-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, RVGk7v+ErLVn98C65LrXXOijFj1S5qM+/amCSxi0jMQhwxvGakIE/LPDXm6ELHHy I6Suh2wOqzPXHKE1s6n33w== 0000928816-09-001228.txt : 20091125 0000928816-09-001228.hdr.sgml : 20091125 20091125142757 ACCESSION NUMBER: 0000928816-09-001228 CONFORMED SUBMISSION TYPE: N-Q PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20090930 FILED AS OF DATE: 20091125 DATE AS OF CHANGE: 20091125 EFFECTIVENESS DATE: 20091125 FILER: COMPANY DATA: COMPANY CONFORMED NAME: PUTNAM INTERNATIONAL EQUITY FUND /MA/ CENTRAL INDEX KEY: 0000868648 IRS NUMBER: 046661045 STATE OF INCORPORATION: MA FISCAL YEAR END: 0630 FILING VALUES: FORM TYPE: N-Q SEC ACT: 1940 Act SEC FILE NUMBER: 811-06190 FILM NUMBER: 091207948 BUSINESS ADDRESS: STREET 1: ONE POST OFFICE SQ CITY: BOSTON STATE: MA ZIP: 02109 BUSINESS PHONE: 6172921471 FORMER COMPANY: FORMER CONFORMED NAME: PUTNAM INTERNATIONAL GROWTH FUND /MA/ DATE OF NAME CHANGE: 19960805 FORMER COMPANY: FORMER CONFORMED NAME: PUTNAM OVERSEAS GROWTH FUND DATE OF NAME CHANGE: 19920703 FORMER COMPANY: FORMER CONFORMED NAME: PUTNAM INTERNATIONAL GROWTH FUND DATE OF NAME CHANGE: 19901107 0000868648 S000006181 PUTNAM INTERNATIONAL EQUITY FUND /MA/ C000017024 Class A Shares POVSX C000017025 Class B Shares POVBX C000017026 Class C Shares PIGCX C000017027 Class M Shares POVMX C000017028 Class R Shares PIERX C000017029 Class Y Shares POVYX N-Q 1 a_interequity.htm PUTNAM INTERNATIONAL EQUITY FUND a_interequity.htm
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- 06190) 
 
Exact name of registrant as specified in charter:  Putnam International Equity Fund 
 
Address of principal executive offices: One Post Office Square, Boston, Massachusetts 02109 
 
Name and address of agent for service:  Beth S. Mazor, Vice President 
  One Post Office Square 
  Boston, Massachusetts 02109 
 
Copy to:  John W. Gerstmayr, Esq. 
  Ropes & Gray LLP 
  One International Place 
  Boston, Massachusetts 02110 
 
Registrant’s telephone number, including area code:  (617) 292-1000     
 
Date of fiscal year end: June 30, 2010   
 
Date of reporting period: September 30, 2009   

Item 1. Schedule of Investments:



Putnam International Equity Fund
The fund's portfolio
9/30/09 (Unaudited)

COMMON STOCKS (98.7%)(a)     
  Shares  Value 

 
Australia (1.9%)     
BlueScope Steel, Ltd.  7,148,264  $18,318,893 
Westfield Group  1,576,424  19,203,890 
    37,522,783 

 
Belgium (1.9%)     
KBC Groupe SA (NON)  459,757  23,109,929 
UCB SA  314,761  13,293,394 
    36,403,323 

 
Brazil (0.6%)     
Cia Brasileira de Meios de Pagamento  917,362  9,100,115 
Companhia Brasileira de Meios de Pagamento 144A  197,300  1,957,191 
    11,057,306 

 
Canada (1.4%)     
Agrium, Inc.  193,160  9,678,797 
Nexen, Inc.  741,051  16,887,165 
    26,565,962 

 
China (2.5%)     
China National Materials Co., Ltd.  11,487,000  9,755,006 
Industrial & Commercial Bank of China  23,924,000  17,930,048 
Longtop Financial Technologies Ltd. ADR (NON)  172,800  4,917,888 
Renhe Commercial Holdings Co., Ltd.  22,110,000  4,436,277 
Sohu.com, Inc. (NON) (S)  151,900  10,447,682 
Yingde Gases Group Co. 144A (NON)  888,000  802,154 
    48,289,055 

 
Finland (1.1%)     
Nokia OYJ  1,447,055  21,296,627 
    21,296,627 

 
France (13.4%)     
Alstom SA  178,543  13,038,929 
AXA SA  795,321  21,546,359 
BNP Paribas (Rights) (NON)  470,385  1,019,471 
BNP Paribas SA (S)  470,385  37,610,216 
Christian Dior SA  226,466  22,385,485 
France Telecom SA  1,099,932  29,323,529 
Renault SA (NON)  237,719  11,092,707 
Societe Generale  291,373  23,467,764 
Total SA  665,786  39,588,942 
UBISOFT Entertainment (NON)  872,540  16,534,054 
Unibail-Rodamco (R)  56,514  11,747,654 
Vivendi SA  1,046,832  32,414,879 
    259,769,989 

 
Germany (7.4%)     
Bayerische Motoren Werke (BMW) AG  327,161  15,786,166 
Deutsche Post AG  1,636,596  30,676,879 
HeidelbergCement AG 144A (NON)  70,915  4,594,232 
Henkel AG & Co. KGaA  548,372  23,625,318 
MTU Aero Engines Holding AG  350,049  16,588,116 
Porsche Automobil Holding SE (Preference)  447,614  35,232,369 
RWE AG  174,289  16,199,373 
    142,702,453 

 
Greece (0.8%)     
Public Power Corp. SA (NON)  660,049  14,701,617 
    14,701,617 

 
Hong Kong (3.1%)     
Cheung Kong Holdings, Ltd.  1,193,000  15,022,232 
Esprit Holdings, Ltd.  1,974,900  13,244,884 
Link REIT (The) (R)  6,274,074  13,803,722 
Noble Group, Ltd. (S)  10,231,000  17,631,897 
    59,702,735 

 
Ireland (0.7%)     
Kerry Group PLC Class A  473,899  13,566,570 
    13,566,570 

 
Italy (1.7%)     
Mediaset SpA  1,639,263  11,474,566 
Prysmian SpA  1,146,553  21,524,937 



    32,999,503 

 
 
Japan (19.3%)     
Aisin Seiki Co., Ltd.  987,600  23,898,750 
Astellas Pharma, Inc.  787,000  32,391,600 
Casio Computer Co., Ltd.  1,339,500  10,946,976 
Daito Trust Construction Co., Ltd.  213,800  9,320,989 
East Japan Railway Co.  216,100  15,543,877 
Fujitsu, Ltd.  2,770,000  17,969,566 
Hitachi, Ltd. (NON)  1,020,000  3,123,769 
Japan Retail Fund Investment Corp. (R)  1,139  6,190,812 
Japan Tobacco, Inc.  11,415  38,934,235 
Jupiter Telecommunications Co., Ltd.  14,907  14,447,650 
KDDI Corp.  4,927  27,759,308 
Mitsui & Co., Ltd.  764,700  9,968,387 
Mitsui Fudosan Co., Ltd.  715,000  12,003,881 
Nintendo Co., Ltd.  51,700  13,240,951 
Nippon Telegraph & Telephone (NTT) Corp.  616,800  28,518,577 
Ono Pharmaceutical Co., Ltd.  211,900  11,004,599 
ORIX Corp.  402,850  24,533,282 
ORIX Corp. 144A (NON)  34,940  2,127,821 
Sankyo Co., Ltd.  291,500  18,227,384 
Suzuken Co., Ltd.  483,500  16,690,837 
Tokyo Gas Co., Ltd.  4,773,000  19,836,028 
Toyo Suisan Kaisha, Ltd.  580,000  15,740,994 
    372,420,273 

 
Norway (1.9%)     
DnB NOR ASA (NON) (S)  1,889,525  21,926,631 
StatoilHydro ASA  668,232  15,056,692 
    36,983,323 

 
Singapore (0.7%)     
Singapore Airlines, Ltd.  1,332,800  13,041,349 
    13,041,349 

 
South Korea (2.4%)     
Hana Financial Group, Inc.  506,720  17,390,724 
KT Corp.  192,810  6,642,305 
Samsung Electronics Co., Ltd.  15,897  10,963,832 
Shinhan Financial Group Co., Ltd. (NON)  269,830  10,801,016 
    45,797,877 

 
Spain (4.4%)     
Banco Bilbao Vizcaya Argentaria SA  1,247,103  22,152,505 
Banco Santander Central Hispano SA  2,915,783  46,968,599 
Endesa SA  363,977  12,035,319 
Obrascon Huarte Lain SA  138,478  3,862,151 
    85,018,574 

 
Switzerland (10.9%)     
Credit Suisse Group  752,423  41,777,059 
Nestle SA  1,486,452  63,385,207 
Roche Holding AG  399,918  64,683,531 
Zurich Financial Services AG  175,318  41,730,289 
    211,576,086 

 
Taiwan (0.8%)     
Hon Hai Precision Industry Co., Ltd.  2,909,000  11,636,000 
Radiant Opto-Electronics Corp.  3,782,610  4,479,936 
    16,115,936 

 
United Arab Emirates (0.9%)     
Aldar Properties PJSC  6,495,029  10,628,165 
DP World, Ltd.  13,221,376  7,403,971 
    18,032,136 

 
United Kingdom (20.9%)     
BAE Systems PLC  6,637,879  37,098,747 
Barclays PLC  1,951,094  11,554,086 
BG Group PLC  1,340,964  23,329,334 
BHP Billiton PLC  971,932  26,569,258 
BP PLC  7,253,718  64,200,953 
BT Group PLC  12,497,940  26,003,839 
Cairn Energy PLC (NON)  329,981  14,719,111 
Cobham PLC  1,517,829  5,317,706 
Compass Group PLC  2,610,732  15,974,316 
Dana Petroleum PLC (NON)  409,173  9,181,437 
GlaxoSmithKline PLC  1,930,624  37,991,104 
Marks & Spencer Group PLC  2,882,528  16,705,433 
Reckitt Benckiser Group PLC  552,617  27,046,894 
Royal Bank of Scotland Group PLC  6,976,566  5,912,427 
TUI Travel PLC  4,601,522  18,750,618 
Vedanta Resources PLC (S)  481,592  14,660,388 
WPP PLC  2,114,357  18,172,232 
Xstrata PLC  2,102,940  31,049,101 
    404,236,984 

Total common stocks (cost $1,629,970,524)    $1,907,800,461 



U.S. TREASURY OBLIGATIONS (0.1%)(a)(i)     
  Principal amount  Value 

U.S. Treasury Notes 3 5/8s, May 15, 2013  $1,045,000  $1,133,794 
U.S. Treasury Notes 6 1/2s, February 15, 2010  463,000  477,784 

Total U.S. treasury obligations (cost $1,611,578)    $1,611,578 
 
SHORT-TERM INVESTMENTS (3.2%)(a)     
  Principal amount  Value 

Short-term investments held as collateral for loaned     
securities with yields ranging from 0.01% to 0.47% and     
due dates ranging from October 1, 2009 to     
October 9, 2009 (d)  $59,003,241  $59,003,100 
SSgA Prime Money Market Fund (i)  80,000  80,000 
U.S. Treasury Bills for effective yields ranging from     
0.46% to 0.48%, November 19, 2009  860,000  859,442 
U.S. Treasury Bills, zero%, December 17, 2009 (i)  1,230,000  1,229,754 

Total short-term investments (cost $61,172,296)    $61,172,296 
 
TOTAL INVESTMENTS     

Total investments (cost $1,692,754,398)(b)    $1,970,584,335 



FORWARD CURRENCY CONTRACTS TO BUY at 9/30/09 (aggregate face value $317,687,607) (Unaudited)   
        Unrealized 
    Aggregate  Delivery  appreciation/ 
  Value  face value  date  (depreciation) 

Australian Dollar  $132,023,454  $124,854,722  10/21/09  $7,168,732 
British Pound  15,278,967  15,468,155  10/21/09  (189,188) 
Danish Krone  14,404,329  14,347,408  10/21/09  56,921 
Euro  65,346,270  63,559,243  10/21/09  1,787,027 
Japanese Yen  45,073,426  44,081,607  10/21/09  991,819 
Norwegian Krone  930,023  887,444  10/21/09  42,579 
Singapore Dollar  5,772,143  5,696,691  10/21/09  75,452 
Swedish Krona  50,862,674  48,792,337  10/21/09  2,070,337 

Total        $12,003,679 



FORWARD CURRENCY CONTRACTS TO SELL at 9/30/09 (aggregate face value $232,595,243) (Unaudited)   
        Unrealized 
    Aggregate  Delivery  appreciation/ 
  Value  face value  date  (depreciation) 

Australian Dollar  $8,445,534  $7,982,367  10/21/09  $(463,167) 
British Pound  24,526,973  24,831,574  10/21/09  304,601 
Canadian Dollar  24,260,951  24,039,324  10/21/09  (221,627) 
Euro  16,425,016  15,938,294  10/21/09  (486,722) 
Hong Kong Dollar  29,888,558  29,889,749  10/21/09  1,191 
Japanese Yen  26,318,816  25,529,124  10/21/09  (789,692) 
Norwegian Krone  27,074,547  25,809,273  10/21/09  (1,265,274) 
Singapore Dollar  4,766,853  4,711,081  10/21/09  (55,772) 
Swedish Krona  1,253,822  1,203,089  10/21/09  (50,733) 
Swiss Franc  73,573,604  72,661,368  10/21/09  (912,236) 

Total        $(3,939,431) 



Key to holding's abbreviations

ADR American Depository Receipts

NOTES

(a) Percentages indicated are based on net assets of $1,932,143,537.

(b) The aggregate identified cost on a tax basis is $1,745,645,076, resulting in gross unrealized appreciation and depreciation of $292,298,760 and $67,359,501, respectively, or net unrealized appreciation of $224,939,259.

(NON) Non-income-producing security.

(d) The fund may lend securities, through its agents, to qualified borrowers in order to earn additional income. The loans are collateralized by cash and/or securities in an amount at least equal to the market value of the securities loaned. The market 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 agents; the fund will bear the risk of loss with respect to the investment of the cash collateral. At September 30, 2009, the value of securities loaned amounted to $56,322,323. The fund received cash collateral of $59,003,100 which is pooled with collateral of other Putnam funds into 3 issues of short-term investments.

(e) The fund invested in Putnam Money Market Liquidity Fund, an open-end management investment company managed by Putnam Investment Management, LLC ("Putnam Management"), the fund's manager, an indirect wholly-owned subsidiary of Putnam Investments, LLC. Investments in Putnam Money Market Liquidity Fund are valued at its closing net asset value each business day. Income distributions earned by the fund are recorded as interest income and totaled $6,584 for the period ended September 30, 2009. During the period ended September 30, 2009, cost of purchases and proceeds of sales of investments in Putnam Money Market Liquidity Fund aggregated $193,973,741 and $200,919,212, respectively. Management fees charged to Putnam Money Market Liquidity Fund have been waived by Putnam Management.

(i) Securities purchased with cash or received, that were pledged to the fund for collateral on certain derivative contracts.

(R) Real Estate Investment Trust.

(S) Securities on loan, in part or in entirety, at September 30, 2009.

Debt obligations are considered secured unless otherwise indicated.

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.

ADR after the name of a foreign holding represents ownership of foreign securities on deposit with a custodian bank.

The dates shown on debt obligations are the original maturity dates.

The fund had the following industry concentration greater than 10% at September 30, 2009 (as a percentage of net assets):

Banking  11.0% 

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. If no sales are reported-- as in the case of some securities traded over-the-counter-- a security is valued at its last reported bid price. Market quotations are not considered to be readily available for certain debt obligations; such investments are valued on the basis of valuations furnished by an independent pricing service approved by the Trustees or dealers selected by Putnam Investment Management, LLC (“Putnam Management”), the fund’s manager, an indirect wholly-owned subsidiary of Putnam Investments, LLC. Such services or dealers determine valuations for normal institutional-size trading units of such securities using methods based on market transactions for comparable securities and vario us relationships, generally recognized by institutional traders, between securities (which considers such factors as security prices, yields, maturities and ratings) . 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. 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 September 30, 2009, 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. 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. Certain investments, including certain restricted and illiquid securities and derivatives, are also valued at fair value



following procedures approved by the Trustees. 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 may buy and sell forward currency contracts, which are agreements between two parties to buy and sell currencies at a set price on a future date. These contracts are used to protect against a decline in value relative to the U.S. dollar of the currencies in which its portfolio securities are denominated or quoted (or an increase in the value of a currency in which securities a fund intends to buy are denominated, when a fund holds cash reserves and short term investments), or for other investment purposes. The U.S. dollar value of forward currency contracts is determined using current forward currency exchange rates supplied by a quotation service. The market value of the contract will fluctuate with changes in currency exchange rates. The contract is marked to market daily and the change in market value is recorded as an unrealized gain or loss. When the contract is closed , 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. 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. Outstanding contracts at period end are indicative of the volume of activity during the period.

Master agreements: The fund is a party to ISDA (International Swap and Derivatives Association, Inc.) Master Agreements (“Master Agreements”) with certain counterparties that govern over the counter 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, are presented in the fund’s portfolio. Collateral posted to the fund which can not be sold or repledged totaled $1,277,827 at September 30, 2009. Collateral pledged by the f und 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 o f the fund’s counterparties to elect early termination could impact the fund's future derivative activity.

At September 30, 2009, the fund had a net liability position of $1,515,908 on derivative contracts subject to the Master Agreements.

On September 15, 2008, the fund terminated its outstanding derivatives contracts with Lehman Brothers Special Financing, Inc. (“LBSF”) in connection with the bankruptcy filing of LBSF’s parent company, Lehman Brothers Holdings, Inc. On September 26, 2008, the fund entered into receivable purchase agreements (“Agreements”) with other registered investment companies (each a “Purchaser”) managed by Putnam Management. Under the Agreements, the fund sold to the Purchasers the fund’s right to receive, in the aggregate, $3,469,039 in net payments from LBSF in connection with certain terminated derivatives transactions (the “Receivable”), in each case in exchange for an initial payment plus (or minus) additional amounts based on the applicable Purchaser’s ultimate realized gain (or loss) on the Receivable. The Agreements are valued at fair value following procedures appr oved by the Trustees. All remaining payments under the agreement will be recorded as realized gain or loss.



In September 2006, Accounting Standards Codification ASC 820 Fair Value Measurements and Disclosures ("ASC 820") was issued. ASC 820 is effective for financial statements issued for fiscal years beginning after November 15, 2007 and interim periods within those fiscal years. While the adoption of ASC 820 does not have a material effect on the fund’s net asset value, it does require additional disclosures about fair value measurements. 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 September 30, 2009:

      Valuation inputs   

Investments in securities:    Level 1  Level 2  Level 3 

Common stocks:         

  Australia  $--  $37,522,783  $-- 

  Belgium  36,403,323  --  -- 

  Brazil  11,057,306  --  -- 

  Canada  26,565,962  --  -- 

  China  16,167,724  32,121,331  -- 

  Finland  21,296,627  --  -- 

  France  259,769,989  --  -- 

  Germany  142,702,453  --  -- 

  Greece  14,701,617  --  -- 

  Hong Kong  --  59,702,735  -- 

  Ireland  13,566,570  --  -- 

  Italy  32,999,503  --  -- 

  Japan  --  372,420,273  -- 

  Norway  36,983,323  --  -- 

  Singapore  --  13,041,349  -- 

  South Korea  --  45,797,877  -- 

  Spain  85,018,574  --  -- 

  Switzerland  211,576,086  --  -- 

  Taiwan  --  16,115,936  -- 

  United Arab Emirates  18,032,136  --  -- 

  United Kingdom  404,236,984  --  -- 

Total common stocks    1,331,078,177  576,722,284  -- 

Short-term investments    80,000  61,092,296  -- 

U.S. Treasury Obligations    --  1,611,578  -- 

Totals by level    $1,331,158,177  $639,426,158  $-- 

 
 
 
 
    Level 1  Level 2  Level 3 

Other financial instruments:    $--  $8,064,248  $866,566 


Other financial instruments include forward currency contracts and receivable purchase agreements.

The following is a reconciliation of Level 3 assets as of September 30, 2009:

        Change in net    Net   
  Balance as of  Accrued    unrealized  Net  transfers in  Balance as of 
  June  discounts/  Realized  appreciation/  purchases/  and/or out  September 
  30, 2009 ††  premiums  gain/(loss)  (depreciation) †  sales  of Level 3  30, 2009 †† 

Other financial instruments:  $894,021  $--  $--  $(27,455)  $--  $--  $866,566 


† Includes $(27,455) related to Level 3 securities still held at period end.

†† Includes amount payable under receivable purchase agreement.

Market Values of Derivative Instruments as of September 30, 2009     

  Asset derivatives  Liability derivatives 
 
Derivatives not accounted for as hedging instruments under ASC 815  Market value  Market value 

Foreign exchange contracts  $12,534,504  $4,470,256 

Total  $12,534,504  $4,470,256 


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 International Equity Fund

By (Signature and Title):

/s/ Janet C. Smith
Janet C. Smith
Principal Accounting Officer
Date: November 25, 2009

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/ Charles E. Porter
Charles E. Porter
Principal Executive Officer
Date: November 25, 2009

By (Signature and Title):

/s/ Steven D. Krichmar
Steven D. Krichmar
Principal Financial Officer
Date: November 25, 2009


EX-99.CERT 2 b_exnncert.htm EX-99.CERT b_exnncert.htm

Certifications

I, Charles E. Porter, 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/ Charles E. Porter
_____________________________
Date: November 24, 2009
Charles E. Porter
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 24, 2009
Steven D. Krichmar
Principal Financial Officer



Attachment A 
NQ 
Period (s) ended September 30, 2009 
 
 
Putnam Europe Equity Fund 
Putnam International Equity Fund 
Putnam New Opportunities Fund 
Putnam Small Cap Growth Fund 
Putnam International Growth & Income Fund 
 
Putnam VT American Government Income Fund 
Putnam VT Capital Opportunities Fund 
Putnam VT Diversified Income Fund 
Putnam VT Equity Income Fund 
Putnam VT The George Putnam Fund of Boston 
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 Growth and Income Fund 
Putnam VT International New Opportunities Fund 
Putnam VT Investors Fund 
Putnam VT Mid Cap Value Fund 
Putnam VT Money Market Fund 
Putnam VT New Opportunities Fund 
Putnam VT Research Fund 
Putnam VT Small Cap Value Fund 
Putnam VT Vista Fund 
Putnam VT Voyager Fund 


-----END PRIVACY-ENHANCED MESSAGE-----