N-Q

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-Q

QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED
MANAGEMENT INVESTMENT COMPANY

Investment Company Act file number: (811-05693)

Exact name of registrant as specified in charter: Putnam Europe Equity Fund

Address of principal executive offices: One Post Office Square, Boston, Massachusetts 02109

Name and address of agent for service: Robert T. Burns, Vice President
One Post Office Square
Boston, Massachusetts 02109

Copy to:         Bryan Chegwidden, Esq.
Ropes & Gray LLP
1211 Avenue of the Americas
New York, New York 10036

Registrant’s telephone number, including area code: (617) 292-1000

Date of fiscal year end: June 30, 2015

Date of reporting period: September 30, 2014

Item 1. Schedule of Investments:

Putnam Europe Equity Fund
The fund's portfolio
9/30/14 (Unaudited)
COMMON STOCKS (98.7%)(a)
	Shares	Value
Australia (1.7%)
BHP Billiton PLC	181,935	$5,051,212
		5,051,212
Austria (1.6%)
voestalpine AG	122,544	4,843,302
		4,843,302
Belgium (4.4%)
Anheuser-Busch InBev NV	89,240	9,899,348
Solvay SA	22,531	3,454,161
		13,353,509
France (19.3%)
Air Liquide SA	32,463	3,946,781
Airbus Group NV	75,621	4,746,730
Alcatel-Lucent(NON)(S)	805,762	2,488,431
BNP Paribas SA	114,286	7,557,555
Eurazeo SA	38,508	2,770,755
Faurecia	85,731	2,730,320
Gaztransport Et Technigaz SA	41,480	2,453,735
Iliad SA	10,815	2,270,316
Natixis	788,745	5,424,984
Numericable Group SA(NON)(S)	40,462	2,158,730
Renault SA	37,563	2,711,293
Sanofi	127,378	14,370,173
Veolia Environnement SA	307,748	5,401,401
		59,031,204
Germany (9.5%)
Biotest AG-Vorzugsaktien (Preference)(S)	21,306	2,153,616
Deutsche Post AG	199,037	6,365,239
HeidelbergCement AG	37,075	2,449,797
Henkel AG & Co. KGaA (Preference)	63,906	6,381,491
Siemens AG	66,258	7,897,055
Wacker Chemie AG	27,172	3,284,525
Zalando SE (acquired 9/30/13, cost $313,871) (Private)(F)(RES)(NON)	13,090	319,920
Zalando SE(NON)	10,178	276,390
		29,128,033
Ireland (4.4%)
Bank of Ireland(NON)	7,787,426	3,050,618
Hibernia REIT PLC(NON)(R)	1,585,480	2,303,391
Kerry Group PLC Class A	65,032	4,585,766
Smurfit Kappa Group PLC	165,970	3,636,945
		13,576,720
Italy (4.4%)
Beni Stabili SpA (Rights)(NON)	3,223,381	67,176
Beni Stabili SpA(R)	3,223,381	2,258,977
Luxottica Group SpA	66,580	3,459,529
Telecom Italia SpA RSP	3,876,579	3,435,681
UniCredit SpA	543,586	4,256,829
		13,478,192
Netherlands (2.5%)
ING Groep NV GDR(NON)	527,444	7,502,252
		7,502,252
Norway (2.2%)
DNB ASA	366,438	6,853,025
		6,853,025
Spain (3.2%)
Atresmedia Corporacion de Medios de Comunicacion SA(S)	208,978	3,178,607
Banco de Sabadell SA	1,058,341	3,105,567
International Consolidated Airlines Group SA(NON)	579,517	3,446,304
		9,730,478
Sweden (3.2%)
Assa Abloy AB Class B	90,697	4,651,032
Com Hem Holding AB(NON)	321,795	2,344,546
Intrum Justita AB	98,537	2,770,221
		9,765,799
Switzerland (8.2%)
Barry Callebaut AG	2,523	2,796,114
Compagnie Financiere Richemont SA	45,603	3,737,060
Nestle SA	64,701	4,745,799
Partners Group Holding AG	10,339	2,723,092
Roche Holding AG-Genusschein	37,650	11,148,243
		25,150,308
United Kingdom (33.1%)
Admiral Group PLC	108,245	2,244,029
Associated British Foods PLC	112,128	4,857,638
AstraZeneca PLC	119,434	8,556,749
BG Group PLC	258,582	4,756,546
Britvic PLC	308,551	3,323,463
BT Group PLC	666,456	4,082,354
Compass Group PLC	295,741	4,776,455
Experian PLC	174,590	2,773,254
Genel Energy PLC(NON)	174,196	2,355,848
HSBC Holdings PLC	149,157	1,518,024
Kingfisher PLC	700,953	3,673,777
Liberty Global PLC Ser. C	62,735	2,573,076
Metro Bank PLC (acquired 1/15/14, cost $611,361) (Private)(F)(RES)(NON)	28,721	595,711
Persimmon PLC	168,439	3,620,298
Prudential PLC	336,097	7,464,981
Regus PLC	894,935	2,458,302
Royal Dutch Shell PLC Class A	420,380	16,034,195
St James's Place PLC	206,595	2,429,299
Telecity Group PLC(S)	330,003	3,988,742
Thomas Cook Group PLC(NON)	1,292,198	2,475,713
TSB Banking Group PLC(NON)(S)	650,382	2,917,166
TUI Travel PLC	591,252	3,713,522
Vodafone Group PLC	1,379,541	4,547,418
WPP PLC	270,748	5,415,532
		101,152,092
United States (1.0%)
Google, Inc. Class C(NON)	5,314	3,068,091
		3,068,091
Total common stocks (cost $288,679,809)		$301,684,217
SHORT-TERM INVESTMENTS (4.2%)(a)
	Shares	Value
Putnam Cash Collateral Pool, LLC 0.16%(d)	8,258,740	$8,258,740
Putnam Short Term Investment Fund 0.06%(AFF)	4,490,420	4,490,420
Total short-term investments (cost $12,749,160)		$12,749,160
TOTAL INVESTMENTS
Total investments (cost $301,428,969)(b)		$314,433,377

Key to holding's abbreviations
GDR	Global Depository Receipts: represents ownership of foreign securities on deposit with a custodian bank

	Notes to the fund's portfolio
	Unless noted otherwise, the notes to the fund's portfolio are for the close of the fund's reporting period, which ran from July 1, 2014 through September 30, 2014 (the reporting period). Within the following notes to the portfolio, references to “ASC 820” represent Accounting Standards Codification 820 Fair Value Measurements and Disclosures , references to “Putnam Management” represent Putnam Investment Management, LLC, the fund's manager, an indirect wholly-owned subsidiary of Putnam Investments, LLC and references to “OTC”, if any, represent over-the-counter.
(a)	Percentages indicated are based on net assets of $305,727,521.
(b)	The aggregate identified cost on a tax basis is $301,629,339, resulting in gross unrealized appreciation and depreciation of $29,336,497 and $16,532,459, respectively, or net unrealized appreciation of $12,804,038.
(NON)	Non-income-producing security.
(RES)	Security is restricted with regard to public resale. The total fair value of this security and any other restricted securities (excluding 144A securities), if any, held at the close of the reporting period was $915,631, or 0.3% of net assets.
(AFF)	Affiliated company. The rate quoted in the security description is the annualized 7-day yield of the fund at the close of the reporting period. Transactions during the period with Putnam Short Term Investment Fund, which is under common ownership and control, were as follows:
	Name of affiliate	Fair value at the beginning of the reporting period	Purchase cost	Sale proceeds	Investment income	Fair value at the end of the reporting period
	Putnam Short Term Investment Fund *	$8,379,233	$30,939,012	$34,827,825	$839	$4,490,420
	* Management fees charged to Putnam Short Term Investment Fund have been waived by Putnam Management.
(d)	Affiliated company. The fund may lend securities, through its agent, to qualified borrowers in order to earn additional income. The loans are collateralized by cash in an amount at least equal to the fair value of the securities loaned. The fair value of securities loaned is determined daily and any additional required collateral is allocated to the fund on the next business day. The risk of borrower default will be borne by the fund’s agent; the fund will bear the risk of loss with respect to the investment of the cash collateral.
	The fund received cash collateral of $8,258,740, which is invested in Putnam Cash Collateral Pool, LLC, a limited liability company managed by an affiliate of Putnam Management. Investments in Putnam Cash Collateral Pool, LLC are valued at its closing net asset value each business day. There are no management fees charged to Putnam Cash Collateral Pool, LLC. The rate quoted in the security description is the annualized 7-day yield at the close of the reporting period. At the close of the reporting period, the value of securities loaned amounted to $7,799,559.
(F)	Security is valued at fair value following procedures approved by the Trustees. Securities may be classified as Level 2 or Level 3 for ASC 820 based on the securities' valuation inputs. At the close of the reporting period, fair value pricing was also used for certain foreign securities in the portfolio.
(R)	Real Estate Investment Trust.
(S)	Security on loan, in part or in entirety, at the close of the reporting period.
	The fund had the following sector concentrations greater than 10% at the close of the reporting period (as a percentage of net assets):
	Financials	21.3%
	Consumer discretionary	14.7
	Consumer staples	12.0
	Health care	11.9
	Industrials	11.5
	Security valuation: Investments for which market quotations are readily available are valued at the last reported sales price on their principal exchange, or official closing price for certain markets, and are classified as Level 1 securities under ASC 820. If no sales are reported, as in the case of some securities that are traded OTC, a security is valued at its last reported bid price and is generally categorized as a Level 2 security.
	Investments in open-end investment companies (excluding exchange traded funds), if any, which can be classified as Level 1 or Level 2 securities, are valued based on their net asset value. The net asset value of such investment companies equals the total value of their assets less their liabilities and divided by the number of their outstanding shares.
	Many securities markets and exchanges outside the U.S. close prior to the close of the New York Stock Exchange and therefore the closing prices for securities in such markets or on such exchanges may not fully reflect events that occur after such close but before the close of the New York Stock Exchange. Accordingly, on certain days, the fund will fair value foreign equity securities taking into account multiple factors including movements in the U.S. securities markets, currency valuations and comparisons to the valuation of American Depository Receipts, exchange-traded funds and futures contracts. These securities, which would generally be classified as Level 1 securities, will be transferred to Level 2 of the fair value hierarchy when they are valued at fair value. The number of days on which fair value prices will be used will depend on market activity and it is possible that fair value prices will be used by the fund to a significant extent. At the close of the reporting period, fair value pricing was used for certain foreign securities in the portfolio. Securities quoted in foreign currencies, if any, are translated into U.S. dollars at the current exchange rate. Short-term securities with remaining maturities of 60 days or less may be valued at amortized cost, which approximates fair value and are classified as Level 2 securities.
	To the extent a pricing service or dealer is unable to value a security or provides a valuation that Putnam Management does not believe accurately reflects the security's fair value, the security will be valued at fair value by Putnam Management in accordance with policies and procedures approved by the Trustees. Certain investments, including certain restricted and illiquid securities and derivatives, are also valued at fair value following procedures approved by the Trustees. These valuations consider such factors as significant market or specific security events such as interest rate or credit quality changes, various relationships with other securities, discount rates, U.S. Treasury, U.S. swap and credit yields, index levels, convexity exposures and recovery rates. These securities are classified as Level 2 or as Level 3 depending on the priority of the significant inputs.
	Such valuations and procedures are reviewed periodically by the Trustees. The fair value of securities is generally determined as the amount that the fund could reasonably expect to realize from an orderly disposition of such securities over a reasonable period of time. By its nature, a fair value price is a good faith estimate of the value of a security in a current sale and does not reflect an actual market price, which may be different by a material amount.

ASC 820 establishes a three-level hierarchy for disclosure of fair value measurements. The valuation hierarchy is based upon the transparency of inputs to the valuation of the fund’s investments. The three levels are defined as follows:
Level 1: Valuations based on quoted prices for identical securities in active markets.
Level 2: Valuations based on quoted prices in markets that are not active or for which all significant inputs are observable, either directly or indirectly.
Level 3: Valuations based on inputs that are unobservable and significant to the fair value measurement.
The following is a summary of the inputs used to value the fund’s net assets as of the close of the reporting period:
		Valuation inputs
Investments in securities:	Level 1	Level 2	Level 3
Common stocks:
Australia	$—	$5,051,212	$—
Austria	—	4,843,302	—
Belgium	—	13,353,509	—
France	—	59,031,204	—
Germany	—	28,808,113	319,920
Ireland	—	13,576,720	—
Italy	—	13,478,192	—
Netherlands	—	7,502,252	—
Norway	—	6,853,025	—
Spain	—	9,730,478	—
Sweden	—	9,765,799	—
Switzerland	—	25,150,308	—
United Kingdom	2,573,076	97,983,305	595,711
United States	3,068,091	—	—
Total common stocks	5,641,167	295,127,419	915,631
Short-term investments	4,490,420	8,258,740	—
Totals by level	$10,131,587	$303,386,159	$915,631
At the start and close of the reporting period, Level 3 investments in securities represented less than 1% of the fund's net assets and were not considered a significant portion of the fund's portfolio.
During the reporting period, transfers within the fair value hierarchy, if any, (other than certain transfers involving non-U.S. equity securities as described in the Security valuation note above) did not represent, in the aggregate, more than 1% of the fund's net assets measured as of the end of the period.
For additional information regarding the fund please see the fund's most recent annual or semiannual shareholder report filed on the Securities and Exchange Commission's Web site, www.sec.gov, or visit Putnam's Individual Investor Web site at www.putnaminvestments.com

Item 2. Controls and Procedures:

(a) The registrant’s principal executive officer and principal financial officer have concluded, based on their evaluation of the effectiveness of the design and operation of the registrant’s disclosure controls and procedures as of a date within 90 days of the filing date of this report, that the design and operation of such procedures are generally effective to provide reasonable assurance that information required to be disclosed by the registrant in this report is recorded, processed, summarized and reported within the time periods specified in the Commission’s rules and forms.

(b) Changes in internal control over financial reporting: Not applicable

Item 3. Exhibits:

Separate certifications for the principal executive officer and principal financial officer of the registrant as required by Rule 30a-2(a) under the Investment Company Act of 1940, as amended, are filed herewith.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

Putnam Europe Equity Fund

By (Signature and Title):

/s/ Janet C. Smith
Janet C. Smith
Principal Accounting Officer
Date: November 26, 2014

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

By (Signature and Title):

/s/ Jonathan S. Horwitz
Jonathan S. Horwitz
Principal Executive Officer
Date: November 26, 2014

By (Signature and Title):

/s/ Steven D. Krichmar
Steven D. Krichmar
Principal Financial Officer
Date: November 26, 2014

EX-99.CERT

Certifications

I, Jonathan S. Horwitz, the Principal Executive Officer of the funds listed on Attachment A, certify that:

1. I have reviewed each report on Form N-Q of the funds listed on Attachment A:

2. Based on my knowledge, each report does not contain any untrue statements of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by each report;

3. Based on my knowledge, the schedules of investments included in each report fairly present in all material respects the investments of the registrant as of the end of the fiscal quarter for which the report is filed;

4. The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrants and have:

a) designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which each report is being prepared;

b) designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c) evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report, based on such evaluation; and

d) disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5. The registrant’s other certifying officer and I have disclosed to each registrant’s auditors and the audit committee of each registrant’s board of directors (or persons performing the equivalent functions):

a) all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect each registrant’s ability to record, process, summarize, and report financial information; and

b) any fraud, whether or not material, that involves management or other employees who have a significant role in each registrant’s internal control over financial reporting.

/s/ Jonathan S. Horwitz

_____________________________

Date: November 25, 2014

Jonathan S. Horwitz

Principal Executive Officer

Certifications

I, Steven D. Krichmar, the Principal Financial Officer of the funds listed on Attachment A, certify that:

1. I have reviewed each report on Form N-Q of the funds listed on Attachment A:

2. Based on my knowledge, each report does not contain any untrue statements of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by each report;

3. Based on my knowledge, the schedules of investments included in each report fairly present in all material respects the investments of the registrant as of the end of the fiscal quarter for which the report is filed;

4. The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrants and have:

a) designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which each report is being prepared;

b) designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c) evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report, based on such evaluation; and

d) disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5. The registrant’s other certifying officer and I have disclosed to each registrant’s auditors and the audit committee of each registrant’s board of directors (or persons performing the equivalent functions):

a) all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect each registrant’s ability to record, process, summarize, and report financial information; and

b) any fraud, whether or not material, that involves management or other employees who have a significant role in each registrant’s internal control over financial reporting.

/s/ Steven D. Krichmar

_______________________________

Date: November 25, 2014

Steven D. Krichmar

Principal Financial Officer

Attachment A

NQ

Period (s) ended September 30, 2014

               Putnam Europe Equity Fund

               Putnam International Equity Fund

               Putnam Multi-Cap Growth Fund

               Putnam Small Cap Growth Fund

               Putnam International Value Fund

               Putnam VT Absolute 500 Fund

               Putnam VT American Government Income Fund

               Putnam VT Capital Opportunities Fund

               Putnam VT Diversified Income Fund

               Putnam VT Equity Income Fund

               Putnam VT George Putnam Balanced Fund

               Putnam VT Global Asset Allocation Fund

               Putnam VT Global Equity Fund

               Putnam VT Global Health Care Fund

               Putnam VT Global Utilities Fund

               Putnam VT Growth and Income Fund

               Putnam VT Growth Opportunities Fund

               Putnam VT High Yield Fund

               Putnam VT Income Fund

               Putnam VT International Equity Fund

               Putnam VT International Value Fund

               Putnam VT International Growth Fund

               Putnam VT Investors Fund

               Putnam VT Multi-Cap Value Fund

               Putnam VT Money Market Fund

               Putnam VT Multi-Cap Growth Fund

               Putnam VT Research Fund

               Putnam VT Small Cap Value Fund

               Putnam VT Voyager Fund