EX-99

#841 Putnam International Equity Fund
6/30/04 Annual

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

Putnam Management has agreed to assume certain expenses
incurred by the fund in connection with allegations of
improper short term trading activity.  During the fund's
fiscal period, legal, shareholder servicing and
communication, audit, and Trustee fees incurred by the fund
and assumed by Putnam Management were $188,316.



72DD1 (000s omitted)

Class A	 	$89,583
Class B         18,720
Class C          3,171

72DD2 (000s omitted)

Class M		$1,645
Class R		     9
Class Y		37,173

73A1

Class A		$0.354
Class B 		 0.210
Class C		 0.160

73A2

Class M 		$0.229
Class R		 0.378
Class Y		 0.418

74U1 (000s omitted)

Class A		 176,309
Class B		  78,604
Class C		  15,337

74U2 (000s omitted)

Class M		  5,346

Class R		     27
Class Y		 61,020

74V1

Class A		$20.86
Class B		 20.07
Class C		 20.44

74V2

Class M		$20.51
Class R		 20.77
Class Y		 21.01

EX-99

77E

Regulatory matters and litigation.  On April 8, 2004, Putnam
Management entered into agreements with the Securities and
Exchange Commission and the Massachusetts Securities Division
representing a final settlement of all charges brought against
Putnam Management by those agencies on October 28, 2003 in
connection with excessive short-term trading by Putnam employees
and, in the case of the charges brought by the Massachusetts
Securities Division, by participants in some Putnam-administered
401(k) plans.  The settlement with the SEC requires Putnam
Management to pay $5 million in disgorgement plus a civil
monetary penalty of $50 million, and the settlement with the
Massachusetts Securities Division requires Putnam Management to
pay $5 million in restitution and an administrative fine of $50
million.  The settlements also leave intact the process
established under an earlier partial settlement with the SEC
under which Putnam Management agreed to pay the amount of
restitution determined by an independent consultant, which may
exceed the disgorgement and restitution amounts specified above,
pursuant to a plan to be developed by the independent consultant.

Putnam Management, and not the investors in any Putnam fund, will
bear all costs, including restitution, civil penalties and
associated legal fees stemming from both of these proceedings.
The SECs and Massachusetts Securities Divisions 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.  The fund may experience
increased redemptions as a result of these matters, which could
result in increased transaction costs and operating expenses.

EX-99

PricewaterhouseCoopers LLP
125 High Street
Boston, MA 02110
Telephone (617) 530 5000
Facsimile (617) 530 5001


Report of Independent Registered Public Accounting Firm


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, 2004,
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 entity's objective of preparing financial
statements for external purposes that are fairly presented in
conformity with generally accepted accounting principles.  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 their 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 Public Company
Accounting Oversight Board (United States).  A material weakness,
for purposes of this report, 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, 2004.

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
August 9, 2004