<PAGE> PAGE 1
000 B000000 11/30/94
000 C000000 0000216934
000 D000000 N
000 E000000 NF
000 F000000 Y
000 G000000 N
000 H000000 N
000 I000000 3.0
000 J000000 U
001 A000000 PUTNAM EQUITY INCOME TRUST
001 B000000 811-2742
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
007 A000000 N
007 B000000 0
007 C010100 1
007 C010200 2
007 C010300 3
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 CORP.
011 B000001 8-5088
011 C010001 BOSTON
011 C020001 MA
011 C030001 02109
013 A000001 COOPERS & LYBRAND
013 B010001 BOSTON
013 B020001 MA
013 B030001 02110
015 A000001 PUTNAM FIDUCAIRY TRUST COMPANY
015 B000001 C
015 C010001 BOSTON
015 C020001 MA
<PAGE> PAGE 2
015 C030001 02109
015 E010001 X
018 000000 Y
019 A000000 Y
019 B000000 86
019 C000000 PUTNAMFUND
020 A000001 JANNEY MONTGOMERY SCOTT, INC.
020 B000001 23-0731260
020 C000001 35
020 A000002 BEAR STEARNS AND COMPANY
020 B000002 13-4946705
020 C000002 25
020 A000003 LYNCH, JONES AND RYAN
020 B000003 13-2563801
020 C000003 21
020 A000004 LINSCO CORP/PRIVATE LEDGER CORPPORATION
020 B000004 04-1554520
020 C000004 19
020 A000005 PRUDENTIAL SECURITIES, INC.
020 B000005 22-2234736
020 C000005 18
020 A000006 STANDARD AND POORS SECURITIES, INC.
020 B000006 22-2294542
020 C000006 17
020 A000007 MERRILL LYNCH PIERCE FENNER SMITH, INC.
020 B000007 13-5674085
020 C000007 14
020 A000008 PAINE WEBBER INC.
020 B000008 13-2638166
020 C000008 13
020 A000009 LEHMAN BROTHERS
020 B000009 13-2518466
020 C000009 10
020 A000010 CADARET GRANT AND CO., INC.
020 C000010 10
021 000000 376
022 A000001 KIDDER PEABODY & CO., INC.
022 B000001 13-5650440
022 C000001 246100
022 D000001 0
022 A000002 LEHMAN BROTHERS
022 B000002 13-2518466
022 C000002 165773
022 D000002 3050
022 A000003 BT SECURITIES CORP.
022 B000003 13-3311934
022 C000003 154455
022 D000003 216
022 A000004 J.P. MORGAN SECURITIES, INC.
022 B000004 13-3224016
022 C000004 124684
<PAGE> PAGE 3
022 D000004 0
022 A000005 NOMURA SECURITIES INTERNATIONAL, INC.
022 B000005 13-2642206
022 C000005 51520
022 D000005 0
022 A000006 GOLDMAN SACHS AND CO.
022 B000006 13-5108880
022 C000006 25744
022 D000006 1145
022 A000007 MORGNA STANLEY, INC.
022 B000007 13-2655998
022 C000007 6639
022 D000007 2843
022 A000008 MERRILL LYNCH, PIERCE, FENNER & SMITH, INC.
022 B000008 13-5674085
022 C000008 6556
022 D000008 2651
022 A000009 FIRST BOSTON, CO.
022 B000009 13-5659485
022 C000009 2786
022 D000009 1048
022 A000010 SALOMON BROTHERS, INC.
022 B000010 13-3082694
022 C000010 300
022 D000010 1447
023 C000000 789478
023 D000000 15812
024 000000 N
025 D000001 0
025 D000002 0
025 D000003 0
025 D000004 0
025 D000005 0
025 D000006 0
025 D000007 0
025 D000008 0
028 A010000 4200
028 A020000 2131
028 A030000 0
028 A040000 4508
028 B010000 5521
028 B020000 0
028 B030000 0
028 B040000 3597
028 C010000 7572
028 C020000 0
028 C030000 0
028 C040000 9045
028 D010000 5171
028 D020000 2182
028 D030000 0
<PAGE> PAGE 4
028 D040000 6036
028 E010000 4665
028 E020000 0
028 E030000 0
028 E040000 4426
028 F010000 4082
028 F020000 0
028 F030000 0
028 F040000 4973
028 G010000 31211
028 G020000 4313
028 G030000 0
028 G040000 32585
028 H000000 31211
029 000000 Y
030 A000000 218
030 B000000 5.75
030 C000000 0.00
031 A000000 35
031 B000000 0
032 000000 183
033 000000 0
034 000000 Y
035 000000 34
036 A000000 N
036 B000000 0
037 000000 N
038 000000 0
039 000000 N
040 000000 Y
041 000000 Y
042 A000000 0
042 B000000 0
042 C000000 100
042 D000000 0
042 E000000 0
042 F000000 0
042 G000000 0
042 H000000 0
043 000000 1031
044 000000 0
045 000000 Y
046 000000 N
047 000000 Y
048 000000 0.000
048 A010000 100000
048 A020000 0.750
048 B010000 100000
048 B020000 0.650
048 C010000 300000
048 C020000 0.550
<PAGE> PAGE 5
048 D010000 1000000
048 D020000 0.500
048 E010000 1000000
048 E020000 0.450
048 F010000 0
048 F020000 0.000
048 G010000 0
048 G020000 0.000
048 H010000 0
048 H020000 0.000
048 I010000 0
048 I020000 0.000
048 J010000 0
048 J020000 0.000
048 K010000 2500000
048 K020000 0.400
049 000000 N
050 000000 N
051 000000 N
052 000000 N
053 A000000 N
054 A000000 Y
054 B000000 Y
054 C000000 Y
054 D000000 N
054 E000000 N
054 F000000 N
054 G000000 N
054 H000000 N
054 I000000 N
054 J000000 Y
054 K000000 N
054 L000000 Y
054 M000000 Y
054 N000000 N
054 O000000 N
055 A000000 Y
055 B000000 N
056 000000 N
057 000000 N
058 A000000 N
059 000000 Y
060 A000000 Y
060 B000000 Y
061 000000 500
062 A000000 N
062 B000000 0.0
062 C000000 0.0
062 D000000 0.0
062 E000000 0.0
062 F000000 0.0
<PAGE> PAGE 6
062 G000000 0.0
062 H000000 0.0
062 I000000 0.0
062 J000000 0.0
062 K000000 0.0
062 L000000 0.0
062 M000000 0.0
062 N000000 0.0
062 O000000 0.0
062 P000000 0.0
062 Q000000 0.0
062 R000000 0.0
063 A000000 0
063 B000000 0.0
066 A000000 N
067 000000 N
068 A000000 N
068 B000000 N
069 000000 N
070 A010000 Y
070 A020000 Y
070 B010000 Y
070 B020000 N
070 C010000 Y
070 C020000 N
070 D010000 Y
070 D020000 N
070 E010000 N
070 E020000 N
070 F010000 Y
070 F020000 N
070 G010000 N
070 G020000 N
070 H010000 Y
070 H020000 N
070 I010000 N
070 I020000 N
070 J010000 Y
070 J020000 Y
070 K010000 N
070 K020000 N
070 L010000 Y
070 L020000 N
070 M010000 Y
070 M020000 N
070 N010000 Y
070 N020000 N
070 O010000 Y
070 O020000 N
070 P010000 Y
070 P020000 N
<PAGE> PAGE 7
070 Q010000 Y
070 Q020000 N
070 R010000 Y
070 R020000 N
071 A000000 272827
071 B000000 274767
071 C000000 330725
071 D000000 82
072 A000000 12
072 B000000 3084
072 C000000 13115
072 D000000 0
072 E000000 0
072 F000000 2186
072 G000000 10
072 H000000 0
072 I000000 344
072 J000000 -79
072 K000000 69
072 L000000 84
072 M000000 17
072 N000000 10
072 O000000 0
072 P000000 0
072 Q000000 0
072 R000000 21
072 S000000 20
072 T000000 1031
072 U000000 0
072 V000000 0
072 W000000 34
072 X000000 3747
072 Y000000 0
072 Z000000 12452
072AA000000 12857
072BB000000 0
072CC010000 0
072CC020000 19900
072DD010000 11953
072DD020000 684
072EE000000 0
073 A010000 0.3200
073 A020000 0.2670
073 B000000 0.0000
073 C000000 0.0300
074 A000000 1
074 B000000 10731
074 C000000 4995
074 D000000 42033
074 E000000 13086
074 F000000 265806
<PAGE> PAGE 8
074 G000000 0
074 H000000 0
074 I000000 0
074 J000000 5469
074 K000000 0
074 L000000 2591
074 M000000 0
074 N000000 344712
074 O000000 7244
074 P000000 738
074 Q000000 0
074 R010000 0
074 R020000 0
074 R030000 0
074 R040000 492
074 S000000 0
074 T000000 336238
074 U010000 35841
074 U020000 3749
074 V010000 8.49
074 V020000 8.46
074 W000000 0.0000
074 X000000 28594
074 Y000000 0
075 A000000 0
075 B000000 343094
076 000000 0.00
077 A000000 Y
077 B000000 Y
077 C000000 N
077 D000000 N
077 E000000 N
077 F000000 N
077 G000000 N
077 H000000 N
077 I000000 N
077 J000000 N
077 K000000 N
077 L000000 N
077 M000000 Y
077 N000000 N
077 O000000 N
077 P000000 N
077 Q010000 Y
077 Q020000 N
077 Q030000 N
078 000000 N
080 A000000 FEDERAL INSURANCE COMPANY
080 B000000 NATIONAL UNION FIRE INSURANCE COMPANY
080 C000000 45000
081 A000000 Y
<PAGE> PAGE 9
081 B000000 65
082 A000000 N
082 B000000 0
083 A000000 N
083 B000000 0
084 A000000 N
084 B000000 0
085 A000000 Y
085 B000000 N
SIGNATURE GORDON H. SILVER
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 Trust Class A AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL
STATEMENTS.
</LEGEND>
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> NOV-30-1994
<PERIOD-END> NOV-30-1994
<INVESTMENTS-AT-COST> 341,552,006
<INVESTMENTS-AT-VALUE> 336,651,127
<RECEIVABLES> 8,059,300
<ASSETS-OTHER> 1,089
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 344,711,516
<PAYABLE-FOR-SECURITIES> 7,244,117
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 1,229,080
<TOTAL-LIABILITIES> 8,473,197
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 478,512,508
<SHARES-COMMON-STOCK> 35,840,982
<SHARES-COMMON-PRIOR> 37,880,313
<ACCUMULATED-NII-CURRENT> 962,796
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (138,336,106)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> (4,900,879)
<NET-ASSETS> 336,238,319
<DIVIDEND-INCOME> 13,115,225
<INTEREST-INCOME> 3,083,550
<OTHER-INCOME> 0
<EXPENSES-NET> 3,746,844
<NET-INVESTMENT-INCOME> 12,451,931
<REALIZED-GAINS-CURRENT> (12,857,401)
<APPREC-INCREASE-CURRENT> (19,899,597)
<NET-CHANGE-FROM-OPS> 5,409,735
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (11,953,233)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 3,457,816
<NUMBER-OF-SHARES-REDEEMED> (6,415,431)
<SHARES-REINVESTED> 918,284
<NET-CHANGE-IN-ASSETS> (6,812,522)
<ACCUMULATED-NII-PRIOR> (1,170,449)
<ACCUMULATED-GAINS-PRIOR> (184,364,092)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 2,186,967
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 3,746,844
<AVERAGE-NET-ASSETS> 319,602,578
<PER-SHARE-NAV-BEGIN> 8.67
<PER-SHARE-NII> .32
<PER-SHARE-GAIN-APPREC> (.18)
<PER-SHARE-DIVIDEND> (.32)
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 8.49
<EXPENSE-RATIO> 1.04
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM Putnam Equity
Income Trust Class B AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL
STATEMENTS.
</LEGEND>
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> NOV-30-1994
<PERIOD-END> NOV-30-1994
<INVESTMENTS-AT-COST> 341,552,006
<INVESTMENTS-AT-VALUE> 336,651,127
<RECEIVABLES> 8,059,300
<ASSETS-OTHER> 1,089
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 344,711,516
<PAYABLE-FOR-SECURITIES> 7,244,117
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 1,229,080
<TOTAL-LIABILITIES> 8,473,197
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 478,512,508
<SHARES-COMMON-STOCK> 3,794,221
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 336,238,319
<DIVIDEND-INCOME> 13,115,225
<INTEREST-INCOME> 3,083,550
<OTHER-INCOME> 0
<EXPENSES-NET> 3,746,844
<NET-INVESTMENT-INCOME> 12,451,931
<REALIZED-GAINS-CURRENT> (12,857,401)
<APPREC-INCREASE-CURRENT> (19,899,597)
<NET-CHANGE-FROM-OPS> 5,409,735
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (684,178)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 2,834,343
<NUMBER-OF-SHARES-REDEEMED> (815,497)
<SHARES-REINVESTED> 64,999
<NET-CHANGE-IN-ASSETS> (6,812,522)
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 2,186,967
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 3,746,844
<AVERAGE-NET-ASSETS> 23,491,146
<PER-SHARE-NAV-BEGIN> 8.65
<PER-SHARE-NII> .27
<PER-SHARE-GAIN-APPREC> (.18)
<PER-SHARE-DIVIDEND> (.27)
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 8.46
<EXPENSE-RATIO> 1.78
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
