PUTNAM EQUITY INCOME FUND/NEW/
NSAR-A/A, 1997-07-31
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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>
Putnam Equity Income Fund
</LEGEND>
<SERIES>
   <NUMBER> 3
   <NAME> CLASS A
       
<S>                             <C>
<PERIOD-TYPE>                   OTHER
<FISCAL-YEAR-END>                          NOV-30-1996
<PERIOD-END>                               MAY-31-1997
<INVESTMENTS-AT-COST>                      928,632,583
<INVESTMENTS-AT-VALUE>                   1,108,169,415
<RECEIVABLES>                               23,205,852
<ASSETS-OTHER>                                   2,424
<OTHER-ITEMS-ASSETS>                                 0
<TOTAL-ASSETS>                           1,131,377,691
<PAYABLE-FOR-SECURITIES>                    20,853,511
<SENIOR-LONG-TERM-DEBT>                              0
<OTHER-ITEMS-LIABILITIES>                    5,225,884
<TOTAL-LIABILITIES>                         26,079,395
<SENIOR-EQUITY>                                      0
<PAID-IN-CAPITAL-COMMON>                   931,698,209
<SHARES-COMMON-STOCK>                       49,411,365
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<ACCUMULATED-NII-CURRENT>                    1,360,461
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<OVERDISTRIBUTION-GAINS>                   (7,395,205)
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<NET-ASSETS>                             1,105,298,296
<DIVIDEND-INCOME>                           11,746,235
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<OTHER-INCOME>                                       0
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<APPREC-INCREASE-CURRENT>                   46,815,718
<NET-CHANGE-FROM-OPS>                       99,351,085
<EQUALIZATION>                                       0
<DISTRIBUTIONS-OF-INCOME>                  (6,781,388)
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<INTEREST-EXPENSE>                                   0
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<AVERAGE-NET-ASSETS>                       634,116,686
<PER-SHARE-NAV-BEGIN>                            13.29
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<PER-SHARE-DIVIDEND>                             (.15)
<PER-SHARE-DISTRIBUTIONS>                            0
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<PER-SHARE-NAV-END>                              14.57
<EXPENSE-RATIO>                                    .54
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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 Equity Income Fund
</LEGEND>
<SERIES>
   <NUMBER> 3
   <NAME> CLASS B
       
<S>                             <C>
<PERIOD-TYPE>                   OTHER
<FISCAL-YEAR-END>                          NOV-30-1996
<PERIOD-END>                               MAY-31-1997
<INVESTMENTS-AT-COST>                      928,632,583
<INVESTMENTS-AT-VALUE>                   1,108,169,415
<RECEIVABLES>                               23,205,852
<ASSETS-OTHER>                                   2,424
<OTHER-ITEMS-ASSETS>                                 0
<TOTAL-ASSETS>                           1,131,377,691
<PAYABLE-FOR-SECURITIES>                    20,853,511
<SENIOR-LONG-TERM-DEBT>                              0
<OTHER-ITEMS-LIABILITIES>                    5,225,884
<TOTAL-LIABILITIES>                         26,079,395
<SENIOR-EQUITY>                                      0
<PAID-IN-CAPITAL-COMMON>                   931,698,209
<SHARES-COMMON-STOCK>                       23,995,965
<SHARES-COMMON-PRIOR>                       16,727,804
<ACCUMULATED-NII-CURRENT>                    1,360,461
<OVERDISTRIBUTION-NII>                               0
<ACCUMULATED-NET-GAINS>                              0
<OVERDISTRIBUTION-GAINS>                   (7,395,205)
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<APPREC-INCREASE-CURRENT>                   46,815,718
<NET-CHANGE-FROM-OPS>                       99,351,085
<EQUALIZATION>                                       0
<DISTRIBUTIONS-OF-INCOME>                  (2,046,123)
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<AVG-DEBT-PER-SHARE>                                 0
        

</TABLE>

<TABLE> <S> <C>

<ARTICLE> 6
<LEGEND>
Putnam Equity Income Fund
</LEGEND>
<SERIES>
   <NUMBER> 3
   <NAME> CLASS M
       
<S>                             <C>
<PERIOD-TYPE>                   OTHER
<FISCAL-YEAR-END>                          NOV-30-1996
<PERIOD-END>                               MAY-31-1997
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<INVESTMENTS-AT-VALUE>                   1,108,169,415
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<OTHER-ITEMS-LIABILITIES>                    5,225,884
<TOTAL-LIABILITIES>                         26,079,395
<SENIOR-EQUITY>                                      0
<PAID-IN-CAPITAL-COMMON>                   931,698,209
<SHARES-COMMON-STOCK>                        2,586,184
<SHARES-COMMON-PRIOR>                        1,681,615
<ACCUMULATED-NII-CURRENT>                    1,360,461
<OVERDISTRIBUTION-NII>                               0
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<OVERDISTRIBUTION-GAINS>                   (7,395,205)
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</TABLE>


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