EX-99

Regulatory matters and litigation.  On November 13, 2003, Putnam
Management agreed to entry of an order by the Securities and
Exchange Commission in partial resolution of administrative and
cease-and-desist proceedings initiated by the SEC on October 28,
2003 in connection with alleged excessive short-term trading by
at least six Putnam Management investment professionals.  The
SECs findings reflect that four of those employees engaged in
such trading in funds over which they had investment decision-
making responsibility and had access to non-public information
regarding, among other things, current portfolio holdings, and
valuations.  The six individuals no longer have investment
responsibilities with Putnam Management.  Under the order, Putnam
Management will make restitution for losses attributable to
excessive short-term trading by Putnam employees, institute new
employee trading restrictions and enhanced employee trading
compliance, retain an independent compliance consultant, and take
other remedial actions.  Putnam Management neither admitted nor
denied the orders findings, which included findings that Putnam
Management willfully violated provisions of the federal
securities laws.  A civil monetary penalty and other monetary
relief, if any, will be determined at a later date. If a hearing
is necessary to determine the amounts of such penalty or other
relief, Putnam Management will be precluded from arguing that it
did not violate the federal securities laws in the manner
described in the SEC order, the findings set forth in the SEC
order will be accepted as true by the hearing officer and
additional evidence may be presented.  Putnam Management, and not
the investors in any Putnam fund, will bear all costs, including
restitution, civil penalties and associated legal fees.
Administrative proceedings instituted by the Commonwealth of
Massachusetts on October 28, 2003 against Putnam Management in
connection with alleged market timing activities by Putnam
employees and by participants in some Putnam-administered 401(k)
plans are pending.  Putnam Management has committed to make
complete restitution for any losses suffered by Putnam
shareholders as a result of any improper market-timing activities
by Putnam employees or within Putnam-administered 401(k) plans.

The SECs and Commonwealths allegations and related matters also
serve as the general basis for numerous lawsuits, including
purported class action lawsuits filed against Putnam Management
and certain related parties, including certain Putnam funds.
Putnam Management has agreed to bear any costs incurred by Putnam
funds in connection with these lawsuits.  Based on currently
available information, Putnam Management believes that the
likelihood that the pending private lawsuits and purported class
action lawsuits will have a material adverse financial impact on
the fund is remote, and the pending actions are not likely to
materially affect its ability to provide investment management
services to its clients, including the Putnam funds.



Review of these matters by counsel for Putnam Management and by
separate independent counsel for the Putnam funds and their
independent Trustees is continuing.  In addition, Marsh &
McLennan Companies, Inc., Putnam Managements parent company, has
engaged counsel to conduct a separate review of Putnam
Managements policies and controls related to short-term trading.
The fund may experience increased redemptions as a result of
these matters, which could result in increased transaction costs
and operating expenses.

EX-99

The Board of Trustees and Shareholders
Putnam Global Equity Fund

In planning and performing our audit of the financial statements of
Putnam Global Equity Fund, for the year ended October 31, 2003, we
considered its internal control, including control activities for
safeguarding securities, in order to determine our auditing
procedures for the purpose of expressing our opinion on the
financial statements and to comply with the requirements of Form N-
SAR, not to provide assurance on internal control.

The management of Putnam Global Equity Fund is responsible for
establishing and maintaining internal control.  In fulfilling this
responsibility, estimates and judgments by management are required
to assess the expected benefits and related costs of controls.
Generally, controls that are relevant to an audit pertain to the
entitys objective of preparing financial statements for external
purposes that are fairly presented in conformity with accounting
principles generally accepted in the United States of America.
Those controls include the safeguarding of assets against
unauthorized acquisition, use, or disposition.

Because of inherent limitations in internal control, error or fraud
may occur and not be detected.  Also, projection of any evaluation
of internal control to future periods is subject to the risk that
it may become inadequate because of changes in conditions or that
the effectiveness of the design and operation may deteriorate.

Our consideration of internal control would not necessarily
disclose all matters in internal control that might be material
weaknesses under standards established by the American Institute of
Certified Public Accountants.  A material weakness is a condition
in which the design or operation of one or more of the internal
control components does not reduce to a relatively low level the
risk that misstatements caused by error or fraud in amounts that
would be material in relation to the financial statements being
audited may occur and not be detected within a timely period by
employees in the normal course of performing their assigned
functions.  However, we noted no matters involving internal control
and its operation, including controls for safeguarding securities,
which we consider to be material weaknesses as defined above as of
October 31, 2003.

This report is intended solely for the information and use of
management and the Board of Trustees of the Putnam Global Equity
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.

KPMG LLP

Boston, Massachusetts
December 3, 2003

EX-99

Exhibit 77 I

Creation of additional class of shares


Putnam Global Equity Fund added Class R shares
effective January 21, 2003.

Class R shares were not added by Post Effective Amendment.

EX-99

Because of the electronic format for filing Form N-SAR does not
provide adequate space for responding to certain items correctly,
the correct answers are as follows:

72DD1   Class A	6,751
	Class B	0
	Class C	0

72DD2Class M	0
	Class R	0
	Class Y	620

73A1	Class A	0.017
	Class B	0.000
	Class C	0.000

74A2	Class M	0.000
	Class R	0.000
	Class Y	0.033

74U1	Class A	340,526
	Class B	87,897
	Class C	6,724

74U2	Class M	6,326
	Class R	0
	Class Y	6,203

74V1	Class A	7.20
	Class B	6.60
	Class C	6.94

74V2	Class M	6.97
	Class R	7.19
	Class Y	7.42