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SIGNATURE PAUL BUCAVALAS
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 Fund Class A AND IS QUALIFIED
IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
<S> <C>
<PERIOD-TYPE> YEAR
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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 Fund Class B AND IS QUALIFIED
IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
<S> <C>
<PERIOD-TYPE> YEAR
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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 Fund Class C AND IS QUALIFIED
IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
<S> <C>
<PERIOD-TYPE> YEAR
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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 Fund Class M AND IS QUALIFIED
IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
<S> <C>
<PERIOD-TYPE> YEAR
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<PERIOD-END> SEP-30-95
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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 Fund Class Y AND IS QUALIFIED
IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
<S> <C>
<PERIOD-TYPE> YEAR
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<PERIOD-END> SEP-30-95
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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 Fund Class A shares AND IS
QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
<S> <C>
<PERIOD-TYPE> YEAR
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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 Fund Class B shares AND IS
QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
<S> <C>
<PERIOD-TYPE> YEAR
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<PER-SHARE-NAV-BEGIN> 8.22
<PER-SHARE-NII> .30
<PER-SHARE-GAIN-APPREC> .85
<PER-SHARE-DIVIDEND> (.21)
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 9.16
<EXPENSE-RATIO> 1.98
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
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 Fund Class C shares AND IS
QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> SEP-30-95
<PERIOD-END> SEP-30-95
<INVESTMENTS-AT-COST> 130,123,772
<INVESTMENTS-AT-VALUE> 138,596,422
<RECEIVABLES> 5,070,612
<ASSETS-OTHER> 42,587
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 143,709,621
<PAYABLE-FOR-SECURITIES> 9,157,966
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 1,045,121
<TOTAL-LIABILITIES> 10,203,087
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 122,141,251
<SHARES-COMMON-STOCK> 786,951
<SHARES-COMMON-PRIOR> 33,203
<ACCUMULATED-NII-CURRENT> 1,145,263
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 1,826,396
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 8,393,624
<NET-ASSETS> 133,506,534
<DIVIDEND-INCOME> 700,089
<INTEREST-INCOME> 4,772,176
<OTHER-INCOME> 0
<EXPENSES-NET> 1,550,135
<NET-INVESTMENT-INCOME> 3,922,130
<REALIZED-GAINS-CURRENT> 2,032,757
<APPREC-INCREASE-CURRENT> 8,264,658
<NET-CHANGE-FROM-OPS> 14,219,545
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (99,096)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 803,430
<NUMBER-OF-SHARES-REDEEMED> (56,504)
<SHARES-REINVESTED> 6,822
<NET-CHANGE-IN-ASSETS> 68,578,273
<ACCUMULATED-NII-PRIOR> 241,931
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> (589,693)
<GROSS-ADVISORY-FEES> 671,090
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 1,595,933
<AVERAGE-NET-ASSETS> 3,840,649
<PER-SHARE-NAV-BEGIN> 8.22
<PER-SHARE-NII> .29
<PER-SHARE-GAIN-APPREC> .87
<PER-SHARE-DIVIDEND> (.23)
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 9.15
<EXPENSE-RATIO> 1.89
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
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 Fund Class M shares AND IS
QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> SEP-30-95
<PERIOD-END> SEP-30-95
<INVESTMENTS-AT-COST> 130,123,772
<INVESTMENTS-AT-VALUE> 138,596,422
<RECEIVABLES> 5,070,612
<ASSETS-OTHER> 42,587
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 143,709,621
<PAYABLE-FOR-SECURITIES> 9,157,966
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 1,045,121
<TOTAL-LIABILITIES> 10,203,087
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 122,141,251
<SHARES-COMMON-STOCK> 148,920
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 1,145,263
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 1,826,396
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 8,393,624
<NET-ASSETS> 133,506,534
<DIVIDEND-INCOME> 700,089
<INTEREST-INCOME> 4,772,176
<OTHER-INCOME> 0
<EXPENSES-NET> 1,550,135
<NET-INVESTMENT-INCOME> 3,922,130
<REALIZED-GAINS-CURRENT> 2,032,757
<APPREC-INCREASE-CURRENT> 8,264,658
<NET-CHANGE-FROM-OPS> 14,219,545
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (14,906)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 160,768
<NUMBER-OF-SHARES-REDEEMED> (12,580)
<SHARES-REINVESTED> 732
<NET-CHANGE-IN-ASSETS> 68,578,273
<ACCUMULATED-NII-PRIOR> 241,931
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> (589,693)
<GROSS-ADVISORY-FEES> 671,090
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 1,595,933
<AVERAGE-NET-ASSETS> 793,315
<PER-SHARE-NAV-BEGIN> 8.21
<PER-SHARE-NII> .21
<PER-SHARE-GAIN-APPREC> .92
<PER-SHARE-DIVIDEND> (.16)
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 9.18
<EXPENSE-RATIO> 1.10
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
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 Fund Class Y shares AND IS
QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> SEP-30-95
<PERIOD-END> SEP-30-95
<INVESTMENTS-AT-COST> 130,123,772
<INVESTMENTS-AT-VALUE> 138,596,422
<RECEIVABLES> 5,070,612
<ASSETS-OTHER> 42,587
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 143,709,621
<PAYABLE-FOR-SECURITIES> 9,157,966
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 1,045,121
<TOTAL-LIABILITIES> 10,203,087
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 122,141,251
<SHARES-COMMON-STOCK> 197,848
<SHARES-COMMON-PRIOR> 19,801
<ACCUMULATED-NII-CURRENT> 1,145,263
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 1,826,396
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 8,393,624
<NET-ASSETS> 133,506,534
<DIVIDEND-INCOME> 700,089
<INTEREST-INCOME> 4,772,176
<OTHER-INCOME> 0
<EXPENSES-NET> 1,550,135
<NET-INVESTMENT-INCOME> 3,922,130
<REALIZED-GAINS-CURRENT> 2,032,757
<APPREC-INCREASE-CURRENT> 8,264,658
<NET-CHANGE-FROM-OPS> 14,219,545
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (30,206)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 193,082
<NUMBER-OF-SHARES-REDEEMED> (17,269)
<SHARES-REINVESTED> 2,234
<NET-CHANGE-IN-ASSETS> 68,578,273
<ACCUMULATED-NII-PRIOR> 241,931
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> (589,693)
<GROSS-ADVISORY-FEES> 671,090
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 1,595,933
<AVERAGE-NET-ASSETS> 844,845
<PER-SHARE-NAV-BEGIN> 8.23
<PER-SHARE-NII> .36
<PER-SHARE-GAIN-APPREC> .89
<PER-SHARE-DIVIDEND> (.29)
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 9.19
<EXPENSE-RATIO> .92
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
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 Fund Class A AND IS QUALIFIED I
N ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> Sept-30-95
<PERIOD-END> Sept-30-95
<INVESTMENTS-AT-COST 267,595,281
<INVESTMENTS-AT-VALUE> 301,741,263
<RECEIVABLES> 5,169,037
<ASSETS-OTHER> 42,523
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 306,952,823
<PAYABLE-FOR-SECURITIES> 10,279,108
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 1,888,435
<TOTAL-LIABILITIES> 12,167,543
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 252,464,005
<SHARES-COMMON-STOCK> 12,147,719
<SHARES-COMMON-PRIOR> 5,183,011
<ACCUMULATED-NII-CURRENT> 2,524,604
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 5,596,707
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 34,199,964
<NET-ASSETS> 294,785,280
<DIVIDEND-INCOME> 2,882,500
<INTEREST-INCOME> 3,483,533
<OTHER-INCOME> 0
<EXPENSES-NET> 3,309,685
<NET-INVESTMENT-INCOME> 3,056,348
<REALIZED-GAINS-CURRENT> 6,293,162
<APPREC-INCREASE-CURRENT> 32,013,561
<NET-CHANGE-FROM-OPS> 41,362,071
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (496,426)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 14,353,882
<NUMBER-OF-SHARES-REDEEMED> (7,449,039)
<SHARES-REINVESTED> 59,865
<NET-CHANGE-IN-ASSETS> 199,292,256
<ACCUMULATED-NII-PRIOR> 417,975
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> (749,460)
<GROSS-ADVISORY-FEES> 1,310,497
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 3,408,608
<AVERAGE-NET-ASSETS> 89,627,391
<PER-SHARE-NAV-BEGIN> 8.43
<PER-SHARE-NII> .17
<PER-SHARE-GAIN-APPREC> 1.57
<PER-SHARE-DIVIDEND> (.08)
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 10.09
<EXPENSE-RATIO> 1.28
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
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 Fund Class B AND IS QUALIFIED I
N ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> Sept-30-95
<PERIOD-END> Sept-30-95
<INVESTMENTS-AT-COST 267,595,281
<INVESTMENTS-AT-VALUE> 301,741,263
<RECEIVABLES> 5,169,037
<ASSETS-OTHER> 42,523
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 306,952,823
<PAYABLE-FOR-SECURITIES> 10,279,108
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 1,888,435
<TOTAL-LIABILITIES> 12,167,543
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 252,464,005
<SHARES-COMMON-STOCK> 11,655,653
<SHARES-COMMON-PRIOR> 6,039,497
<ACCUMULATED-NII-CURRENT> 2,524,604
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 5,596,707
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 34,199,964
<NET-ASSETS> 294,785,280
<DIVIDEND-INCOME> 2,882,500
<INTEREST-INCOME> 3,483,533
<OTHER-INCOME> 0
<EXPENSES-NET> 3,309,685
<NET-INVESTMENT-INCOME> 3,056,348
<REALIZED-GAINS-CURRENT> 6,293,162
<APPREC-INCREASE-CURRENT> 32,013,561
<NET-CHANGE-FROM-OPS> 41,362,071
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (367,240)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 6,951,560
<NUMBER-OF-SHARES-REDEEMED> (1,379,271)
<SHARES-REINVESTED> 43,865
<NET-CHANGE-IN-ASSETS> 199,292,256
<ACCUMULATED-NII-PRIOR> 417,975
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> (749,460)
<GROSS-ADVISORY-FEES> 1,310,497
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 3,408,608
<AVERAGE-NET-ASSETS> 81,448,706
<PER-SHARE-NAV-BEGIN> 8.39
<PER-SHARE-NII> .11
<PER-SHARE-GAIN-APPREC> 1.52
<PER-SHARE-DIVIDEND> (.05)
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 9.97
<EXPENSE-RATIO> 2.23
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
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 Fund Class C AND IS QUALIFIED I
N ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> Sept-30-95
<PERIOD-END> Sept-30-95
<INVESTMENTS-AT-COST 267,595,281
<INVESTMENTS-AT-VALUE> 301,741,263
<RECEIVABLES> 5,169,037
<ASSETS-OTHER> 42,523
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 306,952,823
<PAYABLE-FOR-SECURITIES> 10,279,108
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 1,888,435
<TOTAL-LIABILITIES> 12,167,543
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 252,464,005
<SHARES-COMMON-STOCK> 803,692
<SHARES-COMMON-PRIOR> 45,905
<ACCUMULATED-NII-CURRENT> 2,524,604
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 5,596,707
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 34,199,964
<NET-ASSETS> 294,785,280
<DIVIDEND-INCOME> 2,882,500
<INTEREST-INCOME> 3,483,533
<OTHER-INCOME> 0
<EXPENSES-NET> 3,309,685
<NET-INVESTMENT-INCOME> 3,056,348
<REALIZED-GAINS-CURRENT> 6,293,162
<APPREC-INCREASE-CURRENT> 32,013,561
<NET-CHANGE-FROM-OPS> 41,362,071
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (17,618)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 821,798
<NUMBER-OF-SHARES-REDEEMED> (66,382)
<SHARES-REINVESTED> 2,371
<NET-CHANGE-IN-ASSETS> 199,292,256
<ACCUMULATED-NII-PRIOR> 417,975
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> (749,460)
<GROSS-ADVISORY-FEES> 1,310,497
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 3,408,608
<AVERAGE-NET-ASSETS> 4,452,671
<PER-SHARE-NAV-BEGIN> 8.39
<PER-SHARE-NII> .11
<PER-SHARE-GAIN-APPREC> 1.51
<PER-SHARE-DIVIDEND> (.08)
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 9.93
<EXPENSE-RATIO> 2.23
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
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 Fund Class M AND IS QUALIFIED IN
ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> Sept-30-95
<PERIOD-END> Sept-30-95
<INVESTMENTS-AT-COST 267,595,281
<INVESTMENTS-AT-VALUE> 301,741,263
<RECEIVABLES> 5,169,037
<ASSETS-OTHER> 42,523
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 306,952,823
<PAYABLE-FOR-SECURITIES> 10,279,108
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 1,888,435
<TOTAL-LIABILITIES> 12,167,543
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 252,464,005
<SHARES-COMMON-STOCK> 315,813
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 2,524,604
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 5,596,707
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 34,199,964
<NET-ASSETS> 294,785,280
<DIVIDEND-INCOME> 2,882,500
<INTEREST-INCOME> 3,483,533
<OTHER-INCOME> 0
<EXPENSES-NET> 3,309,685
<NET-INVESTMENT-INCOME> 3,056,348
<REALIZED-GAINS-CURRENT> 6,293,162
<APPREC-INCREASE-CURRENT> 32,013,561
<NET-CHANGE-FROM-OPS> 41,362,071
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 333,330
<NUMBER-OF-SHARES-REDEEMED> (17,517)
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 199,292,256
<ACCUMULATED-NII-PRIOR> 417,975
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> (749,460)
<GROSS-ADVISORY-FEES> 1,310,497
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 3,408,608
<AVERAGE-NET-ASSETS> 1,380,013
<PER-SHARE-NAV-BEGIN> 8.39
<PER-SHARE-NII> .08
<PER-SHARE-GAIN-APPREC> 1.54
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 8.43
<EXPENSE-RATIO> 1.45
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
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 Fund Class Y AND IS QUALIFIED IN
ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> Sept-30-95
<PERIOD-END> Sept-30-95
<INVESTMENTS-AT-COST 267,595,281
<INVESTMENTS-AT-VALUE> 301,741,263
<RECEIVABLES> 5,169,037
<ASSETS-OTHER> 42,523
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 306,952,823
<PAYABLE-FOR-SECURITIES> 10,279,108
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 1,888,435
<TOTAL-LIABILITIES> 12,167,543
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 252,464,005
<SHARES-COMMON-STOCK> 4,475,240
<SHARES-COMMON-PRIOR> 91,920
<ACCUMULATED-NII-CURRENT> 2,524,604
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 5,596,707
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 34,199,964
<NET-ASSETS> 294,785,280
<DIVIDEND-INCOME> 2,882,500
<INTEREST-INCOME> 3,483,533
<OTHER-INCOME> 0
<EXPENSES-NET> 3,309,685
<NET-INVESTMENT-INCOME> 3,056,348
<REALIZED-GAINS-CURRENT> 6,293,162
<APPREC-INCREASE-CURRENT> 32,013,561
<NET-CHANGE-FROM-OPS> 41,362,071
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (16,310)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 5,637,392
<NUMBER-OF-SHARES-REDEEMED> (1,256,098)
<SHARES-REINVESTED> 2,026
<NET-CHANGE-IN-ASSETS> 199,292,256
<ACCUMULATED-NII-PRIOR> 417,975
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> (749,460)
<GROSS-ADVISORY-FEES> 1,310,497
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 3,408,608
<AVERAGE-NET-ASSETS> 10,765,023
<PER-SHARE-NAV-BEGIN> 8.43
<PER-SHARE-NII> .17
<PER-SHARE-GAIN-APPREC> 1.57
<PER-SHARE-DIVIDEND> (.08)
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 10.09
<EXPENSE-RATIO> 1.29
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
0
??
</TABLE>
