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: Growth Portfolio
</LEGEND>
<SERIES>
   <NUMBER> 5
   <NAME> CLASS B

<S>                             <C>
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<FISCAL-YEAR-END>                          SEP-30-2000
<PERIOD-END>                               SEP-30-2000
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<INVESTMENTS-AT-VALUE>                   1,968,684,046
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<SENIOR-LONG-TERM-DEBT>                              0
<OTHER-ITEMS-LIABILITIES>                   19,664,540
<TOTAL-LIABILITIES>                         49,448,027
<SENIOR-EQUITY>                                      0
<PAID-IN-CAPITAL-COMMON>                 1,598,745,954
<SHARES-COMMON-STOCK>                       33,054,569
<SHARES-COMMON-PRIOR>                       33,295,551
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<APPREC-INCREASE-CURRENT>                (164,266,891)
<NET-CHANGE-FROM-OPS>                      209,058,151
<EQUALIZATION>                                       0
<DISTRIBUTIONS-OF-INCOME>                  (1,873,390)
<DISTRIBUTIONS-OF-GAINS>                  (52,354,553)
<DISTRIBUTIONS-OTHER>                                0
<NUMBER-OF-SHARES-SOLD>                     9,185,249
<NUMBER-OF-SHARES-REDEEMED>               (12,991,443)
<SHARES-REINVESTED>                          3,565,212
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<GROSS-ADVISORY-FEES>                       11,504,965
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<GROSS-EXPENSE>                             26,883,385
<AVERAGE-NET-ASSETS>                       508,854,703
<PER-SHARE-NAV-BEGIN>                            14.12
<PER-SHARE-NII>                                    .16
<PER-SHARE-GAIN-APPREC>                           1.55
<PER-SHARE-DIVIDEND>                             (.06)
<PER-SHARE-DISTRIBUTIONS>                       (1.56)
<RETURNS-OF-CAPITAL>                                 0
<PER-SHARE-NAV-END>                              14.21
<EXPENSE-RATIO>                                   1.93
[AVG-DEBT-OUTSTANDING]                               0
[AVG-DEBT-PER-SHARE]                                 0


</TABLE>


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