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<PAGE> PAGE 2
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<PAGE> PAGE 3
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<PAGE> PAGE 6
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<PAGE> PAGE 7
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<PAGE> PAGE 8
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<PAGE> PAGE 10
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<PAGE> PAGE 11
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<PAGE> PAGE 12
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<PAGE> PAGE 13
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<PAGE> PAGE 14
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<PAGE> PAGE 15
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<PAGE> PAGE 16
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SIGNATURE GORDON H. SILVER
TITLE VICE PRESIDENT
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
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THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM Putnam Asset
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WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
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<LEGEND>
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<DISTRIBUTIONS-OF-INCOME> 271,581
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 0
<NUMBER-OF-SHARES-REDEEMED> (354,213)
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 4,020,955
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 0
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 0
<AVERAGE-NET-ASSETS> 24,016,724
<PER-SHARE-NAV-BEGIN> 8.50
<PER-SHARE-NII> .11
<PER-SHARE-GAIN-APPREC> (.27)
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> (.03)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 8.31
<EXPENSE-RATIO> 1.23%
<AVG-DEBT-OUTSTANDING>
<AVG-DEBT-PER-SHARE>
</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM Putnam Asset
Allocation Growth Class C AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL
STATEMENTS.
</LEGEND>
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> SEPT-30-1994
<PERIOD-END> SEPT-30-1994
<INVESTMENTS-AT-COST> 94,745,943
<INVESTMENTS-AT-VALUE> 97,039,479
<RECEIVABLES> 2,893,594
<ASSETS-OTHER> 475,217
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 100,408,290
<PAYABLE-FOR-SECURITIES> 4,315,234
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 600,032
<TOTAL-LIABILITIES> 4,915,266
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 93,637,106
<SHARES-COMMON-STOCK> 45,905
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 417,975
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (749,460)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 2,188,134
<NET-ASSETS> 95,493,024
<DIVIDEND-INCOME> 731,699
<INTEREST-INCOME> 1,665,185
<OTHER-INCOME> 0
<EXPENSES-NET> 860,675
<NET-INVESTMENT-INCOME> 1,536,209
<REALIZED-GAINS-CURRENT> (1,318,719)
<APPREC-INCREASE-CURRENT> 3,805,317
<NET-CHANGE-FROM-OPS> 4,020,955
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 181
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 45,905
<NUMBER-OF-SHARES-REDEEMED> 0
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 4,020,955
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 405,582
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 1,153,334
<AVERAGE-NET-ASSETS> 257,588
<PER-SHARE-NAV-BEGIN> 8.41
<PER-SHARE-NII> .01
<PER-SHARE-GAIN-APPREC> (.08)
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> (.03)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 8.31
<EXPENSE-RATIO> .16%
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM Putnam Asset
Allocation Growth Class Y AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL
STATEMENTS.
</LEGEND>
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> SEPT-30-1994
<PERIOD-END> SEPT-30-1994
<INVESTMENTS-AT-COST> 94,745,943
<INVESTMENTS-AT-VALUE> 97,039,479
<RECEIVABLES> 2,893,594
<ASSETS-OTHER> 475,217
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 100,408,290
<PAYABLE-FOR-SECURITIES> 4,315,234
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 600,032
<TOTAL-LIABILITIES> 4,915,266
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 93,637,106
<SHARES-COMMON-STOCK> 91,920
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 417,975
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (749,460)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 2,188,134
<NET-ASSETS> 95,493,024
<DIVIDEND-INCOME> 731,699
<INTEREST-INCOME> 1,665,185
<OTHER-INCOME> 0
<EXPENSES-NET> 860,675
<NET-INVESTMENT-INCOME> 1,536,209
<REALIZED-GAINS-CURRENT> (1,318,719)
<APPREC-INCREASE-CURRENT> 3,805,317
<NET-CHANGE-FROM-OPS> 4,020,955
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (406,388)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 96,440
<NUMBER-OF-SHARES-REDEEMED> (4,520)
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 4,020,955
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 405,582
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 1,153,334
<AVERAGE-NET-ASSETS> 307,959
<PER-SHARE-NAV-BEGIN> 8.11
<PER-SHARE-NII> .05
<PER-SHARE-GAIN-APPREC> .22
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> (.05)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 8.33
<EXPENSE-RATIO> .23%
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM Putnam Asset
Allocation Balanced Class A AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL
STATEMENTS.
</LEGEND>
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> SEPT-30-1994
<PERIOD-END> SEPT-30-1994
<INVESTMENTS-AT-COST> 200,756,663
<INVESTMENTS-AT-VALUE> 204,839,037
<RECEIVABLES> 6,242,514
<ASSETS-OTHER> 64,804
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 211,146,355
<PAYABLE-FOR-SECURITIES> 7,781,237
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 1,267,012
<TOTAL-LIABILITIES> 9,048,249
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 199,016,443
<SHARES-COMMON-STOCK> 6,541,116
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 424,096
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (1,145,898)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 3,805,317
<NET-ASSETS> 202,098,106
<DIVIDEND-INCOME> 731,699
<INTEREST-INCOME> 1,665,185
<OTHER-INCOME> 0
<EXPENSES-NET> 860,675
<NET-INVESTMENT-INCOME> 1,536,209
<REALIZED-GAINS-CURRENT> (1,318,719)
<APPREC-INCREASE-CURRENT> 3,805,317
<NET-CHANGE-FROM-OPS> 4,020,955
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (936,906)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 7,003,873
<NUMBER-OF-SHARES-REDEEMED> (495,595)
<SHARES-REINVESTED> 30,878
<NET-CHANGE-IN-ASSETS> 202,064,773
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 0
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 0
<AVERAGE-NET-ASSETS> 27,194,476
<PER-SHARE-NAV-BEGIN> 8.50
<PER-SHARE-NII> .16
<PER-SHARE-GAIN-APPREC> (.28)
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> (.05)
<RETURNS-OF-CAPITAL>0
<PER-SHARE-NAV-END> 8.33
<EXPENSE-RATIO> .83%
<AVG-DEBT-OUTSTANDING>
<AVG-DEBT-PER-SHARE>
</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM Putnam Asset
Allocation Balanced Class B AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL
STATEMENTS.
</LEGEND>
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> SEPT-30-1994
<PERIOD-END> SEPT-30-1994
<INVESTMENTS-AT-COST> 200,756,663
<INVESTMENTS-AT-VALUE> 204,839,037
<RECEIVABLES> 6,242,514
<ASSETS-OTHER> 64,804
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 211,146,355
<PAYABLE-FOR-SECURITIES> 7,781,237
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 1,267,012
<TOTAL-LIABILITIES> 9,048,249
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 199,016,443
<SHARES-COMMON-STOCK> 9,759,421
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 424,096
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (1,145,898)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 3,805,317
<NET-ASSETS> 202,098,106
<DIVIDEND-INCOME> 731,699
<INTEREST-INCOME> 1,665,185
<OTHER-INCOME> 0
<EXPENSES-NET> 860,675
<NET-INVESTMENT-INCOME> 1,536,209
<REALIZED-GAINS-CURRENT> (1,318,719)
<APPREC-INCREASE-CURRENT> 3,805,317
<NET-CHANGE-FROM-OPS> 4,020,955
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (936,906)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 10,093,884
<NUMBER-OF-SHARES-REDEEMED> (364,673)
<SHARES-REINVESTED> 28,250
<NET-CHANGE-IN-ASSETS> 202,064,773
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 0
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 0
<AVERAGE-NET-ASSETS> 39,011,024
<PER-SHARE-NAV-BEGIN> 8.50
<PER-SHARE-NII> .11
<PER-SHARE-GAIN-APPREC> (.27)
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> (.03)
<RETURNS-OF-CAPITAL>0
<PER-SHARE-NAV-END> 8.31
<EXPENSE-RATIO> 1.23%
<AVG-DEBT-OUTSTANDING>
<AVG-DEBT-PER-SHARE>
</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM Putnam Asset
Allocation Balanced Class C AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL
STATEMENTS.
</LEGEND>
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> SEPT-30-1994
<PERIOD-END> SEPT-30-1994
<INVESTMENTS-AT-COST> 200,756,663
<INVESTMENTS-AT-VALUE> 204,839,037
<RECEIVABLES> 6,242,514
<ASSETS-OTHER> 64,804
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 211,146,355
<PAYABLE-FOR-SECURITIES> 7,781,237
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 1,267,012
<TOTAL-LIABILITIES> 9,048,249
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 199,016,443
<SHARES-COMMON-STOCK> 53,098
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 424,096
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (1,145,898)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 3,805,317
<NET-ASSETS> 202,098,106
<DIVIDEND-INCOME> 731,699
<INTEREST-INCOME> 1,665,185
<OTHER-INCOME> 0
<EXPENSES-NET> 860,675
<NET-INVESTMENT-INCOME> 1,536,209
<REALIZED-GAINS-CURRENT> (1,318,719)
<APPREC-INCREASE-CURRENT> 3,805,317
<NET-CHANGE-FROM-OPS> 4,020,955
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (936,906)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 53,074
<NUMBER-OF-SHARES-REDEEMED> 0
<SHARES-REINVESTED> 24
<NET-CHANGE-IN-ASSETS> 202,064,773
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 0
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 0
<AVERAGE-NET-ASSETS> 86,206
<PER-SHARE-NAV-BEGIN> 8.41
<PER-SHARE-NII> .01
<PER-SHARE-GAIN-APPREC> (.08)
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> (.03)
<RETURNS-OF-CAPITAL>0
<PER-SHARE-NAV-END> 8.31
<EXPENSE-RATIO> .16 %
<AVG-DEBT-OUTSTANDING>
<AVG-DEBT-PER-SHARE>
</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM Putnam Asset
Allocation Balanced Class Y AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL
STATEMENTS.
</LEGEND>
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> SEPT-30-1994
<PERIOD-END> SEPT-30-1994
<INVESTMENTS-AT-COST> 200,756,663
<INVESTMENTS-AT-VALUE> 204,839,037
<RECEIVABLES> 6,242,514
<ASSETS-OTHER> 64,804
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 211,146,355
<PAYABLE-FOR-SECURITIES> 7,781,237
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 1,267,012
<TOTAL-LIABILITIES> 9,048,249
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 199,016,443
<SHARES-COMMON-STOCK> 7,933,277
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 424,096
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (1,145,898)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 3,805,317
<NET-ASSETS> 202,098,106
<DIVIDEND-INCOME> 731,699
<INTEREST-INCOME> 1,665,185
<OTHER-INCOME> 0
<EXPENSES-NET> 860,675
<NET-INVESTMENT-INCOME> 1,536,209
<REALIZED-GAINS-CURRENT> (1,318,719)
<APPREC-INCREASE-CURRENT> 3,805,317
<NET-CHANGE-FROM-OPS> 4,020,955
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (936,906)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 8,070,025
<NUMBER-OF-SHARES-REDEEMED> (185,652)
<SHARES-REINVESTED> 48,904
<NET-CHANGE-IN-ASSETS> 202,064,773
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 0
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 0
<AVERAGE-NET-ASSETS> 66,035,079
<PER-SHARE-NAV-BEGIN> 8.11
<PER-SHARE-NII> .05
<PER-SHARE-GAIN-APPREC> .22
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> (.05)
<RETURNS-OF-CAPITAL>0
<PER-SHARE-NAV-END> 8.33
<EXPENSE-RATIO> .23%
<AVG-DEBT-OUTSTANDING>
<AVG-DEBT-PER-SHARE>
</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED
FROM Putnam Asset Allocaitons Conservative Class A AND IS QUALIFIED IN ITS
ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> SEPT-30-1994
<PERIOD-END> SEPT-30-1994
<INVESTMENTS-AT-COST> 64,934,631
<INVESTMENTS-AT-VALUE> 65,164,451
<RECEIVABLES> 2,303,479
<ASSETS-OTHER> 28,700
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 67,496,630
<PAYABLE-FOR-SECURITIES> 1,814,476
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 753,893
<TOTAL-LIABILITIES> 2,568,369
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 65,147,057
<SHARES-COMMON-STOCK> 3,130,905
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 241,931
<ACCUMULATED-NET-GAINS> (589,693)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 241,931
<NET-ASSETS> 64,928,261
<DIVIDEND-INCOME> 151,476
<INTEREST-INCOME> 943,675
<OTHER-INCOME> 0
<EXPENSES-NET> 359,775
<NET-INVESTMENT-INCOME> 735,376
<REALIZED-GAINS-CURRENT> (715,262)
<APPREC-INCREASE-CURRENT> 128,966
<NET-CHANGE-FROM-OPS> 149,080
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (368,606)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 3,273,121
<NUMBER-OF-SHARES-REDEEMED> (162,678)
<SHARES-REINVESTED> 18,502
<NET-CHANGE-IN-ASSETS> 64,894,928
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 0
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 0
<AVERAGE-NET-ASSETS> 13,591,170
<PER-SHARE-NAV-BEGIN> 8.50
<PER-SHARE-NII> .18
<PER-SHARE-GAIN-APPREC> (.39)
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> (.06)
<RETURNS-OF-CAPITAL>0
<PER-SHARE-NAV-END> 8.23
<EXPENSE-RATIO> .75%
<AVG-DEBT-OUTSTANDING>
<AVG-DEBT-PER-SHARE>
</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM Putnam Asset
Allocaitons Conservative Class B AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL
STATEMENTS.
</LEGEND>
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> SEPT-30-1994
<PERIOD-END> SEPT-30-1994
<INVESTMENTS-AT-COST> 64,934,631
<INVESTMENTS-AT-VALUE> 65,164,451
<RECEIVABLES> 1,652,529
<ASSETS-OTHER> 679,650
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 67,496,630
<PAYABLE-FOR-SECURITIES> 1,814,476
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 753,893
<TOTAL-LIABILITIES> 2,568,369
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 65,147,057
<SHARES-COMMON-STOCK> 4,708,798
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 241,931
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (589,693)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 128,659
<NET-ASSETS> 64,928,261
<DIVIDEND-INCOME> 151,476
<INTEREST-INCOME> 943,675
<OTHER-INCOME> 0
<EXPENSES-NET> 359,775
<NET-INVESTMENT-INCOME> 735,376
<REALIZED-GAINS-CURRENT> (715,262)
<APPREC-INCREASE-CURRENT> 128,659
<NET-CHANGE-FROM-OPS> 149,080
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (368,606)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 5,077,331
<NUMBER-OF-SHARES-REDEEMED> (389,973)
<SHARES-REINVESTED> 19,480
<NET-CHANGE-IN-ASSETS> 64,894,928
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 0
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 0
<AVERAGE-NET-ASSETS> 24,016,724
<PER-SHARE-NAV-BEGIN> 8.50
<PER-SHARE-NII> .15
<PER-SHARE-GAIN-APPREC> (.39)
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> (.04)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 8.22
<EXPENSE-RATIO> 1.21%
<AVG-DEBT-OUTSTANDING>
<AVG-DEBT-PER-SHARE>
</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM Putnam Asset
Allocaitons Conservative Class C AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL
STATEMENTS.
</LEGEND>
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> SEPT-30-1994
<PERIOD-END> SEPT-30-1994
<INVESTMENTS-AT-COST> 64,934,631
<INVESTMENTS-AT-VALUE> 65,164,451
<RECEIVABLES> 1,652,529
<ASSETS-OTHER> 679,650
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 67,496,630
<PAYABLE-FOR-SECURITIES> 1,814,476
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 753,893
<TOTAL-LIABILITIES> 2,568,369
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 65,147,057
<SHARES-COMMON-STOCK> 33,203
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 241,931
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (589,693)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 128,659
<NET-ASSETS> 64,928,261
<DIVIDEND-INCOME> 151,476
<INTEREST-INCOME> 943,675
<OTHER-INCOME> 0
<EXPENSES-NET> 359,775
<NET-INVESTMENT-INCOME> 735,376
<REALIZED-GAINS-CURRENT> (715,262)
<APPREC-INCREASE-CURRENT> 128,659
<NET-CHANGE-FROM-OPS> 149,080
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (368,606)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 33,186
<NUMBER-OF-SHARES-REDEEMED> 0
<SHARES-REINVESTED> 17
<NET-CHANGE-IN-ASSETS> 64,894,928
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 0
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 0
<AVERAGE-NET-ASSETS> 257,588
<PER-SHARE-NAV-BEGIN> 8.33
<PER-SHARE-NII> .03
<PER-SHARE-GAIN-APPREC> (.10)
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> (.04)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 8.22
<EXPENSE-RATIO> .16%
<AVG-DEBT-OUTSTANDING>
<AVG-DEBT-PER-SHARE>
</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED
FROM Putnam Asset Allocaitons Conservative Class Y AND IS QUALIFIED IN ITS
ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> SEPT-30-1994
<PERIOD-END> SEPT-30-1994
<INVESTMENTS-AT-COST> 64,934,631
<INVESTMENTS-AT-VALUE> 65,164,451
<RECEIVABLES> 1,652,529
<ASSETS-OTHER> 679,650
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 67,496,630
<PAYABLE-FOR-SECURITIES> 1,814,476
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 753,893
<TOTAL-LIABILITIES> 2,568,369
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 65,147,057
<SHARES-COMMON-STOCK> 19,801
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 241,931
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (589,693)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 128,659
<NET-ASSETS> 64,928,261
<DIVIDEND-INCOME> 151,476
<INTEREST-INCOME> 943,675
<OTHER-INCOME> 0
<EXPENSES-NET> 359,775
<NET-INVESTMENT-INCOME> 735,376
<REALIZED-GAINS-CURRENT> (715,262)
<APPREC-INCREASE-CURRENT> 128,659
<NET-CHANGE-FROM-OPS> 149,080
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (368,606)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 21,200
<NUMBER-OF-SHARES-REDEEMED> (1,518)
<SHARES-REINVESTED> 119
<NET-CHANGE-IN-ASSETS> 64,894,928
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 0
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 0
<AVERAGE-NET-ASSETS> 78,582
<PER-SHARE-NAV-BEGIN> 8.23
<PER-SHARE-NII> .07
<PER-SHARE-GAIN-APPREC> 0
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> (.07)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 8.23
<EXPENSE-RATIO> .21%
<AVG-DEBT-OUTSTANDING>
<AVG-DEBT-PER-SHARE>
</TABLE>
