<PAGE> PAGE 1
000 A000000 05/31/98
000 C000000 0000216934
000 D000000 N
000 E000000 NF
000 F000000 Y
000 G000000 N
000 H000000 N
000 I000000 3.0.a
000 J000000 A
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
012 A000001 PUTNAM INVESTOR SERVICES, INC.
012 B000001 84-401299
012 C010001 BOSTON
012 C020001 MA
012 C030001 02109
013 A000001 PRICEWATERHOUSECOOPERS LLP
013 B010001 BOSTON
013 B020001 MA
<PAGE> PAGE 2
013 B030001 02110
015 A000001 PUTNAM FIDUCAIRY TRUST COMPANY
015 B000001 C
015 C010001 BOSTON
015 C020001 MA
015 C030001 02109
015 E010001 X
018 000000 Y
019 A000000 Y
019 B000000 99
019 C000000 PUTNAMFUND
020 A000001 CREDIT SUISSE FIRST BOSTON
020 C000001 112
020 A000002 MERRILL LYNCH, PIERCE, FENNER & SMITH, INC.
020 B000002 13-5674085
020 C000002 80
020 A000003 BEAR STERNS & CO.
020 B000003 13-4946705
020 C000003 79
020 A000004 GOLDMAN SACHS & CO.
020 B000004 13-5108880
020 C000004 72
020 A000005 MORGAN GRENFELL
020 C000005 68
020 A000006 PAINE WEBBER INC.
020 B000006 13-2638166
020 C000006 64
020 A000007 SALOMON SMITH BARNEY
020 C000007 60
020 A000008 MORGAN STANLEY INC.
020 B000008 13-2655998
020 C000008 49
020 A000009 EDWARDS (A.G.) & SONS INC.
020 B000009 43-0895477
020 C000009 43
020 A000010 LEHMAN BROTHERS
020 B000010 13-2518466
020 C000010 42
021 000000 1315
022 A000001 LEHMAN BROTHERS
022 B000001 13-2518466
022 C000001 4412212
022 D000001 33708
022 A000002 GOLDMAN SACHS & CO.
022 B000002 13-5108880
022 C000002 1083004
022 D000002 8876
022 A000003 MORGAN (J.P.) SECURITIES INC.
022 B000003 13-3224016
022 C000003 177676
022 D000003 11865
<PAGE> PAGE 3
022 A000004 CREDIT SUISSE FIRST BOSTON
022 C000004 97474
022 D000004 10148
022 A000005 MORGAN STANLEY INC.
022 B000005 13-2655998
022 C000005 61870
022 D000005 40840
022 A000006 SALOMON SMITH BARNEY
022 C000006 18684
022 D000006 19110
022 A000007 MERRILL LYNCH, PIERCE, FENNER & SMITH, INC.
022 B000007 13-5674085
022 C000007 6356
022 D000007 14139
022 A000008 UBS SECURITIES
022 B000008 13-2932996
022 C000008 5082
022 D000008 1452
022 A000009 PRUDENTIAL SECURITIES INC.
022 B000009 22-2347336
022 C000009 2454
022 D000009 1019
022 A000010 WESTPAC BANKING GROUP
022 C000010 1565
022 D000010 994
023 C000000 5879154
023 D000000 149783
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
026 A000000 Y
026 B000000 Y
026 C000000 Y
026 D000000 Y
026 E000000 N
026 F000000 N
026 G010000 Y
026 G020000 Y
026 H000000 N
027 000000 Y
028 A010000 65664
028 A020000 63743
028 A030000 0
028 A040000 35266
028 B010000 51764
<PAGE> PAGE 4
028 B020000 0
028 B030000 0
028 B040000 25752
028 C010000 49702
028 C020000 0
028 C030000 0
028 C040000 21758
028 D010000 58160
028 D020000 4953
028 D030000 0
028 D040000 15621
028 E010000 58340
028 E020000 0
028 E030000 0
028 E040000 29031
028 F010000 51010
028 F020000 0
028 F030000 0
028 F040000 34677
028 G010000 334640
028 G020000 68696
028 G030000 0
028 G040000 162105
028 H000000 334640
029 000000 Y
030 A000000 2422
030 B000000 5.75
030 C000000 3.50
031 A000000 416
031 B000000 0
032 000000 2006
033 000000 0
034 000000 Y
035 000000 338
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 4121
044 000000 0
<PAGE> PAGE 5
045 000000 Y
046 000000 N
047 000000 Y
048 000000 0.000
048 A010000 500000
048 A020000 0.650
048 B010000 500000
048 B020000 0.550
048 C010000 500000
048 C020000 0.500
048 D010000 5000000
048 D020000 0.450
048 E010000 5000000
048 E020000 0.425
048 F010000 5000000
048 F020000 0.405
048 G010000 5000000
048 G020000 0.390
048 H010000 0
048 H020000 0.000
048 I010000 0
048 I020000 0.000
048 J010000 0
048 J020000 0.000
048 K010000 21500000
048 K020000 0.380
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 N
055 B000000 N
056 000000 N
057 000000 N
058 A000000 N
<PAGE> PAGE 6
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
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 Y
066 B000000 N
066 C000000 N
066 D000000 N
066 E000000 Y
066 F000000 N
066 G000000 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 Y
070 G010000 N
070 G020000 N
070 H010000 Y
070 H020000 N
<PAGE> PAGE 7
070 I010000 N
070 I020000 N
070 J010000 Y
070 J020000 N
070 K010000 N
070 K020000 N
070 L010000 Y
070 L020000 Y
070 M010000 Y
070 M020000 Y
070 N010000 Y
070 N020000 N
070 O010000 Y
070 O020000 N
070 P010000 Y
070 P020000 N
070 Q010000 Y
070 Q020000 N
070 R010000 Y
070 R020000 N
071 A000000 910600
071 B000000 761018
071 C000000 1496836
071 D000000 51
072 A000000 6
072 B000000 4919
072 C000000 15410
072 D000000 0
072 E000000 0
072 F000000 4390
072 G000000 9
072 H000000 0
072 I000000 828
072 J000000 45
072 K000000 51
072 L000000 69
072 M000000 2
072 N000000 70
072 O000000 0
072 P000000 0
072 Q000000 0
072 R000000 23
072 S000000 8
072 T000000 4121
072 U000000 0
072 V000000 0
072 W000000 56
072 X000000 9672
072 Y000000 0
072 Z000000 10657
072AA000000 103140
<PAGE> PAGE 8
072BB000000 0
072CC010000 40682
072CC020000 0
072DD010000 6812
072DD020000 2000
072EE000000 43817
073 A010000 0.1400
073 A020000 0.0840
073 B000000 0.7720
073 C000000 0.0000
074 A000000 926
074 B000000 47022
074 C000000 19740
074 D000000 102289
074 E000000 2928
074 F000000 1529291
074 G000000 0
074 H000000 0
074 I000000 315
074 J000000 10872
074 K000000 0
074 L000000 10218
074 M000000 0
074 N000000 1723601
074 O000000 20327
074 P000000 3642
074 Q000000 0
074 R010000 0
074 R020000 0
074 R030000 0
074 R040000 2968
074 S000000 0
074 T000000 1696664
074 U010000 62239
074 U020000 35697
074 V010000 16.78
074 V020000 16.67
074 W000000 0.0000
074 X000000 89465
074 Y000000 2137
075 A000000 0
075 B000000 1570580
076 000000 0.00
077 A000000 Y
077 B000000 Y
078 000000 N
080 A000000 FEDERAL INSURANCE COMPANY
080 B000000 NATIONAL UNION FIRE INSURANCE COMPANY
080 C000000 86000
081 A000000 Y
081 B000000 98
<PAGE> PAGE 9
082 A000000 N
082 B000000 0
083 A000000 N
083 B000000 0
084 A000000 N
084 B000000 0
085 A000000 Y
085 B000000 N
086 A010000 0
086 A020000 0
086 B010000 0
086 B020000 0
086 C010000 0
086 C020000 0
086 D010000 0
086 D020000 0
086 E010000 0
086 E020000 0
086 F010000 0
086 F020000 0
SIGNATURE PAUL BUCUVALAS
TITLE MANAGING DIRECTOR
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
Putnam Equity Income Fund
</LEGEND>
<SERIES>
<NUMBER> 2
<NAME> CLASS A
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> NOV-30-1997
<PERIOD-END> MAY-31-1998
<INVESTMENTS-AT-COST> 1,441,770,842
<INVESTMENTS-AT-VALUE> 1,701,584,728
<RECEIVABLES> 21,090,830
<ASSETS-OTHER> 925,863
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 1,723,601,421
<PAYABLE-FOR-SECURITIES> 20,327,486
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 6,609,965
<TOTAL-LIABILITIES> 26,937,451
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 1,331,356,950
<SHARES-COMMON-STOCK> 62,238,530
<SHARES-COMMON-PRIOR> 54,773,735
<ACCUMULATED-NII-CURRENT> 2,841,139
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 102,520,574
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 259,945,307
<NET-ASSETS> 1,696,663,970
<DIVIDEND-INCOME> 15,410,292
<INTEREST-INCOME> 4,918,929
<OTHER-INCOME> 0
<EXPENSES-NET> 9,672,661
<NET-INVESTMENT-INCOME> 10,656,560
<REALIZED-GAINS-CURRENT> 103,139,757
<APPREC-INCREASE-CURRENT> 40,682,108
<NET-CHANGE-FROM-OPS> 154,478,425
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (6,811,841)
<DISTRIBUTIONS-OF-GAINS> (43,816,633)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 9,932,186
<NUMBER-OF-SHARES-REDEEMED> (5,307,915)
<SHARES-REINVESTED> 2,840,524
<NET-CHANGE-IN-ASSETS> 305,507,867
<ACCUMULATED-NII-PRIOR> 1,263,288
<ACCUMULATED-GAINS-PRIOR> 69,352,230
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 4,389,936
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 10,086,758
<AVERAGE-NET-ASSETS> 974,056,701
<PER-SHARE-NAV-BEGIN> 16.04
<PER-SHARE-NII> .16
<PER-SHARE-GAIN-APPREC> 1.49
<PER-SHARE-DIVIDEND> (.14)
<PER-SHARE-DISTRIBUTIONS> (.77)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 16.78
<EXPENSE-RATIO> .50
<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>
Putnam Equity Income Fund
</LEGEND>
<SERIES>
<NUMBER> 2
<NAME> CLASS B
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> NOV-30-1997
<PERIOD-END> MAY-31-1998
<INVESTMENTS-AT-COST> 1,441,770,842
<INVESTMENTS-AT-VALUE> 1,701,584,728
<RECEIVABLES> 21,090,830
<ASSETS-OTHER> 925,863
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 1,723,601,421
<PAYABLE-FOR-SECURITIES> 20,327,486
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 6,609,965
<TOTAL-LIABILITIES> 26,937,451
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 1,331,356,950
<SHARES-COMMON-STOCK> 35,697,033
<SHARES-COMMON-PRIOR> 29,065,077
<ACCUMULATED-NII-CURRENT> 2,841,139
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 102,520,574
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 259,945,307
<NET-ASSETS> 1,696,663,970
<DIVIDEND-INCOME> 15,410,292
<INTEREST-INCOME> 4,918,929
<OTHER-INCOME> 0
<EXPENSES-NET> 9,672,661
<NET-INVESTMENT-INCOME> 10,656,560
<REALIZED-GAINS-CURRENT> 103,139,757
<APPREC-INCREASE-CURRENT> 40,682,108
<NET-CHANGE-FROM-OPS> 154,478,425
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (1,999,758)
<DISTRIBUTIONS-OF-GAINS> (23,667,013)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 9,861,396
<NUMBER-OF-SHARES-REDEEMED> (4,717,541)
<SHARES-REINVESTED> 1,488,101
<NET-CHANGE-IN-ASSETS> 305,507,867
<ACCUMULATED-NII-PRIOR> 1,263,288
<ACCUMULATED-GAINS-PRIOR> 69,352,230
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 4,389,936
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 10,086,758
<AVERAGE-NET-ASSETS> 540,678,169
<PER-SHARE-NAV-BEGIN> 15.95
<PER-SHARE-NII> .09
<PER-SHARE-GAIN-APPREC> 1.48
<PER-SHARE-DIVIDEND> (.08)
<PER-SHARE-DISTRIBUTIONS> (.77)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 16.77
<EXPENSE-RATIO> .88
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
Putnam Equity Income Fund
</LEGEND>
<SERIES>
<NUMBER> 2
<NAME> CLASS M
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> NOV-30-1997
<PERIOD-END> MAY-31-1998
<INVESTMENTS-AT-COST> 1,441,770,842
<INVESTMENTS-AT-VALUE> 1,701,584,728
<RECEIVABLES> 21,090,830
<ASSETS-OTHER> 925,863
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 1,723,601,421
<PAYABLE-FOR-SECURITIES> 20,327,486
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 6,609,965
<TOTAL-LIABILITIES> 26,937,451
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 1,331,356,950
<SHARES-COMMON-STOCK> 3,406,480
<SHARES-COMMON-PRIOR> 3,062,970
<ACCUMULATED-NII-CURRENT> 2,841,139
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 102,520,574
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 259,945,307
<NET-ASSETS> 1,696,663,970
<DIVIDEND-INCOME> 15,410,292
<INTEREST-INCOME> 4,918,929
<OTHER-INCOME> 0
<EXPENSES-NET> 9,672,661
<NET-INVESTMENT-INCOME> 10,656,560
<REALIZED-GAINS-CURRENT> 103,139,757
<APPREC-INCREASE-CURRENT> 40,682,108
<NET-CHANGE-FROM-OPS> 154,478,425
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (267,110)
<DISTRIBUTIONS-OF-GAINS> (2,487,767)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 762,367
<NUMBER-OF-SHARES-REDEEMED> (587,287)
<SHARES-REINVESTED> 168,430
<NET-CHANGE-IN-ASSETS> 305,507,867
<ACCUMULATED-NII-PRIOR> 1,263,288
<ACCUMULATED-GAINS-PRIOR> 69,352,230
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 4,389,936
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 10,086,758
<AVERAGE-NET-ASSETS> 55,844,663
<PER-SHARE-NAV-BEGIN> 15.96
<PER-SHARE-NII> .12
<PER-SHARE-GAIN-APPREC> 1.48
<PER-SHARE-DIVIDEND> (.10)
<PER-SHARE-DISTRIBUTIONS> (.77)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 16.69
<EXPENSE-RATIO> .75
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
