N-Q 1 a_internationalequity.htm PUTNAM INTERNATIONAL EQUITY FUND a_internationalequity.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: Robert T. Burns, Vice President
One Post Office Square
Boston, Massachusetts 02109
Copy to:         John W. Gerstmayr, Esq.
Ropes & Gray LLP
800 Boylston Street
Boston, Massachusetts 02199-3600
Registrant’s telephone number, including area code: (617) 292-1000
Date of fiscal year end: June 30, 2013
Date of reporting period: September 30, 2012



Item 1. Schedule of Investments:














Putnam International Equity Fund

The fund's portfolio
9/30/12 (Unaudited)
COMMON STOCKS (99.6%)(a)
Shares Value

Australia (2.9%)
Macquarie Group, Ltd. 372,613 $10,939,960
Origin Energy, Ltd. 514,271 6,035,728
Telstra Corp., Ltd. 2,754,315 11,173,704

28,149,392
Brazil (0.7%)
Localiza Rent a Car SA 385,000 6,760,883

6,760,883
Canada (1.8%)
Agrium, Inc. 95,760 9,935,429
Suncor Energy, Inc. 230,600 7,585,804

17,521,233
China (1.5%)
Brilliance China Automotive Holdings, Inc.(NON) 6,884,000 7,552,283
Spreadtrum Communications, Inc. ADR 364,500 7,494,120

15,046,403
France (12.9%)
Christian Dior SA 109,939 14,794,858
Danone 194,583 11,998,887
Pernod-Ricard SA 121,797 13,687,043
Sanofi 368,995 31,522,958
Societe Generale SA(NON) 372,582 10,626,932
Technip SA 83,945 9,366,544
Valeo SA 336,739 15,633,202
Vivendi 892,400 17,448,530

125,078,954
Germany (14.7%)
Allianz SE 113,124 13,469,792
BASF SE 152,967 12,925,327
Bayer AG 166,851 14,356,182
Continental AG 74,688 7,327,177
Deutsche Bank AG 139,530 5,521,959
Deutsche Lufthansa AG 586,296 7,963,710
Deutsche Post AG 1,083,699 21,186,911
Kabel Deutschland Holding AG(NON) 188,855 13,492,913
Lanxess AG 138,862 11,527,914
Merck KGaA 71,876 8,871,134
MTU Aero Engines Holding AG 157,534 12,593,060
Siemens AG 133,834 13,364,912

142,600,991
Hong Kong (1.6%)
Hongkong Land Holdings, Ltd. 1,408,000 8,443,293
Sands China, Ltd. 1,817,600 6,748,895

15,192,188
India (0.9%)
Housing Development Finance Corp., Ltd. (HDFC)(NON) 616,593 9,039,713

9,039,713
Indonesia (1.0%)
Bank Mandiri (Persero) Tbk PT 5,786,000 4,936,269
Indocement Tunggal Prakarsa 2,273,500 4,828,222

9,764,491
Ireland (1.3%)
Kerry Group PLC Class A 238,780 12,212,920

12,212,920
Italy (3.5%)
ENI SpA 548,350 12,031,377
Fiat SpA(NON) 1,770,392 9,485,834
Luxottica Group SpA 158,010 5,576,480
UniCredit SpA(NON) 1,755,378 7,337,644

34,431,335
Japan (16.9%)
Aisin Seiki Co., Ltd. 304,700 8,659,569
Astellas Pharma, Inc. 201,300 10,224,181
Canon, Inc. 247,000 7,904,688
Chiyoda Corp. 541,000 8,409,308
Inpex Corp. 1,874 11,100,984
Japan Airlines Co., Ltd.(NON) 143,700 6,720,976
Japan Tobacco, Inc. 510,300 15,293,986
Lawson, Inc. 153,600 11,802,786
Mitsubishi UFJ Financial Group (MUFG), Inc. 4,010,200 18,684,597
Nippon Telegraph & Telephone (NTT) Corp. 241,300 11,450,081
Nissan Motor Co., Ltd. 1,771,400 15,081,613
ORIX Corp. 205,900 20,646,260
Tokyo Gas Co., Ltd. 3,382,000 18,631,355

164,610,384
Netherlands (1.6%)
ING Groep NV GDR(NON) 1,927,173 15,319,965

15,319,965
Russia (1.2%)
Sberbank of Russia ADR 1,021,589 12,025,683

12,025,683
Singapore (0.6%)
Ezion Holdings, Ltd. 5,054,000 5,506,957

5,506,957
South Korea (1.9%)
Samsung Electronics Co., Ltd. 9,861 11,871,974
SK Hynix, Inc.(NON) 314,690 6,390,944

18,262,918
Spain (1.8%)
Amadeus IT Holding SA Class A 335,703 7,837,710
Grifols SA(NON)(S) 195,359 6,459,135
Grifols SA ADR(NON) 149,412 3,411,076

17,707,921
Taiwan (0.6%)
Hon Hai Precision Industry Co., Ltd. 1,907,000 5,906,077

5,906,077
United Kingdom (25.0%)
Aggreko PLC 206,511 7,733,581
Associated British Foods PLC 567,605 11,828,611
Barclays PLC 3,732,489 12,992,488
BG Group PLC 803,098 16,262,011
BHP Billiton PLC 380,937 11,896,256
Centrica PLC 2,840,240 15,054,287
Compass Group PLC 1,259,665 13,931,811
Kingfisher PLC 2,659,786 11,365,475
Lloyds Banking Group PLC(NON) 14,079,733 8,871,269
Prudential PLC 1,442,416 18,716,558
Rio Tinto PLC 513,274 23,993,677
Royal Dutch Shell PLC Class A 732,282 25,361,222
SSE PLC 566,034 12,732,705
Telecity Group PLC 518,287 7,502,146
Vodafone Group PLC 7,403,457 21,070,692
WM Morrison Supermarkets PLC 2,113,564 9,747,042
WPP PLC 1,027,581 13,991,290

243,051,121
United States (7.2%)
ACE, Ltd. 121,000 9,147,600
Apple, Inc. 17,592 11,738,438
Covidien PLC 258,900 15,383,838
KKR & Co. LP 550,000 8,310,500
Monsanto Co. 82,465 7,505,964
Tyco International, Ltd.(WI) 224,418 12,625,757
Visa, Inc. Class A 37,700 5,062,357

69,774,454

Total common stocks (cost $874,553,668) $967,963,983

SHORT-TERM INVESTMENTS (1.1%)(a)
Principal amount/shares Value

Putnam Cash Collateral Pool, LLC 0.21%(d) 4,493,300 $4,493,300
Putnam Money Market Liquidity Fund 0.14%(AFF) 4,134,780 4,134,780
SSgA Prime Money Market Fund 0.14%(P) 1,316,798 1,316,798
U.S. Treasury Bills with an effective yield of 0.156%, July 25, 2013(SEGSF) $265,000 264,662
U.S. Treasury Bills with effective yields ranging from 0.154% to 0.187%, May 2, 2013(SEGSF) 130,000 129,885
U.S. Treasury Bills with effective yields ranging from 0.136% to 0.169%, March 7, 2013(SEGSF) 136,000 135,923
U.S. Treasury Bills with an effective yield of 0.150%, February 7, 2013(SEGSF) 179,000 178,934

Total short-term investments (cost $10,654,230) $10,654,282

TOTAL INVESTMENTS

Total investments (cost $885,207,898)(b) $978,618,265










WHEN-ISSUED SECURITIES SOLD AT 9/30/2012
     
COMMON STOCKS (0.2%)(a) Shares Value
     
     
Switzerland (0.2%)    
     
Pentair, Ltd. 53,855 $2,394,910
     
     
     
Total when-issued securities sold (proceeds $2,394,910)    $2,394,910




FORWARD CURRENCY CONTRACTS at 9/30/12 (aggregate face value $351,628,866) (Unaudited)


Unrealized
Contract Delivery Aggregate appreciation/
Counterparty Currency type date Value face value (depreciation)

Bank of America, N.A.
Australian Dollar Buy 10/17/12 $2,972,436 $2,929,064 $43,372
Swedish Krona Buy 10/17/12 3,414,348 3,334,126 80,222
Swiss Franc Buy 10/17/12 3,484,735 3,426,190 58,545
Barclays Bank PLC
British Pound Sell 10/17/12 2,094,785 2,059,737 (35,048)
Canadian Dollar Buy 10/17/12 1,240,149 1,235,027 5,122
Euro Sell 10/17/12 19,276,777 18,886,477 (390,300)
Hong Kong Dollar Sell 10/17/12 25,956,066 25,959,442 3,376
Japanese Yen Sell 10/17/12 2,607,980 2,603,060 (4,920)
Norwegian Krone Sell 10/17/12 5,005,740 4,937,051 (68,689)
Singapore Dollar Buy 10/17/12 7,306,896 7,190,672 116,224
Swedish Krona Buy 10/17/12 901,109 880,056 21,053
Swiss Franc Buy 10/17/12 6,635,302 6,528,154 107,148
Citibank, N.A.
Australian Dollar Buy 10/17/12 3,187,824 3,138,925 48,899
Danish Krone Buy 10/17/12 10,751,089 10,553,194 197,895
Singapore Dollar Buy 10/17/12 3,438,166 3,415,029 23,137
Swiss Franc Buy 10/17/12 10,009,002 9,851,251 157,751
Credit Suisse AG
Australian Dollar Buy 10/17/12 1,302,895 1,283,419 19,476
British Pound Sell 10/17/12 10,136,447 10,188,097 51,650
Canadian Dollar Buy 10/17/12 6,753,707 6,730,508 23,199
Japanese Yen Sell 10/17/12 5,193,275 5,148,992 (44,283)
Norwegian Krone Buy 10/17/12 5,803,185 5,725,631 77,554
Swedish Krona Buy 10/17/12 964,776 942,547 22,229
Swiss Franc Buy 10/17/12 5,254,171 5,171,306 82,865
Deutsche Bank AG
British Pound Sell 10/17/12 2,286,776 2,248,642 (38,134)
Euro Sell 10/17/12 27,109,662 26,848,218 (261,444)
Swedish Krona Buy 10/17/12 2,831,225 2,764,580 66,645
Swiss Franc Buy 10/17/12 7,453,494 7,333,026 120,468
Goldman Sachs International
Australian Dollar Buy 10/17/12 1,352,624 1,331,686 20,938
Swedish Krona Buy 10/17/12 1,845,525 1,802,887 42,638
HSBC Bank USA, National Association
Australian Dollar Buy 10/17/12 2,857,645 2,813,714 43,931
Euro Sell 10/17/12 10,510,937 10,375,984 (134,953)
Hong Kong Dollar Buy 10/17/12 13,401,767 13,397,775 3,992
Swiss Franc Buy 10/17/12 7,621,111 7,496,208 124,903
JPMorgan Chase Bank, N.A.
British Pound Sell 10/17/12 102,858 101,136 (1,722)
Euro Sell 10/17/12 11,504,940 11,264,783 (240,157)
Hong Kong Dollar Buy 10/17/12 12,590,924 12,586,590 4,334
Japanese Yen Buy 10/17/12 4,991,001 5,018,751 (27,750)
Norwegian Krone Buy 10/17/12 9,238,843 9,115,690 123,153
Singapore Dollar Buy 10/17/12 2,481,535 2,441,105 40,430
Swedish Krona Buy 10/17/12 5,575,790 5,449,074 126,716
Swiss Franc Buy 10/17/12 6,199,351 6,101,707 97,644
Royal Bank of Scotland PLC (The)
Australian Dollar Buy 10/17/12 185,965 183,018 2,947
Canadian Dollar Buy 10/17/12 2,692,616 2,681,981 10,635
Euro Sell 10/17/12 4,507,074 4,411,326 (95,748)
Swiss Franc Buy 10/17/12 6,849,502 6,735,906 113,596
State Street Bank and Trust Co.
Australian Dollar Buy 10/17/12 6,478,317 6,377,849 100,468
Euro Sell 10/17/12 10,942,520 10,720,403 (222,117)
Israeli Shekel Buy 10/17/12 5,809,802 5,664,816 144,986
Swedish Krona Buy 10/17/12 3,027,872 2,958,532 69,340
UBS AG
Canadian Dollar Buy 10/17/12 82,365 82,053 312
Euro Sell 10/17/12 12,447,277 12,193,357 (253,920)
Swedish Krona Buy 10/17/12 4,064,958 3,971,473 93,485
Swiss Franc Buy 10/17/12 7,657,271 7,532,722 124,549
WestPac Banking Corp.
Australian Dollar Buy 10/17/12 546,395 537,666 8,729
British Pound Sell 10/17/12 2,810,755 2,763,448 (47,307)
Canadian Dollar Sell 10/17/12 3,939,984 3,925,933 (14,051)
Euro Sell 10/17/12 10,493,586 10,278,872 (214,714)

Total $529,299













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, 2012 through September 30, 2012 (the reporting period). Within the following notes to the portfolio, references to “ASC 820” represent Accounting Standards Codification ASC 820 Fair Value Measurements and Disclosures and references to “Putnam Management” represent Putnam Investment Management, LLC, the fund's manager, an indirect wholly-owned subsidiary of Putnam Investments, LLC.
(a) Percentages indicated are based on net assets of $972,019,948.
(b) The aggregate identified cost on a tax basis is $886,115,759, resulting in gross unrealized appreciation and depreciation of $142,681,203 and $50,178,697, respectively, or net unrealized appreciation of $92,502,506.
(NON) Non-income-producing security.
(AFF) Affiliated company. For investments in Putnam Money Market Liquidity Fund, 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 a company which is under common ownership, or with companies in which the fund owned at least 5% of the voting securities, were as follows:
Affiliate Market value at beginning of reporting period Purchase cost Sale proceeds Investment income Market value at end of reporting period
Putnam Money Market Liquidity Fund*  $272,325  $49,104,279  $45,241,824  $2,858  $4,134,780
     Totals  $272,325  $49,104,279  $45,241,824  $2,858  $4,134,780
           
Market values are shown for those securities affiliated at period end.
* Management fees charged to Putnam Money Market Liquidity Fund have been waived by Putnam Management.
(SEGSF) This security, in part or in entirety, was pledged and segregated with the custodian for collateral on certain derivative contracts at the close of the reporting period.
(WI) Tyco International, Ltd. announced a spin-off of operations to Pentair, Ltd. that was to close after the close of the reporting period. Prior to the close of the reporting period, the fund entered into a when-issued sale for a portion of its Pentair, Ltd. spin-off shares.
(d) 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 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 agent; the fund will bear the risk of loss with respect to the investment of the cash collateral. At the close of the reporting period, the value of securities loaned amounted to $4,331,275.
The fund received cash collateral of $4,493,300, 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.
(P) Security was pledged, or purchased with cash that was pledged, to the fund for collateral on certain derivatives contracts. The rate quoted in the security description is the annualized 7-day yield of the fund at the close of the reporting period.
(S) Security 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 $3,103,309 to cover certain derivatives contracts and securities sold short.
The fund had the following sector concentrations greater than 10% at the close of the reporting period (as a percentage of net assets):
Financials 20.1%
Consumer discretionary 14.8
Industrials 10.3
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. 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 and is generally categorized as a Level 2 security.
Investments in other open-end investment companies (excluding exchange traded funds), which are classified as Level 1 securities, are based on their net asset value. The net asset value of an investment company equals the total value of its assets less its liabilities and divided by the number of its outstanding shares. Shares are only valued as of the close of regular trading on the New York Stock Exchange each day that the exchange is open.
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.
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. 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.
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 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. 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.
The fund had an average contract amount of approximately $499,900,000 on forward currency contracts for the reporting period.
Master agreements: The fund is a party to ISDA (International Swaps 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 cannot be sold or repledged totaled $223,820 at the close of the reporting period.
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 $661,416 on derivative contracts subject to the Master Agreements. Collateral posted by the fund totaled $569,606.
Short sale of securities: The fund may engage in short sales of securities to realize appreciation when a security that the fund does not own declines in value. A short sale is a transaction in which the fund sells a security it does not own to a third party by borrowing the security in anticipation of purchasing the same security at the market price on a later date to close out the borrow and thus the short position. The price the fund pays at the later date may be more or less than the price at which the fund sold the security. If the price of the security sold short increases between the short sale and when the fund closes out the short sale, the fund will incur a loss, which is theoretically unlimited. The fund will realize a gain, which is limited to the price at which the fund sold the security short, if the security declines in value between those dates. Dividends on securities sold short are recorded as dividend expense.
While the short position is open, the fund will post cash or liquid assets at least equal in value to the market value of the securities sold short. The fund will also post collateral representing an additional 2%-5% of the market value of the securities sold short. This additional collateral will be in the form of a loan from the custodian. All collateral is marked-to-market daily. The fund may also be required to pledge on the books of the fund additional assets for the benefit of the security and cash lender. The fund is subject to risk of loss if the lender of the security were to fail to perform its obligations under the contract.













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 $— $28,149,392 $—
    Brazil 6,760,883
    Canada 17,521,233
    China 7,494,120 7,552,283
    France 125,078,954
    Germany 142,600,991
    Hong Kong 15,192,188
    India 9,039,713
    Indonesia 9,764,491
    Ireland 12,212,920
    Italy 34,431,335
    Japan 6,720,976 157,889,408
    Netherlands 15,319,965
    Russia 12,025,683
    Singapore 5,506,957
    South Korea 18,262,918
    Spain 3,411,076 14,296,845
    Taiwan 5,906,077
    United Kingdom 243,051,121
    United States 69,774,454
Total common stocks 111,682,742 856,281,241
Short-term investments 5,451,578 5,202,704



Totals by level $117,134,320 $861,483,945 $—



Valuation inputs

Other financial instruments: Level 1 Level 2 Level 3
Forward currency contracts $— $529,299 $—
When issued 2,394,910



Totals by level $2,394,910 $529,299 $—


Market Values 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 Market value Market value
Foreign exchange contracts $2,624,556 $2,095,257


Total $2,624,556 $2,095,257
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 28, 2012

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, 2012

By (Signature and Title):
/s/ Steven D. Krichmar
Steven D. Krichmar
Principal Financial Officer
Date: November 28, 2012