EX-99

Putnam International Equity Fund, 12/31/04, Semiannual Report

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	For the period ended Month day, year, Putnam Management has
assumed $188,557 of legal, shareholder servicing and
communication, audit and Trustee fees incurred by the fund in
connection with certain legal and regulatory matters.

72DD1 	Class A	48,774
		Class B	11,127
		Class C	 1,810

72DD2	Class M	   907
		Class R	     9
		Class y	22,229

73A1		Class A	0.325
		Class B	0.159
		Class C	0.139

74A2		Class M	0.200
		Class R	0.296
		Class Y	0.391

74U1		Class A	149,754
		Class B	 69,553
		Class C	 12,950

74U2		Class M	  4,453
		Class R	     33
		Class Y	 50,981

74V1		Class A	23.67
		Class B	22.85
		Class C	23.29

74V2		Class M	23.34
		Class R	23.57
		Class Y	23.81

EX-99

Regulatory matters and litigation

On April 8, 2004, Putnam Management entered into agreements with
the Securities and Exchange Commission (SEC) 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. The fund may experience increased
redemptions as a result of these matters, which could result in
increased transaction costs and operating expenses.


In connection with its investigation of certain brokerage
matters, the staff of the Philadelphia district office of the
SEC has raised the question whether, in years prior to 2004,
Putnam Management fully and effectively disclosed its practices
relating to the allocation of brokerage on mutual fund portfolio
transactions to broker dealers who sold shares of the funds.
Putnam Management ceased directing brokerage to broker dealers
in connection with the sale of fund shares as of January 1,
2004.  Putnam Management and the Philadelphia office negotiated
an offer of settlement under which Putnam Management would pay a
civil penalty in the amount of $40 million and disgorgement in
the amount of $1, and the total amount would be distributed to
certain Putnam funds.  The offer of settlement is subject to
final documentation and approval by the Commissioners and the
staff of the SEC.  Discussions with the staff with respect to
the offer of settlement are ongoing.

EX-99

Results of November 11, 2004 and January 10, 2005 shareholder
meetings
 (Unaudited)

A special meeting of shareholders of the fund was held on
November 11, 2004.  At that meeting consideration of certain
proposals was adjourned to a final meeting held on January 10,
2005.

November 11, 2004 meeting

At the meeting, each of the nominees for Trustees was elected, as
follows:

	     Votes	Votes
	For	Withheld
Jameson A. Baxter             163,597,273		5,533,247
Charles B. Curtis             163,572,449		5,558,071
Myra R. Drucker               165,011,946		4,118,574
Charles E. Haldeman, Jr.      164,492,814		4,637,706
John A. Hill                  163,556,357		5,574,163
Ronald J. Jackson             163,620,413		5,510,107
Paul L. Joskow                163,550,619		5,579,901
Elizabeth T. Kennan           163,517,040		5,613,480
John H. Mullin, III           163,514,817		5,615,703
Robert E. Patterson           163,594,414		5,536,106
George Putnam, III            163,401,185		5,729,335
A.J.C. Smith                  163,402,416		5,728,104
W. Thomas Stephens            163,594,855		5,535,665
Richard B. Worley             165,050,333		4,080,187





January 10, 2005 meeting


A proposal to amend funds fundamental investment restriction with
respect to borrowing  to allow the fund the investments
flexibility permitted by the Investment Company Act was defeated
as follows:

	        Votes	Votes		Abstentions
	  For	against

	113,467,261	9,853,254		4,843,777

A proposal to amend the funds fundamental investment restriction
with respect to making loans to enhance the funds ability to
participate in an interfund borrowing and lending program was
defeated as follows:

	     Votes	Votes		Abstentions
	For	against

	114,103,299	9,611,613		4,449,381

A proposal to amend the funds fundamental investment restriction
with respect to diversification of investments to enhance the
funds ability to invest in registered investment companies such
as Putnam Prime Money Market was defeated as follows:

 	Votes	Votes		Abstentions
	For	against


	118,153,085	5,723,881		4,287,326


A proposal to amend the funds Agreement and Declaration of Trust
to permit the fund to satisfy redemption requests other than in
cash was defeated as follows:

	Votes For	Votes Against		Abstentions

	114,784,161	7,974,771		5,405,361


* Mr. Smith resigned from the Board of Trustees on January 21,
2005.


All tabulations are rounded to the nearest whole number.