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, 2017

Date of reporting period: September 30, 2016

Item 1. Schedule of Investments:

Putnam Europe Equity Fund
The fund's portfolio
9/30/16 (Unaudited)
COMMON STOCKS (99.3%)(a)
	Shares	Value
Belgium (3.0%)
Anheuser-Busch InBev SA/NV	56,716	$7,428,806
		7,428,806
Finland (1.6%)
Nokia OYJ	676,136	3,910,856
		3,910,856
France (19.9%)
Airbus Group SE	68,060	4,116,346
ArcelorMittal SA(NON)	349,926	2,141,550
Criteo SA ADR(NON)(S)	50,100	1,759,011
Eurazeo SA	40,236	2,334,081
Natixis SA	753,812	3,513,349
Nexity	37,081	1,957,365
Rexel SA	194,354	2,979,078
Sanofi	78,318	5,950,864
SFR Group SA	98,754	2,907,613
Societe Generale SA	108,810	3,762,290
STMicroelectronics NV	238,164	1,943,956
Technip SA	44,475	2,731,366
Total SA	79,011	3,742,881
Valeo SA	67,445	3,934,440
Veolia Environnement SA	232,142	5,345,920
		49,120,110
Germany (10.2%)
Evonik Industries AG	104,274	3,525,212
Henkel AG & Co. KGaA (Preference)	35,746	4,858,785
KION Group AG	35,309	2,285,459
LANXESS AG	44,245	2,748,553
Rheinmetall AG	37,789	2,630,217
Siemens AG	58,212	6,813,890
Stroeer SE & Co. KGaA(S)	50,951	2,213,880
		25,075,996
Ireland (4.5%)
Bank of Ireland(NON)	9,228,897	1,928,313
Hibernia REIT PLC(R)	1,471,167	2,264,109
Kerry Group PLC Class A	45,095	3,756,756
Smurfit Kappa Group PLC	140,293	3,136,201
		11,085,379
Israel (0.9%)
Mobileye NV(NON)(S)	50,500	2,149,785
		2,149,785
Italy (5.0%)
Fiat Chrysler Automobiles NV	438,191	2,781,165
Luxottica Group SpA	74,377	3,552,604
Mediaset SpA	897,707	2,817,577
Telecom Italia SpA RSP	4,645,173	3,151,764
		12,303,110
Netherlands (5.1%)
ING Groep NV GDR	465,847	5,751,165
Unilever NV ADR	147,837	6,821,432
		12,572,597
Norway (1.3%)
Orkla ASA	311,926	3,222,811
		3,222,811
Spain (3.3%)
Cellnex Telecom, SA 144A	112,119	2,027,776
EDP Renovaveis SA	368,200	2,955,709
Grifols SA ADR	199,200	3,181,224
		8,164,709
Sweden (2.8%)
Com Hem Holding AB	304,611	2,815,738
Swedbank AB Class A	176,153	4,139,559
		6,955,297
Switzerland (10.9%)
Barry Callebaut AG	2,091	2,778,673
LafargeHolcim, Ltd.	64,718	3,497,370
Novartis AG	120,085	9,443,638
Partners Group Holding AG	4,757	2,399,310
Roche Holding AG	35,675	8,849,897
		26,968,888
United Kingdom (27.7%)
Admiral Group PLC	106,395	2,825,649
Associated British Foods PLC	99,767	3,362,136
AstraZeneca PLC	86,359	5,601,186
Berkeley Group Holdings PLC (The)	74,892	2,504,437
BHP Billiton PLC	243,843	3,674,162
Compass Group PLC	235,791	4,569,024
Foxtons Group PLC	1,253,534	1,628,829
Imperial Brands PLC	97,024	4,996,978
Metro Bank PLC(NON)(S)	54,322	1,944,004
Prudential PLC	300,332	5,319,445
Royal Dutch Shell PLC Class A	365,818	9,075,323
Shire PLC	78,270	5,070,452
St James's Place PLC	222,664	2,735,983
Virgin Money Holdings UK PLC	321,309	1,296,037
Vodafone Group PLC	2,101,705	6,040,744
Wolseley PLC	48,943	2,762,701
WPP PLC	207,960	4,889,587
		68,296,677
United States (3.1%)
Alphabet, Inc. Class C(NON)	3,424	2,661,441
Amazon.com, Inc.(NON)	3,100	2,595,661
KKR & Co. LP	165,700	2,362,882
		7,619,984
Total common stocks (cost $261,157,623)		$244,875,005
SHORT-TERM INVESTMENTS (3.0%)(a)
	Shares	Value
Putnam Cash Collateral Pool, LLC 0.67%(d)(AFF)	6,341,515	$6,341,515
Putnam Short Term Investment Fund 0.51%(AFF)	920,808	920,808
State Street Institutional Liquid Reserves Fund Trust Class 0.34%(P)	120,000	120,000
Total short-term investments (cost $7,382,323)		$7,382,323
TOTAL INVESTMENTS
Total investments (cost $268,539,946)(b)		$252,257,328

FORWARD CURRENCY CONTRACTS at 9/30/16 (aggregate face value $17,141,624) (Unaudited)
						Unrealized
		Contract	Delivery		Aggregate	appreciation/
Counterparty	Currency	type	date	Value	face value	(depreciation)
Bank of America N.A.
	Australian Dollar	Buy	10/19/16	$25,096	$24,639	$457
	Australian Dollar	Sell	10/19/16	25,096	24,374	(722)
	British Pound	Buy	12/21/16	23,628	24,189	(561)
Citibank, N.A.
	Danish Krone	Buy	12/21/16	245,962	244,193	1,769
	Euro	Sell	12/21/16	476,556	476,669	113
Credit Suisse International
	Australian Dollar	Buy	10/19/16	30,681	30,127	554
	Australian Dollar	Sell	10/19/16	30,681	30,715	34
	Euro	Sell	12/21/16	7,787,576	7,729,596	(57,980)
	Swiss Franc	Buy	12/21/16	7,619,362	7,520,902	98,460
HSBC Bank USA, National Association
	British Pound	Buy	12/21/16	30,249	31,134	(885)
JPMorgan Chase Bank N.A.
	British Pound	Buy	12/21/16	58,421	58,475	(54)
	Norwegian Krone	Buy	12/21/16	84,825	81,088	3,737
	Swedish Krona	Buy	12/21/16	7,478	7,472	6
	Swiss Franc	Buy	12/21/16	38,060	37,954	106
State Street Bank and Trust Co.
	Australian Dollar	Buy	10/19/16	55,777	54,160	1,617
	Australian Dollar	Sell	10/19/16	55,777	54,759	(1,018)
	Norwegian Krone	Buy	12/21/16	2,828	2,703	125
	Swiss Franc	Sell	12/21/16	34,544	34,294	(250)
UBS AG
	British Pound	Sell	12/21/16	223,558	229,026	5,468
	Euro	Buy	12/21/16	31,680	31,493	187
	Swiss Franc	Buy	12/21/16	418,972	413,662	5,310
Total						$56,473

Key to holding's abbreviations
ADR	American Depository Receipts: represents ownership of foreign securities on deposit with a custodian bank
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, 2016 through September 30, 2016 (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 $246,575,587.
(b)	The aggregate identified cost on a tax basis is $268,845,794, resulting in gross unrealized appreciation and depreciation of $15,693,375 and $32,281,841, respectively, or net unrealized depreciation of $16,588,466.
(NON)	This security is non-income-producing.
(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 Cash Collateral Pool, Inc. and Putnam Short Term Investment Fund, which are 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 Cash Collateral Pool, LLC*	$5,232,796	$18,648,889	$17,540,170	$8,419	$6,341,515
	Putnam Short Term Investment Fund **	4,116,328	19,587,100	22,782,620	3,006	920,808
	Totals	$9,349,124	$38,235,989	$40,322,790	$11,425	$7,262,323
	* No management fees are charged to Putnam Cash Collateral Pool, LLC.
	** 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 remaining maturities of the securities lending transactions are considered overnight and continuous. 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 $6,341,515, 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 $6,115,862.
(F)	This security is valued by Putnam Management 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.
(P)	This security was pledged, or purchased with cash that was pledged, to the fund for collateral on certain derivative contracts. The rate quoted in the security description is the annualized 7-day yield of the fund at the close of the reporting period.
(R)	Real Estate Investment Trust.
(S)	This security is on loan, in part or in entirety, at the close of the reporting period.
	At the close of the reporting period, the fund maintained liquid assets totaling $1,591 to cover certain derivative contracts.
	144A after the name of an issuer represents securities exempt from registration under Rule 144A under the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers.
	The fund had the following sector concentrations greater than 10% at the close of the reporting period (as a percentage of net assets):
	Financials	16.3%
	Health care	15.5
	Consumer staples	15.1
	Consumer discretionary	12.1
	Security valuation: Portfolio securities and other investments are valued using policies and procedures adopted by the Board of Trustees. The Trustees have formed a Pricing Committee to oversee the implementation of these procedures and have delegated responsibility for valuing the fund's assets in accordance with these procedures to Putnam Management. Putnam Management has established an internal Valuation Committee that is responsible for making fair value determinations, evaluating the effectiveness of the pricing policies of the fund and reporting to the Pricing Committee.
	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 scheduled 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 scheduled 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. 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 are valued using an independent pricing service approved by the Trustees, 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, recovery rates, sales and other multiples and resale restrictions. These securities are classified as Level 2 or as Level 3 depending on the priority of the significant inputs.
	To assess the continuing appropriateness of fair valuations, the Valuation Committee reviews and affirms the reasonableness of such valuations on a regular basis after considering all relevant information that is reasonably available. 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.
	Forward currency contracts: The fund buys and sells forward currency contracts, which are agreements between two parties to buy and sell currencies at a set price on a future date. These contracts were used to hedge foreign exchange risk.
	The U.S. dollar value of forward currency contracts is determined using current forward currency exchange rates supplied by a quotation service. The fair value of the contract will fluctuate with changes in currency exchange rates. The contract is marked to market daily and the change in fair value is recorded as an unrealized gain or loss. The fund records a realized gain or loss equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed when the contract matures or by delivery of the currency. The fund could be exposed to risk if the value of the currency changes unfavorably, if the counterparties to the contracts are unable to meet the terms of their contracts or if the fund is unable to enter into a closing position.
	For the fund's average contract amount on forward currency contracts, see the appropriate table at the end of these footnotes.
	Master agreements: The fund is a party to ISDA (International Swaps and Derivatives Association, Inc.) Master Agreements (Master Agreements) with certain counterparties that govern OTC derivative and foreign exchange contracts entered into from time to time. The Master Agreements may contain provisions regarding, among other things, the parties' general obligations, representations, agreements, collateral requirements, events of default and early termination. With respect to certain counterparties, in accordance with the terms of the Master Agreements, collateral posted to the fund is held in a segregated account by the fund's custodian and, with respect to those amounts which can be sold or repledged, is presented in the fund's portfolio.
	Collateral pledged by the fund is segregated by the fund's custodian and identified in the fund's portfolio. Collateral can be in the form of cash or debt securities issued by the U.S. Government or related agencies or other securities as agreed to by the fund and the applicable counterparty. Collateral requirements are determined based on the fund's net position with each counterparty.
	Termination events applicable to the fund may occur upon a decline in the fund's net assets below a specified threshold over a certain period of time. Termination events applicable to counterparties may occur upon a decline in the counterparty's long-term and short-term credit ratings below a specified level. In each case, upon occurrence, the other party may elect to terminate early and cause settlement of all derivative and foreign exchange contracts outstanding, including the payment of any losses and costs resulting from such early termination, as reasonably determined by the terminating party. Any decision by one or more of the fund's counterparties to elect early termination could impact the fund's future derivative activity.
	At the close of the reporting period, the fund had a net liability position of $1,711 on open derivative contracts subject to the Master Agreements. There was no collateral posted by the fund at period end for these agreements.

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:
Belgium	$7,428,806	$—	$—
Finland	3,910,856	—	—
France	49,120,110	—	—
Germany	25,075,996	—	—
Ireland	11,085,379	—	—
Israel	2,149,785	—	—
Italy	12,303,110	—	—
Netherlands	12,572,597	—	—
Norway	3,222,811	—	—
Spain	8,164,709	—	—
Sweden	6,955,297	—	—
Switzerland	26,968,888	—	—
United Kingdom	68,296,677	—	—
United States	7,619,984	—	—
Total common stocks	244,875,005	—	—
Short-term investments	1,040,808	6,341,515	—
Totals by level	$245,915,813	$6,341,515	$—
		Valuation inputs
Other financial instruments:	Level 1	Level 2	Level 3
Forward currency contracts	$—	$56,473	$—
Totals by level	$—	$56,473	$—
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. Transfers are accounted for using the end of period pricing valuation method.
Fair Value of Derivative Instruments as of the close of the reporting period
	Asset derivatives	Liability derivatives
Derivatives not accounted for as hedging instruments under ASC 815	Fair value	Fair value
Foreign exchange contracts	$117,943	$61,470
Total	$117,943	$61,470
The volume of activity for the reporting period for any derivative type that was held at the close of the period is listed below and was based on an average of the holdings of that derivative at the end of each fiscal quarter in the reporting period:
Forward currency contracts (contract amount)		$17,300,000

	The following table summarizes any derivatives, repurchase agreements and reverse repurchase agreements, at the end of the reporting period, that are subject to an enforceable master netting agreement or similar agreement. For securities lending transactions, if applicable, see note "(d)" above, and for borrowing transactions associated with securities sold short, if applicable, see the "Short sales of securities" note above.
		Bank of America N.A.	Citibank, N.A.	Credit Suisse International	HSBC Bank USA, National Association	JPMorgan Chase Bank N.A.	State Street Bank and Trust Co.	UBS AG	Total
	Assets:
	Forward currency contracts#	$457	$1,882	$99,048	$—	$3,849	$1,742	$10,965	$117,943
	Total Assets	$457	$1,882	$99,048	$—	$3,849	$1,742	$10,965	$117,943
	Liabilities:
	Forward currency contracts#	1,283	—	57,980	885	54	1,268	—	61,470
	Total Liabilities	$1,283	$—	$57,980	$885	$54	$1,268	$—	$61,470
	Total Financial and Derivative Net Assets	$(826)	$1,882	$41,068	$(885)	$3,795	$474	$10,965	$56,473
	Total collateral received (pledged)##†	$—	$—	$41,068	$—	$—	$—	$—
	Net amount	$(826)	$1,882	$—	$(885)	$3,795	$474	$10,965
†	Additional collateral may be required from certain brokers based on individual agreements.
#	Covered by master netting agreement.
##	Any over-collateralization of total financial and derivative net assets is not shown. Collateral may include amounts related to unsettled agreements.
	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 28, 2016

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 28, 2016

By (Signature and Title):

/s/ Janet C. Smith
Janet C. Smith
Principal Financial Officer
Date: November 28, 2016