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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 5
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<PAGE> PAGE 6
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<PAGE> PAGE 7
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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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<PAGE> PAGE 16
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SIGNATURE PAUL BUCAVALAS
TITLE VICE PRESIDENT
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
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<LEGEND>
Putnam Asset Allocation: Growth Portfolio
</LEGEND>
<SERIES>
<NUMBER> 5
<NAME> CLASS A
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<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>
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<NAME> CLASS B
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<OTHER-INCOME> 0
<EXPENSES-NET> 9,626,597
<NET-INVESTMENT-INCOME> 4,625,700
<REALIZED-GAINS-CURRENT> 66,827,957
<APPREC-INCREASE-CURRENT> 36,828,982
<NET-CHANGE-FROM-OPS> 108,282,639
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (1,282,150)
<DISTRIBUTIONS-OF-GAINS> (23,328,710)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 5,032,888
<NUMBER-OF-SHARES-REDEEMED> (2,118,311)
<SHARES-REINVESTED> 1,908,393
<NET-CHANGE-IN-ASSETS> 274,990,187
<ACCUMULATED-NII-PRIOR> 4,753,670
<ACCUMULATED-GAINS-PRIOR> 64,278,386
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 3,957,932
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 9,991,600
<AVERAGE-NET-ASSETS> 373,117,590
<PER-SHARE-NAV-BEGIN> 13.47
<PER-SHARE-NII> .01
<PER-SHARE-GAIN-APPREC> .93
<PER-SHARE-DIVIDEND> (.04)
<PER-SHARE-DISTRIBUTIONS> (.84)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 13.53
<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>
Putnam Asset Allocation: Growth Portfolio
</LEGEND>
<SERIES>
<NUMBER> 5
<NAME> CLASS C
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> SEP-30-1997
<PERIOD-END> MAR-31-1998
<INVESTMENTS-AT-COST> 1,221,889,313
<INVESTMENTS-AT-VALUE> 1,457,784,490
<RECEIVABLES> 32,338,377
<ASSETS-OTHER> 4,710,955
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 1,494,833,822
<PAYABLE-FOR-SECURITIES> 31,635,501
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 8,177,909
<TOTAL-LIABILITIES> 39,813,410
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 1,166,565,606
<SHARES-COMMON-STOCK> 6,805,980
<SHARES-COMMON-PRIOR> 5,139,280
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> (216,445)
<ACCUMULATED-NET-GAINS> 52,837,982
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 235,833,269
<NET-ASSETS> 1,455,020,412
<DIVIDEND-INCOME> 6,231,173
<INTEREST-INCOME> 8,021,124
<OTHER-INCOME> 0
<EXPENSES-NET> 9,626,597
<NET-INVESTMENT-INCOME> 4,625,700
<REALIZED-GAINS-CURRENT> 66,827,957
<APPREC-INCREASE-CURRENT> 36,828,982
<NET-CHANGE-FROM-OPS> 108,282,639
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (319,706)
<DISTRIBUTIONS-OF-GAINS> (4,694,624)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 1,688,442
<NUMBER-OF-SHARES-REDEEMED> (394,033)
<SHARES-REINVESTED> 372,291
<NET-CHANGE-IN-ASSETS> 274,990,187
<ACCUMULATED-NII-PRIOR> 4,753,670
<ACCUMULATED-GAINS-PRIOR> 64,278,386
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 3,957,932
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 9,991,600
<AVERAGE-NET-ASSETS> 76,257,692
<PER-SHARE-NAV-BEGIN> 13.38
<PER-SHARE-NII> .01
<PER-SHARE-GAIN-APPREC> .92
<PER-SHARE-DIVIDEND> (.05)
<PER-SHARE-DISTRIBUTIONS> (.84)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 13.42
<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>
Putnam Asset Allocation: Growth Portfolio
</LEGEND>
<SERIES>
<NUMBER> 5
<NAME> CLASS M
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> SEP-30-1997
<PERIOD-END> MAR-31-1998
<INVESTMENTS-AT-COST> 1,221,889,313
<INVESTMENTS-AT-VALUE> 1,457,784,490
<RECEIVABLES> 32,338,377
<ASSETS-OTHER> 4,710,955
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 1,494,833,822
<PAYABLE-FOR-SECURITIES> 31,635,501
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 8,177,909
<TOTAL-LIABILITIES> 39,813,410
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 1,166,565,606
<SHARES-COMMON-STOCK> 3,617,574
<SHARES-COMMON-PRIOR> 2,548,864
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> (216,445)
<ACCUMULATED-NET-GAINS> 52,837,982
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 235,833,269
<NET-ASSETS> 1,455,020,412
<DIVIDEND-INCOME> 6,231,173
<INTEREST-INCOME> 8,021,124
<OTHER-INCOME> 0
<EXPENSES-NET> 9,626,597
<NET-INVESTMENT-INCOME> 4,625,700
<REALIZED-GAINS-CURRENT> 66,827,957
<APPREC-INCREASE-CURRENT> 36,828,982
<NET-CHANGE-FROM-OPS> 108,282,639
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (237,447)
<DISTRIBUTIONS-OF-GAINS> (2,423,696)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 1,082,470
<NUMBER-OF-SHARES-REDEEMED> (223,231)
<SHARES-REINVESTED> 209,471
<NET-CHANGE-IN-ASSETS> 274,990,187
<ACCUMULATED-NII-PRIOR> 4,753,670
<ACCUMULATED-GAINS-PRIOR> 64,278,386
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 3,957,932
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 9,991,600
<AVERAGE-NET-ASSETS> 39,780,748
<PER-SHARE-NAV-BEGIN> 13.49
<PER-SHARE-NII> .03
<PER-SHARE-GAIN-APPREC> .93
<PER-SHARE-DIVIDEND> (.08)
<PER-SHARE-DISTRIBUTIONS> (.84)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 13.53
<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>
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> MAR-31-1998
<INVESTMENTS-AT-COST> 1,221,889,313
<INVESTMENTS-AT-VALUE> 1,457,784,490
<RECEIVABLES> 32,338,377
<ASSETS-OTHER> 4,710,955
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 1,494,833,822
<PAYABLE-FOR-SECURITIES> 31,635,501
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 8,177,909
<TOTAL-LIABILITIES> 39,813,410
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 1,166,565,606
<SHARES-COMMON-STOCK> 17,804,602
<SHARES-COMMON-PRIOR> 17,005,005
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> (216,445)
<ACCUMULATED-NET-GAINS> 52,837,982
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 235,833,269
<NET-ASSETS> 1,455,020,412
<DIVIDEND-INCOME> 6,231,173
<INTEREST-INCOME> 8,021,124
<OTHER-INCOME> 0
<EXPENSES-NET> 9,626,597
<NET-INVESTMENT-INCOME> 4,625,700
<REALIZED-GAINS-CURRENT> 66,827,957
<APPREC-INCREASE-CURRENT> 36,828,982
<NET-CHANGE-FROM-OPS> 108,282,639
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (2,552,273)
<DISTRIBUTIONS-OF-GAINS> (14,054,293)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 1,835,610
<NUMBER-OF-SHARES-REDEEMED> (2,380,680)
<SHARES-REINVESTED> 1,344,667
<NET-CHANGE-IN-ASSETS> 274,990,187
<ACCUMULATED-NII-PRIOR> 4,753,670
<ACCUMULATED-GAINS-PRIOR> 64,278,386
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 3,957,932
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 9,991,600
<AVERAGE-NET-ASSETS> 227,754,756
<PER-SHARE-NAV-BEGIN> 13.72
<PER-SHARE-NII> .08
<PER-SHARE-GAIN-APPREC> .94
<PER-SHARE-DIVIDEND> (.15)
<PER-SHARE-DISTRIBUTIONS> (.84)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 13.75
<EXPENSE-RATIO> .55
<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> MAR-31-1998
<INVESTMENTS-AT-COST> 1,564,262,221
<INVESTMENTS-AT-VALUE> 1,809,734,652
<RECEIVABLES> 39,042,577
<ASSETS-OTHER> 6,273,645
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 1,855,050,874
<PAYABLE-FOR-SECURITIES> 43,746,844
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 12,561,682
<TOTAL-LIABILITIES> 56,308,526
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 1,504,132,800
<SHARES-COMMON-STOCK> 73,861,767
<SHARES-COMMON-PRIOR> 55,429,195
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> (6,987,739)
<ACCUMULATED-NET-GAINS> 58,324,389
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 243,272,898
<NET-ASSETS> 1,798,742,348
<DIVIDEND-INCOME> 7,009,451
<INTEREST-INCOME> 18,904,955
<OTHER-INCOME> 0
<EXPENSES-NET> 11,429,404
<NET-INVESTMENT-INCOME> 14,485,002
<REALIZED-GAINS-CURRENT> 74,144,279
<APPREC-INCREASE-CURRENT> 30,432,487
<NET-CHANGE-FROM-OPS> 119,061,768
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (10,421,138)
<DISTRIBUTIONS-OF-GAINS> (46,638,130)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 22,241,677
<NUMBER-OF-SHARES-REDEEMED> (8,881,401)
<SHARES-REINVESTED> 5,072,296
<NET-CHANGE-IN-ASSETS> 328,570,177
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 82,481,851
<OVERDISTRIB-NII-PRIOR> (1,691,530)
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 4,787,325
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 11,701,880
<AVERAGE-NET-ASSETS> 767,178,032
<PER-SHARE-NAV-BEGIN> 12.28
<PER-SHARE-NII> .13
<PER-SHARE-GAIN-APPREC> .65
<PER-SHARE-DIVIDEND> (.16)
<PER-SHARE-DISTRIBUTIONS> (.78)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 12.12
<EXPENSE-RATIO> .62
<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> MAR-31-1998
<INVESTMENTS-AT-COST> 1,564,262,221
<INVESTMENTS-AT-VALUE> 1,809,734,652
<RECEIVABLES> 39,042,577
<ASSETS-OTHER> 6,273,645
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 1,855,050,874
<PAYABLE-FOR-SECURITIES> 43,746,844
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 12,561,682
<TOTAL-LIABILITIES> 56,308,526
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 1,504,132,800
<SHARES-COMMON-STOCK> 42,441,814
<SHARES-COMMON-PRIOR> 36,191,885
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> (6,987,739)
<ACCUMULATED-NET-GAINS> 58,324,389
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 243,272,898
<NET-ASSETS> 1,798,742,348
<DIVIDEND-INCOME> 7,009,451
<INTEREST-INCOME> 18,904,955
<OTHER-INCOME> 0
<EXPENSES-NET> 11,429,404
<NET-INVESTMENT-INCOME> 14,485,002
<REALIZED-GAINS-CURRENT> 74,144,279
<APPREC-INCREASE-CURRENT> 30,432,487
<NET-CHANGE-FROM-OPS> 119,061,768
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (4,638,587)
<DISTRIBUTIONS-OF-GAINS> (29,116,576)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 6,818,124
<NUMBER-OF-SHARES-REDEEMED> (3,415,948)
<SHARES-REINVESTED> 2,847,753
<NET-CHANGE-IN-ASSETS> 328,570,177
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 82,481,851
<OVERDISTRIB-NII-PRIOR> (1,691,530)
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 4,787,325
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 11,701,880
<AVERAGE-NET-ASSETS> 456,582,083
<PER-SHARE-NAV-BEGIN> 12.23
<PER-SHARE-NII> .08
<PER-SHARE-GAIN-APPREC> .65
<PER-SHARE-DIVIDEND> (.12)
<PER-SHARE-DISTRIBUTIONS> (.78)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 12.06
<EXPENSE-RATIO> 1.00
<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> MAR-31-1998
<INVESTMENTS-AT-COST> 1,564,262,221
<INVESTMENTS-AT-VALUE> 1,809,734,652
<RECEIVABLES> 39,042,577
<ASSETS-OTHER> 6,273,645
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 1,855,050,874
<PAYABLE-FOR-SECURITIES> 43,746,844
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 12,561,682
<TOTAL-LIABILITIES> 56,308,526
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 1,504,132,800
<SHARES-COMMON-STOCK> 7,533,612
<SHARES-COMMON-PRIOR> 5,818,382
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> (6,987,739)
<ACCUMULATED-NET-GAINS> 58,324,389
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 243,272,898
<NET-ASSETS> 1,798,742,348
<DIVIDEND-INCOME> 7,009,451
<INTEREST-INCOME> 18,904,955
<OTHER-INCOME> 0
<EXPENSES-NET> 11,429,404
<NET-INVESTMENT-INCOME> 14,485,002
<REALIZED-GAINS-CURRENT> 74,144,279
<APPREC-INCREASE-CURRENT> 30,432,487
<NET-CHANGE-FROM-OPS> 119,061,768
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (796,508)
<DISTRIBUTIONS-OF-GAINS> (4,896,267)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 1,777,985
<NUMBER-OF-SHARES-REDEEMED> (527,065)
<SHARES-REINVESTED> 464,310
<NET-CHANGE-IN-ASSETS> 328,570,177
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 82,481,851
<OVERDISTRIB-NII-PRIOR> (1,691,530)
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 4,787,325
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 11,701,880
<AVERAGE-NET-ASSETS> 77,517,269
<PER-SHARE-NAV-BEGIN> 12.18
<PER-SHARE-NII> .08
<PER-SHARE-GAIN-APPREC> .65
<PER-SHARE-DIVIDEND> (.12)
<PER-SHARE-DISTRIBUTIONS> (.78)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 12.01
<EXPENSE-RATIO> 1.00
<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> MAR-31-1998
<INVESTMENTS-AT-COST> 1,564,262,221
<INVESTMENTS-AT-VALUE> 1,809,734,652
<RECEIVABLES> 39,042,577
<ASSETS-OTHER> 6,273,645
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 1,855,050,874
<PAYABLE-FOR-SECURITIES> 43,746,844
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 12,561,682
<TOTAL-LIABILITIES> 56,308,526
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 1,504,132,800
<SHARES-COMMON-STOCK> 4,603,873
<SHARES-COMMON-PRIOR> 3,595,164
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> (6,987,739)
<ACCUMULATED-NET-GAINS> 58,324,389
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 243,272,898
<NET-ASSETS> 1,798,742,348
<DIVIDEND-INCOME> 7,009,451
<INTEREST-INCOME> 18,904,955
<OTHER-INCOME> 0
<EXPENSES-NET> 11,429,404
<NET-INVESTMENT-INCOME> 14,485,002
<REALIZED-GAINS-CURRENT> 74,144,279
<APPREC-INCREASE-CURRENT> 30,432,487
<NET-CHANGE-FROM-OPS> 119,061,768
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (561,827)
<DISTRIBUTIONS-OF-GAINS> (3,151,852)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 1,310,765
<NUMBER-OF-SHARES-REDEEMED> (601,557)
<SHARES-REINVESTED> 299,501
<NET-CHANGE-IN-ASSETS> 328,570,177
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 82,481,851
<OVERDISTRIB-NII-PRIOR> (1,691,530)
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 4,787,325
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 11,701,880
<AVERAGE-NET-ASSETS> 49,487,305
<PER-SHARE-NAV-BEGIN> 12.27
<PER-SHARE-NII> .10
<PER-SHARE-GAIN-APPREC> .65
<PER-SHARE-DIVIDEND> (.13)
<PER-SHARE-DISTRIBUTIONS> (.78)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 12.11
<EXPENSE-RATIO> .87
<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> MAR-31-1998
<INVESTMENTS-AT-COST> 1,564,262,221
<INVESTMENTS-AT-VALUE> 1,809,734,652
<RECEIVABLES> 39,042,577
<ASSETS-OTHER> 6,273,645
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 1,855,050,874
<PAYABLE-FOR-SECURITIES> 43,746,844
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 12,561,682
<TOTAL-LIABILITIES> 56,308,526
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 1,504,132,800
<SHARES-COMMON-STOCK> 20,221,575
<SHARES-COMMON-PRIOR> 18,886,157
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> (6,987,739)
<ACCUMULATED-NET-GAINS> 58,324,389
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 243,272,898
<NET-ASSETS> 1,798,742,348
<DIVIDEND-INCOME> 7,009,451
<INTEREST-INCOME> 18,904,955
<OTHER-INCOME> 0
<EXPENSES-NET> 11,429,404
<NET-INVESTMENT-INCOME> 14,485,002
<REALIZED-GAINS-CURRENT> 74,144,279
<APPREC-INCREASE-CURRENT> 30,432,487
<NET-CHANGE-FROM-OPS> 119,061,768
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (3,363,151)
<DISTRIBUTIONS-OF-GAINS> (14,498,916)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 2,746,989
<NUMBER-OF-SHARES-REDEEMED> (3,013,226)
<SHARES-REINVESTED> 1,601,655
<NET-CHANGE-IN-ASSETS> 328,570,177
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 82,481,851
<OVERDISTRIB-NII-PRIOR> (1,691,530)
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 4,787,325
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 11,701,880
<AVERAGE-NET-ASSETS> 230,107,164
<PER-SHARE-NAV-BEGIN> 12.29
<PER-SHARE-NII> .14
<PER-SHARE-GAIN-APPREC> .66
<PER-SHARE-DIVIDEND> (.18)
<PER-SHARE-DISTRIBUTIONS> (.78)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 12.13
<EXPENSE-RATIO> .50
<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> MAR-31-1998
<INVESTMENTS-AT-COST> 573,887,619
<INVESTMENTS-AT-VALUE> 619,990,232
<RECEIVABLES> 19,713,984
<ASSETS-OTHER> 3,630,372
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 643,334,588
<PAYABLE-FOR-SECURITIES> 29,900,907
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 7,962,960
<TOTAL-LIABILITIES> 37,863,867
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 545,107,369
<SHARES-COMMON-STOCK> 35,831,219
<SHARES-COMMON-PRIOR> 27,823,692
<ACCUMULATED-NII-CURRENT> 329,178
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 15,538,354
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 44,495,820
<NET-ASSETS> 605,470,721
<DIVIDEND-INCOME> 1,241,820
<INTEREST-INCOME> 11,809,411
<OTHER-INCOME> 0
<EXPENSES-NET> 4,386,288
<NET-INVESTMENT-INCOME> 8,664,943
<REALIZED-GAINS-CURRENT> 21,222,996
<APPREC-INCREASE-CURRENT> (2,243,306)
<NET-CHANGE-FROM-OPS> 27,644,633
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (5,324,442)
<DISTRIBUTIONS-OF-GAINS> (12,668,610)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 11,785,721
<NUMBER-OF-SHARES-REDEEMED> (5,553,780)
<SHARES-REINVESTED> 1,775,586
<NET-CHANGE-IN-ASSETS> 111,293,527
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 15,396,761
<OVERDISTRIB-NII-PRIOR> (253,640)
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 1,860,822
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 4,523,476
<AVERAGE-NET-ASSETS> 328,993,055
<PER-SHARE-NAV-BEGIN> 10.61
<PER-SHARE-NII> .18
<PER-SHARE-GAIN-APPREC> .31
<PER-SHARE-DIVIDEND> (.17)
<PER-SHARE-DISTRIBUTIONS> (.43)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 10.50
<EXPENSE-RATIO> .72
<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> MAR-31-1998
<INVESTMENTS-AT-COST> 573,887,619
<INVESTMENTS-AT-VALUE> 619,990,232
<RECEIVABLES> 19,713,984
<ASSETS-OTHER> 3,630,372
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 643,334,588
<PAYABLE-FOR-SECURITIES> 29,900,907
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 7,962,960
<TOTAL-LIABILITIES> 37,863,867
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 545,107,369
<SHARES-COMMON-STOCK> 15,013,433
<SHARES-COMMON-PRIOR> 13,095,486
<ACCUMULATED-NII-CURRENT> 329,178
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 15,538,354
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 44,495,820
<NET-ASSETS> 605,470,721
<DIVIDEND-INCOME> 1,241,820
<INTEREST-INCOME> 11,809,411
<OTHER-INCOME> 0
<EXPENSES-NET> 4,386,288
<NET-INVESTMENT-INCOME> 8,664,943
<REALIZED-GAINS-CURRENT> 21,222,996
<APPREC-INCREASE-CURRENT> (2,243,306)
<NET-CHANGE-FROM-OPS> 27,644,633
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (1,817,863)
<DISTRIBUTIONS-OF-GAINS> (5,795,106)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 2,703,340
<NUMBER-OF-SHARES-REDEEMED> (1,469,528)
<SHARES-REINVESTED> 684,135
<NET-CHANGE-IN-ASSETS> 111,293,527
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 15,396,761
<OVERDISTRIB-NII-PRIOR> (253,640)
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 1,860,822
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 4,523,476
<AVERAGE-NET-ASSETS> 144,410,348
<PER-SHARE-NAV-BEGIN> 10.57
<PER-SHARE-NII> .14
<PER-SHARE-GAIN-APPREC> .32
<PER-SHARE-DIVIDEND> (.13)
<PER-SHARE-DISTRIBUTIONS> (.43)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 10.47
<EXPENSE-RATIO> 1.09
<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>
Putnam Asset Allocation: Conservative Portfolio
</LEGEND>
<SERIES>
<NUMBER> 5
<NAME> CLASS C
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> SEP-30-1997
<PERIOD-END> MAR-31-1998
<INVESTMENTS-AT-COST> 573,887,619
<INVESTMENTS-AT-VALUE> 619,990,232
<RECEIVABLES> 19,713,984
<ASSETS-OTHER> 3,630,372
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 643,334,588
<PAYABLE-FOR-SECURITIES> 29,900,907
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 7,962,960
<TOTAL-LIABILITIES> 37,863,867
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 545,107,369
<SHARES-COMMON-STOCK> 3,470,014
<SHARES-COMMON-PRIOR> 2,750,480
<ACCUMULATED-NII-CURRENT> 329,178
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 15,538,354
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 44,495,820
<NET-ASSETS> 605,470,721
<DIVIDEND-INCOME> 1,241,820
<INTEREST-INCOME> 11,809,411
<OTHER-INCOME> 0
<EXPENSES-NET> 4,386,288
<NET-INVESTMENT-INCOME> 8,664,943
<REALIZED-GAINS-CURRENT> 21,222,996
<APPREC-INCREASE-CURRENT> (2,243,306)
<NET-CHANGE-FROM-OPS> 27,644,633
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (406,590)
<DISTRIBUTIONS-OF-GAINS> (1,281,859)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 938,319
<NUMBER-OF-SHARES-REDEEMED> (369,937)
<SHARES-REINVESTED> 151,152
<NET-CHANGE-IN-ASSETS> 111,293,527
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 15,396,761
<OVERDISTRIB-NII-PRIOR> (253,640)
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 1,860,822
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 4,523,476
<AVERAGE-NET-ASSETS> 31,963,077
<PER-SHARE-NAV-BEGIN> 10.56
<PER-SHARE-NII> .14
<PER-SHARE-GAIN-APPREC> .30
<PER-SHARE-DIVIDEND> (.13)
<PER-SHARE-DISTRIBUTIONS> (.43)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 10.44
<EXPENSE-RATIO> 1.09
<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>
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> MAR-31-1998
<INVESTMENTS-AT-COST> 573,887,619
<INVESTMENTS-AT-VALUE> 619,990,232
<RECEIVABLES> 19,713,984
<ASSETS-OTHER> 3,630,372
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 643,334,588
<PAYABLE-FOR-SECURITIES> 29,900,907
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 7,962,960
<TOTAL-LIABILITIES> 37,863,867
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 545,107,369
<SHARES-COMMON-STOCK> 1,504,204
<SHARES-COMMON-PRIOR> 1,198,792
<ACCUMULATED-NII-CURRENT> 329,178
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 15,538,354
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 44,495,820
<NET-ASSETS> 605,470,721
<DIVIDEND-INCOME> 1,241,820
<INTEREST-INCOME> 11,809,411
<OTHER-INCOME> 0
<EXPENSES-NET> 4,386,288
<NET-INVESTMENT-INCOME> 8,664,943
<REALIZED-GAINS-CURRENT> 21,222,996
<APPREC-INCREASE-CURRENT> (2,243,306)
<NET-CHANGE-FROM-OPS> 27,644,633
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (189,899)
<DISTRIBUTIONS-OF-GAINS> (530,966)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 410,846
<NUMBER-OF-SHARES-REDEEMED> (175,729)
<SHARES-REINVESTED> 70,295
<NET-CHANGE-IN-ASSETS> 111,293,527
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 15,396,761
<OVERDISTRIB-NII-PRIOR> (253,640)
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 1,860,822
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 4,523,476
<AVERAGE-NET-ASSETS> 13,689,431
<PER-SHARE-NAV-BEGIN> 10.59
<PER-SHARE-NII> .14
<PER-SHARE-GAIN-APPREC> .31
<PER-SHARE-DIVIDEND> (.14)
<PER-SHARE-DISTRIBUTIONS> (.43)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 10.47
<EXPENSE-RATIO> .97
<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> MAR-31-1998
<INVESTMENTS-AT-COST> 573,887,619
<INVESTMENTS-AT-VALUE> 619,990,232
<RECEIVABLES> 19,713,984
<ASSETS-OTHER> 3,630,372
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 643,334,588
<PAYABLE-FOR-SECURITIES> 29,900,907
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 7,962,960
<TOTAL-LIABILITIES> 37,863,867
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 545,107,369
<SHARES-COMMON-STOCK> 1,924,561
<SHARES-COMMON-PRIOR> 1,766,695
<ACCUMULATED-NII-CURRENT> 329,178
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 15,538,354
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 44,495,820
<NET-ASSETS> 605,470,721
<DIVIDEND-INCOME> 1,241,820
<INTEREST-INCOME> 11,809,411
<OTHER-INCOME> 0
<EXPENSES-NET> 4,386,288
<NET-INVESTMENT-INCOME> 8,664,943
<REALIZED-GAINS-CURRENT> 21,222,996
<APPREC-INCREASE-CURRENT> (2,243,306)
<NET-CHANGE-FROM-OPS> 27,644,633
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (343,331)
<DISTRIBUTIONS-OF-GAINS> (804,862)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 682,003
<NUMBER-OF-SHARES-REDEEMED> (638,936)
<SHARES-REINVESTED> 114,799
<NET-CHANGE-IN-ASSETS> 111,293,527
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 15,396,761
<OVERDISTRIB-NII-PRIOR> (253,640)
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 1,860,822
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 4,523,476
<AVERAGE-NET-ASSETS> 19,588,795
<PER-SHARE-NAV-BEGIN> 10.62
<PER-SHARE-NII> .19
<PER-SHARE-GAIN-APPREC> .30
<PER-SHARE-DIVIDEND> (.18)
<PER-SHARE-DISTRIBUTIONS> (.43)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 10.50
<EXPENSE-RATIO> .59
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
