<PAGE> PAGE 1
000 B000000 09/30/96
000 C000000 0000914209
000 D000000 N
000 E000000 NF
000 F000000 Y
000 G000000 Y
000 H000000 N
000 I000000 3.0.a
000 J000000 U
001 A000000 PUTNAM ASSET ALLOCATION FUNDS
001 B000000 811-7121
001 C000000 6172921000
002 A000000 ONE POST OFFICE SQUARE
002 B000000 BOSTON
002 C000000 MA
002 D010000 02109
003 000000 N
004 000000 N
005 000000 N
006 000000 N
007 A000000 Y
007 B000000 3
007 C010100 1
007 C020100 BALANCED PORTFOLIO
007 C030100 N
007 C010200 2
007 C020200 CONSERVATIVE PORTFOLIO
007 C030200 N
007 C010300 3
007 C020300 GROWTH PORTFOLIO
007 C030300 N
007 C010400 4
007 C010500 5
007 C010600 6
007 C010700 7
007 C010800 8
007 C010900 9
007 C011000 10
018 00AA00 Y
019 A00AA00 Y
019 B00AA00 98
019 C00AA00 PUTNAMFUND
020 A000001 MERRILL LYNCH, PIERCE, FENNER & SMITH, INC.
020 B000001 13-5674085
020 C000001 156
020 A000002 SALOMON BROTHERS INC.
020 B000002 13-3082694
020 C000002 156
020 A000003 GOLDMAN SACHS & CO.
020 B000003 13-5108880
020 C000003 113
<PAGE> PAGE 2
020 A000004 PAINEWEBBER INC.
020 B000004 13-2638166
020 C000004 105
020 A000005 EDWARDS (A.G.) & SONS INC.
020 B000005 43-0895477
020 C000005 69
020 A000006 FIRST BOSTON CO.
020 B000006 13-5659485
020 C000006 66
020 A000007 FINANCIAL NETWORK INVESTMENT CORPORATION
020 B000007 95-3845382
020 C000007 54
020 A000008 NATWEST SECURITIES
020 B000008 13-3255839
020 C000008 39
020 A000009 KLEINWORT BENSON INC.
020 B000009 13-2647786
020 C000009 37
020 A000010 KANKAKU SECURITIES (AMERICA), INC.
020 B000010 13-3038090
020 C000010 28
021 000000 1729
022 A000001 MORGAN (J.P.) SECURITIES INC.
022 B000001 13-3224016
022 C000001 12902057
022 D000001 37026
022 A000002 LEHMAN BROTHERS
022 B000002 13-2518466
022 C000002 8532486
022 D000002 178952
022 A000003 MORGAN STANLEY INC.
022 B000003 13-2655998
022 C000003 4437990
022 D000003 51580
022 A000004 MERRILL LYNCH, PIERCE, FENNER & SMITH, INC.
022 B000004 13-5674085
022 C000004 931137
022 D000004 50962
022 A000005 GOLDMAN SACHS & CO.
022 B000005 13-5108880
022 C000005 727579
022 D000005 104656
022 A000006 SALOMON BROTHERS INC.
022 B000006 13-3082694
022 C000006 130086
022 D000006 114327
022 A000007 GREENWICH CAPITAL MARKET
022 B000007 13-3172275
022 C000007 29606
022 D000007 37051
022 A000008 UBS SECURITIES
<PAGE> PAGE 3
022 B000008 13-2932996
022 C000008 34634
022 D000008 28374
022 A000009 SMITH, BARNEY, HARRIS UPHAM & CO.
022 B000009 13-1912900
022 C000009 35540
022 D000009 13097
022 A000010 DONALDSON, LUFKIN & JENRETTE SECURITIES CORP
022 B000010 13-2741729
022 C000010 31643
022 D000010 14776
023 C000000 28161008
023 D000000 859630
045 00AA00 Y
046 00AA00 N
047 00AA00 Y
048 00AA00 0.000
048 A01AA00 500000
048 A02AA00 0.700
048 B01AA00 500000
048 B02AA00 0.600
048 C01AA00 500000
048 C02AA00 0.550
048 D01AA00 0
048 D02AA00 0.000
048 E01AA00 0
048 E02AA00 0.000
048 F01AA00 0
048 F02AA00 0.000
048 G01AA00 0
048 G02AA00 0.000
048 H01AA00 0
048 H02AA00 0.000
048 I01AA00 0
048 I02AA00 0.000
048 J01AA00 0
048 J02AA00 0.000
048 K01AA00 15000000
048 K02AA00 0.500
070 A01AA00 Y
070 A02AA00 Y
070 B01AA00 Y
070 B02AA00 N
070 C01AA00 Y
070 C02AA00 Y
070 D01AA00 Y
070 D02AA00 N
070 E01AA00 Y
070 E02AA00 N
070 F01AA00 Y
070 F02AA00 Y
<PAGE> PAGE 4
070 G01AA00 Y
070 G02AA00 Y
070 H01AA00 Y
070 H02AA00 N
070 I01AA00 Y
070 I02AA00 N
070 J01AA00 Y
070 J02AA00 Y
070 K01AA00 Y
070 K02AA00 N
070 L01AA00 Y
070 L02AA00 Y
070 M01AA00 Y
070 M02AA00 Y
070 N01AA00 N
070 N02AA00 N
070 O01AA00 N
070 O02AA00 N
070 P01AA00 N
070 P02AA00 N
070 Q01AA00 N
070 Q02AA00 N
070 R01AA00 N
070 R02AA00 N
077 A000000 N
080 A00AA00 FEDERAL INSURANCE COMPANY
080 B00AA00 NATIONAL UNION FIRE INSURANCE COMPANY
080 C00AA00 50000
081 A00AA00 Y
081 B00AA00 97
082 A00AA00 N
082 B00AA00 0
083 A00AA00 N
083 B00AA00 0
084 A00AA00 N
084 B00AA00 0
085 A00AA00 Y
085 B00AA00 N
028 A010100 37030
028 A020100 0
028 A030100 0
028 A040100 9013
028 B010100 22647
028 B020100 0
028 B030100 0
028 B040100 16027
028 C010100 24977
028 C020100 2104
028 C030100 0
028 C040100 8671
028 D010100 98117
<PAGE> PAGE 5
028 D020100 1
028 D030100 0
028 D040100 11632
028 E010100 33543
028 E020100 1
028 E030100 0
028 E040100 9545
028 F010100 22471
028 F020100 2600
028 F030100 0
028 F040100 10796
028 G010100 238785
028 G020100 4706
028 G030100 0
028 G040100 65683
028 H000100 238785
029 000100 Y
030 A000100 1620
030 B000100 5.75
030 C000100 0.00
031 A000100 265
031 B000100 0
032 000100 1355
033 000100 0
034 000100 Y
035 000100 280
036 A000100 N
036 B000100 0
037 000100 N
038 000100 0
039 000100 N
040 000100 Y
041 000100 Y
042 A000100 0
042 B000100 0
042 C000100 100
042 D000100 0
042 E000100 0
042 F000100 0
042 G000100 0
042 H000100 0
043 000100 2932
044 000100 0
049 000100 N
050 000100 N
051 000100 N
052 000100 N
053 A000100 N
054 A000100 Y
054 B000100 Y
054 C000100 Y
<PAGE> PAGE 6
054 D000100 N
054 E000100 N
054 F000100 N
054 G000100 N
054 H000100 N
054 I000100 N
054 J000100 Y
054 K000100 N
054 L000100 Y
054 M000100 Y
054 N000100 N
054 O000100 Y
055 A000100 N
055 B000100 N
056 000100 N
057 000100 N
058 A000100 N
059 000100 Y
060 A000100 Y
060 B000100 Y
061 000100 500
062 A000100 N
062 B000100 0.0
062 C000100 0.0
062 D000100 0.0
062 E000100 0.0
062 F000100 0.0
062 G000100 0.0
062 H000100 0.0
062 I000100 0.0
062 J000100 0.0
062 K000100 0.0
062 L000100 0.0
062 M000100 0.0
062 N000100 0.0
062 O000100 0.0
062 P000100 0.0
062 Q000100 0.0
062 R000100 0.0
063 A000100 0
063 B000100 0.0
066 A000100 Y
066 G000100 Y
067 000100 Y
068 A000100 N
068 B000100 N
069 000100 N
071 A000100 869408
071 B000100 620390
071 C000100 4301826
071 D000100 122
<PAGE> PAGE 7
072 A000100 12
072 B000100 16095
072 C000100 6895
072 D000100 0
072 E000100 0
072 F000100 3834
072 G000100 12
072 H000100 0
072 I000100 1091
072 J000100 518
072 K000100 110
072 L000100 36
072 M000100 15
072 N000100 117
072 O000100 0
072 P000100 0
072 Q000100 0
072 R000100 80
072 S000100 14
072 T000100 2932
072 U000100 3
072 V000100 0
072 W000100 17
072 X000100 8779
072 Y000100 0
072 Z000100 14211
072AA000100 41973
072BB000100 0
072CC010100 32958
072CC020100 0
072DD010100 6121
072DD020100 4209
072EE000100 5172
073 A010100 0.2800
073 A020100 0.2100
073 B000100 0.2900
073 C000100 0.0000
074 A000100 90
074 B000100 63647
074 C000100 0
074 D000100 210505
074 E000100 3898
074 F000100 479366
074 G000100 580
074 H000100 0
074 I000100 1641
074 J000100 15984
074 K000100 0
074 L000100 1476
074 M000100 10318
074 N000100 787505
<PAGE> PAGE 8
074 O000100 19799
074 P000100 1973
074 Q000100 0
074 R010100 0
074 R020100 0
074 R030100 0
074 R040100 2403
074 S000100 0
074 T000100 763330
074 U010100 30563
074 U020100 24821
074 V010100 10.71
074 V020100 10.67
074 W000100 0.0000
074 X000100 0
074 Y000100 3570
075 A000100 0
075 B000100 556499
076 000100 0.00
028 A010200 5933
028 A020200 0
028 A030200 0
028 A040200 4324
028 B010200 11858
028 B020200 0
028 B030200 0
028 B040200 4530
028 C010200 9088
028 C020200 3054
028 C030200 0
028 C040200 4205
028 D010200 8463
028 D020200 2
028 D030200 0
028 D040200 4918
028 E010200 9273
028 E020200 1
028 E030200 0
028 E040200 5422
028 F010200 10562
028 F020200 536
028 F030200 0
028 F040200 3274
028 G010200 55177
028 G020200 3593
028 G030200 0
028 G040200 26673
028 H000200 55177
029 000200 Y
030 A000200 644
030 B000200 5.75
<PAGE> PAGE 9
030 C000200 0.00
031 A000200 113
031 B000200 0
032 000200 531
033 000200 0
034 000200 Y
035 000200 193
036 A000200 N
036 B000200 0
037 000200 N
038 000200 0
039 000200 N
040 000200 Y
041 000200 Y
042 A000200 0
042 B000200 0
042 C000200 100
042 D000200 0
042 E000200 0
042 F000200 0
042 G000200 0
042 H000200 0
043 000200 1148
044 000200 0
049 000200 N
050 000200 N
051 000200 N
052 000200 N
053 A000200 N
054 A000200 Y
054 B000200 Y
054 C000200 Y
054 D000200 N
054 E000200 N
054 F000200 N
054 G000200 N
054 H000200 N
054 I000200 N
054 J000200 Y
054 K000200 N
054 L000200 Y
054 M000200 Y
054 N000200 N
054 O000200 Y
055 A000200 N
055 B000200 N
056 000200 N
057 000200 N
058 A000200 N
059 000200 Y
060 A000200 Y
<PAGE> PAGE 10
060 B000200 Y
061 000200 500
062 A000200 Y
062 B000200 0.0
062 C000200 0.0
062 D000200 8.9
062 E000200 0.0
062 F000200 0.0
062 G000200 0.0
062 H000200 0.0
062 I000200 0.0
062 J000200 0.0
062 K000200 0.0
062 L000200 0.1
062 M000200 9.7
062 N000200 12.2
062 O000200 0.0
062 P000200 16.6
062 Q000200 18.0
062 R000200 34.5
063 A000200 0
063 B000200 28.2
064 A000200 N
064 B000200 N
066 A000200 Y
066 G000200 Y
067 000200 Y
068 A000200 N
068 B000200 N
069 000200 N
071 A000200 376554
071 B000200 304652
071 C000200 165871
071 D000200 184
072 A000200 12
072 B000200 8799
072 C000200 1305
072 D000200 0
072 E000200 0
072 F000200 1281
072 G000200 8
072 H000200 0
072 I000200 400
072 J000200 348
072 K000200 0
072 L000200 0
072 M000200 12
072 N000200 42
072 O000200 0
072 P000200 0
072 Q000200 0
<PAGE> PAGE 11
072 R000200 44
072 S000200 7
072 T000200 1148
072 U000200 3
072 V000200 0
072 W000200 34
072 X000200 3327
072 Y000200 0
072 Z000200 6777
072AA000200 8941
072BB000200 0
072CC010200 3784
072CC020200 0
072DD010200 3204
072DD020200 2377
072EE000200 1369
073 A010200 0.3600
073 A020200 0.2900
073 B000200 0.1800
073 C000200 0.0000
074 A000200 14
074 B000200 20304
074 C000200 0
074 D000200 128867
074 E000200 1040
074 F000200 78254
074 G000200 260
074 H000200 0
074 I000200 461
074 J000200 6050
074 K000200 0
074 L000200 3917
074 M000200 496
074 N000200 239663
074 O000200 8970
074 P000200 674
074 Q000200 0
074 R010200 0
074 R020200 0
074 R030200 0
074 R040200 1158
074 S000200 0
074 T000200 228861
074 U010200 11038
074 U020200 9834
074 V010200 9.69
074 V020200 9.66
074 W000200 0.0000
074 X000200 0
074 Y000200 1167
075 A000200 0
<PAGE> PAGE 12
075 B000200 183017
076 000200 0.00
028 A010300 23077
028 A020300 0
028 A030300 0
028 A040300 5813
028 B010300 23082
028 B020300 0
028 B030300 0
028 B040300 7630
028 C010300 17065
028 C020300 2073
028 C030300 0
028 C040300 5126
028 D010300 18662
028 D020300 0
028 D030300 0
028 D040300 9360
028 E010300 20761
028 E020300 1
028 E030300 0
028 E040300 6460
028 F010300 21314
028 F020300 0
028 F030300 0
028 F040300 4656
028 G010300 123961
028 G020300 2074
028 G030300 0
028 G040300 39046
028 H000300 123961
029 000300 Y
030 A000300 1516
030 B000300 5.75
030 C000300 0.00
031 A000300 244
031 B000300 0
032 000300 1272
033 000300 0
034 000300 Y
035 000300 248
036 A000300 N
036 B000300 0
037 000300 N
038 000300 0
039 000300 N
040 000300 Y
041 000300 Y
042 A000300 0
042 B000300 0
042 C000300 100
<PAGE> PAGE 13
042 D000300 0
042 E000300 0
042 F000300 0
042 G000300 0
042 H000300 0
043 000300 2140
044 000300 0
049 000300 N
050 000300 N
051 000300 N
052 000300 N
053 A000300 N
054 A000300 Y
054 B000300 Y
054 C000300 Y
054 D000300 N
054 E000300 N
054 F000300 N
054 G000300 N
054 H000300 N
054 I000300 N
054 J000300 Y
054 K000300 N
054 L000300 Y
054 M000300 Y
054 N000300 N
054 O000300 Y
055 A000300 N
055 B000300 N
056 000300 N
057 000300 N
058 A000300 N
059 000300 Y
060 A000300 Y
060 B000300 Y
061 000300 500
062 A000300 N
062 B000300 0.0
062 C000300 0.0
062 D000300 0.0
062 E000300 0.0
062 F000300 0.0
062 G000300 0.0
062 H000300 0.0
062 I000300 0.0
062 J000300 0.0
062 K000300 0.0
062 L000300 0.0
062 M000300 0.0
062 N000300 0.0
062 O000300 0.0
<PAGE> PAGE 14
062 P000300 0.0
062 Q000300 0.0
062 R000300 0.0
063 A000300 0
063 B000300 0.0
066 A000300 Y
066 C000300 Y
067 000300 Y
068 A000300 N
068 B000300 N
069 000300 N
071 A000300 477330
071 B000300 357017
071 C000300 353717
071 D000300 101
072 A000300 12
072 B000300 6508
072 C000300 5623
072 D000300 0
072 E000300 0
072 F000300 2704
072 G000300 8
072 H000300 0
072 I000300 1064
072 J000300 443
072 K000300 131
072 L000300 46
072 M000300 14
072 N000300 71
072 O000300 0
072 P000300 0
072 Q000300 0
072 R000300 46
072 S000300 11
072 T000300 2140
072 U000300 3
072 V000300 0
072 W000300 14
072 X000300 6695
072 Y000300 0
072 Z000300 5436
072AA000300 31633
072BB000300 0
072CC010300 29767
072CC020300 0
072DD010300 2471
072DD020300 1771
072EE000300 3563
073 A010300 0.1900
073 A020300 0.1430
073 B000300 0.2740
<PAGE> PAGE 15
073 C000300 0.0000
074 A000300 1830
074 B000300 46328
074 C000300 0
074 D000300 69594
074 E000300 1323
074 F000300 388725
074 G000300 188
074 H000300 0
074 I000300 579
074 J000300 7779
074 K000300 0
074 L000300 5491
074 M000300 1026
074 N000300 522863
074 O000300 11674
074 P000300 1427
074 Q000300 0
074 R010300 0
074 R020300 0
074 R030300 0
074 R040300 1134
074 S000300 0
074 T000300 508628
074 U010300 18451
074 U020300 17704
074 V010300 11.41
074 V020300 11.29
074 W000300 0.0000
074 X000300 0
074 Y000300 2741
075 A000300 0
075 B000300 386585
076 000300 0.00
SIGNATURE PAUL BUCAVALAS
TITLE VICE PRESIDENT
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
Financial Data Schedule Putnam Asset Allocation Growth Portfolio
</LEGEND>
<SERIES>
<NUMBER> 5
<NAME> CLASS A
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> SEP-30-1996
<PERIOD-END> SEP-30-1996
<INVESTMENTS-AT-COST> 444,202,467
<INVESTMENTS-AT-VALUE> 506,738,484
<RECEIVABLES> 13,269,371
<ASSETS-OTHER> 2,855,568
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 522,863,423
<PAYABLE-FOR-SECURITIES> 11,674,176
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 2,560,977
<TOTAL-LIABILITIES> 14,235,153
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 413,240,250
<SHARES-COMMON-STOCK> 18,450,959
<SHARES-COMMON-PRIOR> 12,147,719
<ACCUMULATED-NII-CURRENT> 4,566,163
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 26,854,647
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 63,967,210
<NET-ASSETS> 508,628,270
<DIVIDEND-INCOME> 5,622,541
<INTEREST-INCOME> 6,508,042
<OTHER-INCOME> 0
<EXPENSES-NET> 6,694,935
<NET-INVESTMENT-INCOME> 5,435,648
<REALIZED-GAINS-CURRENT> 31,633,588
<APPREC-INCREASE-CURRENT> 29,767,246
<NET-CHANGE-FROM-OPS> 66,836,482
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (2,471,036)
<DISTRIBUTIONS-OF-GAINS> (3,563,495)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 9,342,955
<NUMBER-OF-SHARES-REDEEMED> (3,635,586)
<SHARES-REINVESTED> 595,871
<NET-CHANGE-IN-ASSETS> 213,842,990
<ACCUMULATED-NII-PRIOR> 2,524,604
<ACCUMULATED-GAINS-PRIOR> 5,596,707
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 2,703,753
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 6,810,649
<AVERAGE-NET-ASSETS> 162,738,809
<PER-SHARE-NAV-BEGIN> 10.06
<PER-SHARE-NII> .18
<PER-SHARE-GAIN-APPREC> 1.81
<PER-SHARE-DIVIDEND> (.19)
<PER-SHARE-DISTRIBUTIONS> (.27)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 11.41
<EXPENSE-RATIO> 1.45
<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>
Financial Data Schedule Putnam Asset Allocation Growth Portfolio
</LEGEND>
<SERIES>
<NUMBER> 5
<NAME> CLASS B
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> SEP-30-1996
<PERIOD-END> SEP-30-1996
<INVESTMENTS-AT-COST> 444,202,467
<INVESTMENTS-AT-VALUE> 506,738,484
<RECEIVABLES> 13,269,371
<ASSETS-OTHER> 2,855,568
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 522,863,423
<PAYABLE-FOR-SECURITIES> 11,674,176
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 2,560,977
<TOTAL-LIABILITIES> 14,235,153
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 413,240,250
<SHARES-COMMON-STOCK> 17,703,575
<SHARES-COMMON-PRIOR> 11,655,653
<ACCUMULATED-NII-CURRENT> 4,566,163
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 26,854,647
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 63,967,210
<NET-ASSETS> 508,628,270
<DIVIDEND-INCOME> 5,622,541
<INTEREST-INCOME> 6,508,042
<OTHER-INCOME> 0
<EXPENSES-NET> 6,694,935
<NET-INVESTMENT-INCOME> 5,435,648
<REALIZED-GAINS-CURRENT> 31,633,588
<APPREC-INCREASE-CURRENT> 29,767,246
<NET-CHANGE-FROM-OPS> 66,836,482
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (1,771,400)
<DISTRIBUTIONS-OF-GAINS> (3,394,151)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 7,548,843
<NUMBER-OF-SHARES-REDEEMED> (1,998,408)
<SHARES-REINVESTED> 497,487
<NET-CHANGE-IN-ASSETS> 213,842,990
<ACCUMULATED-NII-PRIOR> 2,524,604
<ACCUMULATED-GAINS-PRIOR> 5,596,707
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 2,703,753
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 6,810,649
<AVERAGE-NET-ASSETS> 152,738,046
<PER-SHARE-NAV-BEGIN> 9.97
<PER-SHARE-NII> .10
<PER-SHARE-GAIN-APPREC> 1.64
<PER-SHARE-DIVIDEND> (.15)
<PER-SHARE-DISTRIBUTIONS> (.27)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 11.29
<EXPENSE-RATIO> 2.21
<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>
Financial Data Schedule Putnam Asset Allocation Growth Portfolio
</LEGEND>
<SERIES>
<NUMBER> 5
<NAME> CLASS C
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> SEP-30-1996
<PERIOD-END> SEP-30-1996
<INVESTMENTS-AT-COST> 444,202,467
<INVESTMENTS-AT-VALUE> 506,738,484
<RECEIVABLES> 13,269,371
<ASSETS-OTHER> 2,855,568
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 522,863,423
<PAYABLE-FOR-SECURITIES> 11,674,176
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 2,560,977
<TOTAL-LIABILITIES> 14,235,153
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 413,240,250
<SHARES-COMMON-STOCK> 2,452,249
<SHARES-COMMON-PRIOR> 803,692
<ACCUMULATED-NII-CURRENT> 4,566,163
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 26,854,647
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 63,967,210
<NET-ASSETS> 508,628,270
<DIVIDEND-INCOME> 5,622,541
<INTEREST-INCOME> 6,508,042
<OTHER-INCOME> 0
<EXPENSES-NET> 6,694,935
<NET-INVESTMENT-INCOME> 5,435,648
<REALIZED-GAINS-CURRENT> 31,633,588
<APPREC-INCREASE-CURRENT> 29,767,246
<NET-CHANGE-FROM-OPS> 66,836,482
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (137,682)
<DISTRIBUTIONS-OF-GAINS> (263,811)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 1,769,324
<NUMBER-OF-SHARES-REDEEMED> (159,930)
<SHARES-REINVESTED> 39,163
<NET-CHANGE-IN-ASSETS> 213,842,990
<ACCUMULATED-NII-PRIOR> 2,524,604
<ACCUMULATED-GAINS-PRIOR> 5,596,707
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 2,703,753
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 6,810,649
<AVERAGE-NET-ASSETS> 15,987,666
<PER-SHARE-NAV-BEGIN> 9.93
<PER-SHARE-NII> .10
<PER-SHARE-GAIN-APPREC> 1.63
<PER-SHARE-DIVIDEND> (.15)
<PER-SHARE-DISTRIBUTIONS> (.27)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 11.24
<EXPENSE-RATIO> 2.23
<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>
Financial Data Schedule Putnam Asset Allocation Growth Portfolio
</LEGEND>
<SERIES>
<NUMBER> 5
<NAME> CLASS M
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> SEP-30-1996
<PERIOD-END> SEP-30-1996
<INVESTMENTS-AT-COST> 444,202,467
<INVESTMENTS-AT-VALUE> 506,738,484
<RECEIVABLES> 13,269,371
<ASSETS-OTHER> 2,855,568
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 522,863,423
<PAYABLE-FOR-SECURITIES> 11,674,176
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 2,560,977
<TOTAL-LIABILITIES> 14,235,153
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 413,240,250
<SHARES-COMMON-STOCK> 1,092,639
<SHARES-COMMON-PRIOR> 315,813
<ACCUMULATED-NII-CURRENT> 4,566,163
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 26,854,647
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 63,967,210
<NET-ASSETS> 508,628,270
<DIVIDEND-INCOME> 5,622,541
<INTEREST-INCOME> 6,508,042
<OTHER-INCOME> 0
<EXPENSES-NET> 6,694,935
<NET-INVESTMENT-INCOME> 5,435,648
<REALIZED-GAINS-CURRENT> 31,633,588
<APPREC-INCREASE-CURRENT> 29,767,246
<NET-CHANGE-FROM-OPS> 66,836,482
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (60,532)
<DISTRIBUTIONS-OF-GAINS> (96,428)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 892,131
<NUMBER-OF-SHARES-REDEEMED> (130,938)
<SHARES-REINVESTED> 15,633
<NET-CHANGE-IN-ASSETS> 213,842,990
<ACCUMULATED-NII-PRIOR> 2,524,604
<ACCUMULATED-GAINS-PRIOR> 5,596,707
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 2,703,753
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 6,810,649
<AVERAGE-NET-ASSETS> 6,202,636
<PER-SHARE-NAV-BEGIN> 10.01
<PER-SHARE-NII> .12
<PER-SHARE-GAIN-APPREC> 1.64
<PER-SHARE-DIVIDEND> (.18)
<PER-SHARE-DISTRIBUTIONS> (.27)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 11.32
<EXPENSE-RATIO> 1.95
<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>
Financial Data Schedule Putnam Asset Allocation Growth Portfolio
</LEGEND>
<SERIES>
<NUMBER> 5
<NAME> CLASS Y
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> SEP-30-1996
<PERIOD-END> SEP-30-1996
<INVESTMENTS-AT-COST> 444,202,467
<INVESTMENTS-AT-VALUE> 506,738,484
<RECEIVABLES> 13,269,371
<ASSETS-OTHER> 2,855,568
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 522,863,423
<PAYABLE-FOR-SECURITIES> 11,674,176
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 2,560,977
<TOTAL-LIABILITIES> 14,235,153
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 413,240,250
<SHARES-COMMON-STOCK> 5,084,268
<SHARES-COMMON-PRIOR> 4,475,240
<ACCUMULATED-NII-CURRENT> 4,566,163
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 26,854,647
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 63,967,210
<NET-ASSETS> 508,628,270
<DIVIDEND-INCOME> 5,622,541
<INTEREST-INCOME> 6,508,042
<OTHER-INCOME> 0
<EXPENSES-NET> 6,694,935
<NET-INVESTMENT-INCOME> 5,435,648
<REALIZED-GAINS-CURRENT> 31,633,588
<APPREC-INCREASE-CURRENT> 29,767,246
<NET-CHANGE-FROM-OPS> 66,836,482
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (894,776)
<DISTRIBUTIONS-OF-GAINS> (1,178,695)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 1,379,049
<NUMBER-OF-SHARES-REDEEMED> (979,250)
<SHARES-REINVESTED> 209,229
<NET-CHANGE-IN-ASSETS> 213,842,990
<ACCUMULATED-NII-PRIOR> 2,524,604
<ACCUMULATED-GAINS-PRIOR> 5,596,707
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 2,703,753
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 6,810,649
<AVERAGE-NET-ASSETS> 48,917,766
<PER-SHARE-NAV-BEGIN> 10.09
<PER-SHARE-NII> .21
<PER-SHARE-GAIN-APPREC> 1.65
<PER-SHARE-DIVIDEND> (.21)
<PER-SHARE-DISTRIBUTIONS> (.27)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 11.47
<EXPENSE-RATIO> 1.21
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
Financial Data Schedule for Putnam Asset Allocation Balanced Portfolio
</LEGEND>
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> SEP-30-1996
<PERIOD-END> SEP-30-1996
<INVESTMENTS-AT-COST> 685,701,500
<INVESTMENTS-AT-VALUE> 759,637,234
<RECEIVABLES> 26,301,424
<ASSETS-OTHER> 1,565,922
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 787,504,580
<PAYABLE-FOR-SECURITIES> 19,799,299
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 4,375,656
<TOTAL-LIABILITIES> 24,174,955
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 646,518,398
<SHARES-COMMON-STOCK> 30,562,789
<SHARES-COMMON-PRIOR> 15,748,235
<ACCUMULATED-NII-CURRENT> 5,962,239
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 34,961,932
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 75,887,056
<NET-ASSETS> 763,329,625
<DIVIDEND-INCOME> 6,895,324
<INTEREST-INCOME> 16,094,718
<OTHER-INCOME> 0
<EXPENSES-NET> 8,778,968
<NET-INVESTMENT-INCOME> 14,211,074
<REALIZED-GAINS-CURRENT> 41,972,934
<APPREC-INCREASE-CURRENT> 32,957,829
<NET-CHANGE-FROM-OPS> 89,141,837
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (6,120,832)
<DISTRIBUTIONS-OF-GAINS> (5,171,891)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 18,927,602
<NUMBER-OF-SHARES-REDEEMED> (5,244,795)
<SHARES-REINVESTED> 1,131,747
<NET-CHANGE-IN-ASSETS> 364,691,130
<ACCUMULATED-NII-PRIOR> 2,076,669
<ACCUMULATED-GAINS-PRIOR> 9,093,046
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 3,833,531
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 8,940,677
<AVERAGE-NET-ASSETS> 233,446,120
<PER-SHARE-NAV-BEGIN> 9.67
<PER-SHARE-NII> .29
<PER-SHARE-GAIN-APPREC> 1.32
<PER-SHARE-DIVIDEND> (.28)
<PER-SHARE-DISTRIBUTIONS> (.29)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 10.71
<EXPENSE-RATIO> 1.33
<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>
Financial Data Schedule for Putnam Asset Allocation Balanced Portfolio
</LEGEND>
<S> CLASS B <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> SEP-30-1996
<PERIOD-END> SEP-30-1996
<INVESTMENTS-AT-COST> 685,701,500
<INVESTMENTS-AT-VALUE> 759,637,234
<RECEIVABLES> 26,301,424
<ASSETS-OTHER> 1,565,922
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 787,504,580
<PAYABLE-FOR-SECURITIES> 19,799,299
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 4,375,656
<TOTAL-LIABILITIES> 24,174,955
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 646,518,398
<SHARES-COMMON-STOCK> 24,821,055
<SHARES-COMMON-PRIOR> 16,521,135
<ACCUMULATED-NII-CURRENT> 5,962,239
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 34,961,932
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 75,887,056
<NET-ASSETS> 763,329,625
<DIVIDEND-INCOME> 6,895,324
<INTEREST-INCOME> 16,094,718
<OTHER-INCOME> 0
<EXPENSES-NET> 8,778,968
<NET-INVESTMENT-INCOME> 14,211,074
<REALIZED-GAINS-CURRENT> 41,972,934
<APPREC-INCREASE-CURRENT> 32,957,829
<NET-CHANGE-FROM-OPS> 89,141,837
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (4,209,053)
<DISTRIBUTIONS-OF-GAINS> (5,203,895)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 10,510,356
<NUMBER-OF-SHARES-REDEEMED> (3,118,506)
<SHARES-REINVESTED> 908,070
<NET-CHANGE-IN-ASSETS> 364,691,130
<ACCUMULATED-NII-PRIOR> 2,076,669
<ACCUMULATED-GAINS-PRIOR> 9,093,046
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 3,833,531
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 8,940,677
<AVERAGE-NET-ASSETS> 208,973,865
<PER-SHARE-NAV-BEGIN> 9.64
<PER-SHARE-NII> .21
<PER-SHARE-GAIN-APPREC> 1.32
<PER-SHARE-DIVIDEND> (.21)
<PER-SHARE-DISTRIBUTIONS> (.29)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 10.67
<EXPENSE-RATIO> 2.08
<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>
Financial Data Schedule for Putnam Asset Allocation Balanced Portfolio
</LEGEND>
<S> CLASS C <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> SEP-30-1996
<PERIOD-END> SEP-30-1996
<INVESTMENTS-AT-COST> 685,701,500
<INVESTMENTS-AT-VALUE> 759,637,234
<RECEIVABLES> 26,301,424
<ASSETS-OTHER> 1,565,922
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 787,504,580
<PAYABLE-FOR-SECURITIES> 19,799,299
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 4,375,656
<TOTAL-LIABILITIES> 24,174,955
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 646,518,398
<SHARES-COMMON-STOCK> 2,794,696
<SHARES-COMMON-PRIOR> 1,239,363
<ACCUMULATED-NII-CURRENT> 5,962,239
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 34,961,932
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 75,887,056
<NET-ASSETS> 763,329,625
<DIVIDEND-INCOME> 6,895,324
<INTEREST-INCOME> 16,094,718
<OTHER-INCOME> 0
<EXPENSES-NET> 8,778,968
<NET-INVESTMENT-INCOME> 14,211,074
<REALIZED-GAINS-CURRENT> 41,972,934
<APPREC-INCREASE-CURRENT> 32,957,829
<NET-CHANGE-FROM-OPS> 89,141,837
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (365,863)
<DISTRIBUTIONS-OF-GAINS> (396,189)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 1,806,776
<NUMBER-OF-SHARES-REDEEMED> (328,036)
<SHARES-REINVESTED> 76,593
<NET-CHANGE-IN-ASSETS> 364,691,130
<ACCUMULATED-NII-PRIOR> 2,076,669
<ACCUMULATED-GAINS-PRIOR> 9,093,046
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 3,833,531
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 8,940,677
<AVERAGE-NET-ASSETS> 19,533,437
<PER-SHARE-NAV-BEGIN> 9.62
<PER-SHARE-NII> .22
<PER-SHARE-GAIN-APPREC> 1.30
<PER-SHARE-DIVIDEND> (.21)
<PER-SHARE-DISTRIBUTIONS> (.29)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 10.64
<EXPENSE-RATIO> 2.09
<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>
Financial Data Schedule for Putnam Asset Allocation Balanced Portfolio
</LEGEND>
<S> CLASS M <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> SEP-30-1996
<PERIOD-END> SEP-30-1996
<INVESTMENTS-AT-COST> 685,701,500
<INVESTMENTS-AT-VALUE> 759,637,234
<RECEIVABLES> 26,301,424
<ASSETS-OTHER> 1,565,922
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 787,504,580
<PAYABLE-FOR-SECURITIES> 19,799,299
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 4,375,656
<TOTAL-LIABILITIES> 24,174,955
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 646,518,398
<SHARES-COMMON-STOCK> 1,397,303
<SHARES-COMMON-PRIOR> 363,152
<ACCUMULATED-NII-CURRENT> 5,962,239
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 34,961,932
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 75,887,056
<NET-ASSETS> 763,329,625
<DIVIDEND-INCOME> 6,895,324
<INTEREST-INCOME> 16,094,718
<OTHER-INCOME> 0
<EXPENSES-NET> 8,778,968
<NET-INVESTMENT-INCOME> 14,211,074
<REALIZED-GAINS-CURRENT> 41,972,934
<APPREC-INCREASE-CURRENT> 32,957,829
<NET-CHANGE-FROM-OPS> 89,141,837
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (164,641)
<DISTRIBUTIONS-OF-GAINS> (121,806)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 1,164,306
<NUMBER-OF-SHARES-REDEEMED> (159,031)
<SHARES-REINVESTED> 28,876
<NET-CHANGE-IN-ASSETS> 364,691,130
<ACCUMULATED-NII-PRIOR> 2,076,669
<ACCUMULATED-GAINS-PRIOR> 9,093,046
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 3,833,531
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 8,940,677
<AVERAGE-NET-ASSETS> 8,242,075
<PER-SHARE-NAV-BEGIN> 9.66
<PER-SHARE-NII> .24
<PER-SHARE-GAIN-APPREC> 1.34
<PER-SHARE-DIVIDEND> (.24)
<PER-SHARE-DISTRIBUTIONS> (.29)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 10.71
<EXPENSE-RATIO> 1.84
<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>
Financial Data Schedule for Putnam Asset Allocation Balanced Portfolio
</LEGEND>
<S> CLASS Y <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> SEP-30-1996
<PERIOD-END> SEP-30-1996
<INVESTMENTS-AT-COST> 685,701,500
<INVESTMENTS-AT-VALUE> 759,637,234
<RECEIVABLES> 26,301,424
<ASSETS-OTHER> 1,565,922
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 787,504,580
<PAYABLE-FOR-SECURITIES> 19,799,299
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 4,375,656
<TOTAL-LIABILITIES> 24,174,955
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 646,518,398
<SHARES-COMMON-STOCK> 11,807,817
<SHARES-COMMON-PRIOR> 7,417,403
<ACCUMULATED-NII-CURRENT> 5,962,239
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 34,961,932
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 75,887,056
<NET-ASSETS> 763,329,625
<DIVIDEND-INCOME> 6,895,324
<INTEREST-INCOME> 16,094,718
<OTHER-INCOME> 0
<EXPENSES-NET> 8,778,968
<NET-INVESTMENT-INCOME> 14,211,074
<REALIZED-GAINS-CURRENT> 41,972,934
<APPREC-INCREASE-CURRENT> 32,957,829
<NET-CHANGE-FROM-OPS> 89,141,837
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (2,550,204)
<DISTRIBUTIONS-OF-GAINS> (2,134,847)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 5,351,957
<NUMBER-OF-SHARES-REDEEMED> (1,444,270)
<SHARES-REINVESTED> 482,727
<NET-CHANGE-IN-ASSETS> 364,691,130
<ACCUMULATED-NII-PRIOR> 2,076,669
<ACCUMULATED-GAINS-PRIOR> 9,093,046
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 3,833,531
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 8,940,677
<AVERAGE-NET-ASSETS> 86,698,703
<PER-SHARE-NAV-BEGIN> 9.66
<PER-SHARE-NII> .31
<PER-SHARE-GAIN-APPREC> 1.34
<PER-SHARE-DIVIDEND> (.31)
<PER-SHARE-DISTRIBUTIONS> (.29)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 10.71
<EXPENSE-RATIO> 1.08
<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>
Financial Data for Putnam Asset Allocation Conservative Portfolio
</LEGEND>
<SERIES>
<NUMBER> 5
<NAME> CLASS A
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> SEP-30-1996
<PERIOD-END> SEP-30-1996
<INVESTMENTS-AT-COST> 217,501,198
<INVESTMENTS-AT-VALUE> 229,185,490
<RECEIVABLES> 9,966,991
<ASSETS-OTHER> 510,098
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 239,662,579
<PAYABLE-FOR-SECURITIES> 8,969,710
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 1,832,282
<TOTAL-LIABILITIES> 10,801,992
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 207,101,019
<SHARES-COMMON-STOCK> 11,038,202
<SHARES-COMMON-PRIOR> 6,241,483
<ACCUMULATED-NII-CURRENT> 2,258,349
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 7,323,170
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 12,178,050
<NET-ASSETS> 228,860,587
<DIVIDEND-INCOME> 1,305,197
<INTEREST-INCOME> 8,798,356
<OTHER-INCOME> 0
<EXPENSES-NET> 3,326,898
<NET-INVESTMENT-INCOME> 6,776,655
<REALIZED-GAINS-CURRENT> 8,940,554
<APPREC-INCREASE-CURRENT> 3,784,426
<NET-CHANGE-FROM-OPS> 19,501,635
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (3,204,010)
<DISTRIBUTIONS-OF-GAINS> (1,368,540)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 6,732,230
<NUMBER-OF-SHARES-REDEEMED> (2,345,290)
<SHARES-REINVESTED> 409,779
<NET-CHANGE-IN-ASSETS> 95,354,053
<ACCUMULATED-NII-PRIOR> 1,145,263
<ACCUMULATED-GAINS-PRIOR> 1,826,396
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 1,281,120
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 3,376,109
<AVERAGE-NET-ASSETS> 86,130,596
<PER-SHARE-NAV-BEGIN> 9.19
<PER-SHARE-NII> .36
<PER-SHARE-GAIN-APPREC> .68
<PER-SHARE-DIVIDEND> (.36)
<PER-SHARE-DISTRIBUTIONS> (.18)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 9.69
<EXPENSE-RATIO> 1.47
<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>
Financial Data for Putnam Asset Allocation Conservative Portfolio
</LEGEND>
<SERIES>
<NUMBER> 5
<NAME> CLASS B
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> SEP-30-1996
<PERIOD-END> SEP-30-1996
<INVESTMENTS-AT-COST> 217,501,198
<INVESTMENTS-AT-VALUE> 229,185,490
<RECEIVABLES> 9,966,991
<ASSETS-OTHER> 510,098
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 239,662,579
<PAYABLE-FOR-SECURITIES> 8,969,710
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 1,832,282
<TOTAL-LIABILITIES> 10,801,992
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 207,101,019
<SHARES-COMMON-STOCK> 9,833,891
<SHARES-COMMON-PRIOR> 7,180,881
<ACCUMULATED-NII-CURRENT> 2,258,349
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 7,323,170
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 12,178,050
<NET-ASSETS> 228,860,587
<DIVIDEND-INCOME> 1,305,197
<INTEREST-INCOME> 8,798,356
<OTHER-INCOME> 0
<EXPENSES-NET> 3,326,898
<NET-INVESTMENT-INCOME> 6,776,655
<REALIZED-GAINS-CURRENT> 8,940,554
<APPREC-INCREASE-CURRENT> 3,784,426
<NET-CHANGE-FROM-OPS> 19,501,635
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (2,376,868)
<DISTRIBUTIONS-OF-GAINS> (1,343,244)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 4,048,229
<NUMBER-OF-SHARES-REDEEMED> (1,709,914)
<SHARES-REINVESTED> 314,695
<NET-CHANGE-IN-ASSETS> 95,354,053
<ACCUMULATED-NII-PRIOR> 1,145,263
<ACCUMULATED-GAINS-PRIOR> 1,826,396
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 1,281,120
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 3,376,109
<AVERAGE-NET-ASSETS> 79,223,804
<PER-SHARE-NAV-BEGIN> 9.16
<PER-SHARE-NII> .29
<PER-SHARE-GAIN-APPREC> .68
<PER-SHARE-DIVIDEND> (.29)
<PER-SHARE-DISTRIBUTIONS> (.18)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 9.66
<EXPENSE-RATIO> 2.22
<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>
Financial Data for Putnam Asset Allocation Conservative Portfolio
</LEGEND>
<SERIES>
<NUMBER> 5
<NAME> CLASS C
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> SEP-30-1996
<PERIOD-END> SEP-30-1996
<INVESTMENTS-AT-COST> 217,501,198
<INVESTMENTS-AT-VALUE> 229,185,490
<RECEIVABLES> 9,966,991
<ASSETS-OTHER> 510,098
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 239,662,579
<PAYABLE-FOR-SECURITIES> 8,969,710
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 1,832,282
<TOTAL-LIABILITIES> 10,801,992
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 207,101,019
<SHARES-COMMON-STOCK> 1,693,468
<SHARES-COMMON-PRIOR> 786,951
<ACCUMULATED-NII-CURRENT> 2,258,349
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 7,323,170
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 12,178,050
<NET-ASSETS> 228,860,587
<DIVIDEND-INCOME> 1,305,197
<INTEREST-INCOME> 8,798,356
<OTHER-INCOME> 0
<EXPENSES-NET> 3,326,898
<NET-INVESTMENT-INCOME> 6,776,655
<REALIZED-GAINS-CURRENT> 8,940,554
<APPREC-INCREASE-CURRENT> 3,784,426
<NET-CHANGE-FROM-OPS> 19,501,635
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (350,861)
<DISTRIBUTIONS-OF-GAINS> (177,029)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 1,074,609
<NUMBER-OF-SHARES-REDEEMED> (217,121)
<SHARES-REINVESTED> 49,029
<NET-CHANGE-IN-ASSETS> 95,354,053
<ACCUMULATED-NII-PRIOR> 1,145,263
<ACCUMULATED-GAINS-PRIOR> 1,826,396
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 1,281,120
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 3,376,109
<AVERAGE-NET-ASSETS> 12,058,390
<PER-SHARE-NAV-BEGIN> 9.15
<PER-SHARE-NII> .30
<PER-SHARE-GAIN-APPREC> .66
<PER-SHARE-DIVIDEND> (.29)
<PER-SHARE-DISTRIBUTIONS> (.18)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 9.64
<EXPENSE-RATIO> 2.22
<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>
Financial Data for Putnam Asset Allocation Conservative Portfolio
</LEGEND>
<SERIES>
<NUMBER> 5
<NAME> CLASS M
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> SEP-30-1996
<PERIOD-END> SEP-30-1996
<INVESTMENTS-AT-COST> 217,501,198
<INVESTMENTS-AT-VALUE> 229,185,490
<RECEIVABLES> 9,966,991
<ASSETS-OTHER> 510,098
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 239,662,579
<PAYABLE-FOR-SECURITIES> 8,969,710
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 1,832,282
<TOTAL-LIABILITIES> 10,801,992
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 207,101,019
<SHARES-COMMON-STOCK> 478,010
<SHARES-COMMON-PRIOR> 148,920
<ACCUMULATED-NII-CURRENT> 2,258,349
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 7,323,170
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 12,178,050
<NET-ASSETS> 228,860,587
<DIVIDEND-INCOME> 1,305,197
<INTEREST-INCOME> 8,798,356
<OTHER-INCOME> 0
<EXPENSES-NET> 3,326,898
<NET-INVESTMENT-INCOME> 6,776,655
<REALIZED-GAINS-CURRENT> 8,940,554
<APPREC-INCREASE-CURRENT> 3,784,426
<NET-CHANGE-FROM-OPS> 19,501,635
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (120,711)
<DISTRIBUTIONS-OF-GAINS> (41,182)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 409,443
<NUMBER-OF-SHARES-REDEEMED> (89,556)
<SHARES-REINVESTED> 9,203
<NET-CHANGE-IN-ASSETS> 95,354,053
<ACCUMULATED-NII-PRIOR> 1,145,263
<ACCUMULATED-GAINS-PRIOR> 1,826,396
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 1,281,120
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 3,376,109
<AVERAGE-NET-ASSETS> 2,531,895
<PER-SHARE-NAV-BEGIN> 9.18
<PER-SHARE-NII> .33
<PER-SHARE-GAIN-APPREC> .66
<PER-SHARE-DIVIDEND> (.32)
<PER-SHARE-DISTRIBUTIONS> (.18)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 9.67
<EXPENSE-RATIO> 1.96
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
Financial Data for Putnam Asset Allocation Conservative Portfolio
</LEGEND>
<SERIES>
<NUMBER> 5
<NAME> CLASS Y
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> SEP-30-1996
<PERIOD-END> SEP-30-1996
<INVESTMENTS-AT-COST> 217,501,198
<INVESTMENTS-AT-VALUE> 229,185,490
<RECEIVABLES> 9,966,991
<ASSETS-OTHER> 510,098
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 239,662,579
<PAYABLE-FOR-SECURITIES> 8,969,710
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 1,832,282
<TOTAL-LIABILITIES> 10,801,992
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 207,101,019
<SHARES-COMMON-STOCK> 621,763
<SHARES-COMMON-PRIOR> 197,848
<ACCUMULATED-NII-CURRENT> 2,258,349
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 7,323,170
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 12,178,050
<NET-ASSETS> 228,860,587
<DIVIDEND-INCOME> 1,305,197
<INTEREST-INCOME> 8,798,356
<OTHER-INCOME> 0
<EXPENSES-NET> 3,326,898
<NET-INVESTMENT-INCOME> 6,776,655
<REALIZED-GAINS-CURRENT> 8,940,554
<APPREC-INCREASE-CURRENT> 3,784,426
<NET-CHANGE-FROM-OPS> 19,501,635
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (120,711)
<DISTRIBUTIONS-OF-GAINS> (41,182)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 527,405
<NUMBER-OF-SHARES-REDEEMED> (117,166)
<SHARES-REINVESTED> 13,676
<NET-CHANGE-IN-ASSETS> 95,354,053
<ACCUMULATED-NII-PRIOR> 1,145,263
<ACCUMULATED-GAINS-PRIOR> 1,826,396
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 1,281,120
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 3,376,109
<AVERAGE-NET-ASSETS> 3,072,396
<PER-SHARE-NAV-BEGIN> 9.19
<PER-SHARE-NII> .38
<PER-SHARE-GAIN-APPREC> .68
<PER-SHARE-DIVIDEND> (.38)
<PER-SHARE-DISTRIBUTIONS> (.18)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 9.69
<EXPENSE-RATIO> 1.22
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
