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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>
Putnam Asset Allocation: Growth Portfolio
</LEGEND>
<SERIES>
<NUMBER> 5
<NAME> CLASS A
<S> <C>
<PERIOD-TYPE> OTHER
<FISCAL-YEAR-END> SEP-30-1996
<PERIOD-END> MAR-31-1997
<INVESTMENTS-AT-COST> 656,767,796
<INVESTMENTS-AT-VALUE> 710,135,633
<RECEIVABLES> 31,949,631
<ASSETS-OTHER> 103,377,327
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<SENIOR-EQUITY> 0
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<SHARES-COMMON-PRIOR> 18,450,959
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<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 61,156,265
<NET-ASSETS> 814,549,572
<DIVIDEND-INCOME> 4,539,406
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<EXPENSES-NET> 5,453,871
<NET-INVESTMENT-INCOME> 4,742,883
<REALIZED-GAINS-CURRENT> 26,581,069
<APPREC-INCREASE-CURRENT> (2,810,945)
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<DISTRIBUTIONS-OF-INCOME> (3,419,375)
<DISTRIBUTIONS-OF-GAINS> (9,736,876)
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<NUMBER-OF-SHARES-SOLD> 10,240,852
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<PER-SHARE-NAV-END> 11.33
<EXPENSE-RATIO> .70
<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 B
<S> <C>
<PERIOD-TYPE> OTHER
<FISCAL-YEAR-END> SEP-30-1996
<PERIOD-END> MAR-31-1997
<INVESTMENTS-AT-COST> 656,767,796
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<ASSETS-OTHER> 103,377,327
<OTHER-ITEMS-ASSETS> 0
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<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 C
<S> <C>
<PERIOD-TYPE> OTHER
<FISCAL-YEAR-END> SEP-30-1996
<PERIOD-END> MAR-31-1997
<INVESTMENTS-AT-COST> 656,767,796
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<ASSETS-OTHER> 103,377,327
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<PER-SHARE-NAV-END> 11.15
<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>
Putnam Asset Allocation: Growth Portfolio
</LEGEND>
<SERIES>
<NUMBER> 5
<NAME> CLASS M
<S> <C>
<PERIOD-TYPE> OTHER
<FISCAL-YEAR-END> SEP-30-1996
<PERIOD-END> MAR-31-1997
<INVESTMENTS-AT-COST> 656,767,796
<INVESTMENTS-AT-VALUE> 710,135,633
<RECEIVABLES> 31,949,631
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<PAID-IN-CAPITAL-COMMON> 727,039,430
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<GROSS-EXPENSE> 5,772,686
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<PER-SHARE-DIVIDEND> (.14)
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<PER-SHARE-NAV-END> 11.23
<EXPENSE-RATIO> .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>
Putnam Asset Allocation: Growth Portfolio
</LEGEND>
<SERIES>
<NUMBER> 5
<NAME> CLASS Y
<S> <C>
<PERIOD-TYPE> OTHER
<FISCAL-YEAR-END> SEP-30-1996
<PERIOD-END> MAR-31-1997
<INVESTMENTS-AT-COST> 656,767,796
<INVESTMENTS-AT-VALUE> 710,135,633
<RECEIVABLES> 31,949,631
<ASSETS-OTHER> 103,377,327
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<TOTAL-ASSETS> 845,462,591
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<OTHER-ITEMS-LIABILITIES> 11,387,735
<TOTAL-LIABILITIES> 30,913,019
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 727,039,430
<SHARES-COMMON-STOCK> 16,730,809
<SHARES-COMMON-PRIOR> 5,084,268
<ACCUMULATED-NII-CURRENT> 681,116
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<ACCUMULATED-NET-GAINS> 25,672,761
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<ACCUM-APPREC-OR-DEPREC> 61,156,265
<NET-ASSETS> 814,549,572
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<EXPENSES-NET> 5,453,871
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<NUMBER-OF-SHARES-SOLD> 12,754,907
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<ACCUMULATED-GAINS-PRIOR> 26,854,647
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<GROSS-EXPENSE> 5,772,686
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<PER-SHARE-GAIN-APPREC> .44
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<PER-SHARE-NAV-END> 11.38
<EXPENSE-RATIO> .58
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
Putnam Asset Allocation: Balanced Portfolio
</LEGEND>
<SERIES>
<NUMBER> 5
<NAME> CLASS A
<S> <C>
<PERIOD-TYPE> OTHER
<FISCAL-YEAR-END> SEP-30-1996
<PERIOD-END> MAR-31-1997
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<PER-SHARE-NAV-END> 10.53
<EXPENSE-RATIO> .63
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<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 Portfolio
</LEGEND>
<SERIES>
<NUMBER> 5
<NAME> CLASS B
<S> <C>
<PERIOD-TYPE> OTHER
<FISCAL-YEAR-END> SEP-30-1996
<PERIOD-END> MAR-31-1997
<INVESTMENTS-AT-COST> 898,892,745
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<ACCUM-APPREC-OR-DEPREC> 70,429,347
<NET-ASSETS> 1,085,270,042
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<EXPENSES-NET> 6,743,318
<NET-INVESTMENT-INCOME> 10,912,860
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<PER-SHARE-NAV-END> 10.49
<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>
Putnam Asset Allocation: Balanced Portfolio
</LEGEND>
<SERIES>
<NUMBER> 5
<NAME> CLASS C
<S> <C>
<PERIOD-TYPE> OTHER
<FISCAL-YEAR-END> SEP-30-1996
<PERIOD-END> MAR-31-1997
<INVESTMENTS-AT-COST> 898,892,745
<INVESTMENTS-AT-VALUE> 959,641,387
<RECEIVABLES> 63,483,356
<ASSETS-OTHER> 126,065,478
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 1,149,190,221
<PAYABLE-FOR-SECURITIES> 31,476,377
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 32,443,802
<TOTAL-LIABILITIES> 63,920,179
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 983,311,099
<SHARES-COMMON-STOCK> 4,381,639
<SHARES-COMMON-PRIOR> 2,794,696
<ACCUMULATED-NII-CURRENT> 1,110,688
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 30,418,908
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 70,429,347
<NET-ASSETS> 1,085,270,042
<DIVIDEND-INCOME> 5,019,520
<INTEREST-INCOME> 12,636,658
<OTHER-INCOME> 0
<EXPENSES-NET> 6,743,318
<NET-INVESTMENT-INCOME> 10,912,860
<REALIZED-GAINS-CURRENT> 35,846,328
<APPREC-INCREASE-CURRENT> (5,457,709)
<NET-CHANGE-FROM-OPS> 41,301,479
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (583,275)
<DISTRIBUTIONS-OF-GAINS> (1,750,678)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 1,633,319
<NUMBER-OF-SHARES-REDEEMED> (249,493)
<SHARES-REINVESTED> 203,117
<NET-CHANGE-IN-ASSETS> 321,940,417
<ACCUMULATED-NII-PRIOR> 5,962,239
<ACCUMULATED-GAINS-PRIOR> 34,961,932
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 2,989,974
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 6,925,081
<AVERAGE-NET-ASSETS> 37,993,760
<PER-SHARE-NAV-BEGIN> 10.64
<PER-SHARE-NII> .09
<PER-SHARE-GAIN-APPREC> .42
<PER-SHARE-DIVIDEND> (.17)
<PER-SHARE-DISTRIBUTIONS> (.53)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 10.45
<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>
Putnam Asset Allocation: Balanced Portfolio
</LEGEND>
<SERIES>
<NUMBER> 5
<NAME> CLASS M
<S> <C>
<PERIOD-TYPE> OTHER
<FISCAL-YEAR-END> SEP-30-1996
<PERIOD-END> MAR-31-1997
<INVESTMENTS-AT-COST> 898,892,745
<INVESTMENTS-AT-VALUE> 959,641,387
<RECEIVABLES> 63,483,356
<ASSETS-OTHER> 126,065,478
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 1,149,190,221
<PAYABLE-FOR-SECURITIES> 31,476,377
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 32,443,802
<TOTAL-LIABILITIES> 63,920,179
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 983,311,099
<SHARES-COMMON-STOCK> 2,537,815
<SHARES-COMMON-PRIOR> 1,397,303
<ACCUMULATED-NII-CURRENT> 1,110,688
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 30,418,908
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 70,429,347
<NET-ASSETS> 1,085,270,042
<DIVIDEND-INCOME> 5,019,520
<INTEREST-INCOME> 12,636,658
<OTHER-INCOME> 0
<EXPENSES-NET> 6,743,318
<NET-INVESTMENT-INCOME> 10,912,860
<REALIZED-GAINS-CURRENT> 35,846,328
<APPREC-INCREASE-CURRENT> (5,457,709)
<NET-CHANGE-FROM-OPS> 41,301,479
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (334,878)
<DISTRIBUTIONS-OF-GAINS> (891,021)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 1,148,443
<NUMBER-OF-SHARES-REDEEMED> (117,229)
<SHARES-REINVESTED> 108,298
<NET-CHANGE-IN-ASSETS> 321,940,417
<ACCUMULATED-NII-PRIOR> 5,962,239
<ACCUMULATED-GAINS-PRIOR> 34,961,932
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 2,989,974
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 6,925,081
<AVERAGE-NET-ASSETS> 20,492,589
<PER-SHARE-NAV-BEGIN> 10.71
<PER-SHARE-NII> .11
<PER-SHARE-GAIN-APPREC> .42
<PER-SHARE-DIVIDEND> (.18)
<PER-SHARE-DISTRIBUTIONS> (.53)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 10.53
<EXPENSE-RATIO> .88
<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 Portfolio
</LEGEND>
<SERIES>
<NUMBER> 5
<NAME> CLASS Y
<S> <C>
<PERIOD-TYPE> OTHER
<FISCAL-YEAR-END> SEP-30-1996
<PERIOD-END> MAR-31-1997
<INVESTMENTS-AT-COST> 898,892,745
<INVESTMENTS-AT-VALUE> 959,641,387
<RECEIVABLES> 63,483,356
<ASSETS-OTHER> 126,065,478
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 1,149,190,221
<PAYABLE-FOR-SECURITIES> 31,476,377
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 32,443,802
<TOTAL-LIABILITIES> 63,920,179
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 983,311,099
<SHARES-COMMON-STOCK> 19,758,650
<SHARES-COMMON-PRIOR> 11,807,817
<ACCUMULATED-NII-CURRENT> 1,110,688
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 30,418,908
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 70,429,347
<NET-ASSETS> 1,085,270,042
<DIVIDEND-INCOME> 5,019,520
<INTEREST-INCOME> 12,636,658
<OTHER-INCOME> 0
<EXPENSES-NET> 6,743,318
<NET-INVESTMENT-INCOME> 10,912,860
<REALIZED-GAINS-CURRENT> 35,846,328
<APPREC-INCREASE-CURRENT> (5,457,709)
<NET-CHANGE-FROM-OPS> 41,301,479
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (2,941,926)
<DISTRIBUTIONS-OF-GAINS> (6,323,825)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 8,257,553
<NUMBER-OF-SHARES-REDEEMED> (1,456,569)
<SHARES-REINVESTED> 879,849
<NET-CHANGE-IN-ASSETS> 321,940,417
<ACCUMULATED-NII-PRIOR> 5,962,239
<ACCUMULATED-GAINS-PRIOR> 34,961,932
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 2,989,974
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 6,925,081
<AVERAGE-NET-ASSETS> 159,919,915
<PER-SHARE-NAV-BEGIN> 10.71
<PER-SHARE-NII> .15
<PER-SHARE-GAIN-APPREC> .43
<PER-SHARE-DIVIDEND> (.22)
<PER-SHARE-DISTRIBUTIONS> (.53)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 10.54
<EXPENSE-RATIO> .51
<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> OTHER
<FISCAL-YEAR-END> SEP-30-1996
<PERIOD-END> MAR-31-1997
<INVESTMENTS-AT-COST> 366,204,120
<INVESTMENTS-AT-VALUE> 373,242,683
<RECEIVABLES> 31,664,551
<ASSETS-OTHER> 51,438,167
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 456,345,401
<PAYABLE-FOR-SECURITIES> 27,084,537
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 10,888,416
<TOTAL-LIABILITIES> 37,972,953
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 403,272,391
<SHARES-COMMON-STOCK> 27,404,094
<SHARES-COMMON-PRIOR> 11,038,202
<ACCUMULATED-NII-CURRENT> 842,236
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 4,796,333
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 9,461,488
<NET-ASSETS> 418,372,448
<DIVIDEND-INCOME> 1,108,112
<INTEREST-INCOME> 8,152,210
<OTHER-INCOME> 0
<EXPENSES-NET> 2,829,449
<NET-INVESTMENT-INCOME> 6,430,873
<REALIZED-GAINS-CURRENT> 9,325,391
<APPREC-INCREASE-CURRENT> 2,716,562
<NET-CHANGE-FROM-OPS> 13,039,702
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (5,199,192)
<DISTRIBUTIONS-OF-GAINS> (7,375,221)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 18,523,725
<NUMBER-OF-SHARES-REDEEMED> (3,445,663)
<SHARES-REINVESTED> 1,287,830
<NET-CHANGE-IN-ASSETS> 189,511,861
<ACCUMULATED-NII-PRIOR> 2,258,348
<ACCUMULATED-GAINS-PRIOR> 7,323,170
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 1,246,337
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 2,907,468
<AVERAGE-NET-ASSETS> 217,752,020
<PER-SHARE-NAV-BEGIN> 9.69
<PER-SHARE-NII> .19
<PER-SHARE-GAIN-APPREC> .22
<PER-SHARE-DIVIDEND> (.21)
<PER-SHARE-DISTRIBUTIONS> (.33)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 9.56
<EXPENSE-RATIO> .69
<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> OTHER
<FISCAL-YEAR-END> SEP-30-1996
<PERIOD-END> MAR-31-1997
<INVESTMENTS-AT-COST> 366,204,120
<INVESTMENTS-AT-VALUE> 373,242,683
<RECEIVABLES> 31,664,551
<ASSETS-OTHER> 51,438,167
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 456,345,401
<PAYABLE-FOR-SECURITIES> 27,084,537
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 10,888,416
<TOTAL-LIABILITIES> 37,972,953
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 403,272,391
<SHARES-COMMON-STOCK> 11,744,509
<SHARES-COMMON-PRIOR> 9,833,891
<ACCUMULATED-NII-CURRENT> 842,236
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 4,796,333
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 9,461,488
<NET-ASSETS> 418,372,448
<DIVIDEND-INCOME> 1,108,112
<INTEREST-INCOME> 8,152,210
<OTHER-INCOME> 0
<EXPENSES-NET> 2,829,449
<NET-INVESTMENT-INCOME> 6,430,873
<REALIZED-GAINS-CURRENT> 9,325,391
<APPREC-INCREASE-CURRENT> 2,716,562
<NET-CHANGE-FROM-OPS> 13,039,702
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (1,906,222)
<DISTRIBUTIONS-OF-GAINS> (3,325,457)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 2,268,616
<NUMBER-OF-SHARES-REDEEMED> (836,363)
<SHARES-REINVESTED> 478,365
<NET-CHANGE-IN-ASSETS> 189,511,861
<ACCUMULATED-NII-PRIOR> 2,258,348
<ACCUMULATED-GAINS-PRIOR> 7,323,170
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 1,246,337
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 2,907,468
<AVERAGE-NET-ASSETS> 103,610,299
<PER-SHARE-NAV-BEGIN> 9.66
<PER-SHARE-NII> .15
<PER-SHARE-GAIN-APPREC> .23
<PER-SHARE-DIVIDEND> (.18)
<PER-SHARE-DISTRIBUTIONS> (.33)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 9.53
<EXPENSE-RATIO> 1.06
<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 C
<S> <C>
<PERIOD-TYPE> OTHER
<FISCAL-YEAR-END> SEP-30-1996
<PERIOD-END> MAR-31-1997
<INVESTMENTS-AT-COST> 366,204,120
<INVESTMENTS-AT-VALUE> 373,242,683
<RECEIVABLES> 31,664,551
<ASSETS-OTHER> 51,438,167
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 456,345,401
<PAYABLE-FOR-SECURITIES> 27,084,537
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 10,888,416
<TOTAL-LIABILITIES> 37,972,953
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 403,272,391
<SHARES-COMMON-STOCK> 2,343,409
<SHARES-COMMON-PRIOR> 1,693,468
<ACCUMULATED-NII-CURRENT> 842,236
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 4,796,333
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 9,461,488
<NET-ASSETS> 418,372,448
<DIVIDEND-INCOME> 1,108,112
<INTEREST-INCOME> 8,152,210
<OTHER-INCOME> 0
<EXPENSES-NET> 2,829,449
<NET-INVESTMENT-INCOME> 6,430,873
<REALIZED-GAINS-CURRENT> 9,325,391
<APPREC-INCREASE-CURRENT> 2,716,562
<NET-CHANGE-FROM-OPS> 13,039,702
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (365,654)
<DISTRIBUTIONS-OF-GAINS> (631,862)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 768,033
<NUMBER-OF-SHARES-REDEEMED> (212,598)
<SHARES-REINVESTED> 94,506
<NET-CHANGE-IN-ASSETS> 189,511,861
<ACCUMULATED-NII-PRIOR> 2,258,348
<ACCUMULATED-GAINS-PRIOR> 7,323,170
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 1,246,337
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 2,907,468
<AVERAGE-NET-ASSETS> 19,589,832
<PER-SHARE-NAV-BEGIN> 9.64
<PER-SHARE-NII> .15
<PER-SHARE-GAIN-APPREC> .24
<PER-SHARE-DIVIDEND> (.18)
<PER-SHARE-DISTRIBUTIONS> (.33)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 9.52
<EXPENSE-RATIO> 1.06
<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 M
<S> <C>
<PERIOD-TYPE> OTHER
<FISCAL-YEAR-END> SEP-30-1996
<PERIOD-END> MAR-31-1997
<INVESTMENTS-AT-COST> 366,204,120
<INVESTMENTS-AT-VALUE> 373,242,683
<RECEIVABLES> 31,664,551
<ASSETS-OTHER> 51,438,167
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 456,345,401
<PAYABLE-FOR-SECURITIES> 27,084,537
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 10,888,416
<TOTAL-LIABILITIES> 37,972,953
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 403,272,391
<SHARES-COMMON-STOCK> 788,600
<SHARES-COMMON-PRIOR> 478,010
<ACCUMULATED-NII-CURRENT> 842,236
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 4,796,333
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 9,461,488
<NET-ASSETS> 418,372,448
<DIVIDEND-INCOME> 1,108,112
<INTEREST-INCOME> 8,152,210
<OTHER-INCOME> 0
<EXPENSES-NET> 2,829,449
<NET-INVESTMENT-INCOME> 6,430,873
<REALIZED-GAINS-CURRENT> 9,325,391
<APPREC-INCREASE-CURRENT> 2,716,562
<NET-CHANGE-FROM-OPS> 13,039,702
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (117,215)
<DISTRIBUTIONS-OF-GAINS> (177,085)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 367,952
<NUMBER-OF-SHARES-REDEEMED> (86,879)
<SHARES-REINVESTED> 29,517
<NET-CHANGE-IN-ASSETS> 189,511,861
<ACCUMULATED-NII-PRIOR> 2,258,348
<ACCUMULATED-GAINS-PRIOR> 7,323,170
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 1,246,337
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 2,907,468
<AVERAGE-NET-ASSETS> 5,779,075
<PER-SHARE-NAV-BEGIN> 9.67
<PER-SHARE-NII> .16
<PER-SHARE-GAIN-APPREC> .23
<PER-SHARE-DIVIDEND> (.19)
<PER-SHARE-DISTRIBUTIONS> (.33)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 9.54
<EXPENSE-RATIO> 1.67
<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> OTHER
<FISCAL-YEAR-END> SEP-30-1996
<PERIOD-END> MAR-31-1997
<INVESTMENTS-AT-COST> 366,204,120
<INVESTMENTS-AT-VALUE> 373,242,683
<RECEIVABLES> 31,664,551
<ASSETS-OTHER> 51,438,167
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 456,345,401
<PAYABLE-FOR-SECURITIES> 27,084,537
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 10,888,416
<TOTAL-LIABILITIES> 37,972,953
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 403,272,391
<SHARES-COMMON-STOCK> 1,515,865
<SHARES-COMMON-PRIOR> 621,763
<ACCUMULATED-NII-CURRENT> 842,236
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 4,796,333
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 9,461,488
<NET-ASSETS> 418,372,448
<DIVIDEND-INCOME> 1,108,112
<INTEREST-INCOME> 8,152,210
<OTHER-INCOME> 0
<EXPENSES-NET> 2,829,449
<NET-INVESTMENT-INCOME> 6,430,873
<REALIZED-GAINS-CURRENT> 9,325,391
<APPREC-INCREASE-CURRENT> 2,716,562
<NET-CHANGE-FROM-OPS> 13,039,702
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (258,702)
<DISTRIBUTIONS-OF-GAINS> (342,603)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 1,203,692
<NUMBER-OF-SHARES-REDEEMED> (372,130)
<SHARES-REINVESTED> 62,540
<NET-CHANGE-IN-ASSETS> 189,511,861
<ACCUMULATED-NII-PRIOR> 2,258,348
<ACCUMULATED-GAINS-PRIOR> 7,323,170
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 1,246,337
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 10,343,479
<AVERAGE-NET-ASSETS> 5,779,075
<PER-SHARE-NAV-BEGIN> 9.69
<PER-SHARE-NII> .20
<PER-SHARE-GAIN-APPREC> .23
<PER-SHARE-DIVIDEND> (.22)
<PER-SHARE-DISTRIBUTIONS> (.33)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 9.57
<EXPENSE-RATIO> 2.05
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
