<PAGE> PAGE 1
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<PAGE> PAGE 2
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<PAGE> PAGE 3
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<PAGE> PAGE 4
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<PAGE> PAGE 5
070 N02AA00 N
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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 9
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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.
<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
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</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
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</LEGEND>
<S> <C>
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<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 2,988,579
<NUMBER-OF-SHARES-REDEEMED> (1,793,827)
<SHARES-REINVESTED> 63,673
<NET-CHANGE-IN-ASSETS> 29,419,933
<ACCUMULATED-NII-PRIOR> 241,931
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> (589,693)
<GROSS-ADVISORY-FEES> 278,909
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 640,654
<AVERAGE-NET-ASSETS> 31,961,990
<PER-SHARE-NAV-BEGIN> 8.23
<PER-SHARE-NII> .16
<PER-SHARE-GAIN-APPREC> .17
<PER-SHARE-DIVIDEND> (.15)
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 8.41
<EXPENSE-RATIO> .58
<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 A AND IS QUALIFIED IN ITS ENTIRETY BY
REFERENCE TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> SEP-30-1995
<PERIOD-END> MAR-31-1995
<INVESTMENTS-AT-COST> 154,769,842
<INVESTMENTS-AT-VALUE> 163,786,217
<RECEIVABLES> 4,176,975
<ASSETS-OTHER> 166
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 167,963,358
<PAYABLE-FOR-SECURITIES> 4,736,742
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 1,747,513
<TOTAL-LIABILITIES> 6,484,255
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 154,255,521
<SHARES-COMMON-STOCK> 8,617,503
<SHARES-COMMON-PRIOR> 5,183,011
<ACCUMULATED-NII-CURRENT> 607,541
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (1,779,881)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 8,395,922
<NET-ASSETS> 161,479,103
<DIVIDEND-INCOME> 1,044,740
<INTEREST-INCOME> 1,131,391
<OTHER-INCOME> 0
<EXPENSES-NET> 1,088,971
<NET-INVESTMENT-INCOME> 1,087,160
<REALIZED-GAINS-CURRENT> (1,030,421)
<APPREC-INCREASE-CURRENT> 6,208,519
<NET-CHANGE-FROM-OPS> 6,265,258
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (496,426)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 4,580,020
<NUMBER-OF-SHARES-REDEEMED> (1,132,751)
<SHARES-REINVESTED> 59,223
<NET-CHANGE-IN-ASSETS> 65,986,079
<ACCUMULATED-NII-PRIOR> 417,975
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> (749,460)
<GROSS-ADVISORY-FEES> 447,875
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 1,088,971
<AVERAGE-NET-ASSETS> 60,055,554
<PER-SHARE-NAV-BEGIN> 8.43
<PER-SHARE-NII> .07
<PER-SHARE-GAIN-APPREC> .28
<PER-SHARE-DIVIDEND> (.08)
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 8.70
<EXPENSE-RATIO> .66
<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 B AND IS QUALIFIED IN ITS ENTIRETY
BY REFERENCE TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> SEP-30-1995
<PERIOD-END> MAR-31-1995
<INVESTMENTS-AT-COST> 295,532,336
<INVESTMENTS-AT-VALUE> 310,556,501
<RECEIVABLES> 7,704,307
<ASSETS-OTHER> 949
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 318,261,757
<PAYABLE-FOR-SECURITIES> 8,612,075
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 3,756,676
<TOTAL-LIABILITIES> 12,368,751
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 294,108,789
<SHARES-COMMON-STOCK> 13,956,406
<SHARES-COMMON-PRIOR> 9,759,421
<ACCUMULATED-NII-CURRENT> 1,106,224
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (3,184,136)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 13,862,129
<NET-ASSETS> 305,893,006
<DIVIDEND-INCOME> 1,608,186
<INTEREST-INCOME> 3,832,940
<OTHER-INCOME> 0
<EXPENSES-NET> 1,777,515
<NET-INVESTMENT-INCOME> 3,663,611
<REALIZED-GAINS-CURRENT> (2,038,238)
<APPREC-INCREASE-CURRENT> 10,058,664
<NET-CHANGE-FROM-OPS> 11,684,037
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (944,792)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 4,967,337
<NUMBER-OF-SHARES-REDEEMED> (876,694)
<SHARES-REINVESTED> 106,342
<NET-CHANGE-IN-ASSETS> 103,794,900
<ACCUMULATED-NII-PRIOR> 424,096
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> (1,145,898)
<GROSS-ADVISORY-FEES> 886,764
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 1,777,515
<AVERAGE-NET-ASSETS> 99,903,969
<PER-SHARE-NAV-BEGIN> 8.31
<PER-SHARE-NII> .09
<PER-SHARE-GAIN-APPREC> .21
<PER-SHARE-DIVIDEND> (.08)
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 8.53
<EXPENSE-RATIO> .96
<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 Conservative Class B AND IS QUALIFIED IN ITS
ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> SEP-30-1995
<PERIOD-END> MAR-31-1995
<INVESTMENTS-AT-COST> 94,329,862
<INVESTMENTS-AT-VALUE> 97,283,246
<RECEIVABLES> 2,467,216
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 99,750,462
<PAYABLE-FOR-SECURITIES> 4,173,528
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 1,228,740
<TOTAL-LIABILITIES> 5,402,268
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 92,455,778
<SHARES-COMMON-STOCK> 6,220,738
<SHARES-COMMON-PRIOR> 4,708,798
<ACCUMULATED-NII-CURRENT> 520,458
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (1,399,461)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 2,771,419
<NET-ASSETS> 94,348,194
<DIVIDEND-INCOME> 280,499
<INTEREST-INCOME> 1,959,112
<OTHER-INCOME> 0
<EXPENSES-NET> 640,654
<NET-INVESTMENT-INCOME> 1,598,957
<REALIZED-GAINS-CURRENT> (809,768)
<APPREC-INCREASE-CURRENT> 2,642,453
<NET-CHANGE-FROM-OPS> 3,431,642
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (678,850)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 2,165,415
<NUMBER-OF-SHARES-REDEEMED> (726,119)
<SHARES-REINVESTED> 72,644
<NET-CHANGE-IN-ASSETS> 29,419,933
<ACCUMULATED-NII-PRIOR> 241,931
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> (589,693)
<GROSS-ADVISORY-FEES> 278,909
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 640,654
<AVERAGE-NET-ASSETS> 45,513,790
<PER-SHARE-NAV-BEGIN> 8.22
<PER-SHARE-NII> .14
<PER-SHARE-GAIN-APPREC> .15
<PER-SHARE-DIVIDEND> (.12)
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 8.39
<EXPENSE-RATIO> .96
<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 B AND IS QUALIFIED IN ITS ENTIRETY BY
REFERENCE TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> SEP-30-1995
<PERIOD-END> MAR-31-1995
<INVESTMENTS-AT-COST> 154,769,842
<INVESTMENTS-AT-VALUE> 163,786,217
<RECEIVABLES> 4,176,975
<ASSETS-OTHER> 166
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 167,963,358
<PAYABLE-FOR-SECURITIES> 4,736,742
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 1,747,513
<TOTAL-LIABILITIES> 6,484,255
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 154,255,521
<SHARES-COMMON-STOCK> 9,085,689
<SHARES-COMMON-PRIOR> 6,039,497
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (1,779,881)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 8,395,922
<NET-ASSETS> 161,479,103
<DIVIDEND-INCOME> 1,044,740
<INTEREST-INCOME> 1,131,391
<OTHER-INCOME> 0
<EXPENSES-NET> 1,088,971
<NET-INVESTMENT-INCOME> 1,087,160
<REALIZED-GAINS-CURRENT> (1,030,421)
<APPREC-INCREASE-CURRENT> 6,208,519
<NET-CHANGE-FROM-OPS> 6,265,258
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (367,240)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 3,657,006
<NUMBER-OF-SHARES-REDEEMED> (652,634)
<SHARES-REINVESTED> 41,820
<NET-CHANGE-IN-ASSETS> 65,986,079
<ACCUMULATED-NII-PRIOR> 417,975
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> (749,460)
<GROSS-ADVISORY-FEES> 447,875
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 1,088,971
<AVERAGE-NET-ASSETS> 63,912,103
<PER-SHARE-NAV-BEGIN> 8.39
<PER-SHARE-NII> .05
<PER-SHARE-GAIN-APPREC> .27
<PER-SHARE-DIVIDEND> (.05)
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 8.66
<EXPENSE-RATIO> 1.03
<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 C AND IS QUALIFIED IN ITS ENTIRETY
BY REFERENCE TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> SEP-30-1995
<PERIOD-END> MAR-31-1995
<INVESTMENTS-AT-COST> 295,532,336
<INVESTMENTS-AT-VALUE> 310,556,501
<RECEIVABLES> 7,704,307
<ASSETS-OTHER> 949
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 318,261,757
<PAYABLE-FOR-SECURITIES> 8,612,075
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 3,756,676
<TOTAL-LIABILITIES> 12,368,751
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 294,108,789
<SHARES-COMMON-STOCK> 865,880
<SHARES-COMMON-PRIOR> 53,098
<ACCUMULATED-NII-CURRENT> 1,106,224
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (3,184,136)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 13,862,129
<NET-ASSETS> 305,893,006
<DIVIDEND-INCOME> 1,608,186
<INTEREST-INCOME> 3,832,940
<OTHER-INCOME> 0
<EXPENSES-NET> 1,777,515
<NET-INVESTMENT-INCOME> 3,663,611
<REALIZED-GAINS-CURRENT> (2,038,238)
<APPREC-INCREASE-CURRENT> 10,058,664
<NET-CHANGE-FROM-OPS> 11,684,037
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (46,899)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 823,393
<NUMBER-OF-SHARES-REDEEMED> (12,421)
<SHARES-REINVESTED> 1,810
<NET-CHANGE-IN-ASSETS> 103,794,900
<ACCUMULATED-NII-PRIOR> 424,096
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> (1,145,898)
<GROSS-ADVISORY-FEES> 886,764
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 1,777,515
<AVERAGE-NET-ASSETS> 3,155,757
<PER-SHARE-NAV-BEGIN> 8.31
<PER-SHARE-NII> .09
<PER-SHARE-GAIN-APPREC> .21
<PER-SHARE-DIVIDEND> (.10)
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 8.51
<EXPENSE-RATIO> .86
<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 Conservative Class C AND IS QUALIFIED IN ITS
ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> SEP-30-1995
<PERIOD-END> MAR-31-1995
<INVESTMENTS-AT-COST> 94,329,862
<INVESTMENTS-AT-VALUE> 97,283,246
<RECEIVABLES> 2,467,216
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 99,750,462
<PAYABLE-FOR-SECURITIES> 4,173,528
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 1,228,740
<TOTAL-LIABILITIES> 5,402,268
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 92,455,778
<SHARES-COMMON-STOCK> 477,683
<SHARES-COMMON-PRIOR> 33,203
<ACCUMULATED-NII-CURRENT> 520,458
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (1,399,461)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 2,771,419
<NET-ASSETS> 94,348,194
<DIVIDEND-INCOME> 280,499
<INTEREST-INCOME> 1,959,112
<OTHER-INCOME> 0
<EXPENSES-NET> 640,654
<NET-INVESTMENT-INCOME> 1,598,957
<REALIZED-GAINS-CURRENT> (809,768)
<APPREC-INCREASE-CURRENT> 2,642,453
<NET-CHANGE-FROM-OPS> 3,431,642
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (35,755)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 415,385
<NUMBER-OF-SHARES-REDEEMED> (17,932)
<SHARES-REINVESTED> 4,027
<NET-CHANGE-IN-ASSETS> 29,419,933
<ACCUMULATED-NII-PRIOR> 241,931
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> (589,693)
<GROSS-ADVISORY-FEES> 278,909
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 640,654
<AVERAGE-NET-ASSETS> 1,872,107
<PER-SHARE-NAV-BEGIN> 8.22
<PER-SHARE-NII> .13
<PER-SHARE-GAIN-APPREC> .16
<PER-SHARE-DIVIDEND> (.14)
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 8.37
<EXPENSE-RATIO> .84
<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 C AND IS QUALIFIED IN ITS ENTIRETY BY
REFERENCE TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> SEP-30-1995
<PERIOD-END> MAR-31-1995
<INVESTMENTS-AT-COST> 154,769,842
<INVESTMENTS-AT-VALUE> 163,786,217
<RECEIVABLES> 4,176,975
<ASSETS-OTHER> 166
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 167,963,358
<PAYABLE-FOR-SECURITIES> 4,736,742
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 1,747,513
<TOTAL-LIABILITIES> 6,484,255
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 154,255,521
<SHARES-COMMON-STOCK> 569,443
<SHARES-COMMON-PRIOR> 45,905
<ACCUMULATED-NII-CURRENT> 607,541
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (1,779,881)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 8,395,922
<NET-ASSETS> 161,479,103
<DIVIDEND-INCOME> 1,044,740
<INTEREST-INCOME> 1,131,391
<OTHER-INCOME> 0
<EXPENSES-NET> 1,088,971
<NET-INVESTMENT-INCOME> 1,087,160
<REALIZED-GAINS-CURRENT> (1,030,421)
<APPREC-INCREASE-CURRENT> 6,208,519
<NET-CHANGE-FROM-OPS> 6,265,258
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (17,618)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 542,009
<NUMBER-OF-SHARES-REDEEMED> (20,830)
<SHARES-REINVESTED> 2,359
<NET-CHANGE-IN-ASSETS> 65,986,079
<ACCUMULATED-NII-PRIOR> 417,975
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> (749,460)
<GROSS-ADVISORY-FEES> 447,875
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 1,088,971
<AVERAGE-NET-ASSETS> 2,538,864
<PER-SHARE-NAV-BEGIN> 8.39
<PER-SHARE-NII> .07
<PER-SHARE-GAIN-APPREC> .25
<PER-SHARE-DIVIDEND> (.08)
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 8.63
<EXPENSE-RATIO> .98
<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 M AND IS QUALIFIED IN ITS ENTIRETY
BY REFERENCE TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> SEP-30-1995
<PERIOD-END> MAR-31-1995
<INVESTMENTS-AT-COST> 295,532,336
<INVESTMENTS-AT-VALUE> 310,556,501
<RECEIVABLES> 7,704,307
<ASSETS-OTHER> 949
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 318,261,757
<PAYABLE-FOR-SECURITIES> 8,612,075
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 3,756,676
<TOTAL-LIABILITIES> 12,368,751
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 294,108,789
<SHARES-COMMON-STOCK> 51,222
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 1,106,224
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (3,184,136)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 13,862,129
<NET-ASSETS> 305,893,006
<DIVIDEND-INCOME> 1,608,186
<INTEREST-INCOME> 3,832,940
<OTHER-INCOME> 0
<EXPENSES-NET> 1,777,515
<NET-INVESTMENT-INCOME> 3,663,611
<REALIZED-GAINS-CURRENT> (2,038,238)
<APPREC-INCREASE-CURRENT> 10,058,664
<NET-CHANGE-FROM-OPS> 11,684,037
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (1,163)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 51,222
<NUMBER-OF-SHARES-REDEEMED> 0
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 103,794,900
<ACCUMULATED-NII-PRIOR> 424,096
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> (1,145,898)
<GROSS-ADVISORY-FEES> 886,764
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 1,777,515
<AVERAGE-NET-ASSETS> 155,236
<PER-SHARE-NAV-BEGIN> 8.34
<PER-SHARE-NII> .04
<PER-SHARE-GAIN-APPREC> .21
<PER-SHARE-DIVIDEND> (.05)
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 8.54
<EXPENSE-RATIO> .27
<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 M AND IS QUALIFIED IN ITS ENTIRETY
BY REFERENCE TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
<S> <C>
<PERIOD-TYPE> SEMI
<FISCAL-YEAR-END> SEP-30-1995
<PERIOD-END> MAR-31-1995
<INVESTMENTS-AT-COST> 154,769,842
<INVESTMENTS-AT-VALUE> 163,786,217
<RECEIVABLES> 4,176,975
<ASSETS-OTHER> 166
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 167,963,358
<PAYABLE-FOR-SECURITIES> 4,736,742
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 1,747,513
<TOTAL-LIABILITIES> 6,484,255
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 154,255,521
<SHARES-COMMON-STOCK> 48,892
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 607,541
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (1,779,881)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 8,395,922
<NET-ASSETS> 161,479,103
<DIVIDEND-INCOME> 1,044,740
<INTEREST-INCOME> 1,131,391
<OTHER-INCOME> 0
<EXPENSES-NET> 1,088,971
<NET-INVESTMENT-INCOME> 1,087,160
<REALIZED-GAINS-CURRENT> (1,030,421)
<APPREC-INCREASE-CURRENT> 6,208,519
<NET-CHANGE-FROM-OPS> 6,265,258
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 49,120
<NUMBER-OF-SHARES-REDEEMED> (228)
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 65,986,079
<ACCUMULATED-NII-PRIOR> 417,975
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> (749,460)
<GROSS-ADVISORY-FEES> 447,875
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 1,088,971
<AVERAGE-NET-ASSETS> 191,017
<PER-SHARE-NAV-BEGIN> 8.39
<PER-SHARE-NII> .01
<PER-SHARE-GAIN-APPREC> .29
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 8.69
<EXPENSE-RATIO> .31
<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 Conservative Class M AND IS QUALIFIED IN ITS
ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> SEP-30-1995
<PERIOD-END> MAR-31-1995
<INVESTMENTS-AT-COST> 94,329,862
<INVESTMENTS-AT-VALUE> 97,283,246
<RECEIVABLES> 2,467,216
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 99,750,462
<PAYABLE-FOR-SECURITIES> 4,173,528
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 1,228,740
<TOTAL-LIABILITIES> 5,402,268
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 92,455,778
<SHARES-COMMON-STOCK> 55,075
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 520,458
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (1,399,461)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 2,771,419
<NET-ASSETS> 94,348,194
<DIVIDEND-INCOME> 280,499
<INTEREST-INCOME> 1,959,112
<OTHER-INCOME> 0
<EXPENSES-NET> 640,654
<NET-INVESTMENT-INCOME> 1,598,957
<REALIZED-GAINS-CURRENT> (809,768)
<APPREC-INCREASE-CURRENT> 2,642,453
<NET-CHANGE-FROM-OPS> 3,431,642
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (2,708)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 56,277
<NUMBER-OF-SHARES-REDEEMED> (1,202)
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 29,419,933
<ACCUMULATED-NII-PRIOR> 241,531
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> (589,693)
<GROSS-ADVISORY-FEES> 278,909
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 640,654
<AVERAGE-NET-ASSETS> 312,949
<PER-SHARE-NAV-BEGIN> 8.21
<PER-SHARE-NII> .05
<PER-SHARE-GAIN-APPREC> .19
<PER-SHARE-DIVIDEND> (.06)
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 8.39
<EXPENSE-RATIO> .20
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
^WPCD^
</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 Conservative Class Y AND IS QUALIFIED IN ITS
ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> SEP-30-1995
<PERIOD-END> MAR-31-1995
<INVESTMENTS-AT-COST> 94,329,862
<INVESTMENTS-AT-VALUE> 97,283,246
<RECEIVABLES> 2,467,216
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 99,750,462
<PAYABLE-FOR-SECURITIES> 4,173,528
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 1,228,740
<TOTAL-LIABILITIES> 5,402,268
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 92,455,778
<SHARES-COMMON-STOCK> 93,258
<SHARES-COMMON-PRIOR> 19,801
<ACCUMULATED-NII-CURRENT> 520,458
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (1,399,461)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 2,771,419
<NET-ASSETS> 94,348,194
<DIVIDEND-INCOME> 280,499
<INTEREST-INCOME> 1,959,112
<OTHER-INCOME> 0
<EXPENSES-NET> 640,654
<NET-INVESTMENT-INCOME> 1,598,957
<REALIZED-GAINS-CURRENT> (809,768)
<APPREC-INCREASE-CURRENT> 2,642,453
<NET-CHANGE-FROM-OPS> 3,431,642
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (10,106)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 76,138
<NUMBER-OF-SHARES-REDEEMED> (3,821)
<SHARES-REINVESTED> 1,140
<NET-CHANGE-IN-ASSETS> 29,419,933
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> (589,693)
<GROSS-ADVISORY-FEES> 278,909
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 640,654
<AVERAGE-NET-ASSETS> 467,291
<PER-SHARE-NAV-BEGIN> 8.23
<PER-SHARE-NII> .18
<PER-SHARE-GAIN-APPREC> .15
<PER-SHARE-DIVIDEND> (.16)
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 8.40
<EXPENSE-RATIO> .43
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<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> SEP-30-1995
<PERIOD-END> MAR-31-1995
<INVESTMENTS-AT-COST> 154,769,842
<INVESTMENTS-AT-VALUE> 163,786,217
<RECEIVABLES> 4,176,975
<ASSETS-OTHER> 166
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 167,963,358
<PAYABLE-FOR-SECURITIES> 4,736,742
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 1,747,513
<TOTAL-LIABILITIES> 6,484,255
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 154,255,521
<SHARES-COMMON-STOCK> 286,450
<SHARES-COMMON-PRIOR> 91,920
<ACCUMULATED-NII-CURRENT> 617,541
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (1,779,881)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 8,395,922
<NET-ASSETS> 161,479,103
<DIVIDEND-INCOME> 1,044,740
<INTEREST-INCOME> 1,131,391
<OTHER-INCOME> 0
<EXPENSES-NET> 1,088,971
<NET-INVESTMENT-INCOME> 1,087,160
<REALIZED-GAINS-CURRENT> (1,030,421)
<APPREC-INCREASE-CURRENT> 6,208,519
<NET-CHANGE-FROM-OPS> 6,265,258
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (16,310)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 217,973
<NUMBER-OF-SHARES-REDEEMED> (25,469)
<SHARES-REINVESTED> 2,026
<NET-CHANGE-IN-ASSETS> 65,986,071
<ACCUMULATED-NII-PRIOR> 417,975
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> (749,460)
<GROSS-ADVISORY-FEES> 447,875
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 1,088,971
<AVERAGE-NET-ASSETS> 1,750,171
<PER-SHARE-NAV-BEGIN> 8.43
<PER-SHARE-NII> .09
<PER-SHARE-GAIN-APPREC> .26
<PER-SHARE-DIVIDEND> (.08)
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 8.70
<EXPENSE-RATIO> .54
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
