<PAGE> PAGE 1
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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 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
<S> <C>
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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>
<NUMBER> 5
<NAME> CLASS B
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<ACCUMULATED-NET-GAINS> 76,823,022
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 242,923,404
<NET-ASSETS> 1,680,476,891
<DIVIDEND-INCOME> 6,394,606
<INTEREST-INCOME> 9,790,721
<OTHER-INCOME> 0
<EXPENSES-NET> 11,327,029
<NET-INVESTMENT-INCOME> 4,858,298
<REALIZED-GAINS-CURRENT> 78,795,942
<APPREC-INCREASE-CURRENT> 203,669,061
<NET-CHANGE-FROM-OPS> 287,323,301
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (302,109)
<DISTRIBUTIONS-OF-GAINS> (9,163,974)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 3,536,240
<NUMBER-OF-SHARES-REDEEMED> (3,402,130)
<SHARES-REINVESTED> 703,454
<NET-CHANGE-IN-ASSETS> 351,186,328
<ACCUMULATED-NII-PRIOR> 2,873,593
<ACCUMULATED-GAINS-PRIOR> 29,101,843
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 4,702,740
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 11,467,826
<AVERAGE-NET-ASSETS> 439,140,319
<PER-SHARE-NAV-BEGIN> 11.59
<PER-SHARE-NII> .01
<PER-SHARE-GAIN-APPREC> 2.43
<PER-SHARE-DIVIDEND> (.01)
<PER-SHARE-DISTRIBUTIONS> (.27)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 13.75
<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: Growth Portfolio
</LEGEND>
<SERIES>
<NUMBER> 5
<NAME> CLASS C
<S> <C>
<PERIOD-TYPE> SEMI
<FISCAL-YEAR-END> SEP-30-1999
<PERIOD-END> MAR-31-1999
<INVESTMENTS-AT-COST> 1,444,723,322
<INVESTMENTS-AT-VALUE> 1,688,289,324
<RECEIVABLES> 28,780,521
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 3,765,679
<TOTAL-ASSETS> 1,720,835,524
<PAYABLE-FOR-SECURITIES> 16,305,934
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 24,052,699
<TOTAL-LIABILITIES> 40,358,633
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 1,360,947,264
<SHARES-COMMON-STOCK> 7,475,829
<SHARES-COMMON-PRIOR> 7,659,033
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> (216,799)
<ACCUMULATED-NET-GAINS> 76,823,022
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 242,923,404
<NET-ASSETS> 1,680,476,891
<DIVIDEND-INCOME> 6,394,606
<INTEREST-INCOME> 9,790,721
<OTHER-INCOME> 0
<EXPENSES-NET> 11,327,029
<NET-INVESTMENT-INCOME> 4,858,298
<REALIZED-GAINS-CURRENT> 78,795,942
<APPREC-INCREASE-CURRENT> 203,669,061
<NET-CHANGE-FROM-OPS> 287,323,301
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (91,915)
<DISTRIBUTIONS-OF-GAINS> (2,091,072)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 904,741
<NUMBER-OF-SHARES-REDEEMED> (1,243,921)
<SHARES-REINVESTED> 155,976
<NET-CHANGE-IN-ASSETS> 351,186,328
<ACCUMULATED-NII-PRIOR> 2,873,593
<ACCUMULATED-GAINS-PRIOR> 29,101,843
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 4,702,740
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 11,467,826
<AVERAGE-NET-ASSETS> 98,944,397
<PER-SHARE-NAV-BEGIN> 11.50
<PER-SHARE-NII> .01
<PER-SHARE-GAIN-APPREC> 2.42
<PER-SHARE-DIVIDEND> (.01)
<PER-SHARE-DISTRIBUTIONS> (.27)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 13.64
<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: Growth Portfolio
</LEGEND>
<SERIES>
<NUMBER> 5
<NAME> CLASS M
<S> <C>
<PERIOD-TYPE> SEMI
<FISCAL-YEAR-END> SEP-30-1999
<PERIOD-END> MAR-31-1999
<INVESTMENTS-AT-COST> 1,444,723,322
<INVESTMENTS-AT-VALUE> 1,688,289,324
<RECEIVABLES> 28,780,521
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 3,765,679
<TOTAL-ASSETS> 1,720,835,524
<PAYABLE-FOR-SECURITIES> 16,305,934
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 24,052,699
<TOTAL-LIABILITIES> 40,358,633
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 1,360,947,264
<SHARES-COMMON-STOCK> 4,650,297
<SHARES-COMMON-PRIOR> 4,283,448
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> (216,799)
<ACCUMULATED-NET-GAINS> 76,823,022
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 242,923,404
<NET-ASSETS> 1,680,476,891
<DIVIDEND-INCOME> 6,394,606
<INTEREST-INCOME> 9,790,721
<OTHER-INCOME> 0
<EXPENSES-NET> 11,327,029
<NET-INVESTMENT-INCOME> 4,858,298
<REALIZED-GAINS-CURRENT> 78,795,942
<APPREC-INCREASE-CURRENT> 203,669,061
<NET-CHANGE-FROM-OPS> 287,323,301
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (215,219)
<DISTRIBUTIONS-OF-GAINS> (1,224,056)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 825,637
<NUMBER-OF-SHARES-REDEEMED> (569,491)
<SHARES-REINVESTED> 110,703
<NET-CHANGE-IN-ASSETS> 351,186,328
<ACCUMULATED-NII-PRIOR> 2,873,593
<ACCUMULATED-GAINS-PRIOR> 29,101,843
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 4,702,740
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 11,467,826
<AVERAGE-NET-ASSETS> 59,275,980
<PER-SHARE-NAV-BEGIN> 11.60
<PER-SHARE-NII> .02
<PER-SHARE-GAIN-APPREC> 2.45
<PER-SHARE-DIVIDEND> (.05)
<PER-SHARE-DISTRIBUTIONS> (.27)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 13.75
<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: Growth Portfolio
</LEGEND>
<SERIES>
<NUMBER> 5
<NAME> CLASS Y
<S> <C>
<PERIOD-TYPE> SEMI
<FISCAL-YEAR-END> SEP-30-1999
<PERIOD-END> MAR-31-1999
<INVESTMENTS-AT-COST> 1,444,723,322
<INVESTMENTS-AT-VALUE> 1,688,289,324
<RECEIVABLES> 28,780,521
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 3,765,679
<TOTAL-ASSETS> 1,720,835,524
<PAYABLE-FOR-SECURITIES> 16,305,934
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 24,052,699
<TOTAL-LIABILITIES> 40,358,633
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 1,360,947,264
<SHARES-COMMON-STOCK> 17,192,019
<SHARES-COMMON-PRIOR> 20,682,411
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> (216,799)
<ACCUMULATED-NET-GAINS> 76,823,022
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 242,923,404
<NET-ASSETS> 1,680,476,891
<DIVIDEND-INCOME> 6,394,606
<INTEREST-INCOME> 9,790,721
<OTHER-INCOME> 0
<EXPENSES-NET> 11,327,029
<NET-INVESTMENT-INCOME> 4,858,298
<REALIZED-GAINS-CURRENT> 78,795,942
<APPREC-INCREASE-CURRENT> 203,669,061
<NET-CHANGE-FROM-OPS> 287,323,301
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (2,230,591)
<DISTRIBUTIONS-OF-GAINS> (4,648,483)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 5,519,641
<NUMBER-OF-SHARES-REDEEMED> (2,559,668)
<SHARES-REINVESTED> 530,419
<NET-CHANGE-IN-ASSETS> 351,186,328
<ACCUMULATED-NII-PRIOR> 2,873,593
<ACCUMULATED-GAINS-PRIOR> 29,101,843
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 4,702,740
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 11,467,826
<AVERAGE-NET-ASSETS> 242,846,439
<PER-SHARE-NAV-BEGIN> 11.84
<PER-SHARE-NII> .07
<PER-SHARE-GAIN-APPREC> 2.48
<PER-SHARE-DIVIDEND> (.13)
<PER-SHARE-DISTRIBUTIONS> (.27)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 13.99
<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: Balanced Fund
</LEGEND>
<SERIES>
<NUMBER> 5
<NAME> CLASS A
<S> <C>
<PERIOD-TYPE> SEMI
<FISCAL-YEAR-END> SEP-30-1999
<PERIOD-END> MAR-31-1999
<INVESTMENTS-AT-COST> 1,817,977,027
<INVESTMENTS-AT-VALUE> 2,047,504,071
<RECEIVABLES> 45,310,944
<ASSETS-OTHER> 3,816,769
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 2,096,631,784
<PAYABLE-FOR-SECURITIES> 21,583,342
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 53,004,079
<TOTAL-LIABILITIES> 74,587,421
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 1,722,128,052
<SHARES-COMMON-STOCK> 79,652,779
<SHARES-COMMON-PRIOR> 79,406,445
<ACCUMULATED-NII-CURRENT> 3,767,849
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 67,522,425
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 228,626,037
<NET-ASSETS> 2,022,044,363
<DIVIDEND-INCOME> 7,079,484
<INTEREST-INCOME> 25,647,441
<OTHER-INCOME> 0
<EXPENSES-NET> 13,195,765
<NET-INVESTMENT-INCOME> 19,531,160
<REALIZED-GAINS-CURRENT> 74,908,890
<APPREC-INCREASE-CURRENT> 187,265,027
<NET-CHANGE-FROM-OPS> 281,705,077
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (9,015,772)
<DISTRIBUTIONS-OF-GAINS> (14,689,181)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 16,514,311
<NUMBER-OF-SHARES-REDEEMED> (18,287,272)
<SHARES-REINVESTED> 2,019,295
<NET-CHANGE-IN-ASSETS> 327,277,858
<ACCUMULATED-NII-PRIOR> 269,507
<ACCUMULATED-GAINS-PRIOR> 21,876,272
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 5,666,083
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 13,351,530
<AVERAGE-NET-ASSETS> 957,331,770
<PER-SHARE-NAV-BEGIN> 10.66
<PER-SHARE-NII> .13
<PER-SHARE-GAIN-APPREC> 1.62
<PER-SHARE-DIVIDEND> (.11)
<PER-SHARE-DISTRIBUTIONS> (.18)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 12.12
<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 Fund
</LEGEND>
<SERIES>
<NUMBER> 5
<NAME> CLASS B
<S> <C>
<PERIOD-TYPE> SEMI
<FISCAL-YEAR-END> SEP-30-1999
<PERIOD-END> MAR-31-1999
<INVESTMENTS-AT-COST> 1,817,977,027
<INVESTMENTS-AT-VALUE> 2,047,504,071
<RECEIVABLES> 45,310,944
<ASSETS-OTHER> 3,816,769
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 2,096,631,784
<PAYABLE-FOR-SECURITIES> 21,583,342
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 53,004,079
<TOTAL-LIABILITIES> 74,587,421
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 1,722,128,052
<SHARES-COMMON-STOCK> 46,346,102
<SHARES-COMMON-PRIOR> 45,430,057
<ACCUMULATED-NII-CURRENT> 3,767,849
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 67,522,425
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 228,626,037
<NET-ASSETS> 2,022,044,363
<DIVIDEND-INCOME> 7,079,484
<INTEREST-INCOME> 25,647,441
<OTHER-INCOME> 0
<EXPENSES-NET> 13,195,765
<NET-INVESTMENT-INCOME> 19,531,160
<REALIZED-GAINS-CURRENT> 74,908,890
<APPREC-INCREASE-CURRENT> 187,265,027
<NET-CHANGE-FROM-OPS> 281,705,077
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (3,082,063)
<DISTRIBUTIONS-OF-GAINS> (8,284,024)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 4,715,936
<NUMBER-OF-SHARES-REDEEMED> (4,723,369)
<SHARES-REINVESTED> 923,478
<NET-CHANGE-IN-ASSETS> 327,277,858
<ACCUMULATED-NII-PRIOR> 269,507
<ACCUMULATED-GAINS-PRIOR> 21,876,272
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 5,666,083
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 13,351,530
<AVERAGE-NET-ASSETS> 532,687,403
<PER-SHARE-NAV-BEGIN> 10.61
<PER-SHARE-NII> .09
<PER-SHARE-GAIN-APPREC> 1.60
<PER-SHARE-DIVIDEND> (.07)
<PER-SHARE-DISTRIBUTIONS> (.18)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 12.05
<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: Balanced Fund
</LEGEND>
<SERIES>
<NUMBER> 5
<NAME> CLASS C
<S> <C>
<PERIOD-TYPE> SEMI
<FISCAL-YEAR-END> SEP-30-1999
<PERIOD-END> MAR-31-1999
<INVESTMENTS-AT-COST> 1,817,977,027
<INVESTMENTS-AT-VALUE> 2,047,504,071
<RECEIVABLES> 45,310,944
<ASSETS-OTHER> 3,816,769
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 2,096,631,784
<PAYABLE-FOR-SECURITIES> 21,583,342
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 53,004,079
<TOTAL-LIABILITIES> 74,587,421
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 1,722,128,052
<SHARES-COMMON-STOCK> 9,438,894
<SHARES-COMMON-PRIOR> 8,955,550
<ACCUMULATED-NII-CURRENT> 3,767,849
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 67,522,425
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 228,626,037
<NET-ASSETS> 2,022,044,363
<DIVIDEND-INCOME> 7,079,484
<INTEREST-INCOME> 25,647,441
<OTHER-INCOME> 0
<EXPENSES-NET> 13,195,765
<NET-INVESTMENT-INCOME> 19,531,160
<REALIZED-GAINS-CURRENT> 74,908,890
<APPREC-INCREASE-CURRENT> 187,265,027
<NET-CHANGE-FROM-OPS> 281,705,077
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (642,359)
<DISTRIBUTIONS-OF-GAINS> (1,662,318)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 1,519,322
<NUMBER-OF-SHARES-REDEEMED> (1,216,704)
<SHARES-REINVESTED> 180,726
<NET-CHANGE-IN-ASSETS> 327,277,858
<ACCUMULATED-NII-PRIOR> 269,507
<ACCUMULATED-GAINS-PRIOR> 21,876,272
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 5,666,083
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 13,351,530
<AVERAGE-NET-ASSETS> 106,659,022
<PER-SHARE-NAV-BEGIN> 10.56
<PER-SHARE-NII> .09
<PER-SHARE-GAIN-APPREC> 1.59
<PER-SHARE-DIVIDEND> (.07)
<PER-SHARE-DISTRIBUTIONS> (.18)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 11.99
<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: Balanced Fund
</LEGEND>
<SERIES>
<NUMBER> 5
<NAME> CLASS M
<S> <C>
<PERIOD-TYPE> SEMI
<FISCAL-YEAR-END> SEP-30-1999
<PERIOD-END> MAR-31-1999
<INVESTMENTS-AT-COST> 1,817,977,027
<INVESTMENTS-AT-VALUE> 2,047,504,071
<RECEIVABLES> 45,310,944
<ASSETS-OTHER> 3,816,769
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 2,096,631,784
<PAYABLE-FOR-SECURITIES> 21,583,342
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 53,004,079
<TOTAL-LIABILITIES> 74,587,421
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 1,722,128,052
<SHARES-COMMON-STOCK> 5,582,371
<SHARES-COMMON-PRIOR> 5,211,742
<ACCUMULATED-NII-CURRENT> 3,767,849
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 67,522,425
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 228,626,037
<NET-ASSETS> 2,022,044,363
<DIVIDEND-INCOME> 7,079,484
<INTEREST-INCOME> 25,647,441
<OTHER-INCOME> 0
<EXPENSES-NET> 13,195,765
<NET-INVESTMENT-INCOME> 19,531,160
<REALIZED-GAINS-CURRENT> 74,908,890
<APPREC-INCREASE-CURRENT> 187,265,027
<NET-CHANGE-FROM-OPS> 281,705,077
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (459,694)
<DISTRIBUTIONS-OF-GAINS> (985,347)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 1,030,167
<NUMBER-OF-SHARES-REDEEMED> (780,319)
<SHARES-REINVESTED> 120,781
<NET-CHANGE-IN-ASSETS> 327,277,858
<ACCUMULATED-NII-PRIOR> 269,507
<ACCUMULATED-GAINS-PRIOR> 21,876,272
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 5,666,083
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 13,351,530
<AVERAGE-NET-ASSETS> 63,769,564
<PER-SHARE-NAV-BEGIN> 10.65
<PER-SHARE-NII> .10
<PER-SHARE-GAIN-APPREC> 1.61
<PER-SHARE-DIVIDEND> (.08)
<PER-SHARE-DISTRIBUTIONS> (.18)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 12.10
<EXPENSE-RATIO> .83
[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> SEMI
<FISCAL-YEAR-END> SEP-30-1999
<PERIOD-END> MAR-31-1999
<INVESTMENTS-AT-COST> 1,817,977,027
<INVESTMENTS-AT-VALUE> 2,047,504,071
<RECEIVABLES> 45,310,944
<ASSETS-OTHER> 3,816,769
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 2,096,631,784
<PAYABLE-FOR-SECURITIES> 21,583,342
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 53,004,079
<TOTAL-LIABILITIES> 74,587,421
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 1,722,128,052
<SHARES-COMMON-STOCK> 26,175,122
<SHARES-COMMON-PRIOR> 20,259,101
<ACCUMULATED-NII-CURRENT> 3,767,849
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 67,522,425
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 228,626,037
<NET-ASSETS> 2,022,044,363
<DIVIDEND-INCOME> 7,079,484
<INTEREST-INCOME> 25,647,441
<OTHER-INCOME> 0
<EXPENSES-NET> 13,195,765
<NET-INVESTMENT-INCOME> 19,531,160
<REALIZED-GAINS-CURRENT> 74,908,890
<APPREC-INCREASE-CURRENT> 187,265,027
<NET-CHANGE-FROM-OPS> 281,705,077
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (2,832,930)
<DISTRIBUTIONS-OF-GAINS> (3,641,867)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 8,466,017
<NUMBER-OF-SHARES-REDEEMED> (3,106,417)
<SHARES-REINVESTED> 556,421
<NET-CHANGE-IN-ASSETS> 327,277,858
<ACCUMULATED-NII-PRIOR> 269,507
<ACCUMULATED-GAINS-PRIOR> 21,876,272
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 5,666,083
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 13,351,530
<AVERAGE-NET-ASSETS> 260,813,903
<PER-SHARE-NAV-BEGIN> 10.67
<PER-SHARE-NII> .15
<PER-SHARE-GAIN-APPREC> 1.61
<PER-SHARE-DIVIDEND> (.12)
<PER-SHARE-DISTRIBUTIONS> (.18)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 12.13
<EXPENSE-RATIO> .45
[AVG-DEBT-OUTSTANDING] 0
[AVG-DEBT-PER-SHARE] 0
</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
Putnam Asset Allocation: Conservative Portfolio
</LEGEND>
<SERIES>
<NUMBER> 5
<NAME> CLASS A
<S> <C>
<PERIOD-TYPE> SEMI
<FISCAL-YEAR-END> SEP-30-1999
<PERIOD-END> MAR-31-1999
<INVESTMENTS-AT-COST> 711,722,242
<INVESTMENTS-AT-VALUE> 751,024,744
<RECEIVABLES> 26,814,397
<ASSETS-OTHER> 1,386,690
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 779,225,831
<PAYABLE-FOR-SECURITIES> 18,625,473
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 16,540,306
<TOTAL-LIABILITIES> 35,165,779
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 682,762,965
<SHARES-COMMON-STOCK> 39,867,447
<SHARES-COMMON-PRIOR> 37,497,116
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> (5,945,485)
<ACCUMULATED-NET-GAINS> 27,600,804
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 39,641,768
<NET-ASSETS> 744,060,052
<DIVIDEND-INCOME> 1,296,237
<INTEREST-INCOME> 14,628,797
<OTHER-INCOME> 0
<EXPENSES-NET> 5,379,770
<NET-INVESTMENT-INCOME> 10,545,264
<REALIZED-GAINS-CURRENT> 28,840,105
<APPREC-INCREASE-CURRENT> 26,660,551
<NET-CHANGE-FROM-OPS> 66,045,920
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (10,628,382)
<DISTRIBUTIONS-OF-GAINS> (3,163,447)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 9,505,761
<NUMBER-OF-SHARES-REDEEMED> (8,426,394)
<SHARES-REINVESTED> 1,290,964
<NET-CHANGE-IN-ASSETS> 122,585,764
<ACCUMULATED-NII-PRIOR> 385,007
<ACCUMULATED-GAINS-PRIOR> 4,131,116
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 2,319,909
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 5,457,342
<AVERAGE-NET-ASSETS> 401,116,302
<PER-SHARE-NAV-BEGIN> 9.81
<PER-SHARE-NII> .17
<PER-SHARE-GAIN-APPREC> .84
<PER-SHARE-DIVIDEND> (.27)
<PER-SHARE-DISTRIBUTIONS> (.08)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 10.47
<EXPENSE-RATIO> .67
[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> SEMI
<FISCAL-YEAR-END> SEP-30-1999
<PERIOD-END> MAR-31-1999
<INVESTMENTS-AT-COST> 711,722,242
<INVESTMENTS-AT-VALUE> 751,024,744
<RECEIVABLES> 26,814,397
<ASSETS-OTHER> 1,386,690
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 779,225,831
<PAYABLE-FOR-SECURITIES> 18,625,473
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 16,540,306
<TOTAL-LIABILITIES> 35,165,779
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 682,762,965
<SHARES-COMMON-STOCK> 17,713,120
<SHARES-COMMON-PRIOR> 16,645,596
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> (5,945,485)
<ACCUMULATED-NET-GAINS> 27,600,804
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 39,641,768
<NET-ASSETS> 744,060,052
<DIVIDEND-INCOME> 1,296,237
<INTEREST-INCOME> 14,628,797
<OTHER-INCOME> 0
<EXPENSES-NET> 5,379,770
<NET-INVESTMENT-INCOME> 10,545,264
<REALIZED-GAINS-CURRENT> 28,840,105
<APPREC-INCREASE-CURRENT> 26,660,551
<NET-CHANGE-FROM-OPS> 66,045,920
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (3,889,340)
<DISTRIBUTIONS-OF-GAINS> (1,383,942)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 2,596,011
<NUMBER-OF-SHARES-REDEEMED> (1,990,089)
<SHARES-REINVESTED> 461,602
<NET-CHANGE-IN-ASSETS> 122,585,764
<ACCUMULATED-NII-PRIOR> 385,007
<ACCUMULATED-GAINS-PRIOR> 4,131,116
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 2,319,909
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 5,457,342
<AVERAGE-NET-ASSETS> 175,797,752
<PER-SHARE-NAV-BEGIN> 9.78
<PER-SHARE-NII> .13
<PER-SHARE-GAIN-APPREC> .84
<PER-SHARE-DIVIDEND> (.23)
<PER-SHARE-DISTRIBUTIONS> (.08)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 10.44
<EXPENSE-RATIO> 1.04
[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> SEMI
<FISCAL-YEAR-END> SEP-30-1999
<PERIOD-END> MAR-31-1999
<INVESTMENTS-AT-COST> 711,722,242
<INVESTMENTS-AT-VALUE> 751,024,744
<RECEIVABLES> 26,814,397
<ASSETS-OTHER> 1,386,690
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 779,225,831
<PAYABLE-FOR-SECURITIES> 18,625,473
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 16,540,306
<TOTAL-LIABILITIES> 35,165,779
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 682,762,965
<SHARES-COMMON-STOCK> 5,331,856
<SHARES-COMMON-PRIOR> 4,689,331
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> (5,945,485)
<ACCUMULATED-NET-GAINS> 27,600,804
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 39,641,768
<NET-ASSETS> 744,060,052
<DIVIDEND-INCOME> 1,296,237
<INTEREST-INCOME> 14,628,797
<OTHER-INCOME> 0
<EXPENSES-NET> 5,379,770
<NET-INVESTMENT-INCOME> 10,545,264
<REALIZED-GAINS-CURRENT> 28,840,105
<APPREC-INCREASE-CURRENT> 26,660,551
<NET-CHANGE-FROM-OPS> 66,045,920
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (1,180,144)
<DISTRIBUTIONS-OF-GAINS> (418,801)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 1,233,111
<NUMBER-OF-SHARES-REDEEMED> (729,668)
<SHARES-REINVESTED> 139,082
<NET-CHANGE-IN-ASSETS> 122,585,764
<ACCUMULATED-NII-PRIOR> 385,007
<ACCUMULATED-GAINS-PRIOR> 4,131,116
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 2,319,909
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 5,457,342
<AVERAGE-NET-ASSETS> 52,640,188
<PER-SHARE-NAV-BEGIN> 9.75
<PER-SHARE-NII> .13
<PER-SHARE-GAIN-APPREC> .84
<PER-SHARE-DIVIDEND> (.23)
<PER-SHARE-DISTRIBUTIONS> (.08)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 10.41
<EXPENSE-RATIO> 1.04
[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> SEMI
<FISCAL-YEAR-END> SEP-30-1999
<PERIOD-END> MAR-31-1999
<INVESTMENTS-AT-COST> 711,722,242
<INVESTMENTS-AT-VALUE> 751,024,744
<RECEIVABLES> 26,814,397
<ASSETS-OTHER> 1,386,690
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 779,225,831
<PAYABLE-FOR-SECURITIES> 18,625,473
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 16,540,306
<TOTAL-LIABILITIES> 35,165,779
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 682,762,965
<SHARES-COMMON-STOCK> 2,244,099
<SHARES-COMMON-PRIOR> 1,928,780
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> (5,945,485)
<ACCUMULATED-NET-GAINS> 27,600,804
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 39,641,768
<NET-ASSETS> 744,060,052
<DIVIDEND-INCOME> 1,296,237
<INTEREST-INCOME> 14,628,797
<OTHER-INCOME> 0
<EXPENSES-NET> 5,379,770
<NET-INVESTMENT-INCOME> 10,545,264
<REALIZED-GAINS-CURRENT> 28,840,105
<APPREC-INCREASE-CURRENT> 26,660,551
<NET-CHANGE-FROM-OPS> 66,045,920
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (518,105)
<DISTRIBUTIONS-OF-GAINS> (175,747)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 525,024
<NUMBER-OF-SHARES-REDEEMED> (276,395)
<SHARES-REINVESTED> 66,690
<NET-CHANGE-IN-ASSETS> 122,585,764
<ACCUMULATED-NII-PRIOR> 385,007
<ACCUMULATED-GAINS-PRIOR> 4,131,116
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 2,319,909
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 5,457,342
<AVERAGE-NET-ASSETS> 21,583,255
<PER-SHARE-NAV-BEGIN> 9.78
<PER-SHARE-NII> .14
<PER-SHARE-GAIN-APPREC> .84
<PER-SHARE-DIVIDEND> (.24)
<PER-SHARE-DISTRIBUTIONS> (.08)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 10.44
<EXPENSE-RATIO> .92
[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 Y
<S> <C>
<PERIOD-TYPE> SEMI
<FISCAL-YEAR-END> SEP-30-1999
<PERIOD-END> MAR-31-1999
<INVESTMENTS-AT-COST> 711,722,242
<INVESTMENTS-AT-VALUE> 751,024,744
<RECEIVABLES> 26,814,397
<ASSETS-OTHER> 1,386,690
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 779,225,831
<PAYABLE-FOR-SECURITIES> 18,625,473
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 16,540,306
<TOTAL-LIABILITIES> 35,165,779
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 682,762,965
<SHARES-COMMON-STOCK> 5,984,358
<SHARES-COMMON-PRIOR> 2,674,703
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> (5,945,485)
<ACCUMULATED-NET-GAINS> 27,600,804
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 39,641,768
<NET-ASSETS> 744,060,052
<DIVIDEND-INCOME> 1,296,237
<INTEREST-INCOME> 14,628,797
<OTHER-INCOME> 0
<EXPENSES-NET> 5,379,770
<NET-INVESTMENT-INCOME> 10,545,264
<REALIZED-GAINS-CURRENT> 28,840,105
<APPREC-INCREASE-CURRENT> 26,660,551
<NET-CHANGE-FROM-OPS> 66,045,920
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (992,785)
<DISTRIBUTIONS-OF-GAINS> (228,480)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 5,665,806
<NUMBER-OF-SHARES-REDEEMED> (2,475,552)
<SHARES-REINVESTED> 119,401
<NET-CHANGE-IN-ASSETS> 122,585,764
<ACCUMULATED-NII-PRIOR> 385,007
<ACCUMULATED-GAINS-PRIOR> 4,131,116
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 2,319,909
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 5,457,342
<AVERAGE-NET-ASSETS> 40,562,073
<PER-SHARE-NAV-BEGIN> 9.82
<PER-SHARE-NII> .18
<PER-SHARE-GAIN-APPREC> .84
<PER-SHARE-DIVIDEND> (.28)
<PER-SHARE-DISTRIBUTIONS> (.08)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 10.48
<EXPENSE-RATIO> .54
[AVG-DEBT-OUTSTANDING] 0
[AVG-DEBT-PER-SHARE] 0
</TABLE>
