KPMG LLP
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Boston, MA 02111





Report of Independent Registered Public Accounting Firm


Shareholders and the Board of
Trustees
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,
2019, in accordance with the standards of the Public Company Accounting
Oversight Board (United States), we considered the Funds internal control
over financial reporting, including controls over 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 NCEN, 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.

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
generally accepted accounting principles (GAAP). A companys internal control
over financial reporting includes those policies and procedures that (1)
pertain to the maintenance of records that, in reasonable detail, accurately
and fairly reflect the transactions and dispositions of the assets of the
company; (2) provide reasonable assurance that transactions are recorded as
necessary to permit preparation of financial statements in accordance with
GAAP, and that receipts and expenditures of the company are being made only
in accordance with authorizations of management and trustees of the company;
and (3) provide reasonable assurance regarding prevention or timely detection
of unauthorized acquisition, use or disposition of the 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 deficiency in internal control over financial reporting 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 material weakness is a
deficiency, or a combination of deficiencies, in internal control over
financial reporting, such that there is a reasonable possibility that a
material misstatement of a funds annual or interim financial statements will
not be prevented or detected on a timely basis.

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
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 operations,
including controls over safeguarding securities that we consider to be a
material weakness defined above as of November 30, 2019.

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.









Boston, Massachusetts
January 10, 2020




































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