PUTNAM ASSET ALLOCATION FUNDS
NSAR-B, EX-27, 2000-11-29
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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>                   ANNUAL
<FISCAL-YEAR-END>                          SEP-30-2000
<PERIOD-END>                               SEP-30-2000
<INVESTMENTS-AT-COST>                    2,514,816,587
<INVESTMENTS-AT-VALUE>                   2,682,528,875
<RECEIVABLES>                               61,901,173
<ASSETS-OTHER>                              24,412,058
<OTHER-ITEMS-ASSETS>                                 0
<TOTAL-ASSETS>                           2,768,842,106
<PAYABLE-FOR-SECURITIES>                    31,263,118
<SENIOR-LONG-TERM-DEBT>                              0
<OTHER-ITEMS-LIABILITIES>                   27,405,734
<TOTAL-LIABILITIES>                         58,668,852
<SENIOR-EQUITY>                                      0
<PAID-IN-CAPITAL-COMMON>                 2,253,708,291
<SHARES-COMMON-STOCK>                      106,011,533
<SHARES-COMMON-PRIOR>                       71,096,719
<ACCUMULATED-NII-CURRENT>                    9,477,809
<OVERDISTRIBUTION-NII>                               0
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<OVERDISTRIBUTION-GAINS>                             0
<ACCUM-APPREC-OR-DEPREC>                   163,777,784
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<OTHER-INCOME>                                       0
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<REALIZED-GAINS-CURRENT>                   297,785,786
<APPREC-INCREASE-CURRENT>                 (22,504,619)
<NET-CHANGE-FROM-OPS>                      327,929,555
<EQUALIZATION>                                       0
<DISTRIBUTIONS-OF-INCOME>                 (22,163,223)
<DISTRIBUTIONS-OF-GAINS>                  (66,297,566)
<DISTRIBUTIONS-OTHER>                                0
<NUMBER-OF-SHARES-SOLD>                     57,452,184
<NUMBER-OF-SHARES-REDEEMED>               (29,463,927)
<SHARES-REINVESTED>                          6,926,557
<NET-CHANGE-IN-ASSETS>                     685,366,949
<ACCUMULATED-NII-PRIOR>                         89,862
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<OVERDISTRIB-NII-PRIOR>                              0
<OVERDIST-NET-GAINS-PRIOR>                           0
<GROSS-ADVISORY-FEES>                       13,932,212
<INTEREST-EXPENSE>                                   0
<GROSS-EXPENSE>                             30,945,885
<AVERAGE-NET-ASSETS>                     1,138,098,622
<PER-SHARE-NAV-BEGIN>                            12.28
<PER-SHARE-NII>                                    .31
<PER-SHARE-GAIN-APPREC>                           1.59
<PER-SHARE-DIVIDEND>                             (.26)
<PER-SHARE-DISTRIBUTIONS>                        (.93)
<RETURNS-OF-CAPITAL>                                 0
<PER-SHARE-NAV-END>                              12.99
<EXPENSE-RATIO>                                   1.09
[AVG-DEBT-OUTSTANDING]                               0
[AVG-DEBT-PER-SHARE]                                 0


</TABLE>


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