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<PAGE> PAGE 2
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<PAGE> PAGE 3
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<PAGE> PAGE 4
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<PAGE> PAGE 6
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<PAGE> PAGE 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 MANAGING DIRECTOR
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
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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
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<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 39,254,343
<NET-ASSETS> 1,329,290,563
<DIVIDEND-INCOME> 14,729,678
<INTEREST-INCOME> 18,222,324
<OTHER-INCOME> 0
<EXPENSES-NET> 20,611,501
<NET-INVESTMENT-INCOME> 12,340,501
<REALIZED-GAINS-CURRENT> 38,400,533
<APPREC-INCREASE-CURRENT> (159,749,944)
<NET-CHANGE-FROM-OPS> (109,008,910)
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (1,452,810)
<DISTRIBUTIONS-OF-GAINS> (23,158,050)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 9,551,527
<NUMBER-OF-SHARES-REDEEMED> (4,740,088)
<SHARES-REINVESTED> 1,908,500
<NET-CHANGE-IN-ASSETS> 149,260,338
<ACCUMULATED-NII-PRIOR> 4,753,670
<ACCUMULATED-GAINS-PRIOR> 64,278,386
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 8,493,068
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 21,189,600
<AVERAGE-NET-ASSETS> 399,151,886
<PER-SHARE-NAV-BEGIN> 13.47
<PER-SHARE-NII> .05
<PER-SHARE-GAIN-APPREC> (1.05)
<PER-SHARE-DIVIDEND> (.05)
<PER-SHARE-DISTRIBUTIONS> (.83)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 11.59
<EXPENSE-RATIO> 2.06
<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: Growth Portfolio
</LEGEND>
<SERIES>
<NUMBER> 5
<NAME> CLASS M
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> SEP-30-1998
<PERIOD-END> SEP-30-1998
<INVESTMENTS-AT-COST> 1,267,577,580
<INVESTMENTS-AT-VALUE> 1,315,522,447
<RECEIVABLES> 28,445,996
<ASSETS-OTHER> 7,940,660
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 1,351,909,103
<PAYABLE-FOR-SECURITIES> 12,481,677
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 10,136,863
<TOTAL-LIABILITIES> 22,618,540
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 1,258,060,784
<SHARES-COMMON-STOCK> 4,283,448
<SHARES-COMMON-PRIOR> 2,548,864
<ACCUMULATED-NII-CURRENT> 2,873,593
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 29,101,843
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 39,254,343
<NET-ASSETS> 1,329,290,563
<DIVIDEND-INCOME> 14,729,678
<INTEREST-INCOME> 18,222,324
<OTHER-INCOME> 0
<EXPENSES-NET> 20,611,501
<NET-INVESTMENT-INCOME> 12,340,501
<REALIZED-GAINS-CURRENT> 38,400,533
<APPREC-INCREASE-CURRENT> (159,749,944)
<NET-CHANGE-FROM-OPS> (109,008,910)
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (255,177)
<DISTRIBUTIONS-OF-GAINS> (2,405,966)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 2,169,821
<NUMBER-OF-SHARES-REDEEMED> (644,734)
<SHARES-REINVESTED> 209,497
<NET-CHANGE-IN-ASSETS> 149,260,338
<ACCUMULATED-NII-PRIOR> 4,753,670
<ACCUMULATED-GAINS-PRIOR> 64,278,386
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 8,493,068
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 21,189,600
<AVERAGE-NET-ASSETS> 45,644,924
<PER-SHARE-NAV-BEGIN> 13.49
<PER-SHARE-NII> .08
<PER-SHARE-GAIN-APPREC> (1.05)
<PER-SHARE-DIVIDEND> (.09)
<PER-SHARE-DISTRIBUTIONS> (.83)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 11.60
<EXPENSE-RATIO> 1.81
<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-30-1998
<PERIOD-END> SEP-30-1998
<INVESTMENTS-AT-COST> 1,267,577,580
<INVESTMENTS-AT-VALUE> 1,315,522,447
<RECEIVABLES> 28,445,996
<ASSETS-OTHER> 7,940,660
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 1,351,909,103
<PAYABLE-FOR-SECURITIES> 12,481,677
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 10,136,863
<TOTAL-LIABILITIES> 22,618,540
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 1,258,060,784
<SHARES-COMMON-STOCK> 17,192,019
<SHARES-COMMON-PRIOR> 17,005,005
<ACCUMULATED-NII-CURRENT> 2,873,593
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 29,101,843
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 39,254,343
<NET-ASSETS> 1,329,290,563
<DIVIDEND-INCOME> 14,729,678
<INTEREST-INCOME> 18,222,324
<OTHER-INCOME> 0
<EXPENSES-NET> 20,611,501
<NET-INVESTMENT-INCOME> 12,340,501
<REALIZED-GAINS-CURRENT> 38,400,533
<APPREC-INCREASE-CURRENT> (159,749,944)
<NET-CHANGE-FROM-OPS> (109,008,910)
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (2,655,086)
<DISTRIBUTIONS-OF-GAINS> (13,951,480)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 3,578,714
<NUMBER-OF-SHARES-REDEEMED> (4,736,367)
<SHARES-REINVESTED> 1,344,667
<NET-CHANGE-IN-ASSETS> 149,260,338
<ACCUMULATED-NII-PRIOR> 4,753,670
<ACCUMULATED-GAINS-PRIOR> 64,278,386
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 8,493,068
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 21,189,600
<AVERAGE-NET-ASSETS> 231,392,142
<PER-SHARE-NAV-BEGIN> 13.72
<PER-SHARE-NII> .18
<PER-SHARE-GAIN-APPREC> (1.07)
<PER-SHARE-DIVIDEND> (.16)
<PER-SHARE-DISTRIBUTIONS> (.83)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 11.84
<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: Balanced Fund
</LEGEND>
<SERIES>
<NUMBER> 5
<NAME> CLASS A
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> SEP-30-1998
<PERIOD-END> SEP-30-1998
<INVESTMENTS-AT-COST> 1,624,752,872
<INVESTMENTS-AT-VALUE> 1,670,190,248
<RECEIVABLES> 44,680,908
<ASSETS-OTHER> 10,914,726
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 1,725,785,882
<PAYABLE-FOR-SECURITIES> 16,424,263
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 14,595,114
<TOTAL-LIABILITIES> 31,019,377
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 1,631,259,716
<SHARES-COMMON-STOCK> 79,406,445
<SHARES-COMMON-PRIOR> 55,429,195
<ACCUMULATED-NII-CURRENT> 269,507
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 21,876,272
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 41,361,010
<NET-ASSETS> 1,694,766,505
<DIVIDEND-INCOME> 16,643,914
<INTEREST-INCOME> 40,667,254
<OTHER-INCOME> 0
<EXPENSES-NET> 24,243,654
<NET-INVESTMENT-INCOME> 33,067,514
<REALIZED-GAINS-CURRENT> 40,629,060
<APPREC-INCREASE-CURRENT> (171,479,401)
<NET-CHANGE-FROM-OPS> (97,782,827)
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (13,459,243)
<DISTRIBUTIONS-OF-GAINS> (51,741,621)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 38,114,271
<NUMBER-OF-SHARES-REDEEMED> (19,920,933)
<SHARES-REINVESTED> 5,783,912
<NET-CHANGE-IN-ASSETS> 224,594,334
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 82,481,851
<OVERDISTRIB-NII-PRIOR> 1,691,530
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 10,260,857
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 24,746,956
<AVERAGE-NET-ASSETS> 840,739,313
<PER-SHARE-NAV-BEGIN> 12.28
<PER-SHARE-NII> .26
<PER-SHARE-GAIN-APPREC> (.84)
<PER-SHARE-DIVIDEND> (.18)
<PER-SHARE-DISTRIBUTIONS> (.86)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 10.66
<EXPENSE-RATIO> 1.22
<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>
Putnam Asset Allocation: Balanced Fund
</LEGEND>
<SERIES>
<NUMBER> 5
<NAME> CLASS B
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> SEP-30-1998
<PERIOD-END> SEP-30-1998
<INVESTMENTS-AT-COST> 1,624,752,872
<INVESTMENTS-AT-VALUE> 1,670,190,248
<RECEIVABLES> 44,680,908
<ASSETS-OTHER> 10,914,726
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 1,725,785,882
<PAYABLE-FOR-SECURITIES> 16,424,263
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 14,595,114
<TOTAL-LIABILITIES> 31,019,377
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 1,631,259,716
<SHARES-COMMON-STOCK> 45,430,057
<SHARES-COMMON-PRIOR> 36,191,885
<ACCUMULATED-NII-CURRENT> 269,507
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 21,876,272
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 41,361,010
<NET-ASSETS> 1,694,766,505
<DIVIDEND-INCOME> 16,643,914
<INTEREST-INCOME> 40,667,254
<OTHER-INCOME> 0
<EXPENSES-NET> 24,243,654
<NET-INVESTMENT-INCOME> 33,067,514
<REALIZED-GAINS-CURRENT> 40,629,060
<APPREC-INCREASE-CURRENT> (171,479,401)
<NET-CHANGE-FROM-OPS> (97,782,827)
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (4,125,880)
<DISTRIBUTIONS-OF-GAINS> (32,302,821)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 13,283,531
<NUMBER-OF-SHARES-REDEEMED> (7,114,827)
<SHARES-REINVESTED> 3,069,468
<NET-CHANGE-IN-ASSETS> 224,594,334
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 82,481,851
<OVERDISTRIB-NII-PRIOR> 1,691,530
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 10,260,857
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 24,746,956
<AVERAGE-NET-ASSETS> 487,878,681
<PER-SHARE-NAV-BEGIN> 12.23
<PER-SHARE-NII> .17
<PER-SHARE-GAIN-APPREC> (.83)
<PER-SHARE-DIVIDEND> (.10)
<PER-SHARE-DISTRIBUTIONS> (.86)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 10.61
<EXPENSE-RATIO> 1.97
<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-30-1998
<PERIOD-END> SEP-30-1998
<INVESTMENTS-AT-COST> 1,624,752,872
<INVESTMENTS-AT-VALUE> 1,670,190,248
<RECEIVABLES> 44,680,908
<ASSETS-OTHER> 10,914,726
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 1,725,785,882
<PAYABLE-FOR-SECURITIES> 16,424,263
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 14,595,114
<TOTAL-LIABILITIES> 31,019,377
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 1,631,259,716
<SHARES-COMMON-STOCK> 8,955,550
<SHARES-COMMON-PRIOR> 5,818,382
<ACCUMULATED-NII-CURRENT> 269,507
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 21,876,272
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 41,361,010
<NET-ASSETS> 1,694,766,505
<DIVIDEND-INCOME> 16,643,914
<INTEREST-INCOME> 40,667,254
<OTHER-INCOME> 0
<EXPENSES-NET> 24,243,654
<NET-INVESTMENT-INCOME> 33,067,514
<REALIZED-GAINS-CURRENT> 40,629,060
<APPREC-INCREASE-CURRENT> (171,479,401)
<NET-CHANGE-FROM-OPS> (97,782,827)
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (785,030)
<DISTRIBUTIONS-OF-GAINS> (5,432,068)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 4,021,414
<NUMBER-OF-SHARES-REDEEMED> (1,390,736)
<SHARES-REINVESTED> 506,490
<NET-CHANGE-IN-ASSETS> 224,594,334
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 82,481,851
<OVERDISTRIB-NII-PRIOR> 1,691,530
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 10,260,857
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 24,746,956
<AVERAGE-NET-ASSETS> 87,016,846
<PER-SHARE-NAV-BEGIN> 12.18
<PER-SHARE-NII> .16
<PER-SHARE-GAIN-APPREC> (.82)
<PER-SHARE-DIVIDEND> (.10)
<PER-SHARE-DISTRIBUTIONS> (.86)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 10.56
<EXPENSE-RATIO> 1.97
<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-30-1998
<PERIOD-END> SEP-30-1998
<INVESTMENTS-AT-COST> 1,624,752,872
<INVESTMENTS-AT-VALUE> 1,670,190,248
<RECEIVABLES> 44,680,908
<ASSETS-OTHER> 10,914,726
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 1,725,785,882
<PAYABLE-FOR-SECURITIES> 16,424,263
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 14,595,114
<TOTAL-LIABILITIES> 31,019,377
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 1,631,259,716
<SHARES-COMMON-STOCK> 5,211,742
<SHARES-COMMON-PRIOR> 3,595,164
<ACCUMULATED-NII-CURRENT> 269,507
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 21,876,272
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 41,361,010
<NET-ASSETS> 1,694,766,505
<DIVIDEND-INCOME> 16,643,914
<INTEREST-INCOME> 40,667,254
<OTHER-INCOME> 0
<EXPENSES-NET> 24,243,654
<NET-INVESTMENT-INCOME> 33,067,514
<REALIZED-GAINS-CURRENT> 40,629,060
<APPREC-INCREASE-CURRENT> (171,479,401)
<NET-CHANGE-FROM-OPS> (97,782,827)
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (583,502)
<DISTRIBUTIONS-OF-GAINS> (3,496,761)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 2,623,574
<NUMBER-OF-SHARES-REDEEMED> (1,337,772)
<SHARES-REINVESTED> 330,776
<NET-CHANGE-IN-ASSETS> 224,594,334
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 82,481,851
<OVERDISTRIB-NII-PRIOR> 1,691,530
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 10,260,857
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 24,746,956
<AVERAGE-NET-ASSETS> 53,771,241
<PER-SHARE-NAV-BEGIN> 12.27
<PER-SHARE-NII> .20
<PER-SHARE-GAIN-APPREC> (.83)
<PER-SHARE-DIVIDEND> (.13)
<PER-SHARE-DISTRIBUTIONS> (.86)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 10.65
<EXPENSE-RATIO> 1.72
<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: Balanced Fund
</LEGEND>
<SERIES>
<NUMBER> 5
<NAME> CLASS Y
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> SEP-30-1998
<PERIOD-END> SEP-30-1998
<INVESTMENTS-AT-COST> 1,624,752,872
<INVESTMENTS-AT-VALUE> 1,670,190,248
<RECEIVABLES> 44,680,908
<ASSETS-OTHER> 10,914,726
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 1,725,785,882
<PAYABLE-FOR-SECURITIES> 16,424,263
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 14,595,114
<TOTAL-LIABILITIES> 31,019,377
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 1,631,259,716
<SHARES-COMMON-STOCK> 20,259,101
<SHARES-COMMON-PRIOR> 18,886,157
<ACCUMULATED-NII-CURRENT> 269,507
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 21,876,272
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 41,361,010
<NET-ASSETS> 1,694,766,505
<DIVIDEND-INCOME> 16,643,914
<INTEREST-INCOME> 40,667,254
<OTHER-INCOME> 0
<EXPENSES-NET> 24,243,654
<NET-INVESTMENT-INCOME> 33,067,514
<REALIZED-GAINS-CURRENT> 40,629,060
<APPREC-INCREASE-CURRENT> (171,479,401)
<NET-CHANGE-FROM-OPS> (97,782,827)
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (4,212,140)
<DISTRIBUTIONS-OF-GAINS> (16,085,456)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 5,040,688
<NUMBER-OF-SHARES-REDEEMED> (5,485,023)
<SHARES-REINVESTED> 1,817,279
<NET-CHANGE-IN-ASSETS> 224,594,334
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 82,481,851
<OVERDISTRIB-NII-PRIOR> 1,691,530
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 10,260,857
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 24,746,956
<AVERAGE-NET-ASSETS> 238,306,566
<PER-SHARE-NAV-BEGIN> 12.29
<PER-SHARE-NII> .29
<PER-SHARE-GAIN-APPREC> (.84)
<PER-SHARE-DIVIDEND> (.21)
<PER-SHARE-DISTRIBUTIONS> (.86)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 10.67
<EXPENSE-RATIO> .97
<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-30-1998
<PERIOD-END> SEP-30-1998
<INVESTMENTS-AT-COST> 1,267,577,580
<INVESTMENTS-AT-VALUE> 1,315,522,447
<RECEIVABLES> 28,445,996
<ASSETS-OTHER> 7,940,660
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 1,351,909,103
<PAYABLE-FOR-SECURITIES> 12,481,677
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 10,136,863
<TOTAL-LIABILITIES> 22,618,540
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 1,258,060,784
<SHARES-COMMON-STOCK> 7,659,033
<SHARES-COMMON-PRIOR> 5,139,280
<ACCUMULATED-NII-CURRENT> 2,873,593
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 29,101,843
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 39,254,343
<NET-ASSETS> 1,329,290,563
<DIVIDEND-INCOME> 14,729,678
<INTEREST-INCOME> 18,222,324
<OTHER-INCOME> 0
<EXPENSES-NET> 20,611,501
<NET-INVESTMENT-INCOME> 12,340,501
<REALIZED-GAINS-CURRENT> 38,400,533
<APPREC-INCREASE-CURRENT> (159,749,944)
<NET-CHANGE-FROM-OPS> (109,008,910)
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (354,049)
<DISTRIBUTIONS-OF-GAINS> (4,660,281)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 3,243,937
<NUMBER-OF-SHARES-REDEEMED> (1,096,464)
<SHARES-REINVESTED> 372,280
<NET-CHANGE-IN-ASSETS> 149,260,338
<ACCUMULATED-NII-PRIOR> 4,753,670
<ACCUMULATED-GAINS-PRIOR> 64,278,386
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 8,493,068
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 21,189,600
<AVERAGE-NET-ASSETS> 86,246,713
<PER-SHARE-NAV-BEGIN> 13.38
<PER-SHARE-NII> .05
<PER-SHARE-GAIN-APPREC> (1.04)
<PER-SHARE-DIVIDEND> (.06)
<PER-SHARE-DISTRIBUTIONS> (.83)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 11.50
<EXPENSE-RATIO> 2.06
<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 A
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> SEP-30-1998
<PERIOD-END> SEP-30-1998
<INVESTMENTS-AT-COST> 597,544,397
<INVESTMENTS-AT-VALUE> 613,962,723
<RECEIVABLES> 21,379,823
<ASSETS-OTHER> 5,813,176
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 641,155,722
<PAYABLE-FOR-SECURITIES> 9,525,713
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 10,155,721
<TOTAL-LIABILITIES> 19,681,434
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 604,003,948
<SHARES-COMMON-STOCK> 37,497,116
<SHARES-COMMON-PRIOR> 27,823,692
<ACCUMULATED-NII-CURRENT> 358,007
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 4,131,116
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 12,981,217
<NET-ASSETS> 621,474,288
<DIVIDEND-INCOME> 3,099,859
<INTEREST-INCOME> 26,358,607
<OTHER-INCOME> 0
<EXPENSES-NET> 9,376,894
<NET-INVESTMENT-INCOME> 20,081,572
<REALIZED-GAINS-CURRENT> 6,161,967
<APPREC-INCREASE-CURRENT> (33,757,909)
<NET-CHANGE-FROM-OPS> (7,514,370)
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (6,966,826)
<DISTRIBUTIONS-OF-GAINS> (12,929,412)
<DISTRIBUTIONS-OTHER> (3,009,400)
<NUMBER-OF-SHARES-SOLD> 20,094,070
<NUMBER-OF-SHARES-REDEEMED> (12,671,876)
<SHARES-REINVESTED> 2,251,230
<NET-CHANGE-IN-ASSETS> 127,297,094
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 15,396,761
<OVERDISTRIB-NII-PRIOR> (253,640)
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 4,003,145
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 9,570,916
<AVERAGE-NET-ASSETS> 355,362,694
<PER-SHARE-NAV-BEGIN> 10.61
<PER-SHARE-NII> .38
<PER-SHARE-GAIN-APPREC> (.45)
<PER-SHARE-DIVIDEND> (.20)
<PER-SHARE-DISTRIBUTIONS> (.53)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 9.81
<EXPENSE-RATIO> 1.39
<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-30-1998
<PERIOD-END> SEP-30-1998
<INVESTMENTS-AT-COST> 597,544,397
<INVESTMENTS-AT-VALUE> 613,962,723
<RECEIVABLES> 21,379,823
<ASSETS-OTHER> 5,813,176
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 641,155,722
<PAYABLE-FOR-SECURITIES> 9,525,713
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 10,155,721
<TOTAL-LIABILITIES> 19,681,434
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 604,003,948
<SHARES-COMMON-STOCK> 16,645,596
<SHARES-COMMON-PRIOR> 13,095,486
<ACCUMULATED-NII-CURRENT> 358,007
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 4,131,116
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 12,981,217
<NET-ASSETS> 621,474,288
<DIVIDEND-INCOME> 3,099,859
<INTEREST-INCOME> 26,358,607
<OTHER-INCOME> 0
<EXPENSES-NET> 9,376,894
<NET-INVESTMENT-INCOME> 20,081,572
<REALIZED-GAINS-CURRENT> 6,161,967
<APPREC-INCREASE-CURRENT> (33,757,909)
<NET-CHANGE-FROM-OPS> (7,514,370)
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (1,866,547)
<DISTRIBUTIONS-OF-GAINS> (5,974,120)
<DISTRIBUTIONS-OTHER> (1,390,513)
<NUMBER-OF-SHARES-SOLD> 6,012,610
<NUMBER-OF-SHARES-REDEEMED> (3,281,345)
<SHARES-REINVESTED> 818,845
<NET-CHANGE-IN-ASSETS> 127,297,094
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 15,396,761
<OVERDISTRIB-NII-PRIOR> (253,640)
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 4,003,145
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 9,570,916
<AVERAGE-NET-ASSETS> 153,548,952
<PER-SHARE-NAV-BEGIN> 10.57
<PER-SHARE-NII> .30
<PER-SHARE-GAIN-APPREC> (.43)
<PER-SHARE-DIVIDEND> (.13)
<PER-SHARE-DISTRIBUTIONS> (.53)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 9.78
<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: Conservative Portfolio
</LEGEND>
<SERIES>
<NUMBER> 5
<NAME> CLASS C
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> SEP-30-1998
<PERIOD-END> SEP-30-1998
<INVESTMENTS-AT-COST> 597,544,397
<INVESTMENTS-AT-VALUE> 613,962,723
<RECEIVABLES> 21,379,823
<ASSETS-OTHER> 5,813,176
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 641,155,722
<PAYABLE-FOR-SECURITIES> 9,525,713
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 10,155,721
<TOTAL-LIABILITIES> 19,681,434
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 604,003,948
<SHARES-COMMON-STOCK> 4,689,331
<SHARES-COMMON-PRIOR> 2,750,480
<ACCUMULATED-NII-CURRENT> 358,007
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 4,131,116
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 12,981,217
<NET-ASSETS> 621,474,288
<DIVIDEND-INCOME> 3,099,859
<INTEREST-INCOME> 26,358,607
<OTHER-INCOME> 0
<EXPENSES-NET> 9,376,894
<NET-INVESTMENT-INCOME> 20,081,572
<REALIZED-GAINS-CURRENT> 6,161,967
<APPREC-INCREASE-CURRENT> (33,757,909)
<NET-CHANGE-FROM-OPS> (7,514,370)
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (456,355)
<DISTRIBUTIONS-OF-GAINS> (1,238,650)
<DISTRIBUTIONS-OTHER> (288,303)
<NUMBER-OF-SHARES-SOLD> 2,677,788
<NUMBER-OF-SHARES-REDEEMED> (923,229)
<SHARES-REINVESTED> 184,292
<NET-CHANGE-IN-ASSETS> 127,297,094
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 15,396,761
<OVERDISTRIB-NII-PRIOR> (253,640)
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 4,003,145
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 9,570,916
<AVERAGE-NET-ASSETS> 35,596,151
<PER-SHARE-NAV-BEGIN> 10.56
<PER-SHARE-NII> .30
<PER-SHARE-GAIN-APPREC> (.45)
<PER-SHARE-DIVIDEND> (.13)
<PER-SHARE-DISTRIBUTIONS> (.53)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 9.75
<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: Conservative Portfolio
</LEGEND>
<SERIES>
<NUMBER> 5
<NAME> CLASS M
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> SEP-30-1998
<PERIOD-END> SEP-30-1998
<INVESTMENTS-AT-COST> 597,544,397
<INVESTMENTS-AT-VALUE> 613,962,723
<RECEIVABLES> 21,379,823
<ASSETS-OTHER> 5,813,176
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 641,155,722
<PAYABLE-FOR-SECURITIES> 9,525,713
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 10,155,721
<TOTAL-LIABILITIES> 19,681,434
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 604,003,948
<SHARES-COMMON-STOCK> 1,928,780
<SHARES-COMMON-PRIOR> 1,198,792
<ACCUMULATED-NII-CURRENT> 358,007
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 4,131,116
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 12,981,217
<NET-ASSETS> 621,474,288
<DIVIDEND-INCOME> 3,099,859
<INTEREST-INCOME> 26,358,607
<OTHER-INCOME> 0
<EXPENSES-NET> 9,376,894
<NET-INVESTMENT-INCOME> 20,081,572
<REALIZED-GAINS-CURRENT> 6,161,967
<APPREC-INCREASE-CURRENT> (33,757,909)
<NET-CHANGE-FROM-OPS> (7,514,370)
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (252,645)
<DISTRIBUTIONS-OF-GAINS> (541,685)
<DISTRIBUTIONS-OTHER> (126,081)
<NUMBER-OF-SHARES-SOLD> 1,170,382
<NUMBER-OF-SHARES-REDEEMED> (529,912)
<SHARES-REINVESTED> 89,518
<NET-CHANGE-IN-ASSETS> 127,297,094
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 15,396,761
<OVERDISTRIB-NII-PRIOR> (253,640)
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 4,003,145
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 9,570,916
<AVERAGE-NET-ASSETS> 16,262,872
<PER-SHARE-NAV-BEGIN> 10.59
<PER-SHARE-NII> .33
<PER-SHARE-GAIN-APPREC> (.46)
<PER-SHARE-DIVIDEND> (.15)
<PER-SHARE-DISTRIBUTIONS> (.53)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 9.78
<EXPENSE-RATIO> 1.89
<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-30-1998
<PERIOD-END> SEP-30-1998
<INVESTMENTS-AT-COST> 597,544,397
<INVESTMENTS-AT-VALUE> 613,962,723
<RECEIVABLES> 21,379,823
<ASSETS-OTHER> 5,813,176
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 641,155,722
<PAYABLE-FOR-SECURITIES> 9,525,713
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 10,155,721
<TOTAL-LIABILITIES> 19,681,434
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 604,003,948
<SHARES-COMMON-STOCK> 2,674,703
<SHARES-COMMON-PRIOR> 1,766,695
<ACCUMULATED-NII-CURRENT> 358,007
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 4,131,116
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 12,981,217
<NET-ASSETS> 621,474,288
<DIVIDEND-INCOME> 3,099,859
<INTEREST-INCOME> 26,358,607
<OTHER-INCOME> 0
<EXPENSES-NET> 9,376,894
<NET-INVESTMENT-INCOME> 20,081,572
<REALIZED-GAINS-CURRENT> 6,161,967
<APPREC-INCREASE-CURRENT> (33,757,909)
<NET-CHANGE-FROM-OPS> (7,514,370)
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (533,235)
<DISTRIBUTIONS-OF-GAINS> (823,320)
<DISTRIBUTIONS-OTHER> (191,633)
<NUMBER-OF-SHARES-SOLD> 2,139,073
<NUMBER-OF-SHARES-REDEEMED> (1,385,178)
<SHARES-REINVESTED> 154,113
<NET-CHANGE-IN-ASSETS> 127,297,094
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 15,396,761
<OVERDISTRIB-NII-PRIOR> (253,640)
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 4,003,145
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 9,570,916
<AVERAGE-NET-ASSETS> 23,437,339
<PER-SHARE-NAV-BEGIN> 10.62
<PER-SHARE-NII> .41
<PER-SHARE-GAIN-APPREC> (.45)
<PER-SHARE-DIVIDEND> (.23)
<PER-SHARE-DISTRIBUTIONS> (.53)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 9.82
<EXPENSE-RATIO> 1.14
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
