754
—
Euro
.............
HSBK
Sell
4,625,200
5,380,865
9/16/26
79,071
(126)
Euro
.............
JPHQ
Buy
494,600
564,716
9/16/26
2,249
—
Euro
.............
JPHQ
Sell
895,500
1,042,493
9/16/26
15,971
—
Euro
.............
MSCO
Buy
3,409,500
3,913,068
9/16/26
6,761
(11,480)
Euro
.............
MSCO
Sell
10,859,300
12,617,277
9/16/26
173,627
(4,490)
Euro
.............
SSBT
Buy
166,300
193,497
9/16/26
—
(
2,865)
Euro
.............
TDOM
Buy
69,500
80,874
9/16/26
—
(1,205)
Euro
.............
UBSW
Buy
347,600
404,555
9/16/26
—
(6,097)
Euro
.............
WPAC
Sell
157,800
183,601
9/16/26
2,713
—
Norwegian
Krone
...
BZWS
Sell
186,600
19,576
9/16/26
745
—
Norwegian
Krone
...
JPHQ
Sell
9,282,100
972,145
9/16/26
35,435
—
Norwegian
Krone
...
MSCO
Buy
4,603,300
482,153
9/16/26
—
(17,608)
Swedish
Krona
.....
BOFA
Buy
474,600
50,895
9/16/26
—
(1,736)
Swedish
Krona
.....
BZWS
Buy
11,286,900
1,210,106
9/16/26
—
(41,026)
Swedish
Krona
.....
HSBK
Buy
12,502,200
1,335,946
9/16/26
—
(40,988)
Swedish
Krona
.....
MSCO
Sell
5,390,500
576,692
9/16/26
18,353
—
Swedish
Krona
.....
SSBT
Buy
3,041,800
325,144
9/16/26
—
(10,079)
Swedish
Krona
.....
TDOM
Buy
2,625,100
280,762
9/16/26
—
(
8,858)
Swiss
Franc
.......
BOFA
Sell
998,300
1,271,234
9/16/26
25,087
—
Swiss
Franc
.......
BZWS
Buy
40,800
51,972
9/16/26
—
(1,043)
Swiss
Franc
.......
CITI
Buy
270,600
341,346
9/16/26
—
(3,565)
Swiss
Franc
.......
CITI
Sell
132,100
168,070
9/16/26
3,174
—
Swiss
Franc
.......
GSCO
Sell
2,782,800
3,540,345
9/16/26
66,661
—
Swiss
Franc
.......
HSBK
Buy
1,041,900
1,325,320
9/16/26
—
(24,748)
Swiss
Franc
.......
HSBK
Sell
163,600
208,171
9/16/26
3,954
—
Swiss
Franc
.......
JPHQ
Buy
962,700
1,223,731
9/16/26
—
(22,022)
Swiss
Franc
.......
MSCO
Buy
140,600
175,119
9/16/26
387
—
Swiss
Franc
.......
MSCO
Sell
1,256,700
1,598,869
9/16/26
30,169
—
Swiss
Franc
.......
SSBT
Buy
1,432,700
1,822,029
9/16/26
—
(33,632)
Swiss
Franc
.......
TDOM
Buy
240,300
305,531
9/16/26
—
(5,572)
Swiss
Franc
.......
UBSW
Buy
748,500
952,193
9/16/26
—
(17,864)
Total
Forward
Exchange
Contracts
...................................................
$1,705,331
$(1,852,576)
Net
unrealized
appreciation
(depreciation)
............................................
$(147,245)
*
In
U.S.
dollars
unless
otherwise
indicated.
a
May
be
comprised
of
multiple
contracts
with
the
same
counterparty,
currency
and
settlement
date.
Putnam
Dynamic
Asset
Allocation
Balanced
Fund
(continued)
See
Notes
to
Consolidated
Schedules
of
Investments.
Quarterly
Consolidated
Schedule
of
Investments
69
Putnam
Asset
Allocation
Funds
Consolidated
Schedule
of
Investments
(unaudited)
At
June
30,
2026,
the
Fund
had
the
following credit
default
swap
contracts outstanding.
At
June
30,
2026,
the
Fund
had
the
following interest
rate swap
contracts
outstanding.
Credit
Default
Swap
Contracts
Description
Periodic
Payment
Rate
Received
(Paid)
Payment
Frequency
Maturity
Date
Notional
Amount
a
Value
Upfront
Payments
(Receipts)
Unrealized
Appreciation
(Depreciation)
Rating
b
Centrally
Cleared
Swap
Contracts
Contracts
to
Sell
Protection
c,d
Traded
Index
CDX.NA.HY.46
.
5.00%
Quarterly
6/20/31
10,004,000
$
812,085
$
553,860
$
258,225
Non-
Investment
Grade
CDX.NA.IG.46
..
1.00%
Quarterly
6/20/31
264,257,000
5,867,489
5,578,600
288,889
Investment
Grade
iTraxx
Europe
Main
45
....
1.00%
Quarterly
6/20/31
22,192,000
EUR
575,022
525,535
49,487
Investment
Grade
Total
Credit
Default
Swap
Contracts
........................................
$7,254,596
$6,657,995
$596,601
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
aa
aa
Centrally
Cleared
Swap
Contracts
Receive
Floating
1-day
SOFR
..............
Annual
Pay
Fixed
4.06%
....
Annual
9/16/28
177,882,000
$
(118,356)
$
(453,160)
$
334,804
Receive
Fixed
2.86%
..
Semi-Annual
Pay
Floating
1-day
REPO_CORRA
.....
Semi-Annual
9/16/28
10,554,000
CAD
19,718
23,822
(4,104)
Receive
Fixed
2.92%
..
Annual
Pay
Floating
6-month
EURIBOR
.........
Semi-Annual
9/16/28
27,839,000
EUR
112,447
87,969
24,478
Receive
Fixed
4.04%
..
Annual
Pay
Floating
1-day
SOFR
............
Annual
9/16/28
152,217,000
43,556
335,490
(291,934)
Receive
Floating
6-month
EURIBOR
...........
Semi-Annual
Pay
Fixed
2.94%
....
Annual
9/16/28
2,935,000
EUR
(13,142)
(
10,598)
(2,544)
Putnam
Asset
Allocation
Funds
Consolidated
Schedule
of
Investments
(unaudited)
Putnam
Dynamic
Asset
Allocation
Balanced
Fund
(continued)
Quarterly
Consolidated
Schedule
of
Investments
See
Notes
to
Consolidated
Schedules
of
Investments.
70
Interest
Rate
Swap
Contracts
(continued)
Description
Payment
Frequency
Maturity
Date
Notional
Amount*
Value
Upfront
Payments
(Receipts)
Unrealized
Appreciation
(Depreciation)
aa
aa
aa
aa
Centrally
Cleared
Swap
Contracts
(continued)
Receive
Fixed
1.54%
..
Quarterly
Pay
Floating
1-week
CNY-Fixing
Repo
Rate
Quarterly
9/16/31
277,464,000
CNY
$
145,780
$
(7,896)
$
153,676
Receive
Fixed
2.94%
..
Annual
Pay
Floating
6-month
EURIBOR
.........
Semi-Annual
9/16/31
5,336,000
EUR
53,911
34,179
19,732
Receive
Fixed
4.02%
..
Annual
Pay
Floating
1-day
SOFR
............
Annual
9/16/31
1,372,000
6,232
7,108
(876)
Receive
Floating
1-day
SOFR
..............
Annual
Pay
Fixed
4.06%
....
Annual
9/16/33
10,435,000
(69,237)
(
54,826)
(14,411)
Receive
Floating
1-day
SOFR
..............
Annual
Pay
Fixed
4.08%
....
Annual
9/16/33
20,206,000
(158,472)
(126,286)
(32,186)
Receive
Fixed
3.12%
..
Annual
Pay
Floating
6-month
EURIBOR
.........
Semi-Annual
9/16/36
10,008,000
EUR
186,628
92,072
94,556
Receive
Fixed
3.32%
..
Semi-Annual
Pay
Floating
1-day
REPO_CORRA
.....
Semi-Annual
9/16/36
5,544,000
CAD
54,628
48,170
6,458
Receive
Fixed
4.16%
..
Annual
Pay
Floating
1-day
SOFR
............
Annual
9/16/36
75,650,000
783,459
510,594
272,865
Receive
Fixed
4.18%
..
Quarterly
Pay
Floating
3-month
CD_KSDA
.........
Quarterly
9/16/36
8,973,236,000
KRW
109,150
97,338
11,812
Receive
Fixed
3.24%
..
Annual
Pay
Floating
6-month
EURIBOR
.........
Semi-Annual
9/16/56
1,970,000
EUR
69,586
20,519
49,067
Receive
Fixed
3.58%
..
Semi-Annual
Pay
Floating
1-day
REPO_CORRA
.....
Semi-Annual
9/16/56
1,224,000
CAD
19,848
15,895
3,953
Receive
Fixed
4.3%
...
Annual
Pay
Floating
1-day
SOFR
............
Annual
9/16/56
22,640,000
414,960
153,888
261,072
Receive
Fixed
4.32%
..
Annual
Pay
Floating
1-day
SOFR
............
Annual
9/16/56
3,048,000
66,156
28,136
38,020
Total
Interest
Rate
Swap
Contracts
.................................
$1,726,852
$
802,414
$924,438
*
In
U.S.
dollars
unless
otherwise
indicated.
Putnam
Dynamic
Asset
Allocation
Balanced
Fund
(continued)
See
Notes
to
Consolidated
Schedules
of
Investments.
Quarterly
Consolidated
Schedule
of
Investments
71
Putnam
Asset
Allocation
Funds
Consolidated
Schedule
of
Investments
(unaudited)
At
June
30,
2026,
the
Fund
had
the
following total
return swap
contracts
outstanding.
Total
Return
Swap
Contracts
Underlying
Instruments
Financing
Rate
Payment
Frequency
Counter-
party
Maturity
Date
Notional
Value
*
Value/
Unrealized
Appreciation
(Depreciation)
OTC
Swap
Contracts
Long
a
GSIIPGDL
Index
#
.....................
0%
At
Maturity
GSCO
9/30/26
124,982,707
$
(1,026,150)
BCFTUSAL
Index
#
....................
0%
At
Maturity
BZWS
5/28/27
93,718,705
4,324,495
Short
b
GSIIPGSS
Index
#
.....................
0%
At
Maturity
GSCO
9/30/26
113,089,240
287,326
IBOXIG
Index
........................
1-day
SOFR
Quarterly
JPHQ
12/20/26
13,900,000
(184,101)
BCFTUSAS
Index
#
....................
0%
At
Maturity
BZWS
5/28/27
94,021,862
(
2,709,585)
Total
Return
Swap
Contracts
....................................................................
$691,985
*
In
U.S.
dollars
unless
otherwise
indicated.
#
Represents
a
custom
index
comprised
of
a
basket
of
underlying
instruments.
The
50
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.
Description
Sector
Shares
Value
Percentage
value
GSIIPGDL
C
ommon
S
tocks
Iberdrola
SA
Utilities
37,978
$
948,300
0.76%
Airbnb,
Inc.
Consumer
Discretionary
6,626
948,243
0.76%
Endesa
SA
Utilities
20,676
942,728
0.76%
Klepierre
SA
Real
Estate
22,050
922,188
0.74%
Veralto
Corp.
Industrials
10,217
906,066
0.73%
Altria
Group,
Inc.
Consumer
Staples
12,149
874,092
0.70%
Cie
Financiere
Richemont
SA
Consumer
Discretionary
3,691
853,526
0.69%
E.ON
SE
Utilities
40,718
839,111
0.68%
SS&C
Technologies
Holdings,
Inc.
Industrials
13,173
817,408
0.66%
Pepsico,
Inc.
Consumer
Staples
6,035
817,134
0.66%
VICI
Properties,
Inc.
Real
Estate
30,720
815,606
0.66%
Colgate-Palmolive
Co.
Consumer
Staples
8,807
807,393
0.65%
Telia
Co  AB
Communication
Services
165,032
805,027
0.65%
Travelers
Cos.,
Inc.
(The)
Financials
2,431
802,489
0.65%
Chevron
Corp.
Energy
4,692
777,717
0.63%
Danske
Bank
A/S
Financials
14,241
762,778
0.61%
Holcim
AG
Materials
8,241
744,534
0.60%
Allegion
plc
Industrials
5,249
737,382
0.59%
Simon
Property
Group,
Inc.
Real
Estate
3,277
732,979
0.59%
AMETEK,
Inc.
Industrials
2,956
715,158
0.58%
Avery
Dennison
Corp.
Materials
4,401
714,565
0.58%
Automatic
Data
Processing,
Inc.
Industrials
3,164
708,492
0.57%
Jack
Henry
&
Associates,
Inc.
Financials
5,120
705,290
0.57%
Secom
Co.
Ltd.
Industrials
17,511
695,574
0.56%
Conoco
Phillips
Energy
6,572
683,269
0.55%
National
Bank
of
Canada
Financials
4,327
682,927
0.55%
MSCI,
Inc.
Financials
1,216
681,215
0.55%
Kenvue,
Inc.
Consumer
Staples
35,188
672,444
0.54%
Tokyo
Gas
Co.
Ltd.
Utilities
17,602
662,936
0.53%
Putnam
Asset
Allocation
Funds
Consolidated
Schedule
of
Investments
(unaudited)
Putnam
Dynamic
Asset
Allocation
Balanced
Fund
(continued)
Quarterly
Consolidated
Schedule
of
Investments
See
Notes
to
Consolidated
Schedules
of
Investments.
72
Description
Sector
Shares
Value
Percentage
value
GSIIPGDL
Common
Stocks
(continued)
BP
PLC
Energy
104,147
$
645,668
0.52%
George
Weston
Ltd.
Consumer
Staples
8,889
637,785
0.51%
Knorr-Bremse
AG
Industrials
5,440
631,862
0.51%
Kirin
Holdings
Co.
Ltd.
Consumer
Staples
35,618
615,924
0.50%
Canadian
Utilities
Ltd.
Utilities
16,509
613,474
0.49%
QBE
Insurance
Group
Ltd.
Financials
35,001
610,831
0.49%
Chubb
Ltd.
Financials
1,775
604,892
0.49%
Singapore
Exchange
Ltd.
Financials
32,390
603,002
0.49%
Lockheed
Martin
Corp.
Industrials
1,178
600,378
0.48%
Bristol-Myers
Squibb
Co.
Health
Care
10,389
598,618
0.48%
Deutsche
Telekom
AG
Communication
Services
21,944
598,367
0.48%
TotalEnergies
SE
Energy
7,459
580,153
0.47%
State
Street
Corp.
Financials
3,407
577,823
0.47%
National
Grid
PLC
Utilities
34,638
573,753
0.46%
Power
Assets
Holdings
Ltd.
Utilities
78,294
570,081
0.46%
Ipsen
SA
Health
Care
2,946
568,456
0.46%
Hartford
Insurance
Group,
Inc.
(The)
Financials
4,269
565,661
0.46%
Danone
SA
Consumer
Staples
6,876
563,998
0.45%
Fortum
Oyj
Utilities
24,022
557,253
0.45%
Telenor
ASA
Communication
Services
38,151
546,699
0.44%
Oversea-Chinese
Banking
Corp.
Ltd.
Financials
28,166
539,832
0.43%
Description
Sector
Shares
Value
Percentage
value
BCFTUSAL
C
ommon
S
tocks
Lam
Research
Corp.
Information
Technology
3,646
1,580,098
1.61%
Applied
Materials,
Inc.
Information
Technology
2,007
1,451,259
1.48%
Toll
Brothers,
Inc.
Consumer
Discretionary
8,126
1,338,775
1.36%
United
Airlines
Holdings,
Inc.
Industrials
9,776
1,329,434
1.35%
Astera
Labs,
Inc.
Information
Technology
2,688
1,298,210
1.32%
GE
Vernova,
Inc.
Industrials
1,099
1,291,231
1.31%
Virtu
Financial,
Inc.
Financials
21,584
1,285,738
1.31%
Exelixis,
Inc.
Health
Care
23,543
1,280,965
1.30%
Citigroup,
Inc.
Financials
9,127
1,277,408
1.30%
State
Street
Corp.
Financials
7,423
1,258,910
1.28%
Valero
Energy
Corp.
Energy
4,717
1,228,556
1.25%
Arista
Networks,
Inc.
Information
Technology
7,209
1,224,586
1.25%
Natera,
Inc.
Health
Care
4,498
1,220,922
1.24%
Sandisk
Corp.
Information
Technology
521
1,185,067
1.21%
Cadence
Design
Systems,
Inc.
Information
Technology
3,082
1,156,838
1.18%
Freeport-McMoRan,
Inc.
Materials
18,283
1,149,788
1.17%
Johnson
Controls
International
plc
Industrials
7,787
1,137,814
1.16%
Edison
International
Utilities
15,195
1,131,304
1.15%
Curtiss-Wright
Corp.
Industrials
1,492
1,130,757
1.15%
Unum
Group
Financials
12,266
1,096,552
1.12%
Affiliated
Managers
Group,
Inc.
Financials
3,233
1,093,962
1.11%
Axis
Capital
Holdings
Ltd.
Financials
9,891
1,062,653
1.08%
Cheniere
Energy,
Inc.
Energy
4,263
1,018,952
1.04%
General
Motors
Co.
Consumer
Discretionary
12,977
1,000,291
1.02%
Cirrus
Logic,
Inc.
Information
Technology
6,599
980,190
1.00%
MGIC
Investment
Corp.
Financials
34,730
979,395
1.00%
Allison
Transmission
Holdings,
Inc.
Industrials
8,663
976,689
0.99%
Regeneron
Pharmaceuticals,
Inc.
Health
Care
1,498
934,063
0.95%
Synchrony
Financial
Financials
12,176
925,972
0.94%
Rubrik,
Inc.
Information
Technology
11,162
896,090
0.91%
Putnam
Dynamic
Asset
Allocation
Balanced
Fund
(continued)
See
Notes
to
Consolidated
Schedules
of
Investments.
Quarterly
Consolidated
Schedule
of
Investments
73
Putnam
Asset
Allocation
Funds
Consolidated
Schedule
of
Investments
(unaudited)
Description
Sector
Shares
Value
Percentage
value
BCFTUSAL
Common
Stocks
(continued)
NRG
Energy,
Inc.
Utilities
6,100
$
890,957
0.91%
Everpure,
Inc.
Information
Technology
11,294
889,842
0.91%
Flex
Ltd.
Information
Technology
5,455
884,012
0.90%
QUALCOMM,
Inc.
Information
Technology
4,729
873,901
0.89%
eBay,
Inc.
Consumer
Discretionary
7,755
866,663
0.88%
Vornado
Realty
Trust
Real
Estate
21,878
859,807
0.88%
Spotify
Technology
SA
Communication
Services
1,848
848,496
0.86%
Booking
Holdings,
Inc.
Consumer
Discretionary
4,669
832,225
0.85%
Ciena
Corp.
Information
Technology
1,656
812,577
0.83%
AutoNation,
Inc.
Consumer
Discretionary
4,320
802,552
0.82%
Textron,
Inc.
Industrials
8,430
773,287
0.79%
American
International
Group,
Inc.
Financials
10,244
763,463
0.78%
Equitable
Holdings,
Inc.
Financials
17,378
762,568
0.78%
Millicom
International
Cellular
SA
Communication
Services
8,278
751,326
0.77%
Manhattan
Associates,
Inc.
Information
Technology
5,392
750,793
0.76%
Boyd
Gaming
Corp.
Consumer
Discretionary
8,284
731,719
0.75%
Ventas,
Inc.
Real
Estate
8,096
718,897
0.73%
MGM
Resorts
International
Consumer
Discretionary
14,934
713,999
0.73%
DoorDash,
Inc.
Consumer
Discretionary
3,790
699,318
0.71%
Iridium
Communications,
Inc.
Communication
Services
12,011
658,784
0.67%
Description
Sector
Shares
Value
Percentage
value
GSIIPGSS
C
ommon
S
tocks
Straumann
Holding
AG
Health
Care
6,664
878,997
0.78%
CenterPoint
Energy,
Inc.
Utilities
18,765
826,395
0.73%
Entergy
Corp.
Utilities
7,195
826,380
0.73%
Dominion
Energy,
Inc.
Utilities
11,973
817,658
0.73%
Southern
Co.
(The)
Utilities
8,441
807,888
0.72%
Enbridge,
Inc.
Energy
14,122
765,546
0.68%
ONEOK,
Inc.
Energy
8,656
752,573
0.67%
Visa,
Inc.
Financials
2,189
751,155
0.67%
Hermes
International
SCA
Consumer
Discretionary
409
748,089
0.67%
American
Water
Works
Co.,
Inc.
Utilities
5,680
747,337
0.66%
International
Paper
Co.
Materials
19,525
743,921
0.66%
Walmart,
Inc.
Consumer
Staples
6,507
736,960
0.66%
Ingersoll
Rand,
Inc.
Industrials
8,929
732,083
0.65%
Orange
SA
Communication
Services
38,489
726,291
0.65%
Ferrovial
NV
Industrials
10,555
723,836
0.64%
Eaton
Corp.
PLC
Industrials
1,689
719,550
0.64%
Heineken
NV
Consumer
Staples
8,327
700,731
0.62%
Cellnex
Telecom
SA
Communication
Services
23,126
691,401
0.61%
Diamondback
Energy,
Inc.
Energy
3,896
684,826
0.61%
Waste
Connections,
Inc.
Industrials
4,061
676,863
0.60%
Realty
Income
Corp.
Real
Estate
10,901
675,416
0.60%
Land
Securities
Group
PLC
Real
Estate
77,947
673,492
0.60%
Duke
Energy
Corp.
Utilities
5,266
666,541
0.59%
Swiss
Life
Holding
AG
Financials
604
665,556
0.59%
Singapore
Telecommunications
Ltd.
Communication
Services
187,683
639,902
0.57%
Fifth
Third
Bancorp
Financials
11,159
629,049
0.56%
Coca-Cola
Europacific
Partners
PLC
Consumer
Staples
6,073
607,733
0.54%
Coca-Cola
Co.
(The)
Consumer
Staples
7,474
607,387
0.54%
Wilmar
International
Ltd.
Consumer
Staples
214,158
597,713
0.53%
British
American
TobacCo.
PLC
Consumer
Staples
9,450
586,631
0.52%
WEC
Energy
Group,
Inc.
Utilities
5,021
586,276
0.52%
Putnam
Asset
Allocation
Funds
Consolidated
Schedule
of
Investments
(unaudited)
Putnam
Dynamic
Asset
Allocation
Balanced
Fund
(continued)
Quarterly
Consolidated
Schedule
of
Investments
See
Notes
to
Consolidated
Schedules
of
Investments.
74
Description
Sector
Shares
Value
Percentage
value
GSIIPGSS
Common
Stocks
(continued)
Aker
BP
ASA
Energy
19,101
$
585,256
0.52%
Beiersdorf
AG
Consumer
Staples
6,665
574,077
0.51%
Hong
Kong
&
China
Gas
Co.
Ltd.
Utilities
692,516
574,002
0.51%
Pernod
Ricard
SA
Consumer
Staples
7,756
566,273
0.50%
Xcel
Energy,
Inc.
Utilities
6,882
552,643
0.49%
Zurich
Insurance
Group
AG
Financials
737
546,911
0.49%
Equifax,
Inc.
Industrials
3,415
541,984
0.48%
Union
Pacific
Corp.
Industrials
1,967
535,029
0.48%
Emerson
Electric
Co.
Industrials
3,703
530,013
0.47%
Lennar
Corp.
Consumer
Discretionary
5,845
528,933
0.47%
Alliant
Energy
Corp.
Utilities
6,775
516,897
0.46%
EQT
AB
Financials
18,028
510,384
0.45%
TELUS
Corp.
Communication
Services
47,937
506,824
0.45%
Paychex,
Inc.
Industrials
5,146
506,039
0.45%
Linde
PLC
Materials
969
503,032
0.45%
Palo
Alto
Networks,
Inc.
Information
Technology
1,459
497,378
0.44%
Exelon
Corp.
Utilities
10,599
494,135
0.44%
Legal
&
General
Group
PLC
Financials
127,433
483,726
0.43%
Genuine
Parts
Co.
Consumer
Discretionary
4,092
482,750
0.43%
Description
Sector
Shares
Value
Percentage
value
BCFTUSAS
C
ommon
S
tocks
Dell
Technologies,
Inc.
Information
Technology
3,857
1,664,191
1.72%
MKS,
Inc.
Information
Technology
3,522
1,566,574
1.62%
Micron
Technology,
Inc.
Information
Technology
1,314
1,516,200
1.56%
Entegris,
Inc.
Information
Technology
7,749
1,393,810
1.44%
Brown
&
Brown,
Inc.
Financials
20,647
1,324,506
1.37%
Arthur
J
Gallagher
&
Co.
Financials
5,769
1,324,384
1.37%
Roivant
Sciences
Ltd.
Health
Care
36,492
1,291,456
1.33%
Coherent
Corp.
Information
Technology
3,086
1,217,197
1.26%
DT
Midstream,
Inc.
Energy
7,674
1,126,094
1.16%
Royal
Caribbean
Cruises
Ltd.
Consumer
Discretionary
3,516
1,116,502
1.15%
Loar
Holdings,
Inc.
Industrials
13,473
1,086,080
1.12%
Texas
Instruments,
Inc.
Information
Technology
3,622
1,079,598
1.11%
LPL
Financial
Holdings,
Inc.
Financials
3,733
1,051,533
1.09%
Diamondback
Energy,
Inc.
Energy
5,934
1,043,002
1.08%
Take-Two
Interactive
Software,
Inc.
Communication
Services
4,095
1,023,682
1.06%
Bunge
Global
SA
Consumer
Staples
9,562
1,020,583
1.05%
Norwegian
Cruise
Line
Holdings
Ltd.
Consumer
Discretionary
47,893
1,011,015
1.04%
Monolithic
Power
Systems,
Inc.
Information
Technology
708
978,234
1.01%
Lumentum
Holdings,
Inc.
Information
Technology
1,137
975,459
1.01%
Kinsale
Capital
Group,
Inc.
Financials
2,745
905,441
0.93%
Synopsys,
Inc.
Information
Technology
1,990
887,582
0.92%
Quanta
Services,
Inc.
Industrials
1,180
849,328
0.88%
Ryan
Specialty
Holdings,
Inc.
Financials
22,420
846,569
0.87%
Lithia
Motors,
Inc.
Consumer
Discretionary
2,893
840,456
0.87%
CH
Robinson
Worldwide,
Inc.
Industrials
4,445
837,079
0.86%
Affirm
Holdings,
Inc.
Financials
10,192
831,159
0.86%
Oracle
Corp.
Information
Technology
5,607
821,731
0.85%
BWX
Technologies,
Inc.
Industrials
4,191
815,830
0.84%
Ross
Stores,
Inc.
Consumer
Discretionary
3,811
811,086
0.84%
Gen
Digital,
Inc.
Information
Technology
31,936
794,875
0.82%
GLOBALFOUNDRIES,
Inc.
Information
Technology
9,313
767,469
0.79%
SoFi
Technologies,
Inc.
Financials
41,824
749,908
0.77%
Putnam
Dynamic
Asset
Allocation
Balanced
Fund
(continued)
See
Notes
to
Consolidated
Schedules
of
Investments.
Quarterly
Consolidated
Schedule
of
Investments
75
Putnam
Asset
Allocation
Funds
Consolidated
Schedule
of
Investments
(unaudited)
See
Abbreviations
on
page
234
.
Description
Sector
Shares
Value
Percentage
value
BCFTUSAS
Common
Stocks
(continued)
nVent
Electric
PLC
Industrials
4,337
$
735,627
0.76%
Aurora
Innovation,
Inc.
Information
Technology
107,582
733,708
0.76%
RPM
International,
Inc.
Materials
6,587
732,096
0.76%
Royal
Gold,
Inc.
Materials
3,666
731,788
0.76%
Primo
Brands
Corp.
Consumer
Staples
29,454
719,845
0.74%
Stanley
Black
&
Decker,
Inc.
Industrials
7,633
718,393
0.74%
Watsco,
Inc.
Industrials
1,650
687,798
0.71%
Healthcare
Realty
Trust,
Inc.
Real
Estate
33,881
683,375
0.71%
Blue
Owl
Capital,
Inc.
Financials
76,426
668,723
0.69%
Jack
Henry
&
Associates,
Inc.
Financials
4,797
660,759
0.68%
Somnigroup
International,
Inc.
Consumer
Discretionary
8,363
655,632
0.68%
Albemarle
Corp.
Materials
4,742
640,296
0.66%
T
Rowe
Price
Group,
Inc.
Financials
5,531
628,801
0.65%
Tyler
Technologies,
Inc.
Information
Technology
2,021
591,059
0.61%
Domino's
Pizza,
Inc.
Consumer
Discretionary
1,971
583,523
0.60%
NU
Holdings
Ltd.
Financials
43,513
581,336
0.60%
Motorola
Solutions,
Inc.
Information
Technology
1,399
580,912
0.60%
Agree
Realty
Corp.
Real
Estate
7,480
566,510
0.58%
Putnam
Asset
Allocation
Funds
Consolidated
Schedule
of
Investments
(unaudited),
June
30,
2026
Putnam
Dynamic
Asset
Allocation
Conservative
Fund
Quarterly
Consolidated
Schedule
of
Investments
See
Notes
to
Consolidated
Schedules
of
Investments.
76
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Common
Stocks
59.4%
Aerospace
&
Defense
1.5%
Airbus
SE
.........................................
France
6,323
$
1,406,816
a
Astronics
Corp.
.....................................
United
States
939
76,303
a
Astronics
Corp.,
B
...................................
United
States
187
14,212
Curtiss-Wright
Corp.
.................................
United
States
293
222,024
Embraer
SA
.......................................
Brazil
9,800
155,382
a
Firefly
Aerospace,
Inc.
................................
United
States
1,839
54,067
General
Dynamics
Corp.
..............................
United
States
626
221,754
General
Electric
Co.
.................................
United
States
6,771
2,530,526
a
Honeywell
Aerospace,
Inc.
............................
United
States
4,082
902,449
a
Kratos
Defense
&
Security
Solutions,
Inc.
.................
United
States
274
13,662
L3Harris
Technologies,
Inc.
............................
United
States
688
199,926
Leonardo
DRS,
Inc.
.................................
United
States
4,783
204,091
Leonardo
SpA
......................................
Italy
3,939
211,486
Lockheed
Martin
Corp.
...............................
United
States
4,680
2,384,273
Melrose
Industries
plc
................................
United
Kingdom
23,666
149,230
Moog,
Inc.,
A
.......................................
United
States
70
29,669
Northrop
Grumman
Corp.
.............................
United
States
2,200
1,120,482
RTX
Corp.
........................................
United
States
7,982
1,514,425
Safran
SA
.........................................
France
2,089
823,235
Thales
SA
.........................................
France
1,401
360,059
TransDigm
Group,
Inc.
...............................
United
States
325
432,913
a
V2X,
Inc.
..........................................
United
States
496
36,982
13,063,966
Air
Freight
&
Logistics
0.2%
Deutsche
Post
AG
...................................
Germany
4,067
247,259
Expeditors
International
of
Washington,
Inc.
...............
United
States
1,374
223,935
FedEx
Corp.
.......................................
United
States
4,597
1,439,459
Hub
Group,
Inc.,
A
...................................
United
States
999
43,746
United
Parcel
Service,
Inc.,
B
..........................
United
States
2,126
228,545
2,182,944
Automobile
Components
0.1%
a
Adient
plc
.........................................
United
States
1,517
27,882
Aisin
Corp.
........................................
Japan
20,300
275,607
BorgWarner,
Inc.
....................................
United
States
3,803
252,519
Dana,
Inc.
.........................................
United
States
2,882
78,419
a
Gentherm,
Inc.
.....................................
United
States
589
20,091
a
Strattec
Security
Corp.
...............................
United
States
225
18,326
Sumitomo
Electric
Industries
Ltd.
.......................
Japan
6,800
126,188
Visteon
Corp.
......................................
United
States
866
85,916
884,948
Automobiles
1.1%
Ford
Motor
Co.
.....................................
United
States
16,209
225,305
General
Motors
Co.
..................................
United
States
21,509
1,657,914
Isuzu
Motors
Ltd.
...................................
Japan
4,400
58,591
Kia
Corp.
.........................................
South
Korea
1,293
116,781
Mahindra
&
Mahindra
Ltd.
.............................
India
7,729
251,384
Subaru
Corp.
......................................
Japan
6,100
89,245
a
Tesla,
Inc.
.........................................
United
States
14,905
6,269,043
Toyota
Motor
Corp.
..................................
Japan
5,400
90,464
8,758,727
Banks
4.2%
AIB
Group
plc
......................................
Ireland
71,281
837,729
Al
Rajhi
Bank
......................................
Saudi
Arabia
13,351
234,204
Amalgamated
Financial
Corp.
..........................
United
States
957
43,926
Putnam
Asset
Allocation
Funds
Consolidated
Schedule
of
Investments
(unaudited)
Putnam
Dynamic
Asset
Allocation
Conservative
Fund
(continued)
See
Notes
to
Consolidated
Schedules
of
Investments.
Quarterly
Consolidated
Schedule
of
Investments
77
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Common
Stocks
(continued)
Banks
(continued)
Ameris
Bancorp
....................................
United
States
207
$
18,684
Associated
Banc-Corp.
...............................
United
States
599
18,431
a
Axos
Financial,
Inc.
..................................
United
States
472
45,968
Banc
of
California,
Inc.
...............................
United
States
944
19,286
Banco
Bilbao
Vizcaya
Argentaria
SA
.....................
Spain
21,015
529,091
Banco
de
Sabadell
SA
...............................
Spain
6,898
24,443
Banco
Santander
SA
.................................
Spain
138,150
1,917,502
Bank
Hapoalim
BM
..................................
Israel
10,638
245,370
Bank
Leumi
Le-Israel
BM
.............................
Israel
24,518
548,679
Bank
of
America
Corp.
...............................
United
States
44,097
2,512,647
Bank
of
China
Ltd.,
H
................................
China
420,000
267,844
Bank
of
Hawaii
Corp.
................................
United
States
578
47,101
BankUnited,
Inc.
....................................
United
States
384
18,605
Banner
Corp.
......................................
United
States
245
16,278
Barclays
plc
.......................................
United
Kingdom
114,723
768,759
BNP
Paribas
SA
....................................
France
7,061
824,676
BOC
Hong
Kong
Holdings
Ltd.
.........................
China
13,000
70,545
CaixaBank
SA
......................................
Spain
4,829
68,418
Carter
Bankshares,
Inc.
...............................
United
States
663
22,549
Cathay
General
Bancorp
..............................
United
States
1,680
104,143
Central
Pacific
Financial
Corp.
.........................
United
States
901
34,418
Citigroup,
Inc.
......................................
United
States
49,796
6,969,448
Citizens
Financial
Group,
Inc.
..........................
United
States
3,416
239,359
CTBC
Financial
Holding
Co.
Ltd.
........................
Taiwan
129,000
289,155
a
Customers
Bancorp,
Inc.
..............................
United
States
1,165
92,151
CVB
Financial
Corp.
.................................
United
States
918
20,701
Danske
Bank
A/S
...................................
Denmark
11,978
642,052
Enterprise
Financial
Services
Corp.
......................
United
States
787
51,848
Erste
Group
Bank
AG
................................
Austria
6,941
928,969
Financial
Institutions,
Inc.
.............................
United
States
513
19,992
First
Bancorp
......................................
United
States
3,934
102,559
First
Financial
Corp.
.................................
United
States
255
19,747
First
Horizon
Corp.
..................................
United
States
9,004
230,863
First
Merchants
Corp.
................................
United
States
220
9,612
Grupo
Financiero
Banorte
SAB
de
CV,
O
..................
Mexico
14,839
156,617
Hancock
Whitney
Corp.
...............................
United
States
1,093
81,669
Hanmi
Financial
Corp.
................................
United
States
964
31,234
Hilltop
Holdings,
Inc.
.................................
United
States
1,709
66,275
Hope
Bancorp,
Inc.
..................................
United
States
2,046
27,989
HSBC
Holdings
plc,
(GBP
Traded)
......................
United
Kingdom
70,245
1,328,283
HSBC
Holdings
plc,
(HKD
Traded)
......................
United
Kingdom
6,800
129,210
ICICI
Bank
Ltd.
.....................................
India
20,387
297,594
Independent
Bank
Corp.
..............................
United
States
601
21,678
Intesa
Sanpaolo
SpA
.................................
Italy
51,922
356,875
JPMorgan
Chase
&
Co.
...............................
United
States
3,466
1,134,526
KB
Financial
Group,
Inc.
..............................
South
Korea
2,700
279,362
Lloyds
Banking
Group
plc
.............................
United
Kingdom
516,826
756,389
Mercantile
Bank
Corp.
................................
United
States
338
19,408
Metropolitan
Bank
Holding
Corp.
........................
United
States
214
21,135
Mitsubishi
UFJ
Financial
Group,
Inc.
.....................
Japan
73,300
1,460,351
National
Bank
Holdings
Corp.,
A
........................
United
States
1,151
51,139
National
Bank
of
Greece
SA
...........................
Greece
40,139
693,463
NatWest
Group
plc
..................................
United
Kingdom
75,214
663,685
Northrim
BanCorp,
Inc.
...............................
United
States
679
18,835
Northwest
Bancshares,
Inc.
............................
United
States
1,216
18,435
a
NU
Holdings
Ltd.,
A
..................................
Brazil
8,439
112,745
OceanFirst
Financial
Corp.
............................
United
States
1,447
28,260
OFG
Bancorp
......................................
United
States
1,086
53,290
Putnam
Asset
Allocation
Funds
Consolidated
Schedule
of
Investments
(unaudited)
Putnam
Dynamic
Asset
Allocation
Conservative
Fund
(continued)
Quarterly
Consolidated
Schedule
of
Investments
See
Notes
to
Consolidated
Schedules
of
Investments.
78
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Common
Stocks
(continued)
Banks
(continued)
Origin
Bancorp,
Inc.
.................................
United
States
416
$
21,278
OTP
Bank
Nyrt.
.....................................
Hungary
1,577
232,932
PNC
Financial
Services
Group,
Inc.
(The)
.................
United
States
6,391
1,573,592
Popular,
Inc.
.......................................
United
States
1,367
224,434
Preferred
Bank
.....................................
United
States
191
20,296
Raiffeisen
Bank
International
AG
........................
Austria
2,156
137,827
Shore
Bancshares,
Inc.
...............................
United
States
856
19,645
Simmons
First
National
Corp.,
A
........................
United
States
1,896
42,944
Southern
Missouri
Bancorp,
Inc.
........................
United
States
265
20,196
Sumitomo
Mitsui
Financial
Group,
Inc.
....................
Japan
20,500
803,581
a
Third
Coast
Bancshares,
Inc.
..........................
United
States
365
14,746
Towne
Bank
.......................................
United
States
526
19,062
Trustmark
Corp.
....................................
United
States
1,443
66,392
UniCredit
SpA
......................................
Italy
7,889
707,002
United
Community
Banks,
Inc.
.........................
United
States
513
18,001
Univest
Financial
Corp.
...............................
United
States
587
25,681
US
Bancorp
.......................................
United
States
3,918
236,647
Valley
National
Bancorp
..............................
United
States
1,383
20,261
WaFd,
Inc.
........................................
United
States
481
18,456
Wells
Fargo
&
Co.
...................................
United
States
2,798
231,227
Westamerica
BanCorp
...............................
United
States
343
20,124
WSFS
Financial
Corp.
................................
United
States
269
20,640
Zions
Bancorp
NA
...................................
United
States
3,458
239,259
31,398,422
Beverages
0.8%
a
Boston
Beer
Co.,
Inc.
(The),
A
..........................
United
States
792
140,208
Carlsberg
A/S,
B
....................................
Denmark
5,158
674,973
Coca-Cola
Co.
(The)
.................................
United
States
27,827
2,261,500
Coca-Cola
Consolidated,
Inc.
..........................
United
States
1,224
233,686
Coca-Cola
HBC
AG
.................................
Italy
5,471
356,632
a
Monster
Beverage
Corp.
..............................
United
States
14,103
1,355,580
PepsiCo,
Inc.
......................................
United
States
7,313
990,180
6,012,759
Biotechnology
1.1%
AbbVie,
Inc.
.......................................
United
States
12,319
3,099,953
a
ACADIA
Pharmaceuticals,
Inc.
.........................
United
States
3,430
86,779
a
ADMA
Biologics,
Inc.
.................................
United
States
1,532
12,823
a
Alkermes
plc
.......................................
United
States
2,996
156,975
a
Alnylam
Pharmaceuticals,
Inc.
..........................
United
States
722
217,344
Amgen,
Inc.
.......................................
United
States
633
229,222
a
AnaptysBio,
Inc.
....................................
United
States
1,662
112,185
a
Arrowhead
Pharmaceuticals,
Inc.
.......................
United
States
1,833
149,408
a
Atrium
Therapeutics,
Inc.
..............................
United
States
1,607
21,614
a
BioCryst
Pharmaceuticals,
Inc.
.........................
United
States
9,686
96,860
a
Capricor
Therapeutics,
Inc.
............................
United
States
670
16,134
a
Corvus
Pharmaceuticals,
Inc.
..........................
United
States
1,430
21,364
a
Enanta
Pharmaceuticals,
Inc.
..........................
United
States
970
14,143
a
Exelixis,
Inc.
.......................................
United
States
4,285
233,147
a
Genmab
A/S
.......................................
Denmark
204
55,927
a
ImmunityBio,
Inc.
...................................
United
States
12,668
110,908
a
Incyte
Corp.
.......................................
United
States
9,510
1,078,054
a
Inhibrx
Biosciences,
Inc.
..............................
United
States
384
36,384
a
Insmed,
Inc.
.......................................
United
States
1,011
107,793
a
Ironwood
Pharmaceuticals,
Inc.,
A
.......................
United
States
11,279
47,485
a
Kodiak
Sciences,
Inc.
................................
United
States
629
24,506
a
MeiraGTx
Holdings
plc
...............................
United
States
1,730
23,372
Putnam
Asset
Allocation
Funds
Consolidated
Schedule
of
Investments
(unaudited)
Putnam
Dynamic
Asset
Allocation
Conservative
Fund
(continued)
See
Notes
to
Consolidated
Schedules
of
Investments.
Quarterly
Consolidated
Schedule
of
Investments
79
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Common
Stocks
(continued)
Biotechnology
(continued)
a
Mineralys
Therapeutics,
Inc.
...........................
United
States
1,475
$
39,795
a
Monte
Rosa
Therapeutics,
Inc.
.........................
United
States
3,718
89,976
a
Natera,
Inc.
........................................
United
States
1,057
286,923
a
Neurocrine
Biosciences,
Inc.
...........................
United
States
1,372
231,230
a
Olema
Pharmaceuticals,
Inc.
...........................
United
States
953
11,922
a
Praxis
Precision
Medicines,
Inc.
........................
United
States
52
17,409
a
Precigen,
Inc.
......................................
United
States
3,966
22,606
a
Protagonist
Therapeutics,
Inc.
..........................
United
States
1,095
134,225
a
Puma
Biotechnology,
Inc.
.............................
United
States
1,977
16,033
Regeneron
Pharmaceuticals,
Inc.
.......................
United
States
4,352
2,713,646
a
Rhythm
Pharmaceuticals,
Inc.
..........................
United
States
931
103,369
a
Rigel
Pharmaceuticals,
Inc.
............................
United
States
595
23,276
a
Stoke
Therapeutics,
Inc.
..............................
United
States
2,249
73,587
a
Tango
Therapeutics,
Inc.
..............................
United
States
2,073
64,802
a
Travere
Therapeutics,
Inc.
.............................
United
States
2,322
131,913
a
Vertex
Pharmaceuticals,
Inc.
...........................
United
States
2,707
1,344,648
a
Xenon
Pharmaceuticals,
Inc.
...........................
Canada
326
19,677
a
Zymeworks,
Inc.
....................................
United
States
1,041
27,212
11,304,629
Broadline
Retail
1.8%
Alibaba
Group
Holding
Ltd.
............................
China
28,400
340,472
a
Amazon.com,
Inc.
...................................
United
States
56,841
13,547,484
eBay,
Inc.
.........................................
United
States
1,857
207,520
a
Etsy,
Inc.
..........................................
United
States
1,723
129,794
Next
plc
..........................................
United
Kingdom
635
122,519
Prosus
NV
........................................
China
11,004
478,163
14,825,952
Building
Products
0.2%
Allegion
plc
........................................
United
States
1,647
231,387
Apogee
Enterprises,
Inc.
..............................
United
States
491
22,458
a
Janus
International
Group,
Inc.
.........................
United
States
3,318
18,415
Johnson
Controls
International
plc
.......................
United
States
1,552
226,763
a
Modine
Manufacturing
Co.
............................
United
States
76
20,294
a
Resideo
Technologies,
Inc.
............................
United
States
650
20,215
Trane
Technologies
plc
...............................
United
States
3,750
1,841,850
UFP
Industries,
Inc.
..................................
United
States
999
90,649
2,472,031
Capital
Markets
2.0%
3i
Group
plc
.......................................
United
Kingdom
5,227
171,884
Affiliated
Managers
Group,
Inc.
.........................
United
States
690
233,496
Ameriprise
Financial,
Inc.
.............................
United
States
475
217,911
Bank
of
New
York
Mellon
Corp.
(The)
....................
United
States
1,549
224,001
Charles
Schwab
Corp.
(The)
...........................
United
States
18,864
1,740,581
CME
Group,
Inc.
....................................
United
States
4,497
993,072
Deutsche
Bank
AG
..................................
Germany
10,856
367,660
b
Euronext
NV,
144A,
Reg
S
............................
Netherlands
2,644
422,911
Goldman
Sachs
Group,
Inc.
(The)
.......................
United
States
4,584
4,636,120
b
HDFC
Asset
Management
Co.
Ltd.,
144A,
Reg
S
...........
India
3,007
84,420
Hong
Kong
Exchanges
&
Clearing
Ltd.
...................
Hong
Kong
5,300
246,593
Interactive
Brokers
Group,
Inc.,
A
.......................
United
States
2,683
233,528
Janus
Henderson
Group
plc
...........................
United
States
4,023
208,995
Japan
Exchange
Group,
Inc.
...........................
Japan
22,500
284,758
Korea
Investment
Holdings
Co.
Ltd.
.....................
South
Korea
812
117,623
London
Stock
Exchange
Group
plc
......................
United
Kingdom
4,524
489,115
Morgan
Stanley
.....................................
United
States
1,272
265,899
Putnam
Asset
Allocation
Funds
Consolidated
Schedule
of
Investments
(unaudited)
Putnam
Dynamic
Asset
Allocation
Conservative
Fund
(continued)
Quarterly
Consolidated
Schedule
of
Investments
See
Notes
to
Consolidated
Schedules
of
Investments.
80
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Common
Stocks
(continued)
Capital
Markets
(continued)
Nasdaq,
Inc.
.......................................
United
States
5,612
$
442,338
Nomura
Holdings,
Inc.
................................
Japan
53,000
465,336
Northern
Trust
Corp.
.................................
United
States
1,299
225,818
State
Street
Corp.
...................................
United
States
18,580
3,151,168
a
StoneX
Group,
Inc.
..................................
United
States
1,164
137,934
UBS
Group
AG
.....................................
Switzerland
18,981
940,720
Virtu
Financial,
Inc.,
A
................................
United
States
3,931
234,170
Virtus
Investment
Partners,
Inc.
.........................
United
States
224
32,144
16,568,195
Chemicals
1.1%
Air
Liquide
SA
......................................
France
1,713
339,220
Asahi
Kasei
Corp.
...................................
Japan
31,300
348,121
Avient
Corp.
.......................................
United
States
629
23,248
a
Axalta
Coating
Systems
Ltd.
...........................
United
States
7,353
251,620
Balchem
Corp.
.....................................
United
States
416
70,283
Cabot
Corp.
.......................................
United
States
204
18,527
CF
Industries
Holdings,
Inc.
...........................
United
States
13,419
1,452,741
Chemours
Co.
(The)
.................................
United
States
393
8,064
Corteva,
Inc.
.......................................
United
States
16,372
1,386,545
DuPont
de
Nemours,
Inc.
.............................
United
States
793
107,562
Ecolab,
Inc.
........................................
United
States
848
236,261
a
Ingevity
Corp.
......................................
United
States
308
22,998
Innospec,
Inc.
......................................
United
States
428
34,835
a
Intrepid
Potash,
Inc.
.................................
United
States
599
19,635
Linde
plc
..........................................
United
States
1,147
595,224
a
LSB
Industries,
Inc.
..................................
United
States
1,381
14,929
Mativ
Holdings,
Inc.
..................................
United
States
1,706
12,914
Minerals
Technologies,
Inc.
............................
United
States
991
73,304
NewMarket
Corp.
...................................
United
States
308
243,702
a
Perimeter
Solutions,
Inc.
..............................
United
States
3,427
122,173
PPG
Industries,
Inc.
.................................
United
States
3,825
463,934
a
Rayonier
Advanced
Materials,
Inc.
.......................
United
States
1,937
15,225
Sherwin-Williams
Co.
(The)
............................
United
States
2,276
783,672
Solstice
Advanced
Materials,
Inc.
.......................
United
States
4,369
387,093
7,031,830
Commercial
Services
&
Supplies
0.1%
Brink's
Co.
(The)
....................................
United
States
853
80,600
a
Cimpress
plc
.......................................
Ireland
216
21,967
Cintas
Corp.
.......................................
United
States
3,065
521,295
a
CoreCivic,
Inc.
.....................................
United
States
823
25,003
a
OPENLANE,
Inc.
...................................
United
States
598
24,661
Republic
Services,
Inc.,
A
.............................
United
States
1,028
219,046
Veralto
Corp.
.......................................
United
States
2,475
219,483
Waste
Management,
Inc.
..............................
United
States
986
219,760
1,331,815
Communications
Equipment
0.8%
Accton
Technology
Corp.
..............................
Taiwan
2,000
159,524
a
Arista
Networks,
Inc.
.................................
United
States
13,119
2,228,656
a
BK
Technologies
Corp.
...............................
United
States
219
18,830
a
Calix,
Inc.
.........................................
United
States
937
34,969
a
Ciena
Corp.
.......................................
United
States
1,951
957,083
Cisco
Systems,
Inc.
.................................
United
States
23,705
2,784,389
a
Extreme
Networks,
Inc.
...............................
United
States
4,095
132,555
a
NETGEAR,
Inc.
.....................................
United
States
695
16,228
a
NetScout
Systems,
Inc.
...............................
United
States
640
27,872
Putnam
Asset
Allocation
Funds
Consolidated
Schedule
of
Investments
(unaudited)
Putnam
Dynamic
Asset
Allocation
Conservative
Fund
(continued)
See
Notes
to
Consolidated
Schedules
of
Investments.
Quarterly
Consolidated
Schedule
of
Investments
81
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Common
Stocks
(continued)
Communications
Equipment
(continued)
Telefonaktiebolaget
LM
Ericsson,
B
......................
Sweden
7,756
$
86,981
Ubiquiti,
Inc.
.......................................
United
States
211
112,680
a
Viasat,
Inc.
........................................
United
States
267
23,979
a
Viavi
Solutions,
Inc.
..................................
United
States
1,089
52,000
Vistance
Networks,
Inc.
...............................
United
States
7,518
96,080
6,731,826
Construction
&
Engineering
0.4%
ACS
Actividades
de
Construccion
y
Servicios
SA
............
Spain
2,988
439,406
Argan,
Inc.
........................................
United
States
204
162,904
a
Centuri
Holdings,
Inc.
................................
United
States
583
17,630
Comfort
Systems
USA,
Inc.
............................
United
States
123
243,780
a
Dycom
Industries,
Inc.
................................
United
States
60
30,335
Larsen
&
Toubro
Ltd.
.................................
India
3,739
163,945
a
Legence
Corp.,
A
...................................
United
States
214
18,239
a
NWPX
Infrastructure,
Inc.
.............................
United
States
203
30,438
Primoris
Services
Corp.
...............................
United
States
798
79,098
Quanta
Services,
Inc.
................................
United
States
1,267
912,291
a
Sterling
Infrastructure,
Inc.
............................
United
States
264
221,591
Tutor
Perini
Corp.
...................................
United
States
1,194
99,066
Vinci
SA
..........................................
France
4,513
659,115
3,077,838
Construction
Materials
0.4%
CRH
plc
..........................................
United
States
13,627
1,458,089
Holcim
AG
........................................
United
States
5,825
525,198
Vulcan
Materials
Co.
.................................
United
States
2,550
752,275
2,735,562
Consumer
Finance
0.2%
Ally
Financial,
Inc.
...................................
United
States
5,073
233,104
American
Express
Co.
...............................
United
States
689
233,054
Bread
Financial
Holdings,
Inc.
..........................
United
States
1,179
127,745
Capital
One
Financial
Corp.
...........................
United
States
9,081
1,821,830
a
Enova
International,
Inc.
..............................
United
States
551
132,642
a
Happen,
Inc.
.......................................
United
States
5,526
114,609
PROG
Holdings,
Inc.
.................................
United
States
1,693
78,911
Synchrony
Financial
.................................
United
States
2,991
227,466
2,969,361
Consumer
Staples
Distribution
&
Retail
1.1%
Andersons,
Inc.
(The)
................................
United
States
302
20,657
a
BJ's
Wholesale
Club
Holdings,
Inc.
......................
United
States
4,588
400,165
Costco
Wholesale
Corp.
..............................
United
States
1,377
1,288,142
Dollar
General
Corp.
.................................
United
States
2,033
234,019
a
Dollar
Tree,
Inc.
....................................
United
States
2,262
273,589
Jeronimo
Martins
SGPS
SA
...........................
Portugal
7,895
151,206
Koninklijke
Ahold
Delhaize
NV
..........................
Netherlands
10,100
406,448
Kroger
Co.
(The)
....................................
United
States
11,101
616,439
a
Maplebear,
Inc.
.....................................
United
States
5,213
246,836
Raia
Drogasil
SA
....................................
Brazil
15,200
49,496
Sysco
Corp.
.......................................
United
States
2,726
227,839
Target
Corp.
.......................................
United
States
1,630
212,894
Tesco
plc
.........................................
United
Kingdom
6,465
39,411
a
United
Natural
Foods,
Inc.
.............................
United
States
579
26,443
Walmart,
Inc.
......................................
United
States
30,393
3,442,311
7,635,895
Putnam
Asset
Allocation
Funds
Consolidated
Schedule
of
Investments
(unaudited)
Putnam
Dynamic
Asset
Allocation
Conservative
Fund
(continued)
Quarterly
Consolidated
Schedule
of
Investments
See
Notes
to
Consolidated
Schedules
of
Investments.
82
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Common
Stocks
(continued)
Containers
&
Packaging
0.2%
Avery
Dennison
Corp.
................................
United
States
1,345
$
218,361
Ball
Corp.
.........................................
United
States
3,802
237,245
Crown
Holdings,
Inc.
.................................
United
States
2,221
248,352
Greif,
Inc.,
A
.......................................
United
States
280
20,857
a
O-I
Glass,
Inc.
......................................
United
States
1,963
18,904
743,719
Distributors
0.0%
†
a
GigaCloud
Technology,
Inc.,
A
..........................
United
States
525
16,590
Gold.com,
Inc.
.....................................
United
States
490
20,389
36,979
Diversified
Consumer
Services
0.0%
†
a
Coursera,
Inc.
......................................
United
States
17,852
100,685
a
Frontdoor,
Inc.
.....................................
United
States
245
19,010
a
Laureate
Education,
Inc.
..............................
United
States
2,849
103,476
Perdoceo
Education
Corp.
............................
United
States
510
16,320
239,491
Diversified
REITs
0.0%
†
American
Assets
Trust,
Inc.
............................
United
States
879
21,702
Broadstone
Net
Lease,
Inc.
............................
United
States
897
18,541
Global
Net
Lease,
Inc.
................................
United
States
7,331
65,539
105,782
Diversified
Telecommunication
Services
0.4%
AT&T,
Inc.
.........................................
United
States
93,721
1,940,025
a
Bandwidth,
Inc.,
A
...................................
United
States
1,291
81,720
Comcast
Corp.,
A
...................................
United
States
8,524
209,264
Deutsche
Telekom
AG
................................
Germany
24,538
669,011
IDT
Corp.,
B
.......................................
United
States
601
34,954
Iridium
Communications,
Inc.
..........................
United
States
2,200
120,670
a
Lumen
Technologies,
Inc.
.............................
United
States
2,297
17,641
a
Space
Exploration
Technologies
Corp.,
A
..................
United
States
1,182
201,956
Telstra
Group
Ltd.
...................................
Australia
86,784
304,340
Verizon
Communications,
Inc.
..........................
United
States
4,403
186,423
3,766,004
Electric
Utilities
1.0%
American
Electric
Power
Co.,
Inc.
.......................
United
States
7,496
1,025,528
Constellation
Energy
Corp.
............................
United
States
730
181,310
Duke
Energy
Corp.
..................................
United
States
1,709
216,325
Edison
International
.................................
United
States
3,567
265,563
Enel
SpA
.........................................
Italy
57,979
665,042
Eversource
Energy
..................................
United
States
3,069
221,797
Exelon
Corp.
.......................................
United
States
4,647
216,643
a
Hawaiian
Electric
Industries,
Inc.
........................
United
States
662
8,957
Iberdrola
SA
.......................................
Spain
31,925
794,600
Kansai
Electric
Power
Co.,
Inc.
(The)
....................
Japan
19,300
272,745
NextEra
Energy,
Inc.
.................................
United
States
18,797
1,649,813
NRG
Energy,
Inc.
...................................
United
States
9,043
1,320,821
a
Oklo,
Inc.,
A
.......................................
United
States
250
13,082
PG&E
Corp.
.......................................
United
States
100,332
1,687,584
Portland
General
Electric
Co.
..........................
United
States
726
37,629
Southern
Co.
(The)
..................................
United
States
2,161
206,829
TXNM
Energy,
Inc.
..................................
United
States
301
17,091
Putnam
Asset
Allocation
Funds
Consolidated
Schedule
of
Investments
(unaudited)
Putnam
Dynamic
Asset
Allocation
Conservative
Fund
(continued)
See
Notes
to
Consolidated
Schedules
of
Investments.
Quarterly
Consolidated
Schedule
of
Investments
83
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Common
Stocks
(continued)
Electric
Utilities
(continued)
Xcel
Energy,
Inc.
....................................
United
States
2,650
$
212,795
9,014,154
Electrical
Equipment
1.5%
ABB
Ltd.
..........................................
Switzerland
15,202
1,653,664
Allient,
Inc.
........................................
United
States
671
69,066
AMETEK,
Inc.
......................................
United
States
956
231,295
a
Bloom
Energy
Corp.,
A
...............................
United
States
1,481
448,299
Contemporary
Amperex
Technology
Co.
Ltd.,
A
.............
China
2,600
151,137
Eaton
Corp.
plc
.....................................
United
States
549
233,940
EnerSys
..........................................
United
States
588
137,486
GE
Vernova
T&D
India
Ltd.
............................
India
4,079
213,965
GE
Vernova,
Inc.
....................................
United
States
3,601
4,230,671
c
Harbin
Electric
Co.
Ltd.,
H
.............................
China
40,000
78,851
Hyosung
Heavy
Industries
Corp.
........................
South
Korea
40
90,904
Mitsubishi
Electric
Corp.
..............................
Japan
15,200
557,453
a
Nextpower,
Inc.,
A
...................................
United
States
1,141
135,939
a
Nidec
Corp.
.......................................
Japan
5,900
96,977
a
Power
Solutions
International,
Inc.
.......................
United
States
212
8,245
Rockwell
Automation,
Inc.
.............................
United
States
491
243,084
Schneider
Electric
SE
................................
United
States
1,341
438,810
Siemens
Energy
AG
.................................
Germany
6,242
1,189,984
Sieyuan
Electric
Co.
Ltd.,
A
............................
China
3,300
84,468
Vertiv
Holdings
Co.,
A
................................
United
States
4,790
1,603,788
a
Vicor
Corp.
........................................
United
States
408
154,950
12,052,976
Electronic
Equipment,
Instruments
&
Components
0.5%
Advanced
Energy
Industries,
Inc.
.......................
United
States
415
154,741
a
Aeva
Technologies,
Inc.
..............................
United
States
2,000
57,440
a
Arlo
Technologies,
Inc.
...............................
United
States
2,780
37,474
Chroma
ATE,
Inc.
...................................
Taiwan
2,000
138,987
a
Coherent
Corp.
.....................................
United
States
2,603
1,026,805
Corning,
Inc.
.......................................
United
States
10,204
2,606,408
a
Daktronics,
Inc.
.....................................
United
States
454
8,880
Delta
Electronics,
Inc.
................................
Taiwan
1,000
62,804
Elite
Material
Co.
Ltd.
................................
Taiwan
1,000
172,881
a
Fabrinet
..........................................
Thailand
62
34,849
Hon
Hai
Precision
Industry
Co.
Ltd.
......................
Taiwan
13,000
103,736
a
Insight
Enterprises,
Inc.
...............................
United
States
217
26,431
a
Itron,
Inc.
.........................................
United
States
962
83,242
Keyence
Corp.
.....................................
Japan
1,200
606,585
a
Keysight
Technologies,
Inc.
............................
United
States
604
211,442
a
nLight,
Inc.
........................................
United
States
1,379
96,006
a
Ouster,
Inc.
........................................
United
States
2,409
150,611
Samsung
Electro-Mechanics
Co.
Ltd.
....................
South
Korea
176
254,890
a
Sanmina
Corp.
.....................................
United
States
178
45,048
a
TTM
Technologies,
Inc.
...............................
United
States
1,010
188,890
6,068,150
Energy
Equipment
&
Services
0.2%
Baker
Hughes
Co.,
A
.................................
United
States
3,292
182,706
Flowco
Holdings,
Inc.,
A
..............................
United
States
706
15,066
a
Forum
Energy
Technologies,
Inc.
........................
United
States
1,204
60,477
Halliburton
Co.
.....................................
United
States
5,784
196,367
Kodiak
Gas
Services,
Inc.
.............................
United
States
422
31,705
Liberty
Energy,
Inc.,
A
................................
United
States
928
24,304
a
National
Energy
Services
Reunited
Corp.
.................
United
States
1,961
58,693
Putnam
Asset
Allocation
Funds
Consolidated
Schedule
of
Investments
(unaudited)
Putnam
Dynamic
Asset
Allocation
Conservative
Fund
(continued)
Quarterly
Consolidated
Schedule
of
Investments
See
Notes
to
Consolidated
Schedules
of
Investments.
84
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Common
Stocks
(continued)
Energy
Equipment
&
Services
(continued)
a
Oceaneering
International,
Inc.
.........................
United
States
2,642
$
107,054
a
Oil
States
International,
Inc.
...........................
United
States
6,044
48,412
Patterson-UTI
Energy,
Inc.
............................
United
States
2,575
23,638
a
ProPetro
Holding
Corp.
...............................
United
States
1,261
18,083
SLB
Ltd.
..........................................
United
States
3,852
179,079
TechnipFMC
plc
....................................
United
Kingdom
22,701
1,505,076
a
Transocean
Ltd.
....................................
United
States
17,246
84,333
Weatherford
International
plc
...........................
United
States
1,930
157,295
2,692,288
Entertainment
0.7%
Cinemark
Holdings,
Inc.
..............................
United
States
656
20,815
a
Live
Nation
Entertainment,
Inc.
.........................
United
States
4,555
834,066
a
Netflix,
Inc.
........................................
United
States
36,962
2,639,087
Nexon
Co.
Ltd.
.....................................
Japan
3,400
45,186
a
ROBLOX
Corp.,
A
...................................
United
States
4,461
242,589
a
Spotify
Technology
SA
................................
United
States
3,996
1,834,683
Universal
Music
Group
NV
............................
Netherlands
18,577
389,180
6,005,606
Financial
Services
1.3%
a
Aditya
Birla
Capital
Ltd.
...............................
India
42,121
174,727
Apollo
Global
Management,
Inc.
........................
United
States
6,392
756,238
a
Berkshire
Hathaway,
Inc.,
B
............................
United
States
839
419,827
Bladex,
Inc.,
E
.....................................
Panama
578
35,530
Corebridge
Financial,
Inc.
.............................
United
States
7,768
222,398
Equitable
Holdings,
Inc.
...............................
United
States
5,047
221,462
Essent
Group
Ltd.
...................................
United
States
306
19,670
Fidelity
National
Information
Services,
Inc.
.................
United
States
4,932
191,756
FirstRand
Ltd.
......................................
South
Africa
35,728
212,364
a
Fiserv,
Inc.
........................................
United
States
1,880
92,214
Investor
AB,
B
......................................
Sweden
17,531
728,433
Jackson
Financial,
Inc.,
A
.............................
United
States
1,105
113,141
Mastercard,
Inc.,
A
..................................
United
States
11,416
5,863,258
MGIC
Investment
Corp.
...............................
United
States
8,264
233,045
a
NCR
Atleos
Corp.
...................................
United
States
1,655
71,844
a
NMI
Holdings,
Inc.,
A
.................................
United
States
788
32,379
Pagseguro
Digital
Ltd.,
A
..............................
Brazil
10,351
93,677
a
Payoneer
Global,
Inc.
................................
United
States
3,296
23,468
PayPal
Holdings,
Inc.
................................
United
States
4,857
209,725
PennyMac
Financial
Services,
Inc.
......................
United
States
367
31,966
StoneCo
Ltd.,
A
.....................................
Brazil
5,840
63,306
Visa,
Inc.,
A
........................................
United
States
6,047
2,074,665
11,885,093
Food
Products
0.0%
†
Ajinomoto
Co.,
Inc.
..................................
Japan
8,300
302,611
Archer-Daniels-Midland
Co.
...........................
United
States
3,047
232,791
Associated
British
Foods
plc
...........................
United
Kingdom
10,570
277,870
Cal-Maine
Foods,
Inc.
................................
United
States
928
74,760
a
Darling
Ingredients,
Inc.
..............................
United
States
3,666
200,237
Dole
plc
..........................................
United
States
3,141
43,095
Mondelez
International,
Inc.,
A
..........................
United
States
3,311
191,508
Nestle
SA
.........................................
Switzerland
1,513
155,181
a
Seneca
Foods
Corp.,
A
...............................
United
States
356
61,923
a
Simply
Good
Foods
Co.
(The)
..........................
United
States
757
10,053
Smithfield
Foods,
Inc.
................................
United
States
6,961
168,874
Tyson
Foods,
Inc.,
A
.................................
United
States
1,575
90,169
Putnam
Asset
Allocation
Funds
Consolidated
Schedule
of
Investments
(unaudited)
Putnam
Dynamic
Asset
Allocation
Conservative
Fund
(continued)
See
Notes
to
Consolidated
Schedules
of
Investments.
Quarterly
Consolidated
Schedule
of
Investments
85
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Common
Stocks
(continued)
Food
Products
(continued)
b
WH
Group
Ltd.,
144A,
Reg
S
..........................
Hong
Kong
457,500
$
485,094
Wilmar
International
Ltd.
..............................
China
68,200
190,338
2,484,504
Gas
Utilities
0.0%
†
National
Fuel
Gas
Co.
................................
United
States
2,655
204,993
New
Jersey
Resources
Corp.
..........................
United
States
1,646
92,242
Northwest
Natural
Holding
Co.
.........................
United
States
363
17,809
Spire,
Inc.
.........................................
United
States
200
15,618
Tokyo
Gas
Co.
Ltd.
..................................
Japan
4,100
155,250
485,912
Ground
Transportation
0.3%
Canadian
National
Railway
Co.
.........................
Canada
3,390
404,553
CSX
Corp.
........................................
United
States
4,930
234,323
a
Fedex
Freight
Holding
Co.,
Inc.
.........................
United
States
2,479
374,329
JB
Hunt
Transport
Services,
Inc.
........................
United
States
879
254,409
Norfolk
Southern
Corp.
...............................
United
States
647
203,540
a
Uber
Technologies,
Inc.
...............................
United
States
2,991
215,831
Union
Pacific
Corp.
..................................
United
States
776
211,072
1,898,057
Health
Care
Equipment
&
Supplies
0.5%
Abbott
Laboratories
..................................
United
States
2,458
223,039
Alcon
AG
.........................................
United
States
954
64,328
a
AtriCure,
Inc.
.......................................
United
States
636
17,795
a
Avanos
Medical,
Inc.
.................................
United
States
1,215
30,229
a
Axogen,
Inc.
.......................................
United
States
1,602
73,996
Becton
Dickinson
&
Co.
...............................
United
States
5,096
771,178
BioMerieux
........................................
France
548
43,019
a
Boston
Scientific
Corp.
...............................
United
States
13,922
594,191
a
Cerus
Corp.
.......................................
United
States
6,125
17,885
a
Dexcom,
Inc.
.......................................
United
States
2,981
200,770
a
Edwards
Lifesciences
Corp.
...........................
United
States
2,560
231,578
a
Glaukos
Corp.
......................................
United
States
518
72,396
a
Haemonetics
Corp.
..................................
United
States
266
19,950
Hoya
Corp.
........................................
Japan
7,100
1,145,240
a
IDEXX
Laboratories,
Inc.
..............................
United
States
1,365
718,591
a
Insulet
Corp.
.......................................
United
States
694
105,661
a
Intuitive
Surgical,
Inc.
................................
United
States
2,358
937,729
a
Lantheus
Holdings,
Inc.
...............................
United
States
203
22,521
a
LivaNova
plc
.......................................
United
States
981
80,668
Medtronic
plc
......................................
United
States
2,733
213,803
a
Novocure
Ltd.
......................................
United
States
5,703
86,400
Olympus
Corp.
.....................................
Japan
5,700
59,686
Straumann
Holding
AG
...............................
Switzerland
337
44,298
Stryker
Corp.
......................................
United
States
678
213,461
a
Varex
Imaging
Corp.
.................................
United
States
1,700
17,731
6,006,143
Health
Care
Providers
&
Services
0.7%
a
AMN
Healthcare
Services,
Inc.
.........................
United
States
3,110
100,671
Apollo
Hospitals
Enterprise
Ltd.
.........................
India
1,752
160,813
Cardinal
Health,
Inc.
.................................
United
States
1,070
254,189
a
Castle
Biosciences,
Inc.
..............................
United
States
2,076
49,513
Cencora,
Inc.
......................................
United
States
586
165,826
Cigna
Group
(The)
..................................
United
States
750
206,760
a
Cross
Country
Healthcare,
Inc.
.........................
United
States
782
10,330
Putnam
Asset
Allocation
Funds
Consolidated
Schedule
of
Investments
(unaudited)
Putnam
Dynamic
Asset
Allocation
Conservative
Fund
(continued)
Quarterly
Consolidated
Schedule
of
Investments
See
Notes
to
Consolidated
Schedules
of
Investments.
86
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Common
Stocks
(continued)
Health
Care
Providers
&
Services
(continued)
CVS
Health
Corp.
...................................
United
States
2,527
$
261,418
Fresenius
SE
&
Co.
KGaA
.............................
Germany
765
34,950
a
GeneDx
Holdings
Corp.,
A
.............................
United
States
248
17,025
a
Guardant
Health,
Inc.
................................
United
States
1,316
197,439
HCA
Healthcare,
Inc.
.................................
United
States
402
156,736
a
HealthEquity,
Inc.
...................................
United
States
196
17,703
McKesson
Corp.
....................................
United
States
2,340
1,768,104
a
Omada
Health,
Inc.
..................................
United
States
1,256
27,569
Select
Medical
Holdings
Corp.
..........................
United
States
1,083
17,880
a
Tenet
Healthcare
Corp.
...............................
United
States
1,236
231,231
UnitedHealth
Group,
Inc.
..............................
United
States
5,006
2,080,644
5,758,801
Health
Care
REITs
0.0%
†
American
Healthcare
REIT,
Inc.
.........................
United
States
361
18,826
CareTrust
REIT,
Inc.
.................................
United
States
2,957
119,315
LTC
Properties,
Inc.
.................................
United
States
472
18,148
National
Health
Investors,
Inc.
..........................
United
States
237
18,074
Omega
Healthcare
Investors,
Inc.
.......................
United
States
4,130
196,918
371,281
Health
Care
Technology
0.1%
a
Doximity,
Inc.,
A
....................................
United
States
10,775
223,473
HealthStream,
Inc.
..................................
United
States
794
21,636
a
HeartFlow,
Inc.
.....................................
United
States
563
16,518
a
Phreesia,
Inc.
......................................
United
States
4,518
46,490
a
Teladoc
Health,
Inc.
.................................
United
States
12,861
109,061
a
Veeva
Systems,
Inc.,
A
...............................
United
States
5,366
952,304
1,369,482
Hotel
&
Resort
REITs
0.0%
†
Apple
Hospitality
REIT,
Inc.
............................
United
States
1,234
20,744
DiamondRock
Hospitality
Co.
..........................
United
States
1,802
21,948
Host
Hotels
&
Resorts,
Inc.
............................
United
States
9,867
233,947
Ryman
Hospitality
Properties,
Inc.
.......................
United
States
721
92,685
Xenia
Hotels
&
Resorts,
Inc.
...........................
United
States
1,072
21,826
391,150
Hotels,
Restaurants
&
Leisure
1.3%
a
Airbnb,
Inc.,
A
......................................
United
States
19,482
2,787,874
Aristocrat
Leisure
Ltd.
................................
Australia
10,900
461,915
Bloomin'
Brands,
Inc.
................................
United
States
2,149
19,642
Booking
Holdings,
Inc.
...............................
United
States
1,335
237,950
Brightstar
Lottery
plc
.................................
United
States
4,442
47,618
a
Brinker
International,
Inc.
.............................
United
States
721
121,128
a
Chipotle
Mexican
Grill,
Inc.,
A
..........................
United
States
6,532
222,088
Compass
Group
plc
.................................
United
Kingdom
29,539
954,386
a
DoorDash,
Inc.,
A
...................................
United
States
1,340
247,270
Galaxy
Entertainment
Group
Ltd.
.......................
Macau
9,000
33,881
Hilton
Worldwide
Holdings,
Inc.
.........................
United
States
5,383
1,778,866
InterContinental
Hotels
Group
plc
.......................
United
States
2,249
386,564
Las
Vegas
Sands
Corp.
...............................
United
States
4,347
200,788
a
Life
Time
Group
Holdings,
Inc.
.........................
United
States
300
12,252
Monarch
Casino
&
Resort,
Inc.
.........................
United
States
184
24,216
Red
Rock
Resorts,
Inc.,
A
.............................
United
States
310
20,169
Starbucks
Corp.
....................................
United
States
5,591
571,344
Putnam
Asset
Allocation
Funds
Consolidated
Schedule
of
Investments
(unaudited)
Putnam
Dynamic
Asset
Allocation
Conservative
Fund
(continued)
See
Notes
to
Consolidated
Schedules
of
Investments.
Quarterly
Consolidated
Schedule
of
Investments
87
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Common
Stocks
(continued)
Hotels,
Restaurants
&
Leisure
(continued)
a
Viking
Holdings
Ltd.
.................................
United
States
2,558
$
267,746
8,395,697
Household
Durables
0.4%
Garmin
Ltd.
........................................
United
States
892
211,886
a
Hovnanian
Enterprises,
Inc.,
A
..........................
United
States
174
24,779
KB
Home
.........................................
United
States
363
22,720
a
M/I
Homes,
Inc.
.....................................
United
States
532
85,540
PulteGroup,
Inc.
....................................
United
States
11,983
1,644,187
a
Sonos,
Inc.
........................................
United
States
6,058
81,965
Sony
Group
Corp.
...................................
Japan
34,100
686,231
a
Taylor
Morrison
Home
Corp.,
A
.........................
United
States
1,459
104,669
Toll
Brothers,
Inc.
...................................
United
States
1,599
263,435
3,125,412
Household
Products
0.3%
Colgate-Palmolive
Co.
...............................
United
States
4,506
413,110
Procter
&
Gamble
Co.
(The)
...........................
United
States
9,663
1,416,982
Reckitt
Benckiser
Group
plc
...........................
United
Kingdom
5,783
376,668
Unilever
Indonesia
Tbk.
PT
............................
Indonesia
1,215,300
122,837
2,329,597
Independent
Power
and
Renewable
Electricity
Producers
0.0%
†
AES
Corp.
(The)
....................................
United
States
13,946
204,448
NTPC
Ltd.
.........................................
India
60,994
229,957
RWE
AG
..........................................
Germany
1,505
97,328
Vistra
Corp.
........................................
United
States
1,374
217,958
749,691
Industrial
Conglomerates
0.2%
3M
Co.
...........................................
United
States
1,409
228,131
CK
Hutchison
Holdings
Ltd.
............................
United
Kingdom
10,500
88,994
Hitachi
Ltd.
........................................
Japan
24,500
678,064
Honeywell
International,
Inc.
...........................
United
States
4,082
913,960
Sekisui
Chemical
Co.
Ltd.
.............................
Japan
6,800
109,041
Siemens
AG
.......................................
Germany
137
44,047
SK
Square
Co.
Ltd.
..................................
South
Korea
157
177,545
Smiths
Group
plc
...................................
United
Kingdom
4,623
157,042
2,396,824
Industrial
REITs
0.1%
LXP
Industrial
Trust
..................................
United
States
323
17,403
Prologis,
Inc.
.......................................
United
States
7,671
1,039,190
1,056,593
Insurance
0.9%
Aflac,
Inc.
.........................................
United
States
1,757
206,008
AIA
Group
Ltd.
.....................................
Hong
Kong
55,200
505,369
Allianz
SE
.........................................
Germany
1,607
760,670
Allstate
Corp.
(The)
..................................
United
States
6,170
1,468,090
American
International
Group,
Inc.
......................
United
States
12,998
968,741
AXA
SA
...........................................
France
1,256
62,937
Axis
Capital
Holdings
Ltd.
.............................
United
States
5,084
546,225
a
Brighthouse
Financial,
Inc.
............................
United
States
1,720
108,876
China
Pacific
Insurance
Group
Co.
Ltd.,
H
.................
China
59,200
203,594
Chubb
Ltd.
........................................
United
States
649
221,140
CNO
Financial
Group,
Inc.
............................
United
States
1,963
100,074
Putnam
Asset
Allocation
Funds
Consolidated
Schedule
of
Investments
(unaudited)
Putnam
Dynamic
Asset
Allocation
Conservative
Fund
(continued)
Quarterly
Consolidated
Schedule
of
Investments
See
Notes
to
Consolidated
Schedules
of
Investments.
88
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Common
Stocks
(continued)
Insurance
(continued)
Daiichi
Life
Group,
Inc.
...............................
Japan
4,900
$
53,502
Everest
Group
Ltd.
..................................
United
States
583
208,265
a
Genworth
Financial,
Inc.,
A
............................
United
States
10,144
96,064
Globe
Life,
Inc.
.....................................
United
States
3,118
557,124
Hamilton
Insurance
Group
Ltd.,
B
.......................
United
States
2,826
95,914
Hanover
Insurance
Group,
Inc.
(The)
.....................
United
States
1,090
233,391
a
Heritage
Insurance
Holdings,
Inc.
.......................
United
States
1,915
49,943
Horace
Mann
Educators
Corp.
.........................
United
States
364
18,801
Marsh
&
McLennan
Cos.,
Inc.
..........................
United
States
654
109,002
MetLife,
Inc.
.......................................
United
States
7,158
605,638
Muenchener
Rueckversicherungs-Gesellschaft
AG
in
Muenchen
Germany
585
326,700
NN
Group
NV
......................................
Netherlands
6,534
572,828
Pelagos
Insurance
Capital
Ltd.
.........................
United
Kingdom
937
22,816
Powszechny
Zaklad
Ubezpieczen
SA
....................
Poland
8,731
152,570
Primerica,
Inc.
......................................
United
States
375
106,575
Progressive
Corp.
(The)
..............................
United
States
1,076
235,052
Prudential
Financial,
Inc.
..............................
United
States
2,027
218,774
QBE
Insurance
Group
Ltd.
............................
Australia
24,519
426,511
a
Rasan
Information
Technology
Co.
......................
Saudi
Arabia
3,871
159,282
Reinsurance
Group
of
America,
Inc.
.....................
United
States
944
200,742
RenaissanceRe
Holdings
Ltd.
..........................
United
States
726
230,069
a
SiriusPoint
Ltd.
.....................................
United
States
1,945
46,680
Talanx
AG
.........................................
Germany
2,587
327,216
Travelers
Cos.,
Inc.
(The)
.............................
United
States
710
234,385
Unipol
Assicurazioni
SpA
..............................
Italy
4,565
127,594
Universal
Insurance
Holdings,
Inc.
.......................
United
States
835
34,536
Unum
Group
.......................................
United
States
2,541
227,165
10,828,863
Interactive
Media
&
Services
3.6%
Alphabet,
Inc.,
A
....................................
United
States
29,961
10,707,163
Alphabet,
Inc.,
C
....................................
United
States
25,828
9,125,807
a
Cargurus,
Inc.,
A
....................................
United
States
2,098
71,521
a
EverQuote,
Inc.,
A
...................................
United
States
2,349
55,883
a
fuboTV,
Inc.,
A
......................................
United
States
1,714
15,769
LY
Corp.
..........................................
Japan
88,800
236,347
a
MediaAlpha,
Inc.,
A
..................................
United
States
2,011
25,278
Meta
Platforms,
Inc.,
A
...............................
United
States
15,695
8,840,837
a
Nextdoor
Holdings,
Inc.
...............................
United
States
10,927
24,804
a
Pinterest,
Inc.,
A
....................................
United
States
11,099
233,412
Tencent
Holdings
Ltd.
................................
China
12,700
700,818
30,037,639
IT
Services
0.5%
Accenture
plc,
A
....................................
United
States
5,292
658,536
a
Fastly,
Inc.,
A
......................................
United
States
3,695
67,840
Fujitsu
Ltd.
........................................
Japan
24,500
486,815
a
GoDaddy,
Inc.,
A
....................................
United
States
2,440
207,107
a
MongoDB,
Inc.,
A
...................................
United
States
791
265,697
NEC
Corp.
........................................
Japan
9,100
219,695
a
Snowflake,
Inc.,
A
...................................
United
States
5,379
1,368,955
VeriSign,
Inc.
......................................
United
States
737
185,400
3,460,045
Leisure
Products
0.1%
Bandai
Namco
Holdings,
Inc.
..........................
Japan
16,300
377,852
Hasbro,
Inc.
.......................................
United
States
2,404
198,546
Putnam
Asset
Allocation
Funds
Consolidated
Schedule
of
Investments
(unaudited)
Putnam
Dynamic
Asset
Allocation
Conservative
Fund
(continued)
See
Notes
to
Consolidated
Schedules
of
Investments.
Quarterly
Consolidated
Schedule
of
Investments
89
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Common
Stocks
(continued)
Leisure
Products
(continued)
Polaris,
Inc.
........................................
United
States
1,558
$
106,630
683,028
Life
Sciences
Tools
&
Services
0.5%
a
10X
Genomics,
Inc.,
A
................................
United
States
3,765
144,350
a
CryoPort,
Inc.
......................................
United
States
1,172
18,400
Lonza
Group
AG
....................................
Switzerland
798
538,334
a
Medpace
Holdings,
Inc.
...............................
United
States
496
262,677
Mesa
Laboratories,
Inc.
...............................
United
States
603
60,029
Thermo
Fisher
Scientific,
Inc.
..........................
United
States
3,448
1,728,689
a
Waters
Corp.
......................................
United
States
678
254,277
b
WuXi
AppTec
Co.
Ltd.,
H,
144A,
Reg
S
...................
China
11,000
216,541
3,223,297
Machinery
1.3%
Alamo
Group,
Inc.
...................................
United
States
117
19,245
Albany
International
Corp.,
A
...........................
United
States
334
24,883
Allison
Transmission
Holdings,
Inc.
......................
United
States
1,955
220,407
Atmus
Filtration
Technologies,
Inc.
......................
United
States
1,765
89,997
a
Blue
Bird
Corp.
.....................................
United
States
1,453
114,729
Caterpillar,
Inc.
.....................................
United
States
4,985
5,308,526
a
Chart
Industries,
Inc.
.................................
United
States
223
46,594
Cummins,
Inc.
......................................
United
States
457
325,937
Deere
&
Co.
.......................................
United
States
406
257,538
Douglas
Dynamics,
Inc.
...............................
United
States
401
21,634
Ebara
Corp.
.......................................
Japan
3,700
144,901
ESCO
Technologies,
Inc.
..............................
United
States
106
37,104
FANUC
Corp.
......................................
Japan
700
32,232
Federal
Signal
Corp.
.................................
United
States
149
19,145
Franklin
Electric
Co.,
Inc.
.............................
United
States
180
19,294
GEA
Group
AG
.....................................
Germany
4,049
278,028
Helios
Technologies,
Inc.
..............................
United
States
215
19,189
Hyster-Yale,
Inc.
....................................
United
States
247
8,660
Illinois
Tool
Works,
Inc.
...............................
United
States
425
114,950
Ingersoll
Rand,
Inc.
..................................
United
States
9,328
764,803
Kennametal,
Inc.
....................................
United
States
546
19,137
Knorr-Bremse
AG
...................................
Germany
2,143
249,359
Komatsu
Ltd.
......................................
Japan
4,100
160,095
Lincoln
Electric
Holdings,
Inc.
..........................
United
States
841
223,294
Makita
Corp.
.......................................
Japan
1,300
46,750
a
Microvast
Holdings,
Inc.
..............................
United
States
11,178
13,078
Minebea
Mitsumi,
Inc.
................................
Japan
15,000
444,943
Mueller
Water
Products,
Inc.,
A
.........................
United
States
679
17,539
NGK
Corp.
........................................
Japan
6,600
311,053
Otis
Worldwide
Corp.
................................
United
States
10,806
773,710
PACCAR,
Inc.
......................................
United
States
1,964
235,916
Parker-Hannifin
Corp.
................................
United
States
247
241,596
a
Proto
Labs,
Inc.
.....................................
United
States
478
38,962
Schindler
Holding
AG
................................
Switzerland
888
294,369
a
SPX
Technologies,
Inc.
...............................
United
States
83
20,349
Terex
Corp.
........................................
United
States
294
21,283
b
VAT
Group
AG,
144A,
Reg
S
...........................
Switzerland
75
65,769
Watts
Water
Technologies,
Inc.,
A
.......................
United
States
397
155,406
Weichai
Power
Co.
Ltd.,
A
.............................
China
26,400
107,044
Worthington
Enterprises,
Inc.
..........................
United
States
321
17,257
Yangzijiang
Shipbuilding
Holdings
Ltd.
....................
China
166,500
441,692
11,766,397
Putnam
Asset
Allocation
Funds
Consolidated
Schedule
of
Investments
(unaudited)
Putnam
Dynamic
Asset
Allocation
Conservative
Fund
(continued)
Quarterly
Consolidated
Schedule
of
Investments
See
Notes
to
Consolidated
Schedules
of
Investments.
90
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Common
Stocks
(continued)
Marine
Transportation
0.0%
†
Matson,
Inc.
.......................................
United
States
631
$
121,297
SITC
International
Holdings
Co.
Ltd.
.....................
China
46,000
184,531
305,828
Media
0.0%
†
a
Ibotta,
Inc.,
A
.......................................
United
States
517
17,661
Informa
plc
........................................
United
Kingdom
8,248
98,956
a
Magnite,
Inc.
.......................................
United
States
1,189
22,567
New
York
Times
Co.
(The),
A
...........................
United
States
2,866
200,563
Publicis
Groupe
SA
..................................
France
2,406
237,768
a
PubMatic,
Inc.,
A
....................................
United
States
2,898
38,022
615,537
Metals
&
Mining
0.7%
Anglogold
Ashanti
plc,
(USD
Traded)
.....................
Australia
2,370
191,709
Anglogold
Ashanti
plc,
(ZAR
Traded)
.....................
Australia
2,536
204,423
ArcelorMittal
SA
....................................
Luxembourg
2,548
153,627
BHP
Group
Ltd.,
(AUD
Traded)
.........................
Australia
38,819
1,617,703
BHP
Group
Ltd.,
(GBP
Traded)
.........................
Australia
1,522
62,693
Boliden
AB
........................................
Sweden
2,177
123,008
a
Century
Aluminum
Co.
...............................
United
States
786
36,164
China
Hongqiao
Group
Ltd.
............................
China
17,500
45,128
Coeur
Mining,
Inc.
...................................
United
States
3,230
52,714
Commercial
Metals
Co.
...............................
United
States
251
15,750
a
Constellium
SE,
A
...................................
United
States
3,469
110,557
Fortescue
Ltd.
......................................
Australia
35,765
476,042
Freeport-McMoRan,
Inc.
..............................
United
States
26,183
1,646,649
Glencore
plc
.......................................
Australia
111,518
760,377
Hecla
Mining
Co.
...................................
United
States
7,557
116,604
Norsk
Hydro
ASA
...................................
Norway
11,802
106,794
Rio
Tinto
plc
.......................................
Australia
8,279
783,233
a
SSR
Mining,
Inc.
....................................
Canada
593
16,770
SunCoke
Energy,
Inc.
................................
United
States
1,934
15,569
Zijin
Mining
Group
Co.
Ltd.,
H
..........................
China
44,000
155,584
6,691,098
Mortgage
Real
Estate
Investment
Trusts
(REITs)
0.0%
†
Chimera
Investment
Corp.
.............................
United
States
1,276
17,022
Ladder
Capital
Corp.,
A
...............................
United
States
1,751
17,422
MFA
Financial,
Inc.
..................................
United
States
1,863
18,052
52,496
Multi-Utilities
0.1%
Ameren
Corp.
......................................
United
States
1,852
209,350
Avista
Corp.
.......................................
United
States
1,601
65,497
Black
Hills
Corp.
....................................
United
States
1,146
85,262
CMS
Energy
Corp.
..................................
United
States
2,882
220,473
Consolidated
Edison,
Inc.
.............................
United
States
1,979
218,937
DTE
Energy
Co.
....................................
United
States
1,478
225,203
Engie
SA
.........................................
France
13,638
429,250
Northwestern
Energy
Group,
Inc.
.......................
United
States
245
17,547
Public
Service
Enterprise
Group,
Inc.
....................
United
States
2,702
219,294
Sempra,
Inc.
.......................................
United
States
2,315
214,624
1,905,437
Office
REITs
0.1%
COPT
Defense
Properties
.............................
United
States
528
19,214
Putnam
Asset
Allocation
Funds
Consolidated
Schedule
of
Investments
(unaudited)
Putnam
Dynamic
Asset
Allocation
Conservative
Fund
(continued)
See
Notes
to
Consolidated
Schedules
of
Investments.
Quarterly
Consolidated
Schedule
of
Investments
91
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Common
Stocks
(continued)
Office
REITs
(continued)
Empire
State
Realty
Trust,
Inc.,
A
.......................
United
States
3,121
$
16,885
Vornado
Realty
Trust
.................................
United
States
13,862
544,777
580,876
Oil,
Gas
&
Consumable
Fuels
1.7%
Antero
Midstream
Corp.
..............................
United
States
9,247
210,369
BP
plc
............................................
United
States
59,945
369,486
California
Resources
Corp.
............................
United
States
339
17,923
Cheniere
Energy,
Inc.
................................
United
States
8,169
1,952,473
Chevron
Corp.
.....................................
United
States
1,231
204,051
ConocoPhillips
.....................................
United
States
9,220
958,511
Delek
US
Holdings,
Inc.
..............................
United
States
378
19,206
Devon
Energy
Corp.
.................................
United
States
8,869
366,467
DHT
Holdings,
Inc.
..................................
United
States
1,219
20,150
Dorian
LPG
Ltd.
....................................
United
States
606
21,077
ENEOS
Holdings,
Inc.
................................
Japan
42,200
312,380
Eni
SpA
..........................................
Italy
5,242
122,986
Equinor
ASA
.......................................
Norway
14,559
459,094
Exxon
Mobil
Corp.
...................................
United
States
17,683
2,417,620
Galp
Energia
SGPS
SA,
B
............................
Portugal
14,483
306,951
a
Gulfport
Energy
Corp.
................................
United
States
104
17,649
HF
Sinclair
Corp.
...................................
United
States
3,416
237,924
Idemitsu
Kosan
Co.
Ltd.
..............................
Japan
5,400
39,892
Inpex
Corp.
........................................
Japan
3,800
76,677
Kinder
Morgan,
Inc.
..................................
United
States
6,452
206,270
Marathon
Petroleum
Corp.
............................
United
States
1,095
279,959
Murphy
Oil
Corp.
....................................
United
States
1,360
44,282
Occidental
Petroleum
Corp.
...........................
United
States
3,653
177,426
a
Par
Pacific
Holdings,
Inc.
.............................
United
States
320
17,946
Peabody
Energy
Corp.
...............................
United
States
615
14,219
PetroChina
Co.
Ltd.,
H
...............................
China
156,000
168,365
Phillips
66
.........................................
United
States
1,246
210,636
Repsol
SA
.........................................
Spain
6,464
161,500
Scorpio
Tankers,
Inc.
.................................
Monaco
1,268
87,822
Shell
plc,
(EUR
Traded)
...............................
United
States
23,996
929,430
Shell
plc,
(GBP
Traded)
...............................
United
States
2,008
78,021
Teekay
Corp.
Ltd.
...................................
United
States
4,399
43,990
Teekay
Tankers
Ltd.,
A
...............................
Canada
1,190
77,195
TotalEnergies
SE
...................................
France
10,417
805,500
Valero
Energy
Corp.
.................................
United
States
5,397
1,405,595
Williams
Cos.,
Inc.
(The)
..............................
United
States
2,796
207,855
World
Kinect
Corp.
..................................
United
States
713
23,486
13,070,383
Paper
&
Forest
Products
0.0%
†
Sylvamo
Corp.
.....................................
United
States
453
17,123
Passenger
Airlines
0.5%
a
Allegiant
Travel
Co.
..................................
United
States
256
30,106
International
Consolidated
Airlines
Group
SA
...............
United
Kingdom
73,177
464,538
a
Joby
Aviation,
Inc.
...................................
United
States
5,330
47,544
Qantas
Airways
Ltd.
.................................
Australia
59,258
435,386
Ryanair
Holdings
plc
.................................
Italy
8,133
254,227
Ryanair
Holdings
plc,
ADR
............................
Italy
4,749
307,498
a
SkyWest,
Inc.
......................................
United
States
1,037
103,005
Southwest
Airlines
Co.
...............................
United
States
31,922
1,641,429
Putnam
Asset
Allocation
Funds
Consolidated
Schedule
of
Investments
(unaudited)
Putnam
Dynamic
Asset
Allocation
Conservative
Fund
(continued)
Quarterly
Consolidated
Schedule
of
Investments
See
Notes
to
Consolidated
Schedules
of
Investments.
92
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Common
Stocks
(continued)
Passenger
Airlines
(continued)
a
United
Airlines
Holdings,
Inc.
...........................
United
States
2,149
$
292,242
3,575,975
Personal
Care
Products
0.0%
†
APR
Corp.
........................................
South
Korea
472
118,428
Kenvue,
Inc.
.......................................
United
States
12,257
234,231
L'Oreal
SA
........................................
France
112
49,096
401,755
Pharmaceuticals
2.5%
a
Alumis,
Inc.
........................................
United
States
835
23,497
a
Arvinas,
Inc.
.......................................
United
States
5,901
49,037
AstraZeneca
plc,
(GBP
Traded)
.........................
United
Kingdom
6,447
1,203,683
AstraZeneca
plc,
(USD
Traded)
.........................
United
Kingdom
5,916
1,121,792
a
Axsome
Therapeutics,
Inc.
............................
United
States
76
18,602
Bristol-Myers
Squibb
Co.
..............................
United
States
17,707
1,020,277
Chugai
Pharmaceutical
Co.
Ltd.
........................
Japan
4,500
207,869
a
Corcept
Therapeutics,
Inc.
............................
United
States
1,785
155,206
Daiichi
Sankyo
Co.
Ltd.
...............................
Japan
19,800
318,389
Eli
Lilly
&
Co.
......................................
United
States
6,325
7,586,395
Galderma
Group
AG
.................................
Switzerland
1,682
382,567
GSK
plc
..........................................
United
Kingdom
20,817
546,507
Ipsen
SA
..........................................
France
2,077
400,278
Johnson
&
Johnson
.................................
United
States
916
232,637
a
Maze
Therapeutics,
Inc.
..............................
United
States
1,629
48,609
Merck
&
Co.,
Inc.
...................................
United
States
28,065
3,606,352
Novartis
AG
.......................................
United
States
10,914
1,705,775
Novo
Nordisk
A/S,
ADR
...............................
Denmark
13,266
635,972
Novo
Nordisk
A/S,
B
.................................
Denmark
12,732
611,479
Otsuka
Holdings
Co.
Ltd.
.............................
Japan
4,100
272,893
Pfizer,
Inc.
.........................................
United
States
8,295
199,744
Roche
Holding
AG
..................................
United
States
2,722
1,118,977
Sanofi
SA
.........................................
United
States
6,821
583,220
a
Supernus
Pharmaceuticals,
Inc.
........................
United
States
1,505
69,998
22,119,755
Professional
Services
0.1%
Automatic
Data
Processing,
Inc.
........................
United
States
954
213,648
Broadridge
Financial
Solutions,
Inc.
......................
United
States
1,427
195,428
Computershare
Ltd.
.................................
Australia
1,812
47,987
a
IBEX
Holdings
Ltd.
..................................
United
States
620
18,829
a
Innodata,
Inc.
......................................
United
States
180
13,604
Korn
Ferry
........................................
United
States
651
43,344
a
Legalzoom.com,
Inc.
.................................
United
States
6,932
42,493
Leidos
Holdings,
Inc.
.................................
United
States
853
87,833
Maximus,
Inc.
......................................
United
States
284
15,268
a
Paylocity
Holding
Corp.
...............................
United
States
951
99,408
Recruit
Holdings
Co.
Ltd.
.............................
Japan
5,300
368,769
a
Upwork,
Inc.
.......................................
United
States
11,035
92,253
Verisk
Analytics,
Inc.,
A
...............................
United
States
1,255
225,310
1,464,174
Real
Estate
Management
&
Development
0.1%
a
CBRE
Group,
Inc.,
A
.................................
United
States
4,724
636,276
a
Cushman
&
Wakefield
Ltd.
............................
United
States
6,907
92,485
a
Jones
Lang
LaSalle,
Inc.
..............................
United
States
736
228,123
956,884
Putnam
Asset
Allocation
Funds
Consolidated
Schedule
of
Investments
(unaudited)
Putnam
Dynamic
Asset
Allocation
Conservative
Fund
(continued)
See
Notes
to
Consolidated
Schedules
of
Investments.
Quarterly
Consolidated
Schedule
of
Investments
93
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Common
Stocks
(continued)
Residential
REITs
0.0%
†
Invitation
Homes,
Inc.
................................
United
States
7,336
$
221,621
Mid-America
Apartment
Communities,
Inc.
................
United
States
1,588
220,637
Sun
Communities,
Inc.
...............................
United
States
1,681
201,569
643,827
Retail
REITs
0.1%
Alexander's,
Inc.
....................................
United
States
64
17,636
Brixmor
Property
Group,
Inc.
...........................
United
States
6,967
219,669
CBL
&
Associates
Properties,
Inc.
.......................
United
States
604
32,066
Kite
Realty
Group
Trust
...............................
United
States
719
20,405
Realty
Income
Corp.
.................................
United
States
3,464
214,629
Simon
Property
Group,
Inc.
............................
United
States
1,794
401,228
SITE
Centers
Corp.
..................................
United
States
5,160
20,485
Tanger,
Inc.
........................................
United
States
475
18,748
Urban
Edge
Properties
...............................
United
States
742
16,977
961,843
Semiconductors
&
Semiconductor
Equipment
10.4%
a
Advanced
Micro
Devices,
Inc.
..........................
United
States
8,386
4,871,511
Advantest
Corp.
....................................
Japan
1,000
205,728
a
Aehr
Test
Systems
..................................
United
States
1,055
101,343
a
Ambarella,
Inc.
.....................................
United
States
1,188
101,930
Amkor
Technology,
Inc.
...............................
United
States
15,685
1,352,518
Analog
Devices,
Inc.
.................................
United
States
811
322,105
Applied
Materials,
Inc.
................................
United
States
5,369
3,881,787
a
ARM
Holdings
plc,
ADR
..............................
United
States
1,283
454,913
ASE
Technology
Holding
Co.
Ltd.
.......................
Taiwan
14,000
312,432
ASML
Holding
NV
...................................
Netherlands
1,882
3,726,691
ASML
Holding
NV,
ADR
..............................
Netherlands
995
1,979,493
Broadcom,
Inc.
.....................................
United
States
21,225
8,017,744
a
CEVA,
Inc.
........................................
United
States
428
20,184
a
Cirrus
Logic,
Inc.
....................................
United
States
1,242
184,474
a
Credo
Technology
Group
Holding
Ltd.
....................
United
States
1,288
350,272
a
FormFactor,
Inc.
....................................
United
States
186
29,747
Infineon
Technologies
AG
.............................
Germany
5,176
487,589
a
Kioxia
Holdings
Corp.
................................
Japan
2,000
1,162,460
KLA
Corp.
.........................................
United
States
11,370
3,430,443
Kulicke
&
Soffa
Industries,
Inc.
.........................
Singapore
235
31,434
Lam
Research
Corp.
.................................
United
States
15,979
6,924,180
a
Lattice
Semiconductor
Corp.
...........................
United
States
750
114,720
Marvell
Technology,
Inc.
..............................
United
States
7,838
2,334,862
a
MaxLinear,
Inc.,
A
...................................
United
States
1,335
170,920
MediaTek,
Inc.
.....................................
Taiwan
2,000
272,529
Microchip
Technology,
Inc.
............................
United
States
2,299
209,669
Micron
Technology,
Inc.
...............................
United
States
6,203
7,160,061
MKS,
Inc.
.........................................
United
States
670
298,016
Monolithic
Power
Systems,
Inc.
.........................
United
States
135
186,619
a
Nanya
Technology
Corp.
..............................
Taiwan
8,000
117,084
NAURA
Technology
Group
Co.
Ltd.,
A
....................
China
1,700
222,958
a
Navitas
Semiconductor
Corp.,
A
........................
United
States
3,199
57,326
NVIDIA
Corp.
......................................
United
States
136,440
27,300,280
a
ON
Semiconductor
Corp.
.............................
United
States
1,849
174,804
a
Onto
Innovation,
Inc.
.................................
United
States
819
309,951
Qnity
Electronics,
Inc.
................................
United
States
684
111,704
QUALCOMM,
Inc.
...................................
United
States
9,834
1,817,225
a
Rambus,
Inc.
......................................
United
States
1,173
155,704
SCREEN
Holdings
Co.
Ltd.
............................
Japan
5,300
594,537
a
Semtech
Corp.
.....................................
United
States
752
121,711
Putnam
Asset
Allocation
Funds
Consolidated
Schedule
of
Investments
(unaudited)
Putnam
Dynamic
Asset
Allocation
Conservative
Fund
(continued)
Quarterly
Consolidated
Schedule
of
Investments
See
Notes
to
Consolidated
Schedules
of
Investments.
94
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Common
Stocks
(continued)
Semiconductors
&
Semiconductor
Equipment
(continued)
a
Silicon
Laboratories,
Inc.
..............................
United
States
81
$
17,703
SK
Hynix,
Inc.
......................................
South
Korea
727
1,282,851
Taiwan
Semiconductor
Manufacturing
Co.
Ltd.
.............
Taiwan
42,000
3,313,392
Teradyne,
Inc.
......................................
United
States
3,117
1,508,129
Texas
Instruments,
Inc.
...............................
United
States
694
206,861
86,008,594
Software
3.2%
a
ACI
Worldwide,
Inc.
..................................
United
States
732
36,812
a
Adobe,
Inc.
........................................
United
States
11,578
2,373,722
a
Alarm.com
Holdings,
Inc.
.............................
United
States
405
18,922
a
Appian
Corp.,
A
.....................................
United
States
785
17,976
a
Arteris,
Inc.
........................................
United
States
2,810
136,538
a
Atlassian
Corp.,
A
...................................
United
States
2,516
195,720
a
Autodesk,
Inc.
......................................
United
States
4,911
954,797
a
Blend
Labs,
Inc.,
A
..................................
United
States
11,145
19,058
a
Cadence
Design
Systems,
Inc.
.........................
United
States
4,141
1,554,200
a
Cerence,
Inc.
......................................
United
States
4,520
51,166
a
Check
Point
Software
Technologies
Ltd.
..................
Israel
1,800
236,574
Clear
Secure,
Inc.,
A
.................................
United
States
315
17,555
a
Commvault
Systems,
Inc.
.............................
United
States
551
78,093
Constellation
Software,
Inc.
............................
Canada
182
342,634
a
Crowdstrike
Holdings,
Inc.,
A
...........................
United
States
497
379,281
a
Daily
Journal
Corp.
..................................
United
States
34
20,440
a
Datadog,
Inc.,
A
....................................
United
States
1,066
277,544
a
DocuSign,
Inc.,
A
...................................
United
States
4,403
195,581
a
Fortinet,
Inc.
.......................................
United
States
1,604
246,406
a
Hut
8
Corp.
........................................
United
States
201
23,204
InterDigital,
Inc.
.....................................
United
States
334
94,565
Intuit,
Inc.
.........................................
United
States
671
175,131
a
LiveRamp
Holdings,
Inc.
..............................
United
States
2,068
77,839
a
Manhattan
Associates,
Inc.
............................
United
States
1,586
220,850
Microsoft
Corp.
.....................................
United
States
40,119
14,965,189
a
Nice
Ltd.
..........................................
Israel
2,905
263,091
OneSpan,
Inc.
......................................
United
States
1,419
20,363
Oracle
Corp.
.......................................
United
States
6,073
889,998
Oracle
Corp.
Japan
..................................
Japan
1,200
61,507
a
PagerDuty,
Inc.
.....................................
United
States
10,487
101,200
a
Palantir
Technologies,
Inc.,
A
...........................
United
States
3,182
371,244
Pegasystems,
Inc.
...................................
United
States
3,128
93,746
a
Q2
Holdings,
Inc.
...................................
United
States
367
17,653
a
Rapid7,
Inc.
.......................................
United
States
7,211
58,409
RingCentral,
Inc.,
A
..................................
United
States
4,935
192,366
a
Rubrik,
Inc.,
A
......................................
United
States
3,227
259,064
SAP
SE
..........................................
Germany
2,918
449,805
a
ServiceNow,
Inc.
....................................
United
States
2,245
222,884
a
Teradata
Corp.
.....................................
United
States
6,426
222,661
a
Weave
Communications,
Inc.
..........................
United
States
3,122
18,701
a
Workday,
Inc.,
A
....................................
United
States
1,667
204,074
a
Workiva,
Inc.,
A
.....................................
United
States
384
18,628
26,175,191
Specialized
REITs
0.2%
American
Tower
Corp.
................................
United
States
4,639
758,801
Digital
Realty
Trust,
Inc.
..............................
United
States
1,118
200,770
EPR
Properties
.....................................
United
States
3,473
201,469
Farmland
Partners,
Inc.
...............................
United
States
1,434
13,881
Outfront
Media,
Inc.
.................................
United
States
3,517
115,217
Putnam
Asset
Allocation
Funds
Consolidated
Schedule
of
Investments
(unaudited)
Putnam
Dynamic
Asset
Allocation
Conservative
Fund
(continued)
See
Notes
to
Consolidated
Schedules
of
Investments.
Quarterly
Consolidated
Schedule
of
Investments
95
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Common
Stocks
(continued)
Specialized
REITs
(continued)
Public
Storage
.....................................
United
States
675
$
214,859
VICI
Properties,
Inc.,
A
...............................
United
States
20,245
537,505
2,042,502
Specialty
Retail
0.3%
a
Abercrombie
&
Fitch
Co.,
A
............................
United
States
1,070
96,311
American
Eagle
Outfitters,
Inc.
.........................
United
States
1,339
23,031
a
AutoZone,
Inc.
.....................................
United
States
63
201,344
Avolta
AG
.........................................
Switzerland
1,159
77,429
Buckle,
Inc.
(The)
...................................
United
States
354
14,939
a
Chewy,
Inc.,
A
......................................
United
States
5,183
101,846
Fast
Retailing
Co.
Ltd.
................................
Japan
1,000
512,344
a
Five
Below,
Inc.
.....................................
United
States
452
81,265
Home
Depot,
Inc.
(The)
...............................
United
States
686
241,938
Industria
de
Diseno
Textil
SA
...........................
Spain
2,584
162,875
Ross
Stores,
Inc.
...................................
United
States
916
194,971
a
Sally
Beauty
Holdings,
Inc.
............................
United
States
1,469
20,772
TJX
Cos.,
Inc.
(The)
.................................
United
States
2,828
428,442
a
Ulta
Beauty,
Inc.
....................................
United
States
417
188,059
a
Urban
Outfitters,
Inc.
.................................
United
States
356
25,226
a
Victoria's
Secret
&
Co.
...............................
United
States
1,635
136,490
2,507,282
Technology
Hardware,
Storage
&
Peripherals
3.9%
Apple,
Inc.
........................................
United
States
85,135
24,634,664
Asia
Vital
Components
Co.
Ltd.
.........................
Taiwan
2,000
161,780
a
Everpure,
Inc.,
A
....................................
United
States
3,233
254,728
a
IonQ,
Inc.
.........................................
United
States
2,503
133,310
c
Lenovo
Group
Ltd.
..................................
China
42,000
124,627
Samsung
Electronics
Co.
Ltd.
..........................
South
Korea
7,774
1,725,029
a
Sandisk
Corp.
......................................
United
States
822
1,869,006
Seagate
Technology
Holdings
plc
.......................
United
States
1,192
1,150,280
Western
Digital
Corp.
................................
United
States
3,426
2,188,255
32,241,679
Textiles,
Apparel
&
Luxury
Goods
0.1%
Asics
Corp.
........................................
Japan
26,000
707,166
Carter's,
Inc.
.......................................
United
States
1,839
75,693
G-III
Apparel
Group
Ltd.
..............................
United
States
728
24,541
Hermes
International
SCA
.............................
France
122
223,101
LVMH
Moet
Hennessy
Louis
Vuitton
SE
..................
France
55
30,418
Pandora
A/S
.......................................
Denmark
2,103
241,607
Tapestry,
Inc.
......................................
United
States
1,551
227,035
1,529,561
Tobacco
0.7%
British
American
Tobacco
plc
...........................
United
Kingdom
12,822
793,463
Imperial
Brands
plc
..................................
United
Kingdom
12,713
469,858
Philip
Morris
International,
Inc.
.........................
United
States
22,404
4,053,108
5,316,429
Trading
Companies
&
Distributors
0.6%
AerCap
Holdings
NV
.................................
Ireland
3,700
539,386
Bunzl
plc
..........................................
United
Kingdom
1,605
56,013
McGrath
RentCorp
..................................
United
States
167
20,212
Mitsubishi
Corp.
....................................
Japan
4,300
115,034
Mitsui
&
Co.
Ltd.
....................................
Japan
20,100
561,252
Putnam
Asset
Allocation
Funds
Consolidated
Schedule
of
Investments
(unaudited)
Putnam
Dynamic
Asset
Allocation
Conservative
Fund
(continued)
Quarterly
Consolidated
Schedule
of
Investments
See
Notes
to
Consolidated
Schedules
of
Investments.
96
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Common
Stocks
(continued)
Trading
Companies
&
Distributors
(continued)
a
NPK
International,
Inc.
...............................
United
States
1,156
$
18,392
Sunbelt
Rentals
Holdings,
Inc.
..........................
United
States
5,084
370,870
United
Rentals,
Inc.
..................................
United
States
964
1,092,106
WW
Grainger,
Inc.
...................................
United
States
232
315,613
3,088,878
Transportation
Infrastructure
0.0%
†
b
Aena
SME
SA,
144A,
Reg
S
...........................
Spain
3,317
101,078
International
Container
Terminal
Services,
Inc.
..............
Philippines
17,730
257,993
359,071
Water
Utilities
0.1%
American
States
Water
Co.
............................
United
States
215
17,765
California
Water
Service
Group
.........................
United
States
408
19,849
Cia
de
Saneamento
Basico
do
Estado
de
Sao
Paulo
SABESP
..
Brazil
39,000
223,923
261,537
Wireless
Telecommunication
Services
0.3%
Bharti
Airtel
Ltd.
....................................
India
12,202
239,028
Etihad
Etisalat
Co.
..................................
Saudi
Arabia
8,899
143,177
Far
EasTone
Telecommunications
Co.
Ltd.
................
Taiwan
37,000
122,024
KDDI
Corp.
........................................
Japan
28,000
470,336
MTN
Group
Ltd.
....................................
South
Africa
9,328
129,913
TIM
SA
...........................................
Brazil
23,900
101,252
T-Mobile
US,
Inc.
...................................
United
States
4,863
815,671
Vodafone
Group
plc
.................................
United
Kingdom
299,593
396,530
2,417,931
Total
Common
Stocks
(Cost
$317,523,161)
...................................
503,727,001
Convertible
Preferred
Stocks
0.1%
Aerospace
&
Defense
0.0%
†
Boeing
Co.
(The),
6%
................................
United
States
1,022
68,781
Financial
Services
0.0%
†
Apollo
Global
Management,
Inc.,
6.75%
..................
United
States
747
45,507
Interactive
Media
&
Services
0.1%
Alphabet,
Inc.,
A,
6.25%
..............................
United
States
1,582
80,508
Alphabet,
Inc.,
B,
6.25%
..............................
United
States
1,582
79,575
160,083
Software
0.0%
†
Oracle
Corp.,
D,
6.5%
................................
United
States
1,573
70,706
Total
Convertible
Preferred
Stocks
(Cost
$324,878)
............................
345,077
Preferred
Stocks
0.1%
Banks
0.0%
†
d
Itau
Unibanco
Holding
SA,
4.3%
........................
Brazil
34,300
280,257
Technology
Hardware,
Storage
&
Peripherals
0.1%
d
Samsung
Electronics
Co.
Ltd.,
0.6%
.....................
South
Korea
2,989
421,516
Total
Preferred
Stocks
(Cost
$410,742)
.......................................
701,773
Putnam
Asset
Allocation
Funds
Consolidated
Schedule
of
Investments
(unaudited)
Putnam
Dynamic
Asset
Allocation
Conservative
Fund
(continued)
See
Notes
to
Consolidated
Schedules
of
Investments.
Quarterly
Consolidated
Schedule
of
Investments
97
a
a
Country
Rights
a
Value
a
a
a
a
a
a
Rights
0.0%
†
Biotechnology
0.0%
†
a,e
Akero
Therapeutics,
Inc.,
CVR,
6/30/31
...................
United
States
1,346
$
875
a,e
Blueprint
Medicines
Corp.,
CVR,
12/31/28
.................
United
States
388
178
a,e
Icosavax,
Inc.,
CVR,
2/19/31
...........................
United
Kingdom
687
207
a,e,f
Pfizer,
Inc.,
CVR,
3/31/32
.............................
United
States
416
2,038
a,e
Sage
Therapeutics,
Inc.,
CVR,
12/31/30
..................
United
States
4,187
—
3,298
Health
Care
Equipment
&
Supplies
0.0%
†
a,e,f
TPG
,
Inc.,
CVR,
12/31/27
.............................
United
States
2,568
26
Total
Rights
(Cost
$3,330)
..................................................
3,324
Principal
Amount
*
Convertible
Bonds
0.1%
Consumer
Staples
Distribution
&
Retail
0.0%
†
Chefs'
Warehouse,
Inc.
(The)
,
Senior
Note
,
2.375
%
,
12/15/28
..
United
States
40,000
89,524
Energy
Equipment
&
Services
0.0%
†
Nabors
Industries,
Inc.
,
Senior
Note
,
1.75
%
,
6/15/29
.........
United
States
40,000
38,020
Hotels,
Restaurants
&
Leisure
0.0%
†
g
DoorDash,
Inc.
,
Senior
Note
,
0.36%
,
5/15/30
...............
United
States
90,000
88,762
Oil,
Gas
&
Consumable
Fuels
0.0%
†
b
Crescent
Energy
Co.
,
Senior
Note
,
144A,
2.75
%
,
3/15/31
.....
United
States
75,000
73,950
Semiconductors
&
Semiconductor
Equipment
0.1%
b
Onto
Innovation,
Inc.
,
Senior
Note
,
144A,
Zero
Cpn.,
6/01/31
...
United
States
80,000
105,672
Software
0.0%
†
Guidewire
Software,
Inc.
,
Senior
Note
,
1.25
%
,
11/01/29
.......
United
States
76,000
73,150
Technology
Hardware,
Storage
&
Peripherals
0.0%
†
Seagate
HDD
Cayman
,
Senior
Note
,
3.5
%
,
6/01/28
..........
United
States
5,000
58,358
Total
Convertible
Bonds
(Cost
$438,168)
.....................................
527,436
Corporate
Bonds
16.7%
Aerospace
&
Defense
0.8%
ATI,
Inc.
,
Senior
Note,
4.875%,
10/01/29
.......................
United
States
25,000
24,741
Senior
Note,
7.25%,
8/15/30
.........................
United
States
50,000
51,947
b
Axon
Enterprise,
Inc.
,
Senior
Note,
144A,
6.125%,
3/15/30
...................
United
States
55,000
56,235
Senior
Note,
144A,
6.25%,
3/15/33
....................
United
States
60,000
61,536
b
BAE
Systems
plc
,
Senior
Bond,
144A,
5.3%,
3/26/34
.....................
United
Kingdom
305,000
310,610
Senior
Note,
144A,
5.125%,
3/26/29
...................
United
Kingdom
250,000
253,475
Boeing
Co.
(The)
,
Senior
Bond,
2.95%,
2/01/30
.........................
United
States
41,000
38,586
Senior
Bond,
6.125%,
2/15/33
........................
United
States
75,000
79,762
Senior
Bond,
6.875%,
3/15/39
........................
United
States
43,000
48,148
Senior
Bond,
3.375%,
6/15/46
........................
United
States
85,000
59,712
Senior
Note,
2.7%,
2/01/27
..........................
United
States
153,000
151,349
Senior
Note,
6.259%,
5/01/27
........................
United
States
79,000
80,062
Senior
Note,
6.298%,
5/01/29
........................
United
States
815,000
848,602
b
Bombardier,
Inc.
,
Senior
Bond,
144A,
7.45%,
5/01/34
....................
Canada
300,000
332,420
Putnam
Asset
Allocation
Funds
Consolidated
Schedule
of
Investments
(unaudited)
Putnam
Dynamic
Asset
Allocation
Conservative
Fund
(continued)
Quarterly
Consolidated
Schedule
of
Investments
See
Notes
to
Consolidated
Schedules
of
Investments.
98
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Corporate
Bonds
(continued)
Aerospace
&
Defense
(continued)
b
Bombardier,
Inc.,
(continued)
Senior
Note,
144A,
8.75%,
11/15/30
...................
Canada
60,000
$
63,498
Senior
Note,
144A,
7%,
6/01/32
......................
Canada
5,000
5,186
Senior
Note,
144A,
6.75%,
6/15/33
....................
Canada
50,000
51,819
Senior
Note,
144A,
5.875%,
1/15/35
...................
Canada
70,000
70,347
b
Efesto
Bidco
SpA
Efesto
US
LLC
,
XR
,
Senior
Secured
Note
,
144A,
7.5
%
,
2/15/32
...............................
Italy
200,000
200,324
b
Honeywell
Aerospace,
Inc.
,
Senior
Note
,
144A,
4.3
%
,
3/16/31
..
United
States
210,000
206,433
Howmet
Aerospace,
Inc.
,
Senior
Note,
3%,
1/15/29
...........................
United
States
413,000
397,837
Senior
Note,
4.85%,
10/15/31
........................
United
States
106,000
106,401
RTX
Corp.
,
Senior
Bond,
4.125%,
11/16/28
.......................
United
States
253,000
251,085
Senior
Bond,
5.15%,
2/27/33
.........................
United
States
54,000
55,002
Senior
Bond,
4.875%,
10/15/40
.......................
United
States
119,000
113,486
Spirit
AeroSystems,
Inc.
,
Senior
Bond
,
4.6
%
,
6/15/28
........
United
States
390,000
388,975
b
TransDigm,
Inc.
,
Senior
Secured
Note,
144A,
6.875%,
12/15/30
...........
United
States
220,000
226,243
Senior
Secured
Note,
144A,
7.125%,
12/01/31
...........
United
States
15,000
15,551
Senior
Secured
Note,
144A,
6.625%,
3/01/32
............
United
States
5,000
5,134
Senior
Secured
Note,
144A,
6%,
1/15/33
................
United
States
185,000
186,928
Senior
Secured
Note,
144A,
6.25%,
1/31/34
.............
United
States
25,000
25,530
Senior
Sub.
Note,
144A,
6.75%,
1/31/34
................
United
States
145,000
148,832
4,915,796
Automobile
Components
0.1%
b
Adient
Global
Holdings
Ltd.
,
Senior
Note
,
144A,
8.25
%
,
4/15/31
United
States
115,000
120,289
b
Clarios
Global
LP
/
Clarios
US
Finance
Co.
,
Senior
Note
,
144A,
6.75
%
,
9/15/32
...................................
United
States
60,000
61,316
b
Dexko
Global,
Inc.
,
Senior
Note
,
144A,
7.5
%
,
4/15/32
........
United
States
137,550
113,616
b
Forvia
SE
,
Senior
Note
,
144A,
6.75
%
,
9/15/33
..............
France
200,000
200,041
b,h
IHO
Verwaltungs
GmbH
,
Senior
Secured
Note,
144A,
PIK,
7.75%,
11/15/30
.........
Germany
200,000
207,164
Senior
Secured
Note,
144A,
PIK,
8%,
11/15/32
...........
Germany
200,000
208,484
910,910
Automobiles
0.1%
b
Hyundai
Capital
America
,
Senior
Bond,
144A,
6.375%,
4/08/30
...................
United
States
17,000
17,769
Senior
Note,
144A,
4.875%,
11/01/27
..................
United
States
200,000
200,559
Senior
Note,
144A,
6.5%,
1/16/29
.....................
United
States
380,000
394,565
Senior
Note,
144A,
5.35%,
3/19/29
....................
United
States
98,000
99,375
Senior
Note,
144A,
4.55%,
9/26/29
....................
United
States
55,000
54,592
Senior
Note,
144A,
5.4%,
1/08/31
.....................
United
States
48,000
48,804
b
Nissan
Motor
Co.
Ltd.
,
Senior
Bond
,
144A,
8.125
%
,
7/17/35
...
Japan
200,000
211,892
1,027,556
Banks
2.8%
b
ABN
AMRO
Bank
NV
,
Senior
Non-Preferred
Note
,
144A,
4.988%
to
12/02/27,
FRN
thereafter
,
12/03/28
...................
Netherlands
300,000
301,683
Banco
Santander
SA
,
Senior
Non-Preferred
Bond,
4.379%,
4/12/28
............
Spain
200,000
199,247
Sub.
Bond,
3.225%
to
8/21/31,
FRN
thereafter,
11/22/32
....
Spain
1,400,000
1,267,386
Bank
of
America
Corp.
,
Senior
Bond,
2.496%
to
2/12/30,
FRN
thereafter,
2/13/31
...
United
States
450,000
415,926
Senior
Note,
1.734%
to
7/21/26,
FRN
thereafter,
7/22/27
....
United
States
1,690,000
1,687,448
Putnam
Asset
Allocation
Funds
Consolidated
Schedule
of
Investments
(unaudited)
Putnam
Dynamic
Asset
Allocation
Conservative
Fund
(continued)
See
Notes
to
Consolidated
Schedules
of
Investments.
Quarterly
Consolidated
Schedule
of
Investments
99
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Corporate
Bonds
(continued)
Banks
(continued)
Bank
of
America
Corp.,
(continued)
Senior
Note,
4.695%
to
4/22/31,
FRN
thereafter,
4/23/32
....
United
States
205,000
$
203,320
i
Sub.
Bond,
FRN,
4.686%,
(3-month
SOFR
+
1.022%),
9/15/26
United
States
65,000
65,029
Sub.
Bond,
6.11%,
1/29/37
..........................
United
States
722,000
760,319
Sub.
Bond,
3.846%
to
3/07/32,
FRN
thereafter,
3/08/37
.....
United
States
1,133,000
1,053,217
L,
Sub.
Bond,
4.183%,
11/25/27
......................
United
States
245,000
243,865
Bank
of
Nova
Scotia
(The)
,
Junior
Sub.
Bond
,
7.35%
to
4/26/30,
FRN
thereafter
,
4/27/85
.............................
Canada
200,000
207,321
b
Banque
Federative
du
Credit
Mutuel
SA
,
Senior
Preferred
Note
,
144A,
4.541
%
,
1/15/31
..............................
France
200,000
196,769
Barclays
plc
,
Senior
Note
,
5.367%
to
2/24/30,
FRN
thereafter
,
2/25/31
.........................................
United
Kingdom
200,000
202,855
b
CaixaBank
SA
,
Senior
Non-Preferred
Note,
144A,
4.634%
to
7/02/28,
FRN
thereafter,
7/03/29
.................................
Spain
200,000
199,830
Senior
Non-Preferred
Note,
144A,
5.673%
to
3/14/29,
FRN
thereafter,
3/15/30
.................................
Spain
200,000
204,524
Citigroup,
Inc.
,
Senior
Bond,
3.887%
to
1/09/27,
FRN
thereafter,
1/10/28
...
United
States
321,000
319,939
Senior
Bond,
3.668%
to
7/23/27,
FRN
thereafter,
7/24/28
...
United
States
1,408,000
1,395,787
Senior
Note,
4.503%
to
9/10/30,
FRN
thereafter,
9/11/31
....
United
States
320,000
315,906
Sub.
Bond,
4.45%,
9/29/27
..........................
United
States
402,000
401,432
Sub.
Bond,
4.75%,
5/18/46
..........................
United
States
168,000
143,614
b
Commonwealth
Bank
of
Australia
,
Senior
Bond
,
144A,
3.15
%
,
9/19/27
.........................................
Australia
564,000
556,726
b
Federation
des
Caisses
Desjardins
du
Quebec
,
Senior
Note
,
144A,
4.565
%
,
8/26/30
..............................
Canada
400,000
397,993
First-Citizens
Bank
&
Trust
Co.
,
Sub.
Bond
,
6.125
%
,
3/09/28
...
United
States
580,000
591,025
Huntington
Bancshares,
Inc.
,
Sub.
Bond
,
2.487%
to
8/14/31,
FRN
thereafter
,
8/15/36
.................................
United
States
385,000
332,284
b
Intesa
Sanpaolo
SpA
,
Senior
Preferred
Bond
,
144A,
3.875
%
,
1/12/28
.........................................
Italy
400,000
395,055
JPMorgan
Chase
&
Co.
,
i
W,
Junior
Sub.
Bond,
FRN,
4.913%,
(3-month
SOFR
+
1.262%),
5/15/47
.................................
United
States
179,000
162,749
Senior
Note,
6.07%
to
10/21/26,
FRN
thereafter,
10/22/27
...
United
States
305,000
306,497
Senior
Note,
4.622%
to
4/22/31,
FRN
thereafter,
4/23/32
....
United
States
210,000
207,623
Sub.
Bond,
3.625%,
12/01/27
........................
United
States
1,887,000
1,865,822
Sub.
Bond,
5.717%
to
9/13/32,
FRN
thereafter,
9/14/33
.....
United
States
790,000
815,591
Mitsubishi
UFJ
Financial
Group,
Inc.
,
Senior
Note
,
5.159%
to
4/23/30,
FRN
thereafter
,
4/24/31
......................
Japan
335,000
338,579
PNC
Financial
Services
Group,
Inc.
(The)
,
Senior
Bond,
5.373%
to
7/20/35,
FRN
thereafter,
7/21/36
...
United
States
24,000
24,233
Sub.
Bond,
4.626%
to
6/05/32,
FRN
thereafter,
6/06/33
.....
United
States
648,000
630,798
Toronto-Dominion
Bank
(The)
,
Sub.
Bond
,
3.625%
to
9/14/26,
FRN
thereafter
,
9/15/31
.............................
Canada
494,000
492,880
i
Truist
Bank
,
Sub.
Bond
,
FRN
,
4.632
%
,
(
5-year
CMT
T-Note
+
1.15
%
),
9/17/29
...................................
United
States
390,000
387,660
Truist
Financial
Corp.
,
Senior
Note
,
5.435%
to
1/23/29,
FRN
thereafter
,
1/24/30
.................................
United
States
150,000
152,524
US
Bancorp
,
Sub.
Bond
,
2.491%
to
11/02/31,
FRN
thereafter
,
11/03/36
........................................
United
States
593,000
516,350
Wells
Fargo
&
Co.
,
Senior
Bond,
3.35%
to
3/01/32,
FRN
thereafter,
3/02/33
....
United
States
2,203,000
2,025,611
Senior
Note,
5.574%
to
7/24/28,
FRN
thereafter,
7/25/29
....
United
States
155,000
157,633
Putnam
Asset
Allocation
Funds
Consolidated
Schedule
of
Investments
(unaudited)
Putnam
Dynamic
Asset
Allocation
Conservative
Fund
(continued)
Quarterly
Consolidated
Schedule
of
Investments
See
Notes
to
Consolidated
Schedules
of
Investments.
100
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Corporate
Bonds
(continued)
Banks
(continued)
Westpac
Banking
Corp.
,
Sub.
Bond
,
2.963
%
,
11/16/40
.......
Australia
116,000
$
86,171
20,229,221
Biotechnology
0.2%
AbbVie,
Inc.
,
Senior
Note,
4.8%,
3/15/29
..........................
United
States
230,000
231,828
Senior
Note,
4.125%,
3/15/31
........................
United
States
105,000
102,799
Amgen,
Inc.
,
Senior
Bond,
4.663%,
6/15/51
........................
United
States
302,000
256,768
Senior
Note,
5.15%,
3/02/28
.........................
United
States
320,000
323,114
b
Genmab
A/S
/
Genmab
Finance
LLC
,
Senior
Secured
Note
,
144A,
6.25
%
,
12/15/32
..............................
Denmark
280,000
285,506
b
Grifols
SA
,
Senior
Note
,
Reg
S,
3.875
%
,
10/15/28
...........
Spain
215,000
EUR
244,265
1,444,280
Broadline
Retail
0.1%
Amazon.com,
Inc.
,
Senior
Note,
4.1%,
11/20/30
.........................
United
States
80,000
78,649
Senior
Note,
4.25%,
3/13/31
.........................
United
States
160,000
157,592
b
Kohl's
Corp.
,
Senior
Secured
Note
,
144A,
10
%
,
6/01/30
......
United
States
35,000
37,879
b
Match
Group
Holdings
II
LLC
,
Senior
Note
,
144A,
4.625
%
,
6/01/28
.........................................
United
States
189,000
186,537
b
Wayfair
LLC
,
Senior
Secured
Note,
144A,
7.25%,
10/31/29
............
United
States
75,000
77,457
Senior
Secured
Note,
144A,
7.75%,
9/15/30
.............
United
States
185,000
194,605
Senior
Secured
Note,
144A,
6.75%,
11/15/32
............
United
States
335,000
344,287
1,077,006
Building
Products
0.0%
†
b
JH
North
America
Holdings,
Inc.
,
Senior
Secured
Note,
144A,
5.875%,
1/31/31
............
United
States
10,000
10,054
Senior
Secured
Note,
144A,
6.125%,
7/31/32
............
United
States
40,000
40,360
Johnson
Controls
International
plc
,
Senior
Bond
,
4.95
%
,
7/02/64
United
States
264,000
230,886
b
Quikrete
Holdings,
Inc.
,
Senior
Secured
Note
,
144A,
6.375
%
,
3/01/32
.........................................
United
States
230,000
234,981
b
Standard
Building
Solutions,
Inc.
,
Senior
Note
,
144A,
6.5
%
,
8/15/32
.........................................
United
States
90,000
90,602
b
Standard
Industries,
Inc.
,
Senior
Bond,
144A,
4.375%,
7/15/30
...................
United
States
250,000
237,623
Senior
Bond,
144A,
3.375%,
1/15/31
...................
United
States
40,000
36,027
880,533
Capital
Markets
1.0%
Ares
Capital
Corp.
,
Senior
Note,
2.15%,
7/15/26
.........................
United
States
199,000
198,799
Senior
Note,
7%,
1/15/27
...........................
United
States
110,000
111,129
Senior
Note,
2.875%,
6/15/27
........................
United
States
212,000
207,957
b
Aretec
Group,
Inc.
,
Senior
Secured
Note
,
144A,
10
%
,
8/15/30
..
United
States
21,000
22,146
b
Blackstone
Holdings
Finance
Co.
LLC
,
Senior
Bond
,
144A,
1.6
%
,
3/30/31
.........................................
United
States
134,000
116,160
Blackstone
Private
Credit
Fund
,
Senior
Note
,
3.25
%
,
3/15/27
..
United
States
88,000
86,922
Goldman
Sachs
Group,
Inc.
(The)
,
Senior
Bond,
4.223%
to
4/30/28,
FRN
thereafter,
5/01/29
...
United
States
1,677,000
1,662,835
Senior
Note,
4.153%
to
10/20/28,
FRN
thereafter,
10/21/29
..
United
States
368,000
362,852
Senior
Note,
4.594%
to
4/19/29,
FRN
thereafter,
4/20/30
....
United
States
80,000
79,559
Putnam
Asset
Allocation
Funds
Consolidated
Schedule
of
Investments
(unaudited)
Putnam
Dynamic
Asset
Allocation
Conservative
Fund
(continued)
See
Notes
to
Consolidated
Schedules
of
Investments.
Quarterly
Consolidated
Schedule
of
Investments
101
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Corporate
Bonds
(continued)
Capital
Markets
(continued)
Goldman
Sachs
Group,
Inc.
(The),
(continued)
Senior
Note,
4.972%
to
6/02/31,
FRN
thereafter,
6/03/32
....
United
States
140,000
$
139,950
Intercontinental
Exchange,
Inc.
,
Senior
Bond,
1.85%,
9/15/32
.........................
United
States
149,000
125,774
Senior
Note,
4%,
9/15/27
...........................
United
States
98,000
97,525
b
Jane
Street
Group
/
JSG
Finance,
Inc.
,
Senior
Secured
Note,
144A,
6.125%,
11/01/32
...........
United
States
195,000
195,131
Senior
Secured
Note,
144A,
6.75%,
5/01/33
.............
United
States
430,000
442,432
Jefferies
Financial
Group,
Inc.
,
Senior
Note
,
4.5
%
,
9/15/26
....
United
States
170,000
169,881
b
KKR
Group
Finance
Co.
III
LLC
,
Senior
Bond
,
144A,
5.125
%
,
6/01/44
.........................................
United
States
163,000
145,714
LPL
Holdings,
Inc.
,
Senior
Note,
6.75%,
11/17/28
........................
United
States
166,000
172,734
Senior
Note,
5.2%,
3/15/30
..........................
United
States
172,000
173,180
Moody's
Corp.
,
Senior
Bond,
2%,
8/19/31
...........................
United
States
463,000
407,392
Senior
Bond,
5%,
8/05/34
...........................
United
States
51,000
51,030
Morgan
Stanley
,
Senior
Bond,
3.772%
to
1/23/28,
FRN
thereafter,
1/24/29
...
United
States
1,758,000
1,734,340
Senior
Note,
5.123%
to
1/31/28,
FRN
thereafter,
2/01/29
....
United
States
305,000
306,892
Senior
Note,
4.994%
to
4/11/28,
FRN
thereafter,
4/12/29
....
United
States
104,000
104,582
Senior
Note,
4.493%
to
1/15/31,
FRN
thereafter,
1/16/32
....
United
States
70,000
68,655
Senior
Note,
4.708%
to
3/11/31,
FRN
thereafter,
3/12/32
....
United
States
145,000
143,242
Sub.
Bond,
3.95%,
4/23/27
..........................
United
States
398,000
396,762
b
MSCI,
Inc.
,
Senior
Bond
,
144A,
3.625
%
,
9/01/30
............
United
States
292,000
276,336
Nasdaq,
Inc.
,
Senior
Bond,
5.55%,
2/15/34
.........................
United
States
30,000
30,872
Senior
Note,
5.35%,
6/28/28
.........................
United
States
69,000
69,940
S&P
Global,
Inc.
,
Senior
Bond,
2.5%,
12/01/29
.........................
United
States
51,000
47,699
Senior
Bond,
1.25%,
8/15/30
.........................
United
States
93,000
81,281
b
Stonex
Escrow
Issuer
LLC
,
Secured
Note
,
144A,
6.875
%
,
7/15/32
United
States
175,000
180,095
b
StoneX
Group,
Inc.
,
Secured
Note
,
144A,
7.875
%
,
3/01/31
....
United
States
160,000
168,092
b
UBS
Group
AG
,
Senior
Bond
,
144A,
3.869%
to
1/11/28,
FRN
thereafter
,
1/12/29
.................................
Switzerland
311,000
307,472
8,885,362
Chemicals
0.1%
b
ARC
Falcon
I,
Inc.
/
Arclin
USA
LLC
/
New
Arclin
US
Holding
Corp.
,
Senior
Secured
Note
,
144A,
9.75
%
,
3/01/33
.........
United
States
135,000
130,010
Celanese
US
Holdings
LLC
,
Senior
Note
,
1.4
%
,
8/05/26
......
United
States
145,000
144,407
b
Element
Solutions,
Inc.
,
Senior
Note
,
144A,
3.875
%
,
9/01/28
...
United
States
150,000
146,457
FMC
Corp.
,
Sub.
Bond
,
8.45%
to
10/31/30,
FRN
thereafter
,
11/01/55
........................................
United
States
70,000
51,031
b
Rain
Carbon,
Inc.
,
Senior
Secured
Note
,
144A,
12.25
%
,
9/01/29
United
States
300,000
320,350
b
SCIH
Salt
Holdings,
Inc.
,
Senior
Note,
144A,
6.625%,
5/01/29
...................
United
States
65,000
64,487
Senior
Secured
Note,
144A,
4.875%,
5/01/28
............
United
States
80,000
78,961
935,703
Commercial
Services
&
Supplies
0.3%
b
Aramark
Services,
Inc.
,
Senior
Bond
,
144A,
5
%
,
2/01/28
......
United
States
90,000
89,863
b
Clean
Harbors,
Inc.
,
Senior
Note
,
144A,
6.375
%
,
2/01/31
.....
United
States
80,000
81,185
b
GFL
Environmental,
Inc.
,
Senior
Note,
144A,
4.375%,
8/15/29
...................
United
States
175,000
170,249
Putnam
Asset
Allocation
Funds
Consolidated
Schedule
of
Investments
(unaudited)
Putnam
Dynamic
Asset
Allocation
Conservative
Fund
(continued)
Quarterly
Consolidated
Schedule
of
Investments
See
Notes
to
Consolidated
Schedules
of
Investments.
102
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Corporate
Bonds
(continued)
Commercial
Services
&
Supplies
(continued)
b
GFL
Environmental,
Inc.,
(continued)
Senior
Note,
144A,
6.75%,
1/15/31
....................
United
States
25,000
$
25,751
b
Madison
IAQ
LLC
,
Senior
Secured
Note
,
144A,
4.125
%
,
6/30/28
United
States
40,000
39,381
b
Neptune
Bidco
US,
Inc.
,
Senior
Secured
Note,
144A,
9.29%,
4/15/29
.............
United
States
60,000
61,237
Senior
Secured
Note,
144A,
9.5%,
2/15/33
..............
United
States
240,000
242,953
Republic
Services,
Inc.
,
Senior
Note
,
5
%
,
11/15/29
..........
United
States
576,000
583,822
b
RR
Donnelley
&
Sons
Co.
,
Senior
Secured
Note
,
144A,
9.5
%
,
8/01/29
.........................................
United
States
370,000
383,985
b
Veritiv
Operating
Co.
,
Senior
Secured
Note
,
144A,
10.5
%
,
11/30/30
........................................
United
States
30,000
30,720
Waste
Connections,
Inc.
,
Senior
Bond,
3.5%,
5/01/29
..........................
United
States
240,000
234,014
Senior
Bond,
3.2%,
6/01/32
..........................
United
States
38,000
34,924
Senior
Bond,
5%,
3/01/34
...........................
United
States
55,000
55,103
Waste
Management,
Inc.
,
Senior
Note
,
4.875
%
,
2/15/29
......
United
States
147,000
148,550
b
Waste
Pro
USA,
Inc.
,
Senior
Note
,
144A,
7
%
,
2/01/33
........
United
States
125,000
128,224
b
Wrangler
Holdco
Corp.
,
Senior
Note
,
144A,
6.625
%
,
4/01/32
...
Canada
30,000
30,775
2,340,736
Communications
Equipment
0.1%
Motorola
Solutions,
Inc.
,
Senior
Bond,
2.3%,
11/15/30
.........................
United
States
78,000
70,384
Senior
Bond,
5.55%,
8/15/35
.........................
United
States
271,000
275,997
Senior
Note,
4.85%,
8/15/30
.........................
United
States
91,000
91,361
b
Viasat,
Inc.
,
Senior
Note
,
144A,
7.5
%
,
5/30/31
..............
United
States
205,000
207,278
645,020
Construction
&
Engineering
0.0%
†
b
Arcosa,
Inc.
,
Senior
Note
,
144A,
6.875
%
,
8/15/32
...........
United
States
35,000
36,538
Consumer
Finance
0.7%
AerCap
Ireland
Capital
DAC
/
AerCap
Global
Aviation
Trust
,
Senior
Bond,
3.65%,
7/21/27
.........................
Ireland
450,000
446,575
Senior
Bond,
3.3%,
1/30/32
..........................
Ireland
596,000
544,942
Ally
Financial,
Inc.
,
Senior
Bond,
8%,
11/01/31
..........................
United
States
297,000
330,880
Senior
Note,
4.75%,
6/09/27
.........................
United
States
207,000
207,503
Senior
Note,
2.2%,
11/02/28
.........................
United
States
172,000
162,445
American
Express
Co.
,
Senior
Bond,
5.667%
to
4/24/35,
FRN
thereafter,
4/25/36
...
United
States
326,000
337,788
Senior
Note,
5.098%
to
2/15/27,
FRN
thereafter,
2/16/28
....
United
States
170,000
170,692
b
Avolon
Holdings
Funding
Ltd.
,
Senior
Note,
144A,
5.75%,
11/15/29
...................
Ireland
343,000
350,823
Senior
Note,
144A,
4.9%,
10/10/30
....................
Ireland
155,000
153,711
Capital
One
Financial
Corp.
,
Senior
Note,
4.493%
to
9/10/30,
FRN
thereafter,
9/11/31
....
United
States
95,000
93,244
Sub.
Bond,
2.359%
to
7/28/31,
FRN
thereafter,
7/29/32
.....
United
States
926,000
804,105
b
Encore
Capital
Group,
Inc.
,
Senior
Secured
Note
,
144A,
8.5
%
,
5/15/30
.........................................
United
States
300,000
318,804
b
FirstCash,
Inc.
,
Senior
Note,
144A,
6.875%,
3/01/32
...................
United
States
310,000
318,939
Senior
Note,
144A,
6.125%,
5/01/34
...................
United
States
275,000
273,879
b
Gabx
Leasing
LLC
,
Senior
Note
,
144A,
4.625
%
,
4/15/31
......
United
States
170,000
167,695
Putnam
Asset
Allocation
Funds
Consolidated
Schedule
of
Investments
(unaudited)
Putnam
Dynamic
Asset
Allocation
Conservative
Fund
(continued)
See
Notes
to
Consolidated
Schedules
of
Investments.
Quarterly
Consolidated
Schedule
of
Investments
103
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Corporate
Bonds
(continued)
Consumer
Finance
(continued)
General
Motors
Financial
Co.,
Inc.
,
Senior
Note,
4.2%,
10/27/28
.........................
United
States
70,000
$
69,256
Senior
Note,
4.9%,
10/06/29
.........................
United
States
207,000
207,576
b
Jefferson
Capital
Holdings
LLC
,
Senior
Note,
144A,
9.5%,
2/15/29
.....................
United
States
100,000
104,822
Senior
Note,
144A,
8.25%,
5/15/30
....................
United
States
360,000
378,741
b
Macquarie
Airfinance
Holdings
Ltd.
,
Senior
Note
,
144A,
5.15
%
,
3/17/30
.........................................
United
Kingdom
296,000
295,273
OneMain
Finance
Corp.
,
Senior
Bond,
5.375%,
11/15/29
.......................
United
States
55,000
54,059
Senior
Note,
7.5%,
5/15/31
..........................
United
States
70,000
72,361
Senior
Note,
7.125%,
11/15/31
.......................
United
States
120,000
122,528
Senior
Note,
6.5%,
3/15/33
..........................
United
States
50,000
49,241
b
PRA
Group,
Inc.
,
Senior
Note
,
144A,
8.875
%
,
1/31/30
........
United
States
155,000
160,073
6,195,955
Consumer
Staples
Distribution
&
Retail
0.2%
b
7-Eleven,
Inc.
,
Senior
Note
,
144A,
1.3
%
,
2/10/28
............
United
States
329,000
312,603
b
Alimentation
Couche-Tard,
Inc.
,
Senior
Bond,
144A,
3.55%,
7/26/27
....................
Canada
233,000
231,015
Senior
Bond,
144A,
2.95%,
1/25/30
....................
Canada
156,000
147,056
b
US
Foods,
Inc.
,
Senior
Note,
144A,
4.625%,
6/01/30
...................
United
States
170,000
166,086
Senior
Note,
144A,
7.25%,
1/15/32
....................
United
States
190,000
197,403
Senior
Note,
144A,
5.75%,
4/15/33
....................
United
States
60,000
60,114
1,114,277
Containers
&
Packaging
0.1%
AptarGroup,
Inc.
,
Senior
Note
,
4.75
%
,
3/30/31
.............
United
States
75,000
74,314
Berry
Global,
Inc.
,
Senior
Secured
Note,
1.65%,
1/15/27
..................
United
States
154,000
151,706
Senior
Secured
Note,
5.5%,
4/15/28
...................
United
States
13,000
13,202
b
Clydesdale
Acquisition
Holdings,
Inc.
,
Senior
Secured
Note
,
144A,
6.75
%
,
4/15/32
...............................
United
States
145,000
140,846
b
Mauser
Packaging
Solutions
Holding
Co.
,
Secured
Note,
144A,
9.25%,
4/15/30
...................
United
States
70,000
68,923
Senior
Secured
Note,
144A,
7.875%,
4/15/30
............
United
States
80,000
81,828
b
Toucan
FinCo
Ltd.
/
Toucan
FinCo
Can,
Inc.
/
Toucan
FinCo
US
LLC
,
Senior
Secured
Note
,
144A,
9.5
%
,
5/15/30
...........
Canada
305,000
287,793
WestRock
MWV
LLC
,
Senior
Bond,
8.2%,
1/15/30
..........................
United
States
336,000
372,558
Senior
Bond,
7.95%,
2/15/31
.........................
United
States
87,000
97,691
1,288,861
Diversified
Consumer
Services
0.0%
†
Service
Corp.
International
,
Senior
Bond
,
3.375
%
,
8/15/30
....
United
States
55,000
51,059
Diversified
REITs
0.1%
Equinix
Asia
Financing
Corp.
Pte.
Ltd.
,
Senior
Note
,
4.4
%
,
3/15/31
.........................................
United
States
90,000
87,996
GLP
Capital
LP
/
GLP
Financing
II,
Inc.
,
Senior
Bond
,
3.25
%
,
1/15/32
.........................................
United
States
193,000
172,935
VICI
Properties
LP
,
Senior
Note,
4.75%,
2/15/28
.........................
United
States
343,000
342,992
Senior
Note,
5.125%,
11/15/31
.......................
United
States
228,000
227,064
Putnam
Asset
Allocation
Funds
Consolidated
Schedule
of
Investments
(unaudited)
Putnam
Dynamic
Asset
Allocation
Conservative
Fund
(continued)
Quarterly
Consolidated
Schedule
of
Investments
See
Notes
to
Consolidated
Schedules
of
Investments.
104
a
a
Country
Principal
Amount
*
a
Value
a
a
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
136,000
$
135,173
966,160
Diversified
Telecommunication
Services
1.0%
b
APLD
ComputeCo
2
LLC
,
Senior
Secured
Note
,
144A,
6.75
%
,
3/15/31
.........................................
United
States
190,000
190,818
b
APLD
ComputeCo
LLC
,
Senior
Secured
Note
,
144A,
9.25
%
,
12/15/30
........................................
United
States
290,000
313,013
AT&T,
Inc.
,
Senior
Bond,
2.55%,
12/01/33
........................
United
States
450,000
378,080
Senior
Bond,
4.75%,
5/15/46
.........................
United
States
346,000
291,092
Senior
Bond,
3.55%,
9/15/55
.........................
United
States
1,258,000
810,693
Senior
Note,
4.1%,
2/15/28
..........................
United
States
50,000
49,634
b
Black
Pearl
Compute
LLC
,
Senior
Secured
Note
,
144A,
6.125
%
,
2/15/31
.........................................
United
States
100,000
101,407
b
CCO
Holdings
LLC
/
CCO
Holdings
Capital
Corp.
,
Senior
Bond,
144A,
5.375%,
6/01/29
...................
United
States
345,000
337,683
Senior
Bond,
144A,
4.75%,
3/01/30
....................
United
States
200,000
189,734
Senior
Bond,
144A,
4.25%,
2/01/31
....................
United
States
65,000
58,589
Senior
Bond,
144A,
4.75%,
2/01/32
....................
United
States
475,000
424,007
Senior
Bond,
144A,
4.25%,
1/15/34
....................
United
States
95,000
80,513
Senior
Note,
144A,
7%,
2/01/33
......................
United
States
65,000
63,799
b
Cipher
Compute
LLC
,
Senior
Secured
Note
,
144A,
7.125
%
,
11/15/30
........................................
United
States
325,000
338,251
Comcast
Corp.
,
Senior
Bond,
3.999%,
11/01/49
.......................
United
States
162,000
114,985
Senior
Bond,
3.45%,
2/01/50
.........................
United
States
97,000
62,434
Senior
Bond,
2.987%,
11/01/63
.......................
United
States
108,000
56,232
Deutsche
Telekom
International
Finance
BV
,
Senior
Bond
,
8.25
%
,
6/15/30
.........................................
Germany
106,000
119,281
b
Edged
Compute
LLC
,
Senior
Secured
Note
,
144A,
7.5
%
,
4/30/31
United
States
330,000
321,876
b
PR
RNO
Property
Owner
1
LLC
,
Senior
Secured
Note
,
144A,
6.5
%
,
5/01/31
....................................
United
States
225,000
224,831
b
Space
Exploration
Technologies
Corp.
,
Senior
Note
,
144A,
5.35
%
,
7/15/31
...................................
United
States
125,000
124,706
Sprint
Capital
Corp.
,
Senior
Bond
,
6.875
%
,
11/15/28
.........
United
States
111,000
116,305
b
SV
RNO
Property
Owner
1
LLC
,
Senior
Secured
Note
,
144A,
5.875
%
,
3/01/31
...................................
United
States
130,000
128,208
Telefonica
Emisiones
SA
,
Senior
Bond
,
4.895
%
,
3/06/48
......
Spain
672,000
568,273
Verizon
Communications,
Inc.
,
Senior
Bond,
4.4%,
11/01/34
.........................
United
States
236,000
223,825
Senior
Bond,
5.401%,
7/02/37
........................
United
States
790,000
788,264
Senior
Bond,
3.7%,
3/22/61
..........................
United
States
473,000
316,558
b
WULF
Compute
LLC
,
Senior
Secured
Note
,
144A,
7.75
%
,
10/15/30
........................................
United
States
345,000
362,582
b
Yondr
JK
1
LLC
,
Senior
Secured
Note
,
144A,
6.875
%
,
6/30/31
.
United
States
150,000
150,488
7,306,161
Electric
Utilities
0.9%
American
Electric
Power
Co.,
Inc.
,
Senior
Bond,
5.625%,
3/01/33
........................
United
States
110,000
114,033
J,
Senior
Bond,
4.3%,
12/01/28
.......................
United
States
363,000
360,919
b
American
Transmission
Systems,
Inc.
,
Senior
Bond
,
144A,
2.65
%
,
1/15/32
...................................
United
States
86,000
77,034
Putnam
Asset
Allocation
Funds
Consolidated
Schedule
of
Investments
(unaudited)
Putnam
Dynamic
Asset
Allocation
Conservative
Fund
(continued)
See
Notes
to
Consolidated
Schedules
of
Investments.
Quarterly
Consolidated
Schedule
of
Investments
105
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Corporate
Bonds
(continued)
Electric
Utilities
(continued)
b
California
Buyer
Ltd.
/
Atlantica
Sustainable
Infrastructure
plc
,
Senior
Note
,
144A,
6.375
%
,
2/15/32
....................
United
Kingdom
300,000
$
300,902
Commonwealth
Edison
Co.
,
Senior
Bond
,
5.9
%
,
3/15/36
......
United
States
135,000
143,023
Duke
Energy
Corp.
,
Senior
Bond,
3.15%,
8/15/27
.........................
United
States
433,000
426,887
Senior
Bond,
4.2%,
6/15/49
..........................
United
States
350,000
273,824
Duke
Energy
Indiana
LLC
,
Senior
Bond
,
6.45
%
,
4/01/39
......
United
States
166,000
182,486
Duke
Energy
Ohio,
Inc.
,
Senior
Bond
,
3.65
%
,
2/01/29
........
United
States
189,000
185,329
b
Enel
Finance
International
NV
,
Senior
Note
,
144A,
4.375
%
,
9/30/30
.........................................
Italy
310,000
304,636
Evergy
Kansas
Central,
Inc.
,
Senior
Bond
,
5.7
%
,
3/15/53
.....
United
States
102,000
101,926
b
Evergy
Missouri
West,
Inc.
,
Senior
Note
,
144A,
5.15
%
,
12/15/27
United
States
316,000
317,468
Eversource
Energy
,
Senior
Note
,
5.45
%
,
3/01/28
............
United
States
31,000
31,360
IPALCO
Enterprises,
Inc.
,
Senior
Secured
Note
,
4.25
%
,
5/01/30
United
States
125,000
121,445
NextEra
Energy
Capital
Holdings,
Inc.
,
Senior
Bond,
5.45%,
3/15/35
.........................
United
States
664,000
674,354
Senior
Note,
5.05%,
3/15/30
.........................
United
States
420,000
425,527
b
NRG
Energy,
Inc.
,
j
Junior
Sub.
Bond,
144A,
10.25%
to
3/14/28,
FRN
thereafter,
Perpetual
.......................................
United
States
70,000
75,737
Senior
Bond,
144A,
6.25%,
11/01/34
...................
United
States
315,000
319,084
Senior
Bond,
144A,
6%,
1/15/36
......................
United
States
140,000
139,633
Senior
Note,
144A,
3.375%,
2/15/29
...................
United
States
110,000
104,973
Senior
Secured
Bond,
144A,
7%,
3/15/33
...............
United
States
95,000
103,108
Oncor
Electric
Delivery
Co.
LLC
,
Senior
Secured
Bond,
5.3%,
6/01/42
...................
United
States
72,000
69,852
Senior
Secured
Bond,
3.75%,
4/01/45
..................
United
States
364,000
282,715
Pacific
Gas
and
Electric
Co.
,
Senior
Note,
2.1%,
8/01/27
..........................
United
States
48,000
46,748
Senior
Note,
6.1%,
1/15/29
..........................
United
States
489,000
503,599
Senior
Note,
5.55%,
5/15/29
.........................
United
States
211,000
215,410
Senior
Note,
5.05%,
11/15/31
........................
United
States
105,000
104,926
b
Palomino
Funding
Trust
I
,
Senior
Secured
Note
,
144A,
7.233
%
,
5/17/28
.........................................
United
States
250,000
259,528
PG&E
Corp.
,
Junior
Sub.
Bond,
7.375%
to
3/14/30,
FRN
thereafter,
3/15/55
United
States
50,000
50,981
Senior
Secured
Bond,
5.25%,
7/01/30
..................
United
States
95,000
93,595
Public
Service
Electric
and
Gas
Co.
,
Senior
Bond
,
5.5
%
,
3/01/40
United
States
140,000
140,813
Southern
Co.
(The)
,
Senior
Note
,
5.5
%
,
3/15/29
............
United
States
195,000
199,454
b
Vistra
Operations
Co.
LLC
,
Senior
Bond,
144A,
6%,
4/15/34
......................
United
States
153,000
157,681
Senior
Note,
144A,
5%,
7/31/27
......................
United
States
65,000
64,980
Senior
Note,
144A,
4.375%,
5/01/29
...................
United
States
150,000
147,433
Senior
Note,
144A,
4.7%,
1/31/31
.....................
United
States
80,000
78,512
Senior
Note,
144A,
7.75%,
10/15/31
...................
United
States
45,000
47,100
Senior
Note,
144A,
6.875%,
4/15/32
...................
United
States
50,000
51,807
Senior
Secured
Bond,
144A,
4.3%,
7/15/29
..............
United
States
193,000
189,169
Wisconsin
Electric
Power
Co.
,
Senior
Bond,
4.6%,
10/01/34
.........................
United
States
137,000
134,255
Senior
Note,
4.15%,
10/15/30
........................
United
States
165,000
161,897
7,784,143
Putnam
Asset
Allocation
Funds
Consolidated
Schedule
of
Investments
(unaudited)
Putnam
Dynamic
Asset
Allocation
Conservative
Fund
(continued)
Quarterly
Consolidated
Schedule
of
Investments
See
Notes
to
Consolidated
Schedules
of
Investments.
106
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Corporate
Bonds
(continued)
Electrical
Equipment
0.0%
†
b
Energizer
Gamma
Acquisition
BV
,
Senior
Note
,
Reg
S,
3.5
%
,
6/30/29
.........................................
United
States
100,000
EUR
$
112,092
Electronic
Equipment,
Instruments
&
Components
0.0%
†
Amphenol
Corp.
,
Senior
Note
,
3.9
%
,
11/15/28
..............
United
States
85,000
83,986
CDW
LLC
/
CDW
Finance
Corp.
,
Senior
Note
,
3.25
%
,
2/15/29
..
United
States
95,000
90,845
b
Ingram
Micro,
Inc.
,
Senior
Secured
Note
,
144A,
4.75
%
,
5/15/29
.
United
States
110,000
108,100
b
Sensata
Technologies,
Inc.
,
Senior
Bond
,
144A,
3.75
%
,
2/15/31
United
States
155,000
145,027
b
TTM
Technologies,
Inc.
,
Senior
Note
,
144A,
4
%
,
3/01/29
......
United
States
205,000
198,151
626,109
Energy
Equipment
&
Services
0.2%
b
Archrock
Services
LP
/
Archrock
Partners
Finance
Corp.
,
Senior
Note
,
144A,
6
%
,
2/01/34
............................
United
States
225,000
223,786
b
Borr
IHC
Ltd.
/
Borr
Finance
LLC
,
Senior
Secured
Note
,
144A,
8.75
%
,
1/15/32
...................................
Mexico
200,000
195,474
b
Kodiak
Gas
Services
LLC
,
Senior
Note,
144A,
5.875%,
4/01/31
...................
United
States
75,000
75,232
Senior
Note,
144A,
6.5%,
10/01/33
....................
United
States
230,000
233,273
b
Nabors
Industries,
Inc.
,
Senior
Note
,
144A,
8.875
%
,
8/15/31
...
United
States
40,000
41,096
b,c
Oceaneering
International,
Inc.
,
Senior
Note
,
144A,
6.875
%
,
7/15/34
.........................................
United
States
85,000
86,387
b
Transocean
Aquila
Ltd.
,
Senior
Secured
Note
,
144A,
8
%
,
9/30/28
United
States
12,308
12,632
Transocean
International
Ltd.
,
Senior
Bond,
6.8%,
3/15/38
..........................
United
States
100,000
92,820
b
Senior
Note,
144A,
8.5%,
5/15/31
.....................
United
States
100,000
103,876
b
Senior
Note,
144A,
7.875%,
10/15/32
..................
United
States
135,000
141,003
b
Senior
Secured
Note,
144A,
8.75%,
2/15/30
.............
United
States
164,500
171,043
b
Weatherford
International
Ltd.
,
Senior
Note,
144A,
8.625%,
4/30/30
...................
United
States
40,000
40,659
Senior
Note,
144A,
6.75%,
10/15/33
...................
United
States
405,000
413,444
1,830,725
Entertainment
0.3%
b
Banijay
Entertainment
SAS
,
Senior
Secured
Note
,
144A,
8.125
%
,
5/01/29
.........................................
France
290,000
297,472
Discovery
Global
Holdings,
Inc.
,
Senior
Bond
,
5.05
%
,
3/15/42
..
United
States
60,000
44,029
b
Live
Nation
Entertainment,
Inc.
,
Senior
Secured
Note
,
144A,
6.5
%
,
5/15/27
....................................
United
States
50,000
50,022
Netflix,
Inc.
,
Senior
Bond,
5.875%,
11/15/28
.......................
United
States
45,000
46,433
b
Senior
Bond,
Reg
S,
3.875%,
11/15/29
.................
United
States
395,000
EUR
462,779
b
Senior
Bond,
144A,
5.375%,
11/15/29
..................
United
States
346,000
355,196
b
OAK-Eagle
Acquireco,
Inc.
,
Senior
Note,
144A,
8.75%,
7/01/34
....................
United
States
170,000
180,527
Senior
Secured
Note,
144A,
7.25%,
7/01/33
.............
United
States
150,000
156,997
b
Pinewood
Finco
plc
,
Senior
Secured
Note
,
144A,
6
%
,
3/27/30
..
United
Kingdom
100,000
GBP
132,994
Walt
Disney
Co.
(The)
,
Senior
Bond
,
7.75
%
,
12/01/45
........
United
States
183,000
228,085
1,954,534
Financial
Services
0.2%
Corebridge
Financial,
Inc.
,
Senior
Note
,
3.85
%
,
4/05/29
.......
United
States
188,000
183,804
b
CrossCountry
Intermediate
HoldCo
LLC
,
Senior
Note,
144A,
6.5%,
10/01/30
....................
United
States
85,000
83,885
Senior
Note,
144A,
6.75%,
12/01/32
...................
United
States
135,000
130,463
b
Freedom
Mortgage
Corp.
,
Senior
Note
,
144A,
12.25
%
,
10/01/30
United
States
145,000
156,553
Putnam
Asset
Allocation
Funds
Consolidated
Schedule
of
Investments
(unaudited)
Putnam
Dynamic
Asset
Allocation
Conservative
Fund
(continued)
See
Notes
to
Consolidated
Schedules
of
Investments.
Quarterly
Consolidated
Schedule
of
Investments
107
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Corporate
Bonds
(continued)
Financial
Services
(continued)
b
Freedom
Mortgage
Holdings
LLC
,
Senior
Note
,
144A,
8.375
%
,
4/01/32
.........................................
United
States
245,000
$
249,392
b
GGAM
Finance
Ltd.
,
Senior
Note
,
144A,
8
%
,
2/15/27
........
Ireland
25,000
25,101
b
Neuberger
Berman
Group
LLC
/
Neuberger
Berman
Finance
Corp.
,
Senior
Bond
,
144A,
4.875
%
,
4/15/45
..............
United
States
146,000
126,034
b
Osaic
Holdings,
Inc.
,
Senior
Note,
144A,
8%,
8/01/33
......................
United
States
195,000
195,865
Senior
Secured
Note,
144A,
6.75%,
8/01/32
.............
United
States
150,000
150,343
b
Petronas
Capital
Ltd.
,
Senior
Note
,
144A,
4.95
%
,
1/03/31
.....
Malaysia
220,000
222,763
b
PHH
Escrow
Issuer
LLC
/
PHH
Corp.
,
Senior
Note
,
144A,
9.875
%
,
11/01/29
..................................
United
States
260,000
254,702
b
Rocket
Cos.,
Inc.
,
Senior
Note,
144A,
6.125%,
8/01/30
...................
United
States
240,000
244,235
Senior
Note,
144A,
6.125%,
8/01/31
...................
United
States
35,000
35,772
Senior
Note,
144A,
7.125%,
2/01/32
...................
United
States
115,000
119,430
Senior
Note,
144A,
6.375%,
8/01/33
...................
United
States
150,000
152,732
Senior
Note,
144A,
6.5%,
6/15/34
.....................
United
States
85,000
87,289
b
Shift4
Payments
LLC
/
Shift4
Payments
Finance
Sub,
Inc.
,
Senior
Note
,
144A,
5.5
%
,
5/15/33
...........................
United
States
100,000
EUR
112,081
2,530,444
Food
Products
0.2%
Bunge
Ltd.
Finance
Corp.
,
Senior
Note
,
3.2
%
,
4/21/31
.......
United
States
40,000
37,334
b
Chobani
LLC
/
Chobani
Finance
Corp.,
Inc.
,
Senior
Note,
144A,
7.625%,
7/01/29
...................
United
States
80,000
82,594
Senior
Note,
144A,
6.375%,
4/15/34
...................
United
States
80,000
81,244
b
Froneri
Lux
FinCo
SARL
,
Senior
Secured
Note
,
144A,
6
%
,
8/01/32
.........................................
United
Kingdom
200,000
196,257
b
Industrial
F&B
Investments
III,
Inc.
,
Senior
Secured
Note
,
144A,
7.75
%
,
2/11/33
....................................
United
States
100,000
101,980
JBS
NV
/
JBS
USA
Foods
Group
Holdings,
Inc.
/
JBS
USA
Food
Co.
Holdings
,
Senior
Bond,
5.5%,
1/15/36
..........................
United
States
409,000
408,661
Senior
Note,
3%,
2/02/29
...........................
United
States
82,000
78,727
Kellanova
,
Senior
Bond,
4.5%,
4/01/46
..........................
United
States
10,000
8,628
B,
Senior
Bond,
7.45%,
4/01/31
.......................
United
States
44,000
49,172
Kraft
Heinz
Foods
Co.
,
Senior
Bond,
6.875%,
1/26/39
........................
United
States
51,000
55,923
Senior
Bond,
4.625%,
10/01/39
.......................
United
States
51,000
45,588
b
Mars,
Inc.
,
Senior
Bond,
144A,
5.65%,
5/01/45
....................
United
States
39,000
38,774
Senior
Bond,
144A,
5.7%,
5/01/55
.....................
United
States
96,000
94,643
Senior
Bond,
144A,
5.8%,
5/01/65
.....................
United
States
20,000
19,872
Senior
Note,
144A,
4.6%,
3/01/28
.....................
United
States
295,000
295,615
Senior
Note,
144A,
4.65%,
4/20/31
....................
United
States
188,000
188,223
Senior
Note,
144A,
5%,
3/01/32
......................
United
States
334,000
336,447
Senior
Note,
144A,
5.2%,
3/01/35
.....................
United
States
43,000
43,185
McCormick
&
Co.,
Inc.
,
Senior
Note
,
4.15
%
,
2/15/29
.........
United
States
130,000
128,612
2,291,479
Gas
Utilities
0.0%
†
Southern
California
Gas
Co.
,
Senior
Bond
,
5.05
%
,
9/01/34
....
United
States
59,000
59,087
Putnam
Asset
Allocation
Funds
Consolidated
Schedule
of
Investments
(unaudited)
Putnam
Dynamic
Asset
Allocation
Conservative
Fund
(continued)
Quarterly
Consolidated
Schedule
of
Investments
See
Notes
to
Consolidated
Schedules
of
Investments.
108
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Corporate
Bonds
(continued)
Ground
Transportation
0.2%
b
Ashtead
Capital,
Inc.
,
Senior
Bond,
144A,
4.375%,
8/15/27
...................
United
Kingdom
485,000
$
483,222
Senior
Bond,
144A,
2.45%,
8/12/31
....................
United
Kingdom
205,000
181,033
b
Beacon
Mobility
Corp.
,
Senior
Secured
Note
,
144A,
7.25
%
,
8/01/30
.........................................
United
States
55,000
57,290
CSX
Corp.
,
Senior
Bond
,
4.1
%
,
3/15/44
..................
United
States
226,000
188,500
b
ERAC
USA
Finance
LLC
,
Senior
Bond
,
144A,
3.3
%
,
12/01/26
..
United
States
111,000
110,591
b
Penske
Truck
Leasing
Co.
LP
/
PTL
Finance
Corp.
,
Senior
Bond,
144A,
3.4%,
11/15/26
....................
United
States
118,000
117,534
Senior
Note,
144A,
4.4%,
7/01/27
.....................
United
States
105,000
104,835
Ryder
System,
Inc.
,
Senior
Note
,
4.95
%
,
9/01/29
............
United
States
236,000
237,835
b
SMBC
Aviation
Capital
Finance
DAC
,
Senior
Bond,
144A,
5.7%,
7/25/33
.....................
Ireland
200,000
205,311
Senior
Note,
144A,
5.3%,
4/03/29
.....................
Ireland
310,000
313,788
b
Watco
Cos.
LLC
/
Watco
Finance
Corp.
,
Senior
Note
,
144A,
7.125
%
,
8/01/32
...................................
United
States
120,000
123,296
2,123,235
Health
Care
Equipment
&
Supplies
0.2%
b
Bausch
+
Lomb
Corp.
,
Senior
Secured
Note
,
144A,
8.375
%
,
10/01/28
........................................
United
States
40,000
41,150
b,i
Bausch
+
Lomb
Netherlands
BV
and
Bausch
&
Lomb,
Inc.
,
Senior
Secured
Note
,
144A,
FRN
,
6.079
%
,
(
3-month
EURIBOR
+
3.875
%
),
1/15/31
..................................
United
States
100,000
EUR
115,434
Becton
Dickinson
&
Co.
,
Senior
Bond
,
2.823
%
,
5/20/30
.......
United
States
363,000
338,982
DH
Europe
Finance
II
SARL
,
Senior
Bond
,
3.4
%
,
11/15/49
....
United
States
163,000
116,008
GE
HealthCare
Technologies,
Inc.
,
Senior
Note,
4.15%,
12/15/28
........................
United
States
150,000
148,687
Senior
Note,
4.8%,
8/14/29
..........................
United
States
157,000
157,857
b
Insulet
Corp.
,
Senior
Note
,
144A,
6.5
%
,
4/01/33
............
United
States
215,000
218,238
b
Medline
Borrower
LP
,
Senior
Note,
144A,
5.25%,
10/01/29
...................
United
States
75,000
74,580
Senior
Secured
Note,
144A,
3.875%,
4/01/29
............
United
States
390,000
378,941
1,589,877
Health
Care
Providers
&
Services
0.6%
b
CHS/Community
Health
Systems,
Inc.
,
Senior
Secured
Note,
144A,
5.25%,
5/15/30
.............
United
States
270,000
254,958
Senior
Secured
Note,
144A,
10.875%,
1/15/32
...........
United
States
85,000
91,646
Senior
Secured
Note,
144A,
9.75%,
1/15/34
.............
United
States
190,000
198,613
b
Concentra
Health
Services,
Inc.
,
Senior
Note
,
144A,
6.875
%
,
7/15/32
.........................................
United
States
85,000
88,093
CVS
Health
Corp.
,
Junior
Sub.
Bond,
7%
to
3/09/30,
FRN
thereafter,
3/10/55
...
United
States
120,000
124,637
Senior
Bond,
1.875%,
2/28/31
........................
United
States
45,000
39,482
Senior
Bond,
4.78%,
3/25/38
.........................
United
States
96,000
90,045
Senior
Note,
5.4%,
6/01/29
..........................
United
States
85,000
86,867
Senior
Note,
5%,
9/15/32
...........................
United
States
115,000
115,296
b
DaVita,
Inc.
,
Senior
Note,
144A,
4.625%,
6/01/30
...................
United
States
250,000
242,343
Senior
Note,
144A,
6.875%,
9/01/32
...................
United
States
260,000
268,292
Senior
Note,
144A,
6.75%,
7/15/33
....................
United
States
15,000
15,487
HCA,
Inc.
,
Senior
Bond,
4.5%,
2/15/27
..........................
United
States
84,000
83,973
Senior
Bond,
4.125%,
6/15/29
........................
United
States
75,000
73,860
Putnam
Asset
Allocation
Funds
Consolidated
Schedule
of
Investments
(unaudited)
Putnam
Dynamic
Asset
Allocation
Conservative
Fund
(continued)
See
Notes
to
Consolidated
Schedules
of
Investments.
Quarterly
Consolidated
Schedule
of
Investments
109
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Corporate
Bonds
(continued)
Health
Care
Providers
&
Services
(continued)
HCA,
Inc.,
(continued)
Senior
Note,
5.45%,
4/01/31
.........................
United
States
220,000
$
224,860
Senior
Note,
3.625%,
3/15/32
........................
United
States
401,000
373,419
Humana,
Inc.
,
Senior
Note
,
5.75
%
,
3/01/28
................
United
States
200,000
203,448
Icon
Investments
Six
DAC
,
Senior
Secured
Note
,
5.809
%
,
5/08/27
.........................................
United
States
200,000
201,602
b
Kedrion
SpA
,
Senior
Secured
Note
,
144A,
6.5
%
,
9/01/29
......
Italy
395,000
390,103
Tenet
Healthcare
Corp.
,
b
Senior
Note,
144A,
6%,
11/15/33
......................
United
States
220,000
222,082
Senior
Secured
Note,
6.125%,
6/15/30
.................
United
States
120,000
121,029
UnitedHealth
Group,
Inc.
,
Senior
Bond
,
3.95
%
,
10/15/42
......
United
States
329,000
271,806
3,781,941
Health
Care
REITs
0.1%
b
MPT
Operating
Partnership
LP
/
MPT
Finance
Corp.
,
Senior
Secured
Note
,
144A,
8.5
%
,
2/15/32
....................
United
States
375,000
384,184
Health
Care
Technology
0.1%
b
AthenaHealth
Group,
Inc.
,
Senior
Note
,
144A,
6.5
%
,
2/15/30
...
United
States
140,000
134,323
b
IQVIA,
Inc.
,
Senior
Note
,
144A,
6.25
%
,
6/01/32
.............
United
States
485,000
493,695
628,018
Hotel
&
Resort
REITs
0.1%
b
RHP
Hotel
Properties
LP
/
RHP
Finance
Corp.
,
Senior
Note,
144A,
7.25%,
7/15/28
....................
United
States
20,000
20,447
Senior
Note,
144A,
6.5%,
4/01/32
.....................
United
States
315,000
322,490
Senior
Note,
144A,
6.5%,
6/15/33
.....................
United
States
90,000
92,397
Senior
Note,
144A,
5.75%,
3/15/34
....................
United
States
65,000
64,435
b
XHR
LP
,
Senior
Note
,
144A,
6.625
%
,
5/15/30
..............
United
States
25,000
25,608
525,377
Hotels,
Restaurants
&
Leisure
0.3%
b
1011778
BC
ULC
/
New
Red
Finance,
Inc.
,
Secured
Bond
,
144A,
4
%
,
10/15/30
.....................................
Canada
355,000
335,341
b
A&K
Travel
Group
Holdings
Ltd.
,
Senior
Note
,
144A,
7.5
%
,
5/15/33
.........................................
United
Kingdom
200,000
202,025
Airbnb,
Inc.
,
Senior
Note
,
4.65
%
,
3/16/31
.................
United
States
75,000
74,536
b
Boyd
Gaming
Corp.
,
Senior
Bond
,
144A,
4.75
%
,
6/15/31
......
United
States
160,000
154,580
b
Caesars
Entertainment,
Inc.
,
Senior
Note,
144A,
4.625%,
10/15/29
..................
United
States
100,000
96,170
Senior
Note,
144A,
6%,
10/15/32
.....................
United
States
40,000
36,277
Senior
Secured
Note,
144A,
7%,
2/15/30
................
United
States
40,000
40,254
b
Carnival
Corp.
Ltd.
,
Senior
Note,
144A,
5.125%,
5/01/29
...................
United
States
230,000
229,754
Senior
Note,
144A,
5.75%,
3/15/30
....................
United
States
221,000
223,832
Senior
Note,
144A,
5.875%,
6/15/31
...................
United
States
85,000
86,575
Senior
Note,
144A,
5.75%,
8/01/32
....................
United
States
75,000
75,826
Senior
Note,
144A,
6.125%,
2/15/33
...................
United
States
40,000
40,504
Senior
Secured
Note,
144A,
4%,
8/01/28
................
United
States
251,000
246,481
b
Churchill
Downs,
Inc.
,
Senior
Note
,
144A,
5.75
%
,
4/01/30
.....
United
States
85,000
84,966
b
Fertitta
Entertainment
LLC
/
Fertitta
Entertainment
Finance
Co.,
Inc.
,
Senior
Note
,
144A,
6.75
%
,
1/15/30
.................
United
States
190,000
186,465
b
Flutter
Treasury
DAC
,
Senior
Secured
Note
,
144A,
5.875
%
,
6/04/31
.........................................
United
Kingdom
200,000
199,396
b
Great
Canadian
Gaming
Corp.
/
Raptor
LLC
,
Senior
Secured
Note
,
144A,
8.75
%
,
11/15/29
.........................
Canada
75,000
75,095
Putnam
Asset
Allocation
Funds
Consolidated
Schedule
of
Investments
(unaudited)
Putnam
Dynamic
Asset
Allocation
Conservative
Fund
(continued)
Quarterly
Consolidated
Schedule
of
Investments
See
Notes
to
Consolidated
Schedules
of
Investments.
110
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Corporate
Bonds
(continued)
Hotels,
Restaurants
&
Leisure
(continued)
b
Hilton
Domestic
Operating
Co.,
Inc.
,
Senior
Note
,
144A,
5.75
%
,
9/15/33
.........................................
United
States
365,000
$
366,548
Hyatt
Hotels
Corp.
,
Senior
Note
,
5.75
%
,
1/30/27
............
United
States
132,000
132,766
b
Light
&
Wonder
International,
Inc.
,
Senior
Note,
144A,
7.25%,
11/15/29
...................
United
States
120,000
122,234
Senior
Note,
144A,
7.5%,
9/01/31
.....................
United
States
15,000
15,555
Marriott
International,
Inc.
,
GG
,
Senior
Bond
,
3.5
%
,
10/15/32
...
United
States
318,000
292,780
b
Mohegan
Tribal
Gaming
Authority
/
MS
Digital
Entertainment
Holdings
LLC
,
Senior
Secured
Note
,
144A,
8.25
%
,
4/15/30
..
United
States
175,000
182,409
b
NCL
Corp.
Ltd.
,
Senior
Note,
144A,
7.75%,
2/15/29
....................
United
States
45,000
46,982
Senior
Note,
144A,
6.75%,
2/01/32
....................
United
States
120,000
119,815
Senior
Note,
144A,
6.25%,
9/15/33
....................
United
States
35,000
34,012
b
Penn
Entertainment,
Inc.
,
Senior
Note
,
144A,
5.625
%
,
1/15/27
.
United
States
80,000
80,047
b
Rivers
Enterprise
Borrower
LLC
,
Senior
Secured
Note
,
144A,
6.25
%
,
10/15/30
...................................
United
States
240,000
243,136
Royal
Caribbean
Cruises
Ltd.
,
Senior
Bond,
5.375%,
1/15/36
........................
United
States
70,000
69,520
b
Senior
Note,
144A,
5.625%,
9/30/31
...................
United
States
55,000
55,478
b
Senior
Note,
144A,
6.25%,
3/15/32
....................
United
States
135,000
138,013
b
Senior
Note,
144A,
6%,
2/01/33
......................
United
States
130,000
131,870
b
Scientific
Games
Holdings
LP
/
Scientific
Games
US
FinCo,
Inc.
,
Senior
Note
,
144A,
6.625
%
,
3/01/30
....................
United
States
75,000
64,158
b
Station
Casinos
LLC
,
Senior
Bond,
144A,
4.625%,
12/01/31
..................
United
States
180,000
171,012
Senior
Note,
144A,
6.625%,
3/15/32
...................
United
States
55,000
55,886
b
Viking
Cruises
Ltd.
,
Senior
Note,
144A,
7%,
2/15/29
......................
United
States
30,000
30,116
Senior
Note,
144A,
9.125%,
7/15/31
...................
United
States
165,000
172,977
Senior
Note,
144A,
5.875%,
10/15/33
..................
United
States
85,000
85,175
b
Wynn
Resorts
Finance
LLC
/
Wynn
Resorts
Capital
Corp.
,
Senior
Note
,
144A,
7.125
%
,
2/15/31
.........................
United
States
145,000
153,317
5,151,883
Household
Durables
0.2%
b
Ashton
Woods
USA
LLC
/
Ashton
Woods
Finance
Co.
,
Senior
Note
,
144A,
6.875
%
,
8/01/33
.........................
United
States
235,000
233,215
DR
Horton,
Inc.
,
Senior
Bond,
5%,
10/15/34
..........................
United
States
20,000
19,801
Senior
Note,
1.3%,
10/15/26
.........................
United
States
511,000
506,763
b
K.
Hovnanian
Enterprises,
Inc.
,
Senior
Note,
144A,
8%,
4/01/31
......................
United
States
30,000
30,976
Senior
Note,
144A,
8.375%,
10/01/33
..................
United
States
45,000
46,277
b
Taylor
Morrison
Communities,
Inc.
,
Senior
Note
,
144A,
5.75
%
,
1/15/28
.........................................
United
States
35,000
35,406
Toll
Brothers
Finance
Corp.
,
Senior
Bond
,
4.35
%
,
2/15/28
.....
United
States
101,000
100,542
b
Weekley
Homes
LLC
/
Weekley
Finance
Corp.
,
Senior
Note,
144A,
4.875%,
9/15/28
...................
United
States
125,000
123,370
Senior
Note,
144A,
6.75%,
1/15/34
....................
United
States
210,000
210,821
Whirlpool
Corp.
,
Senior
Bond,
5.75%,
3/01/34
.........................
United
States
75,000
58,123
Senior
Bond,
4.5%,
6/01/46
..........................
United
States
110,000
65,602
b
Senior
Secured
Note,
144A,
7.5%,
7/01/31
..............
United
States
65,000
65,939
b
Senior
Secured
Note,
144A,
7.875%,
7/01/34
............
United
States
105,000
105,693
1,602,528
Putnam
Asset
Allocation
Funds
Consolidated
Schedule
of
Investments
(unaudited)
Putnam
Dynamic
Asset
Allocation
Conservative
Fund
(continued)
See
Notes
to
Consolidated
Schedules
of
Investments.
Quarterly
Consolidated
Schedule
of
Investments
111
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Corporate
Bonds
(continued)
Household
Products
0.0%
†
b
Energizer
Holdings,
Inc.
,
Senior
Note
,
144A,
4.375
%
,
3/31/29
..
United
States
30,000
$
29,062
Independent
Power
and
Renewable
Electricity
Producers
0.1%
b
Alexander
Funding
Trust
II
,
Senior
Secured
Note
,
144A,
7.467
%
,
7/31/28
.........................................
United
States
100,000
104,475
b
Clearway
Energy
Operating
LLC
,
Senior
Bond,
144A,
3.75%,
1/15/32
....................
United
States
140,000
127,478
Senior
Note,
144A,
3.75%,
2/15/31
....................
United
States
65,000
60,312
Senior
Note,
144A,
5.75%,
1/15/34
....................
United
States
65,000
63,775
Constellation
Energy
Generation
LLC
,
Senior
Note,
5.6%,
3/01/28
..........................
United
States
155,000
157,472
Senior
Note,
4.4%,
1/15/31
..........................
United
States
50,000
49,169
b
Senior
Note,
144A,
5%,
2/01/31
......................
United
States
105,000
104,998
Southern
Power
Co.
,
B,
Senior
Bond,
4.9%,
10/01/35
.......................
United
States
16,000
15,529
A,
Senior
Note,
4.25%,
10/01/30
......................
United
States
73,000
71,736
b
Talen
Energy
Supply
LLC
,
Senior
Bond,
144A,
6.5%,
2/01/36
.....................
United
States
120,000
121,027
Senior
Note,
144A,
6.125%,
5/01/31
...................
United
States
30,000
30,013
Senior
Note,
144A,
6.375%,
5/01/33
...................
United
States
145,000
144,878
Senior
Note,
144A,
6.25%,
2/01/34
....................
United
States
120,000
119,321
b,j
Vistra
Corp.
,
Junior
Sub.
Bond,
144A,
8%
to
10/14/26,
FRN
thereafter,
Perpetual
.......................................
United
States
25,000
25,267
Junior
Sub.
Bond,
144A,
7%
to
12/14/26,
FRN
thereafter,
Perpetual
.......................................
United
States
80,000
80,826
1,276,276
Industrial
REITs
0.0%
†
Prologis
LP
,
Senior
Bond,
2.25%,
4/15/30
.........................
United
States
117,000
107,421
Senior
Note,
2.125%,
4/15/27
........................
United
States
52,000
51,189
158,610
Insurance
0.6%
b
Acrisure
LLC
/
Acrisure
Finance,
Inc.
,
Senior
Note,
144A,
8.5%,
6/15/29
.....................
United
States
90,000
84,691
Senior
Secured
Note,
144A,
7.5%,
11/06/30
.............
United
States
90,000
85,421
b
Alliant
Holdings
Intermediate
LLC
/
Alliant
Holdings
Co-Issuer
,
Senior
Note,
144A,
5.875%,
11/01/29
..................
United
States
105,000
102,859
Senior
Note,
144A,
7.375%,
10/01/32
..................
United
States
85,000
84,473
Senior
Secured
Note,
144A,
7%,
1/15/31
................
United
States
195,000
198,271
b
Asurion
LLC
/
Asurion
Co-Issuer,
Inc.
,
Secured
Note,
144A,
8.375%,
2/01/34
..................
United
States
225,000
208,443
Senior
Secured
Note,
144A,
8%,
12/31/32
...............
United
States
170,000
171,423
b
Athene
Global
Funding
,
Senior
Secured
Note,
144A,
5.349%,
7/09/27
............
United
States
245,000
246,751
Senior
Secured
Note,
144A,
1.985%,
8/19/28
............
United
States
430,000
404,071
Senior
Secured
Note,
144A,
5.526%,
7/11/31
............
United
States
83,000
83,791
Berkshire
Hathaway
Finance
Corp.
,
Senior
Bond,
4.3%,
5/15/43
..........................
United
States
92,000
81,237
Senior
Bond,
2.85%,
10/15/50
........................
United
States
393,000
250,037
Brown
&
Brown,
Inc.
,
Senior
Note,
4.7%,
6/23/28
..........................
United
States
75,000
74,995
Senior
Note,
4.9%,
6/23/30
..........................
United
States
174,000
173,782
Putnam
Asset
Allocation
Funds
Consolidated
Schedule
of
Investments
(unaudited)
Putnam
Dynamic
Asset
Allocation
Conservative
Fund
(continued)
Quarterly
Consolidated
Schedule
of
Investments
See
Notes
to
Consolidated
Schedules
of
Investments.
112
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Corporate
Bonds
(continued)
Insurance
(continued)
b
CNO
Global
Funding
,
Secured
Note,
144A,
4.875%,
12/10/27
.................
United
States
94,000
$
94,060
Secured
Note,
144A,
2.65%,
1/06/29
...................
United
States
150,000
142,128
Secured
Note,
144A,
4.95%,
9/09/29
...................
United
States
171,000
170,932
b
Corebridge
Global
Funding
,
Secured
Note
,
144A,
5.2
%
,
6/24/29
United
States
102,000
102,997
Fairfax
Financial
Holdings
Ltd.
,
Senior
Note
,
4.85
%
,
4/17/28
...
Canada
365,000
366,343
b
Jones
Deslauriers
Insurance
Management,
Inc.
,
Senior
Secured
Note
,
144A,
8.5
%
,
3/15/30
...........................
Canada
35,000
35,724
Marsh
&
McLennan
Cos.,
Inc.
,
Senior
Bond
,
4.9
%
,
3/15/49
....
United
States
185,000
164,761
b
MetLife
Capital
Trust
IV
,
Junior
Sub.
Bond
,
144A,
7.875
%
,
12/15/37
........................................
United
States
385,000
422,665
b
Protective
Life
Global
Funding
,
Secured
Note
,
144A,
5.467
%
,
12/08/28
........................................
United
States
195,000
198,377
3,948,232
Interactive
Media
&
Services
0.0%
†
Alphabet,
Inc.
,
Senior
Note,
4.1%,
11/15/30
.........................
United
States
175,000
172,463
Senior
Note,
4.1%,
2/15/31
..........................
United
States
140,000
137,594
Meta
Platforms,
Inc.
,
Senior
Bond
,
5.625
%
,
11/15/55
.........
United
States
160,000
145,083
455,140
IT
Services
0.0%
†
b
Cogent
Communications
Group
LLC
/
Cogent
Finance,
Inc.
,
Senior
Secured
Note
,
144A,
6.5
%
,
7/01/32
...............
United
States
225,000
202,725
b
Fortress
Intermediate
3,
Inc.
,
Senior
Secured
Note
,
144A,
7.5
%
,
6/01/31
.........................................
United
States
65,000
66,162
268,887
Leisure
Products
0.0%
†
Brunswick
Corp.
,
Senior
Bond
,
2.4
%
,
8/18/31
..............
United
States
200,000
174,974
Life
Sciences
Tools
&
Services
0.0%
†
Illumina,
Inc.
,
Senior
Note
,
4.65
%
,
9/09/26
................
United
States
86,000
86,031
Machinery
0.0%
†
Caterpillar,
Inc.
,
Senior
Bond
,
5.2
%
,
5/15/35
...............
United
States
220,000
224,480
b
Chart
Industries,
Inc.
,
Senior
Note
,
144A,
9.5
%
,
1/01/31
......
United
States
25,000
26,194
b
ESAB
Corp.
,
Senior
Note
,
144A,
5.625
%
,
4/01/31
...........
United
States
305,000
306,093
Oshkosh
Corp.
,
Senior
Bond
,
4.6
%
,
5/15/28
...............
United
States
140,000
139,855
Otis
Worldwide
Corp.
,
Senior
Note
,
2.565
%
,
2/15/30
.........
United
States
143,000
132,912
b
Terex
Corp.
,
Senior
Note,
144A,
5%,
5/15/29
......................
United
States
45,000
44,640
Senior
Note,
144A,
6.25%,
10/15/32
...................
United
States
40,000
40,541
914,715
Media
0.3%
b
Block
Communications,
Inc.
,
Senior
Secured
Note
,
144A,
10.25
%
,
3/01/31
...................................
United
States
110,000
100,700
Charter
Communications
Operating
LLC
/
Charter
Communications
Operating
Capital
Corp.
,
Senior
Secured
Bond,
5.85%,
12/01/35
.................
United
States
24,000
23,242
Senior
Secured
Bond,
4.8%,
3/01/50
...................
United
States
383,000
285,967
Senior
Secured
Bond,
3.7%,
4/01/51
...................
United
States
205,000
127,312
Senior
Secured
Note,
2.25%,
1/15/29
..................
United
States
277,000
258,129
Putnam
Asset
Allocation
Funds
Consolidated
Schedule
of
Investments
(unaudited)
Putnam
Dynamic
Asset
Allocation
Conservative
Fund
(continued)
See
Notes
to
Consolidated
Schedules
of
Investments.
Quarterly
Consolidated
Schedule
of
Investments
113
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Corporate
Bonds
(continued)
Media
(continued)
b
Clear
Channel
Outdoor
Holdings,
Inc.
,
Senior
Note,
144A,
7.75%,
4/15/28
....................
United
States
30,000
$
30,129
Senior
Secured
Note,
144A,
7.875%,
4/01/30
............
United
States
95,000
99,026
Senior
Secured
Note,
144A,
7.5%,
3/15/33
..............
United
States
120,000
126,435
b
Directv
Financing
LLC
,
Senior
Secured
Note
,
144A,
8.875
%
,
2/01/30
.........................................
United
States
175,000
178,148
b
Directv
Financing
LLC
/
Directv
Financing
Co-Obligor,
Inc.
,
Senior
Secured
Note,
144A,
5.875%,
8/15/27
............
United
States
2,000
1,998
Senior
Secured
Note,
144A,
10%,
2/15/31
...............
United
States
65,000
67,493
Discovery
Communications
LLC
,
Senior
Note
,
4.125
%
,
5/15/29
.
United
States
80,000
79,261
EchoStar
Corp.
,
Senior
Secured
Note
,
10.75
%
,
11/30/29
......
United
States
110,000
118,932
b
EW
Scripps
Co.
(The)
,
Secured
Note
,
144A,
9.875
%
,
8/15/30
..
United
States
240,000
210,265
b
Gray
Media,
Inc.
,
Secured
Note,
144A,
9.625%,
7/15/32
..................
United
States
100,000
96,603
Senior
Bond,
144A,
5.375%,
11/15/31
..................
United
States
85,000
57,095
b
McGraw-Hill
Education,
Inc.
,
Senior
Note,
144A,
8%,
8/01/29
......................
United
States
105,000
105,279
Senior
Secured
Note,
144A,
5.75%,
8/01/28
.............
United
States
55,000
54,807
Senior
Secured
Note,
144A,
7.375%,
9/01/31
............
United
States
95,000
96,623
b
News
Corp.
,
Senior
Bond
,
144A,
5.125
%
,
2/15/32
...........
United
States
57,000
55,862
b
Nexstar
Media,
Inc.
,
Senior
Note,
144A,
7.25%,
4/15/34
....................
United
States
130,000
129,798
Senior
Secured
Note,
144A,
6.5%,
9/15/33
..............
United
States
260,000
260,156
Omnicom
Group,
Inc.
,
Senior
Note
,
4.65
%
,
10/01/28
.........
United
States
744,000
743,064
b
Outfront
Media
Capital
LLC
/
Outfront
Media
Capital
Corp.
,
Senior
Bond,
144A,
4.625%,
3/15/30
...................
United
States
50,000
48,524
Senior
Secured
Note,
144A,
7.375%,
2/15/31
............
United
States
45,000
46,937
Paramount
Global
,
Senior
Bond,
2.9%,
1/15/27
..........................
United
States
88,000
86,937
Senior
Bond,
4.2%,
6/01/29
..........................
United
States
56,000
53,736
Senior
Bond,
5.85%,
9/01/43
.........................
United
States
85,000
63,686
b
Sinclair
Television
Group,
Inc.
,
Senior
Secured
Note
,
144A,
8.125
%
,
2/15/33
...................................
United
States
225,000
231,394
b
Sirius
XM
Radio
LLC
,
Senior
Bond,
144A,
3.875%,
9/01/31
...................
United
States
205,000
186,299
Senior
Note,
144A,
4%,
7/15/28
......................
United
States
30,000
29,230
Time
Warner
Cable
Enterprises
LLC
,
Senior
Secured
Bond
,
8.375
%
,
7/15/33
...................................
United
States
28,000
31,048
b
Univision
Communications,
Inc.
,
Senior
Secured
Note,
144A,
9.375%,
8/01/32
............
United
States
65,000
66,095
Senior
Secured
Note,
144A,
8.875%,
4/15/33
............
United
States
125,000
123,138
b
VZ
Secured
Financing
BV
,
Senior
Secured
Note
,
144A,
5
%
,
1/15/32
.........................................
Netherlands
220,000
192,761
4,466,109
Metals
&
Mining
0.2%
b
Anglo
American
Capital
plc
,
Senior
Note
,
144A,
4.625
%
,
3/19/31
South
Africa
200,000
197,209
b
Big
River
Steel
LLC
/
BRS
Finance
Corp.
,
Senior
Secured
Note
,
144A,
6.625
%
,
1/31/29
..............................
United
States
84,000
84,162
b
Cleveland-Cliffs,
Inc.
,
Senior
Bond,
144A,
4.875%,
3/01/31
...................
United
States
45,000
41,171
Senior
Note,
144A,
7%,
3/15/32
......................
United
States
105,000
104,301
Senior
Note,
144A,
7.625%,
1/15/34
...................
United
States
145,000
144,914
Commercial
Metals
Co.
,
Senior
Bond,
4.375%,
3/15/32
........................
United
States
110,000
104,264
Senior
Note,
4.125%,
1/15/30
........................
United
States
85,000
82,427
Putnam
Asset
Allocation
Funds
Consolidated
Schedule
of
Investments
(unaudited)
Putnam
Dynamic
Asset
Allocation
Conservative
Fund
(continued)
Quarterly
Consolidated
Schedule
of
Investments
See
Notes
to
Consolidated
Schedules
of
Investments.
114
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Corporate
Bonds
(continued)
Metals
&
Mining
(continued)
b
Glencore
Funding
LLC
,
Senior
Bond,
144A,
4%,
3/27/27
......................
Australia
188,000
$
187,388
Senior
Bond,
144A,
2.5%,
9/01/30
.....................
Australia
325,000
296,326
Senior
Bond,
144A,
5.634%,
4/04/34
...................
Australia
59,000
60,576
b
Hudbay
Minerals,
Inc.
,
Senior
Note
,
144A,
6.125
%
,
4/01/29
....
Canada
70,000
70,416
b
Mineral
Resources
Ltd.
,
Senior
Note,
144A,
7%,
4/01/31
......................
Australia
40,000
41,433
Senior
Note,
144A,
6%,
5/01/32
......................
Australia
40,000
39,596
b
Novelis
Corp.
,
Senior
Bond,
144A,
4.75%,
1/30/30
....................
United
States
245,000
237,125
Senior
Bond,
144A,
3.875%,
8/15/31
...................
United
States
140,000
127,602
Senior
Note,
144A,
6.875%,
1/30/30
...................
United
States
60,000
61,553
Senior
Note,
144A,
6.375%,
8/15/33
...................
United
States
95,000
95,752
1,976,215
Multi-Utilities
0.2%
Consolidated
Edison
Co.
of
New
York,
Inc.
,
12-A
,
Senior
Bond
,
4.2
%
,
3/15/42
....................................
United
States
126,000
106,805
Dominion
Energy,
Inc.
,
Senior
Note
,
4.6
%
,
5/15/28
..........
United
States
528,000
528,332
NiSource,
Inc.
,
Senior
Bond
,
5.85
%
,
4/01/55
...............
United
States
134,000
132,970
Puget
Sound
Energy,
Inc.
,
Senior
Bond
,
5.448
%
,
6/01/53
.....
United
States
128,000
122,803
Southern
Co.
Gas
Capital
Corp.
,
Senior
Bond
,
4.95
%
,
9/15/34
.
United
States
656,000
648,229
1,539,139
Oil,
Gas
&
Consumable
Fuels
1.1%
b
Calumet
Specialty
Products
Partners
LP
/
Calumet
Finance
Corp.
,
Senior
Note,
144A,
9.75%,
2/15/31
....................
United
States
125,000
132,248
Senior
Secured
Note,
144A,
9.25%,
7/15/29
.............
United
States
30,000
30,450
Canadian
Natural
Resources
Ltd.
,
Senior
Note
,
5
%
,
12/15/29
..
Canada
165,000
166,691
Cheniere
Energy
Partners
LP
,
Senior
Note
,
4.5
%
,
10/01/29
....
United
States
751,000
746,186
b
Columbia
Pipelines
Operating
Co.
LLC
,
Senior
Note
,
144A,
5.927
%
,
8/15/30
...................................
United
States
100,000
103,944
b
Coronado
Finance
Pty.
Ltd.
,
Senior
Secured
Note
,
144A,
9.25
%
,
10/01/29
........................................
Australia
45,000
41,050
b
Crescent
Energy
Finance
LLC
,
Senior
Note,
144A,
7.875%,
4/15/32
...................
United
States
75,000
75,988
Senior
Note,
144A,
7.375%,
1/15/33
...................
United
States
105,000
104,427
Senior
Note,
144A,
8.375%,
1/15/34
...................
United
States
220,000
226,735
Energy
Transfer
LP
,
j
B,
Junior
Sub.
Bond,
6.625%
to
2/14/28,
FRN
thereafter,
Perpetual
.......................................
United
States
810,000
816,957
Senior
Bond,
3.75%,
5/15/30
.........................
United
States
658,000
633,858
Senior
Note,
5.5%,
6/01/27
..........................
United
States
68,000
68,456
b
Hess
Midstream
Operations
LP
,
Senior
Note,
144A,
6.5%,
6/01/29
.....................
United
States
25,000
25,525
Senior
Note,
144A,
4.25%,
2/15/30
....................
United
States
470,000
453,619
Senior
Note,
144A,
5.5%,
10/15/30
....................
United
States
40,000
39,935
b
Hilcorp
Energy
I
LP
/
Hilcorp
Finance
Co.
,
Senior
Bond,
144A,
6%,
2/01/31
......................
United
States
190,000
184,149
Senior
Bond,
144A,
6.875%,
5/15/34
...................
United
States
110,000
107,102
Senior
Bond,
144A,
7.25%,
2/15/35
....................
United
States
40,000
39,408
Senior
Note,
144A,
6%,
4/15/30
......................
United
States
40,000
39,384
Senior
Note,
144A,
8.375%,
11/01/33
..................
United
States
200,000
208,367
b
KazMunayGas
National
Co.
JSC
,
Senior
Bond
,
Reg
S,
5.375
%
,
4/24/30
.........................................
Kazakhstan
400,000
403,897
Putnam
Asset
Allocation
Funds
Consolidated
Schedule
of
Investments
(unaudited)
Putnam
Dynamic
Asset
Allocation
Conservative
Fund
(continued)
See
Notes
to
Consolidated
Schedules
of
Investments.
Quarterly
Consolidated
Schedule
of
Investments
115
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Corporate
Bonds
(continued)
Oil,
Gas
&
Consumable
Fuels
(continued)
Kinder
Morgan,
Inc.
,
Senior
Bond,
7.75%,
1/15/32
.........................
United
States
270,000
$
306,766
Senior
Note,
5%,
2/01/29
...........................
United
States
185,000
186,700
b
Kinetik
Holdings
LP
,
Senior
Note
,
144A,
5.875
%
,
6/15/30
......
United
States
210,000
211,316
b
Martin
Midstream
Partners
LP
/
Martin
Midstream
Finance
Corp.
,
Secured
Note
,
144A,
11.5
%
,
2/15/28
...................
United
States
265,000
267,168
Murphy
Oil
Corp.
,
Senior
Note,
6%,
10/01/32
..........................
United
States
75,000
74,738
Senior
Note,
6.5%,
2/15/34
..........................
United
States
135,000
133,817
b
Neo
Next+
Energy
Consolidated
Holdings
Ltd.
,
Senior
Note
,
144A,
Reg
S,
6.625
%
,
6/11/31
........................
United
Kingdom
200,000
197,032
Occidental
Petroleum
Corp.
,
Senior
Bond
,
7.5
%
,
5/01/31
......
United
States
118,000
130,760
ONEOK,
Inc.
,
Senior
Note
,
4.75
%
,
10/15/31
...............
United
States
373,000
368,844
b
Pertamina
Hulu
Energi
PT
,
Senior
Note
,
144A,
5.25
%
,
5/21/30
.
Indonesia
200,000
199,714
South
Bow
USA
Infrastructure
Holdings
LLC
,
Senior
Note
,
5.026
%
,
10/01/29
..................................
Canada
225,000
225,820
Spectra
Energy
Partners
LP
,
Senior
Note
,
3.375
%
,
10/15/26
...
United
States
222,000
221,375
b
Sunoco
LP
,
Senior
Note,
144A,
5.375%,
7/15/31
...................
United
States
70,000
69,083
Senior
Note,
144A,
6.25%,
7/01/33
....................
United
States
290,000
292,739
Senior
Note,
144A,
5.625%,
7/15/34
...................
United
States
10,000
9,766
Targa
Resources
Corp.
,
Senior
Note
,
4.35
%
,
4/15/31
........
United
States
75,000
73,294
Targa
Resources
Partners
LP
/
Targa
Resources
Partners
Finance
Corp.
,
Senior
Bond
,
4.875
%
,
2/01/31
............
United
States
93,000
92,680
b
TGNR
Intermediate
Holdings
LLC
,
Senior
Note
,
144A,
5.5
%
,
10/15/29
........................................
United
States
105,000
103,385
b
Venture
Global
Calcasieu
Pass
LLC
,
Senior
Secured
Bond
,
144A,
6
%
,
5/01/36
......................................
United
States
110,000
111,250
b
Venture
Global
LNG,
Inc.
,
j
Junior
Sub.
Bond,
144A,
9%
to
9/29/29,
FRN
thereafter,
Perpetual
.......................................
United
States
125,000
122,104
Senior
Secured
Note,
144A,
9.5%,
2/01/29
..............
United
States
140,000
150,754
Senior
Secured
Note,
144A,
8.375%,
6/01/31
............
United
States
105,000
109,337
Senior
Secured
Note,
144A,
9.875%,
2/01/32
............
United
States
100,000
106,796
b
Venture
Global
Plaquemines
LNG
LLC
,
Senior
Secured
Bond,
144A,
7.75%,
5/01/35
.............
United
States
20,000
22,439
Senior
Secured
Bond,
144A,
6.75%,
1/15/36
.............
United
States
55,000
58,343
Senior
Secured
Note,
144A,
7.5%,
5/01/33
..............
United
States
225,000
247,040
Senior
Secured
Note,
144A,
6.5%,
1/15/34
..............
United
States
30,000
31,273
Viper
Energy
Partners
LLC
,
Senior
Bond,
5.7%,
8/01/35
..........................
United
States
83,000
84,364
Senior
Note,
4.9%,
8/01/30
..........................
United
States
208,000
207,421
Williams
Cos.,
Inc.
(The)
,
Senior
Bond
,
5.6
%
,
3/15/35
........
United
States
130,000
132,695
9,197,189
Paper
&
Forest
Products
0.0%
†
b
Georgia-Pacific
LLC
,
Senior
Note
,
144A,
4.6
%
,
5/15/31
.......
United
States
240,000
238,067
b
Magnera
Corp.
,
Senior
Secured
Note,
144A,
4.75%,
11/15/29
............
United
States
80,000
74,737
Senior
Secured
Note,
144A,
7.25%,
11/15/31
............
United
States
75,000
73,280
386,084
Passenger
Airlines
0.0%
†
b
American
Airlines,
Inc.
/
AAdvantage
Loyalty
IP
Ltd.
,
Senior
Secured
Note
,
144A,
5.75
%
,
4/20/29
...................
United
States
215,000
215,544
Putnam
Asset
Allocation
Funds
Consolidated
Schedule
of
Investments
(unaudited)
Putnam
Dynamic
Asset
Allocation
Conservative
Fund
(continued)
Quarterly
Consolidated
Schedule
of
Investments
See
Notes
to
Consolidated
Schedules
of
Investments.
116
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Corporate
Bonds
(continued)
Passenger
Airlines
(continued)
b
AS
Mileage
Plan
IP
Ltd.
,
Senior
Secured
Note
,
144A,
5.021
%
,
10/20/29
........................................
United
States
195,000
$
193,447
b
United
Airlines,
Inc.
,
Senior
Secured
Note
,
144A,
4.625
%
,
4/15/29
United
States
160,000
157,884
566,875
Personal
Care
Products
0.0%
†
b
Coty,
Inc.
/
HFC
Prestige
Products,
Inc.
/
HFC
Prestige
International
US
LLC
,
Senior
Note,
144A,
6.625%,
7/15/30
...................
United
States
45,000
45,043
Senior
Secured
Note,
144A,
4.75%,
1/15/29
.............
United
States
70,000
68,072
Kenvue,
Inc.
,
Senior
Note
,
4.9
%
,
3/22/33
.................
United
States
235,000
235,976
b
Opal
Bidco
SAS
,
Senior
Secured
Note
,
144A,
6.5
%
,
3/31/32
...
France
280,000
285,796
634,887
Pharmaceuticals
0.6%
Eli
Lilly
&
Co.
,
Senior
Bond,
4.875%,
2/27/53
........................
United
States
130,000
117,642
Senior
Note,
4.75%,
2/12/30
.........................
United
States
202,000
204,180
Merck
&
Co.,
Inc.
,
Senior
Bond
,
3.7
%
,
2/10/45
.............
United
States
418,000
329,130
Novartis
Capital
Corp.
,
Senior
Bond,
4%,
11/20/45
..........................
United
States
688,000
569,210
Senior
Note,
4.1%,
11/05/30
.........................
United
States
255,000
250,590
Senior
Note,
4.4%,
3/18/31
..........................
United
States
295,000
292,909
Pfizer
Investment
Enterprises
Pte.
Ltd.
,
Senior
Bond,
4.75%,
5/19/33
.........................
United
States
552,000
546,864
Senior
Bond,
5.3%,
5/19/53
..........................
United
States
79,000
74,475
Senior
Note,
4.45%,
5/19/28
.........................
United
States
60,000
60,064
Royalty
Pharma
plc
,
Senior
Bond,
5.2%,
9/25/35
..........................
United
States
169,000
167,511
Senior
Note,
2.2%,
9/02/30
..........................
United
States
235,000
212,424
Senior
Note,
4.45%,
3/25/31
.........................
United
States
15,000
14,754
Teva
Pharmaceutical
Finance
Netherlands
III
BV
,
Senior
Note,
5.125%,
5/09/29
........................
Israel
215,000
215,041
Senior
Note,
8.125%,
9/15/31
........................
Israel
250,000
282,015
Viatris,
Inc.
,
Senior
Note
,
2.3
%
,
6/22/27
...................
United
States
283,000
276,409
Zoetis,
Inc.
,
Senior
Bond,
3%,
9/12/27
...........................
United
States
130,000
127,934
Senior
Bond,
2%,
5/15/30
...........................
United
States
78,000
70,579
3,811,731
Professional
Services
0.0%
†
b
CACI
International,
Inc.
,
Senior
Note
,
144A,
6.375
%
,
6/15/33
..
United
States
195,000
197,890
Paychex,
Inc.
,
Senior
Note
,
5.1
%
,
4/15/30
.................
United
States
165,000
166,463
364,353
Semiconductors
&
Semiconductor
Equipment
0.4%
Broadcom
Corp.
/
Broadcom
Cayman
Finance
Ltd.
,
Senior
Note
,
3.5
%
,
1/15/28
....................................
United
States
1,053,000
1,039,315
Broadcom,
Inc.
,
b
Senior
Bond,
144A,
3.187%,
11/15/36
..................
United
States
52,000
43,587
Senior
Note,
5.05%,
4/15/30
.........................
United
States
114,000
115,713
Senior
Note,
4.2%,
10/15/30
.........................
United
States
60,000
58,828
b
Foundry
JV
Holdco
LLC
,
Senior
Secured
Note
,
144A,
5.9
%
,
1/25/30
.........................................
United
States
200,000
206,442
Putnam
Asset
Allocation
Funds
Consolidated
Schedule
of
Investments
(unaudited)
Putnam
Dynamic
Asset
Allocation
Conservative
Fund
(continued)
See
Notes
to
Consolidated
Schedules
of
Investments.
Quarterly
Consolidated
Schedule
of
Investments
117
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Corporate
Bonds
(continued)
Semiconductors
&
Semiconductor
Equipment
(continued)
Intel
Corp.
,
Senior
Bond
,
4.15
%
,
8/05/32
..................
United
States
528,000
$
506,516
Marvell
Technology,
Inc.
,
Senior
Note,
5.75%,
2/15/29
.........................
United
States
85,000
87,211
Senior
Note,
4.75%,
7/15/30
.........................
United
States
79,000
78,846
NVIDIA
Corp.
,
Senior
Note
,
4.5
%
,
6/15/31
.................
United
States
735,000
732,559
b
Qnity
Electronics,
Inc.
,
Senior
Note,
144A,
6.25%,
8/15/33
....................
United
States
125,000
127,336
Senior
Secured
Note,
144A,
5.75%,
8/15/32
.............
United
States
445,000
447,926
3,444,279
Software
0.2%
Cadence
Design
Systems,
Inc.
,
Senior
Note
,
4.3
%
,
9/10/29
....
United
States
204,000
202,413
b
Cloud
Software
Group
LLC
,
Secured
Note,
144A,
9%,
9/30/29
.....................
United
States
90,000
87,425
Senior
Secured
Note,
144A,
6.5%,
3/31/29
..............
United
States
95,000
92,247
b
McAfee
Corp.
,
Senior
Note
,
144A,
7.375
%
,
2/15/30
..........
United
States
95,000
80,804
Oracle
Corp.
,
Senior
Bond,
5.375%,
7/15/40
........................
United
States
188,000
165,718
Senior
Bond,
3.65%,
3/25/41
.........................
United
States
313,000
224,914
Senior
Bond,
4%,
11/15/47
..........................
United
States
541,000
360,796
Senior
Note,
4.55%,
2/04/29
.........................
United
States
260,000
256,351
Senior
Note,
4.45%,
9/26/30
.........................
United
States
70,000
67,597
Senior
Note,
4.95%,
2/04/31
.........................
United
States
145,000
141,989
b
Rocket
Software,
Inc.
,
Senior
Note
,
144A,
6.5
%
,
2/15/29
......
United
States
70,000
63,091
Salesforce,
Inc.
,
Senior
Note
,
4.5
%
,
3/15/28
...............
United
States
215,000
214,805
ServiceNow,
Inc.
,
Senior
Bond
,
1.4
%
,
9/01/30
..............
United
States
335,000
293,772
Synopsys,
Inc.
,
Senior
Note
,
4.85
%
,
4/01/30
...............
United
States
224,000
224,431
b
UKG,
Inc.
,
Senior
Secured
Note
,
144A,
6.875
%
,
2/01/31
......
United
States
140,000
136,098
2,612,451
Specialized
REITs
0.4%
American
Tower
Corp.
,
Senior
Bond,
3.55%,
7/15/27
.........................
United
States
396,000
392,621
Senior
Bond,
2.9%,
1/15/30
..........................
United
States
207,000
194,516
Senior
Bond,
2.7%,
4/15/31
..........................
United
States
363,000
330,417
Senior
Note,
2.75%,
1/15/27
.........................
United
States
413,000
409,151
Senior
Note,
4.9%,
3/15/30
..........................
United
States
86,000
86,419
Crown
Castle,
Inc.
,
Senior
Bond,
3.65%,
9/01/27
.........................
United
States
310,000
307,031
Senior
Bond,
3.8%,
2/15/28
..........................
United
States
221,000
218,290
Senior
Note,
1.05%,
7/15/26
.........................
United
States
172,000
171,783
Senior
Note,
4.9%,
9/01/29
..........................
United
States
250,000
251,002
Equinix,
Inc.
,
Senior
Bond,
3.2%,
11/18/29
.........................
United
States
123,000
117,167
Senior
Note,
2.9%,
11/18/26
.........................
United
States
775,000
770,451
b
Iron
Mountain,
Inc.
,
Senior
Note
,
144A,
6.25
%
,
1/15/33
.......
United
States
215,000
217,356
b
Millrose
Properties,
Inc.
,
Senior
Note
,
144A,
6.375
%
,
8/01/30
..
United
States
255,000
258,621
3,724,825
Specialty
Retail
0.2%
Dick's
Sporting
Goods,
Inc.
,
Senior
Bond,
3.15%,
1/15/32
.........................
United
States
169,000
154,370
b
Senior
Note,
144A,
4%,
10/01/29
.....................
United
States
300,000
292,168
Putnam
Asset
Allocation
Funds
Consolidated
Schedule
of
Investments
(unaudited)
Putnam
Dynamic
Asset
Allocation
Conservative
Fund
(continued)
Quarterly
Consolidated
Schedule
of
Investments
See
Notes
to
Consolidated
Schedules
of
Investments.
118
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Corporate
Bonds
(continued)
Specialty
Retail
(continued)
Home
Depot,
Inc.
(The)
,
Senior
Bond,
4.95%,
6/25/34
.........................
United
States
94,000
$
94,345
Senior
Bond,
5.95%,
4/01/41
.........................
United
States
179,000
189,540
Senior
Bond,
5.3%,
6/25/54
..........................
United
States
94,000
89,034
b
PetSmart
LLC
/
PetSmart
Finance
Corp.
,
Senior
Secured
Note
,
144A,
7.5
%
,
9/15/32
...............................
United
States
250,000
250,235
1,069,692
Technology
Hardware,
Storage
&
Peripherals
0.3%
Apple,
Inc.
,
Senior
Bond,
3.85%,
5/04/43
.........................
United
States
276,000
228,505
Senior
Bond,
4.375%,
5/13/45
........................
United
States
581,000
503,454
Dell
International
LLC
/
EMC
Corp.
,
Senior
Note
,
4.75
%
,
7/15/31
United
States
35,000
34,797
Hewlett
Packard
Enterprise
Co.
,
Senior
Note,
4.55%,
10/15/29
........................
United
States
372,000
369,895
Senior
Note,
4.85%,
10/15/31
........................
United
States
84,000
83,676
Seagate
Data
Storage
Technology
Pte.
Ltd.
,
Senior
Note,
5.875%,
7/15/30
........................
United
States
155,000
157,848
b
Senior
Note,
144A,
4.091%,
6/01/29
...................
United
States
250,000
243,455
b
Senior
Note,
144A,
3.125%,
7/15/29
...................
United
States
30,000
27,803
1,649,433
Textiles,
Apparel
&
Luxury
Goods
0.1%
b
Beach
Acquisition
Bidco
LLC
,
h
Senior
Note,
144A,
PIK,
10%,
7/15/33
..................
United
States
210,809
228,963
Senior
Secured
Note,
144A,
5.25%,
7/15/32
.............
United
States
100,000
EUR
116,524
b
Crocs,
Inc.
,
Senior
Note
,
144A,
4.25
%
,
3/15/29
.............
United
States
80,000
77,670
Tapestry,
Inc.
,
Senior
Note
,
5.1
%
,
3/11/30
.................
United
States
165,000
166,297
589,454
Tobacco
0.2%
BAT
Capital
Corp.
,
Senior
Bond,
4.906%,
4/02/30
........................
United
Kingdom
40,000
40,206
Senior
Note,
6.343%,
8/02/30
........................
United
Kingdom
110,000
116,308
Senior
Note,
4.625%,
3/22/33
........................
United
Kingdom
190,000
186,008
Philip
Morris
International,
Inc.
,
Senior
Note,
5.125%,
2/15/30
........................
United
States
320,000
324,905
Senior
Note,
4.375%,
4/30/30
........................
United
States
466,000
461,433
Senior
Note,
4.75%,
11/01/31
........................
United
States
157,000
157,568
1,286,428
Trading
Companies
&
Distributors
0.1%
b
Aviation
Capital
Group
LLC
,
Senior
Note
,
144A,
5.375
%
,
7/15/29
United
States
165,000
166,984
b
EquipmentShare.com,
Inc.
,
Secured
Note,
144A,
9%,
5/15/28
.....................
United
States
140,000
142,991
Secured
Note,
144A,
8.625%,
5/15/32
..................
United
States
100,000
104,148
c
Secured
Note,
144A,
7.125%,
7/01/34
..................
United
States
75,000
73,784
b
Herc
Holdings,
Inc.
,
Senior
Note,
144A,
6.625%,
6/15/29
...................
United
States
40,000
40,868
Senior
Note,
144A,
5.75%,
3/15/31
....................
United
States
170,000
169,917
Sumisho
Air
Lease
Corp.
,
Senior
Note,
5.85%,
12/15/27
........................
United
States
45,000
45,737
Senior
Note,
2.1%,
9/01/28
..........................
United
States
138,000
130,307
b
United
Rentals
North
America,
Inc.
,
Senior
Bond
,
144A,
6.125
%
,
3/15/34
.........................................
United
States
60,000
61,586
Putnam
Asset
Allocation
Funds
Consolidated
Schedule
of
Investments
(unaudited)
Putnam
Dynamic
Asset
Allocation
Conservative
Fund
(continued)
See
Notes
to
Consolidated
Schedules
of
Investments.
Quarterly
Consolidated
Schedule
of
Investments
119
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Corporate
Bonds
(continued)
Trading
Companies
&
Distributors
(continued)
b
WESCO
Distribution,
Inc.
,
Senior
Note,
144A,
6.375%,
3/15/29
...................
United
States
20,000
$
20,382
Senior
Note,
144A,
5.25%,
4/15/31
....................
United
States
30,000
29,767
Senior
Note,
144A,
6.625%,
3/15/32
...................
United
States
85,000
87,695
Senior
Note,
144A,
6.375%,
3/15/33
...................
United
States
35,000
35,936
1,110,102
Wireless
Telecommunication
Services
0.4%
b
Connect
Finco
SARL
/
Connect
US
Finco
LLC
,
Senior
Secured
Note
,
144A,
9
%
,
9/15/29
............................
United
Kingdom
300,000
316,048
Rogers
Communications,
Inc.
,
Senior
Note
,
5
%
,
2/15/29
......
Canada
604,000
607,817
T-Mobile
USA,
Inc.
,
Senior
Bond,
2.875%,
2/15/31
........................
United
States
70,000
64,349
Senior
Bond,
2.25%,
11/15/31
........................
United
States
637,000
559,314
Senior
Note,
3.75%,
4/15/27
.........................
United
States
465,000
462,670
Senior
Note,
4.95%,
3/15/28
.........................
United
States
324,000
326,103
Senior
Note,
3.375%,
4/15/29
........................
United
States
155,000
149,874
Senior
Note,
3.875%,
4/15/30
........................
United
States
9,000
8,723
Senior
Note,
5.125%,
5/15/32
........................
United
States
61,000
61,651
b
Zegona
Finance
plc
,
Senior
Secured
Note
,
144A,
8.625
%
,
7/15/29
.........................................
United
Kingdom
200,000
208,912
2,765,461
Total
Corporate
Bonds
(Cost
$145,299,485)
...................................
141,733,424
Senior
Floating
Rate
Interests
0.9%
k
Aerospace
&
Defense
0.0%
†
TransDigm,
Inc.,
First
Lien,
CME
Term
Loan,
K,
5.87%,
(1-month
SOFR
+
2.25%),
3/22/30
............................
United
States
89,325
89,433
TransDigm,
Inc.,
First
Lien,
CME
Term
Loan,
N,
6.12%,
(1-month
SOFR
+
2.5%),
2/14/33
.............................
United
States
69,767
69,846
VSE
Corp.,
First
Lien,
CME
Term
Loan,
B,
5.613%,
(1-month
SOFR
+
2%),
5/05/33
...............................
United
States
20,585
20,628
179,907
a
a
a
a
a
a
k
Air
Freight
&
Logistics
0.1%
Rand
Parent
LLC,
First
Lien,
CME
Term
Loan,
B,
6.732%,
(3-month
SOFR
+
3%),
3/18/30
.......................
United
States
80,151
80,079
Stonepeak
Nile
Parent
LLC,
First
Lien,
Amendment
No.
3
CME
Term
Loan,
5.657%,
(3-month
SOFR
+
2%),
4/09/32
.......
United
States
149,625
149,439
229,518
a
a
a
a
a
a
k
Automobile
Components
0.0%
†
Allison
Transmission,
Inc.,
First
Lien,
2026
CME
Term
Loan,
5.375%,
(1-month
SOFR
+
1.75%),
1/03/33
..............
United
States
65,388
65,402
American
Axle
&
Manufacturing,
Inc.,
First
Lien,
CME
Term
Loan,
C,
6.915%,
(3-month
SOFR
+
3.25%),
2/03/33
............
United
States
148,125
148,433
DexKo
Global,
Inc.,
First
Lien,
Refinancing
Dollar
CME
Term
Loan,
8.163%,
(3-month
SOFR
+
4.5%),
10/06/31
.........
United
States
50,928
49,473
263,308
a
a
a
a
a
a
Beverages
0.0%
†
k
Primo
Brands
Corp.,
First
Lien,
2026
Refinancing
CME
Term
Loan,
6.482%,
(3-month
SOFR
+
2.75%),
3/31/31
.........
United
States
89,812
90,325
Putnam
Asset
Allocation
Funds
Consolidated
Schedule
of
Investments
(unaudited)
Putnam
Dynamic
Asset
Allocation
Conservative
Fund
(continued)
Quarterly
Consolidated
Schedule
of
Investments
See
Notes
to
Consolidated
Schedules
of
Investments.
120
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Senior
Floating
Rate
Interests
(continued)
k
Biotechnology
0.0%
†
Alkermes,
Inc.,
First
Lien,
Initial
CME
Term
Loan,
B,
6.482%,
(3-month
SOFR
+
2.75%),
8/12/31
.....................
United
States
13,812
$
13,881
BioMarin
Pharmaceutical,
Inc.,
First
Lien,
Initial
CME
Term
Loan,
B,
5.428%,
(6-month
SOFR
+
1.75%),
4/27/33
............
United
States
47,187
47,234
Genmab
A/S,
First
Lien,
Amendment
No.
1
CME
Term
Loan,
5.732%,
(3-month
SOFR
+
2%),
12/13/32
................
Denmark
20,300
20,309
81,424
a
a
a
a
a
a
Broadline
Retail
0.0%
†
k
Peer
Holding
III
BV,
First
Lien,
CME
Term
Loan,
B8,
5.982%,
(3-month
SOFR
+
2.25%),
9/29/32
.....................
Netherlands
64,010
64,137
k
Capital
Markets
0.1%
c
Citadel
Securities
LP,
First
Lien,
2026-1
CME
Term
Loan,
5.661%,
(3-month
SOFR
+
2%),
6/10/33
.......................
United
States
113,565
113,447
CPI
Holdco
B
LLC,
First
Lien,
2025
Fourth
Amendment
Incremental
CME
Term
Loan,
5.644%,
(1-month
SOFR
+
2%),
5/19/31
.........................................
United
States
149,620
149,215
Jane
Street
Group
LLC,
First
Lien,
Extended
CME
Term
Loan,
5.666%,
(3-month
SOFR
+
2%),
12/15/31
................
United
States
138,901
137,812
400,474
a
a
a
a
a
a
k
Chemicals
0.0%
†
Albaugh
LLC,
First
Lien,
Initial
CME
Term
Loan,
7.413%,
(1-month
SOFR
+
3.75;
3-month
SOFR
+
3.75),
4/06/29
.....
United
States
89,302
86,512
Element
Solutions,
Inc.,
First
Lien,
CME
Term
Loan,
B3,
5.394%,
(1-month
SOFR
+
1.75%),
12/18/30
....................
United
States
139,634
139,896
Hexion
Holdings
Corp.,
Second
Lien,
Initial
CME
Term
Loan,
11.181%,
(1-month
SOFR
+
7.438%),
3/15/30
............
United
States
20,109
18,777
Solstice
Advanced
Materials,
Inc.,
First
Lien,
CME
Term
Loan,
B,
5.413%,
(3-month
SOFR
+
1.75%),
10/29/32
.............
United
States
32,332
32,519
277,704
a
a
a
a
a
a
k
Commercial
Services
&
Supplies
0.1%
APi
Group
DE,
Inc.,
First
Lien,
Amendment
No.
9
CME
Term
Loan,
5.394%,
(1-month
SOFR
+
1.75%),
5/16/33
.........
United
States
150,000
149,888
Clean
Harbors,
Inc.,
First
Lien,
Initial
CME
Term
Loan,
5.12%,
(1-month
SOFR
+
1.5%),
10/11/32
.....................
United
States
139,454
140,188
Filtration
Group
Corp.,
First
Lien,
2025
Incremental
Dollar
CME
Term
Loan,
B,
6.144%,
(1-month
SOFR
+
2.5%),
10/23/28
...
United
States
17,117
17,146
Prime
Security
Services
Borrower
LLC,
First
Lien,
2025
Incremental
CME
Term
Loan,
B2,
5.369%,
(1-month
SOFR
+
1.75%),
3/08/32
...................................
United
States
138,947
137,066
WMB
Holdings,
Inc.,
First
Lien,
USD
CME
Term
Loan,
B,
5.644%,
(1-month
SOFR
+
2%),
11/05/29
......................
United
States
140,209
139,736
584,024
a
a
a
a
a
a
Construction
&
Engineering
0.0%
†
k
Dycom
Industries,
Inc.,
First
Lien,
CME
Term
Loan,
B,
5.401%,
(3-month
SOFR
+
1.75%),
1/27/33
.....................
United
States
9,956
9,982
Construction
Materials
0.0%
†
k
Knife
River
Corp.,
First
Lien,
2026
CME
Term
Loan,
B,
5.401%,
(3-month
SOFR
+
1.75%),
3/08/32
.....................
United
States
50,125
50,298
Putnam
Asset
Allocation
Funds
Consolidated
Schedule
of
Investments
(unaudited)
Putnam
Dynamic
Asset
Allocation
Conservative
Fund
(continued)
See
Notes
to
Consolidated
Schedules
of
Investments.
Quarterly
Consolidated
Schedule
of
Investments
121
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Senior
Floating
Rate
Interests
(continued)
Containers
&
Packaging
0.0%
†
k
Mauser
Packaging
Solutions
Holding
Co.,
First
Lien,
2025
CME
Term
Loan,
7.12%,
(1-month
SOFR
+
3.5%),
4/15/30
.......
United
States
85,000
$
83,924
Distributors
0.0%
†
k
Verde
Purchaser
LLC,
First
Lien,
Second
Refinancing
CME
Term
Loan,
7.732%,
(3-month
SOFR
+
4%),
11/30/30
...........
United
States
58,314
55,262
k
Electric
Utilities
0.1%
Alpha
Generation
LLC,
First
Lien,
Initial
CME
Term
Loan,
B,
5.394%,
(1-month
SOFR
+
1.75%),
9/30/31
..............
United
States
138,939
137,910
Constellation
Renewables
LLC,
First
Lien,
CME
Term
Loan,
5.666%,
(3-month
SOFR
+
2%),
12/15/27
................
United
States
204,380
204,168
NRG
Energy,
Inc.,
First
Lien,
2026-1
New
CME
Term
Loan,
5.394%,
(1-month
SOFR
+
1.75%),
4/28/33
..............
United
States
51,462
51,455
393,533
a
a
a
a
a
a
Electronic
Equipment,
Instruments
&
Components
0.0%
†
k
TTM
Technologies,
Inc.,
First
Lien,
2026
CME
Term
Loan,
B,
5.457%,
(12-month
SOFR
+
1.75%),
5/30/30
.............
United
States
65,288
65,479
k
Entertainment
0.0%
†
Discovery
Global
Holdings,
Inc.,
First
Lien,
Initial
Dollar
CME
Term
Loan,
6.241%,
(12-month
SOFR
+
2.5%),
6/03/33
.....
United
States
51,133
51,211
Live
Nation
Entertainment,
Inc.,
First
Lien,
Initial
CME
Term
Loan,
B,
5.639%,
(1-month
SOFR
+
2%),
10/21/32
.............
United
States
113,252
113,447
Playtika
Holding
Corp.,
First
Lien,
CME
Term
Loan,
B1,
6.508%,
(1-month
SOFR
+
2.75%),
3/13/28
.....................
United
States
138,538
134,790
TKO
Worldwide
Holdings
LLC,
First
Lien,
CME
Term
Loan,
B7,
5.412%,
(3-month
SOFR
+
1.75%),
11/21/31
.............
United
States
126,745
126,490
425,938
a
a
a
a
a
a
k
Financial
Services
0.0%
†
Colossus
Acquireco
LLC,
First
Lien,
Initial
CME
Term
Loan,
5.38%,
(1-day
SOFR
+
1.75%),
7/30/32
.................
United
States
139,300
138,575
Corpay
Technologies
Operating
Co.
LLC,
First
Lien,
CME
Term
Loan,
B6,
5.37%,
(1-month
SOFR
+
1.75%),
11/05/32
......
United
States
65,529
65,424
First
Eagle
Holdings,
Inc.,
First
Lien,
Initial
CME
Term
Loan,
7.2%,
(3-month
SOFR
+
3.5%),
8/16/32
......................
United
States
127,484
127,540
Hudson
River
Trading
LLC,
First
Lien,
CME
Term
Loan,
B2,
6.139%,
(1-month
SOFR
+
2.5%),
3/18/30
...............
United
States
149,250
148,404
479,943
a
a
a
a
a
a
k
Food
Products
0.0%
†
Chobani
LLC,
First
Lien,
Closing
Date
CME
Term
Loan,
5.894%,
(1-month
SOFR
+
2.25%),
10/28/32
....................
United
States
75,958
76,195
Froneri
US,
Inc.,
First
Lien,
CME
Term
Loan,
B6,
6.127%,
(6-month
SOFR
+
2.5%),
9/30/32
......................
United
States
87,594
87,094
TreeHouse
Foods,
Inc.,
First
Lien,
Initial
CME
Term
Loan,
7.894%,
(1-month
SOFR
+
4.25%),
2/11/33
..............
United
States
100,000
100,420
263,709
a
a
a
a
a
a
Ground
Transportation
0.0%
†
k
Genesee
&
Wyoming,
Inc.,
First
Lien,
Initial
CME
Term
Loan,
5.482%,
(3-month
SOFR
+
1.75%),
4/10/31
..............
United
States
138,939
138,522
Putnam
Asset
Allocation
Funds
Consolidated
Schedule
of
Investments
(unaudited)
Putnam
Dynamic
Asset
Allocation
Conservative
Fund
(continued)
Quarterly
Consolidated
Schedule
of
Investments
See
Notes
to
Consolidated
Schedules
of
Investments.
122
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Senior
Floating
Rate
Interests
(continued)
Health
Care
Equipment
&
Supplies
0.0%
†
k
Bausch
+
Lomb
Corp.,
First
Lien,
2025-2
Refinancing
CME
Term
Loan,
7.394%,
(1-month
SOFR
+
3.75%),
1/15/31
.........
United
States
61,112
$
61,333
k
Health
Care
Providers
&
Services
0.0%
†
DaVita,
Inc.,
First
Lien,
CME
Term
Loan,
B2,
5.394%,
(1-month
SOFR
+
1.75%),
5/09/31
............................
United
States
114,215
114,242
McKesson
Medical-Surgical
Top
Holdings,
Inc.,
First
Lien,
Amendment
No.
1
CME
Term
Loan,
B,
5.982%,
(3-month
SOFR
+
2.25%),
6/09/32
.................................
United
States
21,248
21,279
135,521
a
a
a
a
a
a
k
Hotels,
Restaurants
&
Leisure
0.1%
1011778
BC
ULC,
First
Lien,
CME
Term
Loan,
B5,
5.394%,
(1-month
SOFR
+
1.75%),
9/20/30
.....................
Canada
132,632
132,577
Caesars
Entertainment,
Inc.,
First
Lien,
2023
Incremental
CME
Term
Loan,
B,
5.894%,
(1-month
SOFR
+
2.25%),
2/06/30
...
United
States
138,287
134,161
DK
Crown
Holdings,
Inc.,
First
Lien,
CME
Term
Loan,
B,
5.374%,
(1-month
SOFR
+
1.75%),
3/04/32
.....................
United
States
149,244
149,120
Fertitta
Entertainment
LLC,
First
Lien,
Initial
CME
Term
Loan,
B,
6.894%,
(1-month
SOFR
+
3.25%),
1/29/29
..............
United
States
127,840
127,854
Flutter
Financing
BV,
First
Lien,
2024
Refinancing
CME
Term
Loan,
B,
5.482%,
(3-month
SOFR
+
1.75%),
12/02/30
......
Ireland
138,931
137,924
Penn
Entertainment,
Inc.,
First
Lien,
CME
Term
Loan,
B,
5.644%,
(1-month
SOFR
+
2%),
5/30/33
.......................
United
States
139,276
139,102
Raising
Cane's
Restaurants
LLC,
First
Lien,
First
Amendment
New
CME
Term
Loan,
5.62%,
(1-month
SOFR
+
2%),
11/03/32
United
States
99,143
98,843
Scientific
Games
Holdings
LP,
First
Lien,
2024
Refinancing
Dollar
CME
Term
Loan,
6.674%,
(3-month
SOFR
+
3%),
4/04/29
...
United
States
34,300
33,873
953,454
a
a
a
a
a
a
Household
Products
0.0%
†
k
Energizer
Holdings,
Inc.,
First
Lien,
Initial
CME
Term
Loan,
5.639%,
(1-month
SOFR
+
2%),
3/19/32
................
United
States
79,681
79,607
k
Independent
Power
and
Renewable
Electricity
Producers
0.1%
Calpine
Construction
Finance
Co.
LP,
First
Lien,
2025
Refinancing
CME
Term
Loan,
5.394%,
(1-month
SOFR
+
1.75%),
7/31/30
...................................
United
States
140,000
140,065
Talen
Energy
Supply
LLC,
First
Lien,
2025-1
Incremental
CME
Term
Loan,
B,
5.644%,
(1-month
SOFR
+
2%),
11/25/32
.....
United
States
155,302
154,453
294,518
a
a
a
a
a
a
IT
Services
0.0%
†
k
Fortress
Intermediate
3,
Inc.,
First
Lien,
CME
Term
Loan,
B,
6.624%,
(1-month
SOFR
+
3%),
6/27/31
................
United
States
54,178
54,009
k
Media
0.0%
†
Clear
Channel
Outdoor
Holdings,
Inc.,
First
Lien,
2024
Refinancing
CME
Term
Loan,
7.735%,
(1-month
SOFR
+
4%),
8/23/28
.........................................
United
States
36,134
36,228
DIRECTV
Financing
LLC,
First
Lien,
2024
Refinancing
CME
Term
Loan,
B,
9.175%,
(3-month
SOFR
+
5.25%),
8/02/29
.......
United
States
78,351
78,890
Nexstar
Media,
Inc.,
First
Lien,
CME
Term
Loan,
B,
6.144%,
(1-month
SOFR
+
2.5%),
6/28/32
......................
United
States
139,298
138,079
253,197
a
a
a
a
a
a
Putnam
Asset
Allocation
Funds
Consolidated
Schedule
of
Investments
(unaudited)
Putnam
Dynamic
Asset
Allocation
Conservative
Fund
(continued)
See
Notes
to
Consolidated
Schedules
of
Investments.
Quarterly
Consolidated
Schedule
of
Investments
123
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Senior
Floating
Rate
Interests
(continued)
k
Oil,
Gas
&
Consumable
Fuels
0.2%
CQP
Holdco
LP,
First
Lien,
CME
Term
Loan,
B,
5.45%,
(3-month
SOFR
+
1.75%),
12/31/32
...........................
United
States
139,648
$
139,031
UGI
Energy
Services
LLC,
First
Lien,
Initial
CME
Term
Loan,
6.144%,
(1-month
SOFR
+
2.5%),
2/22/30
...............
United
States
149,227
149,680
Venture
Global
Calcasieu
Pass
LLC,
First
Lien,
Initial
CME
Term
Loan,
6.954%,
(6-month
SOFR
+
3.25%),
4/11/33
.........
United
States
266,342
267,434
556,145
a
a
a
a
a
a
Paper
&
Forest
Products
0.0%
†
k
Asplundh
Tree
Expert
LLC,
First
Lien,
Amendment
No.
5
Refinancing
CME
Term
Loan,
5.457%,
(12-month
SOFR
+
1.75%),
5/30/33
...................................
United
States
54,397
54,397
k
Passenger
Airlines
0.1%
AAdvantage
Loyalty
IP
Ltd.,
First
Lien,
CME
Term
Loan,
5.925%,
(3-month
SOFR
+
2.25%),
4/20/28
.....................
United
States
138,947
138,980
United
Airlines,
Inc.,
First
Lien,
CME
Term
Loan,
B,
5.403%,
(1-month
SOFR
+
1.75%),
2/24/31
.....................
United
States
149,618
149,665
288,645
a
a
a
a
a
a
Personal
Care
Products
0.0%
†
c,k
Prestige
Brands,
Inc.,
First
Lien,
Delayed
Draw
CME
Term
Loan,
B,
5.621%,
(1-month
SOFR
+
2%),
6/13/33
..............
United
States
29,515
29,580
k
Pharmaceuticals
0.0%
†
1261229
BC
Ltd.,
First
Lien,
Initial
CME
Term
Loan,
9.894%,
(1-month
SOFR
+
6.25%),
10/08/30
....................
United
States
44,550
43,304
Endo
Finance
Holdings
LP,
First
Lien,
2024
Refinancing
CME
Term
Loan,
7.37%,
(1-month
SOFR
+
3.75%),
4/23/31
......
United
States
79,583
79,732
123,036
a
a
a
a
a
a
Professional
Services
0.0%
†
k
SS&C
Technologies,
Inc.,
First
Lien,
CME
Term
Loan,
B8,
5.62%,
(1-month
SOFR
+
2%),
5/09/31
.......................
United
States
130,503
130,394
k
Software
0.0%
†
Cloud
Software
Group,
Inc.,
First
Lien,
Initial
Dollar
CME
Term
Loan,
B,
6.95%,
(3-month
SOFR
+
3.25%),
8/16/32
........
United
States
7,524
6,534
c,l
CoreWeave
Financing
DDTL
V
LLC,
First
Lien,
Delayed
Draw
CME
Term
Loan,
8.1%,
(1-day
SOFR
+
4.5%),
11/17/31
.....
United
States
4,135
4,224
Gen
Digital,
Inc.,
First
Lien,
Second
Amendment
Incremental
CME
Term
Loan,
B,
5.394%,
(1-month
SOFR
+
1.75%),
4/16/32
United
States
138,947
137,332
Rocket
Software,
Inc.,
First
Lien,
CME
Term
Loan,
7.508%,
(1-month
SOFR
+
3.75%),
11/28/28
....................
United
States
55,725
53,084
UKG,
Inc.,
First
Lien,
Initial
CME
Term
Loan,
5.913%,
(3-month
SOFR
+
2.25%),
2/10/31
............................
United
States
9,826
9,276
210,450
a
a
a
a
a
a
Specialty
Retail
0.0%
†
k
Chewy,
Inc.,
First
Lien,
Initial
CME
Term
Loan,
6.092%,
(12-month
SOFR
+
2.25%),
6/23/33
............................
United
States
42,796
42,823
k
Textiles,
Apparel
&
Luxury
Goods
0.0%
†
Flash
Charm,
Inc.,
First
Lien,
CME
Term
Loan,
B2,
7.163%,
(3-month
SOFR
+
3.5%),
3/02/28
......................
United
States
58,795
45,900
Putnam
Asset
Allocation
Funds
Consolidated
Schedule
of
Investments
(unaudited)
Putnam
Dynamic
Asset
Allocation
Conservative
Fund
(continued)
Quarterly
Consolidated
Schedule
of
Investments
See
Notes
to
Consolidated
Schedules
of
Investments.
124
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Senior
Floating
Rate
Interests
(continued)
k
Textiles,
Apparel
&
Luxury
Goods
(continued)
Samsonite
IP
Holdings
SARL,
First
Lien,
Initial
CME
Term
Loan,
B,
5.394%,
(1-month
SOFR
+
1.75%),
11/08/32
...........
United
States
54,128
$
54,382
100,282
a
a
a
a
a
a
Trading
Companies
&
Distributors
0.0%
†
k
QXO
Building
Products,
Inc.,
First
Lien,
CME
Term
Loan,
B,
5.62%,
(1-month
SOFR
+
2%),
4/30/32
.................
United
States
124,454
124,407
Wireless
Telecommunication
Services
0.0%
†
k
Connect
Finco
SARL,
First
Lien,
Amendment
No.
4
CME
Term
Loan,
8.144%,
(1-month
SOFR
+
4.5%),
9/13/29
..........
United
Kingdom
43,988
44,171
Total
Senior
Floating
Rate
Interests
(Cost
$7,697,639)
.........................
7,673,380
Foreign
Government
and
Agency
Securities
1.1%
Brazil
Government
Bond
,
Senior
Bond
,
3.875
%
,
6/12/30
......
Brazil
460,000
438,541
Chile
Government
Bond
,
Senior
Note
,
4.85
%
,
1/22/29
........
Chile
200,000
201,840
Colombia
Government
Bond
,
Senior
Note
,
4.5
%
,
11/26/30
.....
Colombia
200,000
EUR
229,495
b
Corp.
Nacional
del
Cobre
de
Chile
,
Senior
Bond
,
Reg
S,
3
%
,
9/30/29
.........................................
Chile
200,000
188,544
b
Costa
Rica
Government
Bond
,
Senior
Bond
,
144A,
6.125
%
,
2/19/31
.........................................
Costa
Rica
240,000
248,261
b
Dominican
Republic
Government
Bond
,
Senior
Bond,
Reg
S,
5.95%,
1/25/27
...................
Dominican
Republic
110,000
110,809
Senior
Bond,
Reg
S,
6%,
7/19/28
......................
Dominican
Republic
150,000
152,190
b
Eagle
Funding
Luxco
SARL
,
Senior
Note
,
144A,
5.5
%
,
8/17/30
.
Mexico
360,000
361,908
b
Egypt
Government
Bond
,
Senior
Bond
,
Reg
S,
7.6
%
,
3/01/29
..
Egypt
200,000
206,707
b
El
Salvador
Government
Bond
,
Senior
Bond
,
Reg
S,
8.625
%
,
2/28/29
.........................................
El
Salvador
180,000
190,105
b
Electricite
de
France
SA
,
Senior
Note
,
144A,
5.65
%
,
4/22/29
...
France
420,000
431,802
b
Guatemala
Government
Bond
,
Senior
Bond
,
144A,
4.875
%
,
2/13/28
.........................................
Guatemala
360,000
359,822
b
Hungary
Government
Bond
,
Senior
Note
,
Reg
S,
5.25
%
,
6/16/29
Hungary
400,000
405,333
Indonesia
Government
Bond
,
Senior
Bond
,
3.85
%
,
10/15/30
...
Indonesia
400,000
385,796
b
Ivory
Coast
Government
Bond
,
Senior
Bond
,
Reg
S,
6.375
%
,
3/03/28
.........................................
Ivory
Coast
300,150
304,475
Jamaica
Government
Bond
,
Senior
Bond
,
6.75
%
,
4/28/28
.....
Bermuda
133,333
137,753
Mexico
Government
Bond
,
Senior
Note
,
6
%
,
5/13/30
.........
Mexico
200,000
205,340
b
Montenegro
Government
Bond
,
Senior
Bond
,
144A,
2.55
%
,
10/03/29
........................................
Montenegro
130,000
EUR
143,214
b
Morocco
Government
Bond
,
Senior
Note
,
144A,
5.95
%
,
3/08/28
Morocco
200,000
203,395
b
Nigeria
Government
Bond
,
Senior
Note
,
144A,
8.375
%
,
3/24/29
Nigeria
200,000
210,578
b
North
Macedonia
Government
Bond
,
Senior
Note
,
144A,
3.875
%
,
1/21/30
.........................................
North
Macedonia
100,000
EUR
113,621
b
Oman
Government
Bond
,
Senior
Bond
,
144A,
5.625
%
,
1/17/28
.
Oman
300,000
303,324
b
Paraguay
Government
Bond
,
Senior
Bond
,
144A,
4.95
%
,
4/28/31
Paraguay
340,000
341,323
Peru
Government
Bond
,
Senior
Bond,
2.783%,
1/23/31
........................
Peru
440,000
406,494
Philippines
Government
Bond
,
Senior
Bond
,
9.5
%
,
2/02/30
....
Philippines
270,000
313,676
Poland
Government
Bond
,
4.875%,
2/12/30
...................................
Poland
410,000
414,898
b
Power
Finance
Corp.
Ltd.
,
Senior
Bond
,
Reg
S,
3.95
%
,
4/23/30
.
India
200,000
192,139
b
Romania
Government
Bond
,
Senior
Bond
,
144A,
2.875
%
,
5/26/28
Romania
360,000
EUR
407,906
b
Serbia
Government
Bond
,
Senior
Note
,
144A,
6.25
%
,
5/26/28
..
Serbia
200,000
204,059
Putnam
Asset
Allocation
Funds
Consolidated
Schedule
of
Investments
(unaudited)
Putnam
Dynamic
Asset
Allocation
Conservative
Fund
(continued)
See
Notes
to
Consolidated
Schedules
of
Investments.
Quarterly
Consolidated
Schedule
of
Investments
125
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Foreign
Government
and
Agency
Securities
(continued)
South
Africa
Government
Bond
,
Senior
Bond,
4.85%,
9/27/27
.........................
South
Africa
300,000
$
301,035
Senior
Bond,
5.875%,
6/22/30
........................
South
Africa
200,000
204,892
Turkiye
Government
Bond
,
Senior
Note
,
9.125
%
,
7/13/30
.....
Turkiye
360,000
396,836
Uruguay
Government
Bond
,
Senior
Bond
,
4.375
%
,
10/27/27
...
Uruguay
346,667
347,169
b
Uzbekistan
Government
Bond
,
Senior
Note
,
144A,
7.85
%
,
10/12/28
........................................
Uzbekistan
200,000
211,830
Total
Foreign
Government
and
Agency
Securities
(Cost
$9,326,268)
.............
9,275,110
U.S.
Government
and
Agency
Securities
0.0%
†
m
U.S.
Treasury
Bonds
,
1.125
%,
5/15/40
...................
United
States
414,000
262,122
Total
U.S.
Government
and
Agency
Securities
(Cost
$262,122)
..................
262,122
Asset-Backed
Securities
2.5%
Capital
Markets
0.0%
†
b,k
Magnetite
XL
Ltd.
,
2024-40A
,
A1
,
144A,
FRN
,
5.123
%
,
(
3-month
SOFR
+
1.45
%
),
7/15/37
.
............................
United
States
250,000
250,216
Consumer
Staples
Distribution
&
Retail
0.0%
†
CVS
Pass-Through
Trust
,
6.036%,
12/10/28
..................................
United
States
12,747
12,790
b
2013,
144A,
4.704%,
1/10/36
.........................
United
States
151,902
141,861
154,651
a
a
a
a
a
a
Financial
Services
2.5%
b,k
AGL
Core
CLO
31
Ltd.
,
2024-31A
,
A
,
144A,
FRN
,
5.075
%
,
(
3-month
SOFR
+
1.4
%
),
7/20/37
.
.....................
United
States
250,000
250,373
b,k
Allegro
CLO
XII
Ltd.
,
2020-1A
,
A1R
,
144A,
FRN
,
5.112
%
,
(
3-month
SOFR
+
1.44
%
),
7/21/37
.
....................
United
States
250,000
250,318
b,k
Ares
LXIX
CLO
Ltd.
,
2024-69A
,
A1R
,
144A,
FRN
,
4.888
%
,
(
3-month
SOFR
+
1.25
%
),
4/15/36
.
....................
Jersey
825,000
826,987
b,k
Bain
Capital
Credit
CLO
Ltd.
,
2022-2A
,
A1R
,
144A,
FRN
,
4.814
%
,
(
3-month
SOFR
+
1.15
%
),
4/22/35
.
....................
United
States
250,000
250,227
b,k
Battalion
CLO
18
Ltd.
,
2020-18A
,
ARR
,
144A,
FRN
,
4.853
%
,
(
3-month
SOFR
+
1.18
%
),
10/15/36
.
...................
United
States
220,000
220,258
b,k
Battalion
CLO
X
Ltd.
,
2016-10A
,
A1R3
,
144A,
FRN
,
4.807
%
,
(
3-month
SOFR
+
1.14
%
),
1/24/35
.
....................
United
States
361,833
362,179
b,k
Birch
Grove
CLO
2
Ltd.
,
2021-2A
,
A1R
,
144A,
FRN
,
5.075
%
,
(
3-month
SOFR
+
1.4
%
),
10/19/37
.
....................
United
States
250,000
250,498
b,k
BRAVO
Residential
Funding
Trust
,
2021-HE3
,
A2
,
144A,
FRN
,
4.628
%
,
(
30-day
SOFR
Average
+
1
%
),
8/25/69
.
..........
United
States
79,984
79,757
b,k
Carlyle
US
CLO
Ltd.
,
2020-2A
,
A1R2
,
144A,
FRN
,
4.747
%
,
(
3-month
SOFR
+
1.08
%
),
1/25/35
.
....................
United
States
600,000
600,593
b,k
CIFC
Funding
Ltd.
,
2014-2RA,
AR,
144A,
FRN,
5.027%,
(3-month
SOFR
+
1.36%),
10/24/37
........................................
United
States
250,000
250,249
2021-7A,
AR,
144A,
FRN,
4.756%,
(3-month
SOFR
+
1.09%),
1/23/35
.........................................
United
States
496,000
496,490
b
Compass
Datacenters
Issuer
II
LLC
,
2025-2A
,
A1
,
144A,
4.926
%
,
11/25/50
.
........................................
United
States
320,000
313,520
b
Compass
Datacenters
Issuer
III
LLC
,
2025-1A
,
A2
,
144A,
5.656
%
,
2/25/50
.
..................................
United
States
606,000
607,100
b,k
Crown
Point
CLO
10
Ltd.
,
2021-10A
,
A
,
144A,
FRN
,
5.107
%
,
(
3-month
SOFR
+
1.432
%
),
7/20/34
.
...................
United
States
250,000
250,430
b,k
Danby
Park
CLO
Ltd.
,
2022-1A
,
AR
,
144A,
FRN
,
5.032
%
,
(
3-month
SOFR
+
1.36
%
),
10/21/37
.
...................
Jersey
250,000
250,220
Putnam
Asset
Allocation
Funds
Consolidated
Schedule
of
Investments
(unaudited)
Putnam
Dynamic
Asset
Allocation
Conservative
Fund
(continued)
Quarterly
Consolidated
Schedule
of
Investments
See
Notes
to
Consolidated
Schedules
of
Investments.
126
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Asset-Backed
Securities
(continued)
Financial
Services
(continued)
b,k
Diameter
Capital
CLO
7
Ltd.
,
2024-7A
,
A1A
,
144A,
FRN
,
5.155
%
,
(
3-month
SOFR
+
1.48
%
),
7/20/37
.
....................
United
States
250,000
$
250,312
b,k
Dryden
86
CLO
Ltd.
,
2020-86A
,
A1R2
,
144A,
FRN
,
4.81
%
,
(
3-month
SOFR
+
1.13
%
),
7/17/34
.
....................
United
States
650,000
650,721
b,k
Elevation
CLO
Ltd.
,
2021-13A
,
A1R
,
144A,
FRN
,
4.733
%
,
(
3-month
SOFR
+
1.06
%
),
7/15/34
.
....................
United
States
250,000
250,119
b,k
Elmwood
CLO
33
Ltd.
,
2024-9RA
,
AR
,
144A,
FRN
,
5.052
%
,
(
3-month
SOFR
+
1.38
%
),
10/21/37
.
...................
United
States
250,000
250,375
b,k
Elmwood
CLO
I
Ltd.
,
2019-1A
,
A1R3
,
144A,
FRN
,
4.795
%
,
(
3-month
SOFR
+
1.12
%
),
4/20/37
.
....................
United
States
200,000
199,902
b,k
Elmwood
CLO
III
Ltd.
,
2019-3A
,
A1RR
,
144A,
FRN
,
5.055
%
,
(
3-month
SOFR
+
1.38
%
),
7/18/37
.
....................
United
States
250,000
250,216
b,k
FS
Rialto
,
2021-FL3
,
A
,
144A,
FRN
,
4.998
%
,
(
1-month
SOFR
+
1.364
%
),
11/16/36
.
.................................
United
States
49,189
49,235
b
Home
Partners
of
America
Trust
,
2021-2
,
C
,
144A,
2.402
%
,
12/17/26
.
........................................
United
States
191,869
189,265
b
Iskandar
Enterprise
LLC
,
2026-1A
,
A21
,
144A,
5.049
%
,
4/17/56
.
United
States
625,000
622,091
b
J.P.
Morgan
Mortgage
Trust
,
k
2023-HE2,
A1,
144A,
FRN,
5.312%,
(30-day
SOFR
Average
+
1.7%),
3/20/54
....................................
United
States
31,795
31,885
2024-CES1,
A1A,
144A,
5.919%,
6/25/54
................
United
States
41,789
41,909
k
2026-HE1,
A1,
144A,
FRN,
4.859%,
(30-day
SOFR
Average
+
1.25%),
9/20/56
...................................
United
States
86,313
86,685
b,k
KKR
CLO
43
Ltd.
,
2022-43A
,
A2R2
,
144A,
FRN
,
5.121
%
,
(
3-month
SOFR
+
1.45
%
),
4/15/38
.
....................
Jersey
560,000
560,803
b,k
KREF
Ltd.
,
2022-FL3
,
A
,
144A,
FRN
,
5.089
%
,
(
1-month
SOFR
+
1.45
%
),
2/17/39
.
..................................
United
States
20,677
20,690
k
Long
Beach
Mortgage
Loan
Trust
,
2004-1
,
A2
,
FRN
,
4.563
%
,
(
1-month
SOFR
+
0.914
%
),
2/25/34
.
...................
United
States
154,971
154,207
b
MAST
Ltd.
,
2026-1A
,
A
,
144A,
5.134
%
,
2/15/51
.
............
United
States
356,310
349,661
k
Morgan
Stanley
ABS
Capital
I,
Inc.
Trust
,
2004-HE6
,
M1
,
FRN
,
4.588
%
,
(
1-month
SOFR
+
0.939
%
),
8/25/34
.
.............
United
States
37,016
36,445
b,k
Mountain
View
CLO
XV
Ltd.
,
2019-2A
,
A1R2
,
144A,
FRN
,
4.918
%
,
(
3-month
SOFR
+
1.29
%
),
7/15/37
.
..............
United
States
375,000
375,185
b,k
Nassau
Ltd.
,
2020-1A
,
A1RR
,
144A,
FRN
,
4.718
%
,
(
3-month
SOFR
+
1.1
%
),
1/15/35
.
.............................
United
States
250,000
250,259
b,k
Neuberger
Berman
Loan
Advisers
CLO
43
Ltd.
,
2021-43A
,
AR
,
144A,
FRN
,
4.73
%
,
(
3-month
SOFR
+
1.05
%
),
7/17/36
.
.....
United
States
800,000
800,500
b,k
Neuberger
Berman
Loan
Advisers
CLO
45
Ltd.
,
2021-45A
,
AR
,
144A,
FRN
,
4.729
%
,
(
3-month
SOFR
+
1.06
%
),
10/14/36
.
...
United
States
1,000,000
1,000,504
b,k
Neuberger
Berman
Loan
Advisers
CLO
51
Ltd.
,
2022-51A
,
BR2
,
144A,
FRN
,
5.066
%
,
(
3-month
SOFR
+
1.4
%
),
10/23/36
.
....
Jersey
275,000
275,552
b,k
Northwoods
Capital
27
Ltd.
,
2021-27A
,
A1R
,
144A,
FRN
,
4.86
%
,
(
3-month
SOFR
+
1.18
%
),
10/17/34
.
...................
United
States
330,000
330,383
b,k
Oaktree
CLO
Ltd.
,
2021-1A,
A1R,
144A,
FRN,
5.023%,
(3-month
SOFR
+
1.35%),
1/15/38
.........................................
United
States
250,000
250,550
2021-2A,
AR,
144A,
FRN,
4.643%,
(3-month
SOFR
+
0.97%),
1/15/35
.........................................
United
States
750,000
750,607
b,k
Octagon
Investment
Partners
49
Ltd.
,
2020-5A
,
ARR
,
144A,
FRN
,
4.793
%
,
(
3-month
SOFR
+
1.12
%
),
4/15/37
.
..............
United
States
680,000
679,660
b,k
OHA
Loan
Funding
Ltd.
,
2016-1A
,
A1R2
,
144A,
FRN
,
5.135
%
,
(
3-month
SOFR
+
1.46
%
),
7/20/37
.
....................
United
States
250,000
250,822
k
Park
Place
Securities,
Inc.
,
2004-WCW2
,
M3
,
FRN
,
4.813
%
,
(
1-month
SOFR
+
1.164
%
),
10/25/34
.
..................
United
States
45,270
44,992
b
PK
ALIFT
Loan
Funding
7
LP
,
2025-2
,
A
,
144A,
4.75
%
,
3/15/43
.
United
States
229,698
228,123
b
PK
ALIFT
Loan
Funding
8
LP
,
2026-1
,
A
,
144A,
4.614
%
,
9/15/43
.
United
States
250,000
246,504
b
PRET
LLC
,
2026-NPL3
,
A1
,
144A,
4.968
%
,
2/25/56
.
.........
United
States
459,756
456,000
Putnam
Asset
Allocation
Funds
Consolidated
Schedule
of
Investments
(unaudited)
Putnam
Dynamic
Asset
Allocation
Conservative
Fund
(continued)
See
Notes
to
Consolidated
Schedules
of
Investments.
Quarterly
Consolidated
Schedule
of
Investments
127
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Asset-Backed
Securities
(continued)
Financial
Services
(continued)
b
PRET
Trust
,
2026-RN1
,
A1
,
144A,
5.668
%
,
6/25/66
.
.........
United
States
98,539
$
98,664
b,k
PRMI
Securitization
Trust
,
2024-CMG1
,
A1
,
144A,
FRN
,
5.042
%
,
(
30-day
SOFR
Average
+
1.45
%
),
7/25/54
.
...............
United
States
197,994
197,999
b
RCO
IX
Mortgage
LLC
,
2026-2
,
A1
,
144A,
5.765
%
,
5/25/31
.
...
United
States
96,850
96,756
b
RCO
X
Mortgage
LLC
,
2026-1
,
A1
,
144A,
5.536
%
,
3/25/31
.
....
United
States
154,214
154,053
b,k
RR
29
Ltd.
,
2024-29RA
,
A1R
,
144A,
FRN
,
5.063
%
,
(
3-month
SOFR
+
1.39
%
),
7/15/39
.
............................
United
States
250,000
250,680
b,k
Sixth
Street
CLO
XXV
Ltd.
,
2024-25A
,
A
,
144A,
FRN
,
5.147
%
,
(
3-month
SOFR
+
1.48
%
),
7/24/37
.
....................
United
States
500,000
500,419
b,k
Sound
Point
CLO
XXVI
Ltd.
,
2020-1A
,
AR
,
144A,
FRN
,
5.107
%
,
(
3-month
SOFR
+
1.432
%
),
7/20/34
.
...................
United
States
258,000
258,373
b,k
Sound
Point
CLO
XXXII
Ltd.
,
2021-4A
,
AR
,
144A,
FRN
,
4.697
%
,
(
3-month
SOFR
+
1.03
%
),
10/25/34
.
...................
United
States
250,000
250,117
b
Stack
Infrastructure
Issuer
LLC
,
2026-1A
,
A2
,
144A,
5
%
,
3/27/56
.
United
States
266,000
258,093
b,k
Symphony
CLO
XXIII
Ltd.
,
2020-23A
,
AR2
,
144A,
FRN
,
4.573
%
,
(
3-month
SOFR
+
0.9
%
),
1/15/34
.
.....................
United
States
93,098
93,104
b,k
TCW
CLO
Ltd.
,
2020-1A
,
A1R3
,
144A,
FRN
,
4.725
%
,
(
3-month
SOFR
+
1.05
%
),
4/20/34
.
............................
United
States
900,000
900,547
b,k
Trinitas
CLO
XII
Ltd.
,
2020-12A
,
A1R2
,
144A,
FRN
,
4.717
%
,
(
3-month
SOFR
+
1.05
%
),
4/25/33
.
....................
United
States
499,966
500,266
b,k
Trinitas
CLO
XV
Ltd.
,
2021-15A
,
A1R
,
144A,
FRN
,
4.784
%
,
(
3-month
SOFR
+
1.12
%
),
4/22/34
.
....................
United
States
400,000
400,409
b,k
Trinitas
CLO
XVIII
Ltd.
,
2021-18A
,
A1R
,
144A,
FRN
,
4.895
%
,
(
3-month
SOFR
+
1.22
%
),
1/20/35
.
....................
United
States
250,000
250,260
b
VCAT
LLC
,
2026-NPL1
,
A1
,
144A,
5.101
%
,
1/25/56
.
.........
United
States
87,430
86,833
b,k
Venture
41
CLO
Ltd.
,
2021-41A
,
A1RR
,
144A,
FRN
,
4.805
%
,
(
3-month
SOFR
+
1.13
%
),
1/20/34
.
....................
United
States
426,025
426,435
b,k
Venture
XIX
CLO
Ltd.
,
2014-19A
,
ARR
,
144A,
FRN
,
5.195
%
,
(
3-month
SOFR
+
1.522
%
),
1/15/32
.
...................
United
States
42,095
42,158
b,k
Venture
XV
CLO
Ltd.
,
2013-15A
,
AR3
,
144A,
FRN
,
5.115
%
,
(
3-month
SOFR
+
1.442
%
),
7/15/32
.
...................
United
States
41,484
41,508
b,k
Wise
CLO
Ltd.
,
2024-2A
,
A
,
144A,
FRN
,
5.133
%
,
(
3-month
SOFR
+
1.46
%
),
7/15/37
.
.................................
United
States
250,000
250,226
b,k
Zais
CLO
16
Ltd.
,
2020-16A
,
A1R2
,
144A,
FRN
,
4.805
%
,
(
3-month
SOFR
+
1.13
%
),
10/20/34
.
...................
United
States
300,000
300,398
20,550,659
a
a
a
a
a
a
Total
Asset-Backed
Securities
(Cost
$20,968,370)
.............................
20,955,526
Commercial
Mortgage-Backed
Securities
1.7%
Financial
Services
1.7%
b
1166
Avenue
of
the
Americas
Commercial
Mortgage
Trust
II
,
2005-C6A
,
A3
,
144A,
5.69
%
,
10/13/37
..................
United
States
332,000
335,914
b,n,o
Arbor
Multifamily
Mortgage
Securities
Trust
,
2020-MF1
,
XA
,
IO,
144A,
FRN
,
1.043
%
,
5/15/53
.........................
United
States
3,033,876
85,418
n,o
BANK
,
2019-BN20
,
XA
,
IO,
FRN
,
0.922
%
,
9/15/62
..........
United
States
3,636,103
78,919
n,o
BANK
Trust
,
2020-BN28
,
XA
,
IO,
FRN
,
1.875
%
,
3/15/63
......
United
States
6,749,672
399,961
o
BANK5
Trust
,
n
2024-5YR7,
XA,
IO,
FRN,
1.571%,
6/15/57
..............
United
States
3,733,227
125,237
2026-5YR22,
C,
FRN,
5.962%,
6/15/59
.................
United
States
179,000
179,542
Barclays
Commercial
Mortgage
Trust
,
2019-C3,
C,
4.178%,
5/15/52
.........................
United
States
121,000
111,480
n,o
2019-C4,
XA,
IO,
FRN,
1.649%,
8/15/52
.................
United
States
2,419,587
85,843
o
BBCMS
Mortgage
Trust
,
n
2024-5C29,
XA,
IO,
FRN,
1.819%,
9/15/57
...............
United
States
4,719,953
206,732
2026-5C40,
AS,
FRN,
5.529%,
2/15/59
.................
United
States
114,000
115,358
2026-5C40,
C,
FRN,
5.813%,
2/15/59
..................
United
States
167,000
167,130
Putnam
Asset
Allocation
Funds
Consolidated
Schedule
of
Investments
(unaudited)
Putnam
Dynamic
Asset
Allocation
Conservative
Fund
(continued)
Quarterly
Consolidated
Schedule
of
Investments
See
Notes
to
Consolidated
Schedules
of
Investments.
128
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Commercial
Mortgage-Backed
Securities
(continued)
Financial
Services
(continued)
Benchmark
Mortgage
Trust
,
o
2025-V16,
B,
FRN,
6.339%,
8/15/58
....................
United
States
175,000
$
179,372
b,n,o
2025-V18,
XA,
IO,
144A,
FRN,
1.472%,
10/15/58
..........
United
States
4,259,979
202,053
o
2025-V19,
AS,
FRN,
5.597%,
1/15/58
...................
United
States
134,000
135,937
2026-V21,
AS,
5.506%,
3/15/59
.......................
United
States
166,000
167,473
n,o
2026-V21,
XA,
IO,
FRN,
1.648%,
3/15/59
................
United
States
1,475,776
87,116
b,k
BIKE
Pass-Through
Trust
,
2026-BAND,
A,
144A,
FRN,
5.78%,
(1-month
SOFR
+
2.15%),
7/15/43
.........................................
United
States
220,000
220,322
2026-BAND,
B,
144A,
FRN,
7.78%,
(1-month
SOFR
+
4.15%),
7/15/43
.........................................
United
States
167,000
167,443
n,o
BMO
Mortgage
Trust
,
2026-5C14
,
XA
,
IO,
FRN
,
1.394
%
,
3/15/59
United
States
3,086,930
149,382
b,k
BX
Commercial
Mortgage
Trust
,
2026-CSMO
,
C
,
144A,
FRN
,
5.625
%
,
(
1-month
SOFR
+
2
%
),
2/15/43
................
United
States
185,000
186,954
b
BX
Trust
,
o
2025-ARIA,
C,
144A,
FRN,
5.701%,
12/13/42
.............
United
States
246,000
245,660
k
2025-VOLT,
A,
144A,
FRN,
5.325%,
(1-month
SOFR
+
1.7%),
12/15/44
........................................
United
States
123,000
123,318
k
2026-CLS,
A,
144A,
FRN,
5.025%,
(1-month
SOFR
+
1.4%),
5/15/43
.........................................
United
States
169,000
169,408
k
2026-CLS,
D,
144A,
FRN,
7.075%,
(1-month
SOFR
+
3.45%),
5/15/43
.........................................
United
States
235,000
236,376
o
CD
Mortgage
Trust
,
2017-CD4
,
B
,
FRN
,
3.947
%
,
5/10/50
.....
United
States
182,000
174,371
o
CFCRE
Commercial
Mortgage
Trust
,
b
2011-C2,
D,
144A,
FRN,
5.08%,
12/15/47
...............
United
States
23,889
23,500
b
2011-C2,
E,
144A,
FRN,
5.08%,
12/15/47
................
United
States
140,000
131,730
2017-C8,
B,
FRN,
4.199%,
6/15/50
....................
United
States
179,000
174,431
o
CGMS
Commercial
Mortgage
Trust
,
2017-B1
,
AS
,
FRN
,
3.711
%
,
8/15/50
.........................................
United
States
146,000
143,304
Citigroup
Commercial
Mortgage
Trust
,
2020-GC46
,
A2
,
2.708
%
,
2/15/53
.........................................
United
States
266,583
252,686
o
COMM
Mortgage
Trust
,
b
2013-CR13,
D,
144A,
FRN,
5.002%,
11/10/46
............
United
States
174,420
98,762
2014-CR15,
C,
FRN,
3.961%,
2/10/47
..................
United
States
200,000
188,664
2014-CR17,
C,
FRN,
4.941%,
5/10/47
..................
United
States
184,000
179,525
b
2014-CR17,
D,
144A,
FRN,
5.005%,
5/10/47
.............
United
States
159,000
140,873
2014-UBS5,
AM,
FRN,
4.193%,
9/10/47
.................
United
States
65,403
64,577
2015-CR22,
B,
FRN,
3.926%,
3/10/48
..................
United
States
72,368
69,649
2015-LC19,
C,
FRN,
4.568%,
2/10/48
..................
United
States
174,131
169,895
CSAIL
Commercial
Mortgage
Trust
,
o
2015-C1,
C,
FRN,
3.891%,
4/15/50
....................
United
States
233,000
221,931
o
2016-C7,
AS,
FRN,
3.958%,
11/15/49
...................
United
States
255,000
253,261
n,o
2019-C15,
XA,
IO,
FRN,
1.152%,
3/15/52
................
United
States
6,949,000
137,480
2019-C17,
AS,
3.278%,
9/15/52
.......................
United
States
194,000
176,530
n,o
2020-C19,
XA,
IO,
FRN,
1.205%,
3/15/53
................
United
States
5,568,904
166,619
b,o
DBUBS
Mortgage
Trust
,
2011-LC3A
,
D
,
144A,
FRN
,
5.534
%
,
8/10/44
.........................................
United
States
389,813
381,255
b,o
GS
Mortgage
Securities
Corp.
Trust
,
2017-375H
,
A
,
144A,
FRN
,
3.591
%
,
9/10/37
...................................
United
States
259,000
252,015
o
GS
Mortgage
Securities
Trust
,
2015-GC30,
B,
FRN,
4.094%,
5/10/50
..................
United
States
328,435
320,636
n
2019-GC38,
XA,
IO,
FRN,
1.168%,
2/10/52
..............
United
States
3,438,875
75,311
J.P.
Morgan
Chase
Commercial
Mortgage
Securities
Trust
,
2016-
JP3
,
AS
,
3.144
%
,
8/15/49
...........................
United
States
256,000
249,026
o
JPMBB
Commercial
Mortgage
Securities
Trust
,
2013-C12,
C,
FRN,
4.072%,
7/15/45
...................
United
States
107,718
106,413
2014-C18,
B,
FRN,
4.659%,
2/15/47
...................
United
States
181,984
180,824
Putnam
Asset
Allocation
Funds
Consolidated
Schedule
of
Investments
(unaudited)
Putnam
Dynamic
Asset
Allocation
Conservative
Fund
(continued)
See
Notes
to
Consolidated
Schedules
of
Investments.
Quarterly
Consolidated
Schedule
of
Investments
129
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Commercial
Mortgage-Backed
Securities
(continued)
Financial
Services
(continued)
o
JPMBB
Commercial
Mortgage
Securities
Trust,
(continued)
2014-C18,
C,
FRN,
4.659%,
2/15/47
...................
United
States
350,000
$
341,873
2014-C23,
B,
FRN,
4.673%,
9/15/47
...................
United
States
126,939
125,709
2014-C24,
AS,
FRN,
3.914%,
11/15/47
..................
United
States
275,000
266,295
n
2014-C25,
XA,
IO,
FRN,
0.545%,
11/15/47
...............
United
States
492,668
2,003
o
JPMCC
Commercial
Mortgage
Securities
Trust
,
2017-JP5
,
AS
,
FRN
,
3.876
%
,
3/15/50
..............................
United
States
173,000
168,980
b
LSTAR
Commercial
Mortgage
Trust
,
2017-5
,
A5
,
144A,
3.549
%
,
3/10/50
.........................................
United
States
369,360
367,299
b,o
MAD
Commercial
Mortgage
Trust
,
2025-11MD,
C,
144A,
FRN,
5.818%,
10/15/42
............
United
States
177,000
177,875
2025-11MD,
D,
144A,
FRN,
6.571%,
10/15/42
............
United
States
173,000
174,514
o
Morgan
Stanley
Bank
of
America
Merrill
Lynch
Trust
,
b
2012-C5,
E,
144A,
FRN,
4.821%,
8/15/45
...............
United
States
95,838
95,421
2013-C10,
B,
FRN,
4.081%,
7/15/46
...................
United
States
274,662
261,312
2015-C21,
B,
FRN,
3.854%,
3/15/48
...................
United
States
52,089
51,077
2015-C22,
B,
FRN,
3.883%,
4/15/48
...................
United
States
125,000
114,455
2015-C22,
C,
FRN,
4.094%,
4/15/48
...................
United
States
234,000
198,969
Morgan
Stanley
Capital
I
Trust
,
b
2015-UBS8,
D,
144A,
3.18%,
12/15/48
..................
United
States
277,000
263,489
o
2016-UB12,
AS,
FRN,
3.778%,
12/15/49
................
United
States
193,000
184,847
2018-L1,
A3,
4.139%,
10/15/51
.......................
United
States
146,538
145,034
b
One
Bryant
Park
Trust
,
2019-OBP
,
A
,
144A,
2.516
%
,
9/15/54
..
United
States
165,000
152,456
b,k
SHRN
Trust
,
2025-MF18
,
A
,
144A,
FRN
,
4.825
%
,
(
1-month
SOFR
+
1.2
%
),
10/15/40
.................................
United
States
180,000
180,098
b,p
TIAA
Real
Estate
CDO
Ltd.
,
2003-1A
,
E
,
144A,
8
%
,
12/28/38
..
United
States
357,873
44
n,o
UBS
Commercial
Mortgage
Trust
,
2017-C7,
XA,
IO,
FRN,
1.114%,
12/15/50
................
United
States
2,412,166
26,504
2018-C8,
XA,
IO,
FRN,
0.963%,
2/15/51
.................
United
States
5,309,815
54,420
b
VCAT
LLC
,
2026-NPL2
,
A1
,
144A,
5.062
%
,
2/25/56
..........
United
States
979,248
974,435
b,o
VEGAS
,
2024-GCS
,
D
,
144A,
FRN
,
6.424
%
,
7/10/36
.........
United
States
121,000
120,778
Wells
Fargo
Commercial
Mortgage
Trust
,
b,o
2013-LC12,
D,
144A,
FRN,
3.865%,
7/15/46
.............
United
States
169,000
117,033
2016-BNK1,
AS,
2.814%,
8/15/49
......................
United
States
216,000
209,778
b
2016-C33,
D,
144A,
3.123%,
3/15/59
...................
United
States
45,428
44,545
b,o
2016-C34,
D,
144A,
FRN,
5.424%,
6/15/49
..............
United
States
107,037
105,082
n,o
2016-LC25,
XA,
IO,
FRN,
1.004%,
12/15/59
..............
United
States
2,762,276
3,544
n,o
2019-C52,
XA,
IO,
FRN,
1.688%,
8/15/52
................
United
States
3,001,169
117,365
n,o
2024-5C1,
XA,
IO,
FRN,
1.254%,
7/15/57
................
United
States
2,187,434
56,134
o
WFRBS
Commercial
Mortgage
Trust
,
b,p
2011-C3,
D,
144A,
FRN,
5.415%,
3/15/44
...............
United
States
171,704
63,096
b
2013-C15,
D,
144A,
FRN,
4.286%,
8/15/46
..............
United
States
134,334
94,773
2014-C21,
B,
FRN,
4.213%,
8/15/47
...................
United
States
382,458
376,892
2014-C23,
B,
FRN,
4.408%,
10/15/57
...................
United
States
93,000
91,418
14,223,163
a
a
a
a
a
a
Total
Commercial
Mortgage-Backed
Securities
(Cost
$14,689,699)
..............
14,223,163
Mortgage-Backed
Securities
14.7%
Federal
Home
Loan
Mortgage
Corp.
(FHLMC)
Fixed
Rate
0.1%
FHLMC
Pool,
30
Year,
2.5%,
8/01/50
-
10/01/50
............
United
States
441,235
378,934
FHLMC
Pool,
30
Year,
4%,
9/01/45
......................
United
States
89,263
85,151
FHLMC
Pool,
30
Year,
6.5%,
5/01/53
.....................
United
States
90,520
93,734
557,819
Putnam
Asset
Allocation
Funds
Consolidated
Schedule
of
Investments
(unaudited)
Putnam
Dynamic
Asset
Allocation
Conservative
Fund
(continued)
Quarterly
Consolidated
Schedule
of
Investments
See
Notes
to
Consolidated
Schedules
of
Investments.
130
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Mortgage-Backed
Securities
(continued)
Federal
National
Mortgage
Association
(FNMA)
Fixed
Rate
11.8%
FNMA,
2.73%,
9/01/29
...............................
United
States
182,706
$
173,688
FNMA,
3.5%,
6/01/56
-
2/01/57
.........................
United
States
2,085,034
1,887,389
FNMA,
4%,
1/01/57
..................................
United
States
297,297
279,027
FNMA,
4.69%,
8/01/28
...............................
United
States
62,566
62,810
FNMA,
5.28%,
12/01/28
..............................
United
States
147,000
149,385
FNMA,
30
Year,
2.5%,
7/01/50
-
7/01/51
..................
United
States
8,580,387
7,279,590
FNMA,
30
Year,
3%,
4/01/46
-
4/01/52
....................
United
States
7,201,368
6,405,832
FNMA,
30
Year,
3.5%,
4/01/52
.........................
United
States
1,027,610
941,158
FNMA,
30
Year,
6.5%,
3/01/53
-
5/01/53
..................
United
States
975,204
1,014,031
q
Uniform
Mortgage-Backed
Securities,
2%,
TBA,
8/25/56
......
United
States
840,000
670,683
q
Uniform
Mortgage-Backed
Securities,
2.5%,
TBA,
7/25/41
.....
United
States
10,100,000
9,481,375
q
Uniform
Mortgage-Backed
Securities,
2.5%,
TBA,
8/25/41
.....
United
States
10,100,000
9,443,483
q
Uniform
Mortgage-Backed
Securities,
2.5%,
TBA,
8/25/56
.....
United
States
27,480,000
22,956,534
q
Uniform
Mortgage-Backed
Securities,
3%,
TBA,
7/25/56
......
United
States
450,000
394,928
q
Uniform
Mortgage-Backed
Securities,
3.5%,
TBA,
7/25/56
.....
United
States
300,000
273,836
q
Uniform
Mortgage-Backed
Securities,
3.5%,
TBA,
8/25/56
.....
United
States
6,600,000
5,984,086
q
Uniform
Mortgage-Backed
Securities,
4%,
TBA,
7/25/56
......
United
States
300,000
281,719
q
Uniform
Mortgage-Backed
Securities,
4.5%,
TBA,
8/25/56
.....
United
States
1,360,000
1,301,828
q
Uniform
Mortgage-Backed
Securities,
5%,
TBA,
7/25/41
-
8/25/41
United
States
1,200,000
1,205,199
q
Uniform
Mortgage-Backed
Securities,
5%,
TBA,
8/25/56
......
United
States
24,940,000
24,480,213
q
Uniform
Mortgage-Backed
Securities,
5.5%,
TBA,
8/25/56
.....
United
States
1,560,000
1,562,912
q
Uniform
Mortgage-Backed
Securities,
6%,
TBA,
7/25/56
-
8/25/56
United
States
3,360,000
3,429,206
q
Uniform
Mortgage-Backed
Securities,
6.5%,
TBA,
7/25/56
.....
United
States
880,000
910,800
100,569,712
Government
National
Mortgage
Association
(GNMA)
Fixed
Rate
2.8%
q
GNMA
II,
Single-family,
30
Year,
2%,
8/15/56
...............
United
States
380,000
311,168
GNMA
II,
Single-family,
30
Year,
3%,
7/20/50
...............
United
States
2,835,918
2,523,295
GNMA
II,
Single-family,
30
Year,
3%,
8/20/50
...............
United
States
3,695,107
3,292,496
GNMA
II,
Single-family,
30
Year,
3%,
10/20/50
..............
United
States
4,640,272
4,126,465
GNMA
II,
Single-family,
30
Year,
3%,
8/20/49
-
1/20/54
.......
United
States
1,346,727
1,201,388
q
GNMA
II,
Single-family,
30
Year,
3%,
8/15/56
...............
United
States
10,100,000
8,959,016
GNMA
II,
Single-family,
30
Year,
4.5%,
5/20/49
.............
United
States
13,277
12,772
q
GNMA
II,
Single-family,
30
Year,
5%,
8/15/56
...............
United
States
790,000
778,105
q
GNMA
II,
Single-family,
30
Year,
5.5%,
8/15/56
.............
United
States
1,200,000
1,204,491
GNMA
II,
Single-family,
30
Year,
6%,
12/20/48
-
4/20/49
......
United
States
258,516
273,506
q
GNMA
II,
Single-family,
30
Year,
6%,
7/15/56
-
8/15/56
.......
United
States
860,000
877,449
23,560,151
Total
Mortgage-Backed
Securities
(Cost
$128,977,838)
.........................
124,687,682
Residential
Mortgage-Backed
Securities
1.3%
Financial
Services
1.3%
k
Alternative
Loan
Trust
,
2005-65CB,
2A1,
FRN,
4.188%,
(1-month
SOFR
+
0.539%),
12/25/35
........................................
United
States
247,522
146,561
2006-OA19,
A1,
FRN,
3.934%,
(1-month
SOFR
+
0.294%),
2/20/47
.........................................
United
States
168,156
137,528
b
Angel
Oak
Mortgage
Trust
,
2024-9
,
A1
,
144A,
5.138
%
,
9/25/69
.
United
States
88,407
88,155
b,o
Arroyo
Mortgage
Trust
,
2019-1,
A3,
144A,
FRN,
4.208%,
1/25/49
................
United
States
16,824
16,459
2019-3,
A3,
144A,
FRN,
3.416%,
10/25/48
...............
United
States
31,007
29,973
k
BankUnited
Trust
,
2005-1
,
1A1
,
FRN
,
4.363
%
,
(
1-month
SOFR
+
0.714
%
),
9/25/45
..................................
United
States
27,310
26,238
b,o
Bunker
Hill
Loan
Depositary
Trust
,
2020-1
,
A2
,
144A,
FRN
,
2.6
%
,
2/25/55
.........................................
United
States
85,273
84,868
Putnam
Asset
Allocation
Funds
Consolidated
Schedule
of
Investments
(unaudited)
Putnam
Dynamic
Asset
Allocation
Conservative
Fund
(continued)
See
Notes
to
Consolidated
Schedules
of
Investments.
Quarterly
Consolidated
Schedule
of
Investments
131
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Residential
Mortgage-Backed
Securities
(continued)
Financial
Services
(continued)
b,k
Chase
Home
Lending
Mortgage
Trust
,
2025-10,
A11,
144A,
FRN,
4.928%,
(30-day
SOFR
Average
+
1.3%),
7/25/56
....................................
United
States
80,041
$
80,262
2025-7,
A11,
144A,
FRN,
5.028%,
(30-day
SOFR
Average
+
1.4%),
5/25/56
....................................
United
States
44,398
44,643
o
Citigroup
Mortgage
Loan
Trust,
Inc.
,
2005-2
,
1A2A
,
FRN
,
5.683
%
,
5/25/35
.........................................
United
States
46,326
45,861
b
Cross
Mortgage
Trust
,
2024-H4,
A1,
144A,
6.147%,
7/25/69
...................
United
States
80,709
81,160
o
2024-H8,
A1,
144A,
FRN,
5.549%,
12/25/69
..............
United
States
549,553
551,865
b,o
CSMC
Trust
,
2021-RPL4
,
A1
,
144A,
FRN
,
4.148
%
,
12/27/60
...
United
States
106,899
106,630
b,k
FHLMC
STACR
REMIC
Trust
,
2021-DNA5,
M2,
144A,
FRN,
5.278%,
(30-day
SOFR
Average
+
1.65%),
1/25/34
.................................
United
States
8,883
8,894
2021-DNA6,
M2,
144A,
FRN,
5.128%,
(30-day
SOFR
Average
+
1.5%),
10/25/41
.................................
United
States
100,758
100,888
2021-DNA7,
M2,
144A,
FRN,
5.428%,
(30-day
SOFR
Average
+
1.8%),
11/25/41
..................................
United
States
346,000
346,799
2022-DNA2,
M1A,
144A,
FRN,
4.928%,
(30-day
SOFR
Average
+
1.3%),
2/25/42
..................................
United
States
12,370
12,371
2022-DNA3,
M1B,
144A,
FRN,
6.528%,
(30-day
SOFR
Average
+
2.9%),
4/25/42
..................................
United
States
12,000
12,180
2022-DNA5,
M1A,
144A,
FRN,
6.578%,
(30-day
SOFR
Average
+
2.95%),
6/25/42
.................................
United
States
72,901
73,781
2022-DNA6,
M1A,
144A,
FRN,
5.778%,
(30-day
SOFR
Average
+
2.15%),
9/25/42
.................................
United
States
1,411
1,413
2022-DNA6,
M1B,
144A,
FRN,
7.328%,
(30-day
SOFR
Average
+
3.7%),
9/25/42
..................................
United
States
12,000
12,384
2023-DNA1,
M1A,
144A,
FRN,
5.73%,
(30-day
SOFR
Average
+
2.1%),
3/25/43
..................................
United
States
46,001
46,541
2023-HQA2,
M1A,
144A,
FRN,
5.628%,
(30-day
SOFR
Average
+
2%),
6/25/43
....................................
United
States
5,425
5,429
2023-HQA3,
A1,
144A,
FRN,
5.478%,
(30-day
SOFR
Average
+
1.85%),
11/25/43
..................................
United
States
28,864
29,010
2023-HQA3,
M1,
144A,
FRN,
5.478%,
(30-day
SOFR
Average
+
1.85%),
11/25/43
.................................
United
States
18,273
18,362
2025-DNA1,
A1,
144A,
FRN,
4.578%,
(30-day
SOFR
Average
+
0.95%),
1/25/45
...................................
United
States
263,580
263,899
2025-DNA3,
M1,
144A,
FRN,
4.728%,
(30-day
SOFR
Average
+
1.1%),
9/25/45
..................................
United
States
105,954
106,061
2025-DNA4,
M1,
144A,
FRN,
4.728%,
(30-day
SOFR
Average
+
1.1%),
10/25/45
.................................
United
States
75,595
75,670
k
FNMA
Connecticut
Avenue
Securities
Trust
,
2016-C04,
1M2,
FRN,
7.992%,
(30-day
SOFR
Average
+
4.364%),
1/25/29
..................................
United
States
159,306
159,688
2016-C05,
2M2,
FRN,
8.192%,
(30-day
SOFR
Average
+
4.564%),
1/25/29
..................................
United
States
125,650
125,970
2016-C06,
1M2,
FRN,
7.992%,
(30-day
SOFR
Average
+
4.364%),
4/25/29
..................................
United
States
79,757
80,251
2016-C07,
2M2,
FRN,
8.092%,
(30-day
SOFR
Average
+
4.464%),
5/25/29
..................................
United
States
121,832
123,309
b
2021-R03,
1M2,
144A,
FRN,
5.278%,
(30-day
SOFR
Average
+
1.65%),
12/25/41
..................................
United
States
96,811
97,130
b
2022-R01,
1M1,
144A,
FRN,
4.628%,
(30-day
SOFR
Average
+
1%),
12/25/41
....................................
United
States
2,202
2,202
b
2022-R02,
2M2,
144A,
FRN,
6.628%,
(30-day
SOFR
Average
+
3%),
1/25/42
.....................................
United
States
347,641
351,332
Putnam
Asset
Allocation
Funds
Consolidated
Schedule
of
Investments
(unaudited)
Putnam
Dynamic
Asset
Allocation
Conservative
Fund
(continued)
Quarterly
Consolidated
Schedule
of
Investments
See
Notes
to
Consolidated
Schedules
of
Investments.
132
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Residential
Mortgage-Backed
Securities
(continued)
Financial
Services
(continued)
k
FNMA
Connecticut
Avenue
Securities
Trust,
(continued)
b
2022-R03,
1M2,
144A,
FRN,
7.128%,
(30-day
SOFR
Average
+
3.5%),
3/25/42
....................................
United
States
44,000
$
44,776
b
2022-R04,
1M2,
144A,
FRN,
6.728%,
(30-day
SOFR
Average
+
3.1%),
3/25/42
....................................
United
States
44,000
44,557
b
2022-R05,
2M2,
144A,
FRN,
6.628%,
(30-day
SOFR
Average
+
3%),
4/25/42
.....................................
United
States
491,651
497,544
b
2022-R09,
2M1,
144A,
FRN,
6.128%,
(30-day
SOFR
Average
+
2.5%),
9/25/42
....................................
United
States
31,444
31,678
b
2023-R06,
1M1,
144A,
FRN,
5.328%,
(30-day
SOFR
Average
+
1.7%),
7/25/43
....................................
United
States
8,746
8,764
b
2023-R07,
2M1,
144A,
FRN,
5.578%,
(30-day
SOFR
Average
+
1.95%),
9/25/43
...................................
United
States
2,859
2,866
b
2024-R03,
2M1,
144A,
FRN,
4.778%,
(30-day
SOFR
Average
+
1.15%),
3/25/44
...................................
United
States
4,014
4,015
b
2024-R06,
1A1,
144A,
FRN,
4.778%,
(30-day
SOFR
Average
+
1.15%),
9/25/44
...................................
United
States
91,135
91,396
b
2025-R01,
1A1,
144A,
FRN,
4.578%,
(30-day
SOFR
Average
+
0.95%),
1/25/45
...................................
United
States
77,412
77,488
b
2025-R01,
1M1,
144A,
FRN,
4.728%,
(30-day
SOFR
Average
+
1.1%),
1/25/45
....................................
United
States
35,892
35,909
b
2025-R02,
1A1,
144A,
FRN,
4.628%,
(30-day
SOFR
Average
+
1%),
2/25/45
.....................................
United
States
84,475
84,611
b
2025-R02,
1M1,
144A,
FRN,
4.778%,
(30-day
SOFR
Average
+
1.15%),
2/25/45
...................................
United
States
78,178
78,207
b
2025-R03,
2A1,
144A,
FRN,
5.078%,
(30-day
SOFR
Average
+
1.45%),
3/25/45
...................................
United
States
12,933
12,999
b
2025-R04,
1A1,
144A,
FRN,
4.628%,
(30-day
SOFR
Average
+
1%),
5/25/45
.....................................
United
States
49,412
49,491
b
2025-R04,
1M1,
144A,
FRN,
4.828%,
(30-day
SOFR
Average
+
1.2%),
5/25/45
....................................
United
States
87,961
88,048
b
2025-R06,
1A1,
144A,
FRN,
4.528%,
(30-day
SOFR
Average
+
0.9%),
9/25/45
....................................
United
States
128,224
128,355
b
2026-R01,
2A1,
144A,
FRN,
4.478%,
(30-day
SOFR
Average
+
0.85%),
1/25/46
...................................
United
States
219,299
219,307
b
2026-R01,
2M1,
144A,
FRN,
4.628%,
(30-day
SOFR
Average
+
1%),
1/25/46
.....................................
United
States
204,552
204,571
b
2026-R02,
1M1,
144A,
FRN,
4.678%,
(30-day
SOFR
Average
+
1.05%),
2/25/46
...................................
United
States
171,232
171,327
b
2026-R03,
2A1,
144A,
FRN,
4.728%,
(30-day
SOFR
Average
+
1.1%),
4/25/46
....................................
United
States
390,288
391,499
b,k
GS
Mortgage-Backed
Securities
Trust
,
2025-PJ10
,
A27
,
144A,
FRN
,
4.978
%
,
(
30-day
SOFR
Average
+
1.35
%
),
4/25/56
....
United
States
361,357
362,280
b
J.P.
Morgan
Mortgage
Trust
,
k
2024-9,
A11,
144A,
FRN,
4.978%,
(30-day
SOFR
Average
+
1.35%),
2/25/55
...................................
United
States
59,606
59,718
2024-VIS2,
A1,
144A,
5.853%,
11/25/64
.................
United
States
106,402
106,698
2024-VIS2,
A2,
144A,
6.106%,
11/25/64
.................
United
States
251,501
252,295
k
2025-1,
A11,
144A,
FRN,
4.878%,
(30-day
SOFR
Average
+
1.25%),
6/25/55
...................................
United
States
136,716
136,541
2026-NQX2,
A1FC,
144A,
5.628%,
10/25/66
.............
United
States
406,000
405,999
b,o
Morgan
Stanley
Resecuritization
Trust
,
2015-R4
,
CB1
,
144A,
FRN
,
3.933
%
,
8/26/47
..............................
United
States
6,801
6,811
b
OBX
Trust
,
2023-NQM10,
A1,
144A,
6.465%,
10/25/63
..............
United
States
166,818
167,182
k
2025-J2,
AF,
144A,
FRN,
4.928%,
(30-day
SOFR
Average
+
1.3%),
9/25/55
....................................
United
States
70,094
70,308
Putnam
Asset
Allocation
Funds
Consolidated
Schedule
of
Investments
(unaudited)
Putnam
Dynamic
Asset
Allocation
Conservative
Fund
(continued)
See
Notes
to
Consolidated
Schedules
of
Investments.
Quarterly
Consolidated
Schedule
of
Investments
133
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Residential
Mortgage-Backed
Securities
(continued)
Financial
Services
(continued)
b
OBX
Trust,
(continued)
k
2026-INV3,
AF2,
144A,
FRN,
4.978%,
(30-day
SOFR
Average
+
1.35%),
4/25/56
...................................
United
States
188,255
$
188,351
b,o
Onity
Loan
Investment
Trust
,
2026-HB3
,
A
,
144A,
FRN
,
3
%
,
6/25/39
.........................................
United
States
100,000
97,958
b,k
PMT
Loan
Trust
,
2025-INV10
,
A36
,
144A,
FRN
,
4.978
%
,
(
30-day
SOFR
Average
+
1.35
%
),
10/01/56
....................
United
States
172,751
173,014
b
PRET
LLC
,
2026-NPL1
,
A1
,
144A,
5.18
%
,
1/25/56
..........
United
States
95,397
94,670
b
PRPM
LLC
,
2026-1
,
A1
,
144A,
5.185
%
,
2/25/31
............
United
States
171,888
169,851
b
PRPM
Trust
,
2024-NQM2
,
A1
,
144A,
6.327
%
,
6/25/69
........
United
States
324,268
326,335
b,o
RMF
Buyout
Issuance
Trust
,
2020-HB1
,
A1
,
144A,
FRN
,
1.719
%
,
10/25/50
........................................
United
States
46,429
43,732
b
Starwood
Mortgage
Residential
Trust
,
2020-2,
M1E,
144A,
3%,
4/25/60
......................
United
States
163,471
162,703
o
2020-3,
A3,
144A,
FRN,
2.591%,
4/25/65
................
United
States
403,000
370,836
o
2021-3,
A1,
144A,
FRN,
1.127%,
6/25/56
................
United
States
92,723
80,433
b,k
Station
Place
Securitization
Trust
,
2025-1,
A,
144A,
FRN,
4.543%,
(1-month
SOFR
+
0.9%),
7/23/26
.........................................
United
States
423,000
423,214
2025-3,
A,
144A,
FRN,
4.543%,
(1-month
SOFR
+
0.9%),
9/23/26
.........................................
United
States
420,000
422,025
2025-7,
A,
144A,
FRN,
4.543%,
(1-month
SOFR
+
0.9%),
11/24/26
........................................
United
States
424,000
426,476
b,k
Structured
Agency
Credit
Risk
,
2026-DNA1
,
M1
,
144A,
FRN
,
4.628
%
,
(
30-day
SOFR
Average
+
1
%
),
2/25/46
...........
United
States
71,378
71,391
k
Structured
Asset
Mortgage
Investments
II
Trust
,
2007-AR1,
2A1,
FRN,
4.123%,
(1-month
SOFR
+
0.474%),
1/25/37
.........................................
United
States
60,915
55,703
2007-AR7,
1A1,
FRN,
5.463%,
(1-month
SOFR
+
1.814%),
5/25/47
.........................................
United
States
326,876
271,354
b,o
Towd
Point
Mortgage
Trust
,
2016-5
,
M2
,
144A,
FRN
,
3.375
%
,
10/25/56
........................................
United
States
174,000
165,475
WaMu
Mortgage
Pass-Through
Certificates
Trust
,
k
2004-AR13,
A2B,
FRN,
4.643%,
(1-month
SOFR
+
0.994%),
11/25/34
........................................
United
States
68,046
66,485
o
2004-AR3,
A2,
FRN,
4.891%,
6/25/34
..................
United
States
67,235
64,371
k
2005-AR9,
A1C3,
FRN,
4.723%,
(1-month
SOFR
+
1.074%),
7/25/45
.........................................
United
States
72,306
70,020
11,073,404
a
a
a
a
a
a
Total
Residential
Mortgage-Backed
Securities
(Cost
$11,196,863)
...............
11,073,404
Agency
Commercial
Mortgage-Backed
Securities
1.6%
Financial
Services
1.6%
FHLMC
,
k
3065,
DC,
FRN,
8.738%,
(-3
x
30-day
SOFR
Average
+
19.517%),
3/15/35
.................................
United
States
25,214
25,609
3391,
Strip,
4/15/37
................................
United
States
1,655
1,445
k
3408,
EK,
FRN,
10.875%,
(-4
x
30-day
SOFR
Average
+
25.332%),
4/15/37
.................................
United
States
17,889
20,309
k
406,
F30,
FRN,
4.778%,
(30-day
SOFR
Average
+
1.15%),
10/25/53
........................................
United
States
138,445
139,816
k,n
4326,
GS,
IO,
FRN,
2.343%,
(-1
x
30-day
SOFR
Average
+
5.936%),
4/15/44
..................................
United
States
2,275,658
202,023
n
5010,
IA,
IO,
3.5%,
9/25/50
..........................
United
States
1,456,345
257,391
n
5024,
HI,
IO,
4.5%,
10/25/50
.........................
United
States
1,953,383
444,700
Putnam
Asset
Allocation
Funds
Consolidated
Schedule
of
Investments
(unaudited)
Putnam
Dynamic
Asset
Allocation
Conservative
Fund
(continued)
Quarterly
Consolidated
Schedule
of
Investments
See
Notes
to
Consolidated
Schedules
of
Investments.
134
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Agency
Commercial
Mortgage-Backed
Securities
(continued)
Financial
Services
(continued)
FHLMC,
(continued)
n
5036,
IK,
IO,
4%,
4/25/50
............................
United
States
1,948,908
$
406,971
n
5079,
BI,
IO,
5.5%,
2/25/51
..........................
United
States
1,295,922
217,782
n
5104,
HI,
IO,
3.5%,
6/25/49
..........................
United
States
1,538,495
282,128
n
5121,
KI,
IO,
4%,
6/25/51
............................
United
States
2,188,443
527,195
n
5134,
IB,
IO,
4%,
8/25/51
............................
United
States
2,140,029
424,433
n
5138,
YI,
IO,
4.5%,
12/25/49
.........................
United
States
2,790,925
758,397
n
5142,
AI,
IO,
3.5%,
9/25/51
..........................
United
States
2,139,000
408,730
n
5236,
KI,
IO,
4%,
11/25/51
...........................
United
States
3,318,497
665,536
k
5387,
DF,
FRN,
4.828%,
(30-day
SOFR
Average
+
1.2%),
3/25/54
.........................................
United
States
409,562
414,454
k
5393,
FA,
FRN,
4.828%,
(30-day
SOFR
Average
+
1.2%),
12/25/53
........................................
United
States
443,941
449,238
k
5438,
FC,
FRN,
4.728%,
(30-day
SOFR
Average
+
1.1%),
8/25/54
.........................................
United
States
210,864
212,738
k
5440,
FH,
FRN,
4.728%,
(30-day
SOFR
Average
+
1.1%),
7/25/54
.........................................
United
States
566,593
571,758
k
5446,
DF,
FRN,
4.778%,
(30-day
SOFR
Average
+
1.15%),
8/25/54
.........................................
United
States
425,870
430,325
k
5466,
FG,
FRN,
4.578%,
(30-day
SOFR
Average
+
0.95%),
10/25/54
........................................
United
States
1,003,221
1,008,264
k
5493,
FK,
FRN,
4.778%,
(30-day
SOFR
Average
+
1.15%),
1/25/55
.........................................
United
States
252,354
255,307
FNMA
,
2006-84,
OT,
Strip,
9/25/36
..........................
United
States
578
487
2007-14,
KO,
Strip,
3/25/37
..........................
United
States
3,445
2,936
n
2020-31,
BI,
IO,
4%,
5/25/50
.........................
United
States
583,181
114,141
n
2020-78,
JI,
IO,
4%,
3/25/50
..........................
United
States
1,323,476
303,436
n
2020-96,
JI,
IO,
3%,
1/25/51
..........................
United
States
3,525,991
575,232
n
2021-28,
NI,
IO,
3%,
5/25/41
.........................
United
States
2,891,288
271,796
n
2021-45,
MI,
IO,
2.5%,
2/25/49
........................
United
States
3,165,617
380,775
n
2021-65,
LI,
IO,
3.5%,
10/25/51
.......................
United
States
1,691,803
320,149
k
2024-77,
DF,
FRN,
4.828%,
(30-day
SOFR
Average
+
1.2%),
10/25/53
........................................
United
States
104,387
105,676
k
2024-82,
FE,
FRN,
4.578%,
(30-day
SOFR
Average
+
0.95%),
11/25/54
........................................
United
States
143,084
143,803
k
2024-89,
FA,
FRN,
4.828%,
(30-day
SOFR
Average
+
1.2%),
12/25/54
........................................
United
States
235,082
237,883
k
2024-98,
FA,
FRN,
4.778%,
(30-day
SOFR
Average
+
1.15%),
12/25/53
........................................
United
States
135,636
137,069
k
2025-25,
FB,
FRN,
4.578%,
(30-day
SOFR
Average
+
0.95%),
4/25/55
.........................................
United
States
322,709
324,495
k
2025-41,
FA,
FRN,
4.778%,
(30-day
SOFR
Average
+
1.15%),
6/25/54
.........................................
United
States
115,596
116,950
GNMA
,
n,o
2015-H26,
EI,
IO,
FRN,
1.709%,
10/20/65
...............
United
States
220,051
8,368
n,o
2016-H16,
LI,
IO,
FRN,
2.667%,
7/20/66
................
United
States
874,441
47,573
n,o
2020-103,
IO,
FRN,
0.855%,
1/16/63
...................
United
States
2,398,658
152,710
n
2021-117,
MI,
IO,
3.5%,
5/20/42
.......................
United
States
3,037,771
455,487
n
2021-27,
IT,
IO,
3%,
2/20/51
..........................
United
States
1,294,798
217,697
n
2022-30,
IG,
IO,
3%,
2/20/52
.........................
United
States
3,664,393
543,087
k
2023-152,
FB,
FRN,
4.759%,
(30-day
SOFR
Average
+
1.15%),
4/20/51
.........................................
United
States
255,722
261,697
k
2024-78,
QF,
FRN,
4.709%,
(30-day
SOFR
Average
+
1.1%),
5/20/54
.........................................
United
States
256,863
259,161
k,n
2025-120,
SD,
IO,
FRN,
2.246%,
(-1
x
1-month
SOFR
+
5.886%),
10/20/49
.................................
United
States
1,640,960
163,613
Putnam
Asset
Allocation
Funds
Consolidated
Schedule
of
Investments
(unaudited)
Putnam
Dynamic
Asset
Allocation
Conservative
Fund
(continued)
See
Notes
to
Consolidated
Schedules
of
Investments.
Quarterly
Consolidated
Schedule
of
Investments
135
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Agency
Commercial
Mortgage-Backed
Securities
(continued)
Financial
Services
(continued)
GNMA,
(continued)
k
2025-169,
FC,
FRN,
4.609%,
(30-day
SOFR
Average
+
1%),
10/20/55
........................................
United
States
283,420
$
285,613
13,554,383
a
a
a
a
a
a
Total
Agency
Commercial
Mortgage-Backed
Securities
(Cost
$12,363,142)
.......
13,554,383
Municipal
Bonds
0.1%
Alabama
0.0%
†
Alabama
Economic
Settlement
Authority
,
BP
Settlement
Fund
,
Revenue
,
2016
B
,
4.263
%
,
9/15/32
....................
United
States
195,000
192,540
California
0.0%
†
State
of
California
,
GO
,
4.35
%
,
11/01/32
..................
United
States
165,000
163,332
Florida
0.0%
†
State
Board
of
Administration
Finance
Corp.
,
Florida
Hurricane
Catastrophe
Fund
,
Revenue
,
2024
A
,
5.526
%
,
7/01/34
......
United
States
120,000
124,890
Illinois
0.0%
†
City
of
Chicago
,
GO
,
2017
B
,
PEDM
,
7.045
%
,
1/01/29
........
United
States
65,000
66,263
State
of
Illinois
,
GO
,
2026
A
,
4.854
%
,
4/01/32
..............
United
States
140,000
140,275
206,538
Pennsylvania
0.0%
†
Philadelphia
Authority
for
Industrial
Development
,
City
of
Philadelphia
,
Revenue
,
2004
,
NATL
Insured
,
6.55
%
,
10/15/28
United
States
105,000
109,485
Redevelopment
Authority
of
the
City
of
Philadelphia
,
City
of
Philadelphia
,
Revenue
,
2026
A
,
4.132
%
,
11/01/30
.........
United
States
70,000
68,800
178,285
South
Carolina
0.1%
South
Carolina
Public
Service
Authority
,
Revenue
,
2009
F
,
5.74
%
,
1/01/30
.........................................
United
States
250,000
255,997
Virginia
0.0%
†
Virginia
Commonwealth
University
,
Revenue
,
2020
B
,
Refunding
,
2.124
%
,
11/01/30
..................................
United
States
120,000
109,294
Total
Municipal
Bonds
(Cost
$1,247,440)
.....................................
1,230,876
Total
Long
Term
Investments
(Cost
$670,729,145)
.............................
849,973,681
a
Short
Term
Investments
11.0%
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
a
U.S.
Government
and
Agency
Securities
2.7%
g,r
U.S.
Treasury
Bills
,
3.37%,
7/16/26
...................................
United
States
18,700,000
18,671,996
3.75%,
10/22/26
...................................
United
States
3,500,000
3,458,898
22,130,894
Total
U.S.
Government
and
Agency
Securities
(Cost
$22,132,626)
...............
22,130,894
Putnam
Asset
Allocation
Funds
Consolidated
Schedule
of
Investments
(unaudited)
Putnam
Dynamic
Asset
Allocation
Conservative
Fund
(continued)
Quarterly
Consolidated
Schedule
of
Investments
See
Notes
to
Consolidated
Schedules
of
Investments.
136
Short
Term
Investments
(continued)
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Management
Investment
Companies
6.1%
s,t
Putnam
Short
Term
Investment
Fund,
Class
P,
3.837%
.......
United
States
51,697,001
$
51,697,001
Total
Management
Investment
Companies
(Cost
$51,697,001)
..................
51,697,001
Money
Market
Funds
0.3%
t,u
JPM
USD
Treasury
CNAV
Fund,
3.149%
..................
Luxembourg
39,136
39,136
s,t,u
Putnam
Government
Money
Market
Fund,
Class
G,
3.477%
...
United
States
2,789,738
2,789,738
Total
Money
Market
Funds
(Cost
$2,828,874)
.................................
2,828,874
Principal
Amount
*
Repurchase
Agreements
1.9%
v
Joint
tri-party
repurchase
agreement
with
Banc
of
America
Securities
LLC,
3.65%,
7/01/26
(Maturity
Value
$2,175,449)
Collateralized
by
U.S.
Government
and
Agency
Securities,
6%
-
7%,
7/1/53
-
4/1/55
and
Agency
Mortgage-Backed
Securities,
2.5%
-
6.5%,
11/20/29
-
6/20/56
(valued
at
$2,218,733)
.....
2,175,229
2,175,229
v
Joint
tri-party
repurchase
agreement
with
Bank
of
Montreal,
3.64%,
7/01/26
(Maturity
Value
$2,226,138)
Collateralized
by
U.S.
Treasury
Notes,
3.625%,
3/31/28
-
8/31/29
(valued
at
$2,270,662)
........................
2,225,913
2,225,913
v
Joint
tri-party
repurchase
agreement
with
BNP
Paribas
Securities
Co.,
3.65%,
7/01/26
(Maturity
Value
$2,627,509)
Collateralized
by
U.S.
Government
and
Agency
Securities,
1.8%
-
6.5%,
7/1/28
-
6/1/56,
Agency
Mortgage-Backed
Securities,
4.5%
-
7.5%,
7/20/53
-
4/20/56,
U.S.
Treasury
Bonds,
2.125%
-
2.375%,
2/15/54
-
2/15/56,
U.S.
Treasury
Bills,
0%,
12/10/26
and
U.S.
Treasury
Notes,
0.375%
-
4.125%,
1/15/27
-
4/15/28
(valued
at
$2,680,059)
..............................
2,627,243
2,627,243
v
Joint
tri-party
repurchase
agreement
with
Citigroup
Global
Markets,
Inc.,
3.65%,
7/01/26
(Maturity
Value
$2,598,482)
Collateralized
by
Agency
Mortgage-Backed
Securities,
4%
-
6%,
11/15/31
-
1/20/48,
U.S.
Treasury
Bonds,
3.375%
-
4.75%,
2/15/45
-
11/15/48
and
U.S.
Treasury
Notes,
4.125%,
6/15/29
-
8/31/30
(valued
at
$2,650,183)
........................
2,598,219
2,598,219
v
Joint
tri-party
repurchase
agreement
with
HSBC
Bank
plc,
3.65%,
7/01/26
(Maturity
Value
$5,565,346)
Collateralized
by
U.S.
Government
and
Agency
Securities,
1.5%
-
7%,
12/1/29
-
5/1/56
(valued
at
$5,676,078)
.........
5,564,782
5,564,782
v
Joint
tri-party
repurchase
agreement
with
Royal
Bank
of
Canada,
3.65%,
7/01/26
(Maturity
Value
$1,113,069)
Collateralized
by
U.S.
Treasury
Bonds,
1.25%
-
4.75%,
5/15/40
-
11/15/55
and
U.S.
Treasury
Notes,
3.75%,
6/30/27
(valued
at
$1,135,216)
......................................
1,112,956
1,112,956
Total
Repurchase
Agreements
(Cost
$16,304,342)
.............................
16,304,342
Total
Short
Term
Investments
(Cost
$92,962,843
)
..............................
92,961,111
a
Total
Investments
(Cost
$763,691,988)
111.3%
................................
$942,934,792
TBA
Sale
Commitments
(1.9)%
..............................................
(15,865,513)
Other
Assets,
less
Liabilities
(9.4)%
.........................................
(79,060,065)
Net
Assets
100.0%
.........................................................
$848,009,214
a
a
a
Putnam
Asset
Allocation
Funds
Consolidated
Schedule
of
Investments
(unaudited)
Putnam
Dynamic
Asset
Allocation
Conservative
Fund
(continued)
See
Notes
to
Consolidated
Schedules
of
Investments.
Quarterly
Consolidated
Schedule
of
Investments
137
a
a
a
Country
Principal
Amount
*
a
Value
w
TBA
Sale
Commitments
(1.9)%
Mortgage-Backed
Securities
(1.9)%
Federal
National
Mortgage
Association
(FNMA)
Fixed
Rate
(1.8)%
Uniform
Mortgage-Backed
Securities
,
2.5%,
TBA,
7/25/41
................................
United
States
(10,100,000)
$
(9,481,375)
3%,
TBA,
7/25/56
..................................
United
States
(450,000)
(394,927)
3%,
TBA,
8/25/56
..................................
United
States
(450,000)
(392,203)
3.5%,
TBA,
7/25/56
................................
United
States
(300,000)
(273,836)
3.5%,
TBA,
8/25/56
................................
United
States
(200,000)
(181,336)
4%,
TBA,
7/25/56
..................................
United
States
(300,000)
(281,719)
4%,
TBA,
8/25/56
..................................
United
States
(300,000)
(280,218)
5%,
TBA,
7/25/41
..................................
United
States
(600,000)
(603,469)
6%,
TBA,
7/25/56
..................................
United
States
(1,680,000)
(1,717,144)
6.5%,
TBA,
7/25/56
................................
United
States
(880,000)
(910,800)
6.5%,
TBA,
8/25/56
................................
United
States
(880,000)
(909,315)
(15,426,342)
Government
National
Mortgage
Association
(GNMA)
Fixed
Rate
(0.1)%
GNMA
II,
Single-family,
30
Year,
4.5%,
7/15/56
.............
United
States
(430,000)
(439,171)
Total
TBA
Sale
Commitments
(Proceeds
$(15,864,464))
........................
$(15,865,513)
*
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
June
30,
2026,
the
aggregate
value
of
these
securities
was
$104,722,710,
representing
12.3%
of
net
assets.
c
A
portion
or
all
of
the
security
purchased
on
a
delayed
delivery
basis.
d
Variable
rate
security.
The
rate
shown
represents
the
yield
at
period
end.
e
Fair
valued
using
significant
unobservable
inputs.
See
Note
7
regarding
fair
value
measurements.
f
See
Note
3
regarding
restricted
securities.
g
The
rate
shown
represents
the
yield
at
period
end.
h
Income
may
be
received
in
additional
securities
and/or
cash.
i
The
coupon
rate
shown
represents
the
rate
at
period
end.
j
Perpetual
security
with
no
stated
maturity
date.
k
The
coupon
rate
shown
represents
the
rate
inclusive
of
any
caps
or
floors,
if
applicable,
in
effect
at
period
end.
l
See
Note
4
regarding
unfunded
loan
commitments.
m
This
security
was
pledged,
or
purchased
with
cash
that
was
pledged,
to
the
Fund
for
collateral
on
certain
derivative
contracts.
n
Investment
in
an
interest-only
security
entitles
holders
to
receive
only
the
interest
payment
on
the
underlying
instruments.
The
principal
amount
shown
is
the
notional
amount
of
the
underlying
instruments.
o
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.
p
Defaulted
security
or
security
for
which
income
has
been
deemed
uncollectible.
q
Security
purchased
on
a
to-be-announced
(TBA)
basis.
r
A
portion
or
all
of
the
security
has
been
segregated
as
collateral
for
certain
derivative
contracts
and
TBA
securities.
At
June
30,
2026,
the
aggregate
value
of
these
securities
pledged
amounted
to
$20,158,601,
representing
2.4%
of
net
assets.
s
See
Note
5
regarding
investments
in
affiliated
management
investment
companies.
t
The
rate
shown
is
the
annualized
seven-day
effective
yield
at
period
end.
u
The
security
is
owned
by
Franklin
Dynamic
Asset
Allocation
Conservative
Ltd.,
a
wholly-owned
subsidiary
of
the
Fund.
See
Note
6.
v
Investment
is
through
participation
in
a
joint
account
with
other
funds
managed
by
the
investment
manager
or
an
affiliate
of
the
investment
manager.
At
June
30,
2026,
all
repurchase
agreements
had
been
entered
into
on
that
date.
w
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.
Putnam
Asset
Allocation
Funds
Consolidated
Schedule
of
Investments
(unaudited)
Putnam
Dynamic
Asset
Allocation
Conservative
Fund
(continued)
Quarterly
Consolidated
Schedule
of
Investments
See
Notes
to
Consolidated
Schedules
of
Investments.
138
At
June
30,
2026,
the
Fund
had
the
following futures
contracts
outstanding.
At
June
30,
2026,
the
Fund
had
the
following
forward
exchange
contracts
outstanding.
Futures
Contracts
Description
Type
Number
of
Contracts
Notional
Amount
*
Expiration
Date
Value/
Unrealized
Appreciation
(Depreciation)
Equity
contracts
MSCI
EAFE
Index
............................
Short
294
$
46,235,910
9/18/26
$
465,293
MSCI
Emerging
Markets
Index
..................
Long
5
439,325
9/18/26
136
Russell
2000
E-Mini
Index
......................
Short
49
7,461,720
9/18/26
(73,478)
S&P
500
E-Mini
Index
.........................
Short
483
182,290,238
9/18/26
(1,196,493)
S&P/TSX
60
Index
...........................
Long
42
12,175,484
9/17/26
7,629
SPI
200
Index
...............................
Short
81
12,304,029
9/17/26
189,969
TOPIX
Index
................................
Long
36
8,863,003
9/10/26
233,477
Interest
rate
contracts
Euro-Bobl
..................................
Short
24
3,163,997
9/08/26
(19,591)
Euro-BTP
..................................
Long
26
3,545,602
9/08/26
44,038
Euro-Bund
.................................
Long
24
3,491,968
9/08/26
41,862
Euro-OAT
..................................
Long
38
5,209,388
9/08/26
39,835
Euro-Schatz
................................
Long
38
4,600,656
9/08/26
11,321
Japan
10
Year
Bonds
.........................
Long
21
16,502,168
9/14/26
48,960
Long
Gilt
...................................
Long
32
3,786,643
9/28/26
46,810
Short-Term
Euro-BTP
.........................
Long
6
733,892
9/08/26
2,619
U.S.
Treasury
10
Year
Notes
....................
Long
358
39,340,844
9/21/26
52,787
U.S.
Treasury
10
Year
Ultra
Notes
................
Short
21
2,361,844
9/21/26
(12,169)
U.S.
Treasury
2
Year
Notes
.....................
Long
317
65,344,101
9/30/26
(105,196)
U.S.
Treasury
5
Year
Notes
.....................
Long
582
62,301,281
9/30/26
(36,816)
U.S.
Treasury
Long
Bonds
.....................
Long
276
31,326,000
9/21/26
403,656
U.S.
Treasury
Ultra
Bonds
......................
Long
181
21,024,281
9/21/26
361,635
Total
Futures
Contracts
......................................................................
$506,284
*
As
of
period
end.
Forward
Exchange
Contracts
Currency
Counter-
party
a
Type
Quantity
Contract
Amount
*
Settlement
Date
Unrealized
Appreciation
Unrealized
Depreciation
a
a
a
a
a
a
a
a
OTC
Forward
Exchange
Contracts
Australian
Dollar
....
BOFA
Buy
143,800
101,375
7/15/26
$
—
$
(1,839)
Australian
Dollar
....
BZWS
Buy
91,400
64,435
7/15/26
—
(1,169)
Australian
Dollar
....
CITI
Sell
35,200
24,817
7/15/26
452
—
Australian
Dollar
....
GSCO
Sell
26,900
18,962
7/15/26
342
—
Australian
Dollar
....
HSBK
Sell
79,500
56,368
7/15/26
1,340
—
Australian
Dollar
....
MSCO
Buy
24,100
17,139
7/15/26
—
(458)
Australian
Dollar
....
MSCO
Sell
882,600
622,432
7/15/26
11,511
—
Australian
Dollar
....
SSBT
Buy
942,200
664,238
7/15/26
—
(12,062)
Australian
Dollar
....
TDOM
Buy
135,000
95,172
7/15/26
—
(1,727)
Australian
Dollar
....
UBSW
Buy
997,800
703,360
7/15/26
—
(12,699)
Canadian
Dollar
....
BOFA
Buy
6,044,700
4,391,004
7/15/26
—
(126,390)
Canadian
Dollar
....
BOFA
Sell
59,800
42,951
7/15/26
761
—
Canadian
Dollar
....
BZWS
Sell
800
581
7/15/26
17
—
Canadian
Dollar
....
HSBK
Sell
313,200
228,312
7/15/26
7,346
—
Canadian
Dollar
....
JPHQ
Sell
297,600
216,178
7/15/26
6,217
—
Putnam
Dynamic
Asset
Allocation
Conservative
Fund
(continued)
See
Notes
to
Consolidated
Schedules
of
Investments.
Quarterly
Consolidated
Schedule
of
Investments
139
Putnam
Asset
Allocation
Funds
Consolidated
Schedule
of
Investments
(unaudited)
Forward
Exchange
Contracts
(continued)
Currency
Counter-
party
a
Type
Quantity
Contract
Amount*
Settlement
Date
Unrealized
Appreciation
Unrealized
Depreciation
a
a
a
a
a
a
a
a
OTC
Forward
Exchange
Contracts
(continued)
Canadian
Dollar
....
MSCO
Sell
1,763,000
1,276,823
7/15/26
$
33,121
$
(118)
Canadian
Dollar
....
SSBT
Buy
40,100
29,303
7/15/26
—
(1,012)
Canadian
Dollar
....
SSBT
Sell
27,700
20,121
7/15/26
578
—
Canadian
Dollar
....
UBSW
Sell
198,500
144,393
7/15/26
4,349
—
Israeli
New
Shekel
..
BZWS
Buy
90,500
29,563
7/15/26
859
—
Israeli
New
Shekel
..
CITI
Buy
1,800
588
7/15/26
17
—
Israeli
New
Shekel
..
HSBK
Buy
364,900
119,184
7/15/26
3,479
—
Israeli
New
Shekel
..
SSBT
Buy
11,400
3,726
7/15/26
107
—
Israeli
New
Shekel
..
UBSW
Buy
231,400
75,597
7/15/26
2,189
—
New
Zealand
Dollar
.
MSCO
Buy
49,400
28,979
7/15/26
—
(908)
Chinese
Yuan
......
SSBT
Sell
3,999,600
592,079
8/12/26
1,432
—
Hong
Kong
Dollar
...
BOFA
Buy
3,403,600
435,072
8/12/26
—
(412)
Hong
Kong
Dollar
...
BZWS
Buy
580,100
74,292
8/12/26
—
(210)
Hong
Kong
Dollar
...
BZWS
Sell
37,700
4,827
8/12/26
12
—
Hong
Kong
Dollar
...
GSCO
Buy
2,632,800
337,244
8/12/26
—
(1,020)
Hong
Kong
Dollar
...
HSBK
Sell
8,125,300
1,040,483
8/12/26
2,834
—
Hong
Kong
Dollar
...
MSCO
Buy
898,400
115,065
8/12/26
—
(334)
Hong
Kong
Dollar
...
SSBT
Buy
836,800
107,189
8/12/26
—
(325)
Hong
Kong
Dollar
...
SSBT
Sell
1,023,500
131,071
8/12/26
364
—
Hong
Kong
Dollar
...
UBSW
Buy
292,700
37,489
8/12/26
—
(110)
Japanese
Yen
......
BOFA
Buy
29,590,200
190,329
8/12/26
—
(7,722)
Japanese
Yen
......
BOFA
Sell
14,010,900
88,719
8/12/26
2,255
—
Japanese
Yen
......
BZWS
Sell
23,026,200
148,115
8/12/26
6,016
—
Japanese
Yen
......
CITI
Sell
84,125,700
541,165
8/12/26
22,009
—
Japanese
Yen
......
GSCO
Buy
33,580,400
216,018
8/12/26
—
(8,786)
Japanese
Yen
......
HSBK
Sell
47,427,800
304,452
8/12/26
11,765
—
Japanese
Yen
......
JPHQ
Buy
2,739,300
17,621
8/12/26
—
(716)
Japanese
Yen
......
MSCO
Buy
396,273,500
2,533,386
8/12/26
—
(87,900)
Japanese
Yen
......
MSCO
Sell
77,092,200
482,248
8/12/26
6,496
—
Japanese
Yen
......
SSBT
Sell
47,716,300
306,935
8/12/26
12,468
—
Japanese
Yen
......
TDOM
Sell
431,600
2,776
8/12/26
113
—
Japanese
Yen
......
UBSW
Buy
131,421,800
835,612
8/12/26
—
(24,582)
Japanese
Yen
......
UBSW
Sell
19,765,000
124,954
8/12/26
2,980
—
Singapore
Dollar
....
BZWS
Buy
6,600
5,240
8/12/26
—
(123)
Singapore
Dollar
....
CITI
Sell
600
476
8/12/26
11
—
Singapore
Dollar
....
HSBK
Sell
77,700
61,674
8/12/26
1,436
—
Singapore
Dollar
....
MSCO
Buy
71,900
57,091
8/12/26
—
(1,349)
Singapore
Dollar
....
SSBT
Buy
379,600
301,393
8/12/26
—
(7,102)
Singapore
Dollar
....
SSBT
Sell
380,600
298,719
8/12/26
3,653
—
Singapore
Dollar
....
UBSW
Sell
7,800
6,040
8/12/26
—
(8)
British
Pound
......
BOFA
Sell
109,700
147,418
9/16/26
1,907
—
British
Pound
......
BZWS
Buy
300
403
9/16/26
—
(5)
British
Pound
......
CITI
Sell
1,534,500
2,060,520
9/16/26
25,089
—
British
Pound
......
GSCO
Sell
100,000
134,258
9/16/26
1,613
—
British
Pound
......
HSBK
Buy
71,700
96,273
9/16/26
—
(1,166)
British
Pound
......
HSBK
Sell
96,000
127,758
9/16/26
707
(288)
British
Pound
......
JPHQ
Sell
816,800
1,096,550
9/16/26
13,109
—
British
Pound
......
MSCO
Buy
144,800
193,938
9/16/26
—
(1,869)
British
Pound
......
MSCO
Sell
667,100
894,068
9/16/26
9,468
(272)
British
Pound
......
SSBT
Sell
256,300
343,758
9/16/26
3,790
—
British
Pound
......
TDOM
Buy
65,000
87,206
9/16/26
—
(987)
British
Pound
......
UBSW
Sell
819,100
1,099,093
9/16/26
12,601
—
Danish
Krone
......
BOFA
Buy
852,600
133,028
9/16/26
—
(2,155)
Danish
Krone
......
BZWS
Sell
801,100
124,981
9/16/26
2,013
—
Danish
Krone
......
CITI
Sell
1,542,800
240,641
9/16/26
3,824
—
Danish
Krone
......
HSBK
Buy
454,700
70,897
9/16/26
—
(1,102)
Danish
Krone
......
MSCO
Sell
8,082,300
1,257,162
9/16/26
16,924
(381)
Putnam
Asset
Allocation
Funds
Consolidated
Schedule
of
Investments
(unaudited)
Putnam
Dynamic
Asset
Allocation
Conservative
Fund
(continued)
Quarterly
Consolidated
Schedule
of
Investments
See
Notes
to
Consolidated
Schedules
of
Investments.
140
Forward
Exchange
Contracts
(continued)
Currency
Counter-
party
a
Type
Quantity
Contract
Amount*
Settlement
Date
Unrealized
Appreciation
Unrealized
Depreciation
a
a
a
a
a
a
a
a
OTC
Forward
Exchange
Contracts
(continued)
Danish
Krone
......
SSBT
Buy
134,400
20,940
9/16/26
$
—
$
(310)
Danish
Krone
......
SSBT
Sell
79,300
12,136
9/16/26
—
(36)
Danish
Krone
......
TDOM
Buy
19,800
3,086
9/16/26
—
(46)
Danish
Krone
......
UBSW
Sell
179,400
27,964
9/16/26
426
—
Euro
.............
BOFA
Buy
279,400
325,535
9/16/26
—
(5,255)
Euro
.............
BOFA
Sell
87,500
100,301
9/16/26
187
(188)
Euro
.............
BZWS
Sell
861,000
1,003,035
9/16/26
16,061
—
Euro
.............
CITI
Sell
128,300
149,416
9/16/26
2,344
—
Euro
.............
GSCO
Sell
445,800
519,000
9/16/26
7,975
—
Euro
.............
HSBK
Sell
521,000
602,580
9/16/26
5,858
(507)
Euro
.............
JPHQ
Buy
123,300
140,779
9/16/26
561
—
Euro
.............
JPHQ
Sell
368,800
429,337
9/16/26
6,577
—
Euro
.............
MSCO
Buy
733,900
842,662
9/16/26
1,357
(2,739)
Euro
.............
MSCO
Sell
1,378,800
1,599,549
9/16/26
20,131
(1,115)
Euro
.............
SSBT
Buy
68,400
79,586
9/16/26
—
(1,178)
Euro
.............
TDOM
Sell
2,035,700
2,368,842
9/16/26
35,296
—
Euro
.............
UBSW
Buy
6,500
7,565
9/16/26
—
(114)
Euro
.............
WPAC
Sell
287,700
334,740
9/16/26
4,946
—
Norwegian
Krone
...
BOFA
Sell
48,300
5,069
9/16/26
195
—
Norwegian
Krone
...
BZWS
Sell
61,900
6,494
9/16/26
247
—
Norwegian
Krone
...
CITI
Sell
33,600
3,523
9/16/26
132
—
Norwegian
Krone
...
HSBK
Sell
118,900
12,317
9/16/26
318
—
Norwegian
Krone
...
JPHQ
Sell
3,932,500
411,864
9/16/26
15,012
—
Norwegian
Krone
...
MSCO
Buy
1,254,300
131,376
9/16/26
—
(4,798)
Swedish
Krona
.....
BOFA
Buy
72,600
7,785
9/16/26
—
(266)
Swedish
Krona
.....
BZWS
Buy
9,190,700
985,365
9/16/26
—
(33,407)
Swedish
Krona
.....
CITI
Buy
38,300
4,104
9/16/26
—
(137)
Swedish
Krona
.....
HSBK
Sell
11,583,000
1,237,723
9/16/26
37,974
—
Swedish
Krona
.....
MSCO
Sell
1,367,200
146,267
9/16/26
4,655
—
Swedish
Krona
.....
SSBT
Buy
763,500
81,612
9/16/26
—
(2,530)
Swedish
Krona
.....
SSBT
Sell
79,500
8,228
9/16/26
—
(7)
Swedish
Krona
.....
TDOM
Buy
3,838,800
410,571
9/16/26
—
(12,954)
Swiss
Franc
.......
BOFA
Sell
212,100
270,088
9/16/26
5,330
—
Swiss
Franc
.......
BZWS
Buy
12,000
15,286
9/16/26
—
(307)
Swiss
Franc
.......
CITI
Buy
54,300
68,496
9/16/26
—
(715)
Swiss
Franc
.......
CITI
Sell
11,100
14,122
9/16/26
267
—
Swiss
Franc
.......
GSCO
Buy
124,700
158,646
9/16/26
—
(2,987)
Swiss
Franc
.......
HSBK
Buy
209,100
265,980
9/16/26
—
(4,968)
Swiss
Franc
.......
HSBK
Sell
41,500
52,806
9/16/26
1,003
—
Swiss
Franc
.......
JPHQ
Buy
599,500
762,495
9/16/26
—
(14,157)
Swiss
Franc
.......
MSCO
Buy
27,900
34,750
9/16/26
77
—
Swiss
Franc
.......
MSCO
Sell
352,500
448,477
9/16/26
8,462
—
Swiss
Franc
.......
SSBT
Buy
65,500
83,395
9/16/26
—
(1,634)
Swiss
Franc
.......
SSBT
Sell
334,500
425,254
9/16/26
7,708
—
Swiss
Franc
.......
TDOM
Buy
60,500
76,923
9/16/26
—
(1,403)
Swiss
Franc
.......
UBSW
Buy
211,900
269,565
9/16/26
—
(5,057)
Swiss
Franc
.......
UBSW
Sell
34,800
43,392
9/16/26
—
(48)
Total
Forward
Exchange
Contracts
...................................................
$420,673
$(404,169)
Net
unrealized
appreciation
(depreciation)
............................................
$16,504
*
In
U.S.
dollars
unless
otherwise
indicated.
a
May
be
comprised
of
multiple
contracts
with
the
same
counterparty,
currency
and
settlement
date.
Putnam
Dynamic
Asset
Allocation
Conservative
Fund
(continued)
See
Notes
to
Consolidated
Schedules
of
Investments.
Quarterly
Consolidated
Schedule
of
Investments
141
Putnam
Asset
Allocation
Funds
Consolidated
Schedule
of
Investments
(unaudited)
At
June
30,
2026,
the
Fund
had
the
following credit
default
swap
contracts outstanding.
At
June
30,
2026,
the
Fund
had
the
following interest
rate swap
contracts
outstanding.
Credit
Default
Swap
Contracts
Description
Periodic
Payment
Rate
Received
(Paid)
Payment
Frequency
Maturity
Date
Notional
Amount
a
Value
Upfront
Payments
(Receipts)
Unrealized
Appreciation
(Depreciation)
Rating
b
Centrally
Cleared
Swap
Contracts
Contracts
to
Sell
Protection
c,d
Traded
Index
CDX.NA.HY.46
.
5.00%
Quarterly
6/20/31
3,278,000
$
266,095
$
181,483
$
84,612
Non-
Investment
Grade
CDX.NA.IG.46
..
1.00%
Quarterly
6/20/31
120,973,000
2,686,051
2,551,544
134,507
Investment
Grade
iTraxx
Europe
Main
45
....
1.00%
Quarterly
6/20/31
10,268,000
EUR
266,056
242,072
23,984
Investment
Grade
Total
Credit
Default
Swap
Contracts
........................................
$3,218,202
$2,975,099
$243,103
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
aa
aa
Centrally
Cleared
Swap
Contracts
Receive
Floating
1-day
SOFR
..............
Annual
Pay
Fixed
4.06%
....
Annual
9/16/28
84,291,000
$
(56,085)
$
(215,792)
$
159,707
Receive
Fixed
2.92%
..
Annual
Pay
Floating
6-month
EURIBOR
.........
Semi-Annual
9/16/28
15,103,000
EUR
61,004
47,724
13,280
Receive
Fixed
4.04%
..
Annual
Pay
Floating
1-day
SOFR
............
Annual
9/16/28
73,351,000
20,989
161,667
(140,678)
Receive
Floating
6-month
EURIBOR
...........
Semi-Annual
Pay
Fixed
2.94%
....
Annual
9/16/28
1,478,000
EUR
(6,618)
(5,337)
(1,281)
Receive
Fixed
1.54%
..
Quarterly
Pay
Floating
1-week
CNY-Fixing
Repo
Rate
Quarterly
9/16/31
130,042,000
CNY
68,325
(3,700)
72,025
Putnam
Asset
Allocation
Funds
Consolidated
Schedule
of
Investments
(unaudited)
Putnam
Dynamic
Asset
Allocation
Conservative
Fund
(continued)
Quarterly
Consolidated
Schedule
of
Investments
See
Notes
to
Consolidated
Schedules
of
Investments.
142
Interest
Rate
Swap
Contracts
(continued)
Description
Payment
Frequency
Maturity
Date
Notional
Amount*
Value
Upfront
Payments
(Receipts)
Unrealized
Appreciation
(Depreciation)
aa
aa
aa
aa
Centrally
Cleared
Swap
Contracts
(continued)
Receive
Floating
1-day
SOFR
..............
Annual
Pay
Fixed
4.02%
....
Annual
9/16/31
4,465,000
$
(20,282)
$
(21,286)
$
1,004
Receive
Fixed
2.94%
..
Annual
Pay
Floating
6-month
EURIBOR
.........
Semi-Annual
9/16/31
675,000
EUR
6,820
4,324
2,496
Receive
Fixed
3.04%
..
Semi-Annual
Pay
Floating
1-day
REPO_CORRA
.....
Semi-Annual
9/16/31
4,655,000
CAD
23,730
25,106
(1,376)
Receive
Floating
1-day
SOFR
..............
Annual
Pay
Fixed
4.08%
....
Annual
9/16/33
8,148,000
(63,903)
(50,952)
(12,951)
Receive
Fixed
3.12%
..
Annual
Pay
Floating
6-month
EURIBOR
.........
Semi-Annual
9/16/36
6,310,000
EUR
117,668
58,051
59,617
Receive
Fixed
4.16%
..
Annual
Pay
Floating
1-day
SOFR
............
Annual
9/16/36
34,582,000
358,144
233,408
124,736
Receive
Fixed
4.18%
..
Quarterly
Pay
Floating
3-month
CD_KSDA
.........
Quarterly
9/16/36
4,207,508,000
KRW
51,180
45,641
5,539
Receive
Fixed
3.24%
..
Annual
Pay
Floating
6-month
EURIBOR
.........
Semi-Annual
9/16/56
451,000
EUR
15,931
4,698
11,233
Receive
Fixed
3.58%
..
Semi-Annual
Pay
Floating
1-day
REPO_CORRA
.....
Semi-Annual
9/16/56
1,110,000
CAD
17,998
14,414
3,584
Receive
Fixed
4.3%
...
Annual
Pay
Floating
1-day
SOFR
............
Annual
9/16/56
10,649,000
195,181
72,383
122,798
Receive
Fixed
4.32%
..
Annual
Pay
Floating
1-day
SOFR
............
Annual
9/16/56
1,123,000
24,374
10,243
14,131
Total
Interest
Rate
Swap
Contracts
.................................
$814,456
$
380,592
$433,864
*
In
U.S.
dollars
unless
otherwise
indicated.
Putnam
Dynamic
Asset
Allocation
Conservative
Fund
(continued)
See
Notes
to
Consolidated
Schedules
of
Investments.
Quarterly
Consolidated
Schedule
of
Investments
143
Putnam
Asset
Allocation
Funds
Consolidated
Schedule
of
Investments
(unaudited)
At
June
30,
2026,
the
Fund
had
the
following total
return swap
contracts
outstanding.
Total
Return
Swap
Contracts
Underlying
Instruments
Financing
Rate
Payment
Frequency
Counter-
party
Maturity
Date
Notional
Value
*
Value/
Unrealized
Appreciation
(Depreciation)
OTC
Swap
Contracts
Long
a
GSIIPGDL
Index
#
.....................
0%
At
Maturity
GSCO
9/30/26
18,257,812
$
(149,903)
BCFTUSAL
Index
#
....................
0%
At
Maturity
BZWS
5/28/27
13,692,290
631,808
Short
b
GSIIPGSS
Index
#
.....................
0%
At
Maturity
GSCO
9/30/26
16,520,415
41,974
IBOXIG
Index
........................
1-day
SOFR
Quarterly
JPHQ
12/20/26
6,200,000
(82,117)
BCFTUSAS
Index
#
....................
0%
At
Maturity
BZWS
5/28/27
13,736,653
(395,872)
Total
Return
Swap
Contracts
....................................................................
$45,890
*
In
U.S.
dollars
unless
otherwise
indicated.
#
Represents
a
custom
index
comprised
of
a
basket
of
underlying
instruments.
The
50
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.
Description
Sector
Shares
Value
Percentage
value
GSIIPGDL
C
ommon
S
tocks
Iberdrola
SA
Utilities
5,548
$
138,530
0.76%
Airbnb,
Inc.
Consumer
Discretionary
968
138,522
0.76%
Endesa
SA
Utilities
3,020
137,716
0.76%
Klepierre
SA
Real
Estate
3,221
134,716
0.74%
Veralto
Corp.
Industrials
1,493
132,361
0.73%
Altria
Group,
Inc.
Consumer
Staples
1,775
127,690
0.70%
Cie
Financiere
Richemont
SA
Consumer
Discretionary
539
124,685
0.69%
E.ON
SE
Utilities
5,948
122,580
0.68%
SS&C
Technologies
Holdings,
Inc.
Industrials
1,924
119,409
0.66%
Pepsico,
Inc.
Consumer
Staples
882
119,369
0.66%
VICI
Properties,
Inc.
Real
Estate
4,488
119,146
0.66%
Colgate-Palmolive
Co.
Consumer
Staples
1,287
117,946
0.65%
Telia
Co.
AB
Communication
Services
24,108
117,601
0.65%
Travelers
Cos.,
Inc.
(The)
Financials
355
117,230
0.65%
Chevron
Corp.
Energy
685
113,611
0.63%
Danske
Bank
A/S
Financials
2,080
111,429
0.62%
Holcim
AG
Materials
1,204
108,764
0.60%
Allegion
plc
Industrials
767
107,719
0.59%
Simon
Property
Group,
Inc.
Real
Estate
479
107,075
0.59%
AMETEK,
Inc.
Industrials
432
104,472
0.58%
Avery
Dennison
Corp.
Materials
643
104,386
0.58%
Automatic
Data
Processing,
Inc.
Industrials
462
103,498
0.57%
Jack
Henry
&
Associates,
Inc.
Financials
748
103,031
0.57%
Secom
Co.
Ltd.
Industrials
2,558
101,611
0.56%
Conoco
Phillips
Energy
960
99,814
0.55%
National
Bank
of
Canada
Financials
632
99,764
0.55%
MSCI,
Inc.
Financials
178
99,514
0.55%
Putnam
Asset
Allocation
Funds
Consolidated
Schedule
of
Investments
(unaudited)
Putnam
Dynamic
Asset
Allocation
Conservative
Fund
(continued)
Quarterly
Consolidated
Schedule
of
Investments
See
Notes
to
Consolidated
Schedules
of
Investments.
144
Description
Sector
Shares
Value
Percentage
value
GSIIPGDL
Common
Stocks
(continued)
Kenvue,
Inc.
Consumer
Staples
5,140
$
98,232
0.54%
Tokyo
Gas
Co.
Ltd.
Utilities
2,571
96,843
0.53%
BP
PLC
Energy
15,214
94,321
0.52%
George
Weston
Ltd.
Consumer
Staples
1,298
93,169
0.51%
Knorr-Bremse
AG
Industrials
795
92,304
0.51%
Kirin
Holdings
Co.
Ltd.
Consumer
Staples
5,203
89,976
0.50%
Canadian
Utilities
Ltd.
Utilities
2,412
89,618
0.49%
QBE
Insurance
Group
Ltd.
Financials
5,113
89,232
0.49%
Chubb
Ltd.
Financials
259
88,364
0.49%
Singapore
Exchange
Ltd.
Financials
4,732
88,088
0.49%
Lockheed
Martin
Corp.
Industrials
172
87,705
0.48%
Bristol-Myers
Squibb
Co.
Health
Care
1,518
87,448
0.48%
Deutsche
Telekom
AG
Communication
Services
3,206
87,411
0.48%
TotalEnergies
SE
Energy
1,090
84,750
0.47%
State
Street
Corp.
Financials
498
84,410
0.47%
National
Grid
PLC
Utilities
5,060
83,815
0.46%
Power
Assets
Holdings
Ltd.
Utilities
11,437
83,279
0.46%
Ipsen
SA
Health
Care
430
83,042
0.46%
Hartford
Insurance
Group,
Inc.
(The)
Financials
624
82,633
0.46%
Danone
SA
Consumer
Staples
1,005
82,390
0.45%
Fortum
Oyj
Utilities
3,509
81,405
0.45%
Telenor
ASA
Communication
Services
5,573
79,863
0.44%
Oversea-Chinese
Banking
Corp.
Ltd.
Financials
4,115
78,860
0.44%
Description
Sector
Shares
Value
Percentage
value
BCFTUSAL
C
ommon
S
tocks
Lam
Research
Corp.
Information
Technology
533
230,852
1.61%
Applied
Materials,
Inc.
Information
Technology
293
212,029
1.48%
Toll
Brothers,
Inc.
Consumer
Discretionary
1,187
195,595
1.36%
United
Airlines
Holdings,
Inc.
Industrials
1,428
194,230
1.35%
Astera
Labs,
Inc.
Information
Technology
393
189,668
1.32%
GE
Vernova,
Inc.
Industrials
161
188,649
1.32%
Virtu
Financial,
Inc.
Financials
3,153
187,846
1.31%
Exelixis,
Inc.
Health
Care
3,440
187,149
1.30%
Citigroup,
Inc.
Financials
1,333
186,629
1.30%
State
Street
Corp.
Financials
1,084
183,927
1.28%
Valero
Energy
Corp.
Energy
689
179,492
1.25%
Arista
Networks,
Inc.
Information
Technology
1,053
178,912
1.25%
Natera,
Inc.
Health
Care
657
178,377
1.24%
Sandisk
Corp.
Information
Technology
76
173,138
1.21%
Cadence
Design
Systems,
Inc.
Information
Technology
450
169,014
1.18%
Freeport-McMoRan,
Inc.
Materials
2,671
167,984
1.17%
Johnson
Controls
International
plc
Industrials
1,138
166,234
1.16%
Edison
International
Utilities
2,220
165,283
1.15%
Curtiss-Wright
Corp.
Industrials
218
165,203
1.15%
Unum
Group
Financials
1,792
160,206
1.12%
Affiliated
Managers
Group,
Inc.
Financials
472
159,828
1.11%
Axis
Capital
Holdings
Ltd.
Financials
1,445
155,253
1.08%
Cheniere
Energy,
Inc.
Energy
623
148,869
1.04%
General
Motors
Co.
Consumer
Discretionary
1,896
146,142
1.02%
Cirrus
Logic,
Inc.
Information
Technology
964
143,206
1.00%
MGIC
Investment
Corp.
Financials
5,074
143,089
1.00%
Allison
Transmission
Holdings,
Inc.
Industrials
1,266
142,694
1.00%
Regeneron
Pharmaceuticals,
Inc.
Health
Care
219
136,467
0.95%
Putnam
Dynamic
Asset
Allocation
Conservative
Fund
(continued)
See
Notes
to
Consolidated
Schedules
of
Investments.
Quarterly
Consolidated
Schedule
of
Investments
145
Putnam
Asset
Allocation
Funds
Consolidated
Schedule
of
Investments
(unaudited)
Description
Sector
Shares
Value
Percentage
value
BCFTUSAL
Common
Stocks
(continued)
Synchrony
Financial
Financials
1,779
$
135,284
0.94%
Rubrik,
Inc.
Information
Technology
1,631
130,919
0.91%
NRG
Energy,
Inc.
Utilities
891
130,169
0.91%
Everpure,
Inc.
Information
Technology
1,650
130,006
0.91%
Flex
Ltd.
Information
Technology
797
129,154
0.90%
QUALCOMM,
Inc.
Information
Technology
691
127,677
0.89%
eBay,
Inc.
Consumer
Discretionary
1,133
126,619
0.88%
Vornado
Realty
Trust
Real
Estate
3,196
125,618
0.88%
Spotify
Technology
SA
Communication
Services
270
123,965
0.86%
Booking
Holdings,
Inc.
Consumer
Discretionary
682
121,588
0.85%
Ciena
Corp.
Information
Technology
242
118,717
0.83%
AutoNation,
Inc.
Consumer
Discretionary
631
117,253
0.82%
Textron,
Inc.
Industrials
1,232
112,977
0.79%
American
International
Group,
Inc.
Financials
1,497
111,542
0.78%
Equitable
Holdings,
Inc.
Financials
2,539
111,411
0.78%
Millicom
International
Cellular
SA
Communication
Services
1,209
109,769
0.77%
Manhattan
Associates,
Inc.
Information
Technology
788
109,691
0.77%
Boyd
Gaming
Corp.
Consumer
Discretionary
1,210
106,904
0.75%
Ventas,
Inc.
Real
Estate
1,183
105,031
0.73%
MGM
Resorts
International
Consumer
Discretionary
2,182
104,315
0.73%
DoorDash,
Inc.
Consumer
Discretionary
554
102,170
0.71%
Iridium
Communications,
Inc.
Communication
Services
1,755
96,248
0.67%
Description
Sector
Shares
Value
Percentage
value
GSIIPGSS
C
ommon
S
tocks
Straumann
Holding
AG
Health
Care
973
128,407
0.78%
CenterPoint
Energy,
Inc.
Utilities
2,741
120,722
0.74%
Entergy
Corp.
Utilities
1,051
120,720
0.74%
Dominion
Energy,
Inc.
Utilities
1,749
119,446
0.73%
Southern
Co.
(The)
Utilities
1,233
118,019
0.72%
Enbridge,
Inc.
Energy
2,063
111,833
0.68%
ONEOK,
Inc.
Energy
1,265
109,938
0.67%
Visa,
Inc.
Financials
320
109,731
0.67%
Hermes
International
SCA
Consumer
Discretionary
60
109,283
0.67%
American
Water
Works
Co.,
Inc.
Utilities
830
109,173
0.67%
International
Paper
Co.
Materials
2,852
108,674
0.66%
Walmart,
Inc.
Consumer
Staples
951
107,657
0.66%
Ingersoll
Rand,
Inc.
Industrials
1,304
106,945
0.65%
Orange
SA
Communication
Services
5,623
106,099
0.65%
Ferrovial
NV
Industrials
1,542
105,740
0.64%
Eaton
Corp.
PLC
Industrials
247
105,114
0.64%
Heineken
NV
Consumer
Staples
1,217
102,365
0.62%
Cellnex
Telecom
SA
Communication
Services
3,378
101,002
0.62%
Diamondback
Energy,
Inc.
Energy
569
100,041
0.61%
Waste
Connections,
Inc.
Industrials
593
98,878
0.60%
Realty
Income
Corp.
Real
Estate
1,592
98,667
0.60%
Land
Securities
Group
PLC
Real
Estate
11,387
98,386
0.60%
Duke
Energy
Corp.
Utilities
769
97,370
0.59%
Swiss
Life
Holding
AG
Financials
88
97,226
0.59%
Singapore
Telecommunications
Ltd.
Communication
Services
27,417
93,479
0.57%
Fifth
Third
Bancorp
Financials
1,630
91,893
0.56%
Coca-Cola
Europacific
Partners
PLC
Consumer
Staples
887
88,779
0.54%
Coca-Cola
Co.
(The)
Consumer
Staples
1,092
88,729
0.54%
Wilmar
International
Ltd.
Consumer
Staples
31,285
87,316
0.53%
Putnam
Asset
Allocation
Funds
Consolidated
Schedule
of
Investments
(unaudited)
Putnam
Dynamic
Asset
Allocation
Conservative
Fund
(continued)
Quarterly
Consolidated
Schedule
of
Investments
See
Notes
to
Consolidated
Schedules
of
Investments.
146
Description
Sector
Shares
Value
Percentage
value
GSIIPGSS
Common
Stocks
(continued)
British
American
TobacCo.
PLC
Consumer
Staples
1,381
$
85,697
0.52%
WEC
Energy
Group,
Inc.
Utilities
733
85,645
0.52%
Aker
BP
ASA
Energy
2,790
85,496
0.52%
Beiersdorf
AG
Consumer
Staples
974
83,863
0.51%
Hong
Kong
&
China
Gas
Co.
Ltd.
Utilities
101,165
83,852
0.51%
Pernod
Ricard
SA
Consumer
Staples
1,133
82,723
0.50%
Xcel
Energy,
Inc.
Utilities
1,005
80,732
0.49%
Zurich
Insurance
Group
AG
Financials
108
79,894
0.49%
Equifax,
Inc.
Industrials
499
79,175
0.48%
Union
Pacific
Corp.
Industrials
287
78,159
0.48%
Emerson
Electric
Co.
Industrials
541
77,426
0.47%
Lennar
Corp.
Consumer
Discretionary
854
77,268
0.47%
Alliant
Energy
Corp.
Utilities
990
75,510
0.46%
EQT
AB
Financials
2,634
74,558
0.45%
TELUS
Corp.
Communication
Services
7,003
74,038
0.45%
Paychex,
Inc.
Industrials
752
73,924
0.45%
Linde
PLC
Materials
142
73,484
0.45%
Palo
Alto
Networks,
Inc.
Information
Technology
213
72,658
0.44%
Exelon
Corp.
Utilities
1,548
72,185
0.44%
Legal
&
General
Group
PLC
Financials
18,616
70,664
0.43%
Genuine
Parts
Co.
Consumer
Discretionary
598
70,521
0.43%
Description
Sector
Shares
Value
Percentage
value
BCFTUSAS
C
ommon
S
tocks
Dell
Technologies,
Inc.
Information
Technology
564
243,139
1.72%
MKS,
Inc.
Information
Technology
515
228,877
1.62%
Micron
Technology,
Inc.
Information
Technology
192
221,518
1.56%
Entegris,
Inc.
Information
Technology
1,132
203,636
1.44%
Brown
&
Brown,
Inc.
Financials
3,017
193,511
1.37%
Arthur
J
Gallagher
&
Co.
Financials
843
193,493
1.37%
Roivant
Sciences
Ltd.
Health
Care
5,332
188,683
1.33%
Coherent
Corp.
Information
Technology
451
177,833
1.26%
DT
Midstream,
Inc.
Energy
1,121
164,523
1.16%
Royal
Caribbean
Cruises
Ltd.
Consumer
Discretionary
514
163,122
1.15%
Loar
Holdings,
Inc.
Industrials
1,968
158,677
1.12%
Texas
Instruments,
Inc.
Information
Technology
529
157,730
1.11%
LPL
Financial
Holdings,
Inc.
Financials
545
153,630
1.09%
Diamondback
Energy,
Inc.
Energy
867
152,383
1.08%
Take-Two
Interactive
Software,
Inc.
Communication
Services
598
149,561
1.06%
Bunge
Global
SA
Consumer
Staples
1,397
149,108
1.05%
Norwegian
Cruise
Line
Holdings
Ltd.
Consumer
Discretionary
6,997
147,710
1.04%
Monolithic
Power
Systems,
Inc.
Information
Technology
103
142,921
1.01%
Lumentum
Holdings,
Inc.
Information
Technology
166
142,515
1.01%
Kinsale
Capital
Group,
Inc.
Financials
401
132,286
0.93%
Synopsys,
Inc.
Information
Technology
291
129,676
0.92%
Quanta
Services,
Inc.
Industrials
172
124,087
0.88%
Ryan
Specialty
Holdings,
Inc.
Financials
3,276
123,684
0.87%
Lithia
Motors,
Inc.
Consumer
Discretionary
423
122,791
0.87%
CH
Robinson
Worldwide,
Inc.
Industrials
649
122,298
0.86%
Affirm
Holdings,
Inc.
Financials
1,489
121,433
0.86%
Oracle
Corp.
Information
Technology
819
120,055
0.85%
BWX
Technologies,
Inc.
Industrials
612
119,193
0.84%
Ross
Stores,
Inc.
Consumer
Discretionary
557
118,500
0.84%
Gen
Digital,
Inc.
Information
Technology
4,666
116,132
0.82%
Putnam
Dynamic
Asset
Allocation
Conservative
Fund
(continued)
See
Notes
to
Consolidated
Schedules
of
Investments.
Quarterly
Consolidated
Schedule
of
Investments
147
Putnam
Asset
Allocation
Funds
Consolidated
Schedule
of
Investments
(unaudited)
See
Abbreviations
on
page
234.
Description
Sector
Shares
Value
Percentage
value
BCFTUSAS
Common
Stocks
(continued)
GLOBALFOUNDRIES,
Inc.
Information
Technology
1,361
$
112,128
0.79%
SoFi
Technologies,
Inc.
Financials
6,111
109,562
0.77%
nVent
Electric
PLC
Industrials
634
107,476
0.76%
Aurora
Innovation,
Inc.
Information
Technology
15,718
107,195
0.76%
RPM
International,
Inc.
Materials
962
106,960
0.76%
Royal
Gold,
Inc.
Materials
536
106,915
0.76%
Primo
Brands
Corp.
Consumer
Staples
4,303
105,170
0.74%
Stanley
Black
&
Decker,
Inc.
Industrials
1,115
104,958
0.74%
Watsco,
Inc.
Industrials
241
100,488
0.71%
Healthcare
Realty
Trust,
Inc.
Real
Estate
4,950
99,842
0.71%
Blue
Owl
Capital,
Inc.
Financials
11,166
97,701
0.69%
Jack
Henry
&
Associates,
Inc.
Financials
701
96,537
0.68%
Somnigroup
International,
Inc.
Consumer
Discretionary
1,222
95,788
0.68%
Albemarle
Corp.
Materials
693
93,548
0.66%
T
Rowe
Price
Group,
Inc.
Financials
808
91,868
0.65%
Tyler
Technologies,
Inc.
Information
Technology
295
86,354
0.61%
Domino's
Pizza,
Inc.
Consumer
Discretionary
288
85,253
0.60%
NU
Holdings
Ltd.
Financials
6,357
84,934
0.60%
Motorola
Solutions,
Inc.
Information
Technology
204
84,872
0.60%
Agree
Realty
Corp.
Real
Estate
1,093
82,768
0.59%
Putnam
Asset
Allocation
Funds
Consolidated
Schedule
of
Investments
(unaudited),
June
30,
2026
Putnam
Dynamic
Asset
Allocation
Growth
Fund
Quarterly
Consolidated
Schedule
of
Investments
See
Notes
to
Consolidated
Schedules
of
Investments.
148
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Common
Stocks
82.0%
Aerospace
&
Defense
2.0%
Airbus
SE
.........................................
France
43,381
$
9,651,918
a
Astronics
Corp.
.....................................
United
States
8,735
709,806
a
Astronics
Corp.,
B
...................................
United
States
1,747
132,772
Curtiss-Wright
Corp.
.................................
United
States
1,823
1,381,396
Embraer
SA
.......................................
Brazil
160,000
2,536,854
a
Firefly
Aerospace,
Inc.
................................
United
States
17,184
505,210
General
Dynamics
Corp.
..............................
United
States
3,886
1,376,577
General
Electric
Co.
.................................
United
States
42,892
16,030,027
a
Honeywell
Aerospace,
Inc.
............................
United
States
26,110
5,772,288
a
Kratos
Defense
&
Security
Solutions,
Inc.
.................
United
States
2,545
126,894
L3Harris
Technologies,
Inc.
............................
United
States
4,272
1,241,400
Leonardo
DRS,
Inc.
.................................
United
States
29,669
1,265,976
Leonardo
SpA
......................................
Italy
27,332
1,467,465
Lockheed
Martin
Corp.
...............................
United
States
29,016
14,782,491
Melrose
Industries
plc
................................
United
Kingdom
162,916
1,027,292
Moog,
Inc.,
A
.......................................
United
States
658
278,887
Northrop
Grumman
Corp.
.............................
United
States
14,038
7,149,694
RTX
Corp.
........................................
United
States
50,962
9,669,020
Safran
SA
.........................................
France
14,383
5,668,068
Thales
SA
.........................................
France
9,784
2,514,503
TransDigm
Group,
Inc.
...............................
United
States
2,082
2,773,307
a
V2X,
Inc.
..........................................
United
States
4,638
345,809
86,407,654
Air
Freight
&
Logistics
0.2%
Deutsche
Post
AG
...................................
Germany
28,217
1,715,493
Expeditors
International
of
Washington,
Inc.
...............
United
States
8,565
1,395,924
FedEx
Corp.
.......................................
United
States
29,343
9,188,174
Hub
Group,
Inc.,
A
...................................
United
States
9,336
408,823
United
Parcel
Service,
Inc.,
B
..........................
United
States
13,193
1,418,248
14,126,662
Automobile
Components
0.2%
a
Adient
plc
.........................................
United
States
14,125
259,617
Aisin
Corp.
........................................
Japan
140,700
1,910,241
BorgWarner,
Inc.
....................................
United
States
23,510
1,561,064
Dana,
Inc.
.........................................
United
States
26,727
727,242
a
Gentherm,
Inc.
.....................................
United
States
5,475
186,752
a
Strattec
Security
Corp.
...............................
United
States
2,095
170,638
Sumitomo
Electric
Industries
Ltd.
.......................
Japan
49,500
918,578
Visteon
Corp.
......................................
United
States
8,015
795,168
6,529,300
Automobiles
1.4%
Ford
Motor
Co.
.....................................
United
States
100,226
1,393,141
General
Motors
Co.
..................................
United
States
137,408
10,591,409
Isuzu
Motors
Ltd.
...................................
Japan
31,100
414,134
Kia
Corp.
.........................................
South
Korea
21,185
1,913,381
Mahindra
&
Mahindra
Ltd.
.............................
India
125,304
4,075,488
Subaru
Corp.
......................................
Japan
41,400
605,694
a
Tesla,
Inc.
.........................................
United
States
94,022
39,545,653
Toyota
Motor
Corp.
..................................
Japan
37,900
634,920
59,173,820
Banks
5.2%
AIB
Group
plc
......................................
Ireland
492,650
5,789,863
Al
Rajhi
Bank
......................................
Saudi
Arabia
217,786
3,820,410
Amalgamated
Financial
Corp.
..........................
United
States
9,133
419,205
Putnam
Asset
Allocation
Funds
Consolidated
Schedule
of
Investments
(unaudited)
Putnam
Dynamic
Asset
Allocation
Growth
Fund
(continued)
See
Notes
to
Consolidated
Schedules
of
Investments.
Quarterly
Consolidated
Schedule
of
Investments
149
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Common
Stocks
(continued)
Banks
(continued)
Ameris
Bancorp
....................................
United
States
1,937
$
174,834
Associated
Banc-Corp.
...............................
United
States
5,582
171,758
a
Axos
Financial,
Inc.
..................................
United
States
4,375
426,081
Banc
of
California,
Inc.
...............................
United
States
8,767
179,110
Banco
Bilbao
Vizcaya
Argentaria
SA
.....................
Spain
146,137
3,679,263
Banco
de
Sabadell
SA
...............................
Spain
47,846
169,539
Banco
Santander
SA
.................................
Spain
952,915
13,226,324
Bank
Hapoalim
BM
..................................
Israel
73,786
1,701,909
Bank
Leumi
Le-Israel
BM
.............................
Israel
167,548
3,749,490
Bank
of
America
Corp.
...............................
United
States
283,610
16,160,098
Bank
of
China
Ltd.,
H
................................
China
6,802,000
4,337,793
Bank
of
Hawaii
Corp.
................................
United
States
5,255
428,230
BankUnited,
Inc.
....................................
United
States
3,567
172,821
Banner
Corp.
......................................
United
States
2,344
155,735
Barclays
plc
.......................................
United
Kingdom
795,791
5,332,596
BNP
Paribas
SA
....................................
France
48,739
5,692,382
BOC
Hong
Kong
Holdings
Ltd.
.........................
China
89,000
482,962
CaixaBank
SA
......................................
Spain
33,376
472,877
Carter
Bankshares,
Inc.
...............................
United
States
6,153
209,264
Cathay
General
Bancorp
..............................
United
States
15,590
966,424
Central
Pacific
Financial
Corp.
.........................
United
States
8,506
324,929
Citigroup,
Inc.
......................................
United
States
314,020
43,950,239
Citizens
Financial
Group,
Inc.
..........................
United
States
20,195
1,415,064
CTBC
Financial
Holding
Co.
Ltd.
........................
Taiwan
2,033,000
4,556,990
a
Customers
Bancorp,
Inc.
..............................
United
States
10,795
853,884
CVB
Financial
Corp.
.................................
United
States
8,132
183,377
Danske
Bank
A/S
...................................
Denmark
83,085
4,453,571
Enterprise
Financial
Services
Corp.
......................
United
States
7,421
488,895
Erste
Group
Bank
AG
................................
Austria
48,051
6,431,047
Financial
Institutions,
Inc.
.............................
United
States
4,752
185,185
First
Bancorp
......................................
United
States
37,620
980,753
First
Financial
Corp.
.................................
United
States
2,368
183,378
First
Horizon
Corp.
..................................
United
States
53,388
1,368,868
First
Merchants
Corp.
................................
United
States
2,048
89,477
Grupo
Financiero
Banorte
SAB
de
CV,
O
..................
Mexico
242,765
2,562,238
Hancock
Whitney
Corp.
...............................
United
States
10,604
792,331
Hanmi
Financial
Corp.
................................
United
States
9,084
294,322
Hilltop
Holdings,
Inc.
.................................
United
States
16,270
630,951
Hope
Bancorp,
Inc.
..................................
United
States
19,303
264,065
HSBC
Holdings
plc,
(GBP
Traded)
......................
United
Kingdom
488,460
9,236,434
HSBC
Holdings
plc,
(HKD
Traded)
......................
United
Kingdom
107,600
2,044,560
ICICI
Bank
Ltd.
.....................................
India
321,580
4,694,178
Independent
Bank
Corp.
..............................
United
States
5,606
202,208
Intesa
Sanpaolo
SpA
.................................
Italy
361,045
2,481,567
JPMorgan
Chase
&
Co.
...............................
United
States
22,261
7,286,693
KB
Financial
Group,
Inc.
..............................
South
Korea
42,592
4,406,879
Lloyds
Banking
Group
plc
.............................
United
Kingdom
3,532,104
5,169,333
Mercantile
Bank
Corp.
................................
United
States
3,141
180,356
Metropolitan
Bank
Holding
Corp.
........................
United
States
2,011
198,606
Mitsubishi
UFJ
Financial
Group,
Inc.
.....................
Japan
506,000
10,081,005
National
Bank
Holdings
Corp.,
A
........................
United
States
10,505
466,737
National
Bank
of
Greece
SA
...........................
Greece
351,299
6,069,232
NatWest
Group
plc
..................................
United
Kingdom
522,997
4,614,901
Northrim
BanCorp,
Inc.
...............................
United
States
6,305
174,901
Northwest
Bancshares,
Inc.
............................
United
States
11,373
172,415
a
NU
Holdings
Ltd.,
A
..................................
Brazil
52,346
699,342
OceanFirst
Financial
Corp.
............................
United
States
13,293
259,612
OFG
Bancorp
......................................
United
States
10,176
499,336
Putnam
Asset
Allocation
Funds
Consolidated
Schedule
of
Investments
(unaudited)
Putnam
Dynamic
Asset
Allocation
Growth
Fund
(continued)
Quarterly
Consolidated
Schedule
of
Investments
See
Notes
to
Consolidated
Schedules
of
Investments.
150
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Common
Stocks
(continued)
Banks
(continued)
Origin
Bancorp,
Inc.
.................................
United
States
3,912
$
200,099
OTP
Bank
Nyrt.
.....................................
Hungary
24,883
3,675,369
PNC
Financial
Services
Group,
Inc.
(The)
.................
United
States
40,799
10,045,530
Popular,
Inc.
.......................................
United
States
8,472
1,390,933
Preferred
Bank
.....................................
United
States
1,770
188,080
Raiffeisen
Bank
International
AG
........................
Austria
14,962
956,475
Shore
Bancshares,
Inc.
...............................
United
States
7,943
182,292
Simmons
First
National
Corp.,
A
........................
United
States
17,622
399,138
Southern
Missouri
Bancorp,
Inc.
........................
United
States
2,465
187,858
Sumitomo
Mitsui
Financial
Group,
Inc.
....................
Japan
141,200
5,534,907
a
Third
Coast
Bancshares,
Inc.
..........................
United
States
3,399
137,320
Towne
Bank
.......................................
United
States
4,882
176,924
Trustmark
Corp.
....................................
United
States
13,505
621,365
UniCredit
SpA
......................................
Italy
54,751
4,906,717
United
Community
Banks,
Inc.
.........................
United
States
4,669
163,835
Univest
Financial
Corp.
...............................
United
States
5,507
240,931
US
Bancorp
.......................................
United
States
24,306
1,468,082
Valley
National
Bancorp
..............................
United
States
12,951
189,732
WaFd,
Inc.
........................................
United
States
4,394
168,598
Wells
Fargo
&
Co.
...................................
United
States
17,484
1,444,878
Westamerica
BanCorp
...............................
United
States
3,192
187,275
WSFS
Financial
Corp.
................................
United
States
2,520
193,360
Zions
Bancorp
NA
...................................
United
States
21,454
1,484,402
231,010,927
Beverages
1.1%
a
Boston
Beer
Co.,
Inc.
(The),
A
..........................
United
States
5,245
928,522
Carlsberg
A/S,
B
....................................
Denmark
35,557
4,652,971
Coca-Cola
Co.
(The)
.................................
United
States
178,489
14,505,801
Coca-Cola
Consolidated,
Inc.
..........................
United
States
7,593
1,449,656
Coca-Cola
HBC
AG
.................................
Italy
38,091
2,482,993
a
Monster
Beverage
Corp.
..............................
United
States
87,433
8,404,060
PepsiCo,
Inc.
......................................
United
States
45,345
6,139,713
38,563,716
Biotechnology
1.6%
AbbVie,
Inc.
.......................................
United
States
78,846
19,840,807
a
ACADIA
Pharmaceuticals,
Inc.
.........................
United
States
32,638
825,741
a
ADMA
Biologics,
Inc.
.................................
United
States
14,253
119,298
a
Alkermes
plc
.......................................
United
States
27,936
1,463,707
a
Alnylam
Pharmaceuticals,
Inc.
..........................
United
States
4,480
1,348,614
Amgen,
Inc.
.......................................
United
States
3,928
1,422,407
a
AnaptysBio,
Inc.
....................................
United
States
15,427
1,041,322
a
Arrowhead
Pharmaceuticals,
Inc.
.......................
United
States
17,007
1,386,241
a
Atrium
Therapeutics,
Inc.
..............................
United
States
14,908
200,513
a
BioCryst
Pharmaceuticals,
Inc.
.........................
United
States
89,835
898,350
a
Capricor
Therapeutics,
Inc.
............................
United
States
6,278
151,174
a
Corvus
Pharmaceuticals,
Inc.
..........................
United
States
13,277
198,358
a
Enanta
Pharmaceuticals,
Inc.
..........................
United
States
8,806
128,391
a
Exelixis,
Inc.
.......................................
United
States
26,575
1,445,946
a
Genmab
A/S
.......................................
Denmark
1,411
386,829
a
ImmunityBio,
Inc.
...................................
United
States
118,159
1,034,482
a
Incyte
Corp.
.......................................
United
States
58,984
6,686,426
a
Inhibrx
Biosciences,
Inc.
..............................
United
States
3,539
335,320
a
Insmed,
Inc.
.......................................
United
States
6,273
668,827
a
Ironwood
Pharmaceuticals,
Inc.,
A
.......................
United
States
104,715
440,850
a
Kodiak
Sciences,
Inc.
................................
United
States
5,877
228,968
a
MeiraGTx
Holdings
plc
...............................
United
States
16,072
217,133
Putnam
Asset
Allocation
Funds
Consolidated
Schedule
of
Investments
(unaudited)
Putnam
Dynamic
Asset
Allocation
Growth
Fund
(continued)
See
Notes
to
Consolidated
Schedules
of
Investments.
Quarterly
Consolidated
Schedule
of
Investments
151
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Common
Stocks
(continued)
Biotechnology
(continued)
a
Mineralys
Therapeutics,
Inc.
...........................
United
States
13,682
$
369,140
a
Monte
Rosa
Therapeutics,
Inc.
.........................
United
States
34,581
836,860
a
Natera,
Inc.
........................................
United
States
6,559
1,780,441
a
Neurocrine
Biosciences,
Inc.
...........................
United
States
8,506
1,433,559
a
Olema
Pharmaceuticals,
Inc.
...........................
United
States
8,790
109,963
a
Praxis
Precision
Medicines,
Inc.
........................
United
States
496
166,056
a
Precigen,
Inc.
......................................
United
States
36,801
209,766
a
Protagonist
Therapeutics,
Inc.
..........................
United
States
10,154
1,244,677
a
Puma
Biotechnology,
Inc.
.............................
United
States
18,340
148,737
Regeneron
Pharmaceuticals,
Inc.
.......................
United
States
27,359
17,059,431
a
Rhythm
Pharmaceuticals,
Inc.
..........................
United
States
8,630
958,189
a
Rigel
Pharmaceuticals,
Inc.
............................
United
States
5,523
216,060
a
Stoke
Therapeutics,
Inc.
..............................
United
States
20,855
682,376
a
Tango
Therapeutics,
Inc.
..............................
United
States
19,491
609,289
a
Travere
Therapeutics,
Inc.
.............................
United
States
21,546
1,224,028
a
Vertex
Pharmaceuticals,
Inc.
...........................
United
States
17,268
8,577,534
a
Xenon
Pharmaceuticals,
Inc.
...........................
Canada
3,029
182,830
a
Zymeworks,
Inc.
....................................
United
States
9,687
253,218
76,531,858
Broadline
Retail
2.2%
Alibaba
Group
Holding
Ltd.
............................
China
458,900
5,501,501
a
Amazon.com,
Inc.
...................................
United
States
356,444
84,954,863
eBay,
Inc.
.........................................
United
States
11,515
1,286,801
a
Etsy,
Inc.
..........................................
United
States
10,683
804,750
Next
plc
..........................................
United
Kingdom
4,433
855,316
Prosus
NV
........................................
China
75,290
3,271,622
96,674,853
Building
Products
0.3%
Allegion
plc
........................................
United
States
10,218
1,435,527
Apogee
Enterprises,
Inc.
..............................
United
States
4,560
208,574
a
Janus
International
Group,
Inc.
.........................
United
States
30,792
170,896
Johnson
Controls
International
plc
.......................
United
States
9,632
1,407,332
a
Modine
Manufacturing
Co.
............................
United
States
709
189,317
a
Resideo
Technologies,
Inc.
............................
United
States
6,393
198,822
Trane
Technologies
plc
...............................
United
States
23,966
11,771,141
UFP
Industries,
Inc.
..................................
United
States
9,324
846,060
16,227,669
Capital
Markets
2.9%
3i
Group
plc
.......................................
United
Kingdom
36,252
1,192,107
Affiliated
Managers
Group,
Inc.
.........................
United
States
4,262
1,442,261
Ameriprise
Financial,
Inc.
.............................
United
States
2,947
1,351,966
Bank
of
New
York
Mellon
Corp.
(The)
....................
United
States
9,603
1,388,690
Charles
Schwab
Corp.
(The)
...........................
United
States
120,535
11,121,764
CME
Group,
Inc.
....................................
United
States
28,702
6,338,263
Deutsche
Bank
AG
..................................
Germany
74,717
2,530,441
b
Euronext
NV,
144A,
Reg
S
............................
Netherlands
18,194
2,910,152
Goldman
Sachs
Group,
Inc.
(The)
.......................
United
States
28,978
29,307,480
b
HDFC
Asset
Management
Co.
Ltd.,
144A,
Reg
S
...........
India
48,776
1,369,363
Hong
Kong
Exchanges
&
Clearing
Ltd.
...................
Hong
Kong
70,900
3,298,762
Interactive
Brokers
Group,
Inc.,
A
.......................
United
States
16,635
1,447,910
Janus
Henderson
Group
plc
...........................
United
States
25,723
1,336,310
Japan
Exchange
Group,
Inc.
...........................
Japan
154,600
1,956,605
Korea
Investment
Holdings
Co.
Ltd.
.....................
South
Korea
13,311
1,928,173
London
Stock
Exchange
Group
plc
......................
United
Kingdom
31,144
3,367,151
Morgan
Stanley
.....................................
United
States
8,145
1,702,631
Putnam
Asset
Allocation
Funds
Consolidated
Schedule
of
Investments
(unaudited)
Putnam
Dynamic
Asset
Allocation
Growth
Fund
(continued)
Quarterly
Consolidated
Schedule
of
Investments
See
Notes
to
Consolidated
Schedules
of
Investments.
152
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Common
Stocks
(continued)
Capital
Markets
(continued)
Nasdaq,
Inc.
.......................................
United
States
36,034
$
2,840,200
Nomura
Holdings,
Inc.
................................
Japan
366,100
3,214,333
Northern
Trust
Corp.
.................................
United
States
8,054
1,400,107
State
Street
Corp.
...................................
United
States
115,965
19,667,664
a
StoneX
Group,
Inc.
..................................
United
States
10,782
1,277,667
UBS
Group
AG
.....................................
Switzerland
129,744
6,430,259
Virtu
Financial,
Inc.,
A
................................
United
States
24,369
1,451,661
Virtus
Investment
Partners,
Inc.
.........................
United
States
2,055
294,892
110,566,812
Chemicals
1.3%
Air
Liquide
SA
......................................
France
11,949
2,366,224
Asahi
Kasei
Corp.
...................................
Japan
217,100
2,414,606
Avient
Corp.
.......................................
United
States
5,890
217,694
a
Axalta
Coating
Systems
Ltd.
...........................
United
States
45,610
1,560,774
Balchem
Corp.
.....................................
United
States
3,860
652,147
Cabot
Corp.
.......................................
United
States
1,893
171,922
CF
Industries
Holdings,
Inc.
...........................
United
States
83,227
9,010,155
Chemours
Co.
(The)
.................................
United
States
3,652
74,939
Corteva,
Inc.
.......................................
United
States
105,051
8,896,769
DuPont
de
Nemours,
Inc.
.............................
United
States
4,484
608,210
Ecolab,
Inc.
........................................
United
States
5,261
1,465,767
a
Ingevity
Corp.
......................................
United
States
2,948
220,127
Innospec,
Inc.
......................................
United
States
3,997
325,316
a
Intrepid
Potash,
Inc.
.................................
United
States
5,582
182,978
Linde
plc
..........................................
United
States
7,604
3,946,020
a
LSB
Industries,
Inc.
..................................
United
States
12,816
138,541
Mativ
Holdings,
Inc.
..................................
United
States
15,833
119,856
Minerals
Technologies,
Inc.
............................
United
States
9,173
678,527
NewMarket
Corp.
...................................
United
States
1,900
1,503,356
a
Perimeter
Solutions,
Inc.
..............................
United
States
31,888
1,136,807
PPG
Industries,
Inc.
.................................
United
States
24,545
2,977,063
a
Rayonier
Advanced
Materials,
Inc.
.......................
United
States
17,981
141,331
Sherwin-Williams
Co.
(The)
............................
United
States
14,456
4,977,490
Solstice
Advanced
Materials,
Inc.
.......................
United
States
27,215
2,411,249
46,197,868
Commercial
Services
&
Supplies
0.1%
Brink's
Co.
(The)
....................................
United
States
8,055
761,117
a
Cimpress
plc
.......................................
Ireland
2,008
204,213
Cintas
Corp.
.......................................
United
States
19,680
3,347,174
a
CoreCivic,
Inc.
.....................................
United
States
7,802
237,025
a
OPENLANE,
Inc.
...................................
United
States
5,568
229,624
Republic
Services,
Inc.,
A
.............................
United
States
6,379
1,359,237
Veralto
Corp.
.......................................
United
States
15,354
1,361,593
Waste
Management,
Inc.
..............................
United
States
6,116
1,363,134
8,863,117
Communications
Equipment
1.1%
Accton
Technology
Corp.
..............................
Taiwan
36,000
2,871,438
a
Arista
Networks,
Inc.
.................................
United
States
84,036
14,276,036
a
BK
Technologies
Corp.
...............................
United
States
2,032
174,711
a
Calix,
Inc.
.........................................
United
States
8,655
323,005
a
Ciena
Corp.
.......................................
United
States
12,101
5,936,267
Cisco
Systems,
Inc.
.................................
United
States
150,790
17,711,793
a
Extreme
Networks,
Inc.
...............................
United
States
37,995
1,229,898
a
NETGEAR,
Inc.
.....................................
United
States
6,455
150,724
a
NetScout
Systems,
Inc.
...............................
United
States
5,981
260,473
Putnam
Asset
Allocation
Funds
Consolidated
Schedule
of
Investments
(unaudited)
Putnam
Dynamic
Asset
Allocation
Growth
Fund
(continued)
See
Notes
to
Consolidated
Schedules
of
Investments.
Quarterly
Consolidated
Schedule
of
Investments
153
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Common
Stocks
(continued)
Communications
Equipment
(continued)
Telefonaktiebolaget
LM
Ericsson,
B
......................
Sweden
53,794
$
603,283
Ubiquiti,
Inc.
.......................................
United
States
1,305
696,909
a
Viasat,
Inc.
........................................
United
States
2,488
223,447
a
Viavi
Solutions,
Inc.
..................................
United
States
10,337
493,592
Vistance
Networks,
Inc.
...............................
United
States
69,769
891,648
45,843,224
Construction
&
Engineering
0.8%
ACS
Actividades
de
Construccion
y
Servicios
SA
............
Spain
20,724
3,047,606
Argan,
Inc.
........................................
United
States
1,887
1,506,864
a
Centuri
Holdings,
Inc.
................................
United
States
5,411
163,629
Comfort
Systems
USA,
Inc.
............................
United
States
763
1,512,228
a
Dycom
Industries,
Inc.
................................
United
States
572
289,197
Larsen
&
Toubro
Ltd.
.................................
India
60,624
2,658,194
a
Legence
Corp.,
A
...................................
United
States
1,993
169,863
a
NWPX
Infrastructure,
Inc.
.............................
United
States
1,885
282,637
Primoris
Services
Corp.
...............................
United
States
7,284
721,990
Quanta
Services,
Inc.
................................
United
States
8,137
5,858,965
a
Sterling
Infrastructure,
Inc.
............................
United
States
2,442
2,049,717
Tutor
Perini
Corp.
...................................
United
States
11,523
956,063
Vinci
SA
..........................................
France
30,888
4,511,135
23,728,088
Construction
Materials
0.4%
CRH
plc
..........................................
United
States
89,834
9,612,238
Holcim
AG
........................................
United
States
40,531
3,654,386
Vulcan
Materials
Co.
.................................
United
States
16,373
4,830,199
18,096,823
Consumer
Finance
0.5%
Ally
Financial,
Inc.
...................................
United
States
31,469
1,446,001
American
Express
Co.
...............................
United
States
4,275
1,446,019
Bread
Financial
Holdings,
Inc.
..........................
United
States
11,168
1,210,053
Capital
One
Financial
Corp.
...........................
United
States
58,026
11,641,176
a
Enova
International,
Inc.
..............................
United
States
5,119
1,232,297
a
Happen,
Inc.
.......................................
United
States
51,259
1,063,112
PROG
Holdings,
Inc.
.................................
United
States
15,914
741,752
Synchrony
Financial
.................................
United
States
18,554
1,411,032
20,191,442
Consumer
Staples
Distribution
&
Retail
1.3%
Andersons,
Inc.
(The)
................................
United
States
2,755
188,442
a
BJ's
Wholesale
Club
Holdings,
Inc.
......................
United
States
29,436
2,567,408
Costco
Wholesale
Corp.
..............................
United
States
8,753
8,188,169
Dollar
General
Corp.
.................................
United
States
12,615
1,452,113
a
Dollar
Tree,
Inc.
....................................
United
States
14,032
1,697,170
Jeronimo
Martins
SGPS
SA
...........................
Portugal
54,297
1,039,901
Koninklijke
Ahold
Delhaize
NV
..........................
Netherlands
70,313
2,829,562
Kroger
Co.
(The)
....................................
United
States
71,233
3,955,568
a
Maplebear,
Inc.
.....................................
United
States
32,333
1,530,968
Raia
Drogasil
SA
....................................
Brazil
240,100
781,838
Sysco
Corp.
.......................................
United
States
16,903
1,412,753
Target
Corp.
.......................................
United
States
10,082
1,316,810
Tesco
plc
.........................................
United
Kingdom
44,662
272,264
a
United
Natural
Foods,
Inc.
.............................
United
States
5,348
244,243
Walmart,
Inc.
......................................
United
States
190,316
21,555,190
49,032,399
Putnam
Asset
Allocation
Funds
Consolidated
Schedule
of
Investments
(unaudited)
Putnam
Dynamic
Asset
Allocation
Growth
Fund
(continued)
Quarterly
Consolidated
Schedule
of
Investments
See
Notes
to
Consolidated
Schedules
of
Investments.
154
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Common
Stocks
(continued)
Containers
&
Packaging
0.2%
Avery
Dennison
Corp.
................................
United
States
8,347
$
1,355,135
Ball
Corp.
.........................................
United
States
23,584
1,471,642
Crown
Holdings,
Inc.
.................................
United
States
13,780
1,540,880
Greif,
Inc.,
A
.......................................
United
States
2,601
193,748
a
O-I
Glass,
Inc.
......................................
United
States
18,218
175,439
4,736,844
Distributors
0.0%
†
a
GigaCloud
Technology,
Inc.,
A
..........................
United
States
4,926
155,662
Gold.com,
Inc.
.....................................
United
States
4,471
186,038
341,700
Diversified
Consumer
Services
0.0%
†
a
Coursera,
Inc.
......................................
United
States
165,660
934,322
a
Frontdoor,
Inc.
.....................................
United
States
2,734
212,131
a
Laureate
Education,
Inc.
..............................
United
States
26,786
972,868
Perdoceo
Education
Corp.
............................
United
States
4,728
151,296
2,270,617
Diversified
REITs
0.0%
†
American
Assets
Trust,
Inc.
............................
United
States
8,020
198,014
Broadstone
Net
Lease,
Inc.
............................
United
States
8,419
174,021
Global
Net
Lease,
Inc.
................................
United
States
68,106
608,868
980,903
Diversified
Telecommunication
Services
0.4%
AT&T,
Inc.
.........................................
United
States
581,047
12,027,673
a
Bandwidth,
Inc.,
A
...................................
United
States
12,130
767,829
Comcast
Corp.,
A
...................................
United
States
52,875
1,298,081
Deutsche
Telekom
AG
................................
Germany
170,199
4,640,356
IDT
Corp.,
B
.......................................
United
States
5,602
325,812
Iridium
Communications,
Inc.
..........................
United
States
13,644
748,373
a
Lumen
Technologies,
Inc.
.............................
United
States
21,316
163,707
a
Space
Exploration
Technologies
Corp.,
A
..................
United
States
7,584
1,295,802
Telstra
Group
Ltd.
...................................
Australia
607,330
2,129,828
Verizon
Communications,
Inc.
..........................
United
States
27,302
1,155,967
24,553,428
Electric
Utilities
1.4%
American
Electric
Power
Co.,
Inc.
.......................
United
States
47,749
6,532,541
Constellation
Energy
Corp.
............................
United
States
4,532
1,125,613
Duke
Energy
Corp.
..................................
United
States
10,605
1,342,381
Edison
International
.................................
United
States
22,212
1,653,683
Enel
SpA
.........................................
Italy
399,388
4,581,135
Eversource
Energy
..................................
United
States
19,039
1,375,949
Exelon
Corp.
.......................................
United
States
28,828
1,343,961
a
Hawaiian
Electric
Industries,
Inc.
........................
United
States
6,151
83,223
Iberdrola
SA
.......................................
Spain
219,649
5,466,971
Kansai
Electric
Power
Co.,
Inc.
(The)
....................
Japan
133,600
1,888,015
NextEra
Energy,
Inc.
.................................
United
States
120,087
10,540,036
NRG
Energy,
Inc.
...................................
United
States
57,775
8,438,616
a
Oklo,
Inc.,
A
.......................................
United
States
2,326
121,720
PG&E
Corp.
.......................................
United
States
622,315
10,467,338
Portland
General
Electric
Co.
..........................
United
States
6,784
351,615
Southern
Co.
(The)
..................................
United
States
14,262
1,365,016
TXNM
Energy,
Inc.
..................................
United
States
2,793
158,587
Putnam
Asset
Allocation
Funds
Consolidated
Schedule
of
Investments
(unaudited)
Putnam
Dynamic
Asset
Allocation
Growth
Fund
(continued)
See
Notes
to
Consolidated
Schedules
of
Investments.
Quarterly
Consolidated
Schedule
of
Investments
155
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Common
Stocks
(continued)
Electric
Utilities
(continued)
Xcel
Energy,
Inc.
....................................
United
States
16,437
$
1,319,891
58,156,291
Electrical
Equipment
2.3%
ABB
Ltd.
..........................................
Switzerland
105,103
11,433,034
Allient,
Inc.
........................................
United
States
6,241
642,386
AMETEK,
Inc.
......................................
United
States
5,935
1,435,914
a
Bloom
Energy
Corp.,
A
...............................
United
States
13,736
4,157,887
Contemporary
Amperex
Technology
Co.
Ltd.,
A
.............
China
43,200
2,511,197
Eaton
Corp.
plc
.....................................
United
States
3,405
1,450,939
EnerSys
..........................................
United
States
5,452
1,274,787
GE
Vernova
T&D
India
Ltd.
............................
India
66,035
3,463,875
GE
Vernova,
Inc.
....................................
United
States
22,658
26,619,978
c
Harbin
Electric
Co.
Ltd.,
H
.............................
China
654,000
1,289,210
Hyosung
Heavy
Industries
Corp.
........................
South
Korea
655
1,488,549
Mitsubishi
Electric
Corp.
..............................
Japan
105,700
3,876,496
a
Nextpower,
Inc.,
A
...................................
United
States
10,511
1,252,281
a
Nidec
Corp.
.......................................
Japan
40,900
672,262
a
Power
Solutions
International,
Inc.
.......................
United
States
1,976
76,847
Rockwell
Automation,
Inc.
.............................
United
States
3,042
1,506,033
Schneider
Electric
SE
................................
United
States
9,225
3,018,658
Siemens
Energy
AG
.................................
Germany
43,151
8,226,372
Sieyuan
Electric
Co.
Ltd.,
A
............................
China
53,600
1,371,964
Vertiv
Holdings
Co.,
A
................................
United
States
29,711
9,947,837
a
Vicor
Corp.
........................................
United
States
3,785
1,437,467
87,153,973
Electronic
Equipment,
Instruments
&
Components
1.1%
Advanced
Energy
Industries,
Inc.
.......................
United
States
3,769
1,405,347
a
Aeva
Technologies,
Inc.
..............................
United
States
18,581
533,646
a
Arlo
Technologies,
Inc.
...............................
United
States
26,625
358,905
Chroma
ATE,
Inc.
...................................
Taiwan
30,000
2,084,804
a
Coherent
Corp.
.....................................
United
States
16,714
6,593,172
Corning,
Inc.
.......................................
United
States
64,707
16,528,109
a
Daktronics,
Inc.
.....................................
United
States
4,252
83,169
Delta
Electronics,
Inc.
................................
Taiwan
9,000
565,234
Elite
Material
Co.
Ltd.
................................
Taiwan
19,000
3,284,730
a
Fabrinet
..........................................
Thailand
578
324,882
Hon
Hai
Precision
Industry
Co.
Ltd.
......................
Taiwan
217,000
1,731,593
a
Insight
Enterprises,
Inc.
...............................
United
States
2,006
244,331
a
Itron,
Inc.
.........................................
United
States
8,883
768,646
Keyence
Corp.
.....................................
Japan
8,400
4,246,094
a
Keysight
Technologies,
Inc.
............................
United
States
3,745
1,311,012
a
nLight,
Inc.
........................................
United
States
12,792
890,579
a
Ouster,
Inc.
........................................
United
States
22,350
1,397,322
Samsung
Electro-Mechanics
Co.
Ltd.
....................
South
Korea
2,849
4,126,035
a
Sanmina
Corp.
.....................................
United
States
1,654
418,594
a
TTM
Technologies,
Inc.
...............................
United
States
9,369
1,752,190
48,648,394
Energy
Equipment
&
Services
0.2%
Baker
Hughes
Co.,
A
.................................
United
States
20,360
1,129,980
Flowco
Holdings,
Inc.,
A
..............................
United
States
6,559
139,969
a
Forum
Energy
Technologies,
Inc.
........................
United
States
11,171
561,119
Halliburton
Co.
.....................................
United
States
35,764
1,214,188
Kodiak
Gas
Services,
Inc.
.............................
United
States
3,901
293,082
Liberty
Energy,
Inc.,
A
................................
United
States
8,677
227,251
a
National
Energy
Services
Reunited
Corp.
.................
United
States
18,228
545,564
Putnam
Asset
Allocation
Funds
Consolidated
Schedule
of
Investments
(unaudited)
Putnam
Dynamic
Asset
Allocation
Growth
Fund
(continued)
Quarterly
Consolidated
Schedule
of
Investments
See
Notes
to
Consolidated
Schedules
of
Investments.
156
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Common
Stocks
(continued)
Energy
Equipment
&
Services
(continued)
a
Oceaneering
International,
Inc.
.........................
United
States
24,502
$
992,821
a
Oil
States
International,
Inc.
...........................
United
States
56,074
449,153
Patterson-UTI
Energy,
Inc.
............................
United
States
23,341
214,270
a
ProPetro
Holding
Corp.
...............................
United
States
11,706
167,864
SLB
Ltd.
..........................................
United
States
23,883
1,110,321
TechnipFMC
plc
....................................
United
Kingdom
140,801
9,335,106
a
Transocean
Ltd.
....................................
United
States
159,975
782,278
Weatherford
International
plc
...........................
United
States
11,966
975,229
18,138,195
Entertainment
0.9%
Cinemark
Holdings,
Inc.
..............................
United
States
6,092
193,299
a
Live
Nation
Entertainment,
Inc.
.........................
United
States
29,246
5,355,235
a
Netflix,
Inc.
........................................
United
States
232,720
16,616,208
Nexon
Co.
Ltd.
.....................................
Japan
24,900
330,923
a
ROBLOX
Corp.,
A
...................................
United
States
27,673
1,504,858
a
Spotify
Technology
SA
................................
United
States
26,595
12,210,562
Universal
Music
Group
NV
............................
Netherlands
127,871
2,678,839
38,889,924
Financial
Services
1.8%
a
Aditya
Birla
Capital
Ltd.
...............................
India
664,387
2,756,026
Apollo
Global
Management,
Inc.
........................
United
States
41,018
4,852,840
a
Berkshire
Hathaway,
Inc.,
B
............................
United
States
5,206
2,605,030
Bladex,
Inc.,
E
.....................................
Panama
5,425
333,475
Corebridge
Financial,
Inc.
.............................
United
States
48,038
1,375,328
Equitable
Holdings,
Inc.
...............................
United
States
31,300
1,373,444
Essent
Group
Ltd.
...................................
United
States
2,844
182,812
Fidelity
National
Information
Services,
Inc.
.................
United
States
30,595
1,189,534
FirstRand
Ltd.
......................................
South
Africa
563,554
3,349,707
a
Fiserv,
Inc.
........................................
United
States
11,664
572,119
Investor
AB,
B
......................................
Sweden
121,095
5,031,636
Jackson
Financial,
Inc.,
A
.............................
United
States
10,492
1,074,276
Mastercard,
Inc.,
A
..................................
United
States
71,651
36,799,954
MGIC
Investment
Corp.
...............................
United
States
51,259
1,445,504
a
NCR
Atleos
Corp.
...................................
United
States
15,384
667,819
a
NMI
Holdings,
Inc.,
A
.................................
United
States
7,375
303,039
Pagseguro
Digital
Ltd.,
A
..............................
Brazil
96,060
869,343
a
Payoneer
Global,
Inc.
................................
United
States
30,582
217,744
PayPal
Holdings,
Inc.
................................
United
States
30,132
1,301,100
PennyMac
Financial
Services,
Inc.
......................
United
States
3,443
299,885
StoneCo
Ltd.,
A
.....................................
Brazil
54,200
587,528
Visa,
Inc.,
A
........................................
United
States
38,828
13,321,499
80,509,642
Food
Products
0.3%
Ajinomoto
Co.,
Inc.
..................................
Japan
57,400
2,092,756
Archer-Daniels-Midland
Co.
...........................
United
States
18,058
1,379,631
Associated
British
Foods
plc
...........................
United
Kingdom
72,276
1,900,033
Cal-Maine
Foods,
Inc.
................................
United
States
8,456
681,215
a
Darling
Ingredients,
Inc.
..............................
United
States
22,743
1,242,223
Dole
plc
..........................................
United
States
29,524
405,069
Mondelez
International,
Inc.,
A
..........................
United
States
20,828
1,204,692
Nestle
SA
.........................................
Switzerland
10,536
1,080,626
a
Seneca
Foods
Corp.,
A
...............................
United
States
3,307
575,220
a
Simply
Good
Foods
Co.
(The)
..........................
United
States
7,032
93,385
Smithfield
Foods,
Inc.
................................
United
States
43,163
1,047,134
Tyson
Foods,
Inc.,
A
.................................
United
States
9,915
567,634
Putnam
Asset
Allocation
Funds
Consolidated
Schedule
of
Investments
(unaudited)
Putnam
Dynamic
Asset
Allocation
Growth
Fund
(continued)
See
Notes
to
Consolidated
Schedules
of
Investments.
Quarterly
Consolidated
Schedule
of
Investments
157
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Common
Stocks
(continued)
Food
Products
(continued)
b
WH
Group
Ltd.,
144A,
Reg
S
..........................
Hong
Kong
3,175,500
$
3,367,032
Wilmar
International
Ltd.
..............................
China
473,100
1,320,367
16,957,017
Gas
Utilities
0.0%
†
National
Fuel
Gas
Co.
................................
United
States
16,469
1,271,571
New
Jersey
Resources
Corp.
..........................
United
States
15,225
853,209
Northwest
Natural
Holding
Co.
.........................
United
States
3,376
165,627
Spire,
Inc.
.........................................
United
States
1,874
146,341
Tokyo
Gas
Co.
Ltd.
..................................
Japan
28,200
1,067,815
3,504,563
Ground
Transportation
0.4%
Canadian
National
Railway
Co.
.........................
Canada
23,358
2,787,479
CSX
Corp.
........................................
United
States
30,483
1,448,857
a
Fedex
Freight
Holding
Co.,
Inc.
.........................
United
States
15,866
2,395,766
JB
Hunt
Transport
Services,
Inc.
........................
United
States
5,449
1,577,104
Norfolk
Southern
Corp.
...............................
United
States
4,075
1,281,954
a
Uber
Technologies,
Inc.
...............................
United
States
18,557
1,339,073
Union
Pacific
Corp.
..................................
United
States
4,794
1,303,968
12,134,201
Health
Care
Equipment
&
Supplies
0.8%
Abbott
Laboratories
..................................
United
States
15,247
1,383,513
Alcon
AG
.........................................
United
States
6,622
446,521
a
AtriCure,
Inc.
.......................................
United
States
5,908
165,306
a
Avanos
Medical,
Inc.
.................................
United
States
11,449
284,851
a
Axogen,
Inc.
.......................................
United
States
15,094
697,192
Becton
Dickinson
&
Co.
...............................
United
States
32,702
4,948,794
BioMerieux
........................................
France
3,786
297,206
a
Boston
Scientific
Corp.
...............................
United
States
88,542
3,778,973
a
Cerus
Corp.
.......................................
United
States
56,839
165,970
a
Dexcom,
Inc.
.......................................
United
States
18,486
1,245,032
a
Edwards
Lifesciences
Corp.
...........................
United
States
15,874
1,435,962
a
Glaukos
Corp.
......................................
United
States
4,806
671,687
a
Haemonetics
Corp.
..................................
United
States
2,458
184,350
Hoya
Corp.
........................................
Japan
49,000
7,903,768
a
IDEXX
Laboratories,
Inc.
..............................
United
States
8,679
4,568,973
a
Insulet
Corp.
.......................................
United
States
4,304
655,284
a
Intuitive
Surgical,
Inc.
................................
United
States
15,137
6,019,682
a
Lantheus
Holdings,
Inc.
...............................
United
States
1,856
205,905
a
LivaNova
plc
.......................................
United
States
9,217
757,914
Medtronic
plc
......................................
United
States
16,955
1,326,390
a
Novocure
Ltd.
......................................
United
States
52,919
801,723
Olympus
Corp.
.....................................
Japan
39,500
413,612
Straumann
Holding
AG
...............................
Switzerland
2,344
308,114
Stryker
Corp.
......................................
United
States
4,211
1,325,791
a
Varex
Imaging
Corp.
.................................
United
States
15,776
164,544
40,157,057
Health
Care
Providers
&
Services
0.9%
a
AMN
Healthcare
Services,
Inc.
.........................
United
States
28,854
934,004
Apollo
Hospitals
Enterprise
Ltd.
.........................
India
28,728
2,636,887
Cardinal
Health,
Inc.
.................................
United
States
6,641
1,577,636
a
Castle
Biosciences,
Inc.
..............................
United
States
19,076
454,963
Cencora,
Inc.
......................................
United
States
3,694
1,045,328
Cigna
Group
(The)
..................................
United
States
4,656
1,283,566
a
Cross
Country
Healthcare,
Inc.
.........................
United
States
7,250
95,773
Putnam
Asset
Allocation
Funds
Consolidated
Schedule
of
Investments
(unaudited)
Putnam
Dynamic
Asset
Allocation
Growth
Fund
(continued)
Quarterly
Consolidated
Schedule
of
Investments
See
Notes
to
Consolidated
Schedules
of
Investments.
158
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Common
Stocks
(continued)
Health
Care
Providers
&
Services
(continued)
CVS
Health
Corp.
...................................
United
States
15,628
$
1,616,717
Fresenius
SE
&
Co.
KGaA
.............................
Germany
5,346
244,240
a
GeneDx
Holdings
Corp.,
A
.............................
United
States
2,305
158,238
a
Guardant
Health,
Inc.
................................
United
States
12,210
1,831,866
HCA
Healthcare,
Inc.
.................................
United
States
2,493
971,996
a
HealthEquity,
Inc.
...................................
United
States
1,819
164,292
McKesson
Corp.
....................................
United
States
14,962
11,305,287
a
Omada
Health,
Inc.
..................................
United
States
11,729
257,452
Select
Medical
Holdings
Corp.
..........................
United
States
10,052
165,959
a
Tenet
Healthcare
Corp.
...............................
United
States
7,669
1,434,717
UnitedHealth
Group,
Inc.
..............................
United
States
31,967
13,286,444
39,465,365
Health
Care
REITs
0.0%
†
American
Healthcare
REIT,
Inc.
.........................
United
States
3,355
174,963
CareTrust
REIT,
Inc.
.................................
United
States
27,428
1,106,720
LTC
Properties,
Inc.
.................................
United
States
4,388
168,719
National
Health
Investors,
Inc.
..........................
United
States
2,203
168,001
Omega
Healthcare
Investors,
Inc.
.......................
United
States
25,536
1,217,556
2,835,959
Health
Care
Technology
0.2%
a
Doximity,
Inc.,
A
....................................
United
States
66,836
1,386,179
HealthStream,
Inc.
..................................
United
States
7,447
202,931
a
HeartFlow,
Inc.
.....................................
United
States
5,230
153,448
a
Phreesia,
Inc.
......................................
United
States
41,632
428,393
a
Teladoc
Health,
Inc.
.................................
United
States
119,341
1,012,012
a
Veeva
Systems,
Inc.,
A
...............................
United
States
33,283
5,906,734
9,089,697
Hotel
&
Resort
REITs
0.1%
Apple
Hospitality
REIT,
Inc.
............................
United
States
11,636
195,601
DiamondRock
Hospitality
Co.
..........................
United
States
16,842
205,136
Host
Hotels
&
Resorts,
Inc.
............................
United
States
61,177
1,450,507
Ryman
Hospitality
Properties,
Inc.
.......................
United
States
6,825
877,354
Xenia
Hotels
&
Resorts,
Inc.
...........................
United
States
9,917
201,910
2,930,508
Hotels,
Restaurants
&
Leisure
1.5%
a
Airbnb,
Inc.,
A
......................................
United
States
120,837
17,291,775
Aristocrat
Leisure
Ltd.
................................
Australia
75,812
3,212,722
Bloomin'
Brands,
Inc.
................................
United
States
19,948
182,325
Booking
Holdings,
Inc.
...............................
United
States
8,275
1,474,936
Brightstar
Lottery
plc
.................................
United
States
40,970
439,198
a
Brinker
International,
Inc.
.............................
United
States
6,671
1,120,728
a
Chipotle
Mexican
Grill,
Inc.,
A
..........................
United
States
40,521
1,377,714
Compass
Group
plc
.................................
United
Kingdom
204,074
6,593,497
a
DoorDash,
Inc.,
A
...................................
United
States
8,317
1,534,736
Galaxy
Entertainment
Group
Ltd.
.......................
Macau
63,000
237,166
Hilton
Worldwide
Holdings,
Inc.
.........................
United
States
34,549
11,417,063
InterContinental
Hotels
Group
plc
.......................
United
States
15,604
2,682,056
Las
Vegas
Sands
Corp.
...............................
United
States
26,963
1,245,421
a
Life
Time
Group
Holdings,
Inc.
.........................
United
States
2,742
111,983
Monarch
Casino
&
Resort,
Inc.
.........................
United
States
1,718
226,106
Red
Rock
Resorts,
Inc.,
A
.............................
United
States
2,937
191,081
Starbucks
Corp.
....................................
United
States
35,901
3,668,723
Putnam
Asset
Allocation
Funds
Consolidated
Schedule
of
Investments
(unaudited)
Putnam
Dynamic
Asset
Allocation
Growth
Fund
(continued)
See
Notes
to
Consolidated
Schedules
of
Investments.
Quarterly
Consolidated
Schedule
of
Investments
159
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Common
Stocks
(continued)
Hotels,
Restaurants
&
Leisure
(continued)
a
Viking
Holdings
Ltd.
.................................
United
States
15,856
$
1,659,648
54,666,878
Household
Durables
0.5%
Garmin
Ltd.
........................................
United
States
5,537
1,315,259
a
Hovnanian
Enterprises,
Inc.,
A
..........................
United
States
1,490
212,191
KB
Home
.........................................
United
States
3,376
211,304
a
M/I
Homes,
Inc.
.....................................
United
States
4,747
763,270
PulteGroup,
Inc.
....................................
United
States
76,890
10,550,077
a
Sonos,
Inc.
........................................
United
States
56,203
760,427
Sony
Group
Corp.
...................................
Japan
234,000
4,709,031
a
Taylor
Morrison
Home
Corp.,
A
.........................
United
States
13,767
987,645
Toll
Brothers,
Inc.
...................................
United
States
9,921
1,634,485
21,143,689
Household
Products
0.4%
Colgate-Palmolive
Co.
...............................
United
States
27,947
2,562,181
Procter
&
Gamble
Co.
(The)
...........................
United
States
61,691
9,046,368
Reckitt
Benckiser
Group
plc
...........................
United
Kingdom
40,382
2,630,225
Unilever
Indonesia
Tbk.
PT
............................
Indonesia
8,128,700
821,610
15,060,384
Independent
Power
and
Renewable
Electricity
Producers
0.1%
AES
Corp.
(The)
....................................
United
States
87,714
1,285,887
NTPC
Ltd.
.........................................
India
988,840
3,728,086
RWE
AG
..........................................
Germany
10,441
675,220
Vistra
Corp.
........................................
United
States
8,529
1,352,955
7,042,148
Industrial
Conglomerates
0.4%
3M
Co.
...........................................
United
States
8,743
1,415,579
CK
Hutchison
Holdings
Ltd.
............................
United
Kingdom
79,000
669,575
Hitachi
Ltd.
........................................
Japan
168,400
4,660,655
Honeywell
International,
Inc.
...........................
United
States
26,110
5,845,917
Sekisui
Chemical
Co.
Ltd.
.............................
Japan
47,500
761,684
Siemens
AG
.......................................
Germany
953
306,397
SK
Square
Co.
Ltd.
..................................
South
Korea
2,568
2,904,050
Smiths
Group
plc
...................................
United
Kingdom
32,397
1,100,518
17,664,375
Industrial
REITs
0.2%
LXP
Industrial
Trust
..................................
United
States
3,002
161,748
Prologis,
Inc.
.......................................
United
States
48,910
6,625,838
6,787,586
Insurance
2.0%
Aflac,
Inc.
.........................................
United
States
11,054
1,296,081
AIA
Group
Ltd.
.....................................
Hong
Kong
379,400
3,473,496
Allianz
SE
.........................................
Germany
11,231
5,316,172
Allstate
Corp.
(The)
..................................
United
States
39,387
9,371,743
American
International
Group,
Inc.
......................
United
States
83,068
6,191,058
AXA
SA
...........................................
France
8,789
440,412
Axis
Capital
Holdings
Ltd.
.............................
United
States
31,967
3,434,534
a
Brighthouse
Financial,
Inc.
............................
United
States
10,668
675,284
China
Pacific
Insurance
Group
Co.
Ltd.,
H
.................
China
956,800
3,290,518
Chubb
Ltd.
........................................
United
States
3,904
1,330,249
CNO
Financial
Group,
Inc.
............................
United
States
18,355
935,738
Putnam
Asset
Allocation
Funds
Consolidated
Schedule
of
Investments
(unaudited)
Putnam
Dynamic
Asset
Allocation
Growth
Fund
(continued)
Quarterly
Consolidated
Schedule
of
Investments
See
Notes
to
Consolidated
Schedules
of
Investments.
160
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Common
Stocks
(continued)
Insurance
(continued)
Daiichi
Life
Group,
Inc.
...............................
Japan
36,100
$
394,167
Everest
Group
Ltd.
..................................
United
States
3,632
1,297,459
a
Genworth
Financial,
Inc.,
A
............................
United
States
97,555
923,846
Globe
Life,
Inc.
.....................................
United
States
19,331
3,454,063
Hamilton
Insurance
Group
Ltd.,
B
.......................
United
States
26,212
889,635
Hanover
Insurance
Group,
Inc.
(The)
.....................
United
States
6,858
1,468,435
a
Heritage
Insurance
Holdings,
Inc.
.......................
United
States
17,728
462,346
Horace
Mann
Educators
Corp.
.........................
United
States
3,372
174,164
Marsh
&
McLennan
Cos.,
Inc.
..........................
United
States
4,060
676,680
MetLife,
Inc.
.......................................
United
States
44,393
3,756,092
Muenchener
Rueckversicherungs-Gesellschaft
AG
in
Muenchen
Germany
4,043
2,257,856
NN
Group
NV
......................................
Netherlands
45,321
3,973,242
Pelagos
Insurance
Capital
Ltd.
.........................
United
Kingdom
8,771
213,574
Powszechny
Zaklad
Ubezpieczen
SA
....................
Poland
137,720
2,406,596
Primerica,
Inc.
......................................
United
States
2,322
659,912
Progressive
Corp.
(The)
..............................
United
States
6,680
1,459,246
Prudential
Financial,
Inc.
..............................
United
States
12,539
1,353,334
QBE
Insurance
Group
Ltd.
............................
Australia
169,378
2,946,354
a
Rasan
Information
Technology
Co.
......................
Saudi
Arabia
61,073
2,513,011
Reinsurance
Group
of
America,
Inc.
.....................
United
States
6,097
1,296,527
RenaissanceRe
Holdings
Ltd.
..........................
United
States
4,509
1,428,902
a
SiriusPoint
Ltd.
.....................................
United
States
17,760
426,240
Talanx
AG
.........................................
Germany
17,953
2,270,778
Travelers
Cos.,
Inc.
(The)
.............................
United
States
4,479
1,478,607
Unipol
Assicurazioni
SpA
..............................
Italy
31,538
881,502
Universal
Insurance
Holdings,
Inc.
.......................
United
States
7,690
318,058
Unum
Group
.......................................
United
States
16,389
1,465,177
76,601,088
Interactive
Media
&
Services
4.7%
Alphabet,
Inc.,
A
....................................
United
States
185,831
66,410,424
Alphabet,
Inc.,
C
....................................
United
States
165,824
58,590,594
a
Cargurus,
Inc.,
A
....................................
United
States
19,757
673,516
a
EverQuote,
Inc.,
A
...................................
United
States
22,002
523,428
a
fuboTV,
Inc.,
A
......................................
United
States
15,912
146,390
LY
Corp.
..........................................
Japan
613,400
1,632,602
a
MediaAlpha,
Inc.,
A
..................................
United
States
18,669
234,669
Meta
Platforms,
Inc.,
A
...............................
United
States
98,549
55,511,666
a
Nextdoor
Holdings,
Inc.
...............................
United
States
101,380
230,133
a
Pinterest,
Inc.,
A
....................................
United
States
68,815
1,447,179
Tencent
Holdings
Ltd.
................................
China
206,111
11,373,732
196,774,333
IT
Services
0.5%
Accenture
plc,
A
....................................
United
States
33,956
4,225,485
a
Fastly,
Inc.,
A
......................................
United
States
34,291
629,583
Fujitsu
Ltd.
........................................
Japan
170,400
3,385,849
a
GoDaddy,
Inc.,
A
....................................
United
States
15,131
1,284,319
a
MongoDB,
Inc.,
A
...................................
United
States
4,905
1,647,589
NEC
Corp.
........................................
Japan
62,400
1,506,480
a
Snowflake,
Inc.,
A
...................................
United
States
34,214
8,707,463
VeriSign,
Inc.
......................................
United
States
4,570
1,149,629
22,536,397
Leisure
Products
0.1%
Bandai
Namco
Holdings,
Inc.
..........................
Japan
111,500
2,584,691
Hasbro,
Inc.
.......................................
United
States
15,361
1,268,665
Putnam
Asset
Allocation
Funds
Consolidated
Schedule
of
Investments
(unaudited)
Putnam
Dynamic
Asset
Allocation
Growth
Fund
(continued)
See
Notes
to
Consolidated
Schedules
of
Investments.
Quarterly
Consolidated
Schedule
of
Investments
161
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Common
Stocks
(continued)
Leisure
Products
(continued)
Polaris,
Inc.
........................................
United
States
14,455
$
989,300
4,842,656
Life
Sciences
Tools
&
Services
0.7%
a
10X
Genomics,
Inc.,
A
................................
United
States
34,764
1,332,852
a
CryoPort,
Inc.
......................................
United
States
10,883
170,863
Lonza
Group
AG
....................................
Switzerland
5,124
3,456,674
a
Medpace
Holdings,
Inc.
...............................
United
States
3,079
1,630,608
Mesa
Laboratories,
Inc.
...............................
United
States
5,486
546,131
Thermo
Fisher
Scientific,
Inc.
..........................
United
States
22,120
11,090,083
a
Waters
Corp.
......................................
United
States
4,355
1,633,299
b
WuXi
AppTec
Co.
Ltd.,
H,
144A,
Reg
S
...................
China
173,180
3,409,141
23,269,651
Machinery
1.8%
Alamo
Group,
Inc.
...................................
United
States
1,088
178,965
Albany
International
Corp.,
A
...........................
United
States
3,090
230,205
Allison
Transmission
Holdings,
Inc.
......................
United
States
12,130
1,367,536
Atmus
Filtration
Technologies,
Inc.
......................
United
States
16,369
834,655
a
Blue
Bird
Corp.
.....................................
United
States
13,479
1,064,302
Caterpillar,
Inc.
.....................................
United
States
31,142
33,163,116
a
Chart
Industries,
Inc.
.................................
United
States
2,075
433,550
Cummins,
Inc.
......................................
United
States
2,939
2,096,124
Deere
&
Co.
.......................................
United
States
2,519
1,597,877
Douglas
Dynamics,
Inc.
...............................
United
States
3,724
200,910
Ebara
Corp.
.......................................
Japan
25,600
1,002,561
ESCO
Technologies,
Inc.
..............................
United
States
938
328,338
FANUC
Corp.
......................................
Japan
5,000
230,231
Federal
Signal
Corp.
.................................
United
States
1,395
179,244
Franklin
Electric
Co.,
Inc.
.............................
United
States
1,674
179,436
GEA
Group
AG
.....................................
Germany
28,092
1,928,963
Helios
Technologies,
Inc.
..............................
United
States
1,998
178,321
Hyster-Yale,
Inc.
....................................
United
States
2,287
80,182
Illinois
Tool
Works,
Inc.
...............................
United
States
2,642
714,582
Ingersoll
Rand,
Inc.
..................................
United
States
59,857
4,907,675
Kennametal,
Inc.
....................................
United
States
4,981
174,584
Knorr-Bremse
AG
...................................
Germany
14,755
1,716,888
Komatsu
Ltd.
......................................
Japan
28,600
1,116,758
Lincoln
Electric
Holdings,
Inc.
..........................
United
States
5,245
1,392,600
Makita
Corp.
.......................................
Japan
9,300
334,440
a
Microvast
Holdings,
Inc.
..............................
United
States
103,732
121,366
Minebea
Mitsumi,
Inc.
................................
Japan
103,500
3,070,106
Mueller
Water
Products,
Inc.,
A
.........................
United
States
6,325
163,375
NGK
Corp.
........................................
Japan
45,700
2,153,803
Otis
Worldwide
Corp.
................................
United
States
69,336
4,964,458
PACCAR,
Inc.
......................................
United
States
12,188
1,464,023
Parker-Hannifin
Corp.
................................
United
States
1,537
1,503,370
a
Proto
Labs,
Inc.
.....................................
United
States
4,490
365,980
Schindler
Holding
AG
................................
Switzerland
6,181
2,048,981
a
SPX
Technologies,
Inc.
...............................
United
States
776
190,252
Terex
Corp.
........................................
United
States
2,724
197,190
b
VAT
Group
AG,
144A,
Reg
S
...........................
Switzerland
532
466,522
Watts
Water
Technologies,
Inc.,
A
.......................
United
States
3,681
1,440,927
Weichai
Power
Co.
Ltd.,
A
.............................
China
431,600
1,750,012
Worthington
Enterprises,
Inc.
..........................
United
States
2,967
159,506
Yangzijiang
Shipbuilding
Holdings
Ltd.
....................
China
1,154,600
3,062,929
78,754,843
Putnam
Asset
Allocation
Funds
Consolidated
Schedule
of
Investments
(unaudited)
Putnam
Dynamic
Asset
Allocation
Growth
Fund
(continued)
Quarterly
Consolidated
Schedule
of
Investments
See
Notes
to
Consolidated
Schedules
of
Investments.
162
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Common
Stocks
(continued)
Marine
Transportation
0.0%
†
Matson,
Inc.
.......................................
United
States
5,844
$
1,123,392
SITC
International
Holdings
Co.
Ltd.
.....................
China
336,000
1,347,882
2,471,274
Media
0.1%
a
Ibotta,
Inc.,
A
.......................................
United
States
4,799
163,934
Informa
plc
........................................
United
Kingdom
57,900
694,659
a
Magnite,
Inc.
.......................................
United
States
11,041
209,558
New
York
Times
Co.
(The),
A
...........................
United
States
17,779
1,244,174
Publicis
Groupe
SA
..................................
France
16,694
1,649,749
a
PubMatic,
Inc.,
A
....................................
United
States
26,883
352,705
4,314,779
Metals
&
Mining
1.2%
Anglogold
Ashanti
plc,
(USD
Traded)
.....................
Australia
14,703
1,189,326
Anglogold
Ashanti
plc,
(ZAR
Traded)
.....................
Australia
41,115
3,314,211
ArcelorMittal
SA
....................................
Luxembourg
17,746
1,069,960
BHP
Group
Ltd.,
(AUD
Traded)
.........................
Australia
268,348
11,182,855
BHP
Group
Ltd.,
(GBP
Traded)
.........................
Australia
10,640
438,271
Boliden
AB
........................................
Sweden
15,049
850,322
a
Century
Aluminum
Co.
...............................
United
States
7,310
336,333
China
Hongqiao
Group
Ltd.
............................
China
286,500
738,810
Coeur
Mining,
Inc.
...................................
United
States
29,970
489,110
Commercial
Metals
Co.
...............................
United
States
2,336
146,584
a
Constellium
SE,
A
...................................
United
States
32,171
1,025,290
Fortescue
Ltd.
......................................
Australia
244,428
3,253,407
Freeport-McMoRan,
Inc.
..............................
United
States
167,427
10,529,484
Glencore
plc
.......................................
Australia
771,512
5,260,499
Hecla
Mining
Co.
...................................
United
States
70,116
1,081,890
Norsk
Hydro
ASA
...................................
Norway
82,047
742,426
Rio
Tinto
plc
.......................................
Australia
57,640
5,453,021
a
SSR
Mining,
Inc.
....................................
Canada
5,504
155,653
SunCoke
Energy,
Inc.
................................
United
States
17,943
144,441
Zijin
Mining
Group
Co.
Ltd.,
H
..........................
China
712,000
2,517,631
49,919,524
Mortgage
Real
Estate
Investment
Trusts
(REITs)
0.0%
†
Chimera
Investment
Corp.
.............................
United
States
11,902
158,773
Ladder
Capital
Corp.,
A
...............................
United
States
16,255
161,737
MFA
Financial,
Inc.
..................................
United
States
17,288
167,521
488,031
Multi-Utilities
0.1%
Ameren
Corp.
......................................
United
States
11,975
1,353,654
Avista
Corp.
.......................................
United
States
14,867
608,209
Black
Hills
Corp.
....................................
United
States
10,513
782,167
CMS
Energy
Corp.
..................................
United
States
17,881
1,367,896
Consolidated
Edison,
Inc.
.............................
United
States
12,279
1,358,426
DTE
Energy
Co.
....................................
United
States
9,173
1,397,690
Engie
SA
.........................................
France
94,211
2,965,247
Northwestern
Energy
Group,
Inc.
.......................
United
States
2,292
164,153
Public
Service
Enterprise
Group,
Inc.
....................
United
States
16,761
1,360,323
Sempra,
Inc.
.......................................
United
States
14,361
1,331,408
12,689,173
Office
REITs
0.1%
COPT
Defense
Properties
.............................
United
States
4,943
179,876
Putnam
Asset
Allocation
Funds
Consolidated
Schedule
of
Investments
(unaudited)
Putnam
Dynamic
Asset
Allocation
Growth
Fund
(continued)
See
Notes
to
Consolidated
Schedules
of
Investments.
Quarterly
Consolidated
Schedule
of
Investments
163
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Common
Stocks
(continued)
Office
REITs
(continued)
Empire
State
Realty
Trust,
Inc.,
A
.......................
United
States
28,965
$
156,701
Vornado
Realty
Trust
.................................
United
States
88,938
3,495,263
3,831,840
Oil,
Gas
&
Consumable
Fuels
2.2%
Antero
Midstream
Corp.
..............................
United
States
57,330
1,304,257
BP
plc
............................................
United
States
412,627
2,543,328
California
Resources
Corp.
............................
United
States
3,148
166,435
Cheniere
Energy,
Inc.
................................
United
States
50,632
12,101,554
Chevron
Corp.
.....................................
United
States
7,759
1,286,132
ConocoPhillips
.....................................
United
States
58,782
6,110,977
Delek
US
Holdings,
Inc.
..............................
United
States
3,514
178,546
Devon
Energy
Corp.
.................................
United
States
54,847
2,266,278
DHT
Holdings,
Inc.
..................................
United
States
11,294
186,690
Dorian
LPG
Ltd.
....................................
United
States
5,665
197,029
ENEOS
Holdings,
Inc.
................................
Japan
287,600
2,128,921
Eni
SpA
..........................................
Italy
36,690
860,809
Equinor
ASA
.......................................
Norway
100,559
3,170,965
Exxon
Mobil
Corp.
...................................
United
States
113,285
15,488,325
Galp
Energia
SGPS
SA,
B
............................
Portugal
99,688
2,112,779
a
Gulfport
Energy
Corp.
................................
United
States
969
164,439
HF
Sinclair
Corp.
...................................
United
States
21,177
1,474,978
Idemitsu
Kosan
Co.
Ltd.
..............................
Japan
37,800
279,241
Inpex
Corp.
........................................
Japan
26,200
528,670
Kinder
Morgan,
Inc.
..................................
United
States
39,892
1,275,347
Marathon
Petroleum
Corp.
............................
United
States
6,904
1,765,146
Murphy
Oil
Corp.
....................................
United
States
12,938
421,261
Occidental
Petroleum
Corp.
...........................
United
States
22,662
1,100,693
a
Par
Pacific
Holdings,
Inc.
.............................
United
States
2,973
166,726
Peabody
Energy
Corp.
...............................
United
States
5,704
131,876
PetroChina
Co.
Ltd.,
H
...............................
China
2,522,000
2,721,898
Phillips
66
.........................................
United
States
7,731
1,306,926
Repsol
SA
.........................................
Spain
45,317
1,132,227
Scorpio
Tankers,
Inc.
.................................
Monaco
11,761
814,567
Shell
plc,
(EUR
Traded)
...............................
United
States
153,972
5,963,755
Shell
plc,
(GBP
Traded)
...............................
United
States
13,930
541,250
Teekay
Corp.
Ltd.
...................................
United
States
41,974
419,740
Teekay
Tankers
Ltd.,
A
...............................
Canada
11,032
715,646
TotalEnergies
SE
...................................
France
72,250
5,586,768
Valero
Energy
Corp.
.................................
United
States
34,598
9,010,703
Williams
Cos.,
Inc.
(The)
..............................
United
States
17,335
1,288,684
World
Kinect
Corp.
..................................
United
States
6,651
219,084
87,132,650
Paper
&
Forest
Products
0.0%
†
Sylvamo
Corp.
.....................................
United
States
4,210
159,138
Passenger
Airlines
0.7%
a
Allegiant
Travel
Co.
..................................
United
States
2,382
280,123
International
Consolidated
Airlines
Group
SA
...............
United
Kingdom
505,475
3,208,828
a
Joby
Aviation,
Inc.
...................................
United
States
49,544
441,932
Qantas
Airways
Ltd.
.................................
Australia
412,505
3,030,793
Ryanair
Holdings
plc
.................................
Italy
56,413
1,763,399
Ryanair
Holdings
plc,
ADR
............................
Italy
32,693
2,116,872
a
SkyWest,
Inc.
......................................
United
States
9,627
956,250
Southwest
Airlines
Co.
...............................
United
States
204,825
10,532,102
Putnam
Asset
Allocation
Funds
Consolidated
Schedule
of
Investments
(unaudited)
Putnam
Dynamic
Asset
Allocation
Growth
Fund
(continued)
Quarterly
Consolidated
Schedule
of
Investments
See
Notes
to
Consolidated
Schedules
of
Investments.
164
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Common
Stocks
(continued)
Passenger
Airlines
(continued)
a
United
Airlines
Holdings,
Inc.
...........................
United
States
13,333
$
1,813,155
24,143,454
Personal
Care
Products
0.2%
APR
Corp.
........................................
South
Korea
8,015
2,011,025
Kenvue,
Inc.
.......................................
United
States
76,025
1,452,838
L'Oreal
SA
........................................
France
780
341,918
3,805,781
Pharmaceuticals
3.6%
a
Alumis,
Inc.
........................................
United
States
7,755
218,226
a
Arvinas,
Inc.
.......................................
United
States
54,732
454,823
AstraZeneca
plc,
(GBP
Traded)
.........................
United
Kingdom
44,448
8,298,634
AstraZeneca
plc,
(USD
Traded)
.........................
United
Kingdom
37,961
7,198,165
a
Axsome
Therapeutics,
Inc.
............................
United
States
712
174,276
Bristol-Myers
Squibb
Co.
..............................
United
States
109,829
6,328,347
Chugai
Pharmaceutical
Co.
Ltd.
........................
Japan
32,500
1,501,279
a
Corcept
Therapeutics,
Inc.
............................
United
States
11,067
962,276
Daiichi
Sankyo
Co.
Ltd.
...............................
Japan
135,100
2,172,443
Eli
Lilly
&
Co.
......................................
United
States
39,758
47,686,938
Galderma
Group
AG
.................................
Switzerland
11,584
2,634,753
GSK
plc
..........................................
United
Kingdom
142,687
3,745,948
Ipsen
SA
..........................................
France
14,415
2,778,046
Johnson
&
Johnson
.................................
United
States
5,687
1,444,327
a
Maze
Therapeutics,
Inc.
..............................
United
States
15,106
450,763
Merck
&
Co.,
Inc.
...................................
United
States
173,529
22,298,476
Novartis
AG
.......................................
United
States
75,303
11,769,288
Novo
Nordisk
A/S,
ADR
...............................
Denmark
85,120
4,080,653
Novo
Nordisk
A/S,
B
.................................
Denmark
87,956
4,224,259
Otsuka
Holdings
Co.
Ltd.
.............................
Japan
27,400
1,823,722
Pfizer,
Inc.
.........................................
United
States
51,456
1,239,060
Roche
Holding
AG
..................................
United
States
18,773
7,717,325
Sanofi
SA
.........................................
United
States
45,991
3,932,398
a
Supernus
Pharmaceuticals,
Inc.
........................
United
States
13,973
649,884
143,784,309
Professional
Services
0.1%
Automatic
Data
Processing,
Inc.
........................
United
States
5,916
1,324,888
Broadridge
Financial
Solutions,
Inc.
......................
United
States
8,856
1,212,829
Computershare
Ltd.
.................................
Australia
12,574
332,996
a
IBEX
Holdings
Ltd.
..................................
United
States
5,728
173,959
a
Innodata,
Inc.
......................................
United
States
1,670
126,219
Korn
Ferry
........................................
United
States
6,144
409,068
a
Legalzoom.com,
Inc.
.................................
United
States
64,020
392,443
Leidos
Holdings,
Inc.
.................................
United
States
5,290
544,711
Maximus,
Inc.
......................................
United
States
2,639
141,873
a
Paylocity
Holding
Corp.
...............................
United
States
5,897
616,413
Recruit
Holdings
Co.
Ltd.
.............................
Japan
37,100
2,581,380
a
Upwork,
Inc.
.......................................
United
States
102,404
856,097
Verisk
Analytics,
Inc.,
A
...............................
United
States
7,788
1,398,180
10,111,056
Real
Estate
Management
&
Development
0.1%
a
CBRE
Group,
Inc.,
A
.................................
United
States
29,973
4,037,063
a
Cushman
&
Wakefield
Ltd.
............................
United
States
64,540
864,191
a
Jones
Lang
LaSalle,
Inc.
..............................
United
States
4,569
1,416,162
6,317,416
Putnam
Asset
Allocation
Funds
Consolidated
Schedule
of
Investments
(unaudited)
Putnam
Dynamic
Asset
Allocation
Growth
Fund
(continued)
See
Notes
to
Consolidated
Schedules
of
Investments.
Quarterly
Consolidated
Schedule
of
Investments
165
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Common
Stocks
(continued)
Residential
REITs
0.1%
Invitation
Homes,
Inc.
................................
United
States
47,768
$
1,443,071
Mid-America
Apartment
Communities,
Inc.
................
United
States
9,850
1,368,559
Sun
Communities,
Inc.
...............................
United
States
10,432
1,250,901
4,062,531
Retail
REITs
0.1%
Alexander's,
Inc.
....................................
United
States
616
169,745
Brixmor
Property
Group,
Inc.
...........................
United
States
43,214
1,362,537
CBL
&
Associates
Properties,
Inc.
.......................
United
States
5,603
297,463
Kite
Realty
Group
Trust
...............................
United
States
6,795
192,842
Realty
Income
Corp.
.................................
United
States
21,488
1,331,396
Simon
Property
Group,
Inc.
............................
United
States
11,122
2,487,435
SITE
Centers
Corp.
..................................
United
States
47,877
190,072
Tanger,
Inc.
........................................
United
States
4,430
174,852
Urban
Edge
Properties
...............................
United
States
8,081
184,893
6,391,235
Semiconductors
&
Semiconductor
Equipment
14.5%
a
Advanced
Micro
Devices,
Inc.
..........................
United
States
53,587
31,129,224
Advantest
Corp.
....................................
Japan
7,100
1,460,672
a
Aehr
Test
Systems
..................................
United
States
9,793
940,716
a
Ambarella,
Inc.
.....................................
United
States
11,024
945,859
Amkor
Technology,
Inc.
...............................
United
States
97,293
8,389,575
Analog
Devices,
Inc.
.................................
United
States
5,034
1,999,354
Applied
Materials,
Inc.
................................
United
States
33,306
24,080,238
a
ARM
Holdings
plc,
ADR
..............................
United
States
8,237
2,920,593
ASE
Technology
Holding
Co.
Ltd.
.......................
Taiwan
227,000
5,065,859
ASML
Holding
NV
...................................
Netherlands
12,980
25,702,684
ASML
Holding
NV,
ADR
..............................
Netherlands
6,391
12,714,511
Broadcom,
Inc.
.....................................
United
States
134,836
50,934,299
a
CEVA,
Inc.
........................................
United
States
3,974
187,414
a
Cirrus
Logic,
Inc.
....................................
United
States
7,699
1,143,532
a
Credo
Technology
Group
Holding
Ltd.
....................
United
States
11,944
3,248,171
a
FormFactor,
Inc.
....................................
United
States
1,725
275,879
Infineon
Technologies
AG
.............................
Germany
35,630
3,356,415
a
Kioxia
Holdings
Corp.
................................
Japan
13,900
8,079,096
KLA
Corp.
.........................................
United
States
70,580
21,294,692
Kulicke
&
Soffa
Industries,
Inc.
.........................
Singapore
2,181
291,731
Lam
Research
Corp.
.................................
United
States
101,100
43,809,663
a
Lattice
Semiconductor
Corp.
...........................
United
States
4,653
711,723
Marvell
Technology,
Inc.
..............................
United
States
50,077
14,917,438
a
MaxLinear,
Inc.,
A
...................................
United
States
12,393
1,586,676
MediaTek,
Inc.
.....................................
Taiwan
35,000
4,769,265
Microchip
Technology,
Inc.
............................
United
States
14,265
1,300,968
Micron
Technology,
Inc.
...............................
United
States
39,057
45,083,105
MKS,
Inc.
.........................................
United
States
4,157
1,849,034
Monolithic
Power
Systems,
Inc.
.........................
United
States
839
1,159,800
a
Nanya
Technology
Corp.
..............................
Taiwan
130,000
1,902,618
NAURA
Technology
Group
Co.
Ltd.,
A
....................
China
28,325
3,714,869
a
Navitas
Semiconductor
Corp.,
A
........................
United
States
29,689
532,027
NVIDIA
Corp.
......................................
United
States
858,235
171,724,241
a
ON
Semiconductor
Corp.
.............................
United
States
11,469
1,084,279
a
Onto
Innovation,
Inc.
.................................
United
States
5,082
1,923,283
Qnity
Electronics,
Inc.
................................
United
States
4,246
693,414
QUALCOMM,
Inc.
...................................
United
States
60,996
11,271,451
a
Rambus,
Inc.
......................................
United
States
10,877
1,443,813
SCREEN
Holdings
Co.
Ltd.
............................
Japan
36,900
4,139,325
a
Semtech
Corp.
.....................................
United
States
6,984
1,130,360
Putnam
Asset
Allocation
Funds
Consolidated
Schedule
of
Investments
(unaudited)
Putnam
Dynamic
Asset
Allocation
Growth
Fund
(continued)
Quarterly
Consolidated
Schedule
of
Investments
See
Notes
to
Consolidated
Schedules
of
Investments.
166
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Common
Stocks
(continued)
Semiconductors
&
Semiconductor
Equipment
(continued)
a
Silicon
Laboratories,
Inc.
..............................
United
States
759
$
165,887
SK
Hynix,
Inc.
......................................
South
Korea
11,800
20,822,074
Taiwan
Semiconductor
Manufacturing
Co.
Ltd.
.............
Taiwan
627,350
49,491,818
Teradyne,
Inc.
......................................
United
States
19,334
9,354,563
Texas
Instruments,
Inc.
...............................
United
States
4,310
1,284,682
600,026,890
Software
4.2%
a
ACI
Worldwide,
Inc.
..................................
United
States
6,802
342,073
a
Adobe,
Inc.
........................................
United
States
71,786
14,717,566
a
Alarm.com
Holdings,
Inc.
.............................
United
States
3,763
175,807
a
Appian
Corp.,
A
.....................................
United
States
7,340
168,086
a
Arteris,
Inc.
........................................
United
States
26,074
1,266,936
a
Atlassian
Corp.,
A
...................................
United
States
15,603
1,213,757
a
Autodesk,
Inc.
......................................
United
States
31,576
6,139,006
a
Blend
Labs,
Inc.,
A
..................................
United
States
102,635
175,506
a
Cadence
Design
Systems,
Inc.
.........................
United
States
26,433
9,920,834
a
Cerence,
Inc.
......................................
United
States
41,947
474,840
a
Check
Point
Software
Technologies
Ltd.
..................
Israel
12,800
1,682,304
Clear
Secure,
Inc.,
A
.................................
United
States
2,926
163,066
a
Commvault
Systems,
Inc.
.............................
United
States
5,316
753,437
Constellation
Software,
Inc.
............................
Canada
1,253
2,358,900
a
Crowdstrike
Holdings,
Inc.,
A
...........................
United
States
3,083
2,352,761
a
Daily
Journal
Corp.
..................................
United
States
319
191,780
a
Datadog,
Inc.,
A
....................................
United
States
6,836
1,779,821
a
DocuSign,
Inc.,
A
...................................
United
States
27,302
1,212,755
a
Fortinet,
Inc.
.......................................
United
States
9,951
1,528,673
a
Hut
8
Corp.
........................................
United
States
1,870
215,882
InterDigital,
Inc.
.....................................
United
States
3,113
881,384
Intuit,
Inc.
.........................................
United
States
4,166
1,087,326
a
LiveRamp
Holdings,
Inc.
..............................
United
States
19,704
741,659
a
Manhattan
Associates,
Inc.
............................
United
States
9,833
1,369,245
Microsoft
Corp.
.....................................
United
States
252,853
94,319,226
a
Nice
Ltd.
..........................................
Israel
19,946
1,806,404
OneSpan,
Inc.
......................................
United
States
13,162
188,875
Oracle
Corp.
.......................................
United
States
38,993
5,714,424
Oracle
Corp.
Japan
..................................
Japan
7,300
374,171
a
PagerDuty,
Inc.
.....................................
United
States
97,280
938,752
a
Palantir
Technologies,
Inc.,
A
...........................
United
States
20,432
2,383,801
Pegasystems,
Inc.
...................................
United
States
19,400
581,418
a
Q2
Holdings,
Inc.
...................................
United
States
3,438
165,368
a
Rapid7,
Inc.
.......................................
United
States
66,924
542,084
RingCentral,
Inc.,
A
..................................
United
States
30,610
1,193,178
a
Rubrik,
Inc.,
A
......................................
United
States
20,015
1,606,804
SAP
SE
..........................................
Germany
20,154
3,106,703
a
ServiceNow,
Inc.
....................................
United
States
13,923
1,382,275
a
Teradata
Corp.
.....................................
United
States
39,855
1,380,976
a
Weave
Communications,
Inc.
..........................
United
States
28,969
173,524
a
Workday,
Inc.,
A
....................................
United
States
10,341
1,265,945
a
Workiva,
Inc.,
A
.....................................
United
States
3,563
172,841
168,210,173
Specialized
REITs
0.2%
American
Tower
Corp.
................................
United
States
29,011
4,745,329
Digital
Realty
Trust,
Inc.
..............................
United
States
6,940
1,246,285
EPR
Properties
.....................................
United
States
21,841
1,266,996
Farmland
Partners,
Inc.
...............................
United
States
13,268
128,434
Outfront
Media,
Inc.
.................................
United
States
32,621
1,068,664
Putnam
Asset
Allocation
Funds
Consolidated
Schedule
of
Investments
(unaudited)
Putnam
Dynamic
Asset
Allocation
Growth
Fund
(continued)
See
Notes
to
Consolidated
Schedules
of
Investments.
Quarterly
Consolidated
Schedule
of
Investments
167
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Common
Stocks
(continued)
Specialized
REITs
(continued)
Public
Storage
.....................................
United
States
4,186
$
1,332,446
VICI
Properties,
Inc.,
A
...............................
United
States
126,070
3,347,158
13,135,312
Specialty
Retail
0.3%
a
Abercrombie
&
Fitch
Co.,
A
............................
United
States
9,978
898,120
American
Eagle
Outfitters,
Inc.
.........................
United
States
12,676
218,027
a
AutoZone,
Inc.
.....................................
United
States
391
1,249,613
Avolta
AG
.........................................
Switzerland
8,037
536,928
Buckle,
Inc.
(The)
...................................
United
States
3,287
138,711
a
Chewy,
Inc.,
A
......................................
United
States
32,145
631,649
Fast
Retailing
Co.
Ltd.
................................
Japan
7,400
3,791,348
a
Five
Below,
Inc.
.....................................
United
States
2,803
503,951
Home
Depot,
Inc.
(The)
...............................
United
States
4,257
1,501,359
Industria
de
Diseno
Textil
SA
...........................
Spain
17,930
1,130,170
Ross
Stores,
Inc.
...................................
United
States
5,677
1,208,349
a
Sally
Beauty
Holdings,
Inc.
............................
United
States
13,794
195,047
TJX
Cos.,
Inc.
(The)
.................................
United
States
17,797
2,696,246
a
Ulta
Beauty,
Inc.
....................................
United
States
2,588
1,167,136
a
Urban
Outfitters,
Inc.
.................................
United
States
3,332
236,106
a
Victoria's
Secret
&
Co.
...............................
United
States
15,450
1,289,766
17,392,526
Technology
Hardware,
Storage
&
Peripherals
5.4%
Apple,
Inc.
........................................
United
States
535,352
154,909,455
Asia
Vital
Components
Co.
Ltd.
.........................
Taiwan
27,000
2,184,036
a
Everpure,
Inc.,
A
....................................
United
States
19,995
1,575,406
a
IonQ,
Inc.
.........................................
United
States
23,091
1,229,827
c
Lenovo
Group
Ltd.
..................................
China
684,000
2,029,636
Samsung
Electronics
Co.
Ltd.
..........................
South
Korea
125,875
27,931,315
a
Sandisk
Corp.
......................................
United
States
5,225
11,880,239
Seagate
Technology
Holdings
plc
.......................
United
States
7,643
7,375,495
Western
Digital
Corp.
................................
United
States
21,595
13,793,158
222,908,567
Textiles,
Apparel
&
Luxury
Goods
0.2%
Asics
Corp.
........................................
Japan
179,500
4,882,168
Carter's,
Inc.
.......................................
United
States
17,004
699,885
G-III
Apparel
Group
Ltd.
..............................
United
States
6,840
230,576
Hermes
International
SCA
.............................
France
850
1,554,390
LVMH
Moet
Hennessy
Louis
Vuitton
SE
..................
France
401
221,777
Pandora
A/S
.......................................
Denmark
14,500
1,665,855
Tapestry,
Inc.
......................................
United
States
9,623
1,408,615
10,663,266
Tobacco
0.8%
British
American
Tobacco
plc
...........................
United
Kingdom
88,254
5,461,420
Imperial
Brands
plc
..................................
United
Kingdom
88,418
3,267,829
Philip
Morris
International,
Inc.
.........................
United
States
143,462
25,953,710
34,682,959
Trading
Companies
&
Distributors
0.6%
AerCap
Holdings
NV
.................................
Ireland
25,500
3,717,390
Bunzl
plc
..........................................
United
Kingdom
11,167
389,715
McGrath
RentCorp
..................................
United
States
1,573
190,380
Mitsubishi
Corp.
....................................
Japan
30,200
807,916
Mitsui
&
Co.
Ltd.
....................................
Japan
139,400
3,892,463
Putnam
Asset
Allocation
Funds
Consolidated
Schedule
of
Investments
(unaudited)
Putnam
Dynamic
Asset
Allocation
Growth
Fund
(continued)
Quarterly
Consolidated
Schedule
of
Investments
See
Notes
to
Consolidated
Schedules
of
Investments.
168
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Common
Stocks
(continued)
Trading
Companies
&
Distributors
(continued)
a
NPK
International,
Inc.
...............................
United
States
10,945
$
174,135
Sunbelt
Rentals
Holdings,
Inc.
..........................
United
States
34,994
2,552,756
United
Rentals,
Inc.
..................................
United
States
6,190
7,012,589
WW
Grainger,
Inc.
...................................
United
States
1,484
2,018,834
20,756,178
Transportation
Infrastructure
0.1%
b
Aena
SME
SA,
144A,
Reg
S
...........................
Spain
23,004
700,993
International
Container
Terminal
Services,
Inc.
..............
Philippines
287,450
4,182,740
4,883,733
Water
Utilities
0.1%
American
States
Water
Co.
............................
United
States
2,029
167,656
California
Water
Service
Group
.........................
United
States
3,787
184,238
Cia
de
Saneamento
Basico
do
Estado
de
Sao
Paulo
SABESP
..
Brazil
652,619
3,747,095
4,098,989
Wireless
Telecommunication
Services
0.5%
Bharti
Airtel
Ltd.
....................................
India
192,472
3,770,381
Etihad
Etisalat
Co.
..................................
Saudi
Arabia
140,368
2,258,396
Far
EasTone
Telecommunications
Co.
Ltd.
................
Taiwan
605,000
1,995,257
KDDI
Corp.
........................................
Japan
194,100
3,260,435
MTN
Group
Ltd.
....................................
South
Africa
147,141
2,049,266
TIM
SA
...........................................
Brazil
391,500
1,658,583
T-Mobile
US,
Inc.
...................................
United
States
31,205
5,234,015
Vodafone
Group
plc
.................................
United
Kingdom
2,069,434
2,739,025
22,965,358
Total
Common
Stocks
(Cost
$2,142,602,611)
..................................
3,443,710,680
Convertible
Preferred
Stocks
0.0%
†
Aerospace
&
Defense
0.0%
†
Boeing
Co.
(The),
6%
................................
United
States
3,818
256,951
Financial
Services
0.0%
†
Apollo
Global
Management,
Inc.,
6.75%
..................
United
States
2,781
169,418
Interactive
Media
&
Services
0.0%
†
Alphabet,
Inc.,
A,
6.25%
..............................
United
States
5,309
270,175
Alphabet,
Inc.,
B,
6.25%
..............................
United
States
5,309
267,043
537,218
Software
0.0%
†
Oracle
Corp.,
D,
6.5%
................................
United
States
5,840
262,508
Total
Convertible
Preferred
Stocks
(Cost
$1,151,252)
..........................
1,226,095
Preferred
Stocks
0.2%
Banks
0.1%
d
Itau
Unibanco
Holding
SA,
4.3%
........................
Brazil
568,093
4,641,761
Technology
Hardware,
Storage
&
Peripherals
0.1%
d
Samsung
Electronics
Co.
Ltd.,
0.6%
.....................
South
Korea
20,571
2,900,971
Total
Preferred
Stocks
(Cost
$4,940,429)
.....................................
7,542,732
Putnam
Asset
Allocation
Funds
Consolidated
Schedule
of
Investments
(unaudited)
Putnam
Dynamic
Asset
Allocation
Growth
Fund
(continued)
See
Notes
to
Consolidated
Schedules
of
Investments.
Quarterly
Consolidated
Schedule
of
Investments
169
a
a
Country
Rights
a
Value
a
a
a
a
a
a
Rights
0.0%
†
Biotechnology
0.0%
†
a,e
Akero
Therapeutics,
Inc.,
CVR,
6/30/31
...................
United
States
12,673
$
8,237
a,e
Blueprint
Medicines
Corp.,
CVR,
12/31/28
.................
United
States
3,670
1,688
a,e
Icosavax,
Inc.,
CVR,
2/19/31
...........................
United
Kingdom
6,497
1,949
a,e,f
Pfizer,
Inc.,
CVR,
3/31/32
.............................
United
States
3,923
19,223
a,e
Sage
Therapeutics,
Inc.,
CVR,
12/31/30
..................
United
States
39,811
1
31,098
Health
Care
Equipment
&
Supplies
0.0%
†
a,e,f
TPG
,
Inc.,
CVR,
12/31/27
.............................
United
States
16,215
162
Total
Rights
(Cost
$31,325)
.................................................
31,260
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
346,906
Energy
Equipment
&
Services
0.0%
†
Nabors
Industries,
Inc.
,
Senior
Note
,
1.75
%
,
6/15/29
.........
United
States
130,000
123,565
Hotels,
Restaurants
&
Leisure
0.0%
†
g
DoorDash,
Inc.
,
Senior
Note
,
0.36%
,
5/15/30
...............
United
States
305,000
300,806
Oil,
Gas
&
Consumable
Fuels
0.0%
†
b
Crescent
Energy
Co.
,
Senior
Note
,
144A,
2.75
%
,
3/15/31
.....
United
States
250,000
246,500
Semiconductors
&
Semiconductor
Equipment
0.0%
†
b
Onto
Innovation,
Inc.
,
Senior
Note
,
144A,
Zero
Cpn.,
6/01/31
...
United
States
280,000
369,852
Software
0.0%
†
Guidewire
Software,
Inc.
,
Senior
Note
,
1.25
%
,
11/01/29
.......
United
States
288,000
277,200
Total
Convertible
Bonds
(Cost
$1,453,381)
...................................
1,664,829
Corporate
Bonds
6.3%
Aerospace
&
Defense
0.3%
ATI,
Inc.
,
Senior
Note,
4.875%,
10/01/29
.......................
United
States
85,000
84,119
Senior
Note,
7.25%,
8/15/30
.........................
United
States
200,000
207,790
b
Axon
Enterprise,
Inc.
,
Senior
Note,
144A,
6.125%,
3/15/30
...................
United
States
210,000
214,717
Senior
Note,
144A,
6.25%,
3/15/33
....................
United
States
245,000
251,271
b
BAE
Systems
plc
,
Senior
Bond,
144A,
5.3%,
3/26/34
.....................
United
Kingdom
325,000
330,978
Senior
Note,
144A,
5.125%,
3/26/29
...................
United
Kingdom
365,000
370,073
Boeing
Co.
(The)
,
Senior
Bond,
2.95%,
2/01/30
.........................
United
States
63,000
59,290
Senior
Bond,
6.125%,
2/15/33
........................
United
States
70,000
74,445
Senior
Bond,
6.875%,
3/15/39
........................
United
States
60,000
67,184
Senior
Bond,
3.375%,
6/15/46
........................
United
States
140,000
98,349
Senior
Note,
2.7%,
2/01/27
..........................
United
States
237,000
234,442
Senior
Note,
6.259%,
5/01/27
........................
United
States
120,000
121,613
Senior
Note,
6.298%,
5/01/29
........................
United
States
1,272,000
1,324,444
b
Bombardier,
Inc.
,
Senior
Bond,
144A,
7.45%,
5/01/34
....................
Canada
730,000
808,888
Senior
Note,
144A,
8.75%,
11/15/30
...................
Canada
235,000
248,701
Senior
Note,
144A,
7%,
6/01/32
......................
Canada
10,000
10,372
Senior
Note,
144A,
6.75%,
6/15/33
....................
Canada
180,000
186,549
Putnam
Asset
Allocation
Funds
Consolidated
Schedule
of
Investments
(unaudited)
Putnam
Dynamic
Asset
Allocation
Growth
Fund
(continued)
Quarterly
Consolidated
Schedule
of
Investments
See
Notes
to
Consolidated
Schedules
of
Investments.
170
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Corporate
Bonds
(continued)
Aerospace
&
Defense
(continued)
b
Bombardier,
Inc.,
(continued)
Senior
Note,
144A,
5.875%,
1/15/35
...................
Canada
235,000
$
236,164
b
Efesto
Bidco
SpA
Efesto
US
LLC
,
XR
,
Senior
Secured
Note
,
144A,
7.5
%
,
2/15/32
...............................
Italy
990,000
991,603
b
Honeywell
Aerospace,
Inc.
,
Senior
Note
,
144A,
4.3
%
,
3/16/31
..
United
States
310,000
304,735
Howmet
Aerospace,
Inc.
,
Senior
Bond,
6.75%,
1/15/28
.........................
United
States
255,000
263,619
Senior
Note,
3%,
1/15/29
...........................
United
States
396,000
381,461
Senior
Note,
4.85%,
10/15/31
........................
United
States
145,000
145,548
RTX
Corp.
,
Senior
Bond,
4.125%,
11/16/28
.......................
United
States
445,000
441,631
Senior
Bond,
5.15%,
2/27/33
.........................
United
States
60,000
61,114
Senior
Bond,
4.875%,
10/15/40
.......................
United
States
65,000
61,988
Spirit
AeroSystems,
Inc.
,
Senior
Bond
,
4.6
%
,
6/15/28
........
United
States
910,000
907,608
b
TransDigm,
Inc.
,
Senior
Secured
Note,
144A,
6.875%,
12/15/30
...........
United
States
460,000
473,053
Senior
Secured
Note,
144A,
7.125%,
12/01/31
...........
United
States
55,000
57,019
Senior
Secured
Note,
144A,
6.625%,
3/01/32
............
United
States
160,000
164,299
Senior
Secured
Note,
144A,
6%,
1/15/33
................
United
States
635,000
641,619
Senior
Secured
Note,
144A,
6.25%,
1/31/34
.............
United
States
80,000
81,697
Senior
Sub.
Note,
144A,
6.75%,
1/31/34
................
United
States
280,000
287,399
10,193,782
Automobile
Components
0.0%
†
b
Adient
Global
Holdings
Ltd.
,
Senior
Note
,
144A,
8.25
%
,
4/15/31
United
States
440,000
460,236
b
Clarios
Global
LP
/
Clarios
US
Finance
Co.
,
Senior
Note
,
144A,
6.75
%
,
9/15/32
...................................
United
States
240,000
245,262
b
Dexko
Global,
Inc.
,
Senior
Note
,
144A,
7.5
%
,
4/15/32
........
United
States
514,900
425,306
b
Forvia
SE
,
Senior
Note
,
144A,
6.75
%
,
9/15/33
..............
France
810,000
810,165
b,h
IHO
Verwaltungs
GmbH
,
Senior
Secured
Note,
144A,
PIK,
7.75%,
11/15/30
.........
Germany
200,000
207,164
Senior
Secured
Note,
144A,
PIK,
8%,
11/15/32
...........
Germany
675,000
703,635
Senior
Secured
Note,
144A,
PIK,
7.375%,
5/15/33
.........
Germany
200,000
208,071
3,059,839
Automobiles
0.0%
†
b
Hyundai
Capital
America
,
Senior
Bond,
144A,
6.375%,
4/08/30
...................
United
States
29,000
30,311
Senior
Note,
144A,
4.875%,
11/01/27
..................
United
States
215,000
215,601
Senior
Note,
144A,
6.5%,
1/16/29
.....................
United
States
465,000
482,823
Senior
Note,
144A,
5.35%,
3/19/29
....................
United
States
149,000
151,091
Senior
Note,
144A,
4.55%,
9/26/29
....................
United
States
55,000
54,592
Senior
Note,
144A,
5.4%,
1/08/31
.....................
United
States
74,000
75,240
b
Nissan
Motor
Co.
Ltd.
,
Senior
Bond
,
144A,
8.125
%
,
7/17/35
...
Japan
325,000
344,325
1,353,983
Banks
0.5%
b
ABN
AMRO
Bank
NV
,
Senior
Non-Preferred
Note
,
144A,
4.988%
to
12/02/27,
FRN
thereafter
,
12/03/28
...................
Netherlands
300,000
301,683
b
ANZ
New
Zealand
Int'l
Ltd.
,
Senior
Bond
,
144A,
3.45
%
,
7/17/27
New
Zealand
200,000
198,303
Banco
Santander
SA
,
Senior
Non-Preferred
Bond,
4.379%,
4/12/28
............
Spain
200,000
199,248
Senior
Non-Preferred
Note,
1.722%
to
9/13/26,
FRN
thereafter,
9/14/27
.........................................
Spain
200,000
198,870
Sub.
Bond,
3.225%
to
8/21/31,
FRN
thereafter,
11/22/32
....
Spain
800,000
724,220
Putnam
Asset
Allocation
Funds
Consolidated
Schedule
of
Investments
(unaudited)
Putnam
Dynamic
Asset
Allocation
Growth
Fund
(continued)
See
Notes
to
Consolidated
Schedules
of
Investments.
Quarterly
Consolidated
Schedule
of
Investments
171
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Corporate
Bonds
(continued)
Banks
(continued)
Bank
of
America
Corp.
,
Senior
Bond,
2.496%
to
2/12/30,
FRN
thereafter,
2/13/31
...
United
States
190,000
$
175,613
Senior
Note,
1.734%
to
7/21/26,
FRN
thereafter,
7/22/27
....
United
States
1,055,000
1,053,407
Senior
Note,
4.695%
to
4/22/31,
FRN
thereafter,
4/23/32
....
United
States
300,000
297,541
Sub.
Bond,
6.11%,
1/29/37
..........................
United
States
1,030,000
1,084,666
Sub.
Bond,
3.846%
to
3/07/32,
FRN
thereafter,
3/08/37
.....
United
States
1,350,000
1,254,936
L,
Sub.
Bond,
4.183%,
11/25/27
......................
United
States
270,000
268,749
Bank
of
Nova
Scotia
(The)
,
Junior
Sub.
Bond
,
7.35%
to
4/26/30,
FRN
thereafter
,
4/27/85
.............................
Canada
200,000
207,321
b
Banque
Federative
du
Credit
Mutuel
SA
,
Senior
Preferred
Note
,
144A,
4.541
%
,
1/15/31
..............................
France
245,000
241,042
Barclays
plc
,
Senior
Note
,
5.367%
to
2/24/30,
FRN
thereafter
,
2/25/31
.........................................
United
Kingdom
445,000
451,352
b
CaixaBank
SA
,
Senior
Non-Preferred
Note,
144A,
4.634%
to
7/02/28,
FRN
thereafter,
7/03/29
.................................
Spain
400,000
399,660
Senior
Non-Preferred
Note,
144A,
5.673%
to
3/14/29,
FRN
thereafter,
3/15/30
.................................
Spain
200,000
204,524
Citigroup,
Inc.
,
Senior
Bond,
3.887%
to
1/09/27,
FRN
thereafter,
1/10/28
...
United
States
323,000
321,933
Senior
Bond,
3.668%
to
7/23/27,
FRN
thereafter,
7/24/28
...
United
States
1,422,000
1,409,666
Senior
Note,
4.503%
to
9/10/30,
FRN
thereafter,
9/11/31
....
United
States
470,000
463,986
Sub.
Bond,
4.45%,
9/29/27
..........................
United
States
430,000
429,392
Sub.
Bond,
4.75%,
5/18/46
..........................
United
States
240,000
205,163
b
Commonwealth
Bank
of
Australia
,
Senior
Bond
,
144A,
3.15
%
,
9/19/27
.........................................
Australia
580,000
572,519
b
Federation
des
Caisses
Desjardins
du
Quebec
,
Senior
Note
,
144A,
4.565
%
,
8/26/30
..............................
Canada
410,000
407,943
First-Citizens
Bank
&
Trust
Co.
,
Sub.
Bond
,
6.125
%
,
3/09/28
...
United
States
649,000
661,337
Huntington
Bancshares,
Inc.
,
Sub.
Bond
,
2.487%
to
8/14/31,
FRN
thereafter
,
8/15/36
.................................
United
States
361,000
311,570
ING
Groep
NV
,
Senior
Note
,
6.083%
to
9/10/26,
FRN
thereafter
,
9/11/27
.........................................
Netherlands
240,000
240,668
JPMorgan
Chase
&
Co.
,
i
W,
Junior
Sub.
Bond,
FRN,
4.913%,
(3-month
SOFR
+
1.262%),
5/15/47
.................................
United
States
116,000
105,469
Senior
Note,
6.07%
to
10/21/26,
FRN
thereafter,
10/22/27
...
United
States
570,000
572,798
Senior
Note,
4.622%
to
4/22/31,
FRN
thereafter,
4/23/32
....
United
States
305,000
301,547
Sub.
Bond,
3.625%,
12/01/27
........................
United
States
1,350,000
1,334,849
Sub.
Bond,
2.956%
to
5/12/30,
FRN
thereafter,
5/13/31
.....
United
States
700,000
653,727
Sub.
Bond,
5.717%
to
9/13/32,
FRN
thereafter,
9/14/33
.....
United
States
743,000
767,068
Mitsubishi
UFJ
Financial
Group,
Inc.
,
Senior
Note
,
5.159%
to
4/23/30,
FRN
thereafter
,
4/24/31
......................
Japan
355,000
358,792
Morgan
Stanley
Bank
NA
,
Senior
Note
,
5.016%
to
1/11/28,
FRN
thereafter
,
1/12/29
.................................
United
States
470,000
472,943
PNC
Financial
Services
Group,
Inc.
(The)
,
Senior
Bond,
5.373%
to
7/20/35,
FRN
thereafter,
7/21/36
...
United
States
30,000
30,291
Sub.
Bond,
4.626%
to
6/05/32,
FRN
thereafter,
6/06/33
.....
United
States
725,000
705,754
Toronto-Dominion
Bank
(The)
,
Sub.
Bond
,
3.625%
to
9/14/26,
FRN
thereafter
,
9/15/31
.............................
Canada
435,000
434,014
i
Truist
Bank
,
Sub.
Bond
,
FRN
,
4.632
%
,
(
5-year
CMT
T-Note
+
1.15
%
),
9/17/29
...................................
United
States
250,000
248,500
Truist
Financial
Corp.
,
Senior
Note
,
5.435%
to
1/23/29,
FRN
thereafter
,
1/24/30
.................................
United
States
235,000
238,955
US
Bancorp
,
Sub.
Bond
,
2.491%
to
11/02/31,
FRN
thereafter
,
11/03/36
........................................
United
States
630,000
548,568
Putnam
Asset
Allocation
Funds
Consolidated
Schedule
of
Investments
(unaudited)
Putnam
Dynamic
Asset
Allocation
Growth
Fund
(continued)
Quarterly
Consolidated
Schedule
of
Investments
See
Notes
to
Consolidated
Schedules
of
Investments.
172
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Corporate
Bonds
(continued)
Banks
(continued)
Wells
Fargo
&
Co.
,
Senior
Bond,
3.35%
to
3/01/32,
FRN
thereafter,
3/02/33
....
United
States
1,935,000
$
1,779,190
Senior
Note,
5.574%
to
7/24/28,
FRN
thereafter,
7/25/29
....
United
States
235,000
238,993
Westpac
Banking
Corp.
,
Sub.
Bond
,
2.963
%
,
11/16/40
.......
Australia
170,000
126,285
21,203,055
Biotechnology
0.0%
†
AbbVie,
Inc.
,
Senior
Note,
4.8%,
3/15/29
..........................
United
States
355,000
357,821
Senior
Note,
4.125%,
3/15/31
........................
United
States
155,000
151,751
Amgen,
Inc.
,
Senior
Bond,
4.663%,
6/15/51
........................
United
States
230,000
195,552
Senior
Bond,
5.65%,
3/02/53
.........................
United
States
51,000
49,672
Senior
Bond,
5.75%,
3/02/63
.........................
United
States
135,000
131,007
Senior
Note,
5.15%,
3/02/28
.........................
United
States
495,000
499,817
Senior
Note,
5.25%,
3/02/30
.........................
United
States
105,000
107,003
b
Genmab
A/S
/
Genmab
Finance
LLC
,
Senior
Note,
144A,
7.25%,
12/15/33
...................
Denmark
390,000
406,871
Senior
Secured
Note,
144A,
6.25%,
12/15/32
............
Denmark
590,000
601,601
b
Grifols
SA
,
Senior
Note,
Reg
S,
3.875%,
10/15/28
.................
Spain
755,000
EUR
857,767
Senior
Note,
144A,
4.75%,
10/15/28
...................
Spain
210,000
205,936
3,564,798
Broadline
Retail
0.1%
Amazon.com,
Inc.
,
Senior
Bond,
2.1%,
5/12/31
..........................
United
States
53,000
47,244
Senior
Note,
3.15%,
8/22/27
.........................
United
States
407,000
402,234
Senior
Note,
4.1%,
11/20/30
.........................
United
States
120,000
117,973
Senior
Note,
4.25%,
3/13/31
.........................
United
States
230,000
226,539
b
Kohl's
Corp.
,
Senior
Secured
Note
,
144A,
10
%
,
6/01/30
......
United
States
165,000
178,573
b
Match
Group
Holdings
II
LLC
,
Senior
Note
,
144A,
4.625
%
,
6/01/28
.........................................
United
States
226,000
223,054
b
Wayfair
LLC
,
Senior
Secured
Note,
144A,
7.25%,
10/31/29
............
United
States
290,000
299,502
Senior
Secured
Note,
144A,
7.75%,
9/15/30
.............
United
States
485,000
510,179
Senior
Secured
Note,
144A,
6.75%,
11/15/32
............
United
States
735,000
755,376
2,760,674
Building
Products
0.0%
†
b
EMRLD
Borrower
LP
/
Emerald
Co-Issuer,
Inc.
,
Senior
Secured
Note
,
Reg
S,
6.375
%
,
12/15/30
.......................
United
States
100,000
EUR
118,100
b
JH
North
America
Holdings,
Inc.
,
Senior
Secured
Note,
144A,
5.875%,
1/31/31
............
United
States
35,000
35,191
Senior
Secured
Note,
144A,
6.125%,
7/31/32
............
United
States
145,000
146,304
Johnson
Controls
International
plc
,
Senior
Bond
,
4.95
%
,
7/02/64
United
States
250,000
218,642
b
Quikrete
Holdings,
Inc.
,
Senior
Secured
Note
,
144A,
6.375
%
,
3/01/32
.........................................
United
States
685,000
699,835
b
Standard
Building
Solutions,
Inc.
,
Senior
Note
,
144A,
6.5
%
,
8/15/32
.........................................
United
States
345,000
347,309
b
Standard
Industries,
Inc.
,
Senior
Bond,
144A,
4.375%,
7/15/30
...................
United
States
640,000
608,314
Senior
Bond,
144A,
3.375%,
1/15/31
...................
United
States
90,000
81,061
2,254,756
Putnam
Asset
Allocation
Funds
Consolidated
Schedule
of
Investments
(unaudited)
Putnam
Dynamic
Asset
Allocation
Growth
Fund
(continued)
See
Notes
to
Consolidated
Schedules
of
Investments.
Quarterly
Consolidated
Schedule
of
Investments
173
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Corporate
Bonds
(continued)
Capital
Markets
0.3%
Ares
Capital
Corp.
,
Senior
Note,
2.15%,
7/15/26
.........................
United
States
240,000
$
239,758
Senior
Note,
7%,
1/15/27
...........................
United
States
265,000
267,719
Senior
Note,
2.875%,
6/15/27
........................
United
States
255,000
250,137
b
Aretec
Group,
Inc.
,
Senior
Secured
Note
,
144A,
10
%
,
8/15/30
..
United
States
90,000
94,912
b
Blackstone
Holdings
Finance
Co.
LLC
,
Senior
Bond
,
144A,
1.6
%
,
3/30/31
.........................................
United
States
120,000
104,024
Blackstone
Private
Credit
Fund
,
Senior
Note
,
3.25
%
,
3/15/27
..
United
States
133,000
131,371
Deutsche
Bank
AG
,
Senior
Non-Preferred
Note
,
2.311%
to
11/15/26,
FRN
thereafter
,
11/16/27
.....................
Germany
150,000
148,765
b
Dresdner
Funding
Trust
I
,
Junior
Sub.
Bond
,
144A,
8.151
%
,
6/30/31
.........................................
United
States
100,000
107,475
Goldman
Sachs
Group,
Inc.
(The)
,
Senior
Bond,
4.223%
to
4/30/28,
FRN
thereafter,
5/01/29
...
United
States
1,531,000
1,518,068
Senior
Note,
4.153%
to
10/20/28,
FRN
thereafter,
10/21/29
..
United
States
487,000
480,188
Senior
Note,
4.594%
to
4/19/29,
FRN
thereafter,
4/20/30
....
United
States
115,000
114,366
Senior
Note,
4.972%
to
6/02/31,
FRN
thereafter,
6/03/32
....
United
States
205,000
204,926
Intercontinental
Exchange,
Inc.
,
Senior
Bond,
1.85%,
9/15/32
.........................
United
States
140,000
118,177
Senior
Note,
4%,
9/15/27
...........................
United
States
104,000
103,496
b
Jane
Street
Group
/
JSG
Finance,
Inc.
,
Senior
Secured
Note,
144A,
6.125%,
11/01/32
...........
United
States
715,000
715,481
Senior
Secured
Note,
144A,
6.75%,
5/01/33
.............
United
States
960,000
987,755
Jefferies
Financial
Group,
Inc.
,
Senior
Note
,
4.5
%
,
9/15/26
....
United
States
260,000
259,818
b
KKR
Group
Finance
Co.
III
LLC
,
Senior
Bond
,
144A,
5.125
%
,
6/01/44
.........................................
United
States
160,000
143,032
LPL
Holdings,
Inc.
,
Senior
Note,
6.75%,
11/17/28
........................
United
States
239,000
248,696
Senior
Note,
5.2%,
3/15/30
..........................
United
States
247,000
248,694
Moody's
Corp.
,
Senior
Bond,
2%,
8/19/31
...........................
United
States
520,000
457,546
Senior
Bond,
5%,
8/05/34
...........................
United
States
165,000
165,097
Morgan
Stanley
,
Senior
Bond,
3.772%
to
1/23/28,
FRN
thereafter,
1/24/29
...
United
States
1,365,000
1,346,629
Senior
Note,
5.123%
to
1/31/28,
FRN
thereafter,
2/01/29
....
United
States
475,000
477,946
Senior
Note,
4.994%
to
4/11/28,
FRN
thereafter,
4/12/29
....
United
States
120,000
120,672
Senior
Note,
4.493%
to
1/15/31,
FRN
thereafter,
1/16/32
....
United
States
110,000
107,886
Senior
Note,
4.708%
to
3/11/31,
FRN
thereafter,
3/12/32
....
United
States
215,000
212,395
Sub.
Bond,
3.95%,
4/23/27
..........................
United
States
470,000
468,538
Sub.
Bond,
5.297%
to
4/19/32,
FRN
thereafter,
4/20/37
.....
United
States
122,000
121,541
b
MSCI,
Inc.
,
Senior
Bond
,
144A,
3.625
%
,
9/01/30
............
United
States
418,000
395,577
Nasdaq,
Inc.
,
Senior
Bond,
5.55%,
2/15/34
.........................
United
States
35,000
36,017
Senior
Note,
5.35%,
6/28/28
.........................
United
States
97,000
98,322
S&P
Global,
Inc.
,
Senior
Bond,
2.5%,
12/01/29
.........................
United
States
20,000
18,706
Senior
Bond,
1.25%,
8/15/30
.........................
United
States
87,000
76,037
Senior
Note,
2.45%,
3/01/27
.........................
United
States
120,000
118,572
b
Stonex
Escrow
Issuer
LLC
,
Secured
Note
,
144A,
6.875
%
,
7/15/32
United
States
380,000
391,063
b
StoneX
Group,
Inc.
,
Secured
Note
,
144A,
7.875
%
,
3/01/31
....
United
States
235,000
246,885
b
UBS
Group
AG
,
Senior
Bond,
144A,
3.869%
to
1/11/28,
FRN
thereafter,
1/12/29
Switzerland
285,000
281,767
Senior
Note,
144A,
5.428%
to
2/07/29,
FRN
thereafter,
2/08/30
Switzerland
385,000
390,516
12,018,570
Putnam
Asset
Allocation
Funds
Consolidated
Schedule
of
Investments
(unaudited)
Putnam
Dynamic
Asset
Allocation
Growth
Fund
(continued)
Quarterly
Consolidated
Schedule
of
Investments
See
Notes
to
Consolidated
Schedules
of
Investments.
174
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Corporate
Bonds
(continued)
Chemicals
0.1%
b
ARC
Falcon
I,
Inc.
/
Arclin
USA
LLC
/
New
Arclin
US
Holding
Corp.
,
Senior
Secured
Note
,
144A,
9.75
%
,
3/01/33
.........
United
States
460,000
$
442,996
Celanese
US
Holdings
LLC
,
Senior
Note
,
1.4
%
,
8/05/26
......
United
States
170,000
169,304
Ecolab,
Inc.
,
Senior
Bond
,
2.7
%
,
11/01/26
.................
United
States
750,000
746,365
b
Element
Solutions,
Inc.
,
Senior
Note
,
144A,
3.875
%
,
9/01/28
...
United
States
365,000
356,379
FMC
Corp.
,
Sub.
Bond
,
8.45%
to
10/31/30,
FRN
thereafter
,
11/01/55
........................................
United
States
270,000
196,835
b
Rain
Carbon,
Inc.
,
Senior
Secured
Note
,
144A,
12.25
%
,
9/01/29
United
States
995,000
1,062,495
b
SCIH
Salt
Holdings,
Inc.
,
Senior
Note,
144A,
6.625%,
5/01/29
...................
United
States
240,000
238,107
Senior
Secured
Note,
144A,
4.875%,
5/01/28
............
United
States
310,000
305,972
3,518,453
Commercial
Services
&
Supplies
0.1%
b
Aramark
Services,
Inc.
,
Senior
Bond
,
144A,
5
%
,
2/01/28
......
United
States
300,000
299,544
b
Clean
Harbors,
Inc.
,
Senior
Note
,
144A,
6.375
%
,
2/01/31
.....
United
States
285,000
289,222
b
GFL
Environmental,
Inc.
,
Senior
Note,
144A,
4.375%,
8/15/29
...................
United
States
250,000
243,214
Senior
Note,
144A,
6.75%,
1/15/31
....................
United
States
90,000
92,702
b
Madison
IAQ
LLC
,
Senior
Secured
Note
,
144A,
4.125
%
,
6/30/28
United
States
145,000
142,755
b
Neptune
Bidco
US,
Inc.
,
Senior
Secured
Note,
144A,
9.29%,
4/15/29
.............
United
States
280,000
285,772
Senior
Secured
Note,
144A,
9.5%,
2/15/33
..............
United
States
785,000
794,661
Republic
Services,
Inc.
,
Senior
Note
,
5
%
,
11/15/29
..........
United
States
820,000
831,136
b
RR
Donnelley
&
Sons
Co.
,
Senior
Secured
Note
,
144A,
9.5
%
,
8/01/29
.........................................
United
States
970,000
1,006,662
b
Veritiv
Operating
Co.
,
Senior
Secured
Note
,
144A,
10.5
%
,
11/30/30
........................................
United
States
115,000
117,758
Waste
Connections,
Inc.
,
Senior
Bond,
3.5%,
5/01/29
..........................
United
States
265,000
258,391
Senior
Bond,
3.2%,
6/01/32
..........................
United
States
56,000
51,466
Senior
Bond,
5%,
3/01/34
...........................
United
States
115,000
115,215
Waste
Management,
Inc.
,
Senior
Note
,
4.875
%
,
2/15/29
......
United
States
403,000
407,249
b
Waste
Pro
USA,
Inc.
,
Senior
Note
,
144A,
7
%
,
2/01/33
........
United
States
420,000
430,832
b
Wrangler
Holdco
Corp.
,
Senior
Note
,
144A,
6.625
%
,
4/01/32
...
Canada
120,000
123,098
5,489,677
Communications
Equipment
0.0%
†
Motorola
Solutions,
Inc.
,
Senior
Bond,
2.3%,
11/15/30
.........................
United
States
121,000
109,185
Senior
Bond,
5.55%,
8/15/35
.........................
United
States
365,000
371,730
Senior
Note,
4.85%,
8/15/30
.........................
United
States
138,000
138,548
b
Viasat,
Inc.
,
Senior
Note
,
144A,
7.5
%
,
5/30/31
..............
United
States
545,000
551,055
1,170,518
Construction
&
Engineering
0.0%
†
b
Arcosa,
Inc.
,
Senior
Note
,
144A,
6.875
%
,
8/15/32
...........
United
States
130,000
135,714
Consumer
Finance
0.6%
AerCap
Ireland
Capital
DAC
/
AerCap
Global
Aviation
Trust
,
Senior
Bond,
3.65%,
7/21/27
.........................
Ireland
600,000
595,433
Senior
Bond,
3.3%,
1/30/32
..........................
Ireland
600,000
548,600
Senior
Bond,
6.95%
to
12/09/29,
FRN
thereafter,
3/10/55
...
Ireland
150,000
155,325
Senior
Note,
4.875%,
4/01/28
........................
Ireland
150,000
150,655
Putnam
Asset
Allocation
Funds
Consolidated
Schedule
of
Investments
(unaudited)
Putnam
Dynamic
Asset
Allocation
Growth
Fund
(continued)
See
Notes
to
Consolidated
Schedules
of
Investments.
Quarterly
Consolidated
Schedule
of
Investments
175
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Corporate
Bonds
(continued)
Consumer
Finance
(continued)
Ally
Financial,
Inc.
,
Senior
Bond,
8%,
11/01/31
..........................
United
States
562,000
$
626,110
Senior
Note,
4.75%,
6/09/27
.........................
United
States
250,000
250,607
Senior
Note,
2.2%,
11/02/28
.........................
United
States
200,000
188,889
American
Express
Co.
,
Senior
Bond,
5.667%
to
4/24/35,
FRN
thereafter,
4/25/36
...
United
States
440,000
455,910
Senior
Note,
5.098%
to
2/15/27,
FRN
thereafter,
2/16/28
....
United
States
265,000
266,078
b
Avolon
Holdings
Funding
Ltd.
,
Senior
Note,
144A,
5.75%,
11/15/29
...................
Ireland
495,000
506,290
Senior
Note,
144A,
4.9%,
10/10/30
....................
Ireland
235,000
233,045
Capital
One
Financial
Corp.
,
Senior
Note,
4.493%
to
9/10/30,
FRN
thereafter,
9/11/31
....
United
States
150,000
147,227
Sub.
Bond,
2.359%
to
7/28/31,
FRN
thereafter,
7/29/32
.....
United
States
926,000
804,105
b
Encore
Capital
Group,
Inc.
,
Senior
Secured
Note,
144A,
8.5%,
5/15/30
..............
United
States
725,000
770,442
Senior
Secured
Note,
144A,
6.625%,
6/01/32
............
United
States
310,000
310,655
b
FirstCash,
Inc.
,
Senior
Note,
144A,
6.875%,
3/01/32
...................
United
States
740,000
761,338
Senior
Note,
144A,
6.125%,
5/01/34
...................
United
States
685,000
682,208
Ford
Motor
Credit
Co.
LLC
,
Senior
Note
,
4.125
%
,
8/17/27
.....
United
States
200,000
198,284
b
Gabx
Leasing
LLC
,
Senior
Note
,
144A,
4.625
%
,
4/15/31
......
United
States
245,000
241,678
General
Motors
Financial
Co.,
Inc.
,
Senior
Note,
4.2%,
10/27/28
.........................
United
States
95,000
93,990
Senior
Note,
4.9%,
10/06/29
.........................
United
States
254,000
254,707
b
Jefferson
Capital
Holdings
LLC
,
Senior
Note,
144A,
9.5%,
2/15/29
.....................
United
States
370,000
387,840
Senior
Note,
144A,
8.25%,
5/15/30
....................
United
States
945,000
994,197
b
Macquarie
Airfinance
Holdings
Ltd.
,
Senior
Note
,
144A,
5.15
%
,
3/17/30
.........................................
United
Kingdom
430,000
428,944
OneMain
Finance
Corp.
,
Senior
Bond,
5.375%,
11/15/29
.......................
United
States
115,000
113,032
Senior
Note,
7.5%,
5/15/31
..........................
United
States
280,000
289,444
Senior
Note,
7.125%,
11/15/31
.......................
United
States
475,000
485,008
Senior
Note,
6.5%,
3/15/33
..........................
United
States
210,000
206,812
b
PRA
Group,
Inc.
,
Senior
Note
,
144A,
8.875
%
,
1/31/30
........
United
States
570,000
588,656
11,735,509
Consumer
Staples
Distribution
&
Retail
0.0%
†
b
7-Eleven,
Inc.
,
Senior
Note
,
144A,
1.3
%
,
2/10/28
............
United
States
488,000
463,678
b
Alimentation
Couche-Tard,
Inc.
,
Senior
Bond,
144A,
3.55%,
7/26/27
....................
Canada
240,000
237,955
Senior
Bond,
144A,
2.95%,
1/25/30
....................
Canada
148,000
139,515
b
US
Foods,
Inc.
,
Senior
Note,
144A,
4.625%,
6/01/30
...................
United
States
250,000
244,244
Senior
Note,
144A,
7.25%,
1/15/32
....................
United
States
315,000
327,274
Senior
Note,
144A,
5.75%,
4/15/33
....................
United
States
225,000
225,427
1,638,093
Containers
&
Packaging
0.0%
†
AptarGroup,
Inc.
,
Senior
Note
,
4.75
%
,
3/30/31
.............
United
States
115,000
113,948
Berry
Global,
Inc.
,
Senior
Secured
Note,
1.65%,
1/15/27
..................
United
States
166,000
163,527
Senior
Secured
Note,
5.5%,
4/15/28
...................
United
States
14,000
14,218
b
CANPACK
Group,
Inc.
/
CANPACK
SA
,
Senior
Note
,
144A,
6
%
,
5/15/31
.........................................
United
States
200,000
201,272
Putnam
Asset
Allocation
Funds
Consolidated
Schedule
of
Investments
(unaudited)
Putnam
Dynamic
Asset
Allocation
Growth
Fund
(continued)
Quarterly
Consolidated
Schedule
of
Investments
See
Notes
to
Consolidated
Schedules
of
Investments.
176
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Corporate
Bonds
(continued)
Containers
&
Packaging
(continued)
b
Clydesdale
Acquisition
Holdings,
Inc.
,
Senior
Secured
Note
,
144A,
6.75
%
,
4/15/32
...............................
United
States
500,000
$
485,675
b
Graphic
Packaging
International
LLC
,
Senior
Note
,
144A,
3.5
%
,
3/01/29
.........................................
United
States
150,000
142,729
b
Mauser
Packaging
Solutions
Holding
Co.
,
Secured
Note,
144A,
9.25%,
4/15/30
...................
United
States
230,000
226,461
Senior
Secured
Note,
144A,
7.875%,
4/15/30
............
United
States
320,000
327,313
b
Toucan
FinCo
Ltd.
/
Toucan
FinCo
Can,
Inc.
/
Toucan
FinCo
US
LLC
,
Senior
Secured
Note
,
144A,
9.5
%
,
5/15/30
...........
Canada
730,000
688,816
WestRock
MWV
LLC
,
Senior
Bond,
8.2%,
1/15/30
..........................
United
States
305,000
338,185
Senior
Bond,
7.95%,
2/15/31
.........................
United
States
106,000
119,026
2,821,170
Diversified
Consumer
Services
0.0%
†
Service
Corp.
International
,
Senior
Bond
,
3.375
%
,
8/15/30
....
United
States
65,000
60,342
Diversified
REITs
0.0%
†
Equinix
Asia
Financing
Corp.
Pte.
Ltd.
,
Senior
Note
,
4.4
%
,
3/15/31
.........................................
United
States
135,000
131,994
GLP
Capital
LP
/
GLP
Financing
II,
Inc.
,
Senior
Bond
,
3.25
%
,
1/15/32
.........................................
United
States
175,000
156,807
VICI
Properties
LP
,
Senior
Note,
4.75%,
2/15/28
.........................
United
States
411,000
410,990
Senior
Note,
5.125%,
11/15/31
.......................
United
States
330,000
328,645
b
VICI
Properties
LP
/
VICI
Note
Co.,
Inc.
,
Senior
Note
,
144A,
3.75
%
,
2/15/27
...................................
United
States
154,000
153,064
1,181,500
Diversified
Telecommunication
Services
0.4%
b
Altice
France
SA
,
Senior
Secured
Note,
144A,
6.875%,
10/15/30
...........
France
152,439
148,023
Senior
Secured
Note,
144A,
6.5%,
4/15/32
..............
France
152,439
147,449
Senior
Secured
Note,
144A,
6.875%,
7/15/32
............
France
209,603
203,492
b
APLD
ComputeCo
2
LLC
,
Senior
Secured
Note
,
144A,
6.75
%
,
3/15/31
.........................................
United
States
645,000
647,775
b
APLD
ComputeCo
LLC
,
Senior
Secured
Note
,
144A,
9.25
%
,
12/15/30
........................................
United
States
920,000
993,006
AT&T,
Inc.
,
Senior
Bond,
2.55%,
12/01/33
........................
United
States
476,000
399,925
Senior
Bond,
4.75%,
5/15/46
.........................
United
States
547,000
460,195
Senior
Bond,
3.55%,
9/15/55
.........................
United
States
1,018,000
656,030
Senior
Note,
4.1%,
2/15/28
..........................
United
States
210,000
208,462
b
Black
Pearl
Compute
LLC
,
Senior
Secured
Note
,
144A,
6.125
%
,
2/15/31
.........................................
United
States
365,000
370,134
b
CCO
Holdings
LLC
/
CCO
Holdings
Capital
Corp.
,
Senior
Bond,
144A,
5.375%,
6/01/29
...................
United
States
245,000
239,804
Senior
Bond,
144A,
4.75%,
3/01/30
....................
United
States
1,545,000
1,465,697
Senior
Bond,
144A,
4.25%,
2/01/31
....................
United
States
180,000
162,246
Senior
Bond,
144A,
4.75%,
2/01/32
....................
United
States
790,000
705,191
Senior
Bond,
144A,
4.25%,
1/15/34
....................
United
States
305,000
258,490
Senior
Note,
144A,
7%,
2/01/33
......................
United
States
245,000
240,471
b
Cipher
Compute
LLC
,
Senior
Secured
Note
,
144A,
7.125
%
,
11/15/30
........................................
United
States
660,000
686,910
Comcast
Corp.
,
Senior
Bond,
3.999%,
11/01/49
.......................
United
States
130,000
92,272
Putnam
Asset
Allocation
Funds
Consolidated
Schedule
of
Investments
(unaudited)
Putnam
Dynamic
Asset
Allocation
Growth
Fund
(continued)
See
Notes
to
Consolidated
Schedules
of
Investments.
Quarterly
Consolidated
Schedule
of
Investments
177
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Corporate
Bonds
(continued)
Diversified
Telecommunication
Services
(continued)
Comcast
Corp.,
(continued)
Senior
Bond,
3.45%,
2/01/50
.........................
United
States
224,000
$
144,178
Senior
Bond,
2.987%,
11/01/63
.......................
United
States
107,000
55,711
Deutsche
Telekom
International
Finance
BV
,
Senior
Bond
,
8.25
%
,
6/15/30
.........................................
Germany
195,000
219,432
b
Edged
Compute
LLC
,
Senior
Secured
Note
,
144A,
7.5
%
,
4/30/31
United
States
1,110,000
1,082,674
b
PR
RNO
Property
Owner
1
LLC
,
Senior
Secured
Note
,
144A,
6.5
%
,
5/01/31
....................................
United
States
765,000
764,424
b
Space
Exploration
Technologies
Corp.
,
Senior
Note
,
144A,
5.35
%
,
7/15/31
...................................
United
States
180,000
179,577
Sprint
Capital
Corp.
,
Senior
Bond
,
6.875
%
,
11/15/28
.........
United
States
271,000
283,952
b
SV
RNO
Property
Owner
1
LLC
,
Senior
Secured
Note
,
144A,
5.875
%
,
3/01/31
...................................
United
States
485,000
478,316
Telefonica
Emisiones
SA
,
Senior
Bond
,
4.895
%
,
3/06/48
......
Spain
520,000
439,735
Verizon
Communications,
Inc.
,
Senior
Bond,
4.4%,
11/01/34
.........................
United
States
335,000
317,718
Senior
Bond,
5.401%,
7/02/37
........................
United
States
1,273,000
1,270,202
Senior
Bond,
3.7%,
3/22/61
..........................
United
States
487,000
325,928
b
Virgin
Media
Secured
Finance
plc
,
Senior
Secured
Bond
,
144A,
4.5
%
,
8/15/30
....................................
United
Kingdom
200,000
169,994
b
WULF
Compute
LLC
,
Senior
Secured
Note
,
144A,
7.75
%
,
10/15/30
........................................
United
States
810,000
851,280
b
Yondr
JK
1
LLC
,
Senior
Secured
Note
,
144A,
6.875
%
,
6/30/31
.
United
States
500,000
501,628
15,170,321
Electric
Utilities
0.5%
American
Electric
Power
Co.,
Inc.
,
J
,
Senior
Bond
,
4.3
%
,
12/01/28
........................................
United
States
510,000
507,076
b
American
Transmission
Systems,
Inc.
,
Senior
Bond
,
144A,
2.65
%
,
1/15/32
...................................
United
States
95,000
85,095
b
California
Buyer
Ltd.
/
Atlantica
Sustainable
Infrastructure
plc
,
Senior
Note
,
144A,
6.375
%
,
2/15/32
....................
United
Kingdom
735,000
737,209
Duke
Energy
Carolinas
LLC
,
Senior
Bond
,
4.95
%
,
1/15/33
....
United
States
45,000
45,307
Duke
Energy
Corp.
,
Senior
Bond,
3.15%,
8/15/27
.........................
United
States
445,000
438,718
Senior
Bond,
4.2%,
6/15/49
..........................
United
States
350,000
273,824
Duke
Energy
Indiana
LLC
,
Senior
Bond
,
6.45
%
,
4/01/39
......
United
States
80,000
87,945
Duke
Energy
Ohio,
Inc.
,
Senior
Bond
,
3.65
%
,
2/01/29
........
United
States
191,000
187,290
b
Enel
Finance
International
NV
,
Senior
Note
,
144A,
4.375
%
,
9/30/30
.........................................
Italy
495,000
486,435
Evergy
Kansas
Central,
Inc.
,
Senior
Bond
,
5.7
%
,
3/15/53
.....
United
States
110,000
109,920
b
Evergy
Missouri
West,
Inc.
,
Senior
Note
,
144A,
5.15
%
,
12/15/27
United
States
330,000
331,533
Eversource
Energy
,
Senior
Note
,
5.45
%
,
3/01/28
............
United
States
50,000
50,581
IPALCO
Enterprises,
Inc.
,
Senior
Secured
Note
,
4.25
%
,
5/01/30
United
States
140,000
136,019
NextEra
Energy
Capital
Holdings,
Inc.
,
Senior
Bond,
5.45%,
3/15/35
.........................
United
States
895,000
908,957
Senior
Note,
5.05%,
3/15/30
.........................
United
States
615,000
623,092
b
NRG
Energy,
Inc.
,
j
Junior
Sub.
Bond,
144A,
10.25%
to
3/14/28,
FRN
thereafter,
Perpetual
.......................................
United
States
265,000
286,719
Senior
Bond,
144A,
6.25%,
11/01/34
...................
United
States
655,000
663,491
Senior
Bond,
144A,
6%,
1/15/36
......................
United
States
560,000
558,532
Senior
Note,
144A,
3.375%,
2/15/29
...................
United
States
380,000
362,634
Senior
Secured
Bond,
144A,
7%,
3/15/33
...............
United
States
320,000
347,313
Putnam
Asset
Allocation
Funds
Consolidated
Schedule
of
Investments
(unaudited)
Putnam
Dynamic
Asset
Allocation
Growth
Fund
(continued)
Quarterly
Consolidated
Schedule
of
Investments
See
Notes
to
Consolidated
Schedules
of
Investments.
178
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Corporate
Bonds
(continued)
Electric
Utilities
(continued)
Oncor
Electric
Delivery
Co.
LLC
,
Senior
Secured
Bond,
5.3%,
6/01/42
...................
United
States
45,000
$
43,657
Senior
Secured
Bond,
3.75%,
4/01/45
..................
United
States
405,000
314,560
Pacific
Gas
and
Electric
Co.
,
Senior
Note,
2.1%,
8/01/27
..........................
United
States
50,000
48,695
Senior
Note,
6.1%,
1/15/29
..........................
United
States
570,000
587,018
Senior
Note,
5.55%,
5/15/29
.........................
United
States
435,000
444,093
Senior
Note,
5.05%,
11/15/31
........................
United
States
145,000
144,898
b
Palomino
Funding
Trust
I
,
Senior
Secured
Note
,
144A,
7.233
%
,
5/17/28
.........................................
United
States
355,000
368,530
PG&E
Corp.
,
Junior
Sub.
Bond,
7.375%
to
3/14/30,
FRN
thereafter,
3/15/55
United
States
180,000
183,533
Senior
Secured
Bond,
5.25%,
7/01/30
..................
United
States
380,000
374,378
Public
Service
Electric
and
Gas
Co.
,
Senior
Bond
,
5.5
%
,
3/01/40
United
States
75,000
75,435
Southern
Co.
(The)
,
Senior
Note
,
5.5
%
,
3/15/29
............
United
States
295,000
301,737
b
Vistra
Operations
Co.
LLC
,
Senior
Bond,
144A,
6%,
4/15/34
......................
United
States
105,000
108,212
Senior
Note,
144A,
5.05%,
12/30/26
...................
United
States
85,000
85,129
Senior
Note,
144A,
5%,
7/31/27
......................
United
States
150,000
149,954
Senior
Note,
144A,
4.375%,
5/01/29
...................
United
States
515,000
506,186
Senior
Note,
144A,
4.7%,
1/31/31
.....................
United
States
120,000
117,769
Senior
Note,
144A,
7.75%,
10/15/31
...................
United
States
330,000
345,399
Senior
Note,
144A,
6.875%,
4/15/32
...................
United
States
185,000
191,685
Senior
Secured
Bond,
144A,
4.3%,
7/15/29
..............
United
States
212,000
207,792
Wisconsin
Electric
Power
Co.
,
Senior
Bond,
4.6%,
10/01/34
.........................
United
States
183,000
179,333
Senior
Note,
4.15%,
10/15/30
........................
United
States
245,000
240,393
12,246,076
Electrical
Equipment
0.0%
†
b
Energizer
Gamma
Acquisition
BV
,
Senior
Note
,
Reg
S,
3.5
%
,
6/30/29
.........................................
United
States
220,000
EUR
246,603
b
Sensata
Technologies
BV
,
Senior
Note
,
144A,
5.875
%
,
9/01/30
.
United
States
260,000
261,616
508,219
Electronic
Equipment,
Instruments
&
Components
0.0%
†
Amphenol
Corp.
,
Senior
Note
,
3.9
%
,
11/15/28
..............
United
States
135,000
133,389
CDW
LLC
/
CDW
Finance
Corp.
,
Senior
Note
,
3.25
%
,
2/15/29
..
United
States
365,000
349,038
b
Ingram
Micro,
Inc.
,
Senior
Secured
Note
,
144A,
4.75
%
,
5/15/29
.
United
States
290,000
284,991
b
TTM
Technologies,
Inc.
,
Senior
Note
,
144A,
4
%
,
3/01/29
......
United
States
545,000
526,792
1,294,210
Energy
Equipment
&
Services
0.2%
b
Archrock
Services
LP
/
Archrock
Partners
Finance
Corp.
,
Senior
Note
,
144A,
6
%
,
2/01/34
............................
United
States
710,000
706,170
b
Borr
IHC
Ltd.
/
Borr
Finance
LLC
,
Senior
Secured
Note,
144A,
8.75%,
1/15/32
.............
Mexico
265,000
259,002
Senior
Secured
Note,
144A,
9%,
1/15/34
................
Mexico
200,000
193,556
b
Kodiak
Gas
Services
LLC
,
Senior
Note,
144A,
5.875%,
4/01/31
...................
United
States
260,000
260,806
Senior
Note,
144A,
6.5%,
10/01/33
....................
United
States
440,000
446,260
b
Nabors
Industries,
Inc.
,
Senior
Note
,
144A,
8.875
%
,
8/15/31
...
United
States
140,000
143,834
b,c
Oceaneering
International,
Inc.
,
Senior
Note
,
144A,
6.875
%
,
7/15/34
.........................................
United
States
280,000
284,570
b
Transocean
Aquila
Ltd.
,
Senior
Secured
Note
,
144A,
8
%
,
9/30/28
United
States
46,154
47,371
Putnam
Asset
Allocation
Funds
Consolidated
Schedule
of
Investments
(unaudited)
Putnam
Dynamic
Asset
Allocation
Growth
Fund
(continued)
See
Notes
to
Consolidated
Schedules
of
Investments.
Quarterly
Consolidated
Schedule
of
Investments
179
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Corporate
Bonds
(continued)
Energy
Equipment
&
Services
(continued)
Transocean
International
Ltd.
,
Senior
Bond,
6.8%,
3/15/38
..........................
United
States
380,000
$
352,714
b
Senior
Note,
144A,
8.5%,
5/15/31
.....................
United
States
340,000
353,180
b
Senior
Note,
144A,
7.875%,
10/15/32
..................
United
States
465,000
485,676
b
Senior
Secured
Note,
144A,
8.75%,
2/15/30
.............
United
States
409,500
425,789
b
Weatherford
International
Ltd.
,
Senior
Note,
144A,
8.625%,
4/30/30
...................
United
States
146,000
148,404
Senior
Note,
144A,
6.75%,
10/15/33
...................
United
States
1,055,000
1,076,997
5,184,329
Entertainment
0.1%
b
Banijay
Entertainment
SAS
,
Senior
Secured
Note
,
144A,
8.125
%
,
5/01/29
.........................................
France
795,000
815,484
Discovery
Global
Holdings,
Inc.
,
Senior
Bond
,
5.05
%
,
3/15/42
..
United
States
255,000
187,124
b
Live
Nation
Entertainment,
Inc.
,
Senior
Secured
Note
,
144A,
6.5
%
,
5/15/27
....................................
United
States
120,000
120,053
Netflix,
Inc.
,
Senior
Bond,
5.875%,
11/15/28
.......................
United
States
155,000
159,935
b
Senior
Bond,
Reg
S,
3.875%,
11/15/29
.................
United
States
515,000
EUR
603,370
b
Senior
Bond,
144A,
5.375%,
11/15/29
..................
United
States
562,000
576,937
b
OAK-Eagle
Acquireco,
Inc.
,
Senior
Note,
144A,
8.75%,
7/01/34
....................
United
States
565,000
599,986
Senior
Secured
Note,
144A,
7.25%,
7/01/33
.............
United
States
295,000
308,762
b
Pinewood
Finco
plc
,
Senior
Secured
Note
,
144A,
6
%
,
3/27/30
..
United
Kingdom
260,000
GBP
345,784
Walt
Disney
Co.
(The)
,
Senior
Bond,
7.75%,
12/01/45
........................
United
States
194,000
241,795
Senior
Note,
2.2%,
1/13/28
..........................
United
States
78,000
75,708
4,034,938
Financial
Services
0.2%
Corebridge
Financial,
Inc.
,
Senior
Note
,
3.85
%
,
4/05/29
.......
United
States
230,000
224,866
b
CrossCountry
Intermediate
HoldCo
LLC
,
Senior
Note,
144A,
6.5%,
10/01/30
....................
United
States
335,000
330,605
Senior
Note,
144A,
6.75%,
12/01/32
...................
United
States
515,000
497,693
b
Freedom
Mortgage
Corp.
,
Senior
Note
,
144A,
12.25
%
,
10/01/30
United
States
425,000
458,862
b
Freedom
Mortgage
Holdings
LLC
,
Senior
Note
,
144A,
8.375
%
,
4/01/32
.........................................
United
States
660,000
671,832
b
GGAM
Finance
Ltd.
,
Senior
Note
,
144A,
8
%
,
2/15/27
........
Ireland
105,000
105,424
b
Neuberger
Berman
Group
LLC
/
Neuberger
Berman
Finance
Corp.
,
Senior
Bond
,
144A,
4.875
%
,
4/15/45
..............
United
States
155,000
133,803
b
Osaic
Holdings,
Inc.
,
Senior
Note,
144A,
8%,
8/01/33
......................
United
States
660,000
662,929
Senior
Secured
Note,
144A,
6.75%,
8/01/32
.............
United
States
450,000
451,028
b
Petronas
Capital
Ltd.
,
Senior
Note
,
144A,
4.95
%
,
1/03/31
.....
Malaysia
330,000
334,145
b
PHH
Escrow
Issuer
LLC
/
PHH
Corp.
,
Senior
Note
,
144A,
9.875
%
,
11/01/29
..................................
United
States
975,000
955,133
b
Rocket
Cos.,
Inc.
,
Senior
Note,
144A,
6.125%,
8/01/30
...................
United
States
355,000
361,265
Senior
Note,
144A,
6.125%,
8/01/31
...................
United
States
125,000
127,756
Senior
Note,
144A,
7.125%,
2/01/32
...................
United
States
290,000
301,171
Senior
Note,
144A,
6.375%,
8/01/33
...................
United
States
515,000
524,380
Senior
Note,
144A,
6.5%,
6/15/34
.....................
United
States
285,000
292,675
b
Shift4
Payments
LLC
/
Shift4
Payments
Finance
Sub,
Inc.
,
Senior
Note
,
144A,
5.5
%
,
5/15/33
...........................
United
States
100,000
EUR
112,081
6,545,648
Putnam
Asset
Allocation
Funds
Consolidated
Schedule
of
Investments
(unaudited)
Putnam
Dynamic
Asset
Allocation
Growth
Fund
(continued)
Quarterly
Consolidated
Schedule
of
Investments
See
Notes
to
Consolidated
Schedules
of
Investments.
180
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Corporate
Bonds
(continued)
Food
Products
0.1%
Bunge
Ltd.
Finance
Corp.
,
Senior
Note
,
3.2
%
,
4/21/31
.......
United
States
62,000
$
57,868
b
Chobani
LLC
/
Chobani
Finance
Corp.,
Inc.
,
Senior
Note,
144A,
7.625%,
7/01/29
...................
United
States
290,000
299,404
Senior
Note,
144A,
6.375%,
4/15/34
...................
United
States
260,000
264,044
b
Froneri
Lux
FinCo
SARL
,
Senior
Secured
Note
,
144A,
6
%
,
8/01/32
.........................................
United
Kingdom
435,000
426,860
b
Industrial
F&B
Investments
III,
Inc.
,
Senior
Secured
Note
,
144A,
7.75
%
,
2/11/33
....................................
United
States
385,000
392,625
JBS
NV
/
JBS
USA
Foods
Group
Holdings,
Inc.
/
JBS
USA
Food
Co.
Holdings
,
Senior
Bond,
5.5%,
1/15/36
..........................
United
States
550,000
549,544
Senior
Note,
3%,
2/02/29
...........................
United
States
128,000
122,891
b
JDE
Peet's
NV
,
Senior
Note
,
144A,
1.375
%
,
1/15/27
.........
Netherlands
150,000
147,247
Kellanova
,
Senior
Bond,
4.5%,
4/01/46
..........................
United
States
14,000
12,079
B,
Senior
Bond,
7.45%,
4/01/31
.......................
United
States
62,000
69,287
Kraft
Heinz
Foods
Co.
,
Senior
Bond,
6.875%,
1/26/39
........................
United
States
65,000
71,275
Senior
Bond,
4.625%,
10/01/39
.......................
United
States
65,000
58,102
b
Mars,
Inc.
,
Senior
Bond,
144A,
5.65%,
5/01/45
....................
United
States
55,000
54,681
Senior
Bond,
144A,
5.7%,
5/01/55
.....................
United
States
115,000
113,374
Senior
Bond,
144A,
5.8%,
5/01/65
.....................
United
States
25,000
24,840
Senior
Note,
144A,
4.6%,
3/01/28
.....................
United
States
440,000
440,917
Senior
Note,
144A,
4.65%,
4/20/31
....................
United
States
277,000
277,328
Senior
Note,
144A,
5%,
3/01/32
......................
United
States
445,000
448,261
Senior
Note,
144A,
5.2%,
3/01/35
.....................
United
States
60,000
60,259
McCormick
&
Co.,
Inc.
,
Senior
Note
,
4.15
%
,
2/15/29
.........
United
States
185,000
183,024
4,073,910
Gas
Utilities
0.0%
†
Southern
California
Gas
Co.
,
Senior
Bond
,
5.05
%
,
9/01/34
....
United
States
185,000
185,274
Ground
Transportation
0.0%
†
b
Ashtead
Capital,
Inc.
,
Senior
Bond,
144A,
4.375%,
8/15/27
...................
United
Kingdom
555,000
552,965
Senior
Bond,
144A,
2.45%,
8/12/31
....................
United
Kingdom
200,000
176,618
b
Beacon
Mobility
Corp.
,
Senior
Secured
Note
,
144A,
7.25
%
,
8/01/30
.........................................
United
States
200,000
208,329
Canadian
Pacific
Railway
Co.
,
Senior
Note
,
1.75
%
,
12/02/26
...
Canada
645,000
638,598
CSX
Corp.
,
Senior
Bond
,
4.1
%
,
3/15/44
..................
United
States
240,000
200,177
b
ERAC
USA
Finance
LLC
,
Senior
Bond
,
144A,
3.3
%
,
12/01/26
..
United
States
129,000
128,525
b
Penske
Truck
Leasing
Co.
LP
/
PTL
Finance
Corp.
,
Senior
Bond,
144A,
3.4%,
11/15/26
....................
United
States
113,000
112,554
Senior
Note,
144A,
4.4%,
7/01/27
.....................
United
States
145,000
144,772
Ryder
System,
Inc.
,
Senior
Note
,
4.95
%
,
9/01/29
............
United
States
325,000
327,527
b
SMBC
Aviation
Capital
Finance
DAC
,
Senior
Bond,
144A,
5.7%,
7/25/33
.....................
Ireland
200,000
205,312
Senior
Note,
144A,
5.3%,
4/03/29
.....................
Ireland
470,000
475,743
b
Watco
Cos.
LLC
/
Watco
Finance
Corp.
,
Senior
Note
,
144A,
7.125
%
,
8/01/32
...................................
United
States
450,000
462,360
3,633,480
Health
Care
Equipment
&
Supplies
0.0%
†
b
Bausch
+
Lomb
Corp.
,
Senior
Secured
Note
,
144A,
8.375
%
,
10/01/28
........................................
United
States
160,000
164,600
Putnam
Asset
Allocation
Funds
Consolidated
Schedule
of
Investments
(unaudited)
Putnam
Dynamic
Asset
Allocation
Growth
Fund
(continued)
See
Notes
to
Consolidated
Schedules
of
Investments.
Quarterly
Consolidated
Schedule
of
Investments
181
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Corporate
Bonds
(continued)
Health
Care
Equipment
&
Supplies
(continued)
b,i
Bausch
+
Lomb
Netherlands
BV
and
Bausch
&
Lomb,
Inc.
,
Senior
Secured
Note
,
144A,
FRN
,
6.079
%
,
(
2
x
3-month
EURIBOR
+
7.75
%
),
1/15/31
...................................
United
States
200,000
EUR
$
230,869
Becton
Dickinson
&
Co.
,
Senior
Bond
,
2.823
%
,
5/20/30
.......
United
States
372,000
347,387
DH
Europe
Finance
II
SARL
,
Senior
Bond
,
3.4
%
,
11/15/49
....
United
States
155,000
110,314
GE
HealthCare
Technologies,
Inc.
,
Senior
Note,
5.65%,
11/15/27
........................
United
States
110,000
111,624
Senior
Note,
4.15%,
12/15/28
........................
United
States
220,000
218,073
Senior
Note,
4.8%,
8/14/29
..........................
United
States
270,000
271,475
b
Insulet
Corp.
,
Senior
Note
,
144A,
6.5
%
,
4/01/33
............
United
States
380,000
385,724
b
Medline
Borrower
LP
,
Senior
Note,
144A,
5.25%,
10/01/29
...................
United
States
295,000
293,346
Senior
Secured
Note,
144A,
3.875%,
4/01/29
............
United
States
770,000
748,166
2,881,578
Health
Care
Providers
&
Services
0.3%
b
CHS/Community
Health
Systems,
Inc.
,
Senior
Secured
Note,
144A,
5.25%,
5/15/30
.............
United
States
685,000
646,839
Senior
Secured
Note,
144A,
10.875%,
1/15/32
...........
United
States
288,000
310,519
Senior
Secured
Note,
144A,
9.75%,
1/15/34
.............
United
States
620,000
648,105
b
Concentra
Health
Services,
Inc.
,
Senior
Note
,
144A,
6.875
%
,
7/15/32
.........................................
United
States
395,000
409,372
CVS
Health
Corp.
,
Junior
Sub.
Bond,
7%
to
3/09/30,
FRN
thereafter,
3/10/55
...
United
States
440,000
457,002
Senior
Bond,
1.875%,
2/28/31
........................
United
States
70,000
61,416
Senior
Bond,
4.78%,
3/25/38
.........................
United
States
140,000
131,316
Senior
Note,
5.4%,
6/01/29
..........................
United
States
120,000
122,635
Senior
Note,
5%,
9/15/32
...........................
United
States
152,000
152,392
b
DaVita,
Inc.
,
Senior
Note,
144A,
4.625%,
6/01/30
...................
United
States
370,000
358,668
Senior
Note,
144A,
6.875%,
9/01/32
...................
United
States
1,075,000
1,109,285
Senior
Note,
144A,
6.75%,
7/15/33
....................
United
States
55,000
56,784
HCA,
Inc.
,
Senior
Bond,
4.5%,
2/15/27
..........................
United
States
76,000
75,975
Senior
Bond,
4.125%,
6/15/29
........................
United
States
118,000
116,207
Senior
Note,
5.45%,
4/01/31
.........................
United
States
400,000
408,837
Senior
Note,
3.625%,
3/15/32
........................
United
States
410,000
381,800
Humana,
Inc.
,
Senior
Note
,
5.75
%
,
3/01/28
................
United
States
250,000
254,311
Icon
Investments
Six
DAC
,
Senior
Secured
Note
,
5.809
%
,
5/08/27
.........................................
United
States
215,000
216,722
b
Kedrion
SpA
,
Senior
Secured
Note
,
144A,
6.5
%
,
9/01/29
......
Italy
1,075,000
1,061,672
Tenet
Healthcare
Corp.
,
b
Senior
Note,
144A,
6%,
11/15/33
......................
United
States
620,000
625,867
Senior
Secured
Note,
6.125%,
6/15/30
.................
United
States
345,000
347,959
UnitedHealth
Group,
Inc.
,
Senior
Bond,
3.95%,
10/15/42
........................
United
States
245,000
202,409
Senior
Note,
3.85%,
6/15/28
.........................
United
States
740,000
732,749
8,888,841
Health
Care
REITs
0.0%
†
b
MPT
Operating
Partnership
LP
/
MPT
Finance
Corp.
,
Senior
Secured
Note
,
144A,
8.5
%
,
2/15/32
....................
United
States
925,000
947,653
Health
Care
Technology
0.1%
b
AthenaHealth
Group,
Inc.
,
Senior
Note
,
144A,
6.5
%
,
2/15/30
...
United
States
405,000
388,577
Putnam
Asset
Allocation
Funds
Consolidated
Schedule
of
Investments
(unaudited)
Putnam
Dynamic
Asset
Allocation
Growth
Fund
(continued)
Quarterly
Consolidated
Schedule
of
Investments
See
Notes
to
Consolidated
Schedules
of
Investments.
182
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Corporate
Bonds
(continued)
Health
Care
Technology
(continued)
b
IQVIA,
Inc.
,
Senior
Note
,
144A,
6.25
%
,
6/01/32
.............
United
States
1,285,000
$
1,308,038
1,696,615
Hotel
&
Resort
REITs
0.1%
b
RHP
Hotel
Properties
LP
/
RHP
Finance
Corp.
,
Senior
Note,
144A,
7.25%,
7/15/28
....................
United
States
80,000
81,787
Senior
Note,
144A,
6.5%,
4/01/32
.....................
United
States
840,000
859,974
Senior
Note,
144A,
6.5%,
6/15/33
.....................
United
States
165,000
169,395
Senior
Note,
144A,
5.75%,
3/15/34
....................
United
States
240,000
237,913
b
XHR
LP
,
Senior
Note
,
144A,
6.625
%
,
5/15/30
..............
United
States
95,000
97,311
1,446,380
Hotels,
Restaurants
&
Leisure
0.2%
b
1011778
BC
ULC
/
New
Red
Finance,
Inc.
,
Secured
Bond
,
144A,
4
%
,
10/15/30
.....................................
Canada
905,000
854,885
b
A&K
Travel
Group
Holdings
Ltd.
,
Senior
Note
,
144A,
7.5
%
,
5/15/33
.........................................
United
Kingdom
330,000
333,341
Airbnb,
Inc.
,
Senior
Note
,
4.65
%
,
3/16/31
.................
United
States
110,000
109,319
b
Boyd
Gaming
Corp.
,
Senior
Bond
,
144A,
4.75
%
,
6/15/31
......
United
States
480,000
463,741
b
Caesars
Entertainment,
Inc.
,
Senior
Note,
144A,
4.625%,
10/15/29
..................
United
States
410,000
394,298
Senior
Note,
144A,
6%,
10/15/32
.....................
United
States
140,000
126,970
Senior
Secured
Note,
144A,
7%,
2/15/30
................
United
States
130,000
130,825
b
Carnival
Corp.
Ltd.
,
Senior
Note,
144A,
5.125%,
5/01/29
...................
United
States
520,000
519,445
Senior
Note,
144A,
5.75%,
3/15/30
....................
United
States
439,000
444,625
Senior
Note,
144A,
5.875%,
6/15/31
...................
United
States
320,000
325,931
Senior
Note,
144A,
5.75%,
8/01/32
....................
United
States
300,000
303,305
Senior
Note,
144A,
6.125%,
2/15/33
...................
United
States
155,000
156,952
Senior
Secured
Note,
144A,
4%,
8/01/28
................
United
States
375,000
368,248
b
Churchill
Downs,
Inc.
,
Senior
Note
,
144A,
5.75
%
,
4/01/30
.....
United
States
275,000
274,891
b
Fertitta
Entertainment
LLC
/
Fertitta
Entertainment
Finance
Co.,
Inc.
,
Senior
Note
,
144A,
6.75
%
,
1/15/30
.................
United
States
630,000
618,280
b
Flutter
Treasury
DAC
,
Senior
Secured
Note
,
144A,
5.875
%
,
6/04/31
.........................................
United
Kingdom
400,000
398,792
b
Great
Canadian
Gaming
Corp.
/
Raptor
LLC
,
Senior
Secured
Note
,
144A,
8.75
%
,
11/15/29
.........................
Canada
275,000
275,349
b
Hilton
Domestic
Operating
Co.,
Inc.
,
Senior
Note
,
144A,
5.75
%
,
9/15/33
.........................................
United
States
1,105,000
1,109,687
Hyatt
Hotels
Corp.
,
Senior
Note
,
5.75
%
,
1/30/27
............
United
States
184,000
185,067
b
Light
&
Wonder
International,
Inc.
,
Senior
Note,
144A,
7.25%,
11/15/29
...................
United
States
415,000
422,724
Senior
Note,
144A,
7.5%,
9/01/31
.....................
United
States
55,000
57,036
Marriott
International,
Inc.
,
GG
,
Senior
Bond
,
3.5
%
,
10/15/32
...
United
States
430,000
395,897
b
Mohegan
Tribal
Gaming
Authority
/
MS
Digital
Entertainment
Holdings
LLC
,
Senior
Secured
Note
,
144A,
8.25
%
,
4/15/30
..
United
States
595,000
620,190
b
NCL
Corp.
Ltd.
,
Senior
Note,
144A,
7.75%,
2/15/29
....................
United
States
170,000
177,489
Senior
Note,
144A,
6.75%,
2/01/32
....................
United
States
460,000
459,290
Senior
Note,
144A,
6.25%,
9/15/33
....................
United
States
130,000
126,329
b
Penn
Entertainment,
Inc.
,
Senior
Note
,
144A,
5.625
%
,
1/15/27
.
United
States
295,000
295,172
b
Rivers
Enterprise
Borrower
LLC
,
Senior
Secured
Note
,
144A,
6.25
%
,
10/15/30
...................................
United
States
570,000
577,448
Royal
Caribbean
Cruises
Ltd.
,
Senior
Bond,
5.375%,
1/15/36
........................
United
States
75,000
74,485
b
Senior
Note,
144A,
5.625%,
9/30/31
...................
United
States
215,000
216,869
Putnam
Asset
Allocation
Funds
Consolidated
Schedule
of
Investments
(unaudited)
Putnam
Dynamic
Asset
Allocation
Growth
Fund
(continued)
See
Notes
to
Consolidated
Schedules
of
Investments.
Quarterly
Consolidated
Schedule
of
Investments
183
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Corporate
Bonds
(continued)
Hotels,
Restaurants
&
Leisure
(continued)
Royal
Caribbean
Cruises
Ltd.,
(continued)
b
Senior
Note,
144A,
6.25%,
3/15/32
....................
United
States
210,000
$
214,687
b
Senior
Note,
144A,
6%,
2/01/33
......................
United
States
485,000
491,976
b
Scientific
Games
Holdings
LP
/
Scientific
Games
US
FinCo,
Inc.
,
Senior
Note
,
144A,
6.625
%
,
3/01/30
....................
United
States
285,000
243,799
b
Station
Casinos
LLC
,
Senior
Bond,
144A,
4.625%,
12/01/31
..................
United
States
260,000
247,017
Senior
Note,
144A,
6.625%,
3/15/32
...................
United
States
195,000
198,141
b
Viking
Cruises
Ltd.
,
Senior
Note,
144A,
7%,
2/15/29
......................
United
States
120,000
120,466
Senior
Note,
144A,
9.125%,
7/15/31
...................
United
States
465,000
487,480
Senior
Note,
144A,
5.875%,
10/15/33
..................
United
States
120,000
120,247
b
Wynn
Resorts
Finance
LLC
/
Wynn
Resorts
Capital
Corp.
,
Senior
Note
,
144A,
7.125
%
,
2/15/31
.........................
United
States
470,000
496,957
13,437,650
Household
Durables
0.1%
b
Ashton
Woods
USA
LLC
/
Ashton
Woods
Finance
Co.
,
Senior
Note
,
144A,
6.875
%
,
8/01/33
.........................
United
States
505,000
501,164
DR
Horton,
Inc.
,
Senior
Bond,
5%,
10/15/34
..........................
United
States
65,000
64,352
Senior
Note,
1.3%,
10/15/26
.........................
United
States
590,000
585,108
b
K.
Hovnanian
Enterprises,
Inc.
,
Senior
Note,
144A,
8%,
4/01/31
......................
United
States
115,000
118,741
Senior
Note,
144A,
8.375%,
10/01/33
..................
United
States
175,000
179,968
b
Taylor
Morrison
Communities,
Inc.
,
Senior
Note
,
144A,
5.75
%
,
1/15/28
.........................................
United
States
135,000
136,566
Toll
Brothers
Finance
Corp.
,
Senior
Bond
,
4.35
%
,
2/15/28
.....
United
States
123,000
122,442
b
Weekley
Homes
LLC
/
Weekley
Finance
Corp.
,
Senior
Note,
144A,
4.875%,
9/15/28
...................
United
States
435,000
429,327
Senior
Note,
144A,
6.75%,
1/15/34
....................
United
States
720,000
722,814
Whirlpool
Corp.
,
Senior
Bond,
5.75%,
3/01/34
.........................
United
States
260,000
201,493
Senior
Bond,
4.5%,
6/01/46
..........................
United
States
180,000
107,349
b
Senior
Secured
Note,
144A,
7.5%,
7/01/31
..............
United
States
180,000
182,601
b
Senior
Secured
Note,
144A,
7.875%,
7/01/34
............
United
States
305,000
307,013
3,658,938
Household
Products
0.0%
†
b
Energizer
Holdings,
Inc.
,
Senior
Note
,
144A,
4.375
%
,
3/31/29
..
United
States
120,000
116,247
Independent
Power
and
Renewable
Electricity
Producers
0.1%
AES
Corp.
(The)
,
Senior
Note
,
5.45
%
,
6/01/28
.............
United
States
145,000
146,641
b
Alexander
Funding
Trust
II
,
Senior
Secured
Note
,
144A,
7.467
%
,
7/31/28
.........................................
United
States
120,000
125,370
b
Clearway
Energy
Operating
LLC
,
Senior
Bond,
144A,
3.75%,
1/15/32
....................
United
States
470,000
427,963
Senior
Note,
144A,
3.75%,
2/15/31
....................
United
States
245,000
227,329
Senior
Note,
144A,
5.75%,
1/15/34
....................
United
States
250,000
245,287
Constellation
Energy
Generation
LLC
,
Senior
Note,
5.6%,
3/01/28
..........................
United
States
235,000
238,748
Senior
Note,
4.4%,
1/15/31
..........................
United
States
75,000
73,754
b
Senior
Note,
144A,
5%,
2/01/31
......................
United
States
360,000
359,993
Southern
Power
Co.
,
B,
Senior
Bond,
4.9%,
10/01/35
.......................
United
States
25,000
24,264
A,
Senior
Note,
4.25%,
10/01/30
......................
United
States
120,000
117,923
Putnam
Asset
Allocation
Funds
Consolidated
Schedule
of
Investments
(unaudited)
Putnam
Dynamic
Asset
Allocation
Growth
Fund
(continued)
Quarterly
Consolidated
Schedule
of
Investments
See
Notes
to
Consolidated
Schedules
of
Investments.
184
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Corporate
Bonds
(continued)
Independent
Power
and
Renewable
Electricity
Producers
(continued)
b
Talen
Energy
Supply
LLC
,
Senior
Bond,
144A,
6.5%,
2/01/36
.....................
United
States
485,000
$
489,153
Senior
Note,
144A,
6.125%,
5/01/31
...................
United
States
105,000
105,045
Senior
Note,
144A,
6.375%,
5/01/33
...................
United
States
355,000
354,701
Senior
Note,
144A,
6.25%,
2/01/34
....................
United
States
485,000
482,256
b,j
Vistra
Corp.
,
Junior
Sub.
Bond,
144A,
8%
to
10/14/26,
FRN
thereafter,
Perpetual
.......................................
United
States
135,000
136,440
Junior
Sub.
Bond,
144A,
7%
to
12/14/26,
FRN
thereafter,
Perpetual
.......................................
United
States
185,000
186,911
3,741,778
Industrial
Conglomerates
0.0%
†
Honeywell
International,
Inc.
,
Senior
Bond
,
3.812
%
,
11/21/47
..
United
States
155,000
120,842
Industrial
REITs
0.0%
†
Prologis
LP
,
Senior
Bond,
2.25%,
4/15/30
.........................
United
States
113,000
103,748
Senior
Note,
2.125%,
4/15/27
........................
United
States
47,000
46,267
150,015
Insurance
0.1%
b
Acrisure
LLC
/
Acrisure
Finance,
Inc.
,
Senior
Note,
144A,
8.5%,
6/15/29
.....................
United
States
335,000
315,237
Senior
Secured
Note,
144A,
7.5%,
11/06/30
.............
United
States
335,000
317,957
b
AEGON
Funding
Co.
LLC
,
Senior
Note
,
144A,
5.5
%
,
4/16/27
..
United
States
220,000
221,440
b
Alliant
Holdings
Intermediate
LLC
/
Alliant
Holdings
Co-Issuer
,
Senior
Note,
144A,
5.875%,
11/01/29
..................
United
States
415,000
406,537
Senior
Note,
144A,
7.375%,
10/01/32
..................
United
States
100,000
99,381
Senior
Secured
Note,
144A,
7%,
1/15/31
................
United
States
665,000
676,154
b
Asurion
LLC
/
Asurion
Co-Issuer,
Inc.
,
Secured
Note,
144A,
8.375%,
2/01/34
..................
United
States
650,000
602,169
Senior
Secured
Note,
144A,
8%,
12/31/32
...............
United
States
450,000
453,767
b
Athene
Global
Funding
,
Senior
Secured
Note,
144A,
5.349%,
7/09/27
............
United
States
375,000
377,680
Senior
Secured
Note,
144A,
1.985%,
8/19/28
............
United
States
440,000
413,467
Senior
Secured
Note,
144A,
5.526%,
7/11/31
............
United
States
245,000
247,335
Berkshire
Hathaway
Finance
Corp.
,
Senior
Bond,
4.3%,
5/15/43
..........................
United
States
90,000
79,471
Senior
Bond,
2.85%,
10/15/50
........................
United
States
375,000
238,585
Brown
&
Brown,
Inc.
,
Senior
Note,
4.7%,
6/23/28
..........................
United
States
110,000
109,992
Senior
Note,
4.9%,
6/23/30
..........................
United
States
271,000
270,661
CNO
Financial
Group,
Inc.
,
Senior
Note
,
5.25
%
,
5/30/29
......
United
States
210,000
211,444
b
CNO
Global
Funding
,
Secured
Note,
144A,
4.875%,
12/10/27
.................
United
States
130,000
130,082
Secured
Note,
144A,
2.65%,
1/06/29
...................
United
States
210,000
198,979
Secured
Note,
144A,
4.95%,
9/09/29
...................
United
States
261,000
260,897
b
Corebridge
Global
Funding
,
Secured
Note
,
144A,
5.2
%
,
6/24/29
United
States
160,000
161,564
Fairfax
Financial
Holdings
Ltd.
,
Senior
Note
,
4.85
%
,
4/17/28
...
Canada
298,000
299,096
b
Jones
Deslauriers
Insurance
Management,
Inc.
,
Senior
Secured
Note
,
144A,
8.5
%
,
3/15/30
...........................
Canada
130,000
132,690
Marsh
&
McLennan
Cos.,
Inc.
,
Senior
Bond,
4.375%,
3/15/29
........................
United
States
212,000
211,228
Senior
Bond,
4.9%,
3/15/49
..........................
United
States
175,000
155,855
Putnam
Asset
Allocation
Funds
Consolidated
Schedule
of
Investments
(unaudited)
Putnam
Dynamic
Asset
Allocation
Growth
Fund
(continued)
See
Notes
to
Consolidated
Schedules
of
Investments.
Quarterly
Consolidated
Schedule
of
Investments
185
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Corporate
Bonds
(continued)
Insurance
(continued)
b
Protective
Life
Global
Funding
,
Secured
Note
,
144A,
5.467
%
,
12/08/28
........................................
United
States
305,000
$
310,282
6,901,950
Interactive
Media
&
Services
0.0%
†
Alphabet,
Inc.
,
Senior
Note,
4.1%,
11/15/30
.........................
United
States
270,000
266,086
Senior
Note,
4.1%,
2/15/31
..........................
United
States
210,000
206,391
Meta
Platforms,
Inc.
,
Senior
Bond
,
5.625
%
,
11/15/55
.........
United
States
165,000
149,617
622,094
IT
Services
0.0%
†
b
Cogent
Communications
Group
LLC
/
Cogent
Finance,
Inc.
,
Senior
Secured
Note
,
144A,
6.5
%
,
7/01/32
...............
United
States
840,000
756,839
b
Fortress
Intermediate
3,
Inc.
,
Senior
Secured
Note
,
144A,
7.5
%
,
6/01/31
.........................................
United
States
245,000
249,381
1,006,220
Leisure
Products
0.0%
†
Brunswick
Corp.
,
Senior
Bond
,
2.4
%
,
8/18/31
..............
United
States
295,000
258,087
Life
Sciences
Tools
&
Services
0.0%
†
Illumina,
Inc.
,
Senior
Note
,
4.65
%
,
9/09/26
................
United
States
131,000
131,047
Machinery
0.0%
†
Caterpillar,
Inc.
,
Senior
Bond
,
5.2
%
,
5/15/35
...............
United
States
300,000
306,109
b
Chart
Industries,
Inc.
,
Senior
Note
,
144A,
9.5
%
,
1/01/31
......
United
States
105,000
110,014
b
Daimler
Truck
Finance
North
America
LLC
,
Senior
Note
,
144A,
5.125
%
,
9/25/27
...................................
Germany
260,000
261,882
b
ESAB
Corp.
,
Senior
Note
,
144A,
5.625
%
,
4/01/31
...........
United
States
705,000
707,528
Oshkosh
Corp.
,
Senior
Bond
,
4.6
%
,
5/15/28
...............
United
States
146,000
145,849
Otis
Worldwide
Corp.
,
Senior
Note
,
2.565
%
,
2/15/30
.........
United
States
145,000
134,771
b
Terex
Corp.
,
Senior
Note,
144A,
5%,
5/15/29
......................
United
States
180,000
178,558
Senior
Note,
144A,
6.25%,
10/15/32
...................
United
States
135,000
136,826
1,981,537
Media
0.0%
†
b
Block
Communications,
Inc.
,
Senior
Secured
Note
,
144A,
10.25
%
,
3/01/31
...................................
United
States
400,000
366,184
Charter
Communications
Operating
LLC
/
Charter
Communications
Operating
Capital
Corp.
,
Senior
Secured
Bond,
5.85%,
12/01/35
.................
United
States
45,000
43,578
Senior
Secured
Bond,
4.8%,
3/01/50
...................
United
States
220,000
164,263
Senior
Secured
Bond,
3.7%,
4/01/51
...................
United
States
205,000
127,312
Senior
Secured
Note,
2.25%,
1/15/29
..................
United
States
510,000
475,256
b
Clear
Channel
Outdoor
Holdings,
Inc.
,
Senior
Note,
144A,
7.75%,
4/15/28
....................
United
States
125,000
125,539
Senior
Secured
Note,
144A,
7.875%,
4/01/30
............
United
States
165,000
171,991
Senior
Secured
Note,
144A,
7.5%,
3/15/33
..............
United
States
475,000
500,472
b
CSC
Holdings
LLC
,
Senior
Note
,
144A,
11.75
%
,
1/31/29
......
United
States
285,000
175,488
b
Directv
Financing
LLC
,
Senior
Secured
Note
,
144A,
8.875
%
,
2/01/30
.........................................
United
States
475,000
483,654
b
Directv
Financing
LLC
/
Directv
Financing
Co-Obligor,
Inc.
,
Senior
Secured
Note,
144A,
5.875%,
8/15/27
............
United
States
8,000
7,993
Senior
Secured
Note,
144A,
10%,
2/15/31
...............
United
States
240,000
249,205
Putnam
Asset
Allocation
Funds
Consolidated
Schedule
of
Investments
(unaudited)
Putnam
Dynamic
Asset
Allocation
Growth
Fund
(continued)
Quarterly
Consolidated
Schedule
of
Investments
See
Notes
to
Consolidated
Schedules
of
Investments.
186
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Corporate
Bonds
(continued)
Media
(continued)
b
Directv
Financing
LLC
/
Directv
Financing
Co-Obligor,
Inc.,
(continued)
Senior
Secured
Note,
144A,
9.25%,
6/01/32
.............
United
States
145,000
$
147,433
Discovery
Communications
LLC
,
Senior
Note
,
4.125
%
,
5/15/29
.
United
States
305,000
302,182
EchoStar
Corp.
,
Senior
Secured
Note
,
10.75
%
,
11/30/29
......
United
States
400,000
432,480
b
EW
Scripps
Co.
(The)
,
Secured
Note
,
144A,
9.875
%
,
8/15/30
..
United
States
790,000
692,122
b
Gray
Media,
Inc.
,
Secured
Note,
144A,
9.625%,
7/15/32
..................
United
States
400,000
386,412
Senior
Bond,
144A,
5.375%,
11/15/31
..................
United
States
340,000
228,378
b
McGraw-Hill
Education,
Inc.
,
Senior
Note,
144A,
8%,
8/01/29
......................
United
States
420,000
421,116
Senior
Secured
Note,
144A,
5.75%,
8/01/28
.............
United
States
145,000
144,491
Senior
Secured
Note,
144A,
7.375%,
9/01/31
............
United
States
365,000
371,236
b
News
Corp.
,
Senior
Bond
,
144A,
5.125
%
,
2/15/32
...........
United
States
76,000
74,483
b
Nexstar
Media,
Inc.
,
Senior
Note,
144A,
7.25%,
4/15/34
....................
United
States
440,000
439,316
Senior
Secured
Note,
144A,
6.5%,
9/15/33
..............
United
States
580,000
580,349
Omnicom
Group,
Inc.
,
Senior
Note
,
4.65
%
,
10/01/28
.........
United
States
698,000
697,122
b
Outfront
Media
Capital
LLC
/
Outfront
Media
Capital
Corp.
,
Senior
Bond,
144A,
4.625%,
3/15/30
...................
United
States
190,000
184,392
Senior
Secured
Note,
144A,
7.375%,
2/15/31
............
United
States
160,000
166,885
Paramount
Global
,
Senior
Bond,
2.9%,
1/15/27
..........................
United
States
64,000
63,227
Senior
Bond,
4.2%,
6/01/29
..........................
United
States
115,000
110,352
Senior
Bond,
5.85%,
9/01/43
.........................
United
States
295,000
221,027
b
Sinclair
Television
Group,
Inc.
,
Senior
Secured
Note
,
144A,
8.125
%
,
2/15/33
...................................
United
States
690,000
709,607
b
Sirius
XM
Radio
LLC
,
Senior
Bond,
144A,
3.875%,
9/01/31
...................
United
States
505,000
458,932
Senior
Note,
144A,
4%,
7/15/28
......................
United
States
115,000
112,048
b
Telenet
Finance
Luxembourg
Notes
SARL
,
Senior
Secured
Bond
,
144A,
5.5
%
,
3/01/28
...............................
Belgium
200,000
195,538
Time
Warner
Cable
Enterprises
LLC
,
Senior
Secured
Bond
,
8.375
%
,
7/15/33
...................................
United
States
144,000
159,676
b
Univision
Communications,
Inc.
,
Senior
Secured
Note,
144A,
9.375%,
8/01/32
............
United
States
155,000
157,612
Senior
Secured
Note,
144A,
8.875%,
4/15/33
............
United
States
415,000
408,818
b
VZ
Secured
Financing
BV
,
Senior
Secured
Note,
144A,
5%,
1/15/32
................
Netherlands
580,000
508,187
Senior
Secured
Note,
144A,
7.5%,
1/15/33
..............
Netherlands
340,000
325,726
11,590,082
Metals
&
Mining
0.2%
b
Anglo
American
Capital
plc
,
Senior
Note
,
144A,
4.625
%
,
3/19/31
South
Africa
270,000
266,232
b
Big
River
Steel
LLC
/
BRS
Finance
Corp.
,
Senior
Secured
Note
,
144A,
6.625
%
,
1/31/29
..............................
United
States
263,000
263,507
b
Cleveland-Cliffs,
Inc.
,
Senior
Bond,
144A,
4.875%,
3/01/31
...................
United
States
170,000
155,536
Senior
Note,
144A,
7%,
3/15/32
......................
United
States
405,000
402,305
Senior
Note,
144A,
7.625%,
1/15/34
...................
United
States
500,000
499,702
Commercial
Metals
Co.
,
Senior
Bond,
4.375%,
3/15/32
........................
United
States
375,000
355,446
Senior
Note,
4.125%,
1/15/30
........................
United
States
115,000
111,519
b
Glencore
Funding
LLC
,
Senior
Bond,
144A,
4%,
3/27/27
......................
Australia
210,000
209,316
Senior
Bond,
144A,
2.5%,
9/01/30
.....................
Australia
328,000
299,061
Putnam
Asset
Allocation
Funds
Consolidated
Schedule
of
Investments
(unaudited)
Putnam
Dynamic
Asset
Allocation
Growth
Fund
(continued)
See
Notes
to
Consolidated
Schedules
of
Investments.
Quarterly
Consolidated
Schedule
of
Investments
187
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Corporate
Bonds
(continued)
Metals
&
Mining
(continued)
b
Glencore
Funding
LLC,
(continued)
Senior
Bond,
144A,
5.634%,
4/04/34
...................
Australia
170,000
$
174,543
Senior
Note,
144A,
5.371%,
4/04/29
...................
Australia
10,000
10,158
b
Hudbay
Minerals,
Inc.
,
Senior
Note
,
144A,
6.125
%
,
4/01/29
....
Canada
265,000
266,575
b
Mineral
Resources
Ltd.
,
Senior
Note,
144A,
7%,
4/01/31
......................
Australia
155,000
160,554
Senior
Note,
144A,
6%,
5/01/32
......................
Australia
135,000
133,635
b
Novelis
Corp.
,
Senior
Bond,
144A,
4.75%,
1/30/30
....................
United
States
680,000
658,143
Senior
Bond,
144A,
3.875%,
8/15/31
...................
United
States
200,000
182,288
Senior
Note,
144A,
6.875%,
1/30/30
...................
United
States
240,000
246,212
Senior
Note,
144A,
6.375%,
8/15/33
...................
United
States
360,000
362,851
4,757,583
Multi-Utilities
0.0%
†
Ameren
Corp.
,
Senior
Note
,
5
%
,
1/15/29
..................
United
States
180,000
181,533
Consolidated
Edison
Co.
of
New
York,
Inc.
,
12-A
,
Senior
Bond
,
4.2
%
,
3/15/42
....................................
United
States
130,000
110,195
Dominion
Energy,
Inc.
,
Senior
Note
,
4.6
%
,
5/15/28
..........
United
States
750,000
750,472
NiSource,
Inc.
,
Senior
Bond
,
5.85
%
,
4/01/55
...............
United
States
180,000
178,616
Puget
Sound
Energy,
Inc.
,
Senior
Bond
,
5.448
%
,
6/01/53
.....
United
States
140,000
134,316
Southern
Co.
Gas
Capital
Corp.
,
Senior
Bond
,
4.95
%
,
9/15/34
.
United
States
865,000
854,753
2,209,885
Oil,
Gas
&
Consumable
Fuels
0.4%
b
Calumet
Specialty
Products
Partners
LP
/
Calumet
Finance
Corp.
,
Senior
Note,
144A,
9.75%,
2/15/31
....................
United
States
420,000
444,353
Senior
Secured
Note,
144A,
9.25%,
7/15/29
.............
United
States
100,000
101,500
Canadian
Natural
Resources
Ltd.
,
Senior
Note
,
5
%
,
12/15/29
..
Canada
245,000
247,511
Cenovus
Energy,
Inc.
,
Senior
Bond
,
6.75
%
,
11/15/39
.........
Canada
25,000
27,526
Cheniere
Energy
Partners
LP
,
Senior
Note
,
4.5
%
,
10/01/29
....
United
States
1,010,000
1,003,526
b
Columbia
Pipelines
Operating
Co.
LLC
,
Senior
Note
,
144A,
5.927
%
,
8/15/30
...................................
United
States
150,000
155,916
b
Coronado
Finance
Pty.
Ltd.
,
Senior
Secured
Note
,
144A,
9.25
%
,
10/01/29
........................................
Australia
150,000
136,835
b
Crescent
Energy
Finance
LLC
,
Senior
Note,
144A,
7.875%,
4/15/32
...................
United
States
290,000
293,819
Senior
Note,
144A,
7.375%,
1/15/33
...................
United
States
365,000
363,008
Senior
Note,
144A,
8.375%,
1/15/34
...................
United
States
590,000
608,063
Enbridge,
Inc.
,
Senior
Bond
,
4.25
%
,
12/01/26
..............
Canada
210,000
209,882
Energy
Transfer
LP
,
j
B,
Junior
Sub.
Bond,
6.625%
to
2/14/28,
FRN
thereafter,
Perpetual
.......................................
United
States
1,275,000
1,285,951
Senior
Bond,
3.75%,
5/15/30
.........................
United
States
625,000
602,069
Senior
Note,
5.5%,
6/01/27
..........................
United
States
84,000
84,563
b
Hess
Midstream
Operations
LP
,
Senior
Note,
144A,
6.5%,
6/01/29
.....................
United
States
110,000
112,309
Senior
Note,
144A,
4.25%,
2/15/30
....................
United
States
630,000
608,042
Senior
Note,
144A,
5.5%,
10/15/30
....................
United
States
140,000
139,774
b
Hilcorp
Energy
I
LP
/
Hilcorp
Finance
Co.
,
Senior
Bond,
144A,
6%,
2/01/31
......................
United
States
310,000
300,454
Senior
Bond,
144A,
6.875%,
5/15/34
...................
United
States
370,000
360,252
Senior
Bond,
144A,
7.25%,
2/15/35
....................
United
States
140,000
137,930
Senior
Note,
144A,
6%,
4/15/30
......................
United
States
145,000
142,766
Senior
Note,
144A,
8.375%,
11/01/33
..................
United
States
680,000
708,447
Putnam
Asset
Allocation
Funds
Consolidated
Schedule
of
Investments
(unaudited)
Putnam
Dynamic
Asset
Allocation
Growth
Fund
(continued)
Quarterly
Consolidated
Schedule
of
Investments
See
Notes
to
Consolidated
Schedules
of
Investments.
188
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Corporate
Bonds
(continued)
Oil,
Gas
&
Consumable
Fuels
(continued)
b
KazMunayGas
National
Co.
JSC
,
Senior
Bond
,
Reg
S,
5.375
%
,
4/24/30
.........................................
Kazakhstan
420,000
$
424,092
Kinder
Morgan,
Inc.
,
Senior
Bond,
7.75%,
1/15/32
.........................
United
States
305,000
346,531
Senior
Note,
1.75%,
11/15/26
........................
United
States
115,000
113,930
Senior
Note,
5%,
2/01/29
...........................
United
States
175,000
176,609
b
Kinetik
Holdings
LP
,
Senior
Note
,
144A,
5.875
%
,
6/15/30
......
United
States
575,000
578,603
b
Martin
Midstream
Partners
LP
/
Martin
Midstream
Finance
Corp.
,
Secured
Note
,
144A,
11.5
%
,
2/15/28
...................
United
States
830,000
836,791
Murphy
Oil
Corp.
,
Senior
Note,
6%,
10/01/32
..........................
United
States
250,000
249,126
Senior
Note,
6.5%,
2/15/34
..........................
United
States
470,000
465,881
b
Neo
Next+
Energy
Consolidated
Holdings
Ltd.
,
Senior
Note
,
144A,
Reg
S,
6.625
%
,
6/11/31
........................
United
Kingdom
600,000
591,096
Occidental
Petroleum
Corp.
,
Senior
Bond
,
7.5
%
,
5/01/31
......
United
States
139,000
154,031
ONEOK,
Inc.
,
Senior
Note
,
4.75
%
,
10/15/31
...............
United
States
500,000
494,428
b
Pertamina
Hulu
Energi
PT
,
Senior
Note
,
144A,
5.25
%
,
5/21/30
.
Indonesia
200,000
199,713
South
Bow
USA
Infrastructure
Holdings
LLC
,
Senior
Note
,
5.026
%
,
10/01/29
..................................
Canada
345,000
346,258
Spectra
Energy
Partners
LP
,
Senior
Note
,
3.375
%
,
10/15/26
...
United
States
190,000
189,465
b
Sunoco
LP
,
Senior
Note,
144A,
5.375%,
7/15/31
...................
United
States
250,000
246,726
Senior
Note,
144A,
6.25%,
7/01/33
....................
United
States
710,000
716,707
Senior
Note,
144A,
5.625%,
7/15/34
...................
United
States
25,000
24,414
Targa
Resources
Corp.
,
Senior
Note
,
4.35
%
,
4/15/31
........
United
States
110,000
107,498
Targa
Resources
Partners
LP
/
Targa
Resources
Partners
Finance
Corp.
,
Senior
Bond
,
4.875
%
,
2/01/31
............
United
States
109,000
108,625
b
TGNR
Intermediate
Holdings
LLC
,
Senior
Note
,
144A,
5.5
%
,
10/15/29
........................................
United
States
395,000
388,925
b
Venture
Global
Calcasieu
Pass
LLC
,
Senior
Secured
Bond
,
144A,
6
%
,
5/01/36
......................................
United
States
200,000
202,274
b
Venture
Global
LNG,
Inc.
,
j
Junior
Sub.
Bond,
144A,
9%
to
9/29/29,
FRN
thereafter,
Perpetual
.......................................
United
States
430,000
420,039
Senior
Secured
Note,
144A,
9.5%,
2/01/29
..............
United
States
475,000
511,485
Senior
Secured
Note,
144A,
8.375%,
6/01/31
............
United
States
355,000
369,663
Senior
Secured
Note,
144A,
9.875%,
2/01/32
............
United
States
345,000
368,447
b
Venture
Global
Plaquemines
LNG
LLC
,
Senior
Secured
Bond,
144A,
7.75%,
5/01/35
.............
United
States
75,000
84,146
Senior
Secured
Bond,
144A,
6.75%,
1/15/36
.............
United
States
205,000
217,460
Senior
Secured
Note,
144A,
7.5%,
5/01/33
..............
United
States
475,000
521,528
Senior
Secured
Note,
144A,
6.5%,
1/15/34
..............
United
States
125,000
130,305
Viper
Energy
Partners
LLC
,
Senior
Bond,
5.7%,
8/01/35
..........................
United
States
164,000
166,694
Senior
Note,
4.9%,
8/01/30
..........................
United
States
287,000
286,202
Williams
Cos.,
Inc.
(The)
,
Senior
Bond
,
5.6
%
,
3/15/35
........
United
States
173,000
176,586
18,288,774
Paper
&
Forest
Products
0.0%
†
b
Georgia-Pacific
LLC
,
Senior
Note
,
144A,
4.6
%
,
5/15/31
.......
United
States
355,000
352,141
b
Magnera
Corp.
,
Senior
Secured
Note,
144A,
4.75%,
11/15/29
............
United
States
280,000
261,581
Senior
Secured
Note,
144A,
7.25%,
11/15/31
............
United
States
295,000
288,234
901,956
Putnam
Asset
Allocation
Funds
Consolidated
Schedule
of
Investments
(unaudited)
Putnam
Dynamic
Asset
Allocation
Growth
Fund
(continued)
See
Notes
to
Consolidated
Schedules
of
Investments.
Quarterly
Consolidated
Schedule
of
Investments
189
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Corporate
Bonds
(continued)
Passenger
Airlines
0.0%
†
b
American
Airlines,
Inc.
/
AAdvantage
Loyalty
IP
Ltd.
,
Senior
Secured
Note
,
144A,
5.75
%
,
4/20/29
...................
United
States
580,000
$
581,469
b
AS
Mileage
Plan
IP
Ltd.
,
Senior
Secured
Note
,
144A,
5.021
%
,
10/20/29
........................................
United
States
295,000
292,651
b
United
Airlines,
Inc.
,
Senior
Secured
Note
,
144A,
4.625
%
,
4/15/29
United
States
425,000
419,380
1,293,500
Personal
Care
Products
0.1%
b
Coty,
Inc.
/
HFC
Prestige
Products,
Inc.
/
HFC
Prestige
International
US
LLC
,
Senior
Note,
144A,
6.625%,
7/15/30
...................
United
States
170,000
170,165
Senior
Secured
Note,
144A,
4.75%,
1/15/29
.............
United
States
275,000
267,425
Kenvue,
Inc.
,
Senior
Note,
4.85%,
5/22/32
.........................
United
States
45,000
45,254
Senior
Note,
4.9%,
3/22/33
..........................
United
States
263,000
264,092
b
Opal
Bidco
SAS
,
Senior
Secured
Note
,
144A,
6.5
%
,
3/31/32
...
France
1,235,000
1,260,566
2,007,502
Pharmaceuticals
0.1%
b
1261229
BC
Ltd.
,
Senior
Secured
Note
,
144A,
10
%
,
4/15/32
...
United
States
200,000
202,701
Eli
Lilly
&
Co.
,
Senior
Bond,
4.875%,
2/27/53
........................
United
States
145,000
131,217
Senior
Note,
4.75%,
2/12/30
.........................
United
States
300,000
303,237
Merck
&
Co.,
Inc.
,
Senior
Bond
,
3.7
%
,
2/10/45
.............
United
States
395,000
311,020
Novartis
Capital
Corp.
,
Senior
Bond,
4%,
11/20/45
..........................
United
States
650,000
537,771
Senior
Note,
4.1%,
11/05/30
.........................
United
States
390,000
383,255
Senior
Note,
4.4%,
3/18/31
..........................
United
States
430,000
426,952
Pfizer
Investment
Enterprises
Pte.
Ltd.
,
Senior
Bond,
4.75%,
5/19/33
.........................
United
States
403,000
399,250
Senior
Bond,
5.3%,
5/19/53
..........................
United
States
105,000
98,987
Senior
Note,
4.45%,
5/19/28
.........................
United
States
87,000
87,092
b
Roche
Holdings,
Inc.
,
Senior
Bond
,
144A,
4
%
,
11/28/44
......
United
States
550,000
459,733
Royalty
Pharma
plc
,
Senior
Bond,
5.2%,
9/25/35
..........................
United
States
225,000
223,018
Senior
Note,
2.2%,
9/02/30
..........................
United
States
360,000
325,415
Senior
Note,
4.45%,
3/25/31
.........................
United
States
30,000
29,509
Teva
Pharmaceutical
Finance
Netherlands
II
BV
,
Senior
Note
,
4.375
%
,
5/09/30
...................................
Israel
495,000
EUR
576,775
Teva
Pharmaceutical
Finance
Netherlands
III
BV
,
Senior
Note,
5.125%,
5/09/29
........................
Israel
555,000
555,107
Senior
Note,
8.125%,
9/15/31
........................
Israel
470,000
530,187
Viatris,
Inc.
,
Senior
Note
,
2.3
%
,
6/22/27
...................
United
States
291,000
284,223
Wyeth
LLC
,
Senior
Bond
,
5.95
%
,
4/01/37
.................
United
States
305,000
323,974
Zoetis,
Inc.
,
Senior
Bond
,
2
%
,
5/15/30
....................
United
States
244,000
220,786
6,410,209
Professional
Services
0.0%
†
b
CACI
International,
Inc.
,
Senior
Note
,
144A,
6.375
%
,
6/15/33
..
United
States
480,000
487,114
Paychex,
Inc.
,
Senior
Note
,
5.1
%
,
4/15/30
.................
United
States
245,000
247,172
734,286
Putnam
Asset
Allocation
Funds
Consolidated
Schedule
of
Investments
(unaudited)
Putnam
Dynamic
Asset
Allocation
Growth
Fund
(continued)
Quarterly
Consolidated
Schedule
of
Investments
See
Notes
to
Consolidated
Schedules
of
Investments.
190
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Corporate
Bonds
(continued)
Semiconductors
&
Semiconductor
Equipment
0.2%
Broadcom
Corp.
/
Broadcom
Cayman
Finance
Ltd.
,
Senior
Note
,
3.5
%
,
1/15/28
....................................
United
States
1,147,000
$
1,132,093
Broadcom,
Inc.
,
b
Senior
Bond,
144A,
3.187%,
11/15/36
..................
United
States
80,000
67,057
Senior
Note,
5.05%,
4/15/30
.........................
United
States
155,000
157,329
Senior
Note,
4.2%,
10/15/30
.........................
United
States
65,000
63,731
b
Foundry
JV
Holdco
LLC
,
Senior
Secured
Note
,
144A,
6.15
%
,
1/25/32
.........................................
United
States
200,000
209,924
Intel
Corp.
,
Senior
Bond
,
4.15
%
,
8/05/32
..................
United
States
780,000
748,262
Marvell
Technology,
Inc.
,
Senior
Note,
5.75%,
2/15/29
.........................
United
States
120,000
123,121
Senior
Note,
4.75%,
7/15/30
.........................
United
States
110,000
109,787
NVIDIA
Corp.
,
Senior
Note
,
4.5
%
,
6/15/31
.................
United
States
1,060,000
1,056,479
b
Qnity
Electronics,
Inc.
,
Senior
Note,
144A,
6.25%,
8/15/33
....................
United
States
425,000
432,942
Senior
Secured
Note,
144A,
5.75%,
8/15/32
.............
United
States
820,000
825,392
4,926,117
Software
0.1%
Cadence
Design
Systems,
Inc.
,
Senior
Note
,
4.3
%
,
9/10/29
....
United
States
270,000
267,900
b
Cloud
Software
Group
LLC
,
Secured
Note,
144A,
9%,
9/30/29
.....................
United
States
170,000
165,137
Senior
Secured
Note,
144A,
6.5%,
3/31/29
..............
United
States
235,000
228,190
b
McAfee
Corp.
,
Senior
Note
,
144A,
7.375
%
,
2/15/30
..........
United
States
370,000
314,710
Microsoft
Corp.
,
Senior
Bond
,
2.4
%
,
8/08/26
...............
United
States
930,000
928,180
Oracle
Corp.
,
Senior
Bond,
3.65%,
3/25/41
.........................
United
States
305,000
219,165
Senior
Bond,
4%,
11/15/47
..........................
United
States
652,000
434,822
Senior
Note,
4.55%,
2/04/29
.........................
United
States
385,000
379,597
Senior
Note,
4.45%,
9/26/30
.........................
United
States
110,000
106,225
Senior
Note,
4.95%,
2/04/31
.........................
United
States
215,000
210,535
b
Rocket
Software,
Inc.
,
Senior
Note
,
144A,
6.5
%
,
2/15/29
......
United
States
260,000
234,337
Salesforce,
Inc.
,
Senior
Note
,
4.5
%
,
3/15/28
...............
United
States
305,000
304,724
ServiceNow,
Inc.
,
Senior
Bond
,
1.4
%
,
9/01/30
..............
United
States
315,000
276,233
Synopsys,
Inc.
,
Senior
Note
,
4.85
%
,
4/01/30
...............
United
States
320,000
320,616
b
UKG,
Inc.
,
Senior
Secured
Note
,
144A,
6.875
%
,
2/01/31
......
United
States
355,000
345,106
4,735,477
Specialized
REITs
0.2%
American
Tower
Corp.
,
Senior
Bond,
3.55%,
7/15/27
.........................
United
States
476,000
471,938
Senior
Bond,
2.9%,
1/15/30
..........................
United
States
154,000
144,713
Senior
Bond,
2.7%,
4/15/31
..........................
United
States
397,000
361,365
Senior
Note,
2.75%,
1/15/27
.........................
United
States
520,000
515,154
Senior
Note,
4.9%,
3/15/30
..........................
United
States
115,000
115,560
Crown
Castle,
Inc.
,
Senior
Bond,
3.65%,
9/01/27
.........................
United
States
319,000
315,945
Senior
Bond,
3.8%,
2/15/28
..........................
United
States
250,000
246,934
Senior
Note,
1.05%,
7/15/26
.........................
United
States
228,000
227,712
Senior
Note,
4.9%,
9/01/29
..........................
United
States
365,000
366,463
Equinix,
Inc.
,
Senior
Bond,
3.2%,
11/18/29
.........................
United
States
142,000
135,266
Senior
Note,
2.9%,
11/18/26
.........................
United
States
820,000
815,186
b
Iron
Mountain,
Inc.
,
Senior
Note
,
144A,
6.25
%
,
1/15/33
.......
United
States
785,000
793,603
Putnam
Asset
Allocation
Funds
Consolidated
Schedule
of
Investments
(unaudited)
Putnam
Dynamic
Asset
Allocation
Growth
Fund
(continued)
See
Notes
to
Consolidated
Schedules
of
Investments.
Quarterly
Consolidated
Schedule
of
Investments
191
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Corporate
Bonds
(continued)
Specialized
REITs
(continued)
b
Millrose
Properties,
Inc.
,
Senior
Note
,
144A,
6.375
%
,
8/01/30
..
United
States
790,000
$
801,218
5,311,057
Specialty
Retail
0.0%
†
Dick's
Sporting
Goods,
Inc.
,
Senior
Bond,
3.15%,
1/15/32
.........................
United
States
230,000
210,089
b
Senior
Note,
144A,
4%,
10/01/29
.....................
United
States
445,000
433,382
Home
Depot,
Inc.
(The)
,
Senior
Bond,
4.95%,
6/25/34
.........................
United
States
215,000
215,790
Senior
Bond,
5.3%,
6/25/54
..........................
United
States
215,000
203,642
b
PetSmart
LLC
/
PetSmart
Finance
Corp.
,
Senior
Secured
Note
,
144A,
7.5
%
,
9/15/32
...............................
United
States
550,000
550,516
1,613,419
Technology
Hardware,
Storage
&
Peripherals
0.0%
†
Apple,
Inc.
,
Senior
Bond,
3.85%,
5/04/43
.........................
United
States
314,000
259,966
Senior
Bond,
4.375%,
5/13/45
........................
United
States
598,000
518,184
Senior
Bond,
3.95%,
8/08/52
.........................
United
States
240,000
185,595
Dell
International
LLC
/
EMC
Corp.
,
Senior
Note
,
4.75
%
,
7/15/31
United
States
55,000
54,681
Hewlett
Packard
Enterprise
Co.
,
Senior
Note,
4.55%,
10/15/29
........................
United
States
552,000
548,876
Senior
Note,
4.85%,
10/15/31
........................
United
States
113,000
112,565
Seagate
Data
Storage
Technology
Pte.
Ltd.
,
Senior
Note,
5.875%,
7/15/30
........................
United
States
340,000
346,247
b
Senior
Note,
144A,
4.091%,
6/01/29
...................
United
States
370,000
360,313
b
Senior
Note,
144A,
3.125%,
7/15/29
...................
United
States
110,000
101,945
2,488,372
Textiles,
Apparel
&
Luxury
Goods
0.0%
†
b
Beach
Acquisition
Bidco
LLC
,
h
Senior
Note,
144A,
PIK,
10%,
7/15/33
..................
United
States
474,321
515,168
Senior
Secured
Note,
144A,
5.25%,
7/15/32
.............
United
States
230,000
EUR
268,004
b
Crocs,
Inc.
,
Senior
Note
,
144A,
4.25
%
,
3/15/29
.............
United
States
310,000
300,970
Tapestry,
Inc.
,
Senior
Note
,
5.1
%
,
3/11/30
.................
United
States
245,000
246,925
1,331,067
Tobacco
0.1%
BAT
Capital
Corp.
,
Senior
Bond,
4.906%,
4/02/30
........................
United
Kingdom
60,000
60,309
Senior
Note,
6.343%,
8/02/30
........................
United
Kingdom
170,000
179,749
Senior
Note,
4.625%,
3/22/33
........................
United
Kingdom
200,000
195,797
Philip
Morris
International,
Inc.
,
Senior
Note,
5.125%,
2/15/30
........................
United
States
438,000
444,713
Senior
Note,
4.375%,
4/30/30
........................
United
States
675,000
668,385
Senior
Note,
4.75%,
11/01/31
........................
United
States
205,000
205,742
1,754,695
Trading
Companies
&
Distributors
0.1%
b
Aircastle
Ltd.
,
Senior
Note
,
144A,
6.5
%
,
7/18/28
............
United
States
275,000
283,176
b
Aviation
Capital
Group
LLC
,
Senior
Note
,
144A,
5.375
%
,
7/15/29
United
States
245,000
247,945
b
EquipmentShare.com,
Inc.
,
Secured
Note,
144A,
9%,
5/15/28
.....................
United
States
480,000
490,254
Secured
Note,
144A,
8.625%,
5/15/32
..................
United
States
335,000
348,898
Putnam
Asset
Allocation
Funds
Consolidated
Schedule
of
Investments
(unaudited)
Putnam
Dynamic
Asset
Allocation
Growth
Fund
(continued)
Quarterly
Consolidated
Schedule
of
Investments
See
Notes
to
Consolidated
Schedules
of
Investments.
192
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Corporate
Bonds
(continued)
Trading
Companies
&
Distributors
(continued)
b
EquipmentShare.com,
Inc.,
(continued)
c
Secured
Note,
144A,
7.125%,
7/01/34
..................
United
States
255,000
$
250,866
b
Herc
Holdings,
Inc.
,
Senior
Note,
144A,
6.625%,
6/15/29
...................
United
States
160,000
163,471
Senior
Note,
144A,
5.75%,
3/15/31
....................
United
States
250,000
249,879
Sumisho
Air
Lease
Corp.
,
Senior
Note,
5.85%,
12/15/27
........................
United
States
140,000
142,294
Senior
Note,
2.1%,
9/01/28
..........................
United
States
195,000
184,129
b
United
Rentals
North
America,
Inc.
,
Senior
Bond
,
144A,
6.125
%
,
3/15/34
.........................................
United
States
240,000
246,344
b
WESCO
Distribution,
Inc.
,
Senior
Note,
144A,
6.375%,
3/15/29
...................
United
States
70,000
71,336
Senior
Note,
144A,
5.25%,
4/15/31
....................
United
States
115,000
114,108
Senior
Note,
144A,
6.625%,
3/15/32
...................
United
States
325,000
335,306
Senior
Note,
144A,
6.375%,
3/15/33
...................
United
States
130,000
133,475
3,261,481
Wireless
Telecommunication
Services
0.3%
b
Connect
Finco
SARL
/
Connect
US
Finco
LLC
,
Senior
Secured
Note
,
144A,
9
%
,
9/15/29
............................
United
Kingdom
795,000
837,528
b
Digicel
International
Finance
Ltd.
/
DIFL
US
LLC
,
Senior
Secured
Note
,
144A,
8.625
%
,
8/01/32
.........................
Bermuda
495,000
510,048
b
Iliad
Holding
SAS
,
Senior
Secured
Note
,
144A,
7
%
,
4/15/32
...
France
230,000
234,693
Rogers
Communications,
Inc.
,
Senior
Bond,
8.75%,
5/01/32
.........................
Canada
166,000
191,382
Senior
Note,
5%,
2/15/29
...........................
Canada
670,000
674,234
T-Mobile
USA,
Inc.
,
Senior
Bond,
2.875%,
2/15/31
........................
United
States
160,000
147,083
Senior
Bond,
2.25%,
11/15/31
........................
United
States
600,000
526,827
Senior
Bond,
5.05%,
7/15/33
.........................
United
States
40,000
39,946
Senior
Note,
3.75%,
4/15/27
.........................
United
States
862,000
857,681
Senior
Note,
4.95%,
3/15/28
.........................
United
States
365,000
367,369
Senior
Note,
3.375%,
4/15/29
........................
United
States
235,000
227,228
Senior
Note,
3.875%,
4/15/30
........................
United
States
108,000
104,673
Senior
Note,
5.125%,
5/15/32
........................
United
States
183,000
184,954
Senior
Note,
6.7%,
12/15/33
.........................
United
States
85,000
92,912
b
Zegona
Finance
plc
,
Senior
Secured
Note
,
144A,
8.625
%
,
7/15/29
.........................................
United
Kingdom
535,000
558,839
5,555,397
Total
Corporate
Bonds
(Cost
$267,403,469)
...................................
264,195,169
Senior
Floating
Rate
Interests
0.3%
k
Aerospace
&
Defense
0.0%
†
TransDigm,
Inc.,
First
Lien,
CME
Term
Loan,
N,
6.12%,
(1-month
SOFR
+
2.5%),
2/14/33
.............................
United
States
216,279
216,522
VSE
Corp.,
First
Lien,
CME
Term
Loan,
B,
5.613%,
(1-month
SOFR
+
2%),
5/05/33
...............................
United
States
30,192
30,254
246,776
a
a
a
a
a
a
k
Air
Freight
&
Logistics
0.0%
†
Rand
Parent
LLC,
First
Lien,
CME
Term
Loan,
B,
6.732%,
(3-month
SOFR
+
3%),
3/18/30
.......................
United
States
124,679
124,567
Putnam
Asset
Allocation
Funds
Consolidated
Schedule
of
Investments
(unaudited)
Putnam
Dynamic
Asset
Allocation
Growth
Fund
(continued)
See
Notes
to
Consolidated
Schedules
of
Investments.
Quarterly
Consolidated
Schedule
of
Investments
193
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Senior
Floating
Rate
Interests
(continued)
k
Air
Freight
&
Logistics
(continued)
Stonepeak
Nile
Parent
LLC,
First
Lien,
Amendment
No.
3
CME
Term
Loan,
5.657%,
(3-month
SOFR
+
2%),
4/09/32
.......
United
States
219,450
$
219,177
343,744
a
a
a
a
a
a
k
Automobile
Components
0.0%
†
Allison
Transmission,
Inc.,
First
Lien,
2026
CME
Term
Loan,
5.375%,
(1-month
SOFR
+
1.75%),
1/03/33
..............
United
States
102,752
102,774
American
Axle
&
Manufacturing,
Inc.,
First
Lien,
CME
Term
Loan,
C,
6.915%,
(3-month
SOFR
+
3.25%),
2/03/33
............
United
States
217,250
217,702
DexKo
Global,
Inc.,
First
Lien,
Refinancing
Dollar
CME
Term
Loan,
8.163%,
(3-month
SOFR
+
4.5%),
10/06/31
.........
United
States
183,331
178,093
498,569
a
a
a
a
a
a
Beverages
0.0%
†
k
Primo
Brands
Corp.,
First
Lien,
2026
Refinancing
CME
Term
Loan,
6.482%,
(3-month
SOFR
+
2.75%),
3/31/31
.........
United
States
131,724
132,477
k
Biotechnology
0.0%
†
Alkermes,
Inc.,
First
Lien,
Initial
CME
Term
Loan,
B,
6.482%,
(3-month
SOFR
+
2.75%),
8/12/31
.....................
United
States
20,257
20,358
BioMarin
Pharmaceutical,
Inc.,
First
Lien,
Initial
CME
Term
Loan,
B,
5.428%,
(6-month
SOFR
+
1.75%),
4/27/33
............
United
States
69,208
69,277
Genmab
A/S,
First
Lien,
Amendment
No.
1
CME
Term
Loan,
5.732%,
(3-month
SOFR
+
2%),
12/13/32
................
Denmark
31,901
31,915
121,550
a
a
a
a
a
a
Broadline
Retail
0.0%
†
k
Peer
Holding
III
BV,
First
Lien,
CME
Term
Loan,
B8,
5.982%,
(3-month
SOFR
+
2.25%),
9/29/32
.....................
Netherlands
100,588
100,787
Building
Products
0.0%
†
k
Advanced
Drainage
Systems,
Inc.,
First
Lien,
Initial
CME
Term
Loan,
5.245%,
(1-month
SOFR
+
1.625%),
2/11/33
........
United
States
78,222
79,004
k
Capital
Markets
0.0%
†
c
Citadel
Securities
LP,
First
Lien,
2026-1
CME
Term
Loan,
5.661%,
(3-month
SOFR
+
2%),
6/10/33
.......................
United
States
170,347
170,170
CPI
Holdco
B
LLC,
First
Lien,
2025
Fourth
Amendment
Incremental
CME
Term
Loan,
5.644%,
(1-month
SOFR
+
2%),
5/19/31
.........................................
United
States
219,443
218,848
Jane
Street
Group
LLC,
First
Lien,
Extended
CME
Term
Loan,
5.666%,
(3-month
SOFR
+
2%),
12/15/31
................
United
States
218,272
216,562
605,580
a
a
a
a
a
a
k
Chemicals
0.0%
†
Albaugh
LLC,
First
Lien,
Initial
CME
Term
Loan,
7.413%,
(1-month
SOFR
+
3.75;
3-month
SOFR
+
3.75),
4/06/29
.....
United
States
138,915
134,574
Element
Solutions,
Inc.,
First
Lien,
CME
Term
Loan,
B3,
5.394%,
(1-month
SOFR
+
1.75%),
12/18/30
....................
United
States
219,427
219,838
Hexion
Holdings
Corp.,
Second
Lien,
Initial
CME
Term
Loan,
11.181%,
(1-month
SOFR
+
7.438%),
3/15/30
............
United
States
74,520
69,584
Solstice
Advanced
Materials,
Inc.,
First
Lien,
CME
Term
Loan,
B,
5.413%,
(3-month
SOFR
+
1.75%),
10/29/32
.............
United
States
50,294
50,585
474,581
a
a
a
a
a
a
Putnam
Asset
Allocation
Funds
Consolidated
Schedule
of
Investments
(unaudited)
Putnam
Dynamic
Asset
Allocation
Growth
Fund
(continued)
Quarterly
Consolidated
Schedule
of
Investments
See
Notes
to
Consolidated
Schedules
of
Investments.
194
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Senior
Floating
Rate
Interests
(continued)
k
Commercial
Services
&
Supplies
0.0%
†
APi
Group
DE,
Inc.,
First
Lien,
Amendment
No.
9
CME
Term
Loan,
5.394%,
(1-month
SOFR
+
1.75%),
5/16/33
.........
United
States
220,000
$
219,836
Filtration
Group
Corp.,
First
Lien,
2025
Incremental
Dollar
CME
Term
Loan,
B,
6.144%,
(1-month
SOFR
+
2.5%),
10/23/28
...
United
States
65,614
65,725
Prime
Security
Services
Borrower
LLC,
First
Lien,
2025
Incremental
CME
Term
Loan,
B2,
5.369%,
(1-month
SOFR
+
1.75%),
3/08/32
...................................
United
States
218,346
215,389
WMB
Holdings,
Inc.,
First
Lien,
USD
CME
Term
Loan,
B,
5.644%,
(1-month
SOFR
+
2%),
11/05/29
......................
United
States
205,640
204,946
705,896
a
a
a
a
a
a
Construction
&
Engineering
0.0%
†
k
Dycom
Industries,
Inc.,
First
Lien,
CME
Term
Loan,
B,
5.401%,
(3-month
SOFR
+
1.75%),
1/27/33
.....................
United
States
14,602
14,641
Construction
Materials
0.0%
†
k
Knife
River
Corp.,
First
Lien,
2026
CME
Term
Loan,
B,
5.401%,
(3-month
SOFR
+
1.75%),
3/08/32
.....................
United
States
72,682
72,932
Containers
&
Packaging
0.0%
†
k
Mauser
Packaging
Solutions
Holding
Co.,
First
Lien,
2025
CME
Term
Loan,
7.12%,
(1-month
SOFR
+
3.5%),
4/15/30
.......
United
States
295,000
291,267
Distributors
0.0%
†
k
Verde
Purchaser
LLC,
First
Lien,
Second
Refinancing
CME
Term
Loan,
7.732%,
(3-month
SOFR
+
4%),
11/30/30
...........
United
States
218,084
206,671
k
Electric
Utilities
0.0%
†
Alpha
Generation
LLC,
First
Lien,
Initial
CME
Term
Loan,
B,
5.394%,
(1-month
SOFR
+
1.75%),
9/30/31
..............
United
States
218,333
216,717
Constellation
Renewables
LLC,
First
Lien,
CME
Term
Loan,
5.666%,
(3-month
SOFR
+
2%),
12/15/27
................
United
States
271,520
271,237
NRG
Energy,
Inc.,
First
Lien,
2026-1
New
CME
Term
Loan,
5.394%,
(1-month
SOFR
+
1.75%),
4/28/33
..............
United
States
77,193
77,183
565,137
a
a
a
a
a
a
Electronic
Equipment,
Instruments
&
Components
0.0%
†
k
TTM
Technologies,
Inc.,
First
Lien,
2026
CME
Term
Loan,
B,
5.457%,
(12-month
SOFR
+
1.75%),
5/30/30
.............
United
States
97,933
98,218
k
Entertainment
0.0%
†
Discovery
Global
Holdings,
Inc.,
First
Lien,
Initial
Dollar
CME
Term
Loan,
6.241%,
(12-month
SOFR
+
2.5%),
6/03/33
.....
United
States
74,995
75,109
Live
Nation
Entertainment,
Inc.,
First
Lien,
Initial
CME
Term
Loan,
B,
5.639%,
(1-month
SOFR
+
2%),
10/21/32
.............
United
States
176,629
176,933
Playtika
Holding
Corp.,
First
Lien,
CME
Term
Loan,
B1,
6.508%,
(1-month
SOFR
+
2.75%),
3/13/28
.....................
United
States
217,702
211,812
TKO
Worldwide
Holdings
LLC,
First
Lien,
CME
Term
Loan,
B7,
5.412%,
(3-month
SOFR
+
1.75%),
11/21/31
.............
United
States
185,893
185,519
649,373
a
a
a
a
a
a
k
Financial
Services
0.0%
†
Colossus
Acquireco
LLC,
First
Lien,
Initial
CME
Term
Loan,
5.38%,
(1-day
SOFR
+
1.75%),
7/30/32
.................
United
States
218,900
217,761
Corpay
Technologies
Operating
Co.
LLC,
First
Lien,
CME
Term
Loan,
B6,
5.37%,
(1-month
SOFR
+
1.75%),
11/05/32
......
United
States
101,298
101,135
First
Eagle
Holdings,
Inc.,
First
Lien,
Initial
CME
Term
Loan,
7.2%,
(3-month
SOFR
+
3.5%),
8/16/32
......................
United
States
195,476
195,562
Putnam
Asset
Allocation
Funds
Consolidated
Schedule
of
Investments
(unaudited)
Putnam
Dynamic
Asset
Allocation
Growth
Fund
(continued)
See
Notes
to
Consolidated
Schedules
of
Investments.
Quarterly
Consolidated
Schedule
of
Investments
195
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Senior
Floating
Rate
Interests
(continued)
k
Financial
Services
(continued)
Hudson
River
Trading
LLC,
First
Lien,
CME
Term
Loan,
B2,
6.139%,
(1-month
SOFR
+
2.5%),
3/18/30
...............
United
States
218,900
$
217,659
732,117
a
a
a
a
a
a
k
Food
Products
0.1%
Froneri
US,
Inc.,
First
Lien,
CME
Term
Loan,
B6,
6.127%,
(6-month
SOFR
+
2.5%),
9/30/32
......................
United
States
347,414
345,431
TreeHouse
Foods,
Inc.,
First
Lien,
Initial
CME
Term
Loan,
7.894%,
(1-month
SOFR
+
4.25%),
2/11/33
..............
United
States
227,500
228,457
573,888
a
a
a
a
a
a
Ground
Transportation
0.0%
†
k
Genesee
&
Wyoming,
Inc.,
First
Lien,
Initial
CME
Term
Loan,
5.482%,
(3-month
SOFR
+
1.75%),
4/10/31
..............
United
States
218,333
217,678
Health
Care
Equipment
&
Supplies
0.0%
†
k
Bausch
+
Lomb
Corp.,
First
Lien,
2025-2
Refinancing
CME
Term
Loan,
7.394%,
(1-month
SOFR
+
3.75%),
1/15/31
.........
United
States
244,470
245,356
k
Health
Care
Providers
&
Services
0.0%
†
DaVita,
Inc.,
First
Lien,
CME
Term
Loan,
B2,
5.394%,
(1-month
SOFR
+
1.75%),
5/09/31
............................
United
States
171,323
171,363
McKesson
Medical-Surgical
Top
Holdings,
Inc.,
First
Lien,
Amendment
No.
1
CME
Term
Loan,
B,
5.982%,
(3-month
SOFR
+
2.25%),
6/09/32
.................................
United
States
31,872
31,918
203,281
a
a
a
a
a
a
k
Hotels,
Restaurants
&
Leisure
0.1%
1011778
BC
ULC,
First
Lien,
CME
Term
Loan,
B5,
5.394%,
(1-month
SOFR
+
1.75%),
9/20/30
.....................
Canada
208,421
208,334
Caesars
Entertainment,
Inc.,
First
Lien,
2023
Incremental
CME
Term
Loan,
B,
5.894%,
(1-month
SOFR
+
2.25%),
2/06/30
...
United
States
217,309
210,824
DK
Crown
Holdings,
Inc.,
First
Lien,
CME
Term
Loan,
B,
5.374%,
(1-month
SOFR
+
1.75%),
3/04/32
.....................
United
States
218,892
218,709
Fertitta
Entertainment
LLC,
First
Lien,
Initial
CME
Term
Loan,
B,
6.894%,
(1-month
SOFR
+
3.25%),
1/29/29
..............
United
States
342,521
342,559
Flutter
Financing
BV,
First
Lien,
2024
Refinancing
CME
Term
Loan,
B,
5.482%,
(3-month
SOFR
+
1.75%),
12/02/30
......
Ireland
218,321
216,738
c
Great
Canadian
Gaming
Corp.,
First
Lien,
CME
Term
Loan,
B,
8.427%,
(3-month
SOFR
+
4.75%),
11/01/29
.............
Canada
33,903
33,521
Penn
Entertainment,
Inc.,
First
Lien,
CME
Term
Loan,
B,
5.644%,
(1-month
SOFR
+
2%),
5/30/33
.......................
United
States
218,863
218,590
Raising
Cane's
Restaurants
LLC,
First
Lien,
First
Amendment
New
CME
Term
Loan,
5.62%,
(1-month
SOFR
+
2%),
11/03/32
United
States
155,796
155,326
Scientific
Games
Holdings
LP,
First
Lien,
2024
Refinancing
Dollar
CME
Term
Loan,
6.674%,
(3-month
SOFR
+
3%),
4/04/29
...
United
States
137,202
135,494
1,740,095
a
a
a
a
a
a
Household
Products
0.0%
†
k
Energizer
Holdings,
Inc.,
First
Lien,
Initial
CME
Term
Loan,
5.639%,
(1-month
SOFR
+
2%),
3/19/32
................
United
States
124,834
124,718
k
Independent
Power
and
Renewable
Electricity
Producers
0.0%
†
Calpine
Construction
Finance
Co.
LP,
First
Lien,
2025
Refinancing
CME
Term
Loan,
5.394%,
(1-month
SOFR
+
1.75%),
7/31/30
...................................
United
States
220,000
220,102
Putnam
Asset
Allocation
Funds
Consolidated
Schedule
of
Investments
(unaudited)
Putnam
Dynamic
Asset
Allocation
Growth
Fund
(continued)
Quarterly
Consolidated
Schedule
of
Investments
See
Notes
to
Consolidated
Schedules
of
Investments.
196
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Senior
Floating
Rate
Interests
(continued)
k
Independent
Power
and
Renewable
Electricity
Producers
(continued)
Talen
Energy
Supply
LLC,
First
Lien,
2025-1
Incremental
CME
Term
Loan,
B,
5.644%,
(1-month
SOFR
+
2%),
11/25/32
.....
United
States
235,518
$
234,229
454,331
a
a
a
a
a
a
IT
Services
0.0%
†
k
Fortress
Intermediate
3,
Inc.,
First
Lien,
CME
Term
Loan,
B,
6.624%,
(1-month
SOFR
+
3%),
6/27/31
................
United
States
192,086
191,486
k
Media
0.0%
†
Clear
Channel
Outdoor
Holdings,
Inc.,
First
Lien,
2024
Refinancing
CME
Term
Loan,
7.735%,
(1-month
SOFR
+
4%),
8/23/28
.........................................
United
States
149,412
149,799
DIRECTV
Financing
LLC,
First
Lien,
2024
Refinancing
CME
Term
Loan,
B,
9.175%,
(3-month
SOFR
+
5.25%),
8/02/29
.......
United
States
290,150
292,147
Nexstar
Media,
Inc.,
First
Lien,
CME
Term
Loan,
B,
6.144%,
(1-month
SOFR
+
2.5%),
6/28/32
......................
United
States
218,897
216,982
658,928
a
a
a
a
a
a
k
Oil,
Gas
&
Consumable
Fuels
0.1%
CQP
Holdco
LP,
First
Lien,
CME
Term
Loan,
B,
5.45%,
(3-month
SOFR
+
1.75%),
12/31/32
...........................
United
States
219,447
218,477
UGI
Energy
Services
LLC,
First
Lien,
Initial
CME
Term
Loan,
6.144%,
(1-month
SOFR
+
2.5%),
2/22/30
...............
United
States
218,866
219,530
Venture
Global
Calcasieu
Pass
LLC,
First
Lien,
Initial
CME
Term
Loan,
6.954%,
(6-month
SOFR
+
3.25%),
4/11/33
.........
United
States
626,522
629,091
1,067,098
a
a
a
a
a
a
Paper
&
Forest
Products
0.0%
†
k
Asplundh
Tree
Expert
LLC,
First
Lien,
Amendment
No.
5
Refinancing
CME
Term
Loan,
5.457%,
(12-month
SOFR
+
1.75%),
5/30/33
...................................
United
States
81,596
81,596
k
Passenger
Airlines
0.0%
†
AAdvantage
Loyalty
IP
Ltd.,
First
Lien,
CME
Term
Loan,
5.925%,
(3-month
SOFR
+
2.25%),
4/20/28
.....................
United
States
218,346
218,397
United
Airlines,
Inc.,
First
Lien,
CME
Term
Loan,
B,
5.403%,
(1-month
SOFR
+
1.75%),
2/24/31
.....................
United
States
219,440
219,508
437,905
a
a
a
a
a
a
Personal
Care
Products
0.0%
†
c,k,l
Prestige
Brands,
Inc.,
First
Lien,
Delayed
Draw
CME
Term
Loan,
B,
5.621%,
(1-month
SOFR
+
2%),
6/13/33
..............
United
States
40,584
40,673
k
Pharmaceuticals
0.0%
†
1261229
BC
Ltd.,
First
Lien,
Initial
CME
Term
Loan,
9.894%,
(1-month
SOFR
+
6.25%),
10/08/30
....................
United
States
222,999
216,762
Endo
Finance
Holdings
LP,
First
Lien,
2024
Refinancing
CME
Term
Loan,
7.37%,
(1-month
SOFR
+
3.75%),
4/23/31
......
United
States
310,470
311,052
527,814
a
a
a
a
a
a
Professional
Services
0.0%
†
k
SS&C
Technologies,
Inc.,
First
Lien,
CME
Term
Loan,
B8,
5.62%,
(1-month
SOFR
+
2%),
5/09/31
.......................
United
States
205,076
204,906
k
Software
0.0%
†
Cloud
Software
Group,
Inc.,
First
Lien,
Initial
Dollar
CME
Term
Loan,
B,
6.95%,
(3-month
SOFR
+
3.25%),
8/16/32
........
United
States
21,068
18,295
Putnam
Asset
Allocation
Funds
Consolidated
Schedule
of
Investments
(unaudited)
Putnam
Dynamic
Asset
Allocation
Growth
Fund
(continued)
See
Notes
to
Consolidated
Schedules
of
Investments.
Quarterly
Consolidated
Schedule
of
Investments
197
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Senior
Floating
Rate
Interests
(continued)
k
Software
(continued)
c,l
CoreWeave
Financing
DDTL
V
LLC,
First
Lien,
Delayed
Draw
CME
Term
Loan,
8.1%,
(1-day
SOFR
+
4.5%),
11/17/31
.....
United
States
5,996
$
6,124
Gen
Digital,
Inc.,
First
Lien,
Second
Amendment
Incremental
CME
Term
Loan,
B,
5.394%,
(1-month
SOFR
+
1.75%),
4/16/32
United
States
218,346
215,808
Rocket
Software,
Inc.,
First
Lien,
CME
Term
Loan,
7.508%,
(1-month
SOFR
+
3.75%),
11/28/28
....................
United
States
217,036
206,747
UKG,
Inc.,
First
Lien,
Initial
CME
Term
Loan,
5.913%,
(3-month
SOFR
+
2.25%),
2/10/31
............................
United
States
34,390
32,467
479,441
a
a
a
a
a
a
Specialty
Retail
0.0%
†
k
Chewy,
Inc.,
First
Lien,
Initial
CME
Term
Loan,
6.092%,
(12-month
SOFR
+
2.25%),
6/23/33
............................
United
States
64,194
64,234
k
Textiles,
Apparel
&
Luxury
Goods
0.0%
†
Flash
Charm,
Inc.,
First
Lien,
CME
Term
Loan,
B2,
7.163%,
(3-month
SOFR
+
3.5%),
3/02/28
......................
United
States
220,482
172,124
Samsonite
IP
Holdings
SARL,
First
Lien,
Initial
CME
Term
Loan,
B,
5.394%,
(1-month
SOFR
+
1.75%),
11/08/32
...........
United
States
85,058
85,457
257,581
a
a
a
a
a
a
Trading
Companies
&
Distributors
0.0%
†
k
QXO
Building
Products,
Inc.,
First
Lien,
CME
Term
Loan,
B,
5.62%,
(1-month
SOFR
+
2%),
4/30/32
.................
United
States
238,428
238,339
Wireless
Telecommunication
Services
0.0%
†
k
Connect
Finco
SARL,
First
Lien,
Amendment
No.
4
CME
Term
Loan,
8.144%,
(1-month
SOFR
+
4.5%),
9/13/29
..........
United
Kingdom
166,175
166,868
Total
Senior
Floating
Rate
Interests
(Cost
$13,990,445)
........................
13,915,536
Foreign
Government
and
Agency
Securities
0.3%
Brazil
Government
Bond
,
Senior
Bond
,
3.875
%
,
6/12/30
......
Brazil
660,000
629,211
Chile
Government
Bond
,
Senior
Note
,
4.85
%
,
1/22/29
........
Chile
480,000
484,416
Colombia
Government
Bond
,
Senior
Note,
7.375%,
4/25/30
.........................
Colombia
200,000
211,200
Senior
Note,
4.5%,
11/26/30
..........................
Colombia
240,000
EUR
275,394
b
Corp.
Nacional
del
Cobre
de
Chile
,
Senior
Bond
,
Reg
S,
3
%
,
9/30/29
.........................................
Chile
200,000
188,544
b
Costa
Rica
Government
Bond
,
Senior
Bond
,
144A,
6.125
%
,
2/19/31
.........................................
Costa
Rica
350,000
362,047
b
Dominican
Republic
Government
Bond
,
Senior
Bond,
Reg
S,
5.95%,
1/25/27
...................
Dominican
Republic
171,000
172,257
Senior
Bond,
Reg
S,
6%,
7/19/28
......................
Dominican
Republic
400,000
405,840
b
Eagle
Funding
Luxco
SARL
,
Senior
Note
,
144A,
5.5
%
,
8/17/30
.
Mexico
250,000
251,325
b
Egypt
Government
Bond
,
Senior
Bond
,
Reg
S,
7.6
%
,
3/01/29
..
Egypt
200,000
206,707
b
El
Salvador
Government
Bond
,
Senior
Bond
,
Reg
S,
8.625
%
,
2/28/29
.........................................
El
Salvador
260,000
274,596
b
Electricite
de
France
SA
,
Senior
Note
,
144A,
5.65
%
,
4/22/29
...
France
540,000
555,173
b
Guatemala
Government
Bond
,
Senior
Bond
,
144A,
4.875
%
,
2/13/28
.........................................
Guatemala
520,000
519,743
b
Hungary
Government
Bond
,
Senior
Note
,
Reg
S,
5.25
%
,
6/16/29
Hungary
440,000
445,866
Indonesia
Government
Bond
,
Senior
Bond
,
3.85
%
,
10/15/30
...
Indonesia
400,000
385,796
b
Ivory
Coast
Government
Bond
,
Senior
Bond
,
Reg
S,
6.375
%
,
3/03/28
.........................................
Ivory
Coast
433,550
439,798
Putnam
Asset
Allocation
Funds
Consolidated
Schedule
of
Investments
(unaudited)
Putnam
Dynamic
Asset
Allocation
Growth
Fund
(continued)
Quarterly
Consolidated
Schedule
of
Investments
See
Notes
to
Consolidated
Schedules
of
Investments.
198
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Foreign
Government
and
Agency
Securities
(continued)
Jamaica
Government
Bond
,
Senior
Bond
,
6.75
%
,
4/28/28
.....
Bermuda
180,000
$
185,967
Mexico
Government
Bond
,
Senior
Bond,
2.659%,
5/24/31
........................
Mexico
360,000
318,114
Senior
Note,
6%,
5/13/30
............................
Mexico
200,000
205,340
b
Montenegro
Government
Bond
,
Senior
Bond
,
144A,
2.55
%
,
10/03/29
........................................
Montenegro
220,000
EUR
242,363
b
Morocco
Government
Bond
,
Senior
Note
,
144A,
5.95
%
,
3/08/28
Morocco
270,000
274,583
b
Nigeria
Government
Bond
,
Senior
Note
,
144A,
8.375
%
,
3/24/29
Nigeria
200,000
210,578
b
North
Macedonia
Government
Bond
,
Senior
Note
,
144A,
3.875
%
,
1/21/30
.........................................
North
Macedonia
240,000
EUR
272,691
b
Oman
Government
Bond
,
Senior
Bond
,
144A,
5.625
%
,
1/17/28
.
Oman
430,000
434,764
b
Paraguay
Government
Bond
,
Senior
Bond
,
144A,
4.95
%
,
4/28/31
Paraguay
500,000
501,945
Peru
Government
Bond
,
Senior
Bond
,
2.783
%
,
1/23/31
.......
Peru
640,000
591,264
Philippines
Government
Bond
,
Senior
Bond
,
9.5
%
,
2/02/30
....
Philippines
400,000
464,705
Poland
Government
Bond
,
4.875
%
,
2/12/30
...............
Poland
610,000
617,287
b
Power
Finance
Corp.
Ltd.
,
Senior
Bond
,
Reg
S,
3.95
%
,
4/23/30
.
India
440,000
422,706
b
Romania
Government
Bond
,
Senior
Bond
,
144A,
2.875
%
,
5/26/28
Romania
530,000
EUR
600,528
b
Serbia
Government
Bond
,
Senior
Note
,
144A,
6.25
%
,
5/26/28
..
Serbia
260,000
265,277
South
Africa
Government
Bond
,
Senior
Bond,
4.85%,
9/27/27
.........................
South
Africa
360,000
361,242
Senior
Bond,
5.875%,
6/22/30
........................
South
Africa
200,000
204,892
Turkiye
Government
Bond
,
Senior
Note
,
9.125
%
,
7/13/30
.....
Turkiye
520,000
573,207
Uruguay
Government
Bond
,
Senior
Bond
,
4.375
%
,
10/27/27
...
Uruguay
513,333
514,078
b
Uzbekistan
Government
Bond
,
Senior
Note
,
144A,
7.85
%
,
10/12/28
........................................
Uzbekistan
450,000
476,618
Total
Foreign
Government
and
Agency
Securities
(Cost
$13,618,191)
............
13,546,062
U.S.
Government
and
Agency
Securities
0.1%
m
U.S.
Treasury
Bonds
,
2.25%,
2/15/52
...................................
United
States
1,685,000
1,014,982
3%,
8/15/52
.....................................
United
States
1,899,600
1,347,158
4.5%,
11/15/54
...................................
United
States
21,500
20,018
4.75%,
8/15/55
...................................
United
States
122,000
118,393
Total
U.S.
Government
and
Agency
Securities
(Cost
$2,500,551)
................
2,500,551
Asset-Backed
Securities
0.7%
Capital
Markets
0.0%
†
b,k
Magnetite
XL
Ltd.
,
2024-40A
,
A1
,
144A,
FRN
,
5.123
%
,
(
3-month
SOFR
+
1.45
%
),
7/15/37
.
............................
United
States
495,000
495,428
Consumer
Staples
Distribution
&
Retail
0.0%
†
CVS
Pass-Through
Trust
,
6.036%,
12/10/28
..................................
United
States
2,732
2,741
b
2013,
144A,
4.704%,
1/10/36
.........................
United
States
98,455
91,947
94,688
a
a
a
a
a
a
Financial
Services
0.7%
b,k
AGL
Core
CLO
31
Ltd.
,
2024-31A
,
A
,
144A,
FRN
,
5.075
%
,
(
3-month
SOFR
+
1.4
%
),
7/20/37
.
.....................
United
States
250,000
250,373
b,k
Allegro
CLO
XII
Ltd.
,
2020-1A
,
A1R
,
144A,
FRN
,
5.112
%
,
(
3-month
SOFR
+
1.44
%
),
7/21/37
.
....................
United
States
260,000
260,330
b,k
Ares
LXIX
CLO
Ltd.
,
2024-69A
,
A1R
,
144A,
FRN
,
4.888
%
,
(
3-month
SOFR
+
1.25
%
),
4/15/36
.
....................
Jersey
1,225,000
1,227,950
b,k
Bain
Capital
Credit
CLO
Ltd.
,
2022-2A
,
A1R
,
144A,
FRN
,
4.814
%
,
(
3-month
SOFR
+
1.15
%
),
4/22/35
.
....................
United
States
250,000
250,227
Putnam
Asset
Allocation
Funds
Consolidated
Schedule
of
Investments
(unaudited)
Putnam
Dynamic
Asset
Allocation
Growth
Fund
(continued)
See
Notes
to
Consolidated
Schedules
of
Investments.
Quarterly
Consolidated
Schedule
of
Investments
199
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Asset-Backed
Securities
(continued)
Financial
Services
(continued)
b,k
Battalion
CLO
18
Ltd.
,
2020-18A
,
ARR
,
144A,
FRN
,
4.853
%
,
(
3-month
SOFR
+
1.18
%
),
10/15/36
.
...................
United
States
345,000
$
345,405
b,k
Battalion
CLO
X
Ltd.
,
2016-10A
,
A1R3
,
144A,
FRN
,
4.807
%
,
(
3-month
SOFR
+
1.14
%
),
1/24/35
.
....................
United
States
452,291
452,724
b,k
Beechwood
Park
CLO
Ltd.
,
2019-1A
,
A1RR
,
144A,
FRN
,
4.75
%
,
(
3-month
SOFR
+
1.07
%
),
1/17/35
.
....................
Jersey
750,000
749,448
b,k
Birch
Grove
CLO
2
Ltd.
,
2021-2A
,
A1R
,
144A,
FRN
,
5.075
%
,
(
3-month
SOFR
+
1.4
%
),
10/19/37
.
....................
United
States
350,000
350,697
b,k
BRAVO
Residential
Funding
Trust
,
2021-HE3
,
A2
,
144A,
FRN
,
4.628
%
,
(
30-day
SOFR
Average
+
1
%
),
8/25/69
.
..........
United
States
93,807
93,540
b,k
BXMT
Ltd.
,
2021-FL4
,
A
,
144A,
FRN
,
5.051
%
,
(
1-month
SOFR
+
1.414
%
),
5/15/38
.
.................................
United
States
119,374
118,852
b,k
Carlyle
US
CLO
Ltd.
,
2020-2A
,
A1R2
,
144A,
FRN
,
4.747
%
,
(
3-month
SOFR
+
1.08
%
),
1/25/35
.
....................
United
States
910,000
910,899
b,k
CIFC
Funding
Ltd.
,
2014-2RA,
AR,
144A,
FRN,
5.027%,
(3-month
SOFR
+
1.36%),
10/24/37
........................................
United
States
300,000
300,298
2021-4A,
AR,
144A,
FRN,
5.026%,
(3-month
SOFR
+
1.36%),
7/23/37
.........................................
United
States
350,000
351,015
2021-7A,
AR,
144A,
FRN,
4.756%,
(3-month
SOFR
+
1.09%),
1/23/35
.........................................
United
States
744,000
744,736
b
Compass
Datacenters
Issuer
II
LLC
,
2025-2A
,
A1
,
144A,
4.926
%
,
11/25/50
.
........................................
United
States
489,000
479,097
b
Compass
Datacenters
Issuer
III
LLC
,
2025-1A
,
A2
,
144A,
5.656
%
,
2/25/50
.
..................................
United
States
1,094,000
1,095,985
b,k
Crown
Point
CLO
10
Ltd.
,
2021-10A
,
A
,
144A,
FRN
,
5.107
%
,
(
3-month
SOFR
+
1.432
%
),
7/20/34
.
...................
United
States
250,000
250,430
b,k
Danby
Park
CLO
Ltd.
,
2022-1A
,
AR
,
144A,
FRN
,
5.032
%
,
(
3-month
SOFR
+
1.36
%
),
10/21/37
.
...................
Jersey
460,000
460,405
b,k
Diameter
Capital
CLO
7
Ltd.
,
2024-7A
,
A1A
,
144A,
FRN
,
5.155
%
,
(
3-month
SOFR
+
1.48
%
),
7/20/37
.
....................
United
States
300,000
300,374
b,k
Dryden
86
CLO
Ltd.
,
2020-86A
,
A1R2
,
144A,
FRN
,
4.81
%
,
(
3-month
SOFR
+
1.13
%
),
7/17/34
.
....................
United
States
900,000
900,998
b,k
Elevation
CLO
Ltd.
,
2021-13A
,
A1R
,
144A,
FRN
,
4.733
%
,
(
3-month
SOFR
+
1.06
%
),
7/15/34
.
....................
United
States
250,000
250,119
b,k
Elmwood
CLO
33
Ltd.
,
2024-9RA
,
AR
,
144A,
FRN
,
5.052
%
,
(
3-month
SOFR
+
1.38
%
),
10/21/37
.
...................
United
States
250,000
250,375
b,k
Elmwood
CLO
I
Ltd.
,
2019-1A
,
A1R3
,
144A,
FRN
,
4.795
%
,
(
3-month
SOFR
+
1.12
%
),
4/20/37
.
....................
United
States
300,000
299,853
b,k
Elmwood
CLO
III
Ltd.
,
2019-3A
,
A1RR
,
144A,
FRN
,
5.055
%
,
(
3-month
SOFR
+
1.38
%
),
7/18/37
.
....................
United
States
350,000
350,303
b
FIGRE
Trust
,
2025-FL1
,
A1
,
144A,
5.265
%
,
7/25/55
.
.........
United
States
111,429
111,164
b,k
FS
Rialto
,
2021-FL3
,
A
,
144A,
FRN
,
4.998
%
,
(
1-month
SOFR
+
1.364
%
),
11/16/36
.
.................................
United
States
78,990
79,063
b,k
HalseyPoint
CLO
4
Ltd.
,
2021-4A
,
A
,
144A,
FRN
,
5.157
%
,
(
3-month
SOFR
+
1.482
%
),
4/20/34
.
...................
United
States
250,000
250,416
b
Home
Partners
of
America
Trust
,
2021-2
,
C
,
144A,
2.402
%
,
12/17/26
.
........................................
United
States
240,796
237,528
b
Iskandar
Enterprise
LLC
,
2026-1A
,
A21
,
144A,
5.049
%
,
4/17/56
.
United
States
911,000
906,760
b
J.P.
Morgan
Mortgage
Trust
,
k
2023-HE2,
A1,
144A,
FRN,
5.312%,
(30-day
SOFR
Average
+
1.7%),
3/20/54
....................................
United
States
107,592
107,896
2024-CES1,
A1A,
144A,
5.919%,
6/25/54
................
United
States
61,865
62,043
k
2026-HE1,
A1,
144A,
FRN,
4.859%,
(30-day
SOFR
Average
+
1.25%),
9/20/56
...................................
United
States
125,294
125,833
b,k
KKR
CLO
43
Ltd.
,
2022-43A
,
A2R2
,
144A,
FRN
,
5.121
%
,
(
3-month
SOFR
+
1.45
%
),
4/15/38
.
....................
Jersey
820,000
821,176
Putnam
Asset
Allocation
Funds
Consolidated
Schedule
of
Investments
(unaudited)
Putnam
Dynamic
Asset
Allocation
Growth
Fund
(continued)
Quarterly
Consolidated
Schedule
of
Investments
See
Notes
to
Consolidated
Schedules
of
Investments.
200
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Asset-Backed
Securities
(continued)
Financial
Services
(continued)
b,k
KKR
CLO
54
Ltd.
,
2024-54A
,
A
,
144A,
FRN
,
4.993
%
,
(
3-month
SOFR
+
1.32
%
),
1/15/38
.
............................
United
States
337,000
$
337,743
b,k
KREF
Ltd.
,
2022-FL3
,
A
,
144A,
FRN
,
5.089
%
,
(
1-month
SOFR
+
1.45
%
),
2/17/39
.
..................................
United
States
29,867
29,886
k
Long
Beach
Mortgage
Loan
Trust
,
2004-1
,
A2
,
FRN
,
4.563
%
,
(
1-month
SOFR
+
0.914
%
),
2/25/34
.
...................
United
States
175,288
174,425
b,k
Madison
Park
Funding
XXX
Ltd.
,
2018-30A
,
A1R
,
144A,
FRN
,
5.04
%
,
(
3-month
SOFR
+
1.36
%
),
7/16/37
.
...............
United
States
260,000
260,754
b
MAST
Ltd.
,
2026-1A
,
A
,
144A,
5.134
%
,
2/15/51
.
............
United
States
475,405
466,535
k
Morgan
Stanley
ABS
Capital
I,
Inc.
Trust
,
2004-HE6
,
M1
,
FRN
,
4.588
%
,
(
1-month
SOFR
+
0.939
%
),
8/25/34
.
.............
United
States
58,366
57,466
b,k
Mountain
View
CLO
XV
Ltd.
,
2019-2A
,
A1R2
,
144A,
FRN
,
4.918
%
,
(
3-month
SOFR
+
1.29
%
),
7/15/37
.
..............
United
States
400,000
400,197
b,k
Nassau
Ltd.
,
2020-1A
,
A1RR
,
144A,
FRN
,
4.718
%
,
(
3-month
SOFR
+
1.1
%
),
1/15/35
.
.............................
United
States
250,000
250,259
b,k
Neuberger
Berman
Loan
Advisers
CLO
43
Ltd.
,
2021-43A
,
AR
,
144A,
FRN
,
4.73
%
,
(
3-month
SOFR
+
1.05
%
),
7/17/36
.
.....
United
States
1,025,000
1,025,640
b,k
Neuberger
Berman
Loan
Advisers
CLO
45
Ltd.
,
2021-45A
,
AR
,
144A,
FRN
,
4.729
%
,
(
3-month
SOFR
+
1.06
%
),
10/14/36
.
...
United
States
1,500,000
1,500,756
b,k
Neuberger
Berman
Loan
Advisers
CLO
51
Ltd.
,
2022-51A
,
BR2
,
144A,
FRN
,
5.066
%
,
(
3-month
SOFR
+
1.4
%
),
10/23/36
.
....
Jersey
400,000
400,803
k
New
Century
Home
Equity
Loan
Trust
,
2003-4
,
M1
,
FRN
,
4.888
%
,
(
1-month
SOFR
+
1.239
%
),
10/25/33
.
..................
United
States
54,945
54,945
b,k
Northwoods
Capital
27
Ltd.
,
2021-27A
,
A1R
,
144A,
FRN
,
4.86
%
,
(
3-month
SOFR
+
1.18
%
),
10/17/34
.
...................
United
States
470,000
470,546
b,k
Oaktree
CLO
Ltd.
,
2021-1A,
A1R,
144A,
FRN,
5.023%,
(3-month
SOFR
+
1.35%),
1/15/38
.........................................
United
States
250,000
250,551
2021-2A,
AR,
144A,
FRN,
4.643%,
(3-month
SOFR
+
0.97%),
1/15/35
.........................................
United
States
1,000,000
1,000,809
b,k
Octagon
Investment
Partners
49
Ltd.
,
2020-5A
,
ARR
,
144A,
FRN
,
4.793
%
,
(
3-month
SOFR
+
1.12
%
),
4/15/37
.
..............
United
States
820,000
819,590
b,k
OHA
Loan
Funding
Ltd.
,
2016-1A
,
A1R2
,
144A,
FRN
,
5.135
%
,
(
3-month
SOFR
+
1.46
%
),
7/20/37
.
....................
United
States
363,000
364,193
k
Park
Place
Securities,
Inc.
,
2004-WCW2
,
M3
,
FRN
,
4.813
%
,
(
1-month
SOFR
+
1.164
%
),
10/25/34
.
..................
United
States
64,002
63,609
b
PK
ALIFT
Loan
Funding
7
LP
,
2025-2
,
A
,
144A,
4.75
%
,
3/15/43
.
United
States
229,698
228,123
b
PK
ALIFT
Loan
Funding
8
LP
,
2026-1
,
A
,
144A,
4.614
%
,
9/15/43
.
United
States
250,000
246,504
b
PRET
LLC
,
2026-NPL3
,
A1
,
144A,
4.968
%
,
2/25/56
.
.........
United
States
683,814
678,227
b,k
PRMI
Securitization
Trust
,
2024-CMG1
,
A1
,
144A,
FRN
,
5.042
%
,
(
30-day
SOFR
Average
+
1.45
%
),
7/25/54
.
...............
United
States
304,442
304,451
b,k
Rad
CLO
14
Ltd.
,
2021-14A
,
A
,
144A,
FRN
,
5.105
%
,
(
3-month
SOFR
+
1.432
%
),
1/15/35
.
...........................
United
States
800,000
801,167
b,k
RR
29
Ltd.
,
2024-29RA
,
A1R
,
144A,
FRN
,
5.063
%
,
(
3-month
SOFR
+
1.39
%
),
7/15/39
.
............................
United
States
250,000
250,680
b,k
Sixth
Street
CLO
XXV
Ltd.
,
2024-25A
,
A
,
144A,
FRN
,
5.147
%
,
(
3-month
SOFR
+
1.48
%
),
7/24/37
.
....................
United
States
650,000
650,545
b,k
Sound
Point
CLO
XXVI
Ltd.
,
2020-1A
,
AR
,
144A,
FRN
,
5.107
%
,
(
3-month
SOFR
+
1.432
%
),
7/20/34
.
...................
United
States
322,000
322,465
b,k
Sound
Point
CLO
XXXII
Ltd.
,
2021-4A
,
AR
,
144A,
FRN
,
4.697
%
,
(
3-month
SOFR
+
1.03
%
),
10/25/34
.
...................
United
States
300,000
300,140
b
Stack
Infrastructure
Issuer
LLC
,
2026-1A
,
A2
,
144A,
5
%
,
3/27/56
.
United
States
396,000
384,229
b,k
Symphony
CLO
XXIII
Ltd.
,
2020-23A
,
AR2
,
144A,
FRN
,
4.573
%
,
(
3-month
SOFR
+
0.9
%
),
1/15/34
.
.....................
United
States
138,288
138,298
b,k
TCW
CLO
Ltd.
,
2020-1A
,
A1R3
,
144A,
FRN
,
4.725
%
,
(
3-month
SOFR
+
1.05
%
),
4/20/34
.
............................
United
States
1,350,000
1,350,820
b,k
Towd
Point
Mortgage
Trust
,
2025-HE1
,
A1A
,
144A,
FRN
,
4.978
%
,
(
30-day
SOFR
Average
+
1.35
%
),
7/25/65
.
...............
United
States
71,905
72,054
Putnam
Asset
Allocation
Funds
Consolidated
Schedule
of
Investments
(unaudited)
Putnam
Dynamic
Asset
Allocation
Growth
Fund
(continued)
See
Notes
to
Consolidated
Schedules
of
Investments.
Quarterly
Consolidated
Schedule
of
Investments
201
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Asset-Backed
Securities
(continued)
Financial
Services
(continued)
b,k
Trinitas
CLO
XVIII
Ltd.
,
2021-18A
,
A1R
,
144A,
FRN
,
4.895
%
,
(
3-month
SOFR
+
1.22
%
),
1/20/35
.
....................
United
States
250,000
$
250,260
b
VCAT
LLC
,
2026-NPL1
,
A1
,
144A,
5.101
%
,
1/25/56
.
.........
United
States
97,047
96,384
b,k
Venture
41
CLO
Ltd.
,
2021-41A
,
A1RR
,
144A,
FRN
,
4.805
%
,
(
3-month
SOFR
+
1.13
%
),
1/20/34
.
....................
United
States
630,162
630,768
b,k
Venture
XIX
CLO
Ltd.
,
2014-19A
,
ARR
,
144A,
FRN
,
5.195
%
,
(
3-month
SOFR
+
1.522
%
),
1/15/32
.
...................
United
States
42,095
42,158
b,k
Venture
XV
CLO
Ltd.
,
2013-15A
,
AR3
,
144A,
FRN
,
5.115
%
,
(
3-month
SOFR
+
1.442
%
),
7/15/32
.
...................
United
States
55,313
55,344
b,k
Voya
CLO
Ltd.
,
2019-3A
,
AR
,
144A,
FRN
,
5.022
%
,
(
3-month
SOFR
+
1.342
%
),
10/17/32
.
..........................
United
States
144,963
145,114
b,k
Wind
River
CLO
Ltd.
,
2021-4A
,
AR
,
144A,
FRN
,
4.902
%
,
(
3-month
SOFR
+
1.23
%
),
1/20/35
.
....................
United
States
250,000
250,267
b,k
Wise
CLO
Ltd.
,
2024-2A
,
A
,
144A,
FRN
,
5.133
%
,
(
3-month
SOFR
+
1.46
%
),
7/15/37
.
.................................
United
States
350,000
350,317
b,k
Zais
CLO
16
Ltd.
,
2020-16A
,
A1R2
,
144A,
FRN
,
4.805
%
,
(
3-month
SOFR
+
1.13
%
),
10/20/34
.
...................
United
States
360,000
360,477
29,583,811
a
a
a
a
a
a
Total
Asset-Backed
Securities
(Cost
$30,176,673)
.............................
30,173,927
Commercial
Mortgage-Backed
Securities
0.5%
Financial
Services
0.5%
b
1166
Avenue
of
the
Americas
Commercial
Mortgage
Trust
II
,
2005-C6A
,
A3
,
144A,
5.69
%
,
10/13/37
..................
United
States
700,000
708,252
b,n,o
Arbor
Multifamily
Mortgage
Securities
Trust
,
2020-MF1
,
XA
,
IO,
144A,
FRN
,
1.043
%
,
5/15/53
.........................
United
States
3,980,476
112,069
n,o
BANK
,
2019-BN20,
XA,
IO,
FRN,
0.922%,
9/15/62
..............
United
States
3,631,770
78,825
2020-BN26,
XA,
IO,
FRN,
1.305%,
3/15/63
..............
United
States
1,722,242
53,901
o
BANK5
Trust
,
n
2024-5YR7,
XA,
IO,
FRN,
1.571%,
6/15/57
..............
United
States
6,791,774
227,841
n
2025-5YR18,
XA,
IO,
FRN,
1.251%,
12/15/58
.............
United
States
7,140,228
291,288
2026-5YR22,
C,
FRN,
5.962%,
6/15/59
.................
United
States
428,000
429,296
n
2026-5YR23,
XB,
IO,
FRN,
0.6%,
7/15/31
...............
United
States
11,273,000
246,845
Barclays
Commercial
Mortgage
Trust
,
2019-C3,
C,
4.178%,
5/15/52
.........................
United
States
187,000
172,287
n,o
2019-C4,
XA,
IO,
FRN,
1.649%,
8/15/52
.................
United
States
4,180,429
148,315
o
BBCMS
Mortgage
Trust
,
2026-5C40,
AS,
FRN,
5.529%,
2/15/59
.................
United
States
168,000
170,002
2026-5C40,
C,
FRN,
5.813%,
2/15/59
..................
United
States
228,000
228,177
Benchmark
Mortgage
Trust
,
n,o
2020-B22,
XA,
IO,
FRN,
1.602%,
1/15/54
................
United
States
1,712,897
90,972
o
2025-V16,
B,
FRN,
6.339%,
8/15/58
....................
United
States
261,000
267,521
o
2025-V19,
AS,
FRN,
5.597%,
1/15/58
...................
United
States
202,000
204,919
2026-V21,
AS,
5.506%,
3/15/59
.......................
United
States
242,000
244,148
n,o
2026-V21,
XA,
IO,
FRN,
1.648%,
3/15/59
................
United
States
2,164,671
127,782
b,k
BIKE
Pass-Through
Trust
,
2026-BAND,
A,
144A,
FRN,
5.78%,
(1-month
SOFR
+
2.15%),
7/15/43
.........................................
United
States
221,000
221,323
2026-BAND,
B,
144A,
FRN,
7.78%,
(1-month
SOFR
+
4.15%),
7/15/43
.........................................
United
States
257,000
257,682
b
BX
Trust
,
o
2025-ARIA,
C,
144A,
FRN,
5.701%,
12/13/42
.............
United
States
247,000
246,659
k
2025-VOLT,
A,
144A,
FRN,
5.325%,
(1-month
SOFR
+
1.7%),
12/15/44
........................................
United
States
186,000
186,481
Putnam
Asset
Allocation
Funds
Consolidated
Schedule
of
Investments
(unaudited)
Putnam
Dynamic
Asset
Allocation
Growth
Fund
(continued)
Quarterly
Consolidated
Schedule
of
Investments
See
Notes
to
Consolidated
Schedules
of
Investments.
202
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Commercial
Mortgage-Backed
Securities
(continued)
Financial
Services
(continued)
b
BX
Trust,
(continued)
k
2026-CLS,
A,
144A,
FRN,
5.025%,
(1-month
SOFR
+
1.4%),
5/15/43
.........................................
United
States
295,000
$
295,712
k
2026-CLS,
D,
144A,
FRN,
7.075%,
(1-month
SOFR
+
3.45%),
5/15/43
.........................................
United
States
367,000
369,148
o
CD
Mortgage
Trust
,
2017-CD4
,
B
,
FRN
,
3.947
%
,
5/10/50
.....
United
States
266,000
254,850
o
CFCRE
Commercial
Mortgage
Trust
,
b
2011-C2,
D,
144A,
FRN,
5.08%,
12/15/47
...............
United
States
28,519
28,055
b
2011-C2,
E,
144A,
FRN,
5.08%,
12/15/47
................
United
States
214,000
201,358
2017-C8,
B,
FRN,
4.199%,
6/15/50
....................
United
States
193,000
188,074
o
CGMS
Commercial
Mortgage
Trust
,
2017-B1
,
AS
,
FRN
,
3.711
%
,
8/15/50
.........................................
United
States
160,000
157,046
Citigroup
Commercial
Mortgage
Trust
,
2020-GC46
,
A2
,
2.708
%
,
2/15/53
.........................................
United
States
391,426
371,021
COMM
Mortgage
Trust
,
b,o
2013-CR13,
D,
144A,
FRN,
5.002%,
11/10/46
............
United
States
202,421
114,617
o
2014-CR17,
C,
FRN,
4.941%,
5/10/47
..................
United
States
384,000
374,660
b,o
2014-CR17,
D,
144A,
FRN,
5.005%,
5/10/47
.............
United
States
285,000
252,507
o
2014-UBS5,
AM,
FRN,
4.193%,
9/10/47
.................
United
States
92,445
91,277
o
2015-CR22,
B,
FRN,
3.926%,
3/10/48
..................
United
States
120,078
115,566
2015-DC1,
AM,
3.724%,
2/10/48
......................
United
States
61,258
60,335
o
2015-LC19,
C,
FRN,
4.568%,
2/10/48
..................
United
States
249,430
243,364
b,o
2015-LC23,
D,
144A,
FRN,
3.841%,
10/10/48
.............
United
States
336,000
290,986
b,n,o
Credit
Suisse
Commercial
Mortgage
Trust
,
2007-C2
,
AX
,
IO,
144A,
FRN
,
0.029
%
,
1/15/49
.........................
United
States
1,065,577
294
CSAIL
Commercial
Mortgage
Trust
,
o
2016-C7,
AS,
FRN,
3.958%,
11/15/49
...................
United
States
323,000
320,797
2019-C17,
AS,
3.278%,
9/15/52
.......................
United
States
289,000
262,976
n,o
2020-C19,
XA,
IO,
FRN,
1.205%,
3/15/53
................
United
States
6,199,490
185,485
n,o
2021-C20,
XA,
IO,
FRN,
1.109%,
3/15/54
................
United
States
2,556,415
85,178
b,o
DBUBS
Mortgage
Trust
,
2011-LC3A
,
D
,
144A,
FRN
,
5.534
%
,
8/10/44
.........................................
United
States
541,187
529,306
b,o
GS
Mortgage
Securities
Corp.
Trust
,
2017-375H
,
A
,
144A,
FRN
,
3.591
%
,
9/10/37
...................................
United
States
378,000
367,806
o
GS
Mortgage
Securities
Trust
,
n
2014-GC22,
XA,
IO,
FRN,
0.715%,
6/10/47
..............
United
States
1,180,223
6,655
2015-GC30,
B,
FRN,
4.094%,
5/10/50
..................
United
States
464,632
453,598
n
2019-GC38,
XA,
IO,
FRN,
1.168%,
2/10/52
..............
United
States
5,325,684
116,633
J.P.
Morgan
Chase
Commercial
Mortgage
Securities
Trust
,
b,o
2012-C6,
E,
144A,
FRN,
5.138%,
5/15/45
...............
United
States
39,791
39,400
2016-JP3,
AS,
3.144%,
8/15/49
.......................
United
States
376,000
365,756
o
JPMBB
Commercial
Mortgage
Securities
Trust
,
2014-C18,
B,
FRN,
4.659%,
2/15/47
...................
United
States
283,321
281,515
2014-C18,
C,
FRN,
4.659%,
2/15/47
...................
United
States
504,000
492,297
2014-C23,
B,
FRN,
4.673%,
9/15/47
...................
United
States
206,831
204,827
2014-C23,
C,
FRN,
4.673%,
9/15/47
...................
United
States
503,000
489,054
2014-C24,
AS,
FRN,
3.914%,
11/15/47
..................
United
States
400,000
387,339
o
JPMCC
Commercial
Mortgage
Securities
Trust
,
2017-JP5
,
AS
,
FRN
,
3.876
%
,
3/15/50
..............................
United
States
251,000
245,167
b
LSTAR
Commercial
Mortgage
Trust
,
2017-5
,
A5
,
144A,
3.549
%
,
3/10/50
.........................................
United
States
559,782
556,658
b,o
MAD
Commercial
Mortgage
Trust
,
2025-11MD,
C,
144A,
FRN,
5.818%,
10/15/42
............
United
States
263,000
264,300
2025-11MD,
D,
144A,
FRN,
6.571%,
10/15/42
............
United
States
258,000
260,258
Morgan
Stanley
Bank
of
America
Merrill
Lynch
Trust
,
o
2013-C10,
B,
FRN,
4.081%,
7/15/46
...................
United
States
422,293
401,767
Putnam
Asset
Allocation
Funds
Consolidated
Schedule
of
Investments
(unaudited)
Putnam
Dynamic
Asset
Allocation
Growth
Fund
(continued)
See
Notes
to
Consolidated
Schedules
of
Investments.
Quarterly
Consolidated
Schedule
of
Investments
203
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Commercial
Mortgage-Backed
Securities
(continued)
Financial
Services
(continued)
Morgan
Stanley
Bank
of
America
Merrill
Lynch
Trust,
(continued)
o
2013-C10,
C,
FRN,
4.081%,
7/15/46
...................
United
States
275,000
$
254,426
o
2015-C21,
B,
FRN,
3.854%,
3/15/48
...................
United
States
76,690
75,199
o
2015-C22,
B,
FRN,
3.883%,
4/15/48
...................
United
States
169,000
154,744
o
2015-C22,
C,
FRN,
4.094%,
4/15/48
...................
United
States
357,000
303,555
2025-5C2,
AS,
5.384%,
11/15/58
......................
United
States
110,000
110,434
Morgan
Stanley
Capital
I
Trust
,
b
2015-UBS8,
D,
144A,
3.18%,
12/15/48
..................
United
States
403,000
383,344
o
2016-UB12,
AS,
FRN,
3.778%,
12/15/49
................
United
States
200,000
191,551
2018-L1,
A3,
4.139%,
10/15/51
.......................
United
States
196,986
194,963
b
One
Bryant
Park
Trust
,
2019-OBP
,
A
,
144A,
2.516
%
,
9/15/54
..
United
States
257,000
237,462
b,k
SHRN
Trust
,
2025-MF18
,
A
,
144A,
FRN
,
4.825
%
,
(
1-month
SOFR
+
1.2
%
),
10/15/40
.................................
United
States
280,000
280,152
n,o
UBS
Commercial
Mortgage
Trust
,
2017-C7,
XA,
IO,
FRN,
1.114%,
12/15/50
................
United
States
3,024,304
33,230
2018-C8,
XA,
IO,
FRN,
0.963%,
2/15/51
.................
United
States
6,721,479
68,888
b
VCAT
LLC
,
2026-NPL2
,
A1
,
144A,
5.062
%
,
2/25/56
..........
United
States
1,438,493
1,431,424
b,o
VEGAS
,
2024-GCS
,
D
,
144A,
FRN
,
6.424
%
,
7/10/36
.........
United
States
246,000
245,549
n,o
Wachovia
Bank
Commercial
Mortgage
Trust
,
2006-C29
,
IO,
FRN
,
0.488
%
,
11/15/48
..................................
United
States
3,788
3
Wells
Fargo
Commercial
Mortgage
Trust
,
b,o
2013-LC12,
D,
144A,
FRN,
3.865%,
7/15/46
.............
United
States
256,000
177,280
2016-BNK1,
AS,
2.814%,
8/15/49
......................
United
States
274,000
266,108
b
2016-C33,
D,
144A,
3.123%,
3/15/59
...................
United
States
66,009
64,726
b,o
2016-C34,
D,
144A,
FRN,
5.424%,
6/15/49
..............
United
States
156,299
153,444
n,o
2016-LC25,
XA,
IO,
FRN,
1.004%,
12/15/59
..............
United
States
3,104,057
3,982
n,o
2019-C52,
XA,
IO,
FRN,
1.688%,
8/15/52
................
United
States
4,428,711
173,191
o
2020-C57,
C,
FRN,
4.157%,
8/15/53
...................
United
States
168,000
154,145
n,o
2024-5C1,
XA,
IO,
FRN,
1.254%,
7/15/57
................
United
States
3,979,585
102,123
n,o
2026-5C10,
XA,
IO,
FRN,
0.985%,
6/15/59
...............
United
States
5,626,000
268,566
o
WFRBS
Commercial
Mortgage
Trust
,
b,p
2011-C3,
D,
144A,
FRN,
5.415%,
3/15/44
...............
United
States
206,195
75,771
b
2013-C15,
D,
144A,
FRN,
4.286%,
8/15/46
..............
United
States
201,003
141,808
2014-C21,
B,
FRN,
4.213%,
8/15/47
...................
United
States
563,360
555,161
n
2014-C22,
XA,
IO,
FRN,
0.383%,
9/15/57
................
United
States
1,894,315
326
20,541,782
a
a
a
a
a
a
Total
Commercial
Mortgage-Backed
Securities
(Cost
$20,953,252)
..............
20,541,782
Mortgage-Backed
Securities
4.6%
Federal
Home
Loan
Mortgage
Corp.
(FHLMC)
Fixed
Rate
0.2%
FHLMC
Pool,
30
Year,
2.5%,
8/01/50
-
8/01/51
.............
United
States
1,496,698
1,268,647
FHLMC
Pool,
30
Year,
3%,
1/01/48
......................
United
States
3,168,934
2,821,326
FHLMC
Pool,
30
Year,
4%,
9/01/45
......................
United
States
89,263
85,151
FHLMC
Pool,
30
Year,
5.5%,
5/01/53
-
9/01/53
.............
United
States
1,664,803
1,693,645
FHLMC
Pool,
30
Year,
6%,
5/01/53
......................
United
States
1,058,634
1,094,363
FHLMC
Pool,
30
Year,
6.5%,
5/01/53
.....................
United
States
108,624
112,481
7,075,613
Federal
National
Mortgage
Association
(FNMA)
Fixed
Rate
3.4%
FNMA,
2.73%,
9/01/29
...............................
United
States
258,108
245,369
FNMA,
3.5%,
6/01/56
-
10/01/56
........................
United
States
1,878,746
1,702,093
FNMA,
4%,
1/01/57
..................................
United
States
351,351
329,759
FNMA,
5.28%,
12/01/28
..............................
United
States
218,000
221,537
FNMA,
30
Year,
2.5%,
7/01/50
-
8/01/51
..................
United
States
10,186,430
8,624,966
FNMA,
30
Year,
3%,
4/01/46
-
4/01/52
....................
United
States
4,412,169
3,942,826
Putnam
Asset
Allocation
Funds
Consolidated
Schedule
of
Investments
(unaudited)
Putnam
Dynamic
Asset
Allocation
Growth
Fund
(continued)
Quarterly
Consolidated
Schedule
of
Investments
See
Notes
to
Consolidated
Schedules
of
Investments.
204
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Mortgage-Backed
Securities
(continued)
Federal
National
Mortgage
Association
(FNMA)
Fixed
Rate
(continued)
FNMA,
30
Year,
3.5%,
11/01/51
-
4/01/52
.................
United
States
1,433,232
$
1,308,539
FNMA,
30
Year,
4.5%,
2/01/39
-
4/01/39
..................
United
States
9,101
9,005
FNMA,
30
Year,
6%,
5/01/53
-
6/01/53
....................
United
States
1,233,963
1,270,472
FNMA,
30
Year,
6.5%,
5/01/53
.........................
United
States
53,729
55,845
q
Uniform
Mortgage-Backed
Securities,
2%,
TBA,
8/25/56
......
United
States
1,320,000
1,053,931
q
Uniform
Mortgage-Backed
Securities,
2.5%,
TBA,
7/25/41
-
8/25/41
.........................................
United
States
29,200,000
27,356,726
q
Uniform
Mortgage-Backed
Securities,
2.5%,
TBA,
8/25/56
.....
United
States
41,760,000
34,885,912
q
Uniform
Mortgage-Backed
Securities,
3%,
TBA,
7/25/56
......
United
States
990,000
868,841
q
Uniform
Mortgage-Backed
Securities,
3.5%,
TBA,
7/25/56
-
8/25/56
.........................................
United
States
14,820,000
13,445,192
q
Uniform
Mortgage-Backed
Securities,
4%,
TBA,
7/25/56
......
United
States
280,000
262,938
q
Uniform
Mortgage-Backed
Securities,
4.5%,
TBA,
8/25/56
.....
United
States
3,740,000
3,580,027
q
Uniform
Mortgage-Backed
Securities,
5%,
TBA,
7/25/41
-
8/25/41
United
States
2,160,000
2,169,358
q
Uniform
Mortgage-Backed
Securities,
5%,
TBA,
8/25/56
......
United
States
36,400,000
35,728,939
q
Uniform
Mortgage-Backed
Securities,
5.5%,
TBA,
8/25/56
.....
United
States
720,000
721,344
q
Uniform
Mortgage-Backed
Securities,
6%,
TBA,
7/25/56
......
United
States
1,520,000
1,554,200
q
Uniform
Mortgage-Backed
Securities,
6.5%,
TBA,
7/25/56
.....
United
States
1,300,000
1,345,500
140,683,319
Government
National
Mortgage
Association
(GNMA)
Fixed
Rate
1.0%
GNMA
II,
30
Year,
5.5%,
7/20/53
........................
United
States
1,117,460
1,141,099
q
GNMA
II,
Single-family,
30
Year,
2%,
8/15/56
...............
United
States
650,000
532,261
GNMA
II,
Single-family,
30
Year,
3%,
8/20/49
-
1/20/54
.......
United
States
12,754,432
11,359,851
q
GNMA
II,
Single-family,
30
Year,
3%,
8/15/56
...............
United
States
19,700,000
17,474,515
GNMA
II,
Single-family,
30
Year,
4%,
2/20/48
...............
United
States
2,252,446
2,137,985
q
GNMA
II,
Single-family,
30
Year,
4%,
7/15/56
...............
United
States
2,700,000
2,518,805
GNMA
II,
Single-family,
30
Year,
4.5%,
5/20/49
.............
United
States
36,013
34,755
q
GNMA
II,
Single-family,
30
Year,
5%,
8/15/56
...............
United
States
820,000
807,653
GNMA
II,
Single-family,
30
Year,
5.5%,
3/20/53
-
7/20/53
......
United
States
1,691,921
1,726,460
q
GNMA
II,
Single-family,
30
Year,
5.5%,
7/15/56
.............
United
States
2,950,000
2,969,820
GNMA
II,
Single-family,
30
Year,
6%,
12/20/48
-
11/20/53
......
United
States
1,012,682
1,060,679
q
GNMA
II,
Single-family,
30
Year,
6%,
7/15/56
...............
United
States
1,990,000
2,033,143
43,797,026
Total
Mortgage-Backed
Securities
(Cost
$195,867,576)
.........................
191,555,958
Residential
Mortgage-Backed
Securities
0.4%
Financial
Services
0.4%
b
A&D
Mortgage
Trust
,
2023-NQM4
,
A1
,
144A,
7.472
%
,
9/25/68
.
United
States
167,257
167,939
k
Alternative
Loan
Trust
,
2005-59,
1A1,
FRN,
4.418%,
(1-month
SOFR
+
0.774%),
11/20/35
........................................
United
States
206,805
197,118
2005-65CB,
2A1,
FRN,
4.188%,
(1-month
SOFR
+
0.539%),
12/25/35
........................................
United
States
374,504
221,748
2006-OA10,
4A1,
FRN,
4.143%,
(1-month
SOFR
+
0.494%),
8/25/46
.........................................
United
States
535,088
478,156
2006-OA19,
A1,
FRN,
3.934%,
(1-month
SOFR
+
0.294%),
2/20/47
.........................................
United
States
178,624
146,089
2006-OA7,
1A2,
FRN,
4.684%,
(12-month
average
of
1-year
CMT
+
0.94%),
6/25/46
.............................
United
States
287,158
286,379
b
Angel
Oak
Mortgage
Trust
,
2024-9
,
A1
,
144A,
5.138
%
,
9/25/69
.
United
States
196,060
195,501
b,o
Arroyo
Mortgage
Trust
,
2019-1,
A3,
144A,
FRN,
4.208%,
1/25/49
................
United
States
20,829
20,378
2019-3,
A3,
144A,
FRN,
3.416%,
10/25/48
...............
United
States
31,007
29,973
b
BRAVO
Residential
Funding
Trust
,
2023-NQM5
,
A1
,
144A,
6.505
%
,
6/25/63
...................................
United
States
163,285
163,523
Putnam
Asset
Allocation
Funds
Consolidated
Schedule
of
Investments
(unaudited)
Putnam
Dynamic
Asset
Allocation
Growth
Fund
(continued)
See
Notes
to
Consolidated
Schedules
of
Investments.
Quarterly
Consolidated
Schedule
of
Investments
205
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Residential
Mortgage-Backed
Securities
(continued)
Financial
Services
(continued)
b,o
Bunker
Hill
Loan
Depositary
Trust
,
2020-1
,
A2
,
144A,
FRN
,
2.6
%
,
2/25/55
.........................................
United
States
97,211
$
96,750
b,k
Chase
Home
Lending
Mortgage
Trust
,
2025-10,
A11,
144A,
FRN,
4.928%,
(30-day
SOFR
Average
+
1.3%),
7/25/56
....................................
United
States
80,041
80,263
2025-7,
A11,
144A,
FRN,
5.028%,
(30-day
SOFR
Average
+
1.4%),
5/25/56
....................................
United
States
66,939
67,307
o
Citigroup
Mortgage
Loan
Trust,
Inc.
,
2005-2
,
1A2A
,
FRN
,
5.683
%
,
5/25/35
.........................................
United
States
55,141
54,587
b
Cross
Mortgage
Trust
,
2024-H4,
A1,
144A,
6.147%,
7/25/69
...................
United
States
116,221
116,870
o
2024-H8,
A1,
144A,
FRN,
5.549%,
12/25/69
..............
United
States
588,243
590,719
b,o
CSMC
Trust
,
2021-RPL4
,
A1
,
144A,
FRN
,
4.148
%
,
12/27/60
...
United
States
122,934
122,625
b,k
FHLMC
STACR
REMIC
Trust
,
2021-DNA5,
M2,
144A,
FRN,
5.278%,
(30-day
SOFR
Average
+
1.65%),
1/25/34
.................................
United
States
16,046
16,067
2021-DNA6,
M2,
144A,
FRN,
5.128%,
(30-day
SOFR
Average
+
1.5%),
10/25/41
.................................
United
States
146,306
146,495
2021-DNA7,
M2,
144A,
FRN,
5.428%,
(30-day
SOFR
Average
+
1.8%),
11/25/41
..................................
United
States
521,000
522,203
2022-DNA2,
M1A,
144A,
FRN,
4.928%,
(30-day
SOFR
Average
+
1.3%),
2/25/42
..................................
United
States
22,939
22,940
2022-DNA3,
M1B,
144A,
FRN,
6.528%,
(30-day
SOFR
Average
+
2.9%),
4/25/42
..................................
United
States
17,000
17,255
2022-DNA5,
M1A,
144A,
FRN,
6.578%,
(30-day
SOFR
Average
+
2.95%),
6/25/42
.................................
United
States
170,103
172,157
2022-DNA6,
M1A,
144A,
FRN,
5.778%,
(30-day
SOFR
Average
+
2.15%),
9/25/42
.................................
United
States
7,054
7,067
2022-DNA6,
M1B,
144A,
FRN,
7.328%,
(30-day
SOFR
Average
+
3.7%),
9/25/42
..................................
United
States
18,000
18,576
2023-DNA1,
M1A,
144A,
FRN,
5.73%,
(30-day
SOFR
Average
+
2.1%),
3/25/43
..................................
United
States
66,948
67,735
2023-HQA2,
M1A,
144A,
FRN,
5.628%,
(30-day
SOFR
Average
+
2%),
6/25/43
....................................
United
States
11,773
11,781
2023-HQA3,
A1,
144A,
FRN,
5.478%,
(30-day
SOFR
Average
+
1.85%),
11/25/43
..................................
United
States
57,727
58,020
2023-HQA3,
M1,
144A,
FRN,
5.478%,
(30-day
SOFR
Average
+
1.85%),
11/25/43
.................................
United
States
26,155
26,283
2025-DNA1,
A1,
144A,
FRN,
4.578%,
(30-day
SOFR
Average
+
0.95%),
1/25/45
...................................
United
States
328,440
328,837
2025-DNA3,
M1,
144A,
FRN,
4.728%,
(30-day
SOFR
Average
+
1.1%),
9/25/45
..................................
United
States
163,832
163,997
2025-DNA4,
M1,
144A,
FRN,
4.728%,
(30-day
SOFR
Average
+
1.1%),
10/25/45
.................................
United
States
115,962
116,076
FNMA
,
n,o
2001-79,
BI,
IO,
FRN,
0.25%,
3/25/45
..................
United
States
31,828
226
n,o
2002-W8,
1,
IO,
FRN,
0.288%,
6/25/42
.................
United
States
127,864
392
2003-34,
P1,
Strip,
4/25/43
...........................
United
States
4,253
3,930
k
FNMA
Connecticut
Avenue
Securities
Trust
,
2016-C04,
1M2,
FRN,
7.992%,
(30-day
SOFR
Average
+
4.364%),
1/25/29
..................................
United
States
175,870
176,291
2016-C05,
2M2,
FRN,
8.192%,
(30-day
SOFR
Average
+
4.564%),
1/25/29
..................................
United
States
138,504
138,856
2016-C06,
1M2,
FRN,
7.992%,
(30-day
SOFR
Average
+
4.364%),
4/25/29
..................................
United
States
109,684
110,365
2016-C07,
2M2,
FRN,
8.092%,
(30-day
SOFR
Average
+
4.464%),
5/25/29
..................................
United
States
160,205
162,147
Putnam
Asset
Allocation
Funds
Consolidated
Schedule
of
Investments
(unaudited)
Putnam
Dynamic
Asset
Allocation
Growth
Fund
(continued)
Quarterly
Consolidated
Schedule
of
Investments
See
Notes
to
Consolidated
Schedules
of
Investments.
206
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Residential
Mortgage-Backed
Securities
(continued)
Financial
Services
(continued)
k
FNMA
Connecticut
Avenue
Securities
Trust,
(continued)
2018-C02,
2M2,
FRN,
5.942%,
(30-day
SOFR
Average
+
2.314%),
8/25/30
..................................
United
States
6,475
$
6,563
b
2021-R03,
1M2,
144A,
FRN,
5.278%,
(30-day
SOFR
Average
+
1.65%),
12/25/41
..................................
United
States
148,063
148,552
b
2022-R01,
1M1,
144A,
FRN,
4.628%,
(30-day
SOFR
Average
+
1%),
12/25/41
....................................
United
States
3,296
3,295
b
2022-R03,
1M2,
144A,
FRN,
7.128%,
(30-day
SOFR
Average
+
3.5%),
3/25/42
....................................
United
States
75,000
76,322
b
2022-R04,
1M2,
144A,
FRN,
6.728%,
(30-day
SOFR
Average
+
3.1%),
3/25/42
....................................
United
States
74,000
74,937
b
2022-R05,
2M2,
144A,
FRN,
6.628%,
(30-day
SOFR
Average
+
3%),
4/25/42
.....................................
United
States
574,747
581,636
b
2022-R09,
2M1,
144A,
FRN,
6.128%,
(30-day
SOFR
Average
+
2.5%),
9/25/42
....................................
United
States
43,538
43,861
b
2023-R06,
1M1,
144A,
FRN,
5.328%,
(30-day
SOFR
Average
+
1.7%),
7/25/43
....................................
United
States
16,073
16,106
b
2023-R07,
2M1,
144A,
FRN,
5.578%,
(30-day
SOFR
Average
+
1.95%),
9/25/43
...................................
United
States
5,719
5,732
b
2023-R08,
1M1,
144A,
FRN,
5.128%,
(30-day
SOFR
Average
+
1.5%),
10/25/43
...................................
United
States
102,139
102,215
b
2024-R03,
2M1,
144A,
FRN,
4.778%,
(30-day
SOFR
Average
+
1.15%),
3/25/44
...................................
United
States
6,523
6,525
b
2024-R06,
1A1,
144A,
FRN,
4.778%,
(30-day
SOFR
Average
+
1.15%),
9/25/44
...................................
United
States
128,218
128,585
b
2025-R01,
1A1,
144A,
FRN,
4.578%,
(30-day
SOFR
Average
+
0.95%),
1/25/45
...................................
United
States
123,155
123,277
b
2025-R01,
1M1,
144A,
FRN,
4.728%,
(30-day
SOFR
Average
+
1.1%),
1/25/45
....................................
United
States
53,977
54,002
b
2025-R02,
1A1,
144A,
FRN,
4.628%,
(30-day
SOFR
Average
+
1%),
2/25/45
.....................................
United
States
115,193
115,378
b
2025-R02,
1M1,
144A,
FRN,
4.778%,
(30-day
SOFR
Average
+
1.15%),
2/25/45
...................................
United
States
106,510
106,549
b
2025-R03,
2A1,
144A,
FRN,
5.078%,
(30-day
SOFR
Average
+
1.45%),
3/25/45
...................................
United
States
17,994
18,086
b
2025-R04,
1A1,
144A,
FRN,
4.628%,
(30-day
SOFR
Average
+
1%),
5/25/45
.....................................
United
States
89,841
89,984
b
2025-R04,
1M1,
144A,
FRN,
4.828%,
(30-day
SOFR
Average
+
1.2%),
5/25/45
....................................
United
States
159,617
159,775
b
2025-R06,
1A1,
144A,
FRN,
4.528%,
(30-day
SOFR
Average
+
0.9%),
9/25/45
....................................
United
States
197,855
198,058
b
2026-R01,
2A1,
144A,
FRN,
4.478%,
(30-day
SOFR
Average
+
0.85%),
1/25/46
...................................
United
States
326,654
326,667
b
2026-R01,
2M1,
144A,
FRN,
4.628%,
(30-day
SOFR
Average
+
1%),
1/25/46
.....................................
United
States
304,367
304,396
b
2026-R02,
1M1,
144A,
FRN,
4.678%,
(30-day
SOFR
Average
+
1.05%),
2/25/46
...................................
United
States
252,420
252,560
b
2026-R03,
2A1,
144A,
FRN,
4.728%,
(30-day
SOFR
Average
+
1.1%),
4/25/46
....................................
United
States
615,311
617,220
b
J.P.
Morgan
Mortgage
Trust
,
k
2024-10,
A11,
144A,
FRN,
4.878%,
(30-day
SOFR
Average
+
1.25%),
3/25/55
...................................
United
States
91,521
91,553
2024-VIS2,
A1,
144A,
5.853%,
11/25/64
.................
United
States
162,207
162,659
2024-VIS2,
A2,
144A,
6.106%,
11/25/64
.................
United
States
334,838
335,896
k
2025-1,
A11,
144A,
FRN,
4.878%,
(30-day
SOFR
Average
+
1.25%),
6/25/55
...................................
United
States
136,716
136,541
2026-NQX2,
A1FC,
144A,
5.628%,
10/25/66
.............
United
States
643,000
642,998
Putnam
Asset
Allocation
Funds
Consolidated
Schedule
of
Investments
(unaudited)
Putnam
Dynamic
Asset
Allocation
Growth
Fund
(continued)
See
Notes
to
Consolidated
Schedules
of
Investments.
Quarterly
Consolidated
Schedule
of
Investments
207
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Residential
Mortgage-Backed
Securities
(continued)
Financial
Services
(continued)
b
MFA
Trust
,
2023-INV2,
A1,
144A,
6.775%,
10/25/58
.................
United
States
145,406
$
145,607
2025-NQM3,
A1,
144A,
5.261%,
8/25/70
................
United
States
113,867
113,396
b,o
Morgan
Stanley
Resecuritization
Trust
,
2015-R4
,
CB1
,
144A,
FRN
,
3.933
%
,
8/26/47
..............................
United
States
10,882
10,898
b,k
OBX
Trust
,
2025-J2,
AF,
144A,
FRN,
4.928%,
(30-day
SOFR
Average
+
1.3%),
9/25/55
....................................
United
States
90,421
90,697
2026-INV3,
AF2,
144A,
FRN,
4.978%,
(30-day
SOFR
Average
+
1.35%),
4/25/56
...................................
United
States
212,767
212,876
b,o
Onity
Loan
Investment
Trust
,
2025-HB1
,
A
,
144A,
FRN
,
3
%
,
6/25/38
.........................................
United
States
39,364
38,630
b,k
PMT
Loan
Trust
,
2025-INV10
,
A36
,
144A,
FRN
,
4.978
%
,
(
30-day
SOFR
Average
+
1.35
%
),
10/01/56
....................
United
States
184,665
184,946
b
PRET
LLC
,
2026-NPL1
,
A1
,
144A,
5.18
%
,
1/25/56
..........
United
States
119,955
119,040
b
PRPM
LLC
,
2026-1
,
A1
,
144A,
5.185
%
,
2/25/31
............
United
States
256,423
253,385
b
PRPM
Trust
,
2024-NQM2
,
A1
,
144A,
6.327
%
,
6/25/69
........
United
States
621,003
624,963
b
Starwood
Mortgage
Residential
Trust
,
2020-2,
M1E,
144A,
3%,
4/25/60
......................
United
States
107,102
106,599
o
2020-3,
A3,
144A,
FRN,
2.591%,
4/25/65
................
United
States
407,000
374,516
b,k
Station
Place
Securitization
Trust
,
2025-1,
A,
144A,
FRN,
4.543%,
(1-month
SOFR
+
0.9%),
7/23/26
.........................................
United
States
646,000
646,326
2025-3,
A,
144A,
FRN,
4.543%,
(1-month
SOFR
+
0.9%),
9/23/26
.........................................
United
States
650,000
653,134
2025-7,
A,
144A,
FRN,
4.543%,
(1-month
SOFR
+
0.9%),
11/24/26
........................................
United
States
653,000
656,814
b,k
Structured
Agency
Credit
Risk
,
2026-DNA1
,
M1
,
144A,
FRN
,
4.628
%
,
(
30-day
SOFR
Average
+
1
%
),
2/25/46
...........
United
States
105,430
105,449
k
Structured
Asset
Mortgage
Investments
II
Trust
,
2007-AR7
,
1A1
,
FRN
,
5.463
%
,
(
1-month
SOFR
+
1.814
%
),
5/25/47
.........
United
States
480,308
398,725
b,o
Towd
Point
Mortgage
Trust
,
2016-5
,
M2
,
144A,
FRN
,
3.375
%
,
10/25/56
........................................
United
States
177,000
168,328
WaMu
Mortgage
Pass-Through
Certificates
Trust
,
k
2005-AR11,
A1B3,
FRN,
4.563%,
(1-month
SOFR
+
0.914%),
8/25/45
.........................................
United
States
93,482
89,208
k
2005-AR9,
A1C3,
FRN,
4.723%,
(1-month
SOFR
+
1.074%),
7/25/45
.........................................
United
States
75,824
73,426
o
2007-HY2,
1A1,
FRN,
4.015%,
12/25/36
................
United
States
177,178
164,442
15,484,954
a
a
a
a
a
a
Total
Residential
Mortgage-Backed
Securities
(Cost
$15,452,903)
...............
15,484,954
Agency
Commercial
Mortgage-Backed
Securities
0.5%
Financial
Services
0.5%
FHLMC
,
k
3065,
DC,
FRN,
8.738%,
(-3
x
30-day
SOFR
Average
+
19.517%),
3/15/35
.................................
United
States
8,820
8,959
k
406,
F30,
FRN,
4.778%,
(30-day
SOFR
Average
+
1.15%),
10/25/53
........................................
United
States
210,917
213,004
k,n
4326,
GS,
IO,
FRN,
2.343%,
(-1
x
30-day
SOFR
Average
+
5.936%),
4/15/44
..................................
United
States
2,373,796
210,736
n
5010,
IA,
IO,
3.5%,
9/25/50
..........................
United
States
1,646,852
291,060
n
5024,
HI,
IO,
4.5%,
10/25/50
.........................
United
States
2,067,682
470,721
n
5036,
IK,
IO,
4%,
4/25/50
............................
United
States
2,207,142
460,896
n
5079,
BI,
IO,
5.5%,
2/25/51
..........................
United
States
1,340,270
225,234
Putnam
Asset
Allocation
Funds
Consolidated
Schedule
of
Investments
(unaudited)
Putnam
Dynamic
Asset
Allocation
Growth
Fund
(continued)
Quarterly
Consolidated
Schedule
of
Investments
See
Notes
to
Consolidated
Schedules
of
Investments.
208
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Agency
Commercial
Mortgage-Backed
Securities
(continued)
Financial
Services
(continued)
FHLMC,
(continued)
n
5104,
HI,
IO,
3.5%,
6/25/49
..........................
United
States
3,046,423
$
558,652
n
5121,
KI,
IO,
4%,
6/25/51
............................
United
States
2,292,925
552,365
n
5134,
IB,
IO,
4%,
8/25/51
............................
United
States
2,731,243
541,689
n
5138,
YI,
IO,
4.5%,
12/25/49
.........................
United
States
3,054,845
830,114
n
5142,
AI,
IO,
3.5%,
9/25/51
..........................
United
States
2,717,199
519,215
n
5236,
KI,
IO,
4%,
11/25/51
...........................
United
States
6,515,722
1,306,750
k
5387,
DF,
FRN,
4.828%,
(30-day
SOFR
Average
+
1.2%),
3/25/54
.........................................
United
States
624,985
632,449
k
5393,
FA,
FRN,
4.828%,
(30-day
SOFR
Average
+
1.2%),
12/25/53
........................................
United
States
677,972
686,062
k
5438,
FC,
FRN,
4.728%,
(30-day
SOFR
Average
+
1.1%),
8/25/54
.........................................
United
States
328,689
331,609
k
5440,
FH,
FRN,
4.728%,
(30-day
SOFR
Average
+
1.1%),
7/25/54
.........................................
United
States
865,941
873,834
k
5446,
DF,
FRN,
4.778%,
(30-day
SOFR
Average
+
1.15%),
8/25/54
.........................................
United
States
649,855
656,653
k
5466,
FG,
FRN,
4.578%,
(30-day
SOFR
Average
+
0.95%),
10/25/54
........................................
United
States
1,539,499
1,547,237
FNMA
,
n
2020-31,
BI,
IO,
4%,
5/25/50
.........................
United
States
903,523
176,839
n
2020-78,
JI,
IO,
4%,
3/25/50
..........................
United
States
2,142,896
491,306
n
2020-96,
JI,
IO,
3%,
1/25/51
..........................
United
States
3,992,737
651,377
n
2021-28,
NI,
IO,
3%,
5/25/41
.........................
United
States
3,275,657
307,928
n
2021-45,
MI,
IO,
2.5%,
2/25/49
........................
United
States
3,577,097
430,269
n
2021-65,
LI,
IO,
3.5%,
10/25/51
.......................
United
States
1,966,334
372,100
k
2024-77,
DF,
FRN,
4.828%,
(30-day
SOFR
Average
+
1.2%),
10/25/53
........................................
United
States
160,643
162,628
k
2024-82,
FE,
FRN,
4.578%,
(30-day
SOFR
Average
+
0.95%),
11/25/54
........................................
United
States
220,708
221,818
k
2024-89,
FA,
FRN,
4.828%,
(30-day
SOFR
Average
+
1.2%),
12/25/54
........................................
United
States
307,324
310,985
k
2024-98,
FA,
FRN,
4.778%,
(30-day
SOFR
Average
+
1.15%),
12/25/53
........................................
United
States
183,423
185,360
k
2025-25,
FB,
FRN,
4.578%,
(30-day
SOFR
Average
+
0.95%),
4/25/55
.........................................
United
States
490,140
492,853
k
2025-41,
FA,
FRN,
4.778%,
(30-day
SOFR
Average
+
1.15%),
6/25/54
.........................................
United
States
141,868
143,530
GNMA
,
n,o
2015-H26,
EI,
IO,
FRN,
1.709%,
10/20/65
...............
United
States
338,053
12,855
n,o
2016-H16,
LI,
IO,
FRN,
2.667%,
7/20/66
................
United
States
1,018,006
55,384
n,o
2020-103,
IO,
FRN,
0.855%,
1/16/63
...................
United
States
3,485,131
221,879
n
2021-117,
MI,
IO,
3.5%,
5/20/42
.......................
United
States
3,327,459
498,923
n
2021-214,
AI,
IO,
4%,
12/20/51
.......................
United
States
2,003,443
388,278
n
2021-27,
IT,
IO,
3%,
2/20/51
..........................
United
States
2,331,369
391,977
n
2022-30,
IG,
IO,
3%,
2/20/52
.........................
United
States
7,254,543
1,075,172
n
2022-60,
IY,
IO,
3%,
2/20/52
.........................
United
States
3,682,500
541,359
k
2023-152,
FB,
FRN,
4.759%,
(30-day
SOFR
Average
+
1.15%),
4/20/51
.........................................
United
States
393,239
402,429
k
2024-78,
QF,
FRN,
4.709%,
(30-day
SOFR
Average
+
1.1%),
5/20/54
.........................................
United
States
343,539
346,611
k,n
2025-120,
SD,
IO,
FRN,
2.246%,
(-1
x
1-month
SOFR
+
5.886%),
10/20/49
.................................
United
States
2,590,893
258,326
Putnam
Asset
Allocation
Funds
Consolidated
Schedule
of
Investments
(unaudited)
Putnam
Dynamic
Asset
Allocation
Growth
Fund
(continued)
See
Notes
to
Consolidated
Schedules
of
Investments.
Quarterly
Consolidated
Schedule
of
Investments
209
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Agency
Commercial
Mortgage-Backed
Securities
(continued)
Financial
Services
(continued)
GNMA,
(continued)
k
2025-169,
FC,
FRN,
4.609%,
(30-day
SOFR
Average
+
1%),
10/20/55
........................................
United
States
429,586
$
432,911
19,490,336
a
a
a
a
a
a
Total
Agency
Commercial
Mortgage-Backed
Securities
(Cost
$17,801,872)
.......
19,490,336
Municipal
Bonds
0.0%
†
Alabama
0.0%
†
Alabama
Economic
Settlement
Authority
,
BP
Settlement
Fund
,
Revenue
,
2016
B
,
4.263
%
,
9/15/32
....................
United
States
290,000
286,342
California
0.0%
†
State
of
California
,
GO
,
4.35
%
,
11/01/32
..................
United
States
250,000
247,472
Florida
0.0%
†
State
Board
of
Administration
Finance
Corp.
,
Florida
Hurricane
Catastrophe
Fund
,
Revenue
,
2024
A
,
5.526
%
,
7/01/34
......
United
States
175,000
182,132
Illinois
0.0%
†
City
of
Chicago
,
GO
,
2017
B
,
PEDM
,
7.045
%
,
1/01/29
........
United
States
90,000
91,748
State
of
Illinois
,
GO
,
2026
A
,
4.854
%
,
4/01/32
..............
United
States
205,000
205,403
297,151
Pennsylvania
0.0%
†
Philadelphia
Authority
for
Industrial
Development
,
City
of
Philadelphia
,
Revenue
,
2004
,
NATL
Insured
,
6.55
%
,
10/15/28
United
States
155,000
161,620
Redevelopment
Authority
of
the
City
of
Philadelphia
,
City
of
Philadelphia
,
Revenue
,
2026
A
,
4.132
%
,
11/01/30
.........
United
States
105,000
103,201
264,821
South
Carolina
0.0%
†
South
Carolina
Public
Service
Authority
,
Revenue
,
2009
F
,
5.74
%
,
1/01/30
.........................................
United
States
375,000
383,995
Virginia
0.0%
†
Virginia
Commonwealth
University
,
Revenue
,
2020
B
,
Refunding
,
2.124
%
,
11/01/30
..................................
United
States
180,000
163,941
Total
Municipal
Bonds
(Cost
$1,850,477)
.....................................
1,825,854
Total
Long
Term
Investments
(Cost
$2,729,794,407)
...........................
4,027,405,725
a
Short
Term
Investments
7.9%
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
a
Commercial
Papers
2.6%
b,g
ABN
AMRO
Funding
USA
LLC
,
144A,
4.11%
,
12/22/26
.......
Netherlands
6,000,000
5,882,410
g
Bank
of
Montreal
,
3.69%,
7/21/26
.....................................
Canada
8,500,000
8,481,740
3.7%,
7/23/26
......................................
Canada
20,000,000
19,952,866
28,434,606
g
Caterpillar
Financial
Services
Corp.
,
3.64%
,
7/09/26
.........
United
States
18,000,000
17,983,649
b,g
Sheffield
Receivables
Co.
LLC
,
144A,
3.7%
,
7/14/26
.........
United
Kingdom
21,000,000
20,969,789
Putnam
Asset
Allocation
Funds
Consolidated
Schedule
of
Investments
(unaudited)
Putnam
Dynamic
Asset
Allocation
Growth
Fund
(continued)
Quarterly
Consolidated
Schedule
of
Investments
See
Notes
to
Consolidated
Schedules
of
Investments.
210
Short
Term
Investments
(continued)
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
a
Commercial
Papers
(continued)
b,g
Sumitomo
Mitsui
Trust
Bank
Ltd.
,
144A,
3.99%
,
11/05/26
......
Japan
11,000,000
$
10,846,234
g
Toronto-Dominion
Bank
(The)
,
3.67%
,
7/01/26
..............
Canada
20,000,000
19,997,960
g
Toyota
Credit
de
Puerto
Rico
Corp.
,
3.89%
,
9/15/26
.........
United
States
4,500,000
4,462,851
Total
Commercial
Papers
(Cost
$108,592,902)
................................
108,577,499
a
a
a
U.S.
Government
and
Agency
Securities
0.6%
g,r
U.S.
Treasury
Bills
,
3.37%,
7/16/26
...................................
United
States
12,800,000
12,780,832
3.75%,
10/22/26
...................................
United
States
10,200,000
10,080,217
22,861,049
Total
U.S.
Government
and
Agency
Securities
(Cost
$22,864,568)
...............
22,861,049
Shares
Management
Investment
Companies
4.4%
s,t
Putnam
Short
Term
Investment
Fund,
Class
P,
3.837%
.......
United
States
184,960,419
184,960,419
Total
Management
Investment
Companies
(Cost
$184,960,419)
.................
184,960,419
Money
Market
Funds
0.3%
t,u
JPM
USD
Treasury
CNAV
Fund,
3.49%
...................
Luxembourg
211,432
211,432
s,t,u
Putnam
Government
Money
Market
Fund,
Class
G,
3.477%
...
United
States
13,991,876
13,991,876
Total
Money
Market
Funds
(Cost
$14,203,308)
................................
14,203,308
Total
Short
Term
Investments
(Cost
$330,621,197
)
.............................
330,602,275
a
Total
Investments
(Cost
$3,060,415,604)
103.8%
..............................
$4,358,008,000
TBA
Sale
Commitments
(0.9)%
..............................................
(39,173,587)
Other
Assets,
less
Liabilities
(2.9)%
.........................................
(120,323,776)
Net
Assets
100.0%
.........................................................
$4,198,510,637
a
a
a
Principal
Amount
*
v
TBA
Sale
Commitments
(0.9)%
Mortgage-Backed
Securities
(0.9)%
Federal
National
Mortgage
Association
(FNMA)
Fixed
Rate
(0.6)%
Uniform
Mortgage-Backed
Securities
,
2.5%,
TBA,
7/25/41
................................
United
States
(14,600,000)
(13,705,750)
3%,
TBA,
7/25/56
..................................
United
States
(990,000)
(868,841)
3%,
TBA,
8/25/56
..................................
United
States
(990,000)
(862,847)
3.5%,
TBA,
7/25/56
................................
United
States
(1,220,000)
(1,114,348)
3.5%,
TBA,
8/25/56
................................
United
States
(220,000)
(199,470)
4%,
TBA,
7/25/56
..................................
United
States
(280,000)
(262,937)
4%,
TBA,
8/25/56
..................................
United
States
(280,000)
(261,537)
5%,
TBA,
7/25/41
..................................
United
States
(1,080,000)
(1,086,244)
6%,
TBA,
7/25/56
..................................
United
States
(1,520,000)
(1,554,200)
6%,
TBA,
8/25/56
..................................
United
States
(1,520,000)
(1,549,009)
6.5%,
TBA,
7/25/56
................................
United
States
(1,300,000)
(1,345,500)
6.5%,
TBA,
8/25/56
................................
United
States
(1,300,000)
(1,343,306)
(24,153,989)
Putnam
Asset
Allocation
Funds
Consolidated
Schedule
of
Investments
(unaudited)
Putnam
Dynamic
Asset
Allocation
Growth
Fund
(continued)
See
Notes
to
Consolidated
Schedules
of
Investments.
Quarterly
Consolidated
Schedule
of
Investments
211
a
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
a
Mortgage-Backed
Securities
(continued)
Government
National
Mortgage
Association
(GNMA)
Fixed
Rate
(0.3)%
GNMA
II,
Single-family,
30
Year
,
4%,
7/15/56
......................................
United
States
(2,700,000)
$
(2,518,805)
4%,
8/15/56
......................................
United
States
(2,700,000)
(2,508,480)
5.5%,
7/15/56
....................................
United
States
(2,950,000)
(2,969,820)
5.5%,
8/15/56
....................................
United
States
(2,950,000)
(2,961,039)
6%,
7/15/56
......................................
United
States
(1,990,000)
(2,033,143)
6%,
8/15/56
......................................
United
States
(1,990,000)
(2,028,311)
(15,019,598)
Total
TBA
Sale
Commitments
(Proceeds
$(39,169,798))
........................
$(39,173,587)
*
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
June
30,
2026,
the
aggregate
value
of
these
securities
was
$264,640,781,
representing
6.3%
of
net
assets.
c
A
portion
or
all
of
the
security
purchased
on
a
delayed
delivery
basis.
d
Variable
rate
security.
The
rate
shown
represents
the
yield
at
period
end.
e
Fair
valued
using
significant
unobservable
inputs.
See
Note
7
regarding
fair
value
measurements.
f
See
Note
3
regarding
restricted
securities.
g
The
rate
shown
represents
the
yield
at
period
end.
h
Income
may
be
received
in
additional
securities
and/or
cash.
i
The
coupon
rate
shown
represents
the
rate
at
period
end.
j
Perpetual
security
with
no
stated
maturity
date.
k
The
coupon
rate
shown
represents
the
rate
inclusive
of
any
caps
or
floors,
if
applicable,
in
effect
at
period
end.
l
See
Note
4
regarding
unfunded
loan
commitments.
m
This
security
was
pledged,
or
purchased
with
cash
that
was
pledged,
to
the
Fund
for
collateral
on
certain
derivative
contracts.
n
Investment
in
an
interest-only
security
entitles
holders
to
receive
only
the
interest
payment
on
the
underlying
instruments.
The
principal
amount
shown
is
the
notional
amount
of
the
underlying
instruments.
o
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.
p
Defaulted
security
or
security
for
which
income
has
been
deemed
uncollectible.
q
Security
purchased
on
a
to-be-announced
(TBA)
basis.
r
A
portion
or
all
of
the
security
has
been
segregated
as
collateral
for
certain
derivative
contracts
and
TBA
securities.
At
June
30,
2026,
the
aggregate
value
of
these
securities
pledged
amounted
to
$22,283,925,
representing
0.5%
of
net
assets.
s
See
Note
5
regarding
investments
in
affiliated
management
investment
companies.
t
The
rate
shown
is
the
annualized
seven-day
effective
yield
at
period
end.
u
The
security
is
owned
by
Franklin
Dynamic
Asset
Allocation
Growth
Ltd.,
a
wholly-owned
subsidiary
of
the
Fund.
See
Note
6.
v
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.
Putnam
Asset
Allocation
Funds
Consolidated
Schedule
of
Investments
(unaudited)
Putnam
Dynamic
Asset
Allocation
Growth
Fund
(continued)
Quarterly
Consolidated
Schedule
of
Investments
See
Notes
to
Consolidated
Schedules
of
Investments.
212
At
June
30,
2026,
the
Fund
had
the
following futures
contracts
outstanding.
At
June
30,
2026,
the
Fund
had
the
following
forward
exchange
contracts
outstanding.
Futures
Contracts
Description
Type
Number
of
Contracts
Notional
Amount
*
Expiration
Date
Value/
Unrealized
Appreciation
(Depreciation)
Equity
contracts
MSCI
EAFE
Index
............................
Short
183
$
28,779,495
9/18/26
$
271,376
MSCI
Emerging
Markets
Index
..................
Long
81
7,117,065
9/18/26
(70,693)
Russell
2000
E-Mini
Index
......................
Short
292
44,465,760
9/18/26
(422,802)
S&P
500
E-Mini
Index
.........................
Long
54
20,380,275
9/18/26
(141,429)
S&P
MidCap
400
E-Mini
Index
..................
Short
2
777,000
9/18/26
(11,373)
S&P/TSX
60
Index
...........................
Long
214
62,036,989
9/17/26
38,872
SPI
200
Index
...............................
Short
408
61,975,849
9/17/26
956,883
TOPIX
Index
................................
Long
171
42,099,265
9/10/26
1,109,016
Interest
rate
contracts
Euro-Bobl
..................................
Short
34
4,482,328
9/08/26
(27,754)
Euro-BTP
..................................
Long
35
4,772,926
9/08/26
59,281
Euro-Bund
.................................
Long
33
4,801,457
9/08/26
57,561
Euro-OAT
..................................
Long
54
7,402,814
9/08/26
56,608
Euro-Schatz
................................
Long
53
6,416,704
9/08/26
15,789
Japan
10
Year
Bonds
.........................
Long
29
22,788,708
9/14/26
67,611
Long
Gilt
...................................
Long
45
5,324,967
9/28/26
65,826
Short-Term
Euro-BTP
.........................
Long
9
1,100,838
9/08/26
3,929
U.S.
Treasury
10
Year
Notes
....................
Long
589
64,725,578
9/21/26
152,158
U.S.
Treasury
10
Year
Ultra
Notes
................
Short
35
3,936,406
9/21/26
(20,289)
U.S.
Treasury
2
Year
Notes
.....................
Long
537
110,693,320
9/30/26
(159,326)
U.S.
Treasury
5
Year
Notes
.....................
Long
588
62,943,562
9/30/26
(37,195)
U.S.
Treasury
Long
Bonds
.....................
Long
376
42,676,000
9/21/26
551,488
U.S.
Treasury
Ultra
Bonds
......................
Long
266
30,897,562
9/21/26
531,621
Total
Futures
Contracts
......................................................................
$3,047,158
*
As
of
period
end.
Forward
Exchange
Contracts
Currency
Counter-
party
a
Type
Quantity
Contract
Amount
*
Settlement
Date
Unrealized
Appreciation
Unrealized
Depreciation
a
a
a
a
a
a
a
a
OTC
Forward
Exchange
Contracts
Australian
Dollar
....
BOFA
Buy
1,026,200
723,440
7/15/26
$
—
$
(13,121)
Australian
Dollar
....
BZWS
Buy
694,700
489,745
7/15/26
—
(8,885)
Australian
Dollar
....
MSCO
Buy
1,950,500
1,374,330
7/15/26
147
(24,372)
Australian
Dollar
....
MSCO
Sell
213,000
152,394
7/15/26
4,959
—
Australian
Dollar
....
SSBT
Sell
715,900
504,700
7/15/26
9,165
—
Australian
Dollar
....
TDOM
Buy
6,661,400
4,696,154
7/15/26
—
(85,240)
Australian
Dollar
....
UBSW
Buy
944,300
665,647
7/15/26
—
(12,018)
Australian
Dollar
....
WPAC
Buy
659,000
464,567
7/15/26
—
(8,418)
Canadian
Dollar
....
BOFA
Buy
86,984,100
63,187,177
7/15/26
—
(1,818,765)
Canadian
Dollar
....
BOFA
Sell
406,400
291,892
7/15/26
5,172
—
Canadian
Dollar
....
BZWS
Sell
400
291
7/15/26
8
—
Canadian
Dollar
....
HSBK
Sell
2,155,200
1,571,068
7/15/26
50,547
—
Canadian
Dollar
....
JPHQ
Sell
1,600
1,162
7/15/26
33
—
Canadian
Dollar
....
MSCO
Sell
2,381,800
1,704,035
7/15/26
24,458
(814)
Putnam
Dynamic
Asset
Allocation
Growth
Fund
(continued)
See
Notes
to
Consolidated
Schedules
of
Investments.
Quarterly
Consolidated
Schedule
of
Investments
213
Putnam
Asset
Allocation
Funds
Consolidated
Schedule
of
Investments
(unaudited)
Forward
Exchange
Contracts
(continued)
Currency
Counter-
party
a
Type
Quantity
Contract
Amount*
Settlement
Date
Unrealized
Appreciation
Unrealized
Depreciation
a
a
a
a
a
a
a
a
OTC
Forward
Exchange
Contracts
(continued)
Canadian
Dollar
....
SSBT
Buy
275,900
201,612
7/15/26
$
—
$
(6,961)
Canadian
Dollar
....
SSBT
Sell
173,900
126,320
7/15/26
3,632
—
Canadian
Dollar
....
TDOM
Sell
6,879,000
4,995,922
7/15/26
142,698
—
Canadian
Dollar
....
UBSW
Sell
1,367,100
994,483
7/15/26
29,976
—
Israeli
New
Shekel
..
BZWS
Buy
647,900
211,645
7/15/26
6,150
—
Israeli
New
Shekel
..
CITI
Buy
121,100
39,551
7/15/26
1,158
—
Israeli
New
Shekel
..
HSBK
Buy
2,564,300
837,557
7/15/26
24,447
—
Israeli
New
Shekel
..
MSCO
Buy
55,600
18,161
7/15/26
530
—
Israeli
New
Shekel
..
SSBT
Buy
125,300
40,949
7/15/26
1,171
—
Israeli
New
Shekel
..
UBSW
Buy
1,788,000
584,131
7/15/26
16,915
—
Mexican
Peso
......
BOFA
Buy
5,142,100
293,048
7/15/26
671
—
Mexican
Peso
......
BZWS
Buy
1,143,800
65,179
7/15/26
156
—
Mexican
Peso
......
GSCO
Buy
19,693,300
1,122,221
7/15/26
2,668
—
Mexican
Peso
......
GSCO
Sell
4,292,800
246,911
7/15/26
1,705
—
Mexican
Peso
......
HSBK
Sell
4,125,100
235,148
7/15/26
—
(480)
Mexican
Peso
......
MSCO
Sell
1,251,100
71,288
7/15/26
—
(176)
Mexican
Peso
......
UBSW
Buy
12,247,400
697,820
7/15/26
1,756
—
New
Zealand
Dollar
.
MSCO
Buy
352,200
206,605
7/15/26
—
(6,471)
South
African
Rand
..
BOFA
Buy
14,786,200
894,061
7/15/26
7,619
—
South
African
Rand
..
BZWS
Buy
2,379,000
143,513
7/15/26
1,561
—
South
African
Rand
..
CITI
Sell
8,742,800
527,490
7/15/26
—
(5,657)
South
African
Rand
..
GSCO
Sell
10,709,700
647,813
7/15/26
—
(5,278)
South
African
Rand
..
HSBK
Sell
4,995,900
308,526
7/15/26
3,870
—
South
African
Rand
..
MSCO
Sell
17,631,200
1,063,571
7/15/26
—
(11,601)
South
African
Rand
..
SSBT
Sell
36,939,200
2,236,982
7/15/26
—
(15,615)
South
African
Rand
..
TDOM
Buy
2,407,900
145,286
7/15/26
1,551
—
South
African
Rand
..
UBSW
Sell
2,465,000
148,692
7/15/26
—
(1,627)
Chinese
Yuan
......
CITI
Sell
60,117,100
8,899,315
8/12/26
21,444
—
Chinese
Yuan
......
JPHQ
Buy
79,871,100
11,824,834
8/12/26
—
(29,765)
Chinese
Yuan
......
SSBT
Buy
4,827,900
714,696
8/12/26
—
(1,729)
Hong
Kong
Dollar
...
BOFA
Buy
25,773,400
3,294,200
8/12/26
—
(2,785)
Hong
Kong
Dollar
...
BOFA
Sell
10,127,200
1,294,727
8/12/26
1,431
(6)
Hong
Kong
Dollar
...
BZWS
Buy
1,404,400
179,859
8/12/26
—
(508)
Hong
Kong
Dollar
...
CITI
Buy
3,943,500
505,021
8/12/26
—
(1,412)
Hong
Kong
Dollar
...
CITI
Sell
1,037,800
132,537
8/12/26
3
—
Hong
Kong
Dollar
...
GSCO
Buy
38,436,900
4,922,137
8/12/26
—
(13,517)
Hong
Kong
Dollar
...
HSBK
Buy
2,198,000
280,812
8/12/26
—
(115)
Hong
Kong
Dollar
...
HSBK
Sell
84,837,800
10,862,628
8/12/26
28,340
—
Hong
Kong
Dollar
...
JPHQ
Buy
652,600
83,584
8/12/26
—
(243)
Hong
Kong
Dollar
...
MSCO
Buy
5,798,600
742,674
8/12/26
—
(2,158)
Hong
Kong
Dollar
...
SSBT
Buy
2,601,000
333,074
8/12/26
—
(910)
Hong
Kong
Dollar
...
SSBT
Sell
27,299,600
3,496,160
8/12/26
9,839
—
Hong
Kong
Dollar
...
TDOM
Buy
2,504,700
320,823
8/12/26
—
(958)
Hong
Kong
Dollar
...
TDOM
Sell
2,166,900
276,819
8/12/26
93
—
Hong
Kong
Dollar
...
UBSW
Sell
3,370,900
431,750
8/12/26
1,266
—
Japanese
Yen
......
BOFA
Buy
200,585,800
1,290,153
8/12/26
—
(52,297)
Japanese
Yen
......
BOFA
Sell
94,974,400
601,434
8/12/26
15,327
—
Japanese
Yen
......
BZWS
Sell
115,618,100
743,708
8/12/26
30,205
—
Japanese
Yen
......
CITI
Sell
486,587,000
3,130,127
8/12/26
127,299
—
Japanese
Yen
......
GSCO
Buy
216,588,800
1,393,284
8/12/26
—
(56,671)
Japanese
Yen
......
HSBK
Sell
315,933,200
2,032,333
8/12/26
82,645
—
Japanese
Yen
......
MSCO
Buy
2,249,665,800
14,354,491
8/12/26
—
(471,345)
Japanese
Yen
......
MSCO
Sell
453,673,300
2,841,650
8/12/26
41,939
—
Japanese
Yen
......
SSBT
Sell
1,868,473,500
12,018,968
8/12/26
488,238
—
Japanese
Yen
......
TDOM
Sell
124,222,500
799,038
8/12/26
32,436
—
Japanese
Yen
......
UBSW
Buy
792,551,800
5,027,469
8/12/26
—
(136,471)
Japanese
Yen
......
UBSW
Sell
137,013,900
866,198
8/12/26
20,657
—
Putnam
Asset
Allocation
Funds
Consolidated
Schedule
of
Investments
(unaudited)
Putnam
Dynamic
Asset
Allocation
Growth
Fund
(continued)
Quarterly
Consolidated
Schedule
of
Investments
See
Notes
to
Consolidated
Schedules
of
Investments.
214
Forward
Exchange
Contracts
(continued)
Currency
Counter-
party
a
Type
Quantity
Contract
Amount*
Settlement
Date
Unrealized
Appreciation
Unrealized
Depreciation
a
a
a
a
a
a
a
a
OTC
Forward
Exchange
Contracts
(continued)
New
Taiwan
Dollar
..
BZWS
Sell
24,477,600
779,095
8/12/26
$
11,932
$
—
Singapore
Dollar
....
BZWS
Buy
27,300
21,675
8/12/26
—
(511)
Singapore
Dollar
....
CITI
Buy
17,000
13,177
8/12/26
2
—
Singapore
Dollar
....
HSBK
Sell
515,300
409,139
8/12/26
9,644
—
Singapore
Dollar
....
MSCO
Buy
525,400
417,185
8/12/26
—
(9,861)
Singapore
Dollar
....
SSBT
Buy
3,644,900
2,893,956
8/12/26
—
(68,190)
Singapore
Dollar
....
SSBT
Sell
2,705,400
2,123,370
8/12/26
25,967
—
Singapore
Dollar
....
UBSW
Buy
8,700
6,907
8/12/26
—
(162)
South
Korean
Won
..
JPHQ
Sell
1,217,286,700
833,958
8/12/26
46,638
—
Brazilian
Real
......
BOFA
Buy
1,005,700
195,433
9/16/26
—
(4,198)
Brazilian
Real
......
GSCO
Sell
1,459,200
282,719
9/16/26
5,250
—
British
Pound
......
BOFA
Sell
3,281,800
4,410,181
9/16/26
57,051
—
British
Pound
......
BZWS
Buy
136,900
183,953
9/16/26
—
(2,363)
British
Pound
......
CITI
Sell
18,964,900
25,465,992
9/16/26
310,077
—
British
Pound
......
GSCO
Sell
3,026,100
4,062,781
9/16/26
48,823
—
British
Pound
......
HSBK
Buy
493,200
662,227
9/16/26
—
(8,023)
British
Pound
......
HSBK
Sell
6,600
8,860
9/16/26
106
—
British
Pound
......
JPHQ
Sell
432,600
580,764
9/16/26
6,943
—
British
Pound
......
MSCO
Buy
1,119,100
1,497,119
9/16/26
168
(12,861)
British
Pound
......
MSCO
Sell
3,210,600
4,300,836
9/16/26
44,042
(1,893)
British
Pound
......
SSBT
Sell
3,888,100
5,214,848
9/16/26
57,494
—
British
Pound
......
TDOM
Buy
1,712,600
2,297,667
9/16/26
—
(25,996)
British
Pound
......
UBSW
Sell
655,800
879,972
9/16/26
10,089
—
Danish
Krone
......
BOFA
Buy
12,305,100
1,919,915
9/16/26
—
(31,104)
Danish
Krone
......
BZWS
Sell
2,017,600
314,768
9/16/26
5,070
—
Danish
Krone
......
CITI
Sell
4,175,100
651,218
9/16/26
10,347
—
Danish
Krone
......
HSBK
Buy
4,298,300
670,195
9/16/26
—
(10,413)
Danish
Krone
......
JPHQ
Buy
4,849,000
756,002
9/16/26
—
(11,689)
Danish
Krone
......
MSCO
Buy
193,200
29,634
9/16/26
22
—
Danish
Krone
......
MSCO
Sell
46,915,400
7,294,624
9/16/26
95,823
(2,629)
Danish
Krone
......
SSBT
Buy
406,900
63,396
9/16/26
—
(938)
Danish
Krone
......
TDOM
Buy
135,900
21,178
9/16/26
—
(318)
Euro
.............
BOFA
Sell
2,876,000
3,340,098
9/16/26
44,513
(1,205)
Euro
.............
BZWS
Buy
2,445,400
2,848,805
9/16/26
—
(45,615)
Euro
.............
CITI
Sell
414,400
482,602
9/16/26
7,570
—
Euro
.............
GSCO
Sell
1,927,800
2,244,526
9/16/26
34,666
—
Euro
.............
HSBK
Sell
2,450,500
2,846,064
9/16/26
37,245
(217)
Euro
.............
JPHQ
Buy
848,300
968,558
9/16/26
3,858
—
Euro
.............
JPHQ
Sell
1,084,600
1,262,633
9/16/26
19,344
—
Euro
.............
MSCO
Buy
5,270,800
6,053,244
9/16/26
9,096
(20,363)
Euro
.............
MSCO
Sell
4,418,600
5,107,320
9/16/26
49,937
(7,708)
Euro
.............
SSBT
Sell
1,464,000
1,703,424
9/16/26
25,224
—
Euro
.............
TDOM
Sell
18,610,500
21,656,108
9/16/26
322,679
—
Euro
.............
UBSW
Buy
567,000
659,904
9/16/26
—
(9,945)
Euro
.............
WPAC
Sell
3,385,500
3,939,039
9/16/26
58,202
—
Hungarian
Forint
....
BOFA
Sell
69,389,500
229,162
9/16/26
6,943
—
Hungarian
Forint
....
CITI
Sell
125,566,500
414,267
9/16/26
12,141
—
Hungarian
Forint
....
GSCO
Sell
198,072,800
653,468
9/16/26
19,142
—
Hungarian
Forint
....
SSBT
Sell
73,560,400
242,317
9/16/26
6,740
—
Hungarian
Forint
....
TDOM
Sell
50,379,600
165,912
9/16/26
4,572
—
Norwegian
Krone
...
CITI
Buy
53,300
5,588
9/16/26
—
(210)
Norwegian
Krone
...
GSCO
Buy
250,300
26,218
9/16/26
—
(959)
Norwegian
Krone
...
JPHQ
Sell
10,324,500
1,081,319
9/16/26
39,414
—
Norwegian
Krone
...
MSCO
Buy
7,924,300
829,998
9/16/26
—
(30,310)
Norwegian
Krone
...
TDOM
Buy
117,200
11,824
9/16/26
3
—
Polish
Zloty
........
BOFA
Buy
178,200
48,695
9/16/26
—
(1,326)
Polish
Zloty
........
CITI
Sell
1,211,600
330,587
9/16/26
8,523
—
Putnam
Dynamic
Asset
Allocation
Growth
Fund
(continued)
See
Notes
to
Consolidated
Schedules
of
Investments.
Quarterly
Consolidated
Schedule
of
Investments
215
Putnam
Asset
Allocation
Funds
Consolidated
Schedule
of
Investments
(unaudited)
At
June
30,
2026,
the
Fund
had
the
following credit
default
swap
contracts outstanding.
Forward
Exchange
Contracts
(continued)
Currency
Counter-
party
a
Type
Quantity
Contract
Amount*
Settlement
Date
Unrealized
Appreciation
Unrealized
Depreciation
a
a
a
a
a
a
a
a
OTC
Forward
Exchange
Contracts
(continued)
Polish
Zloty
........
GSCO
Sell
2,307,500
629,632
9/16/26
$
16,259
$
—
Polish
Zloty
........
HSBK
Sell
1,279,500
349,127
9/16/26
9,014
—
Polish
Zloty
........
MSCO
Buy
907,000
247,364
9/16/26
—
(6,268)
Polish
Zloty
........
SSBT
Buy
1,611,500
439,326
9/16/26
—
(10,962)
Polish
Zloty
........
TDOM
Sell
253,500
69,111
9/16/26
1,727
—
Polish
Zloty
........
UBSW
Buy
745,400
203,302
9/16/26
—
(5,162)
Swedish
Krona
.....
BOFA
Buy
1,089,700
116,856
9/16/26
—
(3,987)
Swedish
Krona
.....
BZWS
Buy
20,366,300
2,183,538
9/16/26
—
(74,028)
Swedish
Krona
.....
CITI
Buy
136,600
14,637
9/16/26
—
(489)
Swedish
Krona
.....
GSCO
Buy
339,600
36,362
9/16/26
—
(1,187)
Swedish
Krona
.....
HSBK
Buy
22,644,800
2,419,753
9/16/26
—
(74,239)
Swedish
Krona
.....
MSCO
Buy
7,662,400
819,092
9/16/26
12
(25,444)
Swedish
Krona
.....
SSBT
Buy
6,402,100
684,332
9/16/26
—
(21,213)
Swedish
Krona
.....
TDOM
Buy
4,508,100
482,154
9/16/26
—
(15,212)
Swiss
Franc
.......
BOFA
Sell
1,423,600
1,812,810
9/16/26
35,774
—
Swiss
Franc
.......
BZWS
Buy
54,000
68,787
9/16/26
—
(1,380)
Swiss
Franc
.......
CITI
Buy
348,400
439,487
9/16/26
—
(4,590)
Swiss
Franc
.......
CITI
Sell
320,300
407,516
9/16/26
7,696
—
Swiss
Franc
.......
GSCO
Buy
182,800
232,563
9/16/26
—
(4,379)
Swiss
Franc
.......
HSBK
Buy
1,341,600
1,706,545
9/16/26
—
(31,867)
Swiss
Franc
.......
HSBK
Sell
323,400
411,506
9/16/26
7,815
—
Swiss
Franc
.......
JPHQ
Buy
652,900
829,291
9/16/26
—
(14,295)
Swiss
Franc
.......
MSCO
Buy
263,000
327,747
9/16/26
548
—
Swiss
Franc
.......
MSCO
Sell
1,805,700
2,297,349
9/16/26
43,349
—
Swiss
Franc
.......
SSBT
Buy
1,516,000
1,928,107
9/16/26
—
(35,731)
Swiss
Franc
.......
TDOM
Buy
412,300
524,221
9/16/26
—
(9,560)
Swiss
Franc
.......
UBSW
Buy
1,605,800
2,042,795
9/16/26
—
(38,324)
Total
Forward
Exchange
Contracts
...................................................
$2,821,379
$(3,483,713)
Net
unrealized
appreciation
(depreciation)
............................................
$(662,334)
*
In
U.S.
dollars
unless
otherwise
indicated.
a
May
be
comprised
of
multiple
contracts
with
the
same
counterparty,
currency
and
settlement
date.
Credit
Default
Swap
Contracts
Description
Periodic
Payment
Rate
Received
(Paid)
Payment
Frequency
Counter-
party
Maturity
Date
Notional
Amount
a
Value
Upfront
Payments
(Receipts)
Unrealized
Appreciation
(Depreciation)
Rating
b
Centrally
Cleared
Swap
Contracts
Contracts
to
Sell
Protection
c,d
Traded
Index
CDX.NA.HY.46
.
5.00%
Quarterly
6/20/31
7,754,000
$
629,440
$
429,292
$
200,148
Non-
Investment
Grade
CDX.NA.IG.46
..
1.00%
Quarterly
6/20/31
193,365,000
4,293,423
4,103,228
190,195
Investment
Grade
iTraxx
Europe
Main
45
....
1.00%
Quarterly
6/20/31
14,763,000
EUR
382,527
350,865
31,662
Investment
Grade
Total
C
entrally
Cleared
Swap
Contracts
.....................................
$5,305,390
$4,883,385
$422,005
Putnam
Asset
Allocation
Funds
Consolidated
Schedule
of
Investments
(unaudited)
Putnam
Dynamic
Asset
Allocation
Growth
Fund
(continued)
Quarterly
Consolidated
Schedule
of
Investments
See
Notes
to
Consolidated
Schedules
of
Investments.
216
At
June
30,
2026,
the
Fund
had
the
following interest
rate swap
contracts
outstanding.
Credit
Default
Swap
Contracts
(continued)
Description
Periodic
Payment
Rate
Received
(Paid)
Payment
Frequency
Counter-
party
Maturity
Date
Notional
Amount
a
Value
Upfront
Payments
(Receipts)
Unrealized
Appreciation
(Depreciation)
Rating
b
OTC
Swap
Contracts
Contracts
to
Buy
Protection
c
Traded
Index
CMBX.NA.BBB-.6
(3.00)%
Monthly
CITI
5/11/63
1,000
$
72
$
(62)
$
134
Contracts
to
Sell
Protection
c,d
Traded
Index
CMBX.NA.BBB-.6
3.00%
Monthly
BOFA
5/11/63
1,000
(72)
64
(136)
Investment
Grade
Total
OTC
Swap
Contracts
..............................................
$—
$2
$(2)
Total
Credit
Default
Swap
Contracts
....................................
$5,305,390
$
4,883,387
$422,003
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
aa
aa
Centrally
Cleared
Swap
Contracts
Receive
Floating
1-day
SOFR
..............
Annual
Pay
Fixed
4.06%
....
Annual
9/16/28
120,408,000
$
(80,115)
$
(302,748)
$
222,633
Receive
Fixed
2.86%
..
Semi-Annual
Pay
Floating
1-day
REPO_CORRA
.....
Semi-Annual
9/16/28
6,978,000
CAD
13,037
15,750
(2,713)
Receive
Fixed
2.92%
..
Annual
Pay
Floating
6-month
EURIBOR
.........
Semi-Annual
9/16/28
19,624,000
EUR
79,265
62,010
17,255
Receive
Fixed
4.04%
..
Annual
Pay
Floating
1-day
SOFR
............
Annual
9/16/28
112,803,000
32,278
248,620
(216,342)
Receive
Floating
6-month
EURIBOR
...........
Semi-Annual
Pay
Fixed
2.94%
....
Annual
9/16/28
2,302,000
EUR
(10,308)
(8,312)
(1,996)
Receive
Fixed
1.54%
..
Quarterly
Pay
Floating
1-week
CNY-Fixing
Repo
Rate
Quarterly
9/16/31
183,805,000
CNY
96,572
(5,230)
101,802
Receive
Floating
1-day
SOFR
..............
Annual
Pay
Fixed
4.02%
....
Annual
9/16/31
3,582,000
(16,271)
(17,076)
805
Putnam
Dynamic
Asset
Allocation
Growth
Fund
(continued)
See
Notes
to
Consolidated
Schedules
of
Investments.
Quarterly
Consolidated
Schedule
of
Investments
217
Putnam
Asset
Allocation
Funds
Consolidated
Schedule
of
Investments
(unaudited)
At
June
30,
2026,
the
Fund
had
the
following total
return swap
contracts
outstanding.
Interest
Rate
Swap
Contracts
(continued)
Description
Payment
Frequency
Maturity
Date
Notional
Amount*
Value
Upfront
Payments
(Receipts)
Unrealized
Appreciation
(Depreciation)
aa
aa
aa
aa
Centrally
Cleared
Swap
Contracts
(continued)
Receive
Fixed
2.94%
..
Annual
Pay
Floating
6-month
EURIBOR
.........
Semi-Annual
9/16/31
2,392,000
EUR
$
24,167
$
15,322
$
8,845
Receive
Floating
1-day
SOFR
..............
Annual
Pay
Fixed
4.08%
....
Annual
9/16/33
13,675,000
(107,251)
(85,753)
(21,498)
Receive
Fixed
3.12%
..
Annual
Pay
Floating
6-month
EURIBOR
.........
Semi-Annual
9/16/36
7,598,000
EUR
141,687
69,901
71,786
Receive
Fixed
3.32%
..
Semi-Annual
Pay
Floating
1-day
REPO_CORRA
.....
Semi-Annual
9/16/36
3,710,000
CAD
36,556
32,235
4,321
Receive
Fixed
4.16%
..
Annual
Pay
Floating
1-day
SOFR
............
Annual
9/16/36
52,803,000
546,848
356,390
190,458
Receive
Fixed
4.18%
..
Quarterly
Pay
Floating
3-month
CD_KSDA
.........
Quarterly
9/16/36
5,944,502,000
KRW
72,309
64,484
7,825
Receive
Fixed
3.24%
..
Annual
Pay
Floating
6-month
EURIBOR
.........
Semi-Annual
9/16/56
1,002,000
EUR
35,393
10,436
24,957
Receive
Fixed
3.58%
..
Semi-Annual
Pay
Floating
1-day
REPO_CORRA
.....
Semi-Annual
9/16/56
822,000
CAD
13,329
10,674
2,655
Receive
Fixed
4.3%
...
Annual
Pay
Floating
1-day
SOFR
............
Annual
9/16/56
15,995,000
293,166
108,721
184,445
Receive
Fixed
4.32%
..
Annual
Pay
Floating
1-day
SOFR
............
Annual
9/16/56
1,731,000
37,571
22,814
14,757
Total
Interest
Rate
Swap
Contracts
.................................
$1,208,233
$
598,238
$609,995
*
In
U.S.
dollars
unless
otherwise
indicated.
Total
Return
Swap
Contracts
Underlying
Instruments
Financing
Rate
Payment
Frequency
Counter-
party
Maturity
Date
Notional
Value
*
Value/
Unrealized
Appreciation
(Depreciation)
OTC
Swap
Contracts
Long
a
GSIIPGDL
Index
#
.....................
0%
At
Maturity
GSCO
9/30/26
153,149,471
$
(1,257,408)
BCFTUSAL
Index
#
....................
0%
At
Maturity
BZWS
5/28/27
126,455,849
5,835,096
Short
b
GSIIPGSS
Index
#
.....................
0%
At
Maturity
GSCO
9/30/26
138,575,761
352,079
IBOXIG
Index
........................
1-day
SOFR
Quarterly
JPHQ
12/20/26
9,200,000
(121,851)
Putnam
Asset
Allocation
Funds
Consolidated
Schedule
of
Investments
(unaudited)
Putnam
Dynamic
Asset
Allocation
Growth
Fund
(continued)
Quarterly
Consolidated
Schedule
of
Investments
See
Notes
to
Consolidated
Schedules
of
Investments.
218
Total
Return
Swap
Contracts
(continued)
Underlying
Instruments
Financing
Rate
Payment
Frequency
Counter-
party
Maturity
Date
Notional
Value*
Value/
Unrealized
Appreciation
(Depreciation)
OTC
Swap
Contracts
(continued)
Short
b
(continued)
BCFTUSAS
Index
#
....................
0%
At
Maturity
BZWS
5/28/27
126,864,738
$
(3,656,073)
Total
Return
Swap
Contracts
....................................................................
$1,151,843
*
In
U.S.
dollars
unless
otherwise
indicated.
#
Represents
a
custom
index
comprised
of
a
basket
of
underlying
instruments.
The
50
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.
Description
Sector
Shares
Value
Percentage
value
GSIIPGDL
C
ommon
S
tocks
Iberdrola
SA
Utilities
46,537
$
1,162,014
0.76%
Airbnb,
Inc.
Consumer
Discretionary
8,120
1,161,944
0.76%
Endesa
SA
Utilities
25,336
1,155,187
0.76%
Klepierre
SA
Real
Estate
27,020
1,130,017
0.74%
Veralto
Corp.
Industrials
12,520
1,110,262
0.73%
Altria
Group,
Inc.
Consumer
Staples
14,886
1,071,082
0.70%
Cie
Financiere
Richemont
SA
Consumer
Discretionary
4,522
1,045,882
0.69%
E.ON
SE
Utilities
49,894
1,028,218
0.68%
SS&C
Technologies
Holdings,
Inc.
Industrials
16,142
1,001,624
0.66%
Pepsico,
Inc.
Consumer
Staples
7,395
1,001,288
0.66%
VICI
Properties,
Inc.
Real
Estate
37,643
999,415
0.66%
Colgate-Palmolive
Co.
Consumer
Staples
10,791
989,352
0.65%
Telia
Co.
AB
Communication
Services
202,225
986,453
0.65%
Travelers
Cos.,
Inc.
(The)
Financials
2,979
983,343
0.65%
Chevron
Corp.
Energy
5,749
952,987
0.63%
Danske
Bank
A/S
Financials
17,450
934,682
0.62%
Holcim
AG
Materials
10,098
912,327
0.60%
Allegion
plc
Industrials
6,432
903,563
0.59%
Simon
Property
Group,
Inc.
Real
Estate
4,016
898,166
0.59%
AMETEK,
Inc.
Industrials
3,622
876,329
0.58%
Avery
Dennison
Corp.
Materials
5,393
875,603
0.58%
Automatic
Data
Processing,
Inc.
Industrials
3,877
868,162
0.57%
Jack
Henry
&
Associates,
Inc.
Financials
6,274
864,238
0.57%
Secom
Co.
Ltd.
Industrials
21,457
852,333
0.56%
Conoco
Phillips
Energy
8,054
837,254
0.55%
National
Bank
of
Canada
Financials
5,302
836,835
0.55%
MSCI,
Inc.
Financials
1,491
834,737
0.55%
Kenvue,
Inc.
Consumer
Staples
43,118
823,989
0.54%
Tokyo
Gas
Co.
Ltd.
Utilities
21,569
812,338
0.53%
BP
PLC
Energy
127,618
791,180
0.52%
George
Weston
Ltd.
Consumer
Staples
10,892
781,520
0.51%
Knorr-Bremse
AG
Industrials
6,666
774,262
0.51%
Kirin
Holdings
Co.
Ltd.
Consumer
Staples
43,644
754,731
0.50%
Canadian
Utilities
Ltd.
Utilities
20,230
751,730
0.49%
QBE
Insurance
Group
Ltd.
Financials
42,889
748,491
0.49%
Chubb
Ltd.
Financials
2,175
741,213
0.49%
Singapore
Exchange
Ltd.
Financials
39,690
738,898
0.49%
Lockheed
Martin
Corp.
Industrials
1,444
735,682
0.48%
Putnam
Dynamic
Asset
Allocation
Growth
Fund
(continued)
See
Notes
to
Consolidated
Schedules
of
Investments.
Quarterly
Consolidated
Schedule
of
Investments
219
Putnam
Asset
Allocation
Funds
Consolidated
Schedule
of
Investments
(unaudited)
Description
Sector
Shares
Value
Percentage
value
GSIIPGDL
Common
Stocks
(continued)
Bristol-Myers
Squibb
Co.
Health
Care
12,730
$
733,526
0.48%
Deutsche
Telekom
AG
Communication
Services
26,890
733,218
0.48%
TotalEnergies
SE
Energy
9,140
710,899
0.47%
State
Street
Corp.
Financials
4,175
708,044
0.47%
National
Grid
PLC
Utilities
42,445
703,057
0.46%
Power
Assets
Holdings
Ltd.
Utilities
95,939
698,558
0.46%
Ipsen
SA
Health
Care
3,609
696,566
0.46%
Hartford
Insurance
Group,
Inc.
(The)
Financials
5,230
693,142
0.46%
Danone
SA
Consumer
Staples
8,426
691,103
0.45%
Fortum
Oyj
Utilities
29,436
682,838
0.45%
Telenor
ASA
Communication
Services
46,749
669,906
0.44%
Oversea-Chinese
Banking
Corp.
Ltd.
Financials
34,514
661,491
0.44%
Description
Sector
Shares
Value
Percentage
value
BCFTUSAL
C
ommon
S
tocks
Lam
Research
Corp.
Information
Technology
4,920
2,132,046
1.61%
Applied
Materials,
Inc.
Information
Technology
2,708
1,958,202
1.48%
Toll
Brothers,
Inc.
Consumer
Discretionary
10,965
1,806,426
1.36%
United
Airlines
Holdings,
Inc.
Industrials
13,191
1,793,822
1.35%
Astera
Labs,
Inc.
Information
Technology
3,627
1,751,692
1.32%
GE
Vernova,
Inc.
Industrials
1,483
1,742,274
1.32%
Virtu
Financial,
Inc.
Financials
29,123
1,734,863
1.31%
Exelixis,
Inc.
Health
Care
31,767
1,728,423
1.30%
Citigroup,
Inc.
Financials
12,315
1,723,623
1.30%
State
Street
Corp.
Financials
10,016
1,698,663
1.28%
Valero
Energy
Corp.
Energy
6,365
1,657,706
1.25%
Arista
Networks,
Inc.
Information
Technology
9,727
1,652,349
1.25%
Natera,
Inc.
Health
Care
6,069
1,647,406
1.24%
Sandisk
Corp.
Information
Technology
703
1,599,026
1.21%
Cadence
Design
Systems,
Inc.
Information
Technology
4,159
1,560,937
1.18%
Freeport-McMoRan,
Inc.
Materials
24,669
1,551,424
1.17%
Johnson
Controls
International
plc
Industrials
10,508
1,535,267
1.16%
Edison
International
Utilities
20,503
1,526,483
1.15%
Curtiss-Wright
Corp.
Industrials
2,013
1,525,745
1.15%
Unum
Group
Financials
16,550
1,479,591
1.12%
Affiliated
Managers
Group,
Inc.
Financials
4,362
1,476,097
1.11%
Axis
Capital
Holdings
Ltd.
Financials
13,346
1,433,851
1.08%
Cheniere
Energy,
Inc.
Energy
5,752
1,374,885
1.04%
General
Motors
Co.
Consumer
Discretionary
17,510
1,349,705
1.02%
Cirrus
Logic,
Inc.
Information
Technology
8,904
1,322,583
1.00%
MGIC
Investment
Corp.
Financials
46,862
1,321,510
1.00%
Allison
Transmission
Holdings,
Inc.
Industrials
11,689
1,317,859
1.00%
Regeneron
Pharmaceuticals,
Inc.
Health
Care
2,021
1,260,344
0.95%
Synchrony
Financial
Financials
16,429
1,249,426
0.94%
Rubrik,
Inc.
Information
Technology
15,061
1,209,105
0.91%
NRG
Energy,
Inc.
Utilities
8,231
1,202,180
0.91%
Everpure,
Inc.
Information
Technology
15,239
1,200,675
0.91%
Flex
Ltd.
Information
Technology
7,360
1,192,808
0.90%
QUALCOMM,
Inc.
Information
Technology
6,381
1,179,166
0.89%
eBay,
Inc.
Consumer
Discretionary
10,464
1,169,400
0.88%
Vornado
Realty
Trust
Real
Estate
29,520
1,160,149
0.88%
Spotify
Technology
SA
Communication
Services
2,494
1,144,886
0.86%
Booking
Holdings,
Inc.
Consumer
Discretionary
6,300
1,122,932
0.85%
Ciena
Corp.
Information
Technology
2,235
1,096,421
0.83%
Putnam
Asset
Allocation
Funds
Consolidated
Schedule
of
Investments
(unaudited)
Putnam
Dynamic
Asset
Allocation
Growth
Fund
(continued)
Quarterly
Consolidated
Schedule
of
Investments
See
Notes
to
Consolidated
Schedules
of
Investments.
220
Description
Sector
Shares
Value
Percentage
value
BCFTUSAL
Common
Stocks
(continued)
AutoNation,
Inc.
Consumer
Discretionary
5,829
$
1,082,894
0.82%
Textron,
Inc.
Industrials
11,375
1,043,406
0.79%
American
International
Group,
Inc.
Financials
13,822
1,030,150
0.78%
Equitable
Holdings,
Inc.
Financials
23,449
1,028,942
0.78%
Millicom
International
Cellular
SA
Communication
Services
11,170
1,013,774
0.77%
Manhattan
Associates,
Inc.
Information
Technology
7,275
1,013,054
0.77%
Boyd
Gaming
Corp.
Consumer
Discretionary
11,178
987,318
0.75%
Ventas,
Inc.
Real
Estate
10,924
970,017
0.73%
MGM
Resorts
International
Consumer
Discretionary
20,151
963,408
0.73%
DoorDash,
Inc.
Consumer
Discretionary
5,114
943,599
0.71%
Iridium
Communications,
Inc.
Communication
Services
16,206
888,905
0.67%
Description
Sector
Shares
Value
Percentage
value
GSIIPGSS
C
ommon
S
tocks
Straumann
Holding
AG
Health
Care
8,166
1,077,093
0.78%
CenterPoint
Energy,
Inc.
Utilities
22,994
1,012,637
0.74%
Entergy
Corp.
Utilities
8,816
1,012,618
0.74%
Dominion
Energy,
Inc.
Utilities
14,672
1,001,931
0.73%
Southern
Co.
(The)
Utilities
10,343
989,959
0.72%
Enbridge,
Inc.
Energy
17,305
938,074
0.68%
ONEOK,
Inc.
Energy
10,607
922,177
0.67%
Visa,
Inc.
Financials
2,683
920,440
0.67%
Hermes
International
SCA
Consumer
Discretionary
502
916,683
0.67%
American
Water
Works
Co.,
Inc.
Utilities
6,960
915,762
0.67%
International
Paper
Co.
Materials
23,926
911,576
0.66%
Walmart,
Inc.
Consumer
Staples
7,973
903,046
0.66%
Ingersoll
Rand,
Inc.
Industrials
10,941
897,070
0.65%
Orange
SA
Communication
Services
47,163
889,973
0.65%
Ferrovial
NV
Industrials
12,934
886,965
0.64%
Eaton
Corp.
PLC
Industrials
2,069
881,712
0.64%
Heineken
NV
Consumer
Staples
10,204
858,652
0.62%
Cellnex
Telecom
SA
Communication
Services
28,338
847,220
0.62%
Diamondback
Energy,
Inc.
Energy
4,774
839,162
0.61%
Waste
Connections,
Inc.
Industrials
4,976
829,405
0.60%
Realty
Income
Corp.
Real
Estate
13,358
827,633
0.60%
Land
Securities
Group
PLC
Real
Estate
95,513
825,274
0.60%
Duke
Energy
Corp.
Utilities
6,452
816,757
0.59%
Swiss
Life
Holding
AG
Financials
740
815,550
0.59%
Singapore
Telecommunications
Ltd.
Communication
Services
229,980
784,115
0.57%
Fifth
Third
Bancorp
Financials
13,674
770,815
0.56%
Coca-Cola
Europacific
Partners
PLC
Consumer
Staples
7,442
744,696
0.54%
Coca-Cola
Co.
(The)
Consumer
Staples
9,158
744,272
0.54%
Wilmar
International
Ltd.
Consumer
Staples
262,423
732,418
0.53%
British
American
TobacCo.
PLC
Consumer
Staples
11,580
718,839
0.52%
WEC
Energy
Group,
Inc.
Utilities
6,152
718,404
0.52%
Aker
BP
ASA
Energy
23,406
717,153
0.52%
Beiersdorf
AG
Consumer
Staples
8,167
703,454
0.51%
Hong
Kong
&
China
Gas
Co.
Ltd.
Utilities
848,586
703,363
0.51%
Pernod
Ricard
SA
Consumer
Staples
9,504
693,892
0.50%
Xcel
Energy,
Inc.
Utilities
8,433
677,190
0.49%
Zurich
Insurance
Group
AG
Financials
903
670,166
0.49%
Equifax,
Inc.
Industrials
4,184
664,129
0.48%
Union
Pacific
Corp.
Industrials
2,410
655,607
0.48%
Emerson
Electric
Co.
Industrials
4,537
649,461
0.47%
Putnam
Dynamic
Asset
Allocation
Growth
Fund
(continued)
See
Notes
to
Consolidated
Schedules
of
Investments.
Quarterly
Consolidated
Schedule
of
Investments
221
Putnam
Asset
Allocation
Funds
Consolidated
Schedule
of
Investments
(unaudited)
Description
Sector
Shares
Value
Percentage
value
GSIIPGSS
Common
Stocks
(continued)
Lennar
Corp.
Consumer
Discretionary
7,163
$
648,137
0.47%
Alliant
Energy
Corp.
Utilities
8,302
633,388
0.46%
EQT
AB
Financials
22,090
625,408
0.45%
TELUS
Corp.
Communication
Services
58,741
621,045
0.45%
Paychex,
Inc.
Industrials
6,306
620,083
0.45%
Linde
PLC
Materials
1,188
616,398
0.45%
Palo
Alto
Networks,
Inc.
Information
Technology
1,787
609,470
0.44%
Exelon
Corp.
Utilities
12,988
605,496
0.44%
Legal
&
General
Group
PLC
Financials
156,152
592,742
0.43%
Genuine
Parts
Co.
Consumer
Discretionary
5,014
591,545
0.43%
Description
Sector
Shares
Value
Percentage
value
BCFTUSAS
C
ommon
S
tocks
Dell
Technologies,
Inc.
Information
Technology
5,204
2,245,512
1.72%
MKS,
Inc.
Information
Technology
4,752
2,113,795
1.62%
Micron
Technology,
Inc.
Information
Technology
1,772
2,045,825
1.56%
Entegris,
Inc.
Information
Technology
10,456
1,880,683
1.44%
Brown
&
Brown,
Inc.
Financials
27,859
1,787,171
1.37%
Arthur
J
Gallagher
&
Co.
Financials
7,784
1,787,006
1.37%
Roivant
Sciences
Ltd.
Health
Care
49,239
1,742,576
1.33%
Coherent
Corp.
Information
Technology
4,164
1,642,378
1.26%
DT
Midstream,
Inc.
Energy
10,355
1,519,451
1.16%
Royal
Caribbean
Cruises
Ltd.
Consumer
Discretionary
4,744
1,506,508
1.15%
Loar
Holdings,
Inc.
Industrials
18,180
1,465,460
1.12%
Texas
Instruments,
Inc.
Information
Technology
4,887
1,456,713
1.11%
LPL
Financial
Holdings,
Inc.
Financials
5,037
1,418,845
1.09%
Diamondback
Energy,
Inc.
Energy
8,006
1,407,334
1.08%
Take-Two
Interactive
Software,
Inc.
Communication
Services
5,526
1,381,265
1.06%
Bunge
Global
SA
Consumer
Staples
12,903
1,377,083
1.05%
Norwegian
Cruise
Line
Holdings
Ltd.
Consumer
Discretionary
64,622
1,364,174
1.04%
Monolithic
Power
Systems,
Inc.
Information
Technology
955
1,319,941
1.01%
Lumentum
Holdings,
Inc.
Information
Technology
1,534
1,316,198
1.01%
Kinsale
Capital
Group,
Inc.
Financials
3,704
1,221,722
0.93%
Synopsys,
Inc.
Information
Technology
2,685
1,197,624
0.92%
Quanta
Services,
Inc.
Industrials
1,592
1,146,008
0.88%
Ryan
Specialty
Holdings,
Inc.
Financials
30,251
1,142,285
0.87%
Lithia
Motors,
Inc.
Consumer
Discretionary
3,904
1,134,036
0.87%
CH
Robinson
Worldwide,
Inc.
Industrials
5,997
1,129,480
0.86%
Affirm
Holdings,
Inc.
Financials
13,752
1,121,492
0.86%
Oracle
Corp.
Information
Technology
7,566
1,108,770
0.85%
BWX
Technologies,
Inc.
Industrials
5,655
1,100,808
0.84%
Ross
Stores,
Inc.
Consumer
Discretionary
5,142
1,094,408
0.84%
Gen
Digital,
Inc.
Information
Technology
43,091
1,072,533
0.82%
GLOBALFOUNDRIES,
Inc.
Information
Technology
12,566
1,035,555
0.79%
SoFi
Technologies,
Inc.
Financials
56,434
1,011,859
0.77%
nVent
Electric
PLC
Industrials
5,852
992,590
0.76%
Aurora
Innovation,
Inc.
Information
Technology
145,161
990,000
0.76%
RPM
International,
Inc.
Materials
8,887
987,825
0.76%
Royal
Gold,
Inc.
Materials
4,947
987,410
0.76%
Primo
Brands
Corp.
Consumer
Staples
39,742
971,294
0.74%
Stanley
Black
&
Decker,
Inc.
Industrials
10,299
969,335
0.74%
Watsco,
Inc.
Industrials
2,227
928,054
0.71%
Healthcare
Realty
Trust,
Inc.
Real
Estate
45,716
922,085
0.71%
Blue
Owl
Capital,
Inc.
Financials
103,122
902,316
0.69%
Putnam
Asset
Allocation
Funds
Consolidated
Schedule
of
Investments
(unaudited)
Putnam
Dynamic
Asset
Allocation
Growth
Fund
(continued)
Quarterly
Consolidated
Schedule
of
Investments
See
Notes
to
Consolidated
Schedules
of
Investments.
222
See
Abbreviations
on
page
234
.
Description
Sector
Shares
Value
Percentage
value
BCFTUSAS
Common
Stocks
(continued)
Jack
Henry
&
Associates,
Inc.
Financials
6,473
$
891,569
0.68%
Somnigroup
International,
Inc.
Consumer
Discretionary
11,284
884,651
0.68%
Albemarle
Corp.
Materials
6,398
863,959
0.66%
T
Rowe
Price
Group,
Inc.
Financials
7,463
848,448
0.65%
Tyler
Technologies,
Inc.
Information
Technology
2,727
797,522
0.61%
Domino's
Pizza,
Inc.
Consumer
Discretionary
2,660
787,355
0.60%
NU
Holdings
Ltd.
Financials
58,713
784,404
0.60%
Motorola
Solutions,
Inc.
Information
Technology
1,887
783,831
0.60%
Agree
Realty
Corp.
Real
Estate
10,092
764,399
0.59%
Putnam
Asset
Allocation
Funds
223
Quarterly
Consolidated
Schedules
of
Investments
Notes
to
Consolidated
Schedules
of
Investments
(unaudited)
1.
Organization
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, three
of
which
are
included
in
this
report
(Funds).
The Funds
follow the
accounting
and
reporting
guidance
in
Financial
Accounting
Standards
Board
(FASB)
Accounting
Standards
Codification
Topic
946,
Financial
Services
–
Investment
Companies
(ASC
946)
and
apply
the
specialized
accounting
and
reporting
guidance
in
U.S.
Generally
Accepted
Accounting
Principles
(U.S.
GAAP),
including,
but
not
limited
to,
ASC
946.
On
March
26,
2026,
the
Trust's
Board
of
Trustees
approved
a
proposal
to
change
the
names
of
the
following
Funds,
effective
July
15,
2026,
as
follows:
2. Financial
Instrument
Valuation
The
Funds’
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
Funds
calculate
the
net
asset
value
(NAV)
per
share
each
business
day
as
of
4
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
Funds'
investment
manager
as
the
valuation
designee
and
has
responsibility
for
oversight
of
valuation.
The
investment
manager
is
assisted
by
the
Funds'
administrator
in
performing
this
responsibility,
including
leading
the
cross-functional
Valuation
Committee
(VC).
The
Funds
may
utilize
independent
pricing
services,
quotations
from
securities
and
financial
instrument
dealers,
and
other
market
sources
to
determine
fair
value. 
Equity
securities
and
derivative
financial instruments listed
on
an
exchange
or
on
the
NASDAQ
National
Market
System
are
valued
at
the
last
quoted
sale
price
or
the
official
closing
price of
the
day,
respectively.
Foreign
equity
securities
are
valued
as
of
the
close
of
trading
on
the
foreign
stock
exchange
on
which
the
security
is
primarily
traded
or
as
of
4
p.m.
Eastern
time.
The
value
is
then
converted
into
its
U.S.
dollar
equivalent
at
the
foreign
exchange
rate
in
effect
at
4
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
Funds’
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.
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
Funds’
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
Funds’ net
benefit
or
obligation
under
the
derivative
contract,
as
measured
by
the
fair
value
of
the
contract,
is
included
in
net
assets. 
Current
Fund
Repositioned
Fund
Putnam
Dynamic
Asset
Allocation
Balanced
Fund
Franklin
Dynamic
Asset
Allocation
Balanced
Fund
Putnam
Dynamic
Asset
Allocation
Conservative
Fund
Franklin
Dynamic
Asset
Allocation
Conservative
Fund
Putnam
Dynamic
Asset
Allocation
Growth
Fund
Franklin
Dynamic
Asset
Allocation
Growth
Fund
Putnam
Asset
Allocation
Funds
Notes
to
Consolidated
Schedules
of
Investments
(unaudited)
224
Quarterly
Consolidated
Schedules
of
Investments
The
Funds
have procedures
to
determine
the
fair
value
of
financial
instruments
for
which
market
prices
are
not
reliable
or
readily
available.
Under
these
procedures,
the
Funds
primarily employ
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
4
p.m.
Eastern
time.
In
addition,
trading
in
certain
foreign
markets
may
not
take
place
on
every
Funds’ business
day.
Events
can
occur
between
the
time
at
which
trading
in
a
foreign
security
is
completed
and
4
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
Funds’
portfolio
securities
as
determined
at
the
foreign
market
close
and
the
latest
indications
of
value
at
4
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
Funds'
portfolio
securities
to
the
latest
indications
of
fair
value
at 4
p.m.
Eastern
time.
At
June
30,
2026,
certain
securities
may
have
been
fair
valued
using
these
procedures,
in
which
case
the
securities
were
categorized
as
Level
2
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
Funds’
NAV
is
not
calculated,
which
could
result
in
differences
between
the
value
of
the
Funds’
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
Funds for
financial
reporting
purposes.
3.
Restricted
Securities
At
June
30,
2026,
investments
in
restricted
securities,
excluding
securities
exempt
from
registration
under
the
Securities
Act
of
1933,
were
as
follows:
Shares
Issuer
Acquisition
Date
Cost
Value
Putnam
Dynamic
Asset
Allocation
Balanced
Fund
2,750
Pfizer,
Inc.,
CVR,
3/31/32
......................
11/14/25
$
13,475
$
13,475
12,833
TPG,
Inc.,
CVR,
12/31/27
......................
4/08/26
128
128
Total
Restricted
Securities
(Value
is
0.0%
†
of
Net
Assets)
..............
$13,603
$13,603
Shares
Issuer
Acquisition
Date
Cost
Value
Putnam
Dynamic
Asset
Allocation
Conservative
Fund
416
Pfizer,
Inc.,
CVR,
3/31/32
......................
11/14/25
$
2,038
$
2,038
2,568
TPG,
Inc.,
CVR,
12/31/27
......................
4/08/26
26
26
Total
Restricted
Securities
(Value
is
0.0%
†
of
Net
Assets)
..............
$2,064
$2,064
2. Financial
Instrument
Valuation
(continued)
Putnam
Asset
Allocation
Funds
Notes
to
Consolidated
Schedules
of
Investments
(unaudited)
225
Quarterly
Consolidated
Schedules
of
Investments
4.
Unfunded
Loan
Commitments
Certain
or
all
Funds
enter
into
certain
credit
agreements,
all
or
a
portion
of
which
may
be
unfunded.
The
Funds
are
obligated
to
fund
these
loan
commitments
at
the
borrowers’
discretion.
Unfunded
loan
commitments
and
funded
portions
of
credit
agreements
are
marked
to
market
daily.
Funded
portions
of
credit
agreements
are
presented
in
the
Consolidated
Schedules of
Investments.
At
June
30,
2026,
unfunded
commitments
were
as
follows:
5.
Investments
in
Affiliated
Management
Investment
Companies
Certain
or
all
Funds
invest
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
Funds
do
not
invest
for
purposes
of
exercising
a
controlling
influence
over
the
management
or
policies.
During
the
period
ended
June
30,
2026,
investments
in
affiliated
management
investment
companies
were
as
follows: 
Shares
Issuer
Acquisition
Date
Cost
Value
Putnam
Dynamic
Asset
Allocation
Growth
Fund
3,923
Pfizer,
Inc.,
CVR,
3/31/32
......................
11/14/25
$
19,223
$
19,223
16,215
TPG,
Inc.,
CVR,
12/31/27
......................
4/08/26
162
162
Total
Restricted
Securities
(Value
is
0.0%
†
of
Net
Assets)
..............
$19,385
$19,385
†
Rounds
to
less
than
0.1%
of
net
assets.
Borrower
Unfunded
Commitment
Putnam
Dynamic
Asset
Allocation
Balanced
Fund
CoreWeave,
Inc.
$
16,516
First
Eagle
Holdings,
Inc.
49,583
$
66,099
Borrower
Unfunded
Commitment
Putnam
Dynamic
Asset
Allocation
Conservative
Fund
CoreWeave,
Inc.
$
7,507
First
Eagle
Holdings,
Inc.
21,875
$
29,382
Borrower
Unfunded
Commitment
Putnam
Dynamic
Asset
Allocation
Growth
Fund
CoreWeave,
Inc.
$
10,886
First
Eagle
Holdings,
Inc.
33,542
Prestige
Brands,
Inc.
3,690
$
48,118
3.
Restricted
Securities
(continued)
Putnam
Asset
Allocation
Funds
Notes
to
Consolidated
Schedules
of
Investments
(unaudited)
226
Quarterly
Consolidated
Schedules
of
Investments
6.
Investments
in
Franklin
Dynamic
Asset
Allocation
Balanced
Ltd.,
Franklin
Dynamic
Asset
Allocation
Conservative
Ltd.,
and
Franklin
Dynamic
Asset
Allocation
Growth
Ltd.
(FT
Subsidiaries) 
Certain
or
all
Funds
invest
in
certain
financial
instruments,
warrants
or
commodity-linked
derivative
investments
through
their
respective
investments
in
the
FT
Subsidiaries. FT
Subsidiaries
are
Cayman
Islands
exempted
companies
with
limited
liability,
are
wholly-owned
Subsidiaries
of
their
respective
Funds,
and
are
able
to
invest
in
certain
financial
instruments
and
commodity-
linked
derivative
investments
consistent
with
the
investment
objective
of
their
respective
Funds.
For
tax
purposes,
the
Fund
is
required
to
increase
its
taxable
income
by
its
share
of
the
FT
Subsidiaries
income.
Net
losses
incurred
by
the
FT
Subsidiary
cannot
offset
income
earned
by
the
Fund
and
cannot
be
carried
back
or
forward
by
the
FT
subsidiary
to
offset
income
from
prior
or
future
years.
At
June
30,
2026,
the
FT
Subsidiaries’
investments,
as
well
as
any
other
assets
and
liabilities
of
the
FT
Subsidiaries
are
reflected
in
the
Funds’
Consolidated
Schedules
of
Investments.
At 
June
30,
2026,
the
Funds’
investments
in
the FT
Subsidiaries
were
as
follows: 
    aa
Value
at
Beginning
of
Period
Purchases
Sales
Realized
Gain
(Loss)
Net
Change
in
Unrealized
Appreciation
(Depreciation)
Value
at
End
of
Period
Number
of
Shares
Held
at
End
of
Period
Investment
Income
a      
a  
a  
a  
a  
a  
a  
a  
Putnam
Dynamic
Asset
Allocation
Balanced
Fund
Non-Controlled
Affiliates
Dividends
Putnam
Government
Money
Market
Fund,
Class
G,
3.477%
.
$—
$15,666,456
$(4,518,252)
$—
$—
$11,148,204
11,148,204
$218,640
Putnam
Short
Term
Investment
Fund,
Class
P,
3.837%
......
82,352,507
613,202,446
(635,113,248)
—
—
60,441,705
60,441,705
2,475,948
Total
Affiliated
Securities
...
$82,352,507
$628,868,902
$(639,631,500)
$—
$—
$71,589,909
$2,694,588
Putnam
Dynamic
Asset
Allocation
Conservative
Fund
Non-Controlled
Affiliates
Dividends
Putnam
Government
Money
Market
Fund,
Class
G,
3.477%
.
$—
$3,980,482
$(1,190,744)
$—
$—
$2,789,738
2,789,738
$52,949
Putnam
Short
Term
Investment
Fund,
Class
P,
3.837%
......
20,851,137
372,232,201
(341,386,337)
—
—
51,697,001
51,697,001
936,324
Total
Affiliated
Securities
...
$20,851,137
$376,212,683
$(342,577,081)
$—
$—
$54,486,739
$989,273
Putnam
Dynamic
Asset
Allocation
Growth
Fund
Non-Controlled
Affiliates
Dividends
Putnam
Government
Money
Market
Fund,
Class
G,
3.477%
.
$—
$19,565,267
$(5,573,391)
$—
$—
$13,991,876
13,991,876
$264,202
Putnam
Short
Term
Investment
Fund,
Class
P,
3.837%
......
94,625,401
720,111,274
(629,776,256)
—
—
184,960,419
184,960,419
3,833,812
Total
Affiliated
Securities
...
$94,625,401
$739,676,541
$(635,349,647)
$—
$—
$198,952,295
$4,098,014
Fund
Name
FT
Subsidiaries
Consolidated
Net
Assets
FT
Subsidiaries
Net
Assets
%
of
Consolidated
Net
Assets
Putnam
Dynamic
Asset
Allocation
Balanced
Fund
Franklin
Dynamic
Asset
Allocation
Balanced
Ltd.
$
3,174,675,633
$
11,151,106
0.4%
Putnam
Dynamic
Asset
Allocation
Conservative
Fund
Franklin
Dynamic
Asset
Allocation
Conservative
Ltd.
848,009,214
2,809,524
0.3%
Putnam
Dynamic
Asset
Allocation
Growth
Fund
Franklin
Dynamic
Asset
Allocation
Growth
Ltd.
4,198,510,637
14,199,767
0.3%
5.
Investments
in
Affiliated
Management
Investment
Companies
(continued)
Putnam
Asset
Allocation
Funds
Notes
to
Consolidated
Schedules
of
Investments
(unaudited)
227
Quarterly
Consolidated
Schedules
of
Investments
7. Fair
Value
Measurements
The Funds
follow
a
fair
value
hierarchy
that
distinguishes
between
market
data
obtained
from
independent
sources
(observable
inputs)
and
the Funds'
own
market
assumptions
(unobservable
inputs).
These
inputs
are
used
in
determining
the
value
of
the Funds' financial
instruments
and
are
summarized
in
the
following
fair
value
hierarchy:
Level
1
–
quoted
prices
in
active
markets
for
identical
financial
instruments
Level
2
–
other
significant
observable
inputs
(including
quoted
prices
for
similar
financial
instruments,
interest
rates,
prepayment
speed,
credit
risk,
etc.)
Level
3
–
significant
unobservable
inputs
(including
the Funds'
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
June
30,
2026,
in
valuing
the
Funds'
assets
and
liabilities carried
at
fair
value,
is
as
follows:
Level
1
Level
2
Level
3
Total
Putnam
Dynamic
Asset
Allocation
Balanced
Fund
Assets:
Investments
in
Securities:
a
Common
Stocks
:
Aerospace
&
Defense
...................
$
50,527,105
$
11,582,535
$
—
$
62,109,640
Air
Freight
&
Logistics
...................
9,636,816
943,683
—
10,580,499
Automobile
Components
.................
2,678,509
1,562,378
—
4,240,887
Automobiles
..........................
40,127,861
3,611,032
—
43,738,893
Banks
...............................
78,417,408
68,775,705
—
147,193,113
Beverages
...........................
24,531,475
4,042,135
—
28,573,610
Biotechnology
.........................
57,916,364
213,016
—
58,129,380
Broadline
Retail
.......................
68,004,104
4,763,707
—
72,767,811
Building
Products
......................
12,496,831
—
—
12,496,831
Capital
Markets
........................
64,067,074
15,278,387
—
79,345,461
Chemicals
...........................
31,513,955
2,631,909
—
34,145,864
Commercial
Services
&
Supplies
...........
6,794,294
—
—
6,794,294
Communications
Equipment
..............
32,666,728
1,608,060
—
34,274,788
Construction
&
Engineering
...............
9,916,935
5,368,227
—
15,285,162
Construction
Materials
..................
10,661,245
2,012,613
—
12,673,858
Consumer
Finance
.....................
15,358,985
—
—
15,358,985
Consumer
Staples
Distribution
&
Retail
......
36,501,085
755,703
—
37,256,788
Containers
&
Packaging
.................
3,700,519
—
—
3,700,519
Distributors
...........................
235,478
—
—
235,478
Diversified
Consumer
Services
............
1,554,645
—
—
1,554,645
Diversified
REITs
......................
671,404
—
—
671,404
Diversified
Telecommunication
Services
.....
13,805,579
3,728,402
—
17,533,981
Electric
Utilities
........................
36,046,612
6,880,577
—
42,927,189
Electrical
Equipment
....................
38,228,743
19,921,712
—
58,150,455
Electronic
Equipment,
Instruments
&
Components
........................
24,652,906
7,654,663
—
32,307,569
Energy
Equipment
&
Services
.............
13,824,519
—
—
13,824,519
Entertainment
.........................
26,591,852
1,744,417
—
28,336,269
Financial
Services
......................
53,707,936
5,603,862
—
59,311,798
Food
Products
........................
5,444,869
5,376,292
—
10,821,161
Gas
Utilities
..........................
1,800,999
586,920
—
2,387,919
Ground
Transportation
..................
8,919,662
—
—
8,919,662
Health
Care
Equipment
&
Supplies
.........
23,638,077
5,275,142
—
28,913,219
Health
Care
Providers
&
Services
..........
28,145,846
1,322,692
—
29,468,538
Health
Care
REITs
.....................
2,094,491
—
—
2,094,491
Putnam
Asset
Allocation
Funds
Notes
to
Consolidated
Schedules
of
Investments
(unaudited)
228
Quarterly
Consolidated
Schedules
of
Investments
Level
1
Level
2
Level
3
Total
Putnam
Dynamic
Asset
Allocation
Balanced
Fund
(continued)
Assets:
(continued)
Investments
in
Securities:
a
(continued)
Common
Stocks:
(continued)
Health
Care
Technology
.................
$
6,986,755
$
—
$
—
$
6,986,755
Hotel
&
Resort
REITs
...................
2,148,229
—
—
2,148,229
Hotels,
Restaurants
&
Leisure
.............
32,679,942
7,111,885
—
39,791,827
Household
Durables
....................
12,535,527
2,716,749
—
15,252,276
Household
Products
....................
9,067,743
1,946,850
—
11,014,593
Independent
Power
and
Renewable
Electricity
Producers
..........................
2,063,411
2,049,597
—
4,113,008
Industrial
Conglomerates
................
5,661,939
5,578,194
—
11,240,133
Industrial
REITs
.......................
5,265,358
—
—
5,265,358
Insurance
............................
36,964,673
14,822,754
—
51,787,427
Interactive
Media
&
Services
..............
143,647,418
6,033,520
—
149,680,938
IT
Services
...........................
13,696,144
2,692,315
—
16,388,459
Leisure
Products
.......................
1,667,534
1,427,955
—
3,095,489
Life
Sciences
Tools
&
Services
............
12,579,892
4,266,968
—
16,846,860
Machinery
............................
46,282,919
10,489,028
—
56,771,947
Marine
Transportation
...................
766,805
746,149
—
1,512,954
Media
...............................
1,478,193
1,290,070
—
2,768,263
Metals
&
Mining
.......................
11,431,385
18,859,452
—
30,290,837
Mortgage
Real
Estate
Investment
Trusts
(REITs)
............................
332,765
—
—
332,765
Multi-Utilities
..........................
7,521,647
1,632,615
—
9,154,262
Office
REITs
..........................
2,945,230
—
—
2,945,230
Oil,
Gas
&
Consumable
Fuels
.............
46,039,499
16,407,013
—
62,446,512
Paper
&
Forest
Products
.................
108,599
—
—
108,599
Passenger
Airlines
.....................
11,995,990
4,420,648
—
16,416,638
Personal
Care
Products
.................
1,147,135
1,056,196
—
2,203,331
Pharmaceuticals
.......................
72,427,254
28,853,173
—
101,280,427
Professional
Services
...................
5,462,973
1,602,567
—
7,065,540
Real
Estate
Management
&
Development
....
4,859,718
—
—
4,859,718
Residential
REITs
......................
3,189,698
—
—
3,189,698
Retail
REITs
..........................
4,893,139
—
—
4,893,139
Semiconductors
&
Semiconductor
Equipment
.
368,299,817
62,852,240
—
431,152,057
Software
.............................
125,489,758
2,982,108
—
128,471,866
Specialized
REITs
......................
10,141,894
—
—
10,141,894
Specialty
Retail
........................
9,053,882
2,970,561
—
12,024,443
Technology
Hardware,
Storage
&
Peripherals
.
149,319,411
14,473,953
—
163,793,364
Textiles,
Apparel
&
Luxury
Goods
..........
1,751,186
4,644,888
—
6,396,074
Tobacco
.............................
20,205,114
4,981,994
—
25,187,108
Trading
Companies
&
Distributors
..........
9,319,346
4,289,324
—
13,608,670
Transportation
Infrastructure
..............
—
2,268,961
—
2,268,961
Water
Utilities
.........................
1,880,346
—
—
1,880,346
Wireless
Telecommunication
Services
.......
5,858,338
6,899,819
—
12,758,157
Convertible
Preferred
Stocks
................
1,060,068
—
—
1,060,068
Preferred
Stocks
:
Banks
...............................
2,050,048
—
—
2,050,048
Technology
Hardware,
Storage
&
Peripherals
.
—
1,690,858
—
1,690,858
Rights
.................................
—
—
21,902
21,902
Convertible
Bonds
.......................
—
1,649,682
—
1,649,682
Corporate
Bonds
........................
—
331,311,552
—
331,311,552
Senior
Floating
Rate
Interests
...............
—
17,939,300
—
17,939,300
Foreign
Government
and
Agency
Securities
....
—
19,894,935
—
19,894,935
U.S.
Government
and
Agency
Securities
.......
—
2,129,028
—
2,129,028
7. Fair
Value
Measurements
(continued)
Putnam
Asset
Allocation
Funds
Notes
to
Consolidated
Schedules
of
Investments
(unaudited)
229
Quarterly
Consolidated
Schedules
of
Investments
Level
1
Level
2
Level
3
Total
Putnam
Dynamic
Asset
Allocation
Balanced
Fund
(continued)
Assets:
(continued)
Investments
in
Securities:
a
(continued)
Asset-Backed
Securities
...................
$
—
$
45,170,372
$
—
$
45,170,372
Commercial
Mortgage-Backed
Securities
......
—
30,717,935
—
30,717,935
Mortgage-Backed
Securities
................
—
267,643,901
—
267,643,901
Residential
Mortgage-Backed
Securities
.......
—
23,452,315
—
23,452,315
Agency
Commercial
Mortgage-Backed
Securities
—
28,782,929
—
28,782,929
Municipal
Bonds
.........................
—
2,761,537
—
2,761,537
Short
Term
Investments
...................
71,600,603
50,329,089
—
121,929,692
Total
Investments
in
Securities
...........
$2,116,758,236
$1,245,084,748
b
$21,902
$3,361,864,886
Other
Financial
Instruments:
Forward
Exchange
Contracts
...............
$—
$1,705,331
$—
$1,705,331
Futures
Contracts
.......................
4,627,449
—
—
4,627,449
Swap
Contracts
.........................
—
6,478,915
—
6,478,915
Unfunded
Loan
Commitments
..............
—
851
—
851
Total
Other
Financial
Instruments
.........
$4,627,449
$8,185,097
$—
$12,812,546
–
–
–
–
Liabilities:
Other
Financial
Instruments:
TBA
Sale
Commitments
...................
$
—
$
35,887,270
$
—
$
35,887,270
Forward
Exchange
Contracts
...............
—
1,852,576
—
1,852,576
Futures
Contracts
........................
3,498,815
—
—
3,498,815
Swap
Contracts
.........................
—
4,265,891
—
4,265,891
Total
Other
Financial
Instruments
.........
$3,498,815
$42,005,737
$—
$45,504,552
Putnam
Dynamic
Asset
Allocation
Conservative
Fund
Assets:
Investments
in
Securities:
a
Common
Stocks
:
Aerospace
&
Defense
...................
10,113,140
2,950,826
—
13,063,966
Air
Freight
&
Logistics
...................
1,935,685
247,259
—
2,182,944
Automobile
Components
.................
483,153
401,795
—
884,948
Automobiles
..........................
8,152,262
606,465
—
8,758,727
Banks
...............................
15,354,432
16,043,990
—
31,398,422
Beverages
...........................
4,981,154
1,031,605
—
6,012,759
Biotechnology
.........................
11,248,702
55,927
—
11,304,629
Broadline
Retail
.......................
13,884,798
941,154
—
14,825,952
Building
Products
......................
2,472,031
—
—
2,472,031
Capital
Markets
........................
12,977,175
3,591,020
—
16,568,195
Chemicals
...........................
6,344,489
687,341
—
7,031,830
Commercial
Services
&
Supplies
...........
1,331,815
—
—
1,331,815
Communications
Equipment
..............
6,485,321
246,505
—
6,731,826
Construction
&
Engineering
...............
1,815,372
1,262,466
—
3,077,838
Construction
Materials
..................
2,210,364
525,198
—
2,735,562
Consumer
Finance
.....................
2,969,361
—
—
2,969,361
Consumer
Staples
Distribution
&
Retail
......
7,445,278
190,617
—
7,635,895
Containers
&
Packaging
.................
743,719
—
—
743,719
Distributors
...........................
36,979
—
—
36,979
Diversified
Consumer
Services
............
239,491
—
—
239,491
Diversified
REITs
......................
105,782
—
—
105,782
Diversified
Telecommunication
Services
.....
2,792,653
973,351
—
3,766,004
Electric
Utilities
........................
7,281,767
1,732,387
—
9,014,154
Electrical
Equipment
....................
7,496,763
4,556,213
—
12,052,976
Electronic
Equipment,
Instruments
&
Components
........................
4,728,267
1,339,883
—
6,068,150
Energy
Equipment
&
Services
.............
2,692,288
—
—
2,692,288
7. Fair
Value
Measurements
(continued)
Putnam
Asset
Allocation
Funds
Notes
to
Consolidated
Schedules
of
Investments
(unaudited)
230
Quarterly
Consolidated
Schedules
of
Investments
Level
1
Level
2
Level
3
Total
Putnam
Dynamic
Asset
Allocation
Conservative
Fund
(continued)
Assets:
(continued)
Investments
in
Securities:
a
(continued)
Common
Stocks:
(continued)
Entertainment
.........................
$
5,571,240
$
434,366
$
—
$
6,005,606
Financial
Services
......................
10,769,569
1,115,524
—
11,885,093
Food
Products
........................
1,073,410
1,411,094
—
2,484,504
Gas
Utilities
..........................
330,662
155,250
—
485,912
Ground
Transportation
..................
1,898,057
—
—
1,898,057
Health
Care
Equipment
&
Supplies
.........
4,649,572
1,356,571
—
6,006,143
Health
Care
Providers
&
Services
..........
5,563,038
195,763
—
5,758,801
Health
Care
REITs
.....................
371,281
—
—
371,281
Health
Care
Technology
.................
1,369,482
—
—
1,369,482
Hotel
&
Resort
REITs
...................
391,150
—
—
391,150
Hotels,
Restaurants
&
Leisure
.............
6,558,951
1,836,746
—
8,395,697
Household
Durables
....................
2,439,181
686,231
—
3,125,412
Household
Products
....................
1,830,092
499,505
—
2,329,597
Independent
Power
and
Renewable
Electricity
Producers
..........................
422,406
327,285
—
749,691
Industrial
Conglomerates
................
1,142,091
1,254,733
—
2,396,824
Industrial
REITs
.......................
1,056,593
—
—
1,056,593
Insurance
............................
7,309,372
3,519,491
—
10,828,863
Interactive
Media
&
Services
..............
29,100,474
937,165
—
30,037,639
IT
Services
...........................
2,753,535
706,510
—
3,460,045
Leisure
Products
.......................
305,176
377,852
—
683,028
Life
Sciences
Tools
&
Services
............
2,468,422
754,875
—
3,223,297
Machinery
............................
9,190,162
2,576,235
—
11,766,397
Marine
Transportation
...................
121,297
184,531
—
305,828
Media
...............................
278,813
336,724
—
615,537
Metals
&
Mining
.......................
2,202,486
4,488,612
—
6,691,098
Mortgage
Real
Estate
Investment
Trusts
(REITs)
............................
52,496
—
—
52,496
Multi-Utilities
..........................
1,476,187
429,250
—
1,905,437
Office
REITs
..........................
580,876
—
—
580,876
Oil,
Gas
&
Consumable
Fuels
.............
9,240,101
3,830,282
—
13,070,383
Paper
&
Forest
Products
.................
17,123
—
—
17,123
Passenger
Airlines
.....................
2,421,824
1,154,151
—
3,575,975
Personal
Care
Products
.................
234,231
167,524
—
401,755
Pharmaceuticals
.......................
14,768,118
7,351,637
—
22,119,755
Professional
Services
...................
1,047,418
416,756
—
1,464,174
Real
Estate
Management
&
Development
....
956,884
—
—
956,884
Residential
REITs
......................
643,827
—
—
643,827
Retail
REITs
..........................
961,843
—
—
961,843
Semiconductors
&
Semiconductor
Equipment
.
74,310,343
11,698,251
—
86,008,594
Software
.............................
25,400,788
774,403
—
26,175,191
Specialized
REITs
......................
2,042,502
—
—
2,042,502
Specialty
Retail
........................
1,754,634
752,648
—
2,507,282
Technology
Hardware,
Storage
&
Peripherals
.
30,230,243
2,011,436
—
32,241,679
Textiles,
Apparel
&
Luxury
Goods
..........
327,269
1,202,292
—
1,529,561
Tobacco
.............................
4,053,108
1,263,321
—
5,316,429
Trading
Companies
&
Distributors
..........
1,985,709
1,103,169
—
3,088,878
Transportation
Infrastructure
..............
—
359,071
—
359,071
Water
Utilities
.........................
261,537
—
—
261,537
Wireless
Telecommunication
Services
.......
1,060,100
1,357,831
—
2,417,931
Convertible
Preferred
Stocks
................
345,077
—
—
345,077
Preferred
Stocks
:
Banks
...............................
280,257
—
—
280,257
Technology
Hardware,
Storage
&
Peripherals
.
—
421,516
—
421,516
7. Fair
Value
Measurements
(continued)
Putnam
Asset
Allocation
Funds
Notes
to
Consolidated
Schedules
of
Investments
(unaudited)
231
Quarterly
Consolidated
Schedules
of
Investments
Level
1
Level
2
Level
3
Total
Putnam
Dynamic
Asset
Allocation
Conservative
Fund
(continued)
Assets:
(continued)
Investments
in
Securities:
a
(continued)
Rights
.................................
$
—
$
—
$
3,324
c
$
3,324
Convertible
Bonds
.......................
—
527,436
—
527,436
Corporate
Bonds
........................
—
141,733,424
—
141,733,424
Senior
Floating
Rate
Interests
...............
—
7,673,380
—
7,673,380
Foreign
Government
and
Agency
Securities
....
—
9,275,110
—
9,275,110
U.S.
Government
and
Agency
Securities
.......
—
262,122
—
262,122
Asset-Backed
Securities
...................
—
20,955,526
—
20,955,526
Commercial
Mortgage-Backed
Securities
......
—
14,223,163
—
14,223,163
Mortgage-Backed
Securities
................
—
124,687,682
—
124,687,682
Residential
Mortgage-Backed
Securities
.......
—
11,073,404
—
11,073,404
Agency
Commercial
Mortgage-Backed
Securities
—
13,554,383
—
13,554,383
Municipal
Bonds
.........................
—
1,230,876
—
1,230,876
Short
Term
Investments
...................
54,525,875
38,435,236
—
92,961,111
Total
Investments
in
Securities
...........
$464,467,123
$478,464,345
d
$3,324
$942,934,792
Other
Financial
Instruments:
Forward
Exchange
Contracts
...............
$—
$420,673
$—
$420,673
Futures
Contracts
.......................
1,950,027
—
—
1,950,027
Swap
Contracts
.........................
—
1,507,035
—
1,507,035
Unfunded
Loan
Commitments
..............
—
382
—
382
Total
Other
Financial
Instruments
.........
$1,950,027
$1,928,090
$—
$3,878,117
–
–
–
–
Liabilities:
Other
Financial
Instruments:
TBA
Sale
Commitments
...................
$
—
$
15,865,513
$
—
$
15,865,513
Forward
Exchange
Contracts
...............
—
404,169
—
404,169
Futures
Contracts
........................
1,443,743
—
—
1,443,743
Swap
Contracts
.........................
—
784,178
—
784,178
Total
Other
Financial
Instruments
.........
$1,443,743
$17,053,860
$—
$18,497,603
Putnam
Dynamic
Asset
Allocation
Growth
Fund
Assets:
Investments
in
Securities:
a
Common
Stocks
:
Aerospace
&
Defense
...................
66,078,408
20,329,246
—
86,407,654
Air
Freight
&
Logistics
...................
12,411,169
1,715,493
—
14,126,662
Automobile
Components
.................
3,700,481
2,828,819
—
6,529,300
Automobiles
..........................
51,530,203
7,643,617
—
59,173,820
Banks
...............................
103,242,354
127,768,573
—
231,010,927
Beverages
...........................
31,427,752
7,135,964
—
38,563,716
Biotechnology
.........................
76,145,029
386,829
—
76,531,858
Broadline
Retail
.......................
87,046,414
9,628,439
—
96,674,853
Building
Products
......................
16,227,669
—
—
16,227,669
Capital
Markets
........................
82,369,466
28,197,346
—
110,566,812
Chemicals
...........................
41,417,038
4,780,830
—
46,197,868
Commercial
Services
&
Supplies
...........
8,863,117
—
—
8,863,117
Communications
Equipment
..............
42,368,503
3,474,721
—
45,843,224
Construction
&
Engineering
...............
13,511,153
10,216,935
—
23,728,088
Construction
Materials
..................
14,442,437
3,654,386
—
18,096,823
Consumer
Finance
.....................
20,191,442
—
—
20,191,442
Consumer
Staples
Distribution
&
Retail
......
47,720,234
1,312,165
—
49,032,399
Containers
&
Packaging
.................
4,736,844
—
—
4,736,844
Distributors
...........................
341,700
—
—
341,700
Diversified
Consumer
Services
............
2,270,617
—
—
2,270,617
Diversified
REITs
......................
980,903
—
—
980,903
7. Fair
Value
Measurements
(continued)
Putnam
Asset
Allocation
Funds
Notes
to
Consolidated
Schedules
of
Investments
(unaudited)
232
Quarterly
Consolidated
Schedules
of
Investments
Level
1
Level
2
Level
3
Total
Putnam
Dynamic
Asset
Allocation
Growth
Fund
(continued)
Assets:
(continued)
Investments
in
Securities:
a
(continued)
Common
Stocks:
(continued)
Diversified
Telecommunication
Services
.....
$
17,783,244
$
6,770,184
$
—
$
24,553,428
Electric
Utilities
........................
46,220,170
11,936,121
—
58,156,291
Electrical
Equipment
....................
49,802,356
37,351,617
—
87,153,973
Electronic
Equipment,
Instruments
&
Components
........................
32,609,904
16,038,490
—
48,648,394
Energy
Equipment
&
Services
.............
18,138,195
—
—
18,138,195
Entertainment
.........................
35,880,162
3,009,762
—
38,889,924
Financial
Services
......................
69,372,273
11,137,369
—
80,509,642
Food
Products
........................
7,196,203
9,760,814
—
16,957,017
Gas
Utilities
..........................
2,436,748
1,067,815
—
3,504,563
Ground
Transportation
..................
12,134,201
—
—
12,134,201
Health
Care
Equipment
&
Supplies
.........
30,787,836
9,369,221
—
40,157,057
Health
Care
Providers
&
Services
..........
36,584,238
2,881,127
—
39,465,365
Health
Care
REITs
.....................
2,835,959
—
—
2,835,959
Health
Care
Technology
.................
9,089,697
—
—
9,089,697
Hotel
&
Resort
REITs
...................
2,930,508
—
—
2,930,508
Hotels,
Restaurants
&
Leisure
.............
41,941,437
12,725,441
—
54,666,878
Household
Durables
....................
16,434,658
4,709,031
—
21,143,689
Household
Products
....................
11,608,549
3,451,835
—
15,060,384
Independent
Power
and
Renewable
Electricity
Producers
..........................
2,638,842
4,403,306
—
7,042,148
Industrial
Conglomerates
................
7,261,496
10,402,879
—
17,664,375
Industrial
REITs
.......................
6,787,586
—
—
6,787,586
Insurance
............................
48,949,995
27,651,093
—
76,601,088
Interactive
Media
&
Services
..............
183,767,999
13,006,334
—
196,774,333
IT
Services
...........................
17,644,068
4,892,329
—
22,536,397
Leisure
Products
.......................
2,257,965
2,584,691
—
4,842,656
Life
Sciences
Tools
&
Services
............
16,403,836
6,865,815
—
23,269,651
Machinery
............................
59,872,649
18,882,194
—
78,754,843
Marine
Transportation
...................
1,123,392
1,347,882
—
2,471,274
Media
...............................
1,970,371
2,344,408
—
4,314,779
Metals
&
Mining
.......................
15,098,111
34,821,413
—
49,919,524
Mortgage
Real
Estate
Investment
Trusts
(REITs)
............................
488,031
—
—
488,031
Multi-Utilities
..........................
9,723,926
2,965,247
—
12,689,173
Office
REITs
..........................
3,831,840
—
—
3,831,840
Oil,
Gas
&
Consumable
Fuels
.............
59,562,039
27,570,611
—
87,132,650
Paper
&
Forest
Products
.................
159,138
—
—
159,138
Passenger
Airlines
.....................
16,140,434
8,003,020
—
24,143,454
Personal
Care
Products
.................
1,452,838
2,352,943
—
3,805,781
Pharmaceuticals
.......................
93,186,214
50,598,095
—
143,784,309
Professional
Services
...................
7,196,680
2,914,376
—
10,111,056
Real
Estate
Management
&
Development
....
6,317,416
—
—
6,317,416
Residential
REITs
......................
4,062,531
—
—
4,062,531
Retail
REITs
..........................
6,391,235
—
—
6,391,235
Semiconductors
&
Semiconductor
Equipment
.
471,522,195
128,504,695
—
600,026,890
Software
.............................
162,922,895
5,287,278
—
168,210,173
Specialized
REITs
......................
13,135,312
—
—
13,135,312
Specialty
Retail
........................
11,934,080
5,458,446
—
17,392,526
Technology
Hardware,
Storage
&
Peripherals
.
190,763,580
32,144,987
—
222,908,567
Textiles,
Apparel
&
Luxury
Goods
..........
2,339,076
8,324,190
—
10,663,266
Tobacco
.............................
25,953,710
8,729,249
—
34,682,959
Trading
Companies
&
Distributors
..........
13,113,328
7,642,850
—
20,756,178
Transportation
Infrastructure
..............
—
4,883,733
—
4,883,733
7. Fair
Value
Measurements
(continued)
Putnam
Asset
Allocation
Funds
Notes
to
Consolidated
Schedules
of
Investments
(unaudited)
233
Quarterly
Consolidated
Schedules
of
Investments
A
reconciliation
in
which
Level
3
inputs
are
used
in
determining
fair
value
is
presented
when
there
are
significant
Level
3
assets
and/or
liabilities
at
the
beginning
and/or
end
of
the period.
Level
1
Level
2
Level
3
Total
Putnam
Dynamic
Asset
Allocation
Growth
Fund
(continued)
Assets:
(continued)
Investments
in
Securities:
a
(continued)
Common
Stocks:
(continued)
Water
Utilities
.........................
$
4,098,989
$
—
$
—
$
4,098,989
Wireless
Telecommunication
Services
.......
9,150,994
13,814,364
—
22,965,358
Convertible
Preferred
Stocks
................
1,226,095
—
—
1,226,095
Preferred
Stocks
:
Banks
...............................
4,641,761
—
—
4,641,761
Technology
Hardware,
Storage
&
Peripherals
.
—
2,900,971
—
2,900,971
Rights
.................................
—
—
31,260
31,260
Convertible
Bonds
.......................
—
1,664,829
—
1,664,829
Corporate
Bonds
........................
—
264,195,169
—
264,195,169
Senior
Floating
Rate
Interests
...............
—
13,915,536
—
13,915,536
Foreign
Government
and
Agency
Securities
....
—
13,546,062
—
13,546,062
U.S.
Government
and
Agency
Securities
.......
—
2,500,551
—
2,500,551
Asset-Backed
Securities
...................
—
30,173,927
—
30,173,927
Commercial
Mortgage-Backed
Securities
......
—
20,541,782
—
20,541,782
Mortgage-Backed
Securities
................
—
191,555,958
—
191,555,958
Residential
Mortgage-Backed
Securities
.......
—
15,484,954
—
15,484,954
Agency
Commercial
Mortgage-Backed
Securities
—
19,490,336
—
19,490,336
Municipal
Bonds
.........................
—
1,825,854
—
1,825,854
Short
Term
Investments
...................
199,163,727
131,438,548
—
330,602,275
Total
Investments
in
Securities
...........
$2,853,063,645
$1,504,913,095
e
$31,260
$4,358,008,000
Other
Financial
Instruments:
Forward
Exchange
Contracts
...............
$—
$2,821,379
$—
$2,821,379
Futures
Contracts
.......................
3,938,019
—
—
3,938,019
Swap
Contracts
.........................
—
7,461,858
—
7,461,858
Unfunded
Loan
Commitments
..............
—
584
—
584
Total
Other
Financial
Instruments
.........
$3,938,019
$10,283,821
$—
$14,221,840
–
–
–
–
Liabilities:
Other
Financial
Instruments:
TBA
Sale
Commitments
...................
$
—
$
39,173,587
$
—
$
39,173,587
Forward
Exchange
Contracts
...............
—
3,483,713
—
3,483,713
Futures
Contracts
........................
890,861
—
—
890,861
Swap
Contracts
.........................
—
5,278,017
—
5,278,017
Total
Other
Financial
Instruments
.........
$890,861
$47,935,317
$—
$48,826,178
a
For
detailed
categories,
see
the
accompanying
Schedule
of
Investments.
b
Includes
foreign
securities
valued
at
$423,302,173,
which
were
categorized
as
Level
2
as
a
result
of
the
application
of
market
level
fair
value
procedures.
See
the
Financial
Instrument
Valuation
note
for
more
information.
c
Includes
financial
instruments
determined
to
have
no
value.
d
Includes
foreign
securities
valued
at
$94,832,603,
which
were
categorized
as
Level
2
as
a
result
of
the
application
of
market
level
fair
value
procedures.
See
the
Financial
Instrument
Valuation
note
for
more
information.
e
Includes
foreign
securities
valued
at
$798,579,589,
which
were
categorized
as
Level
2
as
a
result
of
the
application
of
market
level
fair
value
procedures.
See
the
Financial
Instrument
Valuation
note
for
more
information.
7. Fair
Value
Measurements
(continued)
Putnam
Asset
Allocation
Funds
Notes
to
Consolidated
Schedules
of
Investments
(unaudited)
234
Quarterly
Consolidated
Schedules
of
Investments
Abbreviations
Counterparty
BOFA
Bank
of
America
NA
BZWS
Barclays
Bank
plc
CITI
Citibank
NA
GSCO
Goldman
Sachs
Group,
Inc.
HSBK
HSBC
Bank
plc
JPHQ
JPMorgan
Chase
Bank
NA
MSCO
Morgan
Stanley
SSBT
State
Street
Bank
and
Trust
Co.
TDOM
Toronto
Dominion
Bank
UBSW
UBS
AG
WPAC
Westpac
Banking
Corp.
Cu
r
rency
AUD
Australian
Dollar
CAD
Canadian
Dollar
CNY
Chinese
Yuan
EUR
Euro
GBP
British
Pound
HKD
Hong
Kong
Dollar
KRW
South
Korean
Won
USD
United
States
Dollar
ZAR
South
African
Rand
Index
CDX.NA.HY
CDX
North
America
High
Yield
Index
CDX.NA.IG
CDX
North
America
Investment
Grade
Index
CMBX.NA
Commercial
Mortgage-Backed
Securities
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
CORRA
Canadian
Overnight
Repo
Rate
Average
CVR
Contingent
Value
Right
EURIBOR
Euro
Inter-Bank
Offer
Rate
FHLMC
Federal
Home
Loan
Mortgage
Corp.
FNMA
Federal
National
Mortgage
Association
FRN
Floating
Rate
Note
GNMA
Government
National
Mortgage
Association
GO
General
Obligation
IO
Interest
Only
NATL
National
Reinsurance
Corp.
PIK
Payment-In-Kind
REIT
Real
Estate
Investment
Trust
REMIC
Real
Estate
Mortgage
Investment
Conduit
SOFR
Secured
Overnight
Financing
Rate
STACR
Structured
Agency
Credit
Risk
T-Note
Treasury
Note
The
following
reference
rates,
and
their
values
as
of
period
end,
are
used
for
security
descriptions:
Reference
Index
Reference
Rate
1-day
REPO_CORRA
.................
2.34%
1-day
SOFR
........................
3.68%
1-week
CNY-Fixing
Repo
Rate
..........
1.54%
3-month
CD_KSDA
...................
2.92%
6-month
EURIBOR
...................
2.57%
For
additional
information
on
the
Funds'
significant
accounting
policies,
please
refer
to
the Funds'
most
recent
semiannual
or
annual
shareholder
report.