Equity Income Fund Annual Report - Putnam Investments

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COMMON STOCKS (94.4%)* cont. Shares ValueConsumer finance (0.7%)Capital One Financial Corp. 290,700 $20,822,841Discover Financial Services 335,200 17,866,160Containers and packaging (0.3%)38,689,001Sealed Air Corp. 549,800 17,654,078Diversified financial services (6.2%)17,654,078Bank of America Corp. 5,596,500 88,536,630Citigroup, Inc. 1,557,123 82,402,949CME Group, Inc. 809,200 66,313,940JPMorgan Chase & Co. 1,421,000 81,309,620Diversified telecommunication services (1.7%)318,563,139AT&T, Inc. 779,200 27,435,632CenturyLink, Inc. S 721,100 22,137,770Verizon Communications, Inc. 818,970 40,637,291Electric utilities (2.5%)90,210,693American Electric Power Co., Inc. 552,700 26,010,062Edison International 645,500 29,828,555FirstEnergy Corp. S 1,302,200 42,490,786NextEra Energy, Inc. 338,900 28,667,551Energy equipment and services (1.1%)126,996,954McDermott International, Inc. † S 2,219,000 18,084,850National Oilwell Varco, Inc. 466,700 38,036,050Food and staples retail (1.3%)56,120,900CVS Caremark Corp. 881,600 59,031,936Kroger Co. (The) 206,506 8,621,626Food products (0.7%)67,653,562Kraft Foods Group, Inc. 651,800 34,623,616Pinnacle Foods, Inc. 118,650 3,273,554Health-care equipment and supplies (4.0%)37,897,170Baxter International, Inc. 1,270,400 86,958,880Covidien PLC 746,025 50,923,667St. Jude Medical, Inc. 668,900 39,077,138Zimmer Holdings, Inc. 339,100 30,997,131Health-care providers and services (3.0%)207,956,816CIGNA Corp. 1,275,600 111,551,220UnitedHealth Group, Inc. 612,100 45,589,208Household durables (0.6%)157,140,428PulteGroup, Inc. 1,167,100 21,894,796Taylor Morrison Home Corp. Class A † S 363,976 7,952,876Independent power producers and energy traders (0.6%)29,847,672Calpine Corp. † 793,665 15,008,205NRG Energy, Inc. S 523,700 13,857,10228,865,307Equity Income Fund 27
COMMON STOCKS (94.4%)* cont. Shares ValueInsurance (8.1%)American International Group, Inc. 1,265,353 $62,951,312Aon PLC 493,800 40,313,832Genworth Financial, Inc. Class A † 2,633,900 39,798,229Hartford Financial Services Group, Inc. (The) 1,026,200 36,563,506MetLife, Inc. 2,197,370 114,680,740PartnerRe, Ltd. 509,550 52,432,695Validus Holdings, Ltd. S 1,307,490 52,364,975Willis Group Holdings PLC S 395,000 17,688,100IT Services (0.7%)416,793,389Computer Sciences Corp. 673,900 35,460,618Leisure equipment and products (0.6%)35,460,618Hasbro, Inc. S 619,200 33,325,344Life sciences tools and services (0.7%)33,325,344Thermo Fisher Scientific, Inc. S 373,900 37,707,815Media (4.5%)37,707,815CBS Corp. Class B 677,800 39,691,968Comcast Corp. Special Class A 1,974,450 95,069,768Liberty Global PLC Ser. C (United Kingdom) † 414,900 33,793,605Time Warner, Inc. 987,290 64,874,826Metals and mining (0.6%)233,430,167Freeport-McMoRan Copper & Gold, Inc. (Indonesia) 848,800 29,444,872Multi-utilities (0.4%)29,444,872Ameren Corp. 637,700 22,861,545Multiline retail (0.6%)22,861,545Macy’s, Inc. 564,500 30,065,270Oil, gas, and consumable fuels (10.5%)30,065,270Anadarko Petroleum Corp. 269,200 23,910,344Apache Corp. 165,400 15,132,446Exxon Mobil Corp. 1,560,000 145,828,800Marathon Oil Corp. 4,162,200 150,005,688Marathon Petroleum Corp. 341,800 28,280,532Occidental Petroleum Corp. 91,600 8,698,336QEP Resources, Inc. 1,056,200 33,819,524Royal Dutch Shell PLC ADR (United Kingdom) 1,477,210 98,529,907Total SA (France) 164,744 9,970,703Valero Energy Corp. 677,400 30,970,728Paper and forest products (0.7%)545,147,008International Paper Co. 753,110 35,132,582Personal products (0.9%)Coty, Inc. Class A S 2,921,70035,132,58247,974,31447,974,31428 Equity Income Fund
Page 1 and 2: PutnamEquity IncomeFundFUND SYMBOL(
Page 3 and 4: Message from the TrusteesDear Fello
Page 5 and 6: PerformancesnapshotAnnualized total
Page 7 and 8: Can you provide some examples of st
Page 9 and 10: it provides a classic example of wh
Page 11 and 12: Your fund’s performanceThis secti
Page 14 and 15: Your fund’s expensesAs a mutual f
Page 16 and 17: Terms and definitionsImportant term
Page 18 and 19: Important notice regarding Putnam
Page 20 and 21: and Putnam Management of such econo
Page 22 and 23: for mutual funds than for instituti
Page 24 and 25: In considering whether to approve y
Page 26 and 27: Report of Independent Registered Pu
Page 30 and 31: COMMON STOCKS (94.4%)* cont. Shares
Page 32 and 33: ASC 820 establishes a three-level h
Page 34 and 35: Statement of assets and liabilities
Page 36 and 37: Statement of changes in net assetsI
Page 38 and 39: Financial highlights (Continued)* N
Page 40 and 41: investment companies equals the tot
Page 42 and 43: fund’s capital accounts to reflec
Page 44 and 45: For the reporting period, Putnam Re
Page 46 and 47: At the close of the reporting perio
Page 48 and 49: About the TrusteesIndependent Trust
Page 50 and 51: OfficersIn addition to Robert L. Re
Page 52 and 53: Absolute ReturnAbsolute Return 100
Page 54: One Post Office SquareBoston, MA 02

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