EX-99

Report of Independent Registered Public Accounting Firm

The Board of Trustees and Shareholders
Putnam Classic Equity Fund
In planning and performing our audits of the financial statements
of the Putnam Classic Equity Fund, for the year ended November
30, 2004, we considered its internal control, including control
activities for safeguarding securities, in order to determine our
auditing procedures for the purpose of expressing our opinion on
the financial statements and to comply with the requirements of
Form NSAR, not to provide assurance on internal control.
The management of the Putnam Classic Equity Fund is responsible
for establishing and maintaining internal control.  In fulfilling
this responsibility, estimates and judgments by management are
required to assess the expected benefits and related costs of
controls.  Generally, controls that are relevant to an audit
pertain to the entitys objective of preparing financial
statements for external purposes that are fairly presented in
conformity with accounting principles generally accepted in the
United States of America.  Those controls include the
safeguarding of assets against unauthorized acquisition, use, or
disposition.
Because of inherent limitations in internal control, error or
fraud may occur and not be detected.  Also, projection of any
evaluation of internal control to future periods is subject to
the risk that it may become inadequate because of changes in
conditions or that the effectiveness of the design and operation
may deteriorate.
Our consideration of internal control would not necessarily
disclose all matters in internal control that might be material
weaknesses under the standards of the Public Company Accounting
Oversight Board (United States).  A material weakness is a
significant deficiency, or combination of significant
deficiencies, that results in more than a remote likelihood that
a material misstatement of the annual or interim financial
statements will not be prevented or detected.  However, we noted
no matters involving internal control and its operation,
including controls for safeguarding securities, that we consider
to be material weaknesses as defined above as of November 30,
2004.
This report is intended solely for the information and use of
management and the Board of Trustees of the Putnam Classic Equity
Fund and the Securities and Exchange Commission and is not
intended to be and should not be used by anyone other than these
specified parties.
							/s/ KPMG LLP
Boston, Massachusetts
January 10, 2004

EX-99

Putnam Classic Equity November 30, 2004 Annual Report



Because the electronic format for filing Form NSAR does not
provide adequate space for responding to certain items correctly,
the correct answers are as follows:

53A	For the period ended Month day, year, Putnam Management has
assumed $62,212 of legal, shareholder servicing and
communication, audit and Trustee fees incurred by the fund in
connection with certain legal and regulatory matters (including
those described in Note 6).

72DD1 (000s omitted)			Class A	6,557
					Class B	  454
					Class C	   19

72DD2 (000s omitted)			Class M	  174
					Class R	    0
					Class Y	   75

73A1					Class A	0.109
					Class B	0.018
					Class C	0.012

73A2					Class M	0.048
					Class R	0.097
					Class Y	0.141

74U1	(000s omitted)			Class A	53,025
					Class B	22,433
					Class C	 1,413

74U2	(000s omitted)			Class M	 3,074
					Class R	     1
					Class Y	   519

74V1					Class A	12.48
					Class B	12.37
					Class C	12.45

74V2					Class M	12.42
					Class R	12.47
					Class Y	12.49

EX-99

Exhibit 77 I

Creation of additional class of shares

The Putnam Classic Equity Fund added Class R shares effective December 1, 2003.

EX-99

Results of November 11, 2004 shareholder meeting
 (Unaudited)

A special meeting of shareholders of the fund was held on
November 11, 2004.

At the meeting, each of the nominees for Trustees was elected, as
follows:

	    	 		Votes			Votes
				For			withheld
Jameson A. Baxter		43,762,901		1,752,192
Charles B. Curtis		43,763,445		1,751,648
Myra R. Drucker			43,698,010		1,817,083
Charles E. Haldeman, Jr.	43,741,894		1,773,199
John A. Hill			43,765,454		1,749,639
Ronald J. Jackson		43,765,482		1,749,611
Paul L. Joskow			43,776,492		1,738,601
Elizabeth T. Kennan		43,749,991		1,765,102
John H. Mullin, III		43,752,155		1,762,937
Robert E. Patterson		43,738,373		1,776,720
George Putnam, III		43,693,604		1,821,489
A.J.C. Smith			43,651,617		1,863,476
W. Thomas Stephens		43,807,793		1,707,299
Richard B. Worley		43,744,307		1,770,786



A proposal to amend the funds fundamental investment restriction
with respect to borrowing to allow the fund the investment
flexibility permitted by the Investment Company Act was approved
as follows:

	Votes		Votes
	for		against		Abstentions
	31,211,273	2,609,612	11,694,208





A proposal to amend the funds fundamental investment restriction
with respect to making loans to enhance the funds ability to
participate in an interfund borrowing and lending program was
approved as follows:

	Votes		Votes
	for		against		Abstentions
	31,385,253	2,375,154	11,754,686



A proposal to amend the funds fundamental investment restriction
with respect to diversification of investments to enhance the
funds ability to invest in registered investment companies such
as Putnam Prime Money Market Fund was approved as follows:

	Votes		Votes
	for		against		Abstentions
	32,598,840	1,334,739	11,581,514





A proposal to amend the funds fundamental investment restriction
with respect to senior securities to clarify that permitted
securities loans are not prohibited was approved as follows:

	Votes		Votes
	for		against		Abstentions
	31,967,964	1,701,492	11,845,637







A proposal to amend the funds Agreement and Declaration of Trust
to permit the fund to satisfy redemption requests other than in
cash was adjourned.*



*Since sufficient votes in favor of this proposal were not
received as of November 11, 2004, the shareholder meeting with
respect to this proposal has been adjourned until no later than
January 10, 2005 to permit further solicitation in the Trustees
discretion.


All tabulations are rounded to the nearest whole number.

EX-99

77E


Regulatory matters and litigation.  On April 8, 2004, Putnam
Management entered into agreements with the Securities and
Exchange Commission and the Massachusetts Securities Division
representing a final settlement of all charges brought against
Putnam Management by those agencies on October 28, 2003 in
connection with excessive short term trading by Putnam employees
and, in the case of the charges brought by the Massachusetts
Securities Division, by participants in some Putnam administered
401(k) plans.  The settlement with the SEC requires Putnam
Management to pay $5 million in disgorgement plus a civil
monetary penalty of $50 million, and the settlement with the
Massachusetts Securities Division requires Putnam Management to
pay $5 million in restitution and an administrative fine of $50
million.  The settlements also leave intact the process
established under an earlier partial settlement with the SEC
under which Putnam Management agreed to pay the amount of
restitution determined by an independent consultant, which may
exceed the disgorgement and restitution amounts specified above,
pursuant to a plan to be developed by the independent consultant.

Putnam Management, and not the investors in any Putnam fund, will
bear all costs, including restitution, civil penalties and
associated legal fees stemming from both of these proceedings.
The SECs and Massachusetts Securities Divisions allegations and
related matters also serve as the general basis for numerous
lawsuits, including purported class action lawsuits filed against
Putnam Management and certain related parties, including certain
Putnam funds.  Putnam Management has agreed to bear any costs
incurred by Putnam funds in connection with these lawsuits.
Based on currently available information, Putnam Management
believes that the likelihood that the pending private lawsuits
and purported class action lawsuits will have a material adverse
financial impact on the fund is remote, and the pending actions
are not likely to materially affect its ability to provide
investment management services to its clients, including the
Putnam funds.

The fund may experience increased redemptions as a result of
these matters, which could result in increased transaction costs
and operating expenses.