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<PAGE> PAGE 5
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<PAGE> PAGE 6
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<PAGE> PAGE 8
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<PAGE> PAGE 10
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<PAGE> PAGE 11
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<PAGE> PAGE 12
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<PAGE> PAGE 13
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<PAGE> PAGE 14
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<PAGE> PAGE 15
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SIGNATURE PAUL BUCAVALAS
TITLE VICE PRESIDENT
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
Putnam Asset Allocation: Growth Portfolio
</LEGEND>
<SERIES>
<NUMBER> 5
<NAME> CLASS B
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</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
Putnam Asset Allocation: Growth Portfolio
</LEGEND>
<SERIES>
<NUMBER> 5
<NAME> CLASS M
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</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
Putnam Asset Allocation: Growth Portfolio
</LEGEND>
<SERIES>
<NUMBER> 5
<NAME> CLASS C
<S> <C>
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<GROSS-ADVISORY-FEES> 5,592,040
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 13,855,042
<AVERAGE-NET-ASSETS> 46,214,160
<PER-SHARE-NAV-BEGIN> 11.24
<PER-SHARE-NII> .08
<PER-SHARE-GAIN-APPREC> 2.65
<PER-SHARE-DIVIDEND> (.12)
<PER-SHARE-DISTRIBUTIONS> (.47)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 13.38
<EXPENSE-RATIO> 2.14
<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>
Putnam Asset Allocation: Growth Portfolio
</LEGEND>
<SERIES>
<NUMBER> 5
<NAME> CLASS Y
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> SEP-30-1997
<PERIOD-END> SEP-30-1997
<INVESTMENTS-AT-COST> 965,873,423
<INVESTMENTS-AT-VALUE> 1,165,934,455
<RECEIVABLES> 42,331,431
<ASSETS-OTHER> 19,253,608
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 1,227,519,494
<PAYABLE-FOR-SECURITIES> 9,340,315
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 38,148,954
<TOTAL-LIABILITIES> 47,489,269
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 911,993,882
<SHARES-COMMON-STOCK> 17,005,005
<SHARES-COMMON-PRIOR> 5,084,268
<ACCUMULATED-NII-CURRENT> 4,753,670
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 64,278,386
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 199,004,287
<NET-ASSETS> 1,180,030,225
<DIVIDEND-INCOME> 10,329,486
<INTEREST-INCOME> 13,258,104
<OTHER-INCOME> 0
<EXPENSES-NET> 13,449,648
<NET-INVESTMENT-INCOME> 10,137,942
<REALIZED-GAINS-CURRENT> 64,007,920
<APPREC-INCREASE-CURRENT> 135,037,077
<NET-CHANGE-FROM-OPS> 209,182,939
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (2,813,692)
<DISTRIBUTIONS-OF-GAINS> (7,064,486)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 15,043,228
<NUMBER-OF-SHARES-REDEEMED> (3,997,439)
<SHARES-REINVESTED> 874,948
<NET-CHANGE-IN-ASSETS> 671,401,955
<ACCUMULATED-NII-PRIOR> 4,566,163
<ACCUMULATED-GAINS-PRIOR> 26,854,647
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 5,592,040
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 13,855,042
<AVERAGE-NET-ASSETS> 186,491,013
<PER-SHARE-NAV-BEGIN> 11.47
<PER-SHARE-NII> .21
<PER-SHARE-GAIN-APPREC> 2.70
<PER-SHARE-DIVIDEND> (.19)
<PER-SHARE-DISTRIBUTIONS> (.47)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 13.72
<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>
Putnam Asset Allocation: Balanced Fund
</LEGEND>
<SERIES>
<NUMBER> 5
<NAME> CLASS A
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> SEP-30-1997
<PERIOD-END> SEP-30-1997
<INVESTMENTS-AT-COST> 1,247,002,649
<INVESTMENTS-AT-VALUE> 1,460,609,834
<RECEIVABLES> 88,298,230
<ASSETS-OTHER> 39,221,240
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 1,588,129,304
<PAYABLE-FOR-SECURITIES> 18,279,175
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 99,677,959
<TOTAL-LIABILITIES> 117,957,134
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 1,176,541,439
<SHARES-COMMON-STOCK> 55,429,195
<SHARES-COMMON-PRIOR> 30,562,789
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> (1,691,530)
<ACCUMULATED-NET-GAINS> 82,481,851
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 212,840,411
<NET-ASSETS> 1,470,172,171
<DIVIDEND-INCOME> 11,868,329
<INTEREST-INCOME> 28,586,248
<OTHER-INCOME> 0
<EXPENSES-NET> 16,161,810
<NET-INVESTMENT-INCOME> 24,292,767
<REALIZED-GAINS-CURRENT> 82,193,569
<APPREC-INCREASE-CURRENT> 136,953,355
<NET-CHANGE-FROM-OPS> 243,439,691
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (12,697,299)
<DISTRIBUTIONS-OF-GAINS> (17,400,957)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 37,950,346
<NUMBER-OF-SHARES-REDEEMED> (15,849,240)
<SHARES-REINVESTED> 2,765,300
<NET-CHANGE-IN-ASSETS> 529,850,375
<ACCUMULATED-NII-PRIOR> 5,962,239
<ACCUMULATED-GAINS-PRIOR> 34,961,932
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 7,033,919
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 16,562,485
<AVERAGE-NET-ASSETS> 490,499,153
<PER-SHARE-NAV-BEGIN> 10.71
<PER-SHARE-NII> .28
<PER-SHARE-GAIN-APPREC> 2.13
<PER-SHARE-DIVIDEND> (.31)
<PER-SHARE-DISTRIBUTIONS> (.53)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 12.28
<EXPENSE-RATIO> 1.27
<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>
Putnam Asset Allocation: Balanced Fund
</LEGEND>
<SERIES>
<NUMBER> 5
<NAME> CLASS B
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> SEP-30-1997
<PERIOD-END> SEP-30-1997
<INVESTMENTS-AT-COST> 1,247,002,649
<INVESTMENTS-AT-VALUE> 1,460,609,834
<RECEIVABLES> 88,298,230
<ASSETS-OTHER> 39,221,240
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 1,588,129,304
<PAYABLE-FOR-SECURITIES> 18,279,175
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 99,677,959
<TOTAL-LIABILITIES> 117,957,134
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 1,176,541,439
<SHARES-COMMON-STOCK> 36,191,885
<SHARES-COMMON-PRIOR> 24,821,055
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> (1,691,530)
<ACCUMULATED-NET-GAINS> 82,481,851
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 212,840,411
<NET-ASSETS> 1,470,172,171
<DIVIDEND-INCOME> 11,868,329
<INTEREST-INCOME> 28,586,248
<OTHER-INCOME> 0
<EXPENSES-NET> 16,161,810
<NET-INVESTMENT-INCOME> 24,292,767
<REALIZED-GAINS-CURRENT> 82,193,569
<APPREC-INCREASE-CURRENT> 136,953,355
<NET-CHANGE-FROM-OPS> 243,439,691
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (6,684,235)
<DISTRIBUTIONS-OF-GAINS> (14,022,870)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 13,440,364
<NUMBER-OF-SHARES-REDEEMED> (3,887,593)
<SHARES-REINVESTED> 1,818,059
<NET-CHANGE-IN-ASSETS> 529,850,375
<ACCUMULATED-NII-PRIOR> 5,962,239
<ACCUMULATED-GAINS-PRIOR> 34,961,932
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 7,033,919
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 16,562,485
<AVERAGE-NET-ASSETS> 344,360,766
<PER-SHARE-NAV-BEGIN> 10.67
<PER-SHARE-NII> .19
<PER-SHARE-GAIN-APPREC> 2.13
<PER-SHARE-DIVIDEND> (.23)
<PER-SHARE-DISTRIBUTIONS> (.53)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 12.23
<EXPENSE-RATIO> 2.02
<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>
Putnam Asset Allocation: Balanced Fund
</LEGEND>
<SERIES>
<NUMBER> 5
<NAME> CLASS M
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> SEP-30-1997
<PERIOD-END> SEP-30-1997
<INVESTMENTS-AT-COST> 1,247,002,649
<INVESTMENTS-AT-VALUE> 1,460,609,834
<RECEIVABLES> 88,298,230
<ASSETS-OTHER> 39,221,240
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 1,588,129,304
<PAYABLE-FOR-SECURITIES> 18,279,175
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 99,677,959
<TOTAL-LIABILITIES> 117,957,134
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 1,176,541,439
<SHARES-COMMON-STOCK> 3,595,164
<SHARES-COMMON-PRIOR> 1,397,303
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> (1,691,530)
<ACCUMULATED-NET-GAINS> 82,481,851
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 212,840,411
<NET-ASSETS> 1,470,172,171
<DIVIDEND-INCOME> 11,868,329
<INTEREST-INCOME> 28,586,248
<OTHER-INCOME> 0
<EXPENSES-NET> 16,161,810
<NET-INVESTMENT-INCOME> 24,292,767
<REALIZED-GAINS-CURRENT> 82,193,569
<APPREC-INCREASE-CURRENT> 136,953,355
<NET-CHANGE-FROM-OPS> 243,439,691
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (584,395)
<DISTRIBUTIONS-OF-GAINS> (891,021)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 2,475,833
<NUMBER-OF-SHARES-REDEEMED> (405,927)
<SHARES-REINVESTED> 127,955
<NET-CHANGE-IN-ASSETS> 529,850,375
<ACCUMULATED-NII-PRIOR> 5,962,239
<ACCUMULATED-GAINS-PRIOR> 34,961,932
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 7,033,919
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 16,562,485
<AVERAGE-NET-ASSETS> 28,008,614
<PER-SHARE-NAV-BEGIN> 10.71
<PER-SHARE-NII> .22
<PER-SHARE-GAIN-APPREC> 2.13
<PER-SHARE-DIVIDEND> (.26)
<PER-SHARE-DISTRIBUTIONS> (.53)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 12.27
<EXPENSE-RATIO> 1.77
<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>
Putnam Asset Allocation: Balanced Fund
</LEGEND>
<SERIES>
<NUMBER> 5
<NAME> CLASS C
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> SEP-30-1997
<PERIOD-END> SEP-30-1997
<INVESTMENTS-AT-COST> 1,247,002,649
<INVESTMENTS-AT-VALUE> 1,460,609,834
<RECEIVABLES> 88,298,230
<ASSETS-OTHER> 39,221,240
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 1,588,129,304
<PAYABLE-FOR-SECURITIES> 18,279,175
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 99,677,959
<TOTAL-LIABILITIES> 117,957,134
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 1,176,541,439
<SHARES-COMMON-STOCK> 5,818,382
<SHARES-COMMON-PRIOR> 2,794,696
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> (1,691,530)
<ACCUMULATED-NET-GAINS> 82,481,851
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 212,840,411
<NET-ASSETS> 1,470,172,171
<DIVIDEND-INCOME> 11,868,329
<INTEREST-INCOME> 28,586,248
<OTHER-INCOME> 0
<EXPENSES-NET> 16,161,810
<NET-INVESTMENT-INCOME> 24,292,767
<REALIZED-GAINS-CURRENT> 82,193,569
<APPREC-INCREASE-CURRENT> 136,953,355
<NET-CHANGE-FROM-OPS> 243,439,691
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (929,452)
<DISTRIBUTIONS-OF-GAINS> (1,750,679)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 3,334,653
<NUMBER-OF-SHARES-REDEEMED> (541,054)
<SHARES-REINVESTED> 230,087
<NET-CHANGE-IN-ASSETS> 529,850,375
<ACCUMULATED-NII-PRIOR> 5,962,239
<ACCUMULATED-GAINS-PRIOR> 34,961,932
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 7,033,919
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 16,562,485
<AVERAGE-NET-ASSETS> 48,358,168
<PER-SHARE-NAV-BEGIN> 10.64
<PER-SHARE-NII> .19
<PER-SHARE-GAIN-APPREC> 2.11
<PER-SHARE-DIVIDEND> (.23)
<PER-SHARE-DISTRIBUTIONS> (.53)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 12.18
<EXPENSE-RATIO> 2.02
<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>
Putnam Asset Allocation: Balanced Fund
</LEGEND>
<SERIES>
<NUMBER> 5
<NAME> CLASS Y
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> SEP-30-1997
<PERIOD-END> SEP-30-1997
<INVESTMENTS-AT-COST> 1,247,002,649
<INVESTMENTS-AT-VALUE> 1,460,609,834
<RECEIVABLES> 88,298,230
<ASSETS-OTHER> 39,221,240
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 1,588,129,304
<PAYABLE-FOR-SECURITIES> 18,279,175
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 99,677,959
<TOTAL-LIABILITIES> 117,957,134
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 1,176,541,439
<SHARES-COMMON-STOCK> 18,886,157
<SHARES-COMMON-PRIOR> 11,807,817
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> (1,691,530)
<ACCUMULATED-NET-GAINS> 82,481,851
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 212,840,411
<NET-ASSETS> 1,470,172,171
<DIVIDEND-INCOME> 11,868,329
<INTEREST-INCOME> 28,586,248
<OTHER-INCOME> 0
<EXPENSES-NET> 16,161,810
<NET-INVESTMENT-INCOME> 24,292,767
<REALIZED-GAINS-CURRENT> 82,193,569
<APPREC-INCREASE-CURRENT> 136,953,355
<NET-CHANGE-FROM-OPS> 243,439,691
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (5,162,787)
<DISTRIBUTIONS-OF-GAINS> (6,323,825)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 10,743,301
<NUMBER-OF-SHARES-REDEEMED> (4,726,651)
<SHARES-REINVESTED> 1,070,690
<NET-CHANGE-IN-ASSETS> 529,850,375
<ACCUMULATED-NII-PRIOR> 5,962,239
<ACCUMULATED-GAINS-PRIOR> 34,961,932
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 7,033,919
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 16,562,485
<AVERAGE-NET-ASSETS> 189,214,693
<PER-SHARE-NAV-BEGIN> 10.71
<PER-SHARE-NII> .31
<PER-SHARE-GAIN-APPREC> 2.14
<PER-SHARE-DIVIDEND> (.34)
<PER-SHARE-DISTRIBUTIONS> (.53)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 12.297
<EXPENSE-RATIO> 1.02
<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>
Putnam Asset Allocation: Conservative Portfolio
</LEGEND>
<SERIES>
<NUMBER> 5
<NAME> CLASS A
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> SEP-30-1997
<PERIOD-END> SEP-30-1997
<INVESTMENTS-AT-COST> 454,045,685
<INVESTMENTS-AT-VALUE> 500,774,146
<RECEIVABLES> 39,289,887
<ASSETS-OTHER> 17,529,807
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 557,593,840
<PAYABLE-FOR-SECURITIES> 18,133,817
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 45,282,829
<TOTAL-LIABILITIES> 63,416,646
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 432,294,947
<SHARES-COMMON-STOCK> 27,823,692
<SHARES-COMMON-PRIOR> 11,038,202
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> (253,640)
<ACCUMULATED-NET-GAINS> 15,396,761
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 46,739,126
<NET-ASSETS> 494,177,194
<DIVIDEND-INCOME> 2,567,752
<INTEREST-INCOME> 18,112,692
<OTHER-INCOME> 0
<EXPENSES-NET> 6,544,454
<NET-INVESTMENT-INCOME> 14,135,990
<REALIZED-GAINS-CURRENT> 16,587,637
<APPREC-INCREASE-CURRENT> 34,561,076
<NET-CHANGE-FROM-OPS> 65,284,703
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (8,805,780)
<DISTRIBUTIONS-OF-GAINS> (7,375,222)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 26,085,641
<NUMBER-OF-SHARES-REDEEMED> (10,933,886)
<SHARES-REINVESTED> 1,633,735
<NET-CHANGE-IN-ASSETS> 265,316,607
<ACCUMULATED-NII-PRIOR> 2,258,348
<ACCUMULATED-GAINS-PRIOR> 7,323,170
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 2,847,969
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 6,649,288
<AVERAGE-NET-ASSETS> 247,488,595
<PER-SHARE-NAV-BEGIN> 9.69
<PER-SHARE-NII> .38
<PER-SHARE-GAIN-APPREC> 1.22
<PER-SHARE-DIVIDEND> (.35)
<PER-SHARE-DISTRIBUTIONS> (.33)
<RETURNS-OF-CAPITAL> 10.61
<PER-SHARE-NAV-END> 1.38
<EXPENSE-RATIO> 0
<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>
Putnam Asset Allocation: Conservative Portfolio
</LEGEND>
<SERIES>
<NUMBER> 5
<NAME> CLASS B
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> SEP-30-1997
<PERIOD-END> SEP-30-1997
<INVESTMENTS-AT-COST> 454,045,685
<INVESTMENTS-AT-VALUE> 500,774,146
<RECEIVABLES> 39,289,887
<ASSETS-OTHER> 17,529,807
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 557,593,840
<PAYABLE-FOR-SECURITIES> 18,133,817
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 45,282,829
<TOTAL-LIABILITIES> 63,416,646
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 432,294,947
<SHARES-COMMON-STOCK> 13,095,486
<SHARES-COMMON-PRIOR> 9,833,891
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> (253,640)
<ACCUMULATED-NET-GAINS> 15,396,761
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 46,739,126
<NET-ASSETS> 494,177,194
<DIVIDEND-INCOME> 2,567,752
<INTEREST-INCOME> 18,112,692
<OTHER-INCOME> 0
<EXPENSES-NET> 6,544,454
<NET-INVESTMENT-INCOME> 14,135,990
<REALIZED-GAINS-CURRENT> 16,587,637
<APPREC-INCREASE-CURRENT> 34,561,076
<NET-CHANGE-FROM-OPS> 65,284,703
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (3,124,303)
<DISTRIBUTIONS-OF-GAINS> (3,325,457)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 4,642,547
<NUMBER-OF-SHARES-REDEEMED> (1,963,926)
<SHARES-REINVESTED> 582,974
<NET-CHANGE-IN-ASSETS> 265,316,607
<ACCUMULATED-NII-PRIOR> 2,258,348
<ACCUMULATED-GAINS-PRIOR> 7,323,170
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 2,847,969
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 6,649,288
<AVERAGE-NET-ASSETS> 114,535,019
<PER-SHARE-NAV-BEGIN> 9.66
<PER-SHARE-NII> .30
<PER-SHARE-GAIN-APPREC> 1.22
<PER-SHARE-DIVIDEND> (.28)
<PER-SHARE-DISTRIBUTIONS> (.33)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 10.57
<EXPENSE-RATIO> 2.13
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
Putnam Asset Allocation: Conservative Portfolio
</LEGEND>
<SERIES>
<NUMBER> 5
<NAME> CLASS M
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> SEP-30-1997
<PERIOD-END> SEP-30-1997
<INVESTMENTS-AT-COST> 454,045,685
<INVESTMENTS-AT-VALUE> 500,774,146
<RECEIVABLES> 39,289,887
<ASSETS-OTHER> 17,529,807
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 557,593,840
<PAYABLE-FOR-SECURITIES> 18,133,817
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<OTHER-ITEMS-LIABILITIES> 45,282,829
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<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 432,294,947
<SHARES-COMMON-STOCK> 1,198,792
<SHARES-COMMON-PRIOR> 478,010
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> (253,640)
<ACCUMULATED-NET-GAINS> 15,396,761
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 46,739,126
<NET-ASSETS> 494,177,194
<DIVIDEND-INCOME> 2,567,752
<INTEREST-INCOME> 18,112,692
<OTHER-INCOME> 0
<EXPENSES-NET> 6,544,454
<NET-INVESTMENT-INCOME> 14,135,990
<REALIZED-GAINS-CURRENT> 16,587,637
<APPREC-INCREASE-CURRENT> 34,561,076
<NET-CHANGE-FROM-OPS> 65,284,703
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (241,373)
<DISTRIBUTIONS-OF-GAINS> (177,085)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 888,082
<NUMBER-OF-SHARES-REDEEMED> (208,529)
<SHARES-REINVESTED> 41,229
<NET-CHANGE-IN-ASSETS> 265,316,607
<ACCUMULATED-NII-PRIOR> 2,258,348
<ACCUMULATED-GAINS-PRIOR> 7,323,170
<OVERDISTRIB-NII-PRIOR> 0
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<GROSS-EXPENSE> 6,649,288
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<PER-SHARE-DIVIDEND> (.31)
<PER-SHARE-DISTRIBUTIONS> (.33)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 10.59
<EXPENSE-RATIO> 1.88
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
Putnam Asset Allocation: Conservative Portfolio
</LEGEND>
<SERIES>
<NUMBER> 5
<NAME> CLASS Y
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> SEP-30-1997
<PERIOD-END> SEP-30-1997
<INVESTMENTS-AT-COST> 454,045,685
<INVESTMENTS-AT-VALUE> 500,774,146
<RECEIVABLES> 39,289,887
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<TOTAL-LIABILITIES> 63,416,646
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<PAID-IN-CAPITAL-COMMON> 432,294,947
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<SHARES-COMMON-PRIOR> 621,763
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> (253,640)
<ACCUMULATED-NET-GAINS> 15,396,761
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 46,739,126
<NET-ASSETS> 494,177,194
<DIVIDEND-INCOME> 2,567,752
<INTEREST-INCOME> 18,112,692
<OTHER-INCOME> 0
<EXPENSES-NET> 6,544,454
<NET-INVESTMENT-INCOME> 14,135,990
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<DISTRIBUTIONS-OF-INCOME> (509,001)
<DISTRIBUTIONS-OF-GAINS> (342,603)
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<NUMBER-OF-SHARES-SOLD> 2,100,427
<NUMBER-OF-SHARES-REDEEMED> (1,042,532)
<SHARES-REINVESTED> 87,037
<NET-CHANGE-IN-ASSETS> 265,316,607
<ACCUMULATED-NII-PRIOR> 2,258,348
<ACCUMULATED-GAINS-PRIOR> 7,323,170
<OVERDISTRIB-NII-PRIOR> 0
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<PER-SHARE-NAV-END> 10.62
<EXPENSE-RATIO> 1.13
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
