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<PAGE> PAGE 2
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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>
Financial Data Schedule for Putnam Balanced Retirement Fund
</LEGEND>
<SERIES>
<NUMBER> 3
<NAME> CLASS A
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> OCT-31-1996
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</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
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<LEGEND>
Financial Data Schedule for Putnam Balanced Retirement Fund
</LEGEND>
<SERIES>
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<NAME> CLASS B
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</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
Financial Data Schedule for Putnam Balanced Retirement Fund
</LEGEND>
<SERIES>
<NUMBER> 3
<NAME> CLASS M
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> OCT-31-1996
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</TABLE>
