August 12, 2003


To the Trustees and Shareholders of Putnam
International Equity Fund:

In planning and performing our audit of the financial
statements of Putnam International Equity Fund for the
year ended June 30, 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 International 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,
errors or fraud may occur and may not be detected.
Also, projection of any evaluation of internal control
to future periods is subject to the risk that controls
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, that we consider
to be material weaknesses as defined above as of June
30, 2003.

This report is intended solely for the information and
use of management and the Board of Trustees 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/ PricewaterhouseCoopers LLP