<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 6
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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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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: Growth Portfolio Class A AND IS QUALIFI
ED IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
<S> <C>
<PERIOD-TYPE> OTHER
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5
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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 FROM Putnam Asset Allocation: Growth Portfolio Class B AND IS QUALIFI
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</LEGEND>
<S> <C>
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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 FROM Putnam Asset Allocation: Growth Portfolio Class C AND IS QUALIFI
ED IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
<S> <C>
<PERIOD-TYPE> OTHER
<FISCAL-YEAR-END> SEPT-30-95
<PERIOD-END> MAR-31-96
<INVESTMENTS-AT-COST > 338,900,147 <INVESTMENTS-AT-VALUE> 389,038,92
5
<RECEIVABLES> 8,864,209
<ASSETS-OTHER> 1,075,998
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 398,979,132
<PAYABLE-FOR-SECURITIES> 11,459,436
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 1,981,851
<TOTAL-LIABILITIES> 13,441,287
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 326,313,907
<SHARES-COMMON-STOCK> 1,501,562
<SHARES-COMMON-PRIOR> 803,692
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> (393,761)
<ACCUMULATED-NET-GAINS> 8,660,717
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 50,956,982
<NET-ASSETS> 385,537,845
<DIVIDEND-INCOME> 2,373,408
<INTEREST-INCOME> 2,885,692
<OTHER-INCOME> 0
<EXPENSES-NET> 2,842,039
<NET-INVESTMENT-INCOME> 2,417,061
<REALIZED-GAINS-CURRENT> 11,560,590
<APPREC-INCREASE-CURRENT> 16,757,018
<NET-CHANGE-FROM-OPS> 30,734,669
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (137,682)
<DISTRIBUTIONS-OF-GAINS> (263,811)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 713,570
<NUMBER-OF-SHARES-REDEEMED> (54,864)
<SHARES-REINVESTED> 39,164
<NET-CHANGE-IN-ASSETS> 90,752,565
<ACCUMULATED-NII-PRIOR> 2,524,604
<ACCUMULATED-GAINS-PRIOR> 5,596,707
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 1,161,385
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 2,905,902
<AVERAGE-NET-ASSETS> 10,825,334
<PER-SHARE-NAV-BEGIN> 9.93
<PER-SHARE-NII> .05
<PER-SHARE-GAIN-APPREC> .84
<PER-SHARE-DIVIDEND> (.15)
<PER-SHARE-DISTRIBUTIONS> (.27)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 10.40
<EXPENSE-RATIO> 1.11
<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 Portfolio Class M AND IS QUALIFI
ED IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
<S> <C>
<PERIOD-TYPE> OTHER
<FISCAL-YEAR-END> SEPT-30-95
<PERIOD-END> MAR-31-96
<INVESTMENTS-AT-COST > 338,900,147 <INVESTMENTS-AT-VALUE> 389,038,92
5
<RECEIVABLES> 8,864,209
<ASSETS-OTHER> 1,075,998
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 398,979,132
<PAYABLE-FOR-SECURITIES> 11,459,436
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 1,981,851
<TOTAL-LIABILITIES> 13,441,287
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 326,313,907
<SHARES-COMMON-STOCK> 553,172
<SHARES-COMMON-PRIOR> 315,813
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> (393,761)
<ACCUMULATED-NET-GAINS> 8,660,717
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 50,956,982
<NET-ASSETS> 385,537,845
<DIVIDEND-INCOME> 2,373,408
<INTEREST-INCOME> 2,885,692
<OTHER-INCOME> 0
<EXPENSES-NET> 2,842,039
<NET-INVESTMENT-INCOME> 2,417,061
<REALIZED-GAINS-CURRENT> 11,560,590
<APPREC-INCREASE-CURRENT> 16,757,018
<NET-CHANGE-FROM-OPS> 30,734,669
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (60,532)
<DISTRIBUTIONS-OF-GAINS> (96,428)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 264,356
<NUMBER-OF-SHARES-REDEEMED> (42,630)
<SHARES-REINVESTED> 15,633
<NET-CHANGE-IN-ASSETS> 90,752,565
<ACCUMULATED-NII-PRIOR> 2,524,604
<ACCUMULATED-GAINS-PRIOR> 5,596,707
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 1,161,385
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 2,905,902
<AVERAGE-NET-ASSETS> 3,959,119
<PER-SHARE-NAV-BEGIN> 10.01
<PER-SHARE-NII> .07
<PER-SHARE-GAIN-APPREC> .84
<PER-SHARE-DIVIDEND> (.18)
<PER-SHARE-DISTRIBUTIONS> (.27)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 10.47
<EXPENSE-RATIO> .94
<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 Portfolio Class Y AND IS QUALIFI
ED IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
<S> <C>
<PERIOD-TYPE> OTHER
<FISCAL-YEAR-END> SEPT-30-95
<PERIOD-END> MAR-31-96
<INVESTMENTS-AT-COST > 338,900,147 <INVESTMENTS-AT-VALUE> 389,038,92
5
<RECEIVABLES> 8,864,209
<ASSETS-OTHER> 1,075,998
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 398,979,132
<PAYABLE-FOR-SECURITIES> 11,459,436
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 1,981,851
<TOTAL-LIABILITIES> 13,441,287
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 326,313,907
<SHARES-COMMON-STOCK> 4,615,537
<SHARES-COMMON-PRIOR> 4,475,240
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> (393,761)
<ACCUMULATED-NET-GAINS> 8,660,717
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 50,956,982
<NET-ASSETS> 385,537,845
<DIVIDEND-INCOME> 2,373,408
<INTEREST-INCOME> 2,885,692
<OTHER-INCOME> 0
<EXPENSES-NET> 2,842,039
<NET-INVESTMENT-INCOME> 2,417,061
<REALIZED-GAINS-CURRENT> 11,560,590
<APPREC-INCREASE-CURRENT> 16,757,018
<NET-CHANGE-FROM-OPS> 30,734,669
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (894,776)
<DISTRIBUTIONS-OF-GAINS> (1,178,695)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 504,325
<NUMBER-OF-SHARES-REDEEMED> (573,258)
<SHARES-REINVESTED> 209,230
<NET-CHANGE-IN-ASSETS> 90,752,565
<ACCUMULATED-NII-PRIOR> 2,524,604
<ACCUMULATED-GAINS-PRIOR> 5,596,707
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 1,161,385
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 2,905,902
<AVERAGE-NET-ASSETS> 45,781,695
<PER-SHARE-NAV-BEGIN> 10.09
<PER-SHARE-NII> .10
<PER-SHARE-GAIN-APPREC> .85
<PER-SHARE-DIVIDEND> (.21)
<PER-SHARE-DISTRIBUTIONS> (.27)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 10.56
<EXPENSE-RATIO> .60
<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 Portfolio Class A AND IS QUALI
FIED IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
<S> <C>
<PERIOD-TYPE> OTHER
<FISCAL-YEAR-END> SEPT-30-95
<PERIOD-END> MAR-31-96
<INVESTMENTS-AT-COST > 491,644,534 <INVESTMENTS-AT-VALUE> 548,386,00
6
<RECEIVABLES> 15,271,882
<ASSETS-OTHER> 1,947,370
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 565,605,258
<PAYABLE-FOR-SECURITIES> 21,557,435
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 3,787,100
<TOTAL-LIABILITIES> 25,344,535
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 468,720,503
<SHARES-COMMON-STOCK> 22,399,345
<SHARES-COMMON-PRIOR> 15,748,235
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> (457,455)
<ACCUMULATED-NET-GAINS> 13,753,762
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 58,243,913
<NET-ASSETS> 540,260,723
<DIVIDEND-INCOME> 2,772,342
<INTEREST-INCOME> 6,929,653
<OTHER-INCOME> 0
<EXPENSES-NET> 3,729,311
<NET-INVESTMENT-INCOME> 5,972,684
<REALIZED-GAINS-CURRENT> 17,689,344
<APPREC-INCREASE-CURRENT> 15,314,686
<NET-CHANGE-FROM-OPS> 38,976,714
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (3,657,956)
<DISTRIBUTIONS-OF-GAINS> (5,171,891)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 7,700,444
<NUMBER-OF-SHARES-REDEEMED> (1,951,988)
<SHARES-REINVESTED> 902,654
<NET-CHANGE-IN-ASSETS> 141,622,228
<ACCUMULATED-NII-PRIOR> 2,076,669
<ACCUMULATED-GAINS-PRIOR> 9,093,046
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 1,629,074
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 3,768,734
<AVERAGE-NET-ASSETS> 189,459,027
<PER-SHARE-NAV-BEGIN> 9.67
<PER-SHARE-NII> .14
<PER-SHARE-GAIN-APPREC> .66
<PER-SHARE-DIVIDEND> (.19)
<PER-SHARE-DISTRIBUTIONS> (.29)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 9.99
<EXPENSE-RATIO> .67
<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 Portfolio Class B AND IS QUALI
FIED IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
<S> <C>
<PERIOD-TYPE> OTHER
<FISCAL-YEAR-END> SEPT-30-95
<PERIOD-END> MAR-31-96
<INVESTMENTS-AT-COST > 491,644,534 <INVESTMENTS-AT-VALUE> 548,386,00
6
<RECEIVABLES> 15,271,882
<ASSETS-OTHER> 1,947,370
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 565,605,258
<PAYABLE-FOR-SECURITIES> 21,557,435
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 3,787,100
<TOTAL-LIABILITIES> 25,344,535
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 468,720,503
<SHARES-COMMON-STOCK> 21,083,873
<SHARES-COMMON-PRIOR> 16,521,135
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> (457,455)
<ACCUMULATED-NET-GAINS> 13,753,762
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 58,243,913
<NET-ASSETS> 540,260,723
<DIVIDEND-INCOME> 2,772,342
<INTEREST-INCOME> 6,929,653
<OTHER-INCOME> 0
<EXPENSES-NET> 3,729,311
<NET-INVESTMENT-INCOME> 5,972,684
<REALIZED-GAINS-CURRENT> 17,689,344
<APPREC-INCREASE-CURRENT> 15,314,686
<NET-CHANGE-FROM-OPS> 38,976,714
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (2,972,549)
<DISTRIBUTIONS-OF-GAINS> (5,203,895)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 4,938,632
<NUMBER-OF-SHARES-REDEEMED> (1,173,978)
<SHARES-REINVESTED> 798,084
<NET-CHANGE-IN-ASSETS> 141,622,228
<ACCUMULATED-NII-PRIOR> 2,076,669
<ACCUMULATED-GAINS-PRIOR> 9,093,046
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 1,629,074
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 3,768,734
<AVERAGE-NET-ASSETS> 183,048,044
<PER-SHARE-NAV-BEGIN> 9.64
<PER-SHARE-NII> .10
<PER-SHARE-GAIN-APPREC> .67
<PER-SHARE-DIVIDEND> (.16)
<PER-SHARE-DISTRIBUTIONS> (.29)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 9.96
<EXPENSE-RATIO> 1.04
<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 Portfolio Class C AND IS QUALI
FIED IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
<S> <C>
<PERIOD-TYPE> OTHER
<FISCAL-YEAR-END> SEPT-30-95
<PERIOD-END> MAR-31-96
<INVESTMENTS-AT-COST > 491,644,534 <INVESTMENTS-AT-VALUE> 548,386,00
6
<RECEIVABLES> 15,271,882
<ASSETS-OTHER> 1,947,370
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 565,605,258
<PAYABLE-FOR-SECURITIES> 21,557,435
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 3,787,100
<TOTAL-LIABILITIES> 25,344,535
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 468,720,503
<SHARES-COMMON-STOCK> 1,925,547
<SHARES-COMMON-PRIOR> 1,239,363
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> (457,455)
<ACCUMULATED-NET-GAINS> 13,753,762
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 58,243,913
<NET-ASSETS> 540,260,723
<DIVIDEND-INCOME> 2,772,342
<INTEREST-INCOME> 6,929,653
<OTHER-INCOME> 0
<EXPENSES-NET> 3,729,311
<NET-INVESTMENT-INCOME> 5,972,684
<REALIZED-GAINS-CURRENT> 17,689,344
<APPREC-INCREASE-CURRENT> 15,314,686
<NET-CHANGE-FROM-OPS> 38,976,714
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (235,008)
<DISTRIBUTIONS-OF-GAINS> (396,189)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 775,085
<NUMBER-OF-SHARES-REDEEMED> (153,792)
<SHARES-REINVESTED> 64,891
<NET-CHANGE-IN-ASSETS> 141,622,228
<ACCUMULATED-NII-PRIOR> 2,076,669
<ACCUMULATED-GAINS-PRIOR> 9,093,046
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 1,629,074
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 3,768,734
<AVERAGE-NET-ASSETS> 14,899,882
<PER-SHARE-NAV-BEGIN> 9.62
<PER-SHARE-NII> .11
<PER-SHARE-GAIN-APPREC> .65
<PER-SHARE-DIVIDEND> (.16)
<PER-SHARE-DISTRIBUTIONS> (.29)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 9.93
<EXPENSE-RATIO> 1.05
<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 Portfolio Class M AND IS QUALI
FIED IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
<S> <C>
<PERIOD-TYPE> OTHER
<FISCAL-YEAR-END> SEPT-30-95
<PERIOD-END> MAR-31-96
<INVESTMENTS-AT-COST > 491,644,534 <INVESTMENTS-AT-VALUE> 548,386,00
6
<RECEIVABLES> 15,271,882
<ASSETS-OTHER> 1,947,370
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 565,605,258
<PAYABLE-FOR-SECURITIES> 21,557,435
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 3,787,100
<TOTAL-LIABILITIES> 25,344,535
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 468,720,503
<SHARES-COMMON-STOCK> 793,363
<SHARES-COMMON-PRIOR> 363,152
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> (457,455)
<ACCUMULATED-NET-GAINS> 13,753,762
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 58,243,913
<NET-ASSETS> 540,260,723
<DIVIDEND-INCOME> 2,772,342
<INTEREST-INCOME> 6,929,653
<OTHER-INCOME> 0
<EXPENSES-NET> 3,729,311
<NET-INVESTMENT-INCOME> 5,972,684
<REALIZED-GAINS-CURRENT> 17,689,344
<APPREC-INCREASE-CURRENT> 15,314,686
<NET-CHANGE-FROM-OPS> 38,976,714
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (85,166)
<DISTRIBUTIONS-OF-GAINS> (121,806)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 448,032
<NUMBER-OF-SHARES-REDEEMED> (39,322)
<SHARES-REINVESTED> 21,501
<NET-CHANGE-IN-ASSETS> 141,622,228
<ACCUMULATED-NII-PRIOR> 2,076,669
<ACCUMULATED-GAINS-PRIOR> 9,093,046
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 1,629,074
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 3,768,734
<AVERAGE-NET-ASSETS> 5,205,729
<PER-SHARE-NAV-BEGIN> 9.66
<PER-SHARE-NII> .13
<PER-SHARE-GAIN-APPREC> .68
<PER-SHARE-DIVIDEND> (.18)
<PER-SHARE-DISTRIBUTIONS> (.29)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 10.00
<EXPENSE-RATIO> .93
<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 Portfolio Class Y AND IS QUALI
FIED IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
<S> <C>
<PERIOD-TYPE> OTHER
<FISCAL-YEAR-END> SEPT-30-95
<PERIOD-END> MAR-31-96
<INVESTMENTS-AT-COST > 491,644,534 <INVESTMENTS-AT-VALUE> 548,386,00
6
<RECEIVABLES> 15,271,882
<ASSETS-OTHER> 1,947,370
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 565,605,258
<PAYABLE-FOR-SECURITIES> 21,557,435
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 3,787,100
<TOTAL-LIABILITIES> 25,344,535
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 468,720,503
<SHARES-COMMON-STOCK> 7,940,912
<SHARES-COMMON-PRIOR> 7,417,403
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> (457,455)
<ACCUMULATED-NET-GAINS> 13,753,762
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 58,243,913
<NET-ASSETS> 540,260,723
<DIVIDEND-INCOME> 2,772,342
<INTEREST-INCOME> 6,929,653
<OTHER-INCOME> 0
<EXPENSES-NET> 3,729,311
<NET-INVESTMENT-INCOME> 5,972,684
<REALIZED-GAINS-CURRENT> 17,689,344
<APPREC-INCREASE-CURRENT> 15,314,686
<NET-CHANGE-FROM-OPS> 38,976,714
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (1,556,129)
<DISTRIBUTIONS-OF-GAINS> (2,134,841)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 691,441
<NUMBER-OF-SHARES-REDEEMED> (554,818)
<SHARES-REINVESTED> 386,886
<NET-CHANGE-IN-ASSETS> 141,622,228
<ACCUMULATED-NII-PRIOR> 2,076,669
<ACCUMULATED-GAINS-PRIOR> 9,093,046
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 1,629,074
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 3,768,734
<AVERAGE-NET-ASSETS> 74,397,779
<PER-SHARE-NAV-BEGIN> 9.66
<PER-SHARE-NII> .15
<PER-SHARE-GAIN-APPREC> .68
<PER-SHARE-DIVIDEND> (.21)
<PER-SHARE-DISTRIBUTIONS> (.29)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 9.99
<EXPENSE-RATIO> .54
<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 Portfolio Class A AND IS Q
UALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
<S> <C>
<PERIOD-TYPE> OTHER
<FISCAL-YEAR-END> SEPT-30-95
<PERIOD-END> MAR-31-96
<INVESTMENTS-AT-COST > 194,069,387 <INVESTMENTS-AT-VALUE> 203,026,35
3
<RECEIVABLES> 7,998,257
<ASSETS-OTHER> 250,211
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 211,274,821
<PAYABLE-FOR-SECURITIES> 21,607,201
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 1,309,153
<TOTAL-LIABILITIES> 22,916,354
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 174,985,777
<SHARES-COMMON-STOCK> 9,793,202
<SHARES-COMMON-PRIOR> 6,241,483
<ACCUMULATED-NII-CURRENT> 206,663
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 4,124,373
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 9,041,654
<NET-ASSETS> 188,358,467
<DIVIDEND-INCOME> 540,149
<INTEREST-INCOME> 3,849,498
<OTHER-INCOME> 0
<EXPENSES-NET> 1,501,222
<NET-INVESTMENT-INCOME> 2,888,425
<REALIZED-GAINS-CURRENT> 5,257,297
<APPREC-INCREASE-CURRENT> 648,030
<NET-CHANGE-FROM-OPS> 8,793,752
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (1,929,968)
<DISTRIBUTIONS-OF-GAINS> (1,368,530)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 3,913,209
<NUMBER-OF-SHARES-REDEEMED> (707,885)
<SHARES-REINVESTED> 346,395
<NET-CHANGE-IN-ASSETS> 54,851,933
<ACCUMULATED-NII-PRIOR> 1,145,263
<ACCUMULATED-GAINS-PRIOR> 1,826,396
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 559,570
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 1,522,292
<AVERAGE-NET-ASSETS> 73,646,825
<PER-SHARE-NAV-BEGIN> 9.19
<PER-SHARE-NII> .19
<PER-SHARE-GAIN-APPREC> .36
<PER-SHARE-DIVIDEND> (.24)
<PER-SHARE-DISTRIBUTIONS> (.18)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 9.32
<EXPENSE-RATIO> .76
<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 Portfolio Class B AND IS Q
UALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
<S> <C>
<PERIOD-TYPE> OTHER
<FISCAL-YEAR-END> SEPT-30-95
<PERIOD-END> MAR-31-96
<INVESTMENTS-AT-COST > 194,069,387 <INVESTMENTS-AT-VALUE> 203,026,35
3
<RECEIVABLES> 7,998,257
<ASSETS-OTHER> 250,211
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 211,274,821
<PAYABLE-FOR-SECURITIES> 21,607,201
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 1,309,153
<TOTAL-LIABILITIES> 22,916,354
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 174,985,777
<SHARES-COMMON-STOCK> 8,571,678
<SHARES-COMMON-PRIOR> 7,180,881
<ACCUMULATED-NII-CURRENT> 206,663
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 4,124,373
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 9,041,654
<NET-ASSETS> 188,358,467
<DIVIDEND-INCOME> 540,149
<INTEREST-INCOME> 3,849,498
<OTHER-INCOME> 0
<EXPENSES-NET> 1,501,222
<NET-INVESTMENT-INCOME> 2,888,425
<REALIZED-GAINS-CURRENT> 5,257,297
<APPREC-INCREASE-CURRENT> 648,030
<NET-CHANGE-FROM-OPS> 8,793,752
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (1,578,052)
<DISTRIBUTIONS-OF-GAINS> (1,343,244)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 1,845,743
<NUMBER-OF-SHARES-REDEEMED> (734,009)
<SHARES-REINVESTED> 279,063
<NET-CHANGE-IN-ASSETS> 54,851,933
<ACCUMULATED-NII-PRIOR> 1,145,263
<ACCUMULATED-GAINS-PRIOR> 1,826,396
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 559,570
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 1,522,292
<AVERAGE-NET-ASSETS> 72,265,715
<PER-SHARE-NAV-BEGIN> 9.16
<PER-SHARE-NII> .15
<PER-SHARE-GAIN-APPREC> .37
<PER-SHARE-DIVIDEND> (.21)
<PER-SHARE-DISTRIBUTIONS> (.18)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 9.29
<EXPENSE-RATIO> 1.13
<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 Portfolio Class C AND IS Q
UALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
<S> <C>
<PERIOD-TYPE> OTHER
<FISCAL-YEAR-END> SEPT-30-95
<PERIOD-END> MAR-31-96
<INVESTMENTS-AT-COST > 194,069,387 <INVESTMENTS-AT-VALUE> 203,026,35
3
<RECEIVABLES> 7,998,257
<ASSETS-OTHER> 250,211
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 211,274,821
<PAYABLE-FOR-SECURITIES> 21,607,201
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 1,309,153
<TOTAL-LIABILITIES> 22,916,354
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 174,985,777
<SHARES-COMMON-STOCK> 1,339,023
<SHARES-COMMON-PRIOR> 786,951
<ACCUMULATED-NII-CURRENT> 206,663
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 4,124,373
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 9,041,654
<NET-ASSETS> 188,358,467
<DIVIDEND-INCOME> 540,149
<INTEREST-INCOME> 3,849,498
<OTHER-INCOME> 0
<EXPENSES-NET> 1,501,222
<NET-INVESTMENT-INCOME> 2,888,425
<REALIZED-GAINS-CURRENT> 5,257,297
<APPREC-INCREASE-CURRENT> 648,030
<NET-CHANGE-FROM-OPS> 8,793,752
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (217,041)
<DISTRIBUTIONS-OF-GAINS> (177,029)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 624,274
<NUMBER-OF-SHARES-REDEEMED> (114,861)
<SHARES-REINVESTED> 42,659
<NET-CHANGE-IN-ASSETS> 54,851,933
<ACCUMULATED-NII-PRIOR> 1,145,263
<ACCUMULATED-GAINS-PRIOR> 1,826,396
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 559,570
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 1,522,292
<AVERAGE-NET-ASSETS> 9,883,409
<PER-SHARE-NAV-BEGIN> 9.15
<PER-SHARE-NII> .15
<PER-SHARE-GAIN-APPREC> .36
<PER-SHARE-DIVIDEND> (.21)
<PER-SHARE-DISTRIBUTIONS> (.18)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 9.27
<EXPENSE-RATIO> 1.14
<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 Portfolio Class M AND IS Q
UALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
<S> <C>
<PERIOD-TYPE> OTHER
<FISCAL-YEAR-END> SEPT-30-95
<PERIOD-END> MAR-31-96
<INVESTMENTS-AT-COST > 194,069,387 <INVESTMENTS-AT-VALUE> 203,026,35
3
<RECEIVABLES> 7,998,257
<ASSETS-OTHER> 250,211
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 211,274,821
<PAYABLE-FOR-SECURITIES> 21,607,201
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 1,309,153
<TOTAL-LIABILITIES> 22,916,354
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 174,985,777
<SHARES-COMMON-STOCK> 243,604
<SHARES-COMMON-PRIOR> 148,920
<ACCUMULATED-NII-CURRENT> 206,663
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 4,124,373
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 9,041,654
<NET-ASSETS> 188,358,467
<DIVIDEND-INCOME> 540,149
<INTEREST-INCOME> 3,849,498
<OTHER-INCOME> 0
<EXPENSES-NET> 1,501,222
<NET-INVESTMENT-INCOME> 2,888,425
<REALIZED-GAINS-CURRENT> 5,257,297
<APPREC-INCREASE-CURRENT> 648,030
<NET-CHANGE-FROM-OPS> 8,793,752
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (39,099)
<DISTRIBUTIONS-OF-GAINS> (29,335)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 119,586
<NUMBER-OF-SHARES-REDEEMED> (32,342)
<SHARES-REINVESTED> 7,440
<NET-CHANGE-IN-ASSETS> 54,851,933
<ACCUMULATED-NII-PRIOR> 1,145,263
<ACCUMULATED-GAINS-PRIOR> 1,826,396
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 559,570
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 1,522,292
<AVERAGE-NET-ASSETS> 1,728,782
<PER-SHARE-NAV-BEGIN> 9.18
<PER-SHARE-NII> .16
<PER-SHARE-GAIN-APPREC> .36
<PER-SHARE-DIVIDEND> (.22)
<PER-SHARE-DISTRIBUTIONS> (.18)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 9.30
<EXPENSE-RATIO> 1.01
<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 Portfolio Class Y AND IS Q
UALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
<S> <C>
<PERIOD-TYPE> OTHER
<FISCAL-YEAR-END> SEPT-30-95
<PERIOD-END> MAR-31-96
<INVESTMENTS-AT-COST > 194,069,387 <INVESTMENTS-AT-VALUE> 203,026,35
3
<RECEIVABLES> 7,998,257
<ASSETS-OTHER> 250,211
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 211,274,821
<PAYABLE-FOR-SECURITIES> 21,607,201
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 1,309,153
<TOTAL-LIABILITIES> 22,916,354
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 174,985,777
<SHARES-COMMON-STOCK> 305,829
<SHARES-COMMON-PRIOR> 197,848
<ACCUMULATED-NII-CURRENT> 206,663
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 4,124,373
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 9,041,654
<NET-ASSETS> 188,358,467
<DIVIDEND-INCOME> 540,149
<INTEREST-INCOME> 3,849,498
<OTHER-INCOME> 0
<EXPENSES-NET> 1,501,222
<NET-INVESTMENT-INCOME> 2,888,425
<REALIZED-GAINS-CURRENT> 5,257,297
<APPREC-INCREASE-CURRENT> 648,030
<NET-CHANGE-FROM-OPS> 8,793,752
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (62,865)
<DISTRIBUTIONS-OF-GAINS> (41,182)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 158,861
<NUMBER-OF-SHARES-REDEEMED> (62,279)
<SHARES-REINVESTED> 11,399
<NET-CHANGE-IN-ASSETS> 54,851,933
<ACCUMULATED-NII-PRIOR> 1,145,263
<ACCUMULATED-GAINS-PRIOR> 1,826,396
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 559,570
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 1,522,292
<AVERAGE-NET-ASSETS> 2,352,458
<PER-SHARE-NAV-BEGIN> 9.19
<PER-SHARE-NII> .21
<PER-SHARE-GAIN-APPREC> .35
<PER-SHARE-DIVIDEND> (.25)
<PER-SHARE-DISTRIBUTIONS> (.18)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 9.32
<EXPENSE-RATIO> .64
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
??
</TABLE>
