PUTNAM BALANCED RETIREMENT FUND
NSAR-A, 1996-06-28
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<PAGE>      PAGE  1
000 A000000 04/30/96
000 C000000 0000764110
000 D000000 N
000 E000000 NF
000 F000000 Y
000 G000000 N
000 H000000 N
000 I000000 3.0
000 J000000 U
001 A000000 PUTNAM BALANCED RETIREMENT FUND
001 B000000 811-4242
001 C000000 6172921562
002 A000000 ONE POST OFFICE SQUARE
002 B000000 BOSTON
002 C000000 MA
002 D010000 02109
003  000000 N
004  000000 N
005  000000 N
006  000000 N
007 A000000 N
007 B000000  0
018  000000 Y
019 A000000 Y
019 B000000   98
019 C000000 PUTNAMFUND
022 A000001 SALOMON BROTHERS INC.
022 B000001 13-3082694
022 C000001     81714
022 D000001     85549
022 A000002 LEHMAN BROTHERS
022 B000002 13-2518466
022 C000002     68535
022 D000002     57535
022 A000003 GOLDMAN SACHS & CO.
022 B000003 13-5108880
022 C000003     37433
022 D000003     36952
022 A000004 MERRILL LYNCH, PIERCE, FENNER & SMITH, INC.
022 B000004 13-5674085
022 C000004     31545
022 D000004     19734
022 A000005 BEAR STERNS & CO.
022 B000005 13-4946705
022 C000005     20925
022 D000005     26946
022 A000006 MORGAN (J.P.) SECURITIES INC.
022 B000006 13-3224016
022 C000006     13119
022 D000006     14132
022 A000007 MORGAN STANLEY INC.
<PAGE>      PAGE  2
022 B000007 13-2655998
022 C000007     14176
022 D000007     11213
022 A000008 GREEMWICH CAPITAL MARKET
022 B000008 13-3172275
022 C000008      7759
022 D000008      7794
022 A000009 BARCLAYS DE ZOETE & WEDD SECURITITES, INC.
022 B000009 13-3297824
022 C000009      7224
022 D000009      7040
022 A000010 PRUDENTIAL SECURITIES INC.
022 B000010 22-2347336
022 C000010      3318
022 D000010      8596
023 C000000     322734
023 D000000     321411
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SIGNATURE   PAUL BUCUVALAS                               
TITLE       VICE PRESIDENT      
 

WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.

<TABLE> <S> <C>

<ARTICLE> 6
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM 
Putnam Balanced Retirement Fund Class A AND IS QUALIFIED IN ITS 
ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
       
<S>                                   <C>
<PERIOD-TYPE>                         OTHER
<FISCAL-YEAR-END>	APR-30-96
<PERIOD-END>	OCT-31-95
<INVESTMENTS-AT-COST >          494,299,201	    
<INVESTMENTS-AT-VALUE>	529,752,878
<RECEIVABLES>	11,055,184
<ASSETS-OTHER>	144,046
<OTHER-ITEMS-ASSETS>	0
<TOTAL-ASSETS>	540,952,108
<PAYABLE-FOR-SECURITIES>	30,854,158
<SENIOR-LONG-TERM-DEBT>	0
<OTHER-ITEMS-LIABILITIES>	2,228,098
<TOTAL-LIABILITIES>	33,082,256
<SENIOR-EQUITY>	0
<PAID-IN-CAPITAL-COMMON>	453,656,629
<SHARES-COMMON-STOCK>	47,319,741
<SHARES-COMMON-PRIOR>	47,634,945
<ACCUMULATED-NII-CURRENT>	531,566
<OVERDISTRIBUTION-NII>	0
<ACCUMULATED-NET-GAINS>	18,028,706
<OVERDISTRIBUTION-GAINS>	0
<ACCUM-APPREC-OR-DEPREC>	35,652,951
<NET-ASSETS>	507,869,852
<DIVIDEND-INCOME>	3,881,361
<INTEREST-INCOME>	9,917,739
<OTHER-INCOME>	0
<EXPENSES-NET>	2,828,759
<NET-INVESTMENT-INCOME>	10,970,341
<REALIZED-GAINS-CURRENT>	18,449,437
<APPREC-INCREASE-CURRENT>	8,972,535
<NET-CHANGE-FROM-OPS>	38,392,313
<EQUALIZATION>	0
<DISTRIBUTIONS-OF-INCOME>	(10,448,910)
<DISTRIBUTIONS-OF-GAINS>	(8,619,626)
<DISTRIBUTIONS-OTHER>	0
<NUMBER-OF-SHARES-SOLD>	2,338,893
<NUMBER-OF-SHARES-REDEEMED>	(3,875,258)
<SHARES-REINVESTED>	1,221,161
<NET-CHANGE-IN-ASSETS>	28,550,108
<ACCUMULATED-NII-PRIOR>	303,908
<ACCUMULATED-GAINS-PRIOR>	8,437,582
<OVERDISTRIB-NII-PRIOR>	0
<OVERDIST-NET-GAINS-PRIOR>	0
<GROSS-ADVISORY-FEES>	1,610,191
<INTEREST-EXPENSE>	0
<GROSS-EXPENSE>	2,904,033
<AVERAGE-NET-ASSETS>	481,615,923
<PER-SHARE-NAV-BEGIN>	9.84
<PER-SHARE-NII>	.22
<PER-SHARE-GAIN-APPREC>	.56
<PER-SHARE-DIVIDEND>	(.22)
<PER-SHARE-DISTRIBUTIONS>	(.18)
<RETURNS-OF-CAPITAL>	0
<PER-SHARE-NAV-END>	10.22
<EXPENSE-RATIO>	.57
<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>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM 
Putnam Balanced Retirement Fund Class B AND IS QUALIFIED IN ITS 
ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
       
<S>                                   <C>
<PERIOD-TYPE>                         OTHER
<FISCAL-YEAR-END>	APR-30-96
<PERIOD-END>	OCT-31-95
<INVESTMENTS-AT-COST > 494,299,201	    
<INVESTMENTS-AT-VALUE>	529,752,878
<RECEIVABLES>	11,055,184
<ASSETS-OTHER>	144,046
<OTHER-ITEMS-ASSETS>	0
<TOTAL-ASSETS>	540,952,108
<PAYABLE-FOR-SECURITIES>	30,854,158
<SENIOR-LONG-TERM-DEBT>	0
<OTHER-ITEMS-LIABILITIES>	2,228,098
<TOTAL-LIABILITIES>	33,082,256
<SENIOR-EQUITY>	0
<PAID-IN-CAPITAL-COMMON>	453,656,629
<SHARES-COMMON-STOCK>	2,153,662
<SHARES-COMMON-PRIOR>	1,027,902
<ACCUMULATED-NII-CURRENT>	531,566
<OVERDISTRIBUTION-NII>	0
<ACCUMULATED-NET-GAINS>	18,028,706
<OVERDISTRIBUTION-GAINS>	0
<ACCUM-APPREC-OR-DEPREC>	35,652,951
<NET-ASSETS>	507,869,852
<DIVIDEND-INCOME>	3,881,361
<INTEREST-INCOME>	9,917,739
<OTHER-INCOME>	0
<EXPENSES-NET>	2,828,759
<NET-INVESTMENT-INCOME>	10,970,341
<REALIZED-GAINS-CURRENT>	18,449,437
<APPREC-INCREASE-CURRENT>	8,972,535
<NET-CHANGE-FROM-OPS>	38,392,313
<EQUALIZATION>	0
<DISTRIBUTIONS-OF-INCOME>	(275,214)
<DISTRIBUTIONS-OF-GAINS>	(228,365)
<DISTRIBUTIONS-OTHER>	0
<NUMBER-OF-SHARES-SOLD>	3,086,727
<NUMBER-OF-SHARES-REDEEMED>	(1,997,375)
<SHARES-REINVESTED>	36,408
<NET-CHANGE-IN-ASSETS>	28,550,108
<ACCUMULATED-NII-PRIOR>	303,908
<ACCUMULATED-GAINS-PRIOR>	8,437,582
<OVERDISTRIB-NII-PRIOR>	0
<OVERDIST-NET-GAINS-PRIOR>	0
<GROSS-ADVISORY-FEES>	1,610,191
<INTEREST-EXPENSE>	0
<GROSS-EXPENSE>	2,904,033
<AVERAGE-NET-ASSETS>	15,767,811
<PER-SHARE-NAV-BEGIN>	9.80
<PER-SHARE-NII>	.18
<PER-SHARE-GAIN-APPREC>	.55
<PER-SHARE-DIVIDEND>	(.19)
<PER-SHARE-DISTRIBUTIONS>	(.18)
<RETURNS-OF-CAPITAL>	0
<PER-SHARE-NAV-END>	10.16
<EXPENSE-RATIO>	.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>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION 
EXTRACTED FROM Putnam Balanced Retirement Fund Class M AND 
IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
       
<S>                                   <C>
<PERIOD-TYPE>                         OTHER
<FISCAL-YEAR-END>	OCT-31-95
<PERIOD-END>	APR-30-96
<INVESTMENTS-AT-COST > 494,299,201	    
<INVESTMENTS-AT-VALUE>	529,752,878
<RECEIVABLES>	11,055,184
<ASSETS-OTHER>	144,046
<OTHER-ITEMS-ASSETS>	0
<TOTAL-ASSETS>	540,952,108
<PAYABLE-FOR-SECURITIES>	30,854,158
<SENIOR-LONG-TERM-DEBT>	0
<OTHER-ITEMS-LIABILITIES>	2,228,098
<TOTAL-LIABILITIES>	33,082,256
<SENIOR-EQUITY>	0
<PAID-IN-CAPITAL-COMMON>	453,656,629
<SHARES-COMMON-STOCK>	233,058
<SHARES-COMMON-PRIOR>	53,154
<ACCUMULATED-NII-CURRENT>	531,566
<OVERDISTRIBUTION-NII>	0
<ACCUMULATED-NET-GAINS>	18,028,706
<OVERDISTRIBUTION-GAINS>	0
<ACCUM-APPREC-OR-DEPREC>	35,652,951
<NET-ASSETS>	507,869,852
<DIVIDEND-INCOME>	3,881,361
<INTEREST-INCOME>	9,917,759
<OTHER-INCOME>	0
<EXPENSES-NET>	2,828,759
<NET-INVESTMENT-INCOME>	10,970,341
<REALIZED-GAINS-CURRENT>	18,449,437
<APPREC-INCREASE-CURRENT>	8,972,535
<NET-CHANGE-FROM-OPS>	38,392,313
<EQUALIZATION>	0
<DISTRIBUTIONS-OF-INCOME>	(18,559)
<DISTRIBUTIONS-OF-GAINS>	(10,322)
<DISTRIBUTIONS-OTHER>	0
<NUMBER-OF-SHARES-SOLD>	183,498
<NUMBER-OF-SHARES-REDEEMED>	(6,079)
<SHARES-REINVESTED>	2,485
<NET-CHANGE-IN-ASSETS>	28,550,108
<ACCUMULATED-NII-PRIOR>	303,908
<ACCUMULATED-GAINS-PRIOR>	8,437,582
<OVERDISTRIB-NII-PRIOR>	0
<OVERDIST-NET-GAINS-PRIOR>	0
<GROSS-ADVISORY-FEES>	1,610,191
<INTEREST-EXPENSE>	0
<GROSS-EXPENSE>	2,904,033
<AVERAGE-NET-ASSETS>	1,239,834
<PER-SHARE-NAV-BEGIN>	9.82
<PER-SHARE-NII>	.20
<PER-SHARE-GAIN-APPREC>	.56
<PER-SHARE-DIVIDEND>	(.21)
<PER-SHARE-DISTRIBUTIONS>	(.18)
<RETURNS-OF-CAPITAL>	0
<PER-SHARE-NAV-END>	10.19
<EXPENSE-RATIO>	.82
<AVG-DEBT-OUTSTANDING>	0
<AVG-DEBT-PER-SHARE>	0
        

</TABLE>


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