EX-99

PricewaterhouseCoo
pers 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,
2005, 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 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, 2005.

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, 2005

EX-99

Putnam International Equity Fund, 6/30/05, Annual Report

Because 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:

53A For the period ended June 30, 2005, Putnam Management has
assumed $200,551 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	134,158
		Class B	 59,766
		Class C	 11,340

74U2		Class M	  3,934
		Class R	     48
		Class Y	 47,200

74V1		Class A	23.39
		Class B	22.49
		Class C	22.93

74V2		Class M	23.00
		Class R	23.25
		Class Y	23.55

EX-99

Regulatory matters and litigation

Putnam Management has entered into agreements with the Securities
and Exchange Commission and the Massachusetts Securities Division
settling charges connected 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.  Pursuant to these settlement
agreements, Putnam Management will pay a total of $193.5 million
in penalties and restitution, with $153.5 million being paid to
shareholders and the funds. The restitution amount will be
allocated to shareholders pursuant to a plan developed by an
independent consultant, with payments to shareholders following
approval of the plan by the SEC and the Massachusetts Securities
Division.

The Securities and Exchange Commissions 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 will bear any costs incurred by Putnam funds in
connection with these lawsuits.  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.

On March 23, 2005, Putnam Management entered into a settlement
with the Securities and Exchange Commission resolving its inquiry
into Putnam Managements alleged failure to fully and effectively
disclose a former brokerage allocation practice to the Board of
Trustees and shareholders of the Putnam Funds.  This practice,
which Putnam Management ceased as of January 1, 2004, involved
allocating a portion of the brokerage on mutual fund portfolio
transactions to certain broker dealers who sold shares of Putnam
mutual funds.    Under the settlement order, Putnam Management
has paid a civil penalty of $40 million and disgorgement of $1 to
the Securities and Exchange Commission.  These amounts, which are
included in Other income on the Statement of operations,
subsequently will be distributed to certain Putnam funds pursuant
to a plan to be approved by the Securities and Exchange
Commission.  As part of the settlement, Putnam Management neither
admitted nor denied any wrongdoing.

Putnam Investments has recorded a charge of $30 million for the
estimated cost that it believes will be necessary to address
issues relating to the calculation of certain amounts paid by the
Putnam mutual funds in previous years. The previous payments were
cost reimbursements by the Putnam funds to Putnam for transfer
agent services relating to defined contribution operations.
Putnam currently anticipates that any payments made by Putnam
related to this issue will be paid to the Putnam funds.  Review
of this issue is ongoing.

Putnam Management and Putnam Retail Management are named as
defendants in a civil suit in which the plaintiffs allege that
the management and distribution fees paid by certain Putnam funds
were excessive and seek recovery under the Investment Company Act
of 1940.  Putnam Management and Putnam Retail Management have
contested the plaintiffs claims and the matter is currently
pending in the U.S. District Court for the District of
Massachusetts.  Based on currently available information, Putnam
Management believes that this action is without merit and that it
is unlikely to have a material effect on Putnam Managements and
Putnam Retail Managements ability to provide services to their
clients, including the fund.

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

*Mr. Jackson retired from the Board of Trustees on June 10, 2005.

+Mr. Smith resigned from the Board of Trustees on January 14,
2005.




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		54,116,967

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		53,722,570

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		53,560,516


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		54,678,550




All tabulations are rounded to the nearest whole number.