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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 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 BUCUVALAS
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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[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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<ACCUM-APPREC-OR-DEPREC> 139,777,295
<NET-ASSETS> 2,046,901,994
<DIVIDEND-INCOME> 6,937,913
<INTEREST-INCOME> 14,576,719
<OTHER-INCOME> 0
<EXPENSES-NET> 12,623,006
<NET-INVESTMENT-INCOME> 8,891,626
<REALIZED-GAINS-CURRENT> 368,542,711
<APPREC-INCREASE-CURRENT> (60,030,822)
<NET-CHANGE-FROM-OPS> 317,403,515
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (1,873,390)
<DISTRIBUTIONS-OF-GAINS> (52,354,553)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 5,264,665
<NUMBER-OF-SHARES-REDEEMED> (6,159,222)
<SHARES-REINVESTED> 3,565,153
<NET-CHANGE-IN-ASSETS> 363,013,349
<ACCUMULATED-NII-PRIOR> 2,671,195
<ACCUMULATED-GAINS-PRIOR> 167,975,631
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 5,652,815
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 12,860,243
<AVERAGE-NET-ASSETS> 521,051,031
<PER-SHARE-NAV-BEGIN> 14.12
<PER-SHARE-NII> .03
<PER-SHARE-GAIN-APPREC> 2.52
<PER-SHARE-DIVIDEND> (.06)
<PER-SHARE-DISTRIBUTIONS> (1.56)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 15.05
<EXPENSE-RATIO> 0.94
[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-31-2000
<INVESTMENTS-AT-COST> 1,942,559,869
<INVESTMENTS-AT-VALUE> 2,085,642,416
<RECEIVABLES> 53,248,235
<ASSETS-OTHER> 17,308,259
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 2,156,198,910
<PAYABLE-FOR-SECURITIES> 64,709,844
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 44,587,072
<TOTAL-LIABILITIES> 109,296,916
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 1,558,350,250
<SHARES-COMMON-STOCK> 8,866,241
<SHARES-COMMON-PRIOR> 7,369,628
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 3,680,855
<ACCUMULATED-NET-GAINS> 352,455,304
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 139,777,295
<NET-ASSETS> 2,046,901,994
<DIVIDEND-INCOME> 6,937,913
<INTEREST-INCOME> 14,576,719
<OTHER-INCOME> 0
<EXPENSES-NET> 12,623,006
<NET-INVESTMENT-INCOME> 8,891,626
<REALIZED-GAINS-CURRENT> 368,542,711
<APPREC-INCREASE-CURRENT> (60,030,822)
<NET-CHANGE-FROM-OPS> 317,403,515
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (413,031)
<DISTRIBUTIONS-OF-GAINS> (11,542,732)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 1,956,137
<NUMBER-OF-SHARES-REDEEMED> (1,224,230)
<SHARES-REINVESTED> 764,706
<NET-CHANGE-IN-ASSETS> 363,013,349
<ACCUMULATED-NII-PRIOR> 2,671,195
<ACCUMULATED-GAINS-PRIOR> 167,975,631
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 5,652,815
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 12,860,243
<AVERAGE-NET-ASSETS> 120,484,388
<PER-SHARE-NAV-BEGIN> 14.00
<PER-SHARE-NII> .03
<PER-SHARE-GAIN-APPREC> 2.50
<PER-SHARE-DIVIDEND> (.06)
<PER-SHARE-DISTRIBUTIONS> (1.56)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 14.91
<EXPENSE-RATIO> 0.94
[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-31-2000
<INVESTMENTS-AT-COST> 1,942,559,869
<INVESTMENTS-AT-VALUE> 2,085,642,416
<RECEIVABLES> 53,248,235
<ASSETS-OTHER> 17,308,259
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 2,156,198,910
<PAYABLE-FOR-SECURITIES> 64,709,844
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 44,587,072
<TOTAL-LIABILITIES> 109,296,916
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 1,558,350,250
<SHARES-COMMON-STOCK> 4,666,491
<SHARES-COMMON-PRIOR> 4,211,624
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 3,680,855
<ACCUMULATED-NET-GAINS> 352,455,304
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 139,777,295
<NET-ASSETS> 2,046,901,994
<DIVIDEND-INCOME> 6,937,913
<INTEREST-INCOME> 14,576,719
<OTHER-INCOME> 0
<EXPENSES-NET> 12,623,006
<NET-INVESTMENT-INCOME> 8,891,626
<REALIZED-GAINS-CURRENT> 368,542,711
<APPREC-INCREASE-CURRENT> (60,030,822)
<NET-CHANGE-FROM-OPS> 317,403,515
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (357,845)
<DISTRIBUTIONS-OF-GAINS> (6,511,946)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 816,651
<NUMBER-OF-SHARES-REDEEMED> (833,078)
<SHARES-REINVESTED> 471,294
<NET-CHANGE-IN-ASSETS> 363,013,349
<ACCUMULATED-NII-PRIOR> 2,671,195
<ACCUMULATED-GAINS-PRIOR> 167,975,631
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 5,652,815
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 12,860,243
<AVERAGE-NET-ASSETS> 66,908,220
<PER-SHARE-NAV-BEGIN> 14.15
<PER-SHARE-NII> .05
<PER-SHARE-GAIN-APPREC> 2.52
<PER-SHARE-DIVIDEND> (.09)
<PER-SHARE-DISTRIBUTIONS> (1.56)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 15.07
<EXPENSE-RATIO> 0.82
[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> SEMI
<FISCAL-YEAR-END> SEP-30-1999
<PERIOD-END> MAR-31-2000
<INVESTMENTS-AT-COST> 2,181,379,657
<INVESTMENTS-AT-VALUE> 2,464,329,878
<RECEIVABLES> 185,246,978
<ASSETS-OTHER> 13,343,928
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 2,662,920,784
<PAYABLE-FOR-SECURITIES> 165,475,649
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 77,990,543
<TOTAL-LIABILITIES> 243,466,192
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 1,921,138,007
<SHARES-COMMON-STOCK> 83,095,848
<SHARES-COMMON-PRIOR> 71,096,719
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 5,991,403
<ACCUMULATED-NET-GAINS> 190,677,501
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 313,630,487
<NET-ASSETS> 2,419,454,592
<DIVIDEND-INCOME> 7,614,127
<INTEREST-INCOME> 25,060,790
<OTHER-INCOME> 0
<EXPENSES-NET> 14,306,208
<NET-INVESTMENT-INCOME> 18,368,709
<REALIZED-GAINS-CURRENT> 202,392,651
<APPREC-INCREASE-CURRENT> 127,348,084
<NET-CHANGE-FROM-OPS> 348,109,444
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (11,505,641)
<DISTRIBUTIONS-OF-GAINS> (66,297,566)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 19,574,612
<NUMBER-OF-SHARES-REDEEMED> (13,693,430)
<SHARES-REINVESTED> 6,117,947
<NET-CHANGE-IN-ASSETS> 394,648,287
<ACCUMULATED-NII-PRIOR> 89,862
<ACCUMULATED-GAINS-PRIOR> 144,646,906
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 6,535,132
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 14,616,706
<AVERAGE-NET-ASSETS> 982,169,597
<PER-SHARE-NAV-BEGIN> 12.28
<PER-SHARE-NII> .12
<PER-SHARE-GAIN-APPREC> 1.90
<PER-SHARE-DIVIDEND> (.15)
<PER-SHARE-DISTRIBUTIONS> (.93)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 13.22
<EXPENSE-RATIO> 0.55
[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 Portfolio
</LEGEND>
<SERIES>
<NUMBER> 5
<NAME> CLASS B
<S> <C>
<PERIOD-TYPE> SEMI
<FISCAL-YEAR-END> SEP-30-1999
<PERIOD-END> MAR-31-2000
<INVESTMENTS-AT-COST> 2,181,379,657
<INVESTMENTS-AT-VALUE> 2,464,329,878
<RECEIVABLES> 185,246,978
<ASSETS-OTHER> 13,343,928
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 2,662,920,784
<PAYABLE-FOR-SECURITIES> 165,475,649
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 77,990,543
<TOTAL-LIABILITIES> 243,466,192
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 1,921,138,007
<SHARES-COMMON-STOCK> 45,591,048
<SHARES-COMMON-PRIOR> 45,314,407
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 5,991,403
<ACCUMULATED-NET-GAINS> 190,677,501
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 313,630,487
<NET-ASSETS> 2,419,454,592
<DIVIDEND-INCOME> 7,614,127
<INTEREST-INCOME> 25,060,790
<OTHER-INCOME> 0
<EXPENSES-NET> 14,306,208
<NET-INVESTMENT-INCOME> 18,368,709
<REALIZED-GAINS-CURRENT> 202,392,651
<APPREC-INCREASE-CURRENT> 127,348,084
<NET-CHANGE-FROM-OPS> 348,109,444
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (4,795,365)
<DISTRIBUTIONS-OF-GAINS> (41,791,913)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 5,384,760
<NUMBER-OF-SHARES-REDEEMED> (8,610,049)
<SHARES-REINVESTED> 3,501,930
<NET-CHANGE-IN-ASSETS> 394,648,287
<ACCUMULATED-NII-PRIOR> 89,862
<ACCUMULATED-GAINS-PRIOR> 144,646,906
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 6,535,132
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 14,616,706
<AVERAGE-NET-ASSETS> 587,854,063
<PER-SHARE-NAV-BEGIN> 12.22
<PER-SHARE-NII> .07
<PER-SHARE-GAIN-APPREC> 1.90
<PER-SHARE-DIVIDEND> (.11)
<PER-SHARE-DISTRIBUTIONS> (.93)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 13.15
<EXPENSE-RATIO> 0.92
[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: Balanced Portfolio
</LEGEND>
<SERIES>
<NUMBER> 5
<NAME> CLASS C
<S> <C>
<PERIOD-TYPE> SEMI
<FISCAL-YEAR-END> SEP-30-1999
<PERIOD-END> MAR-31-2000
<INVESTMENTS-AT-COST> 2,181,379,657
<INVESTMENTS-AT-VALUE> 2,464,329,878
<RECEIVABLES> 185,246,978
<ASSETS-OTHER> 13,343,928
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 2,662,920,784
<PAYABLE-FOR-SECURITIES> 165,475,649
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 77,990,543
<TOTAL-LIABILITIES> 243,466,192
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 1,921,138,007
<SHARES-COMMON-STOCK> 10,917,304
<SHARES-COMMON-PRIOR> 9,928,714
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 5,991,403
<ACCUMULATED-NET-GAINS> 190,677,501
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 313,630,487
<NET-ASSETS> 2,419,454,592
<DIVIDEND-INCOME> 7,614,127
<INTEREST-INCOME> 25,060,790
<OTHER-INCOME> 0
<EXPENSES-NET> 14,306,208
<NET-INVESTMENT-INCOME> 18,368,709
<REALIZED-GAINS-CURRENT> 202,392,651
<APPREC-INCREASE-CURRENT> 127,348,084
<NET-CHANGE-FROM-OPS> 348,109,444
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (1,096,697)
<DISTRIBUTIONS-OF-GAINS> (9,236,973)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 2,176,976
<NUMBER-OF-SHARES-REDEEMED> (1,944,985)
<SHARES-REINVESTED> 756,599
<NET-CHANGE-IN-ASSETS> 394,648,287
<ACCUMULATED-NII-PRIOR> 89,862
<ACCUMULATED-GAINS-PRIOR> 144,646,906
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 6,535,132
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 14,616,706
<AVERAGE-NET-ASSETS> 132,116,903
<PER-SHARE-NAV-BEGIN> 12.15
<PER-SHARE-NII> .07
<PER-SHARE-GAIN-APPREC> 1.88
<PER-SHARE-DIVIDEND> (.11)
<PER-SHARE-DISTRIBUTIONS> (.93)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 13.06
<EXPENSE-RATIO> 0.92
[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: Balanced Portfolio
</LEGEND>
<SERIES>
<NUMBER> 5
<NAME> CLASS M
<S> <C>
<PERIOD-TYPE> SEMI
<FISCAL-YEAR-END> SEP-30-1999
<PERIOD-END> MAR-31-2000
<INVESTMENTS-AT-COST> 2,181,379,657
<INVESTMENTS-AT-VALUE> 2,464,329,878
<RECEIVABLES> 185,246,978
<ASSETS-OTHER> 13,343,928
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 2,662,920,784
<PAYABLE-FOR-SECURITIES> 165,475,649
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 77,990,543
<TOTAL-LIABILITIES> 243,466,192
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 1,921,138,007
<SHARES-COMMON-STOCK> 5,566,357
<SHARES-COMMON-PRIOR> 5,450,790
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 5,991,403
<ACCUMULATED-NET-GAINS> 190,677,501
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 313,630,487
<NET-ASSETS> 2,419,454,592
<DIVIDEND-INCOME> 7,614,127
<INTEREST-INCOME> 25,060,790
<OTHER-INCOME> 0
<EXPENSES-NET> 14,306,208
<NET-INVESTMENT-INCOME> 18,368,709
<REALIZED-GAINS-CURRENT> 202,392,651
<APPREC-INCREASE-CURRENT> 127,348,084
<NET-CHANGE-FROM-OPS> 348,109,444
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (653,381)
<DISTRIBUTIONS-OF-GAINS> (4,918,496)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 818,137
<NUMBER-OF-SHARES-REDEEMED> (1,137,511)
<SHARES-REINVESTED> 434,941
<NET-CHANGE-IN-ASSETS> 394,648,287
<ACCUMULATED-NII-PRIOR> 89,862
<ACCUMULATED-GAINS-PRIOR> 144,646,906
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 6,535,132
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 14,616,706
<AVERAGE-NET-ASSETS> 70,488,486
<PER-SHARE-NAV-BEGIN> 12.26
<PER-SHARE-NII> .08
<PER-SHARE-GAIN-APPREC> 1.90
<PER-SHARE-DIVIDEND> (.12)
<PER-SHARE-DISTRIBUTIONS> (.93)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 13.19
<EXPENSE-RATIO> 0.80
[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-31-2000
<INVESTMENTS-AT-COST> 1,942,559,869
<INVESTMENTS-AT-VALUE> 2,085,642,416
<RECEIVABLES> 53,248,235
<ASSETS-OTHER> 17,308,259
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 2,156,198,910
<PAYABLE-FOR-SECURITIES> 64,709,844
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 44,587,072
<TOTAL-LIABILITIES> 109,296,916
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 1,558,350,250
<SHARES-COMMON-STOCK> 30,934,688
<SHARES-COMMON-PRIOR> 26,749,307
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 3,680,855
<ACCUMULATED-NET-GAINS> 352,455,304
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 139,777,295
<NET-ASSETS> 2,046,901,994
<DIVIDEND-INCOME> 6,937,913
<INTEREST-INCOME> 14,576,719
<OTHER-INCOME> 0
<EXPENSES-NET> 12,623,006
<NET-INVESTMENT-INCOME> 8,891,626
<REALIZED-GAINS-CURRENT> 368,542,711
<APPREC-INCREASE-CURRENT> (60,030,822)
<NET-CHANGE-FROM-OPS> 317,403,515
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (5,236,059)
<DISTRIBUTIONS-OF-GAINS> (41,178,056)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 7,276,165
<NUMBER-OF-SHARES-REDEEMED> (6,260,923)
<SHARES-REINVESTED> 3,170,139
<NET-CHANGE-IN-ASSETS> 363,013,349
<ACCUMULATED-NII-PRIOR> 2,671,195
<ACCUMULATED-GAINS-PRIOR> 167,975,631
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 5,652,815
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 12,860,243
<AVERAGE-NET-ASSETS> 443,816,474
<PER-SHARE-NAV-BEGIN> 14.44
<PER-SHARE-NII> .11
<PER-SHARE-GAIN-APPREC> 2.57
<PER-SHARE-DIVIDEND> (.20)
<PER-SHARE-DISTRIBUTIONS> (1.56)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 15.36
<EXPENSE-RATIO> 0.44
[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> SEMI
<FISCAL-YEAR-END> SEP-30-1999
<PERIOD-END> MAR-31-2000
<INVESTMENTS-AT-COST> 2,181,379,657
<INVESTMENTS-AT-VALUE> 2,464,329,878
<RECEIVABLES> 185,246,978
<ASSETS-OTHER> 13,343,928
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 2,662,920,784
<PAYABLE-FOR-SECURITIES> 165,475,649
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 77,990,543
<TOTAL-LIABILITIES> 243,466,192
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 1,921,138,007
<SHARES-COMMON-STOCK> 38,212,225
<SHARES-COMMON-PRIOR> 33,387,201
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 5,991,403
<ACCUMULATED-NET-GAINS> 190,677,501
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 313,630,487
<NET-ASSETS> 2,419,454,592
<DIVIDEND-INCOME> 7,614,127
<INTEREST-INCOME> 25,060,790
<OTHER-INCOME> 0
<EXPENSES-NET> 14,306,208
<NET-INVESTMENT-INCOME> 18,368,709
<REALIZED-GAINS-CURRENT> 202,392,651
<APPREC-INCREASE-CURRENT> 127,348,084
<NET-CHANGE-FROM-OPS> 348,109,444
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (6,398,890)
<DISTRIBUTIONS-OF-GAINS> (34,117,108)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 9,887,734
<NUMBER-OF-SHARES-REDEEMED> (8,288,956)
<SHARES-REINVESTED> 3,226,246
<NET-CHANGE-IN-ASSETS> 394,648,287
<ACCUMULATED-NII-PRIOR> 89,862
<ACCUMULATED-GAINS-PRIOR> 144,646,906
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 6,535,132
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 14,616,706
<AVERAGE-NET-ASSETS> 492,753,955
<PER-SHARE-NAV-BEGIN> 12.29
<PER-SHARE-NII> .14
<PER-SHARE-GAIN-APPREC> 1.90
<PER-SHARE-DIVIDEND> (.17)
<PER-SHARE-DISTRIBUTIONS> (.93)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 13.23
<EXPENSE-RATIO> 0.42
[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-31-2000
<INVESTMENTS-AT-COST> 774,455,219
<INVESTMENTS-AT-VALUE> 784,801,622
<RECEIVABLES> 42,368,792
<ASSETS-OTHER> 6,248,865
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 833,419,279
<PAYABLE-FOR-SECURITIES> 40,924,827
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 25,138,259
<TOTAL-LIABILITIES> 66,063,086
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 699,983,188
<SHARES-COMMON-STOCK> 37,800,428
<SHARES-COMMON-PRIOR> 35,891,780
<ACCUMULATED-NII-CURRENT> 3,019,138
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 55,228,722
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 9,125,145
<NET-ASSETS> 767,356,193
<DIVIDEND-INCOME> 1,437,515
<INTEREST-INCOME> 16,274,131
<OTHER-INCOME> 0
<EXPENSES-NET> 5,544,373
<NET-INVESTMENT-INCOME> 12,167,273
<REALIZED-GAINS-CURRENT> 58,914,856
<APPREC-INCREASE-CURRENT> (15,072,824)
<NET-CHANGE-FROM-OPS> 56,009,305
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (9,592,909)
<DISTRIBUTIONS-OF-GAINS> (13,824,003)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 8,653,844
<NUMBER-OF-SHARES-REDEEMED> (8,959,579)
<SHARES-REINVESTED> 2,214,383
<NET-CHANGE-IN-ASSETS> 7,895,196
<ACCUMULATED-NII-PRIOR> 9,085,866
<ACCUMULATED-GAINS-PRIOR> 23,868,837
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 2,570,644
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 5,690,125
<AVERAGE-NET-ASSETS> 391,756,321
<PER-SHARE-NAV-BEGIN> 10.40
<PER-SHARE-NII> .18
<PER-SHARE-GAIN-APPREC> .60
<PER-SHARE-DIVIDEND> (.26)
<PER-SHARE-DISTRIBUTIONS> (.38)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 10.54
<EXPENSE-RATIO> 0.63
[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-31-2000
<INVESTMENTS-AT-COST> 774,455,219
<INVESTMENTS-AT-VALUE> 784,801,622
<RECEIVABLES> 42,368,792
<ASSETS-OTHER> 6,248,865
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 833,419,279
<PAYABLE-FOR-SECURITIES> 40,924,827
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 25,138,259
<TOTAL-LIABILITIES> 66,063,086
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 699,983,188
<SHARES-COMMON-STOCK> 17,595,597
<SHARES-COMMON-PRIOR> 18,048,442
<ACCUMULATED-NII-CURRENT> 3,019,138
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 55,228,722
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 9,125,145
<NET-ASSETS> 767,356,193
<DIVIDEND-INCOME> 1,437,515
<INTEREST-INCOME> 16,274,131
<OTHER-INCOME> 0
<EXPENSES-NET> 5,544,373
<NET-INVESTMENT-INCOME> 12,167,273
<REALIZED-GAINS-CURRENT> 58,914,856
<APPREC-INCREASE-CURRENT> (15,072,824)
<NET-CHANGE-FROM-OPS> 56,009,305
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (3,986,236)
<DISTRIBUTIONS-OF-GAINS> (6,780,121)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 1,491,564
<NUMBER-OF-SHARES-REDEEMED> (2,871,127)
<SHARES-REINVESTED> 926,718
<NET-CHANGE-IN-ASSETS> 7,895,196
<ACCUMULATED-NII-PRIOR> 9,085,866
<ACCUMULATED-GAINS-PRIOR> 23,868,837
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 2,570,644
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 5,690,125
<AVERAGE-NET-ASSETS> 188,968,268
<PER-SHARE-NAV-BEGIN> 10.37
<PER-SHARE-NII> .14
<PER-SHARE-GAIN-APPREC> .60
<PER-SHARE-DIVIDEND> (.23)
<PER-SHARE-DISTRIBUTIONS> (.38)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 10.50
<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: Conservative Portfolio
</LEGEND>
<SERIES>
<NUMBER> 5
<NAME> CLASS C
<S> <C>
<PERIOD-TYPE> SEMI
<FISCAL-YEAR-END> SEP-30-1999
<PERIOD-END> MAR-31-2000
<INVESTMENTS-AT-COST> 774,455,219
<INVESTMENTS-AT-VALUE> 784,801,622
<RECEIVABLES> 42,368,792
<ASSETS-OTHER> 6,248,865
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 833,419,279
<PAYABLE-FOR-SECURITIES> 40,924,827
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 25,138,259
<TOTAL-LIABILITIES> 66,063,086
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 699,983,188
<SHARES-COMMON-STOCK> 4,296,224
<SHARES-COMMON-PRIOR> 5,688,691
<ACCUMULATED-NII-CURRENT> 3,019,138
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 55,228,722
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 9,125,145
<NET-ASSETS> 767,356,193
<DIVIDEND-INCOME> 1,437,515
<INTEREST-INCOME> 16,274,131
<OTHER-INCOME> 0
<EXPENSES-NET> 5,544,373
<NET-INVESTMENT-INCOME> 12,167,273
<REALIZED-GAINS-CURRENT> 58,914,856
<APPREC-INCREASE-CURRENT> (15,072,824)
<NET-CHANGE-FROM-OPS> 56,009,305
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (1,164,436)
<DISTRIBUTIONS-OF-GAINS> (2,046,426)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 567,593
<NUMBER-OF-SHARES-REDEEMED> (2,241,322)
<SHARES-REINVESTED> 281,262
<NET-CHANGE-IN-ASSETS> 7,895,196
<ACCUMULATED-NII-PRIOR> 9,085,866
<ACCUMULATED-GAINS-PRIOR> 23,868,837
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 2,570,644
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 5,690,125
<AVERAGE-NET-ASSETS> 52,518,755
<PER-SHARE-NAV-BEGIN> 10.34
<PER-SHARE-NII> .14
<PER-SHARE-GAIN-APPREC> .60
<PER-SHARE-DIVIDEND> (.22)
<PER-SHARE-DISTRIBUTIONS> (.38)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 10.48
<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: Conservative Portfolio
</LEGEND>
<SERIES>
<NUMBER> 5
<NAME> CLASS M
<S> <C>
<PERIOD-TYPE> SEMI
<FISCAL-YEAR-END> SEP-30-1999
<PERIOD-END> MAR-31-2000
<INVESTMENTS-AT-COST> 774,455,219
<INVESTMENTS-AT-VALUE> 784,801,622
<RECEIVABLES> 42,368,792
<ASSETS-OTHER> 6,248,865
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 833,419,279
<PAYABLE-FOR-SECURITIES> 40,924,827
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 25,138,259
<TOTAL-LIABILITIES> 66,063,086
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 699,983,188
<SHARES-COMMON-STOCK> 2,408,328
<SHARES-COMMON-PRIOR> 2,833,694
<ACCUMULATED-NII-CURRENT> 3,019,138
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 55,228,722
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 9,125,145
<NET-ASSETS> 767,356,193
<DIVIDEND-INCOME> 1,437,515
<INTEREST-INCOME> 16,274,131
<OTHER-INCOME> 0
<EXPENSES-NET> 5,544,373
<NET-INVESTMENT-INCOME> 12,167,273
<REALIZED-GAINS-CURRENT> 58,914,856
<APPREC-INCREASE-CURRENT> (15,072,824)
<NET-CHANGE-FROM-OPS> 56,009,305
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (597,336)
<DISTRIBUTIONS-OF-GAINS> (970,248)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 348,788
<NUMBER-OF-SHARES-REDEEMED> (923,324)
<SHARES-REINVESTED> 149,170
<NET-CHANGE-IN-ASSETS> 7,895,196
<ACCUMULATED-NII-PRIOR> 9,085,866
<ACCUMULATED-GAINS-PRIOR> 23,868,837
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 2,570,644
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 5,690,125
<AVERAGE-NET-ASSETS> 27,387,292
<PER-SHARE-NAV-BEGIN> 10.37
<PER-SHARE-NII> .15
<PER-SHARE-GAIN-APPREC> .60
<PER-SHARE-DIVIDEND> (.24)
<PER-SHARE-DISTRIBUTIONS> (.38)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 10.50
<EXPENSE-RATIO> 0.88
[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: Conservative Portfolio
</LEGEND>
<SERIES>
<NUMBER> 5
<NAME> CLASS Y
<S> <C>
<PERIOD-TYPE> SEMI
<FISCAL-YEAR-END> SEP-30-1999
<PERIOD-END> MAR-31-2000
<INVESTMENTS-AT-COST> 774,455,219
<INVESTMENTS-AT-VALUE> 784,801,622
<RECEIVABLES> 42,368,792
<ASSETS-OTHER> 6,248,865
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 833,419,279
<PAYABLE-FOR-SECURITIES> 40,924,827
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 25,138,259
<TOTAL-LIABILITIES> 66,063,086
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 699,983,188
<SHARES-COMMON-STOCK> 10,798,880
<SHARES-COMMON-PRIOR> 10,640,587
<ACCUMULATED-NII-CURRENT> 3,019,138
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 55,228,722
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 9,125,145
<NET-ASSETS> 767,356,193
<DIVIDEND-INCOME> 1,437,515
<INTEREST-INCOME> 16,274,131
<OTHER-INCOME> 0
<EXPENSES-NET> 5,544,373
<NET-INVESTMENT-INCOME> 12,167,273
<REALIZED-GAINS-CURRENT> 58,914,856
<APPREC-INCREASE-CURRENT> (15,072,824)
<NET-CHANGE-FROM-OPS> 56,009,305
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (2,893,084)
<DISTRIBUTIONS-OF-GAINS> (3,934,173)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 3,569,922
<NUMBER-OF-SHARES-REDEEMED> (3,689,154)
<SHARES-REINVESTED> 277,525
<NET-CHANGE-IN-ASSETS> 7,895,196
<ACCUMULATED-NII-PRIOR> 9,085,866
<ACCUMULATED-GAINS-PRIOR> 23,868,837
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 2,570,644
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 5,690,125
<AVERAGE-NET-ASSETS> 112,931,035
<PER-SHARE-NAV-BEGIN> 10.42
<PER-SHARE-NII> .19
<PER-SHARE-GAIN-APPREC> .61
<PER-SHARE-DIVIDEND> (.28)
<PER-SHARE-DISTRIBUTIONS> (.38)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 10.56
<EXPENSE-RATIO> 0.50
[AVG-DEBT-OUTSTANDING] 0
[AVG-DEBT-PER-SHARE] 0
</TABLE>
