<PAGE> PAGE 1
000 B000000 10/31/96
000 C000000 0000867824
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000 E000000 NF
000 F000000 Y
000 G000000 Y
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001 C000000 6172921562
002 A000000 ONE POST OFFICE SQUARE
002 B000000 BOSTON
002 C000000 MA
002 D010000 02109
003 000000 N
004 000000 N
005 000000 N
006 000000 N
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007 C010400 4
007 C010500 5
007 C010600 6
007 C010700 7
007 C010800 8
007 C010900 9
007 C011000 10
008 A000001 PUTNAM INVESTMENT MANAGEMENT, INC.
008 B000001 A
008 C000001 801-7974
008 D010001 BOSTON
008 D020001 MA
008 D030001 02109
011 A000001 PUTNAM MUTUAL FUNDS, INC.
011 B000001 8-5088
011 C010001 B0STON
011 C020001 MA
011 C030001 02109
012 A000001 PUTNAM INVESTOR SERVICES, INC.
012 B000001 84-401299
012 C010001 BOSTON
012 C020001 MA
012 C030001 02109
013 A000001 COOPERS & LYBRAND L.L.P.
013 B010001 BOSTON
013 B020001 MA
<PAGE> PAGE 2
013 B030001 02110
015 A000001 PUTNAM FIDUCIARY TRUST COMPANY
015 B000001 C
015 C010001 BOSTON
015 C020001 MA
015 C030001 02109
015 E010001 X
015 A000002 DELETE
015 A000003 DELETE
018 000000 Y
019 A000000 Y
019 B000000 98
019 C000000 PUTNAMFUND
020 A000001 SALOMON BROTHERS INC.
020 B000001 13-3082694
020 C000001 184
020 A000002 PAINE WEBBER INC.
020 B000002 13-2638166
020 C000002 175
020 A000003 JEFFERIES & CO. INC.
020 B000003 95-2622900
020 C000003 112
020 A000004 FIRST BOSTON CO.
020 B000004 13-5659485
020 C000004 102
020 A000005 EDWARDS (A.G.) & SONS INC.
020 B000005 43-0895477
020 C000005 101
020 A000006 BEAR STEARNS & CO.
020 B000006 13-4946705
020 C000006 80
020 A000007 FINANCIAL NETWORK INVESTMENT CORP.
020 B000007 95-3845382
020 C000007 71
020 A000008 MERRILL LYNCH, PIERCE, FENNER & SMITH, INC.
020 B000008 13-5674085
020 C000008 69
020 A000009 LEHMAN BROTHERS INC.
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020 C000009 57
020 A000010 NATWEST SECURITIES INC.
020 B000010 13-3255839
020 C000010 53
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022 A000001 MORGAN STANLEY INC.
022 B000001 13-2655998
022 C000001 1603818
022 D000001 0
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022 B000002 13-3224016
022 C000002 1576487
<PAGE> PAGE 3
022 D000002 10352
022 A000003 LEHMAN BROTHERS
022 B000003 13-2518466
022 C000003 1289643
022 D000003 14858
022 A000004 MERRILL LYNCH, PIERCE, FENNER & SMITH, INC.
022 B000004 13-5674085
022 C000004 175237
022 D000004 10215
022 A000005 GOLDMAN SACHS & CO.
022 B000005 13-5108880
022 C000005 168602
022 D000005 7908
022 A000006 SMITH, BARNEY, HARRIS, UPHAM & CO.
022 B000006 13-1912900
022 C000006 32544
022 D000006 18252
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022 B000007 13-5659485
022 C000007 27482
022 D000007 11642
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022 B000008 13-2638166
022 C000008 17535
022 D000008 16639
022 A000009 ISI GROUP INC.
022 B000009 13-3599877
022 C000009 30930
022 D000009 3056
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022 B000010 13-3082694
022 C000010 5452
022 D000010 21105
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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 Utilities Growth and Income
Fund class A AND IS QUALIFIED IN ITS
ENTIRETY BY REFERENCE TO SUCH
FINANCIAL STATEMENTS.
</LEGEND>
<S> <C>
<PERIOD-TYPE>YEAR
<FISCAL-YEAR-END>OCT-31-1996
<PERIOD-END> OCT-31-1996
<INVESTMENTS-AT-COST >1,092,290,992
<INVESTMENTS-AT-VALUE>1,239,996,839
<RECEIVABLES>14,361,705
<ASSETS-OTHER>692,374
<OTHER-ITEMS-ASSETS>0
<TOTAL-ASSETS>1,255,050,918
<PAYABLE-FOR-SECURITIES>7,840,212
<SENIOR-LONG-TERM-DEBT>0
<OTHER-ITEMS-LIABILITIES>7,046,326
<TOTAL-LIABILITIES>14,886,538
<SENIOR-EQUITY>0
<PAID-IN-CAPITAL-COMMON>1,013,302,533
<SHARES-COMMON-STOCK>53,185,641
<SHARES-COMMON-PRIOR>57,035,257
<ACCUMULATED-NII-CURRENT>0
<OVERDISTRIBUTION-NII>3,930
<ACCUMULATED-NET-GAINS>79,158,968
<OVERDISTRIBUTION-GAINS>0
<ACCUM-APPREC-OR-DEPREC>147,706,809
<NET-ASSETS> 1,240,164,380
<DIVIDEND-INCOME>48,061,029
<INTEREST-INCOME>13,503,606
<OTHER-INCOME>0
<EXPENSES-NET>17,737,769
<NET-INVESTMENT-INCOME> 43,826,866
<REALIZED-GAINS-CURRENT>82,879,865
<APPREC-INCREASE-CURRENT>54,251,373
<NET-CHANGE-FROM-OPS>180,958,104
<EQUALIZATION>0
<DISTRIBUTIONS-OF-INCOME>(23,901,842)
<DISTRIBUTIONS-OF-GAINS>(1,273,262)
<DISTRIBUTIONS-OTHER>0
<NUMBER-OF-SHARES-SOLD>16,l25,423
<NUMBER-OF-SHARES-REDEEMED>(21,830,427)
<SHARES-REINVESTED>1,855,388
<NET-CHANGE-IN-ASSETS>66,516,491
<ACCUMULATED-NII-PRIOR>0
<ACCUMULATED-GAINS-PRIOR>0
<OVERDISTRIB-NII-PRIOR>0
<OVERDIST-NET-GAINS-PRIOR>(1,676,563)
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<INTEREST-EXPENSE>0
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<AVERAGE-NET-ASSETS>610,367,848
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<PER-SHARE-NII>.44
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<PER-SHARE-DIVIDEND>(.44)
<PER-SHARE-DISTRIBUTIONS>0
<RETURNS-OF-CAPITAL>(.02)
<PER-SHARE-NAV-END>11.63
<EXPENSE-RATIO>1.11
<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>
THIS SCHEDULE CONTAINS SUMMARY
FINANCIAL INFORMATION EXTRACTED
FROM Putnam Utilities Growth and Income
Fund class B AND IS QUALIFIED IN ITS
ENTIRETY BY REFERENCE TO SUCH
FINANCIAL STATEMENTS.
</LEGEND>
<S> <C>
<PERIOD-TYPE>YEAR
<FISCAL-YEAR-END>OCT-31-1996
<PERIOD-END> OCT-31-1996
<INVESTMENTS-AT-COST >1,092,290,992
<INVESTMENTS-AT-VALUE>1,239,996,839
<RECEIVABLES>14,361,705
<ASSETS-OTHER>692,374
<OTHER-ITEMS-ASSETS>0
<TOTAL-ASSETS>1,255,050,918
<PAYABLE-FOR-SECURITIES>7,840,212
<SENIOR-LONG-TERM-DEBT>0
<OTHER-ITEMS-LIABILITIES>7,046,326
<TOTAL-LIABILITIES>14,886,538
<SENIOR-EQUITY>0
<PAID-IN-CAPITAL-COMMON>1,013,302,533
<SHARES-COMMON-STOCK>53,160,943
<SHARES-COMMON-PRIOR>55,865,486
<ACCUMULATED-NII-CURRENT>0
<OVERDISTRIBUTION-NII>3,930
<ACCUMULATED-NET-GAINS>79,158,968
<OVERDISTRIBUTION-GAINS>0
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<NET-ASSETS> 1,240,164,380
<DIVIDEND-INCOME>48,061,029
<INTEREST-INCOME>13,503,606
<OTHER-INCOME>0
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<NET-INVESTMENT-INCOME> 43,826,866
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<NET-CHANGE-FROM-OPS>180,958,104
<EQUALIZATION>0
<DISTRIBUTIONS-OF-INCOME>(19,535,724)
<DISTRIBUTIONS-OF-GAINS>(1,040,677)
<DISTRIBUTIONS-OTHER>0
<NUMBER-OF-SHARES-SOLD>13,138,831
<NUMBER-OF-SHARES-REDEEMED>(17,432,183)
<SHARES-REINVESTED>1,588,809
<NET-CHANGE-IN-ASSETS>66,516,491
<ACCUMULATED-NII-PRIOR>0
<ACCUMULATED-GAINS-PRIOR>0
<OVERDISTRIB-NII-PRIOR>0
<OVERDIST-NET-GAINS-PRIOR>(1,676,563)
<GROSS-ADVISORY-FEES>7,706,433
<INTEREST-EXPENSE>0
<GROSS-EXPENSE>18,116,201
<AVERAGE-NET-ASSETS>605,029,955
<PER-SHARE-NAV-BEGIN>10.36
<PER-SHARE-NII>.36
<PER-SHARE-GAIN-APPREC>1.23
<PER-SHARE-DIVIDEND>(.36)
<PER-SHARE-DISTRIBUTIONS>0
<RETURNS-OF-CAPITAL>(.02)
<PER-SHARE-NAV-END>11.57
<EXPENSE-RATIO>1.86
<AVG-DEBT-OUTSTANDING>0
<AVG-DEBT-PER-SHARE>0
</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
^^^^^^
</TABLE>
