PUTNAM BALANCED RETIREMENT FUND
NSAR-B, EX-27, 2000-12-28
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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>                   ANNUAL
<FISCAL-YEAR-END>                          OCT-31-2000
<PERIOD-END>                               OCT-31-2000
<INVESTMENTS-AT-COST>                      682,049,545
<INVESTMENTS-AT-VALUE>                     703,780,508
<RECEIVABLES>                               85,684,772
<ASSETS-OTHER>                               1,664,521
<OTHER-ITEMS-ASSETS>                                 0
<TOTAL-ASSETS>                             791,129,801
<PAYABLE-FOR-SECURITIES>                    37,064,452
<SENIOR-LONG-TERM-DEBT>                              0
<OTHER-ITEMS-LIABILITIES>                  111,391,416
<TOTAL-LIABILITIES>                        148,455,868
<SENIOR-EQUITY>                                      0
<PAID-IN-CAPITAL-COMMON>                   620,132,427
<SHARES-COMMON-STOCK>                       47,111,456
<SHARES-COMMON-PRIOR>                       60,671,249
<ACCUMULATED-NII-CURRENT>                    3,544,227
<OVERDISTRIBUTION-NII>                               0
<ACCUMULATED-NET-GAINS>                              0
<OVERDISTRIBUTION-GAINS>                   (3,431,291)
<ACCUM-APPREC-OR-DEPREC>                    22,428,570
<NET-ASSETS>                               642,673,933
<DIVIDEND-INCOME>                            9,562,268
<INTEREST-INCOME>                           27,184,019
<OTHER-INCOME>                                       0
<EXPENSES-NET>                               9,042,372
<NET-INVESTMENT-INCOME>                     27,703,915
<REALIZED-GAINS-CURRENT>                     3,107,423
<APPREC-INCREASE-CURRENT>                    1,328,445
<NET-CHANGE-FROM-OPS>                       32,139,783
<EQUALIZATION>                                       0
<DISTRIBUTIONS-OF-INCOME>                 (19,310,992)
<DISTRIBUTIONS-OF-GAINS>                  (38,917,149)
<DISTRIBUTIONS-OTHER>                        (539,897)
<NUMBER-OF-SHARES-SOLD>                      7,396,673
<NUMBER-OF-SHARES-REDEEMED>               (25,749,804)
<SHARES-REINVESTED>                          4,793,338
<NET-CHANGE-IN-ASSETS>                   (217,020,924)
<ACCUMULATED-NII-PRIOR>                        140,244
<ACCUMULATED-GAINS-PRIOR>                   48,029,916
<OVERDISTRIB-NII-PRIOR>                              0
<OVERDIST-NET-GAINS-PRIOR>                           0
<GROSS-ADVISORY-FEES>                        4,624,663
<INTEREST-EXPENSE>                                   0
<GROSS-EXPENSE>                              9,284,244
<AVERAGE-NET-ASSETS>                       542,290,178
<PER-SHARE-NAV-BEGIN>                            10.66
<PER-SHARE-NII>                                    .38
<PER-SHARE-GAIN-APPREC>                            .13
<PER-SHARE-DIVIDEND>                             (.34)
<PER-SHARE-DISTRIBUTIONS>                        (.66)
<RETURNS-OF-CAPITAL>                                 0
<PER-SHARE-NAV-END>                              10.17
<EXPENSE-RATIO>                                   1.08
[AVG-DEBT-OUTSTANDING]                               0
[AVG-DEBT-PER-SHARE]                                 0


</TABLE>


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