Putnam Dynamic Asset Allocation Balanced Fund The fund's portfolio 6/30/21 (Unaudited) COMMON STOCKS (68.6%)(a) Shares Value Advertising and marketing services (—%) Publicis Groupe SA (France) 9,030 $577,553 577,553 Automotive (1.3%) Ford Motor Co.(NON) 621,100 9,229,546 General Motors Co.(NON) 129,382 7,655,533 Knorr-Bremse AG (Germany) 8,841 1,016,872 Porsche Automobil Holding SE (Preference) (Germany) 12,844 1,376,162 Stellantis NV (Italy) 123,970 2,431,338 Tesla, Inc.(NON) 9,206 6,257,318 United Rentals, Inc.(NON) 16,108 5,138,613 Volkswagen AG (Preference) (Germany) 1,998 500,360 Volvo AB (Sweden) 80,250 1,930,741 35,536,483 Basic materials (3.1%) Akzo Nobel NV (Netherlands) 13,970 1,726,066 Anglo American PLC (United Kingdom) 48,572 1,930,023 Axalta Coating Systems, Ltd.(NON) 58,800 1,792,812 BHP Billiton, Ltd. (Australia) 59,636 2,172,246 BHP Group PLC (United Kingdom) 39,520 1,164,429 Brenntag AG (Germany) 23,814 2,214,381 Cabot Corp. 8,600 489,598 Celanese Corp. 6,400 970,240 Compagnie De Saint-Gobain (France) 61,347 4,040,102 Corteva, Inc. 99,307 4,404,265 Covestro AG (Germany) 26,063 1,683,043 CRH PLC (Ireland) 157,813 7,952,888 Dow, Inc. 93,022 5,886,432 DuPont de Nemours, Inc. 130,372 10,092,097 Eastman Chemical Co. 21,500 2,510,125 Eiffage SA (France) 8,245 838,825 FMC Corp. 4,000 432,800 Fortescue Metals Group, Ltd. (Australia) 79,974 1,399,852 Fortune Brands Home & Security, Inc. 27,161 2,705,507 Freeport-McMoRan, Inc. (Indonesia) 172,731 6,410,047 Holcim, Ltd. (Switzerland) 25,071 1,503,854 ICL Group, Ltd. (Israel) 51,463 349,017 LG Chem, Ltd. (South Korea) 4,832 3,647,116 Linde PLC 5,988 1,727,851 Nitto Denko Corp. (Japan) 17,400 1,298,402 Reliance Steel & Aluminum Co. 7,700 1,161,930 Rio Tinto PLC (United Kingdom) 33,055 2,720,179 Sherwin-Williams Co. (The) 19,261 5,247,660 Shin-Etsu Chemical Co., Ltd. (Japan) 7,600 1,271,056 SIG Combibloc Group AG (Switzerland) 58,909 1,600,618 Stora Enso OYJ (Finland) 5,393 98,383 Weyerhaeuser Co.(R) 170,200 5,858,284 87,300,128 Broadcasting (—%) iHeartMedia, Inc. Class A(NON) 1,249 33,636 33,636 Capital goods (3.8%) ABB, Ltd. (Switzerland) 63,136 2,141,950 AGCO Corp. 20,700 2,698,866 Allegion PLC (Ireland) 19,800 2,758,140 Allison Transmission Holdings, Inc. 26,200 1,041,188 Atlas Copco AB Class A (Sweden) 5,511 337,431 Clean Harbors, Inc.(NON) 5,900 549,526 CNH Industrial NV (United Kingdom) 185,406 3,061,344 Crown Holdings, Inc. 20,200 2,064,642 Cummins, Inc. 24,000 5,851,440 Daikin Industries, Ltd. (Japan) 7,700 1,434,025 Deere & Co. 29,429 10,379,903 Dover Corp. 6,200 933,720 Eaton Corp. PLC 26,451 3,919,509 Gentex Corp. 38,000 1,257,420 Honeywell International, Inc. 54,376 11,927,376 ITT, Inc. 9,700 888,423 Johnson Controls International PLC 119,469 8,199,158 Koito Manufacturing Co., Ltd. (Japan) 18,500 1,150,682 Legrand SA (France) 19,661 2,080,921 Lockheed Martin Corp. 33,000 12,485,550 Northrop Grumman Corp. 17,086 6,209,565 Oshkosh Corp. 10,600 1,321,184 Otis Worldwide Corp. 24,566 2,008,762 Parker Hannifin Corp. 19,100 5,865,801 Raytheon Technologies Corp. 43,249 3,689,572 Republic Services, Inc. 16,300 1,793,163 Sandvik AB (Sweden) 76,700 1,959,152 Schneider Electric SA (France) 15,789 2,484,010 Toro Co. (The) 11,700 1,285,596 TransDigm Group, Inc.(NON) 4,676 3,026,728 Waste Management, Inc. 24,800 3,474,728 108,279,475 Commercial and consumer services (2.0%) Adecco Group AG (Switzerland) 15,885 1,079,201 Adyen NV (Netherlands)(NON) 459 1,121,446 Allfunds Group PLC (United Kingdom)(NON) 65,883 1,146,657 Aramark 69,923 2,604,632 Booking Holdings, Inc.(NON) 1,516 3,317,144 Booz Allen Hamilton Holding Corp. 36,900 3,143,142 Brambles, Ltd. (Australia) 108,539 931,203 CK Hutchison Holdings, Ltd. (Hong Kong) 96,500 751,935 CoStar Group, Inc.(NON)(S) 52,065 4,312,023 FleetCor Technologies, Inc.(NON) 3,000 768,180 Gartner, Inc.(NON) 15,800 3,826,760 Mastercard, Inc. Class A 28,461 10,390,826 Nexi SpA (Italy)(NON) 118,921 2,610,106 PayPal Holdings, Inc.(NON) 64,552 18,815,617 TransUnion 4,900 538,069 55,356,941 Communication services (2.4%) Altice USA, Inc. Class A(NON)(S) 31,900 1,089,066 American Tower Corp.(R) 30,260 8,174,436 AT&T, Inc. 76,100 2,190,158 BT Group PLC (United Kingdom)(NON) 245,582 659,044 Charter Communications, Inc. Class A(NON) 13,730 9,905,509 Comcast Corp. Class A 234,668 13,380,769 Deutsche Telekom AG (Germany) 122,395 2,585,054 KDDI Corp. (Japan) 72,400 2,258,121 Koninklijke KPN NV (Netherlands) 318,070 993,417 Liberty Global PLC Class C (United Kingdom)(NON) 77,137 2,085,784 Nippon Telegraph & Telephone Corp. (Japan) 42,200 1,099,491 SK Telecom Co., Ltd. (South Korea) 7,147 2,030,848 T-Mobile US, Inc.(NON) 45,954 6,655,518 Verizon Communications, Inc. 255,110 14,293,813 67,401,028 Computers (4.4%) Apple, Inc. 616,046 84,373,660 Check Point Software Technologies, Ltd. (Israel)(NON) 4,600 534,198 Cisco Systems, Inc./California 185,100 9,810,300 Dynatrace, Inc.(NON) 35,290 2,061,642 Fortinet, Inc.(NON) 34,300 8,169,917 Fujitsu, Ltd. (Japan) 9,500 1,778,658 HP, Inc. 165,400 4,993,426 Logitech International SA (Switzerland) 8,250 999,541 ServiceNow, Inc.(NON) 10,498 5,769,176 Synopsys, Inc.(NON) 13,300 3,668,007 Twilio, Inc. Class A(NON) 6,782 2,673,193 124,831,718 Conglomerates (0.1%) AMETEK, Inc. 20,100 2,683,350 General Electric Co. 59,440 800,062 3,483,412 Consumer (0.1%) LVMH Moet Hennessy Louis Vuitton SA (France) 1,037 813,150 Pandora A/S (Denmark) 8,471 1,138,697 Spectrum Brands Holdings, Inc. 5,400 459,216 2,411,063 Consumer cyclicals (—%) Genting Bhd (Singapore) 667,700 414,613 414,613 Consumer staples (4.5%) Airbnb, Inc. Class A(NON) 26,446 4,049,940 Altria Group, Inc. 137,800 6,570,304 Asahi Group Holdings, Ltd. (Japan) 50,000 2,336,289 Auto Trader Group PLC (United Kingdom)(NON) 60,980 534,296 Auto1 Group SE 144A (Germany)(NON) 39,809 1,748,891 Campbell Soup Co.(S) 9,200 419,428 Carlsberg A/S Class B (Denmark) 7,825 1,458,629 Chipotle Mexican Grill, Inc.(NON) 2,346 3,637,098 Coca-Cola Co. (The) 19,000 1,028,090 Coca-Cola Europacific Partners PLC (United Kingdom) 27,394 1,625,012 Coca-Cola HBC AG (Switzerland) 79,421 2,871,821 Coles Group, Ltd. (Australia) 43,072 552,039 Colgate-Palmolive Co. 16,900 1,374,815 Constellation Brands, Inc. Class A 4,400 1,029,116 Costco Wholesale Corp. 10,100 3,996,267 Darden Restaurants, Inc. 5,700 832,143 Diageo PLC (United Kingdom) 63,387 3,034,717 Endeavour Group, Ltd. (Australia) (Australia)(NON) 70,031 330,349 Estee Lauder Cos., Inc. (The) Class A 14,719 4,681,820 Ferguson PLC (United Kingdom) 16,453 2,287,323 Imperial Brands PLC (United Kingdom) 92,694 1,996,442 ITOCHU Corp. (Japan) 70,800 2,039,336 Keurig Dr Pepper, Inc. 68,206 2,403,579 Koninklijke Ahold Delhaize NV (Netherlands) 49,863 1,482,265 L'Oreal SA (France) 6,794 3,027,440 ManpowerGroup, Inc. 11,700 1,391,247 McDonald's Corp. 34,000 7,853,660 MercadoLibre, Inc. (Argentina)(NON) 1,697 2,643,570 Mondelez International, Inc. Class A 70,300 4,389,532 Nestle SA (Switzerland) 27,499 3,424,409 Netflix, Inc.(NON) 1,255 662,904 NH Foods, Ltd. (Japan) 11,700 454,962 PepsiCo, Inc. 84,559 12,529,107 Procter & Gamble Co. (The) 148,518 20,039,534 Sysco Corp. 46,600 3,623,150 Uber Technologies, Inc.(NON) 96,348 4,828,962 Unilever PLC (United Kingdom) 7,815 457,338 WH Group, Ltd. (Hong Kong) 1,309,500 1,177,223 Woolworths Group, Ltd. (Australia) 70,031 2,002,578 Yum! Brands, Inc. 7,000 805,210 Zalando SE (Germany)(NON) 18,714 2,262,284 ZOZO, Inc. (Japan) 46,300 1,573,271 125,466,390 Electronics (3.0%) Advanced Micro Devices, Inc.(NON) 8,700 817,191 Brother Industries, Ltd. (Japan) 26,600 530,827 Garmin, Ltd. 10,200 1,475,328 Hoya Corp. (Japan) 31,800 4,216,337 MinebeaMitsumi, Inc. (Japan) 68,000 1,798,929 NVIDIA Corp. 46,744 37,399,874 NXP Semiconductors NV 12,439 2,558,951 Omron Corp. (Japan) 11,000 872,316 Qualcomm, Inc. 165,350 23,633,476 Samsung Electronics Co., Ltd. (Preference) (South Korea) 27,655 1,809,860 Texas Instruments, Inc. 14,789 2,843,925 Thales SA (France) 23,336 2,380,784 Vontier Corp.