Putnam Dynamic Asset Allocation Balanced Fund The fund's portfolio 12/31/20 (Unaudited) COMMON STOCKS (63.8%)(a) Shares Value Basic materials (2.5%) Akzo Nobel NV (Netherlands) 15,491 $1,664,032 Albemarle Corp. 28,035 4,135,723 Anglo American PLC (United Kingdom) 105,267 3,506,160 AptarGroup, Inc. 9,500 1,300,455 Ashland Global Holdings, Inc. 10,600 839,520 Axalta Coating Systems, Ltd.(NON) 43,500 1,241,925 BHP Billiton, Ltd. (Australia) 91,530 2,981,947 BHP Group PLC (United Kingdom) 32,815 864,801 Brenntag AG (Germany) 20,774 1,607,677 Celanese Corp. 6,900 896,586 Chemours Co. (The) 27,100 671,809 Compagnie De Saint-Gobain (France)(NON) 65,695 3,012,317 Covestro AG (Germany) 22,344 1,378,238 CRH PLC (Ireland) 153,383 6,483,859 Dow, Inc. 79,622 4,419,021 DuPont de Nemours, Inc. 38,372 2,728,633 Eastman Chemical Co. 23,100 2,316,468 Eiffage SA (France)(NON) 6,566 634,694 Fortescue Metals Group, Ltd. (Australia) 67,947 1,228,505 Fortune Brands Home & Security, Inc. 27,161 2,328,241 Freeport-McMoRan, Inc. (Indonesia) 258,277 6,720,368 ICL Group, Ltd. (Israel) 70,941 362,082 Koninklijke DSM NV (Netherlands) 10,216 1,759,869 LafargeHolcim, Ltd. (Switzerland) 22,082 1,211,799 Linde PLC 4,131 1,072,836 NewMarket Corp. 1,100 438,119 Nitto Denko Corp. (Japan) 7,900 709,366 PPG Industries, Inc. 8,000 1,153,760 Reliance Steel & Aluminum Co. 8,300 993,925 Rio Tinto PLC (United Kingdom) 27,115 2,028,850 Sherwin-Williams Co. (The) 6,270 4,607,885 Shin-Etsu Chemical Co., Ltd. (Japan) 6,400 1,120,407 SIG Combibloc Group AG (Switzerland) 62,682 1,451,664 67,871,541 Capital goods (4.0%) ABB, Ltd. (Switzerland) 63,431 1,774,250 ACS Actividades de Construccion y Servicios SA (Spain) 10,987 364,778 AGCO Corp. 5,200 536,068 Airbus SE (France)(NON) 1,974 216,843 Allison Transmission Holdings, Inc. 28,100 1,211,953 Atlas Copco AB Class A (Sweden) 13,136 671,785 Avery Dennison Corp. 16,600 2,574,826 Berry Global Group, Inc.(NON) 27,100 1,522,749 Boeing Co. (The) 9,852 2,108,919 CNH Industrial NV (United Kingdom)(NON) 32,571 412,737 Crown Holdings, Inc.(NON) 14,900 1,492,980 Cummins, Inc. 25,800 5,859,180 Daikin Industries, Ltd. (Japan) 6,700 1,492,202 Deere & Co. 15,700 4,224,085 Dover Corp. 15,300 1,931,625 Eaton Corp. PLC 26,451 3,177,823 Faurecia SA (France)(NON) 13,037 668,358 Gentex Corp. 31,500 1,068,795 Hitachi, Ltd. (Japan) 31,700 1,250,863 Honeywell International, Inc. 57,576 12,246,415 Johnson Controls International PLC 153,955 7,172,763 KION Group AG (Germany) 18,166 1,579,376 Koito Manufacturing Co., Ltd. (Japan) 9,700 659,730 Legrand SA (France) 17,243 1,538,992 Lockheed Martin Corp. 34,200 12,140,316 Northrop Grumman Corp. 36,847 11,228,018 Obayashi Corp. (Japan) 43,000 372,500 Otis Worldwide Corp. 73,107 4,938,378 Quanta Services, Inc. 37,600 2,707,952 Raytheon Technologies Corp. 43,249 3,092,736 Republic Services, Inc. 17,500 1,685,250 Sandvik AB (Sweden)(NON) 72,763 1,778,638 Schneider Electric SA (France) 16,307 2,358,734 Silgan Holdings, Inc. 17,100 634,068 Stanley Electric Co., Ltd. (Japan) 12,900 416,285 Teledyne Technologies, Inc.(NON) 3,600 1,411,128 Tervita Corp. (Canada)(NON) 127 289 TransDigm Group, Inc. 4,060 2,512,531 Waste Connections, Inc. 20,354 2,087,710 Waste Management, Inc. 26,700 3,148,731 106,271,359 Communication services (2.9%) American Tower Corp.(R) 29,134 6,539,418 AT&T, Inc. 117,200 3,370,672 BT Group PLC (United Kingdom) 207,924 376,355 Charter Communications, Inc. Class A(NON) 22,201 14,687,071 Comcast Corp. Class A 252,268 13,218,843 Crown Castle International Corp.(R) 28,300 4,505,077 Deutsche Telekom AG (Germany) 107,137 1,957,890 Equinix, Inc.(R) 5,600 3,999,408 Hikari Tsushin, Inc. (Japan) 700 163,679 KDDI Corp. (Japan) 48,600 1,443,293 Koninklijke KPN NV (Netherlands) 301,120 912,931 Liberty Global PLC Class C (United Kingdom)(NON) 73,624 1,741,208 Nippon Telegraph & Telephone Corp. (Japan) 35,100 900,008 SBA Communications Corp.(R) 7,280 2,053,906 T-Mobile US, Inc.(NON) 44,358 5,981,677 Verizon Communications, Inc. 284,010 16,685,588 78,537,024 Communications equipment (0.6%) Cisco Systems, Inc. 374,354 16,752,342 16,752,342 Computers (4.6%) Apple, Inc. 695,542 92,291,468 BigCommerce Holdings, Inc. Ser. 1(NON)(S) 40,900 2,623,735 Check Point Software Technologies, Ltd. (Israel)(NON) 2,000 265,820 Dynatrace, Inc.(NON) 66,672 2,884,897 Fortinet, Inc.(NON) 38,200 5,673,846 Fujitsu, Ltd. (Japan) 4,700 680,387 Logitech International SA (Switzerland) 8,201 795,405 ServiceNow, Inc.(NON) 20,371 11,212,810 Software AG (Germany) 16,413 668,674 Synopsys, Inc.(NON) 19,300 5,003,332 122,100,374 Conglomerates (0.4%) AMETEK, Inc. 21,600 2,612,304 Danaher Corp. 32,758 7,276,862 General Electric Co. 59,440 641,952 10,531,118 Consumer cyclicals (9.7%) Adecco Group AG (Switzerland) 12,663 849,085 adidas AG (Germany)(NON) 5,486 1,997,071 Amazon.com, Inc.(NON) 20,644 67,236,063 Aramark 69,923 2,690,637 Avalara, Inc.(NON) 19,293 3,181,223 Berkeley Group Holdings PLC (The) (United Kingdom) 5,512 357,790 Best Buy Co., Inc. 54,400 5,428,576 BJ's Wholesale Club Holdings, Inc.(NON)(S) 97,545 3,636,478 Booking Holdings, Inc.(NON) 909 2,024,588 Booz Allen Hamilton Holding Corp. 29,300 2,554,374 Brambles, Ltd. (Australia) 86,512 708,774 Brunswick Corp. 21,100 1,608,664 Casey's General Stores, Inc. 6,800 1,214,616 Cintas Corp. 2,700 954,342 CK Hutchison Holdings, Ltd. (Hong Kong) 75,000 523,741 Clear Channel Outdoor Holdings, Inc.(NON) 2,938 4,848 Compagnie Generale des Etablissements Michelin SCA (France) 3,325 426,727 Compass Group PLC (United Kingdom) 74,489 1,389,996 CoStar Group, Inc.(NON) 5,569 5,147,315 Daito Trust Construction Co., Ltd. (Japan) 4,100 383,466 Daiwa House Industry Co., Ltd. (Japan) 33,700 1,005,934 Discovery, Inc. Class A(NON)(S) 35,800 1,077,222 DraftKings, Inc. Class A(NON) 46,389 2,159,872 Ferrari NV (Italy) 654 151,233 Fiat Chrysler Automobiles NV (Italy)(NON) 97,577 1,744,866 Flutter Entertainment PLC (Ireland) 9,616 1,990,894 Ford Motor Co. 372,200 3,271,638 Galaxy Entertainment Group, Ltd. (Hong Kong) 45,000 350,014 General Motors Co. 129,382 5,387,466 Genting Bhd (Singapore) 424,100 272,318 HC Brillant Services GmbH (acquired various dates from 8/2/13 to 8/31/16, cost $1) (Private) (Germany)(NON)(F)(RES) 2 2 Hermes International (France) 1,677 1,803,371 Hilton Worldwide Holdings, Inc. 65,742 7,314,455 Home Depot, Inc. (The) 24,901 6,614,203 iHeartMedia, Inc. Class A(NON) 1,249 16,212 Industria de Diseno Textil SA (Inditex) (Spain) 49,630 1,580,315 Kering SA (France) 1,379 1,002,530 Kingfisher PLC (United Kingdom)(NON) 390,859 1,446,317 Knorr-Bremse AG (Germany) 8,330 1,134,761 Lennar Corp. Class A 39,600 3,018,708 Live Nation Entertainment, Inc.(NON)(S) 16,692 1,226,528 Lowe's Cos., Inc. 34,500 5,537,595 lululemon athletica, Inc. (Canada)(NON) 10,291 3,581,577 Mastercard, Inc. Class A 25,892 9,241,890 Moncler SpA (Italy)(NON) 22,387 1,369,327 Moody's Corp. 4,400 1,277,056 Nexi SpA (Italy)(NON) 109,389 2,173,011 NIKE, Inc. Class B 52,163 7,379,500 Nintendo Co., Ltd. (Japan) 3,600 2,297,481 Nitori Holdings Co., Ltd. (Japan) 3,100 649,905 OPAP SA (Greece) 47,750 639,426 Pandora A/S (Denmark) 6,800 759,686 PayPal Holdings, Inc.(NON) 48,442 11,345,116 Peugeot SA (France)(NON) 59,494 1,628,181 Polaris, Inc. 18,200 1,734,096 Porsche Automobil Holding SE (Preference) (Germany) 10,739 740,235 PulteGroup, Inc. 89,532 3,860,620 Ryohin Keikaku Co., Ltd. (Japan) 13,500 275,797 S&P Global, Inc. 12,185 4,005,575 Scotts Miracle-Gro Co. (The) 3,600 716,904 Secom Co., Ltd. (Japan) 18,400 1,698,834 Sony Corp. (Japan) 56,000 5,630,446 Spectrum Brands Holdings, Inc. 8,900 702,922 Target Corp. 54,413 9,605,527 Taylor Wimpey PLC (United Kingdom)(NON) 219,902 499,948 Tempur Sealy International, Inc.(NON) 48,600 1,312,200 Tesla, Inc.(NON)(S) 15,537 10,963,995 TJX Cos., Inc. (The) 46,619 3,183,612 TransUnion 4,300 426,646 United Rentals, Inc.(NON) 16,108 3,735,606 Volkswagen AG (Preference) (Germany) 3,868 720,648 Volvo AB (Sweden)(NON) 72,752 1,712,023 Walmart, Inc. 81,547 11,755,000 Walt Disney Co. (The) 10,204 1,848,761 Wesfarmers, Ltd.