PUTNAM INVESTMENT FUNDS
NSAR-B, EX-99, 2000-10-27
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October 2, 2000

Securities and Exchange Commission
450 Fifth Street, N.W.
Washington, D.C. 20549

Dear Sirs:

We have read the statements made by John D. Hughes,
Treasurer of The Putnam Funds (copy attached), which we
understand has been filed in response to Sub-Item 77k or
102j of Form N-SAR and agree with the statements concerning
our firm contained therein.

Very truly yours,



/s/ PricewaterhouseCoopers LLP



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