EX-99

New accounting pronouncements

In June 2006, the Financial Accounting Standards Board (FASB)
issued Interpretation No. 48, Accounting for Uncertainty in
Income Taxes (the Interpretation).  The Interpretation prescribes
a minimum threshold for financial statement recognition of the
benefit of a tax position taken or expected to be taken by a
filer in the filers tax return.  The Interpretation will become
effective for fiscal years beginning after December 15, 2006 but
will also apply to tax positions reflected in the funds financial
statements as of that date. No determination has been made
whether the adoption of the Interpretation will require the fund
to make any adjustments to its net assets or have any other
effect on the funds financial statements.

In September 2006, the FASB issued Statement of Financial
Accounting Standards No. 157, Fair Value Measurements (the
Standard).  The Standard defines fair value, sets out a framework
for measuring fair value and requires additional disclosures
about fair value measurements.  The Standard applies to fair
value measurements already required or permitted by existing
standards.  The Standard is effective for financial statements
issued for fiscal years beginning after November 15, 2007 and
interim periods within those fiscal years. Putnam Management is
currently evaluating what impact the adoption of the Standard
will have on the funds financial statements.

EX-99

Putnam Equity Income Fund
11/30/06 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 November 30, 2006, Putnam Management has
assumed $51,893 of legal, shareholder servicing and
communication, audit and Trustee fees incurred by the fund in
connection with certain legal and regulatory matters.

Item 61   Shareholders can open a fund account with as little as
$500 and make subsequent investments in any amount. The minimum
investment is waived if you make regular investments weekly,
semimonthly, or monthly through automatic deductions through your
bank checking or savings account. Currently, Putnam is waiving
the minimum, but reserves the right to reject initial investments
under the minimum.

72DD1 (000s omitted)

Class A	 	$37,178
Class B          4,877
Class C		    693

72DD2 (000s omitted)

Class M		   $530
Class R		     37
Class Y		  5,626

73A1

Class A		$0.262
Class B 		 0.128
Class C		 0.133

73A2

Class M 		$0.175
Class R		 0.222
Class Y		 0.305

74U1 (000s omitted)

Class A		 157,480
Class B		  34,821
Class C		   5,624

74U2 (000s omitted)

Class M		   3,266
Class R			216
Class Y		  17,141


74V1

Class A		$17.35
Class B		 17.18
Class C		 17.24

74V2

Class M		$17.21
Class R		 17.29
Class Y		 17.36


Additional Information About Errors and Omissions PolicyItem 85B

While no claims with respect to the Registrant/Series were filed
under such policy during the period, requests under such policy
for reimbursement of legal expenses and costs arising out of
claims of market timing activity in the Putnam Funds have been
submitted by the investment manager of the Registrant/Series.

EX-99

Report of Independent Registered Public Accounting Firm

The Board of Trustees and Shareholders
Putnam Equity Income Fund

In planning and performing our audit of the financial statements
of Putnam Equity Income Fund (the Fund) as of and for the year
ended November 30, 2006, in accordance with the standards of the
Public Company Accounting Oversight Board (United States), we
considered its internal control over financial reporting,
including control activities for safeguarding securities, as a
basis for designing our auditing procedures for the purpose of
expressing our opinion on the financial statements and to comply
with the requirements of Form N-SAR, but not for the purpose of
expressing an opinion on the effectiveness of the Funds internal
control over financial reporting. Accordingly, we express no such
opinion.

The management of the Fund is responsible for establishing and
maintaining effective internal control over financial reporting.
In fulfilling this responsibility, estimates and judgments by
management are required to assess the expected benefits and
related costs of controls. A companys internal control over
financial reporting is a process designed to provide reasonable
assurance regarding the reliability of financial reporting and
the preparation of financial statements for external purposes in
accordance with U.S. generally accepted accounting principles.
Such internal control includes policies and procedures that
provide reasonable assurance regarding prevention or timely
detection of unauthorized acquisition, use or disposition of a
companys assets that could have a material effect on the
financial statements.

Because of its inherent limitations, internal control over
financial reporting may not prevent or detect misstatements.
Also, projections of any evaluation of effectiveness to future
periods are subject to the risk that controls may become
inadequate because of changes in conditions, or that the degree
of compliance with the policies or procedures may deteriorate.

A control deficiency exists when the design or operation of a
control does not allow management or employees, in the normal
course of performing their assigned functions, to prevent or
detect misstatements on a timely basis. A significant deficiency
is a control deficiency, or combination of control deficiencies,
that adversely affects the companys ability to initiate,
authorize, record, process or report external financial data
reliably in accordance with U.S. generally accepted accounting
principles such that there is more than a remote likelihood that
a misstatement of the companys annual or interim financial
statements that is more than inconsequential will not be
prevented or detected. 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.

Our consideration of the Funds internal control over financial
reporting was for the limited purpose described in the first
paragraph and would not necessarily disclose all deficiencies in
internal control that might be significant deficiencies or
material weaknesses under standards established by the Public
Company Accounting Oversight Board (United States). However, we
noted no deficiencies in the Funds internal control over
financial reporting and its operation, including controls for
safeguarding securities, that we consider to be a material
weakness as defined above as of November 30, 2006.

This report is intended solely for the information and use of
management and the Board of Trustees of Putnam Equity Income
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 10th, 2007