<PAGE> PAGE 1
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<PAGE> PAGE 2
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<PAGE> PAGE 3
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<PAGE> PAGE 4
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<PAGE> PAGE 5
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<PAGE> PAGE 6
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<PAGE> PAGE 7
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<PAGE> PAGE 8
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<PAGE> PAGE 9
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<PAGE> PAGE 10
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<PAGE> PAGE 11
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<PAGE> PAGE 12
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<PAGE> PAGE 13
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<PAGE> PAGE 14
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<PAGE> PAGE 15
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<PAGE> PAGE 16
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<PAGE> PAGE 17
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<PAGE> PAGE 18
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SIGNATURE PAUL BUCUVALAS
TITLE MANAGING DIRECTOR
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
Putnam Growth Fund
</LEGEND>
<SERIES>
<NUMBER> 4
<NAME> CLASS A
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[AVG-DEBT-PER-SHARE] 0
</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
Putnam Value Fund
</LEGEND>
<SERIES>
<NUMBER> 1
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<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 16,727
<TOTAL-LIABILITIES> 46,794
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 2,121,435
<SHARES-COMMON-STOCK> 249,029
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 3,817
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> (7,028)
<ACCUM-APPREC-OR-DEPREC> 239.355
<NET-ASSETS> 2,357,579
<DIVIDEND-INCOME> 44,011
<INTEREST-INCOME> 981
<OTHER-INCOME> 0
<EXPENSES-NET> 16,174
<NET-INVESTMENT-INCOME> 28,818
<REALIZED-GAINS-CURRENT> (7,028)
<APPREC-INCREASE-CURRENT> 239,355
<NET-CHANGE-FROM-OPS> 261,145
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (25,001)
<DISTRIBUTIONS-OF-GAINS> 0
DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 10,687
<NUMBER-OF-SHARES-REDEEMED> (5)
<SHARES-REINVESTED> 3,053
<NET-CHANGE-IN-ASSETS> 357,579
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 13,727
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 19,603
<AVERAGE-NET-ASSETS> 1,977,238
<PER-SHARE-NAV-BEGIN> 8.50
<PER-SHARE-NII> .12
<PER-SHARE-GAIN-APPREC> .96
<PER-SHARE-DIVIDEND> (.11)
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 9.47
<EXPENSE-RATIO> .99
[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>
Putnam U.S. Core Fund
</LEGEND>
<SERIES>
<NUMBER> 1
<NAME>
<S> <C>
<PERIOD-TYPE> SEMI
<FISCAL-YEAR-END> APR-30-1999
<PERIOD-END> APR-30-1999
<INVESTMENTS-AT-COST> 2,889,886
<INVESTMENTS-AT-VALUE> 3,334,233
<RECEIVABLES> 196,075
<ASSETS-OTHER> 16,900
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 3,547,208
<PAYABLE-FOR-SECURITIES> 278,381
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 18,041
<TOTAL-LIABILITIES> 296,422
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 2,680,526
<SHARES-COMMON-STOCK> 303,058
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 125,913
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 444,347
<NET-ASSETS> 3,250,786
<DIVIDEND-INCOME> 18,450
<INTEREST-INCOME> 474
<OTHER-INCOME> 0
<EXPENSES-NET> 20,282
<NET-INVESTMENT-INCOME> (1,358)
<REALIZED-GAINS-CURRENT> 139,736
<APPREC-INCREASE-CURRENT> 444,347
<NET-CHANGE-FROM-OPS> 582,725
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> (12,478)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 80,253
<NUMBER-OF-SHARES-REDEEMED> (13,869)
<SHARES-REINVESTED> 1,380
<NET-CHANGE-IN-ASSETS> 680,539
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
GROSS-ADVISORY-FEES> (4,585)
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 22,402
<AVERAGE-NET-ASSETS> 2,259,475
<PER-SHARE-NAV-BEGIN> 8.50
<PER-SHARE-NII> (.01)
<PER-SHARE-GAIN-APPREC> 2.29
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> (.05)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 10.73
<EXPENSE-RATIO> 0.99
[AVG-DEBT-OUTSTANDING] 0
[AVG-DEBT-PER-SHARE] 0
</TABLE>
