<PAGE> PAGE 1
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002 C000000 MA
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004 000000 N
005 000000 N
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<PAGE> PAGE 2
013 B030001 02110
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015 C020001 MA
015 C030001 02109
015 E010001 X
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019 C000000 PUTNAMFUND
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020 B000001 43-0895477
020 C000001 64
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020 B000002 13-2638166
020 C000002 52
020 A000003 SALOMIN BROTHERS INC.
020 B000003 13-3082694
020 C000003 37
020 A000004 FIRST BOSTON CO.
020 B000004 13-5659485
020 C000004 29
020 A000005 BAYBANKS BROKERSAGE
020 B000005 13-2741729
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020 B000006 13-4946705
020 C000006 16
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020 C000007 15
020 A000008 SEI FINANCIAL SERVICES
020 C000008 14
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022 C000001 901884
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022 B000002 13-3224016
022 C000002 880466
022 D000002 1634
022 A000003 LEHMAN BROTHERS
022 B000003 13-2518466
<PAGE> PAGE 3
022 C000003 630764
022 D000003 13388
022 A000004 MERRILL LYNCH PIERCE, FENNER & SMITH
022 B000004 13-5674085
022 C000004 68894
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022 C000005 13654
022 D000005 14082
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022 C000006 4563
022 D000006 4652
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022 C000007 0
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022 C000008 3426
022 D000008 941
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022 B000009 13-5659485
022 C000009 1883
022 D000009 1093
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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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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 Equity Income Fund Class A
AND IS QUALIFIED IN ITS ENTIRETY BY
REFERENCE TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
<S> <C>
<PERIOD-TYPE> OTHER
<FISCAL-YEAR-END> NOV-30-1995
<PERIOD-END> MAY-31-1996
<INVESTMENTS-AT-COST >518,736,812
<INVESTMENTS-AT-VALUE> 600,882,671
<RECEIVABLES> 16,628,743
<ASSETS-OTHER> 56,067
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 617,567,481
<PAYABLE-FOR-SECURITIES> 13,193,883
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 3,399,693
<TOTAL-LIABILITIES> 16,593,576
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 592,221,029
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<SHARES-COMMON-PRIOR> 35,830,457
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<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> (74,282,566)
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<NET-ASSETS> 600,973,905
<DIVIDEND-INCOME> 7,588,633
<INTEREST-INCOME> 2,572,013
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<EXPENSES-NET> 3,383,475
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<REALIZED-GAINS-CURRENT> 36,080,788
<APPREC-INCREASE-CURRENT>14,565,516
<NET-CHANGE-FROM-OPS> 57,423,475
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME>(5,854,018)
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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>
THIS SCHEDULE CONTAINS SUMMARY
FINANCIAL INFORMATION EXTRACTED
FROM Putnam Equity Income Fund Class B
AND IS QUALIFIED IN ITS ENTIRETY BY
REFERENCE TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
<S> <C>
<PERIOD-TYPE> OTHER
<FISCAL-YEAR-END> NOV-30-1995
<PERIOD-END> MAY-31-1996
<INVESTMENTS-AT-COST >518,736,812
<INVESTMENTS-AT-VALUE> 600,882,671
<RECEIVABLES> 16,628,743
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<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 617,567,481
<PAYABLE-FOR-SECURITIES> 13,193,883
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<OTHER-ITEMS-LIABILITIES> 3,399,693
<TOTAL-LIABILITIES> 16,593,576
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 592,221,029
<SHARES-COMMON-STOCK> 11,277,102
<SHARES-COMMON-PRIOR> 7,679,669
<ACCUMULATED-NII-CURRENT> 887,638
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> (74,282,566)
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<NET-ASSETS> 600,973,905
<DIVIDEND-INCOME> 7,588,633
<INTEREST-INCOME> 2,572,013
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<NET-CHANGE-IN-ASSETS> 118,725,630
<ACCUMULATED-NII-PRIOR> 1,204,782
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<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 3,509,441
<AVERAGE-NET-ASSETS> 543,623,350
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<AVG-DEBT-OUTSTANDING> 0
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</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 Equity Income Fund Class M
AND IS QUALIFIED IN ITS ENTIRETY BY
REFERENCE TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
<S> <C>
<PERIOD-TYPE> OTHER
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<PERIOD-END> MAY-31-1996
<INVESTMENTS-AT-COST > 518,736,812
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<ACCUMULATED-NET-GAINS> 0
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<OVERDIST-NET-GAINS-PRIOR>(110,363,293)
<GROSS-ADVISORY-FEES> 1,633,293
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 3,509,441
<AVERAGE-NET-ASSETS>543,623,350
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</TABLE>
