Putnam Investments, LLC
                              One Post Office Square
                              Boston, MA 02109
                              April 4, 2002

Securities and Exchange Commission
450 Fifth Street, N.W.
Washington, DC  20549

RE: Putnam Equity Income Fund (Reg. No. 2-58869) (811-2742)
    Post-Effective Amendment No. 34 to Registration Statement on Form N-1A

Ladies and Gentlemen:

Pursuant to Rule 497(j) under the Securities Act of 1933, as amended,
the Fund hereby certifies that the form of Prospectuses and Statement of
Additional Information that would have been filed on behalf of the Fund
pursuant to Rule 497(c) upon the effectiveness of Post-Effective
Amendment No. 34 to the Fund's Registration Statement on Form N-1A (the
"Amendment") would not have differed from that contained in the
Amendment, which is the most recent amendment to such Registration
Statement and was filed electronically on March 26, 2002.

Comments or questions concerning this certificate may be directed to
Kathleen M. Moynihan at 1-800-225-2465, ext. 11796.

                              Very truly yours,

                              PUTNAM EQUITY INCOME FUND

                              /s/ Gordon H. Silver
                          By: ----------------------------
                              Gordon H. Silver
                              Vice President


cc: Brian McCabe, Esq.