WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
Putnam Balanced Retirement Fund
</LEGEND>
<SERIES>
<NUMBER> 5
<NAME> CLASS A
<S> <C>
<PERIOD-TYPE> SEMI
<FISCAL-YEAR-END> OCT-31-1999
<PERIOD-END> APR-30-2000
<INVESTMENTS-AT-COST> 739,104,567
<INVESTMENTS-AT-VALUE> 730,737,317
<RECEIVABLES> 29,647,067
<ASSETS-OTHER> 1,084,939
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 761,469,323
<PAYABLE-FOR-SECURITIES> 24,810,545
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 10,054,556
<TOTAL-LIABILITIES> 34,865,101
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 737,745,294
<SHARES-COMMON-STOCK> 57,932,044
<SHARES-COMMON-PRIOR> 60,671,249
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> (2,640,151)
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> (620,594)
<ACCUM-APPREC-OR-DEPREC> (7,880,327)
<NET-ASSETS> 726,604,222
<DIVIDEND-INCOME> 4,905,829
<INTEREST-INCOME> 13,684,805
<OTHER-INCOME> 0
<EXPENSES-NET> 4,621,026
<NET-INVESTMENT-INCOME> 13,969,608
<REALIZED-GAINS-CURRENT> (3,456,116)
<APPREC-INCREASE-CURRENT> (28,980,452)
<NET-CHANGE-FROM-OPS> (18,466,960)
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (13,177,977)
<DISTRIBUTIONS-OF-GAINS> (33,919,655)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 4,421,956
<NUMBER-OF-SHARES-REDEEMED> (11,015,637)
<SHARES-REINVESTED> 3,854,476
<NET-CHANGE-IN-ASSETS> (133,090,635)
<ACCUMULATED-NII-PRIOR> 140,244
<ACCUMULATED-GAINS-PRIOR> 48,029,916
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 2,385,681
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 4,748,605
<AVERAGE-NET-ASSETS> 590,223,684
<PER-SHARE-NAV-BEGIN> 10.66
<PER-SHARE-NII> .18
<PER-SHARE-GAIN-APPREC> (0.37)
<PER-SHARE-DIVIDEND> (.22)
<PER-SHARE-DISTRIBUTIONS> (.56)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 9.69
<EXPENSE-RATIO> 0.52
[AVG-DEBT-OUTSTANDING] 0
[AVG-DEBT-PER-SHARE] 0
</TABLE>
