0000928816-19-001113.txt : 20190725 0000928816-19-001113.hdr.sgml : 20190725 20190725155231 ACCESSION NUMBER: 0000928816-19-001113 CONFORMED SUBMISSION TYPE: 485BPOS PUBLIC DOCUMENT COUNT: 6 FILED AS OF DATE: 20190725 DATE AS OF CHANGE: 20190725 EFFECTIVENESS DATE: 20190725 FILER: COMPANY DATA: COMPANY CONFORMED NAME: PUTNAM INTERNATIONAL EQUITY FUND CENTRAL INDEX KEY: 0000868648 IRS NUMBER: 046661045 STATE OF INCORPORATION: MA FISCAL YEAR END: 0630 FILING VALUES: FORM TYPE: 485BPOS SEC ACT: 1933 Act SEC FILE NUMBER: 333-229796 FILM NUMBER: 19974373 BUSINESS ADDRESS: STREET 1: ONE POST OFFICE SQ CITY: BOSTON STATE: MA ZIP: 02109 BUSINESS PHONE: 6172921471 MAIL ADDRESS: STREET 1: ONE POST OFFICE SQUARE CITY: BOSTON STATE: MA ZIP: 02109 FORMER COMPANY: FORMER CONFORMED NAME: PUTNAM INTERNATIONAL EQUITY FUND /MA/ DATE OF NAME CHANGE: 20030430 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 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 C000118015 Class R5 C000118016 Class R6 485BPOS 1 a_intleq485b.htm PUTNAM INTERNATIONAL EQUITY FUND a_intleq485b.htm
As filed with the Securities and Exchange Commission on  
 
July 25, 2019  
 
Securities Act File No. 333-229796 
--------------------------------------------------------------------------------------------------------------------   
SECURITIES AND EXCHANGE COMMISSION  
WASHINGTON, D.C. 20549  
 
---------------  
 
FORM N-14  
  ---- 
REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933  / X / 
  ---- 
  ---- 
Pre-Effective Amendment No.  /    / 
  ---- 
  ---- 
Post-Effective Amendment No. 1  / X / 
  ---- 
-----------------  
(Check appropriate box or boxes)  
---------------  
PUTNAM INTERNATIONAL EQUITY FUND  
(Exact Name of Registrant as Specified in Charter)  
 
100 Federal Street, Boston, Massachusetts 02110  
(Address of Principal Executive Offices)  
 
(617) 292-1000  
(Area Code and Telephone Number)   
 
--------------  
 
ROBERT T. BURNS, Vice President  
Putnam International Equity Fund  
100 Federal Street  
Boston, Massachusetts 02110  
(Name and address of agent for service)  
---------------  
 
Copy to:  
BRYAN CHEGWIDDEN, Esquire  
ROPES & GRAY LLP  
1211 Avenue of the Americas  
New York, New York 10036  

 


It is proposed that this filing will become effective immediately upon filing pursuant to Rule 485(b) under the Securities Act of 1933, as amended.

This filing is being made solely for the purpose of adding exhibits. No other part of the Registration Statement is amended or superseded hereby.

No filing fee is required because of reliance on Section 24(f) of Rule 24f-2 under the Investment Company Act of 1940.

 
 
EXPLANATORY NOTE 

 

This Post-Effective Amendment consists of the following:

1) Facing Sheet of the Registration Statement.

2) Part C of the Registration Statement (including signature page).

3) Exhibits 12(a) and 12(b) to Item 16 of the Registration Statement.

4) Exhibits 13(r) and 13(s) to Item 16 of the Registration Statement.

This Post-Effective Amendment is being filed solely to file the opinion and consent of counsel as to tax matters in connection with the merger of Putnam Europe Equity Fund with and into the Registrant, as Exhibits 12(a) and 12(b) to Item 16 of this Registration Statement on Form N-14.

Parts A and B of the Registration Statement on Form N-14 as filed by the Registrant (File No. 333-229796) with the Securities and Exchange Commission on February 22, 2019, as amended on April 2, 2019 (0000928816-19-000648), are incorporated by reference herein.

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PUTNAM INTERNATIONAL EQUITY FUND 
 
FORM N-14
PART C
 
OTHER INFORMATION

 

Item 15.  Indemnification

Reference is made to Article VIII, sections 1 through 3, of the Registrant’s Amended and Restated Agreement and Declaration of Trust, which is incorporated by reference to Post-Effective Amendment No. 30 to the Registrant’s Registration Statement on Form N-1A under the Investment Company Act of 1940, as amended, (File No. 811-06190). In addition, the Registrant maintains a trustees and officers liability insurance policy under which the Registrant and its trustees and officers are named insureds. Certain service providers to the Registrant also have contractually agreed to indemnify and hold harmless the trustees against liability arising in connection with the service provider’s performance of services under the relevant agreement.

The Massachusetts business trusts comprising The Putnam Funds (each, a “Trust”) have also agreed to contractually indemnify each Trustee. The agreement between the Trusts and each Trustee, in addition to delineating certain procedural aspects relating to indemnification and advancement of expenses to the fullest extent permitted by the Registrant’s Amended and Restated Agreement and Declaration of Trust and Amended and Restated Bylaws and the laws of The Commonwealth of Massachusetts, the Securities Act of 1933, the Securities Exchange Act of 1934 and the Investment Company Act of 1940, as now or hereafter in force, provides that each Trust severally shall indemnify and hold harmless the Trustee against any and all expenses actually and reasonably incurred by the Trustee in any proceeding arising out of or in connection with the Trustee’s service to the Trust, unless the Trustee has been adjudicated in a final adjudication on the merits to have engaged in certain disabling conduct.

Insofar as indemnification for liabilities arising under the Securities Act of 1933, as amended, may be permitted to trustees, officers and controlling persons of the Registrant by the Registrant pursuant to the Registrant’s organizational instruments or otherwise, the Registrant is aware that in the opinion of the Securities and Exchange Commission, such indemnification is against public policy as expressed in the Securities Act of 1933, as amended, and, therefore, is unenforceable.

Item 16. Exhibits

(1) Amended and Restated Agreement and Declaration of Trust dated April 17, 2014 – Incorporated by reference to Post-Effective Amendment No. 30 to the Registrant’s Registration Statement filed on October 28, 2014.

(2)(a) Amended and Restated Bylaws dated as of October 17, 2014 – Incorporated by reference to Post-Effective Amendment No. 30 to the Registrant’s Registration Statement filed on October 28, 2014.


(2)(b) Amendment to Amended and Restated Bylaws dated as of April 22, 2016 – Incorporated by reference to Post-Effective Amendment No. 34 to the Registrant’s Registration Statement filed on October 27, 2016.

(3) Not applicable.

(4) Form of Agreement and Plan of Reorganization -- included as Appendix A to Part A hereof.

(5)(a) Portions of Agreement and Declaration of Trust Relating to Shareholders' Rights – Incorporated by reference to Post-Effective Amendment No. 30 to the Registrant’s Registration Statement filed on October 28, 2014.

(5)(b) Portions of Bylaws Relating to Shareholders' Rights – Incorporated by reference to Post-Effective Amendment No. 30 to the Registrant’s Registration Statement filed on October 28, 2014.

(6)(a) Amended and Restated Management Contract with Putnam Investment Management, LLC dated January 25, 2019 – Incorporated by reference to the Registrant’s registration statement on Form N-14 filed on February 22, 2019.

(6)(b) Sub-Management Contract between Putnam Investment Management, LLC and Putnam Investments Limited dated February 27, 2014; Schedule A amended as of October 27, 2016 -- Incorporated by reference to Post-Effective Amendment No. 36 to the Registrant’s Registration Statement filed on December 30, 2016.

(6)(c) Sub-Advisory Contract among Putnam Investment Management, LLC, Putnam Investments Limited and The Putnam Advisory Company, LLC dated February 27, 2014 -- Incorporated by reference to Post-Effective Amendment No. 30 to the Registrant’s Registration Statement filed on October 28, 2014.

(7)(a) Amended and Restated Distributor’s Contract with Putnam Retail Management Limited Partnership dated July 1, 2013 – Incorporated by reference to Post-Effective Amendment No. 28 to the Registrant’s Registration Statement filed on October 28, 2013.

(7)(b)(i) Form of Dealer Sales Contract dated March 27, 2012 – Incorporated by reference to Post-Effective Amendment No. 24 to the Registrant’s Registration Statement filed on June 28, 2012.

(7)(b)(ii) Schedule of Dealer Sales Contracts conforming in all material respects to the Form of Dealer Sales Contract filed as Exhibit (7)(b)(i) but which have not been filed as exhibits to the Registrant's Registration Statement in reliance on Rule 483(d)(2) under the Securities Act of 1933, as amended – Incorporated by reference to Post-Effective Amendment No. 32 to the Registrant’s Registration Statement filed on October 27, 2015.


(7)(c)(i) Form of Financial Institution Sales Contract dated March 27, 2012 – Incorporated by reference to Post-Effective Amendment No. 24 to the Registrant’s Registration Statement filed on June 28, 2012.

(7)(c)(ii) Schedule of Financial Institution Sales Contracts conforming in all material respects to the Form of Financial Institution Sales Contract filed as Exhibit (7)(c)(i) but which have not been filed as exhibits to the Registrant's Registration Statement in reliance on Rule 483(d)(2) under the Securities Act of 1933, as amended – Incorporated by reference to Post-Effective Amendment No. 32 to the Registrant’s Registration Statement filed on October 27, 2015.

(8) Trustee Retirement Plan dated October 4, 1996, as amended July 21, 2000 – Incorporated by reference to Post-Effective Amendment No. 15 to the Registrant’s Registration Statement filed on October 27, 2005.

(9)(a) Master Custodian Agreement with State Street Bank and Trust Company dated January 1, 2007; Appendix A amended as of July 24, 2017 – Incorporated by reference to Post-Effective Amendment No. 39 to the Registrant’s Registration Statement filed on October 27, 2017.

(9)(b) Amendment to Master Custodian Agreement with State Street Bank and Trust Company dated August 1, 2013 – Incorporated by reference to Post-Effective Amendment No. 28 to the Registrant’s Registration Statement filed on October 28, 2013.

(10)(a) Class A Distribution Plan and Agreement dated November 2, 1990, and as amended June 1, 1994 -- Incorporated by reference to Post-Effective Amendment No. 4 to the Registrant's Registration Statement filed on October 31, 1994.

(10)(b) Class B Distribution Plan and Agreement dated June 1, 1994 -- Incorporated by reference to Post-Effective Amendment No. 4 to the Registrant's Registration Statement filed on October 31, 1994.

(10)(c) Class C Distribution Plan and Agreement dated July 16, 1999 -- Incorporated by reference to Post-Effective Amendment No. 9 to the Registrant's Registration Statement filed on October 29, 1999.

(10)(d) Class M Distribution Plan and Agreement dated November 28, 1994 -- Incorporated by reference to Post-Effective Amendment No. 5 to the Registrant's Registration Statement filed on October 31, 1995.

(10)(e) Class R Distribution Plan and Agreement dated November 15, 2002 -- Incorporated by reference to Post-Effective Amendment No. 13 to the Registrant’s Registration Statement filed on October 28, 2003.

(10)(f) Class T Distribution Plan and Agreement dated February 22, 2017 – Incorporated by reference to Post-Effective Amendment No. 38 to the Registrant’s Registration Statement filed on February 28, 2017.


(10)(g)(i) Form of Dealer Service Agreement -- Incorporated by reference to Post-Effective Amendment No. 7 to the Registrant’s Registration Statement filed on October 28, 1997.

(10)(g)(ii) Schedule of Dealer Service Agreements conforming in all material respects to the Form of Dealer Service Agreement filed as Exhibit (10)(g)(i) but which have not been filed as exhibits to the Registrant's Registration Statement in reliance on Rule 483(d)(2) under the Securities Act of 1933, as amended -- Incorporated by reference to Post-Effective Amendment No. 32 to the Registrant’s Registration Statement filed on October 27, 2015.

(10)(h)(i) Form of Financial Institution Service Agreement -- Incorporated by reference to Post-Effective Amendment No. 7 to the Registrant’s Registration Statement filed on October 28, 1997.

(10)(h)(ii) Schedule of Financial Institution Service Agreements conforming in all material respects to the Form of Financial Institution Service Agreement filed as Exhibit (10)(h)(i) but which have not been filed as exhibits to the Registrant's Registration Statement in reliance on Rule 483(d)(2) under the Securities Act of 1933, as amended -- Incorporated by reference to Post-Effective Amendment No. 32 to the Registrant’s Registration Statement filed on October 27, 2015.

(10)(i) Rule 18f-3 Plan dated November 1, 1999, as most recently amended November 16, 2018 – Incorporated by reference to the Registrant’s registration statement on Form N-14 filed on February 22, 2019.

(11) Opinion and consent of Ropes & Gray LLP – Incorporated by reference to the Registrant’s registration statement on Form N-14 filed on February 22, 2019.

(12)(a) Opinion of Ropes & Gray LLP with respect to tax matters – Filed herewith.

(12)(b) Consent of Ropes & Gray LLP with respect to tax matters – Filed herewith.

(13)(a) Amended & Restated Investor Servicing Agreement — Open-End Funds with Putnam Investment Management, LLC and Putnam Investor Services, Inc. dated July 1, 2013; Appendix A amended as of July 24, 2017 – Incorporated by reference to Post-Effective Amendment No. 39 to the Registrant’s Registration Statement filed on October 27, 2017.

(13)(b) Letter of Indemnity with Putnam Investment Management, LLC dated December 18, 2003 -- Incorporated by reference to Post-Effective Amendment No. 14 to the Registrant’s Registration Statement filed on October 28, 2004.

(13)(c) Liability Insurance Allocation Agreement dated December 18, 2003 – Incorporated by reference to Post-Effective Amendment No. 14 to the Registrant’s Registration Statement filed on October 28, 2004.


(13)(d) Master Sub-Accounting Services Agreement between Putnam Investment Management, LLC and State Street Bank and Trust Company dated January 1, 2007; Appendix A amended as of July 24, 2017 -- Incorporated by reference to Post-Effective Amendment No. 39 to the Registrant’s Registration Statement filed on October 27, 2017.

(13)(e) Amendment to Master Sub-Accounting Services Agreement between Putnam Investment Management, LLC and State Street Bank and Trust Company dated August 1, 2013 – Incorporated by reference to Post-Effective Amendment No. 28 to the Registrant’s Registration Statement filed on October 28, 2013.

(13)(f) Master Interfund Lending Agreement with the Trusts party thereto and Putnam Investment Management, LLC dated July 16, 2010; Schedule A amended as September 15, 2017; Schedule B amended as of September 15, 2017 – Incorporated by reference to Post-Effective Amendment No. 39 to the Registrant’s Registration Statement filed on October 27, 2017.

(13)(g) Credit Agreement with State Street Bank and Trust Company and certain other lenders dated September 24, 2015 -- Incorporated by reference to Post-Effective Amendment No. 32 to the Registrant’s Registration Statement filed on October 27, 2015.

(13)(h) Joinder Agreement No. 1 to Credit Agreement with State Street Bank and Trust Company and certain other lenders dated August 29, 2016 -- Incorporated by reference to Post-Effective Amendment No. 34 to the Registrant’s Registration Statement filed on October 27, 2016.

(13)(i) Amendment No. 1 to Credit Agreement with State Street Bank and Trust Company dated September 22, 2016 -- Incorporated by reference to Post-Effective Amendment No. 34 to the Registrant’s Registration Statement filed on October 27, 2016.

(13)(j) Amendment No. 2 to Credit Agreement with State Street Bank and Trust Company, dated September 21, 2017 -- Incorporated by reference to Post-Effective Amendment No. 39 to the Registrant’s Registration Statement filed on October 27, 2017.

(13)(k) Amendment No. 3 to Credit Agreement with State Street Bank and Trust Company, dated September 20, 2018 -- Incorporated by reference to Post-Effective Amendment No. 41 to the Registrant’s Registration Statement filed on October 25, 2018.

(13)(l) Amended and Restated Uncommitted Line of Credit Agreement with State Street Bank and Trust Company dated September 24, 2015 -- Incorporated by reference to Post-Effective Amendment No. 32 to the Registrant’s Registration Statement filed on October 27, 2015.


(13)(m) First Amendment to Amended and Restated Uncommitted Line of Credit Agreement with State Street Bank and Trust Company, dated August 29, 2016 -- Incorporated by reference to Post-Effective Amendment No. 34 to the Registrant’s Registration Statement filed on October 27, 2016.

(13)(n) Second Amendment to Amended and Restated Uncommitted Line of Credit Agreement with State Street Bank and Trust Company, dated September 22, 2016 -- Incorporated by reference to Post-Effective Amendment No. 34 to the Registrant’s Registration Statement filed on October 27, 2016.

(13)(o) Third Amendment to Amended and Restated Uncommitted Line of Credit Agreement with State Street Bank and Trust Company, dated September 21, 2017 -- Incorporated by reference to Post-Effective Amendment No. 39 to the Registrant’s Registration Statement filed on October 27, 2017.

(13)(p) Fourth Amendment to Amended and Restated Uncommitted Line of Credit Agreement with State Street Bank and Trust Company, dated September 20, 2018 -- Incorporated by reference to Post-Effective Amendment No. 41 to the Registrant’s Registration Statement filed on October 25, 2018.

(13)(q)(i) Form of Indemnification Agreement dated March 18, 2016 -- Incorporated by reference to Post-Effective Amendment No. 34 to the Registrant’s Registration Statement filed on October 27, 2016.

(13)(q)(ii) Schedule of Indemnification Agreements conforming in all material respects to the Form of Indemnification Agreement filed as Exhibit (13)(q)(i) but which have not been filed as exhibits to the Registrant's Registration Statement in reliance on Rule 483(d)(2) under the Securities Act of 1933, as amended -- Incorporated by reference to Post-Effective Amendment No. 34 to the Registrant’s Registration Statement filed on October 27, 2016.

(13)(r) Expense Limitation Agreement with Putnam Investment Management, LLC (“PIM”) dated June 28, 2019 – Filed herewith.

(13)(s) Expense Limitation Agreement with Putnam Investor Services, Inc. (“PSERV”) dated June 28, 2019 – Filed herewith.

(14)(a) Consent of PricewaterhouseCoopers LLP, Independent Registered Public Accounting Firm to Putnam Europe Equity Fund – Incorporated by reference to the Registrant’s Registration Statement on Form N-14 filed on April 2, 2019.

(14)(b) Consent of PricewaterhouseCoopers LLP, Independent Registered Public Accounting Firm to Putnam International Equity Fund – Incorporated by reference to the Registrant’s Registration Statement on Form N-14 filed on April 2, 2019.

(15) Not applicable.


(16) Power of Attorney – Incorporated by reference to the Registrant’s registration statement on Form N-14 filed on February 22, 2019.

(17) Not applicable.

Item 17. Undertakings

(1) The undersigned Registrant agrees that, prior to any public reoffering of the securities registered through the use of a prospectus which is a part of this registration statement by any person or party who is deemed to be an underwriter within the meaning of Rule 145(c) under the Securities Act of 1933, as amended (the “1933 Act”), the reoffering prospectus will contain the information called for by the applicable registration form for reofferings by persons who may be deemed underwriters, in addition to the information called for by the other items of the applicable form.

(2) The undersigned Registrant agrees that every prospectus filed under paragraph (1) above will be filed as a part of an amendment to this registration statement and will not be used until the amendment is effective, and that, in determining any liability under the 1933 Act, each post-effective amendment shall be deemed to be a new registration statement for the securities offered therein, and the offering of the securities at that time shall be deemed to be the initial bona fide offering of them.


NOTICE 

 

A copy of the Amended and Restated Agreement and Declaration of Trust of Putnam International Equity Fund is on file with the Secretary of The Commonwealth of Massachusetts and notice is hereby given that this instrument is executed on behalf of the Registrant by an officer of the Registrant as an officer and not individually and the obligations of or arising out of this instrument are not binding upon any of the Trustees, officers or shareholders individually but are binding only upon the assets and property of the Registrant.

 

SIGNATURES 

 

Pursuant to the requirements of the Securities Act of 1933, as amended, and the Investment Company Act of 1940, as amended, the Registrant certifies that it meets all of the requirements for effectiveness of this Registration Statement under Rule 485(b) under the Securities Act of 1933, as amended, and has duly caused this Amendment to its Registration Statement to be signed on its behalf by the undersigned, duly authorized, in the City of Boston, and The Commonwealth of Massachusetts, on the 25th day of July, 2019.

 

PUTNAM INTERNATIONAL EQUITY FUND 
 
By:  /s/ JONATHAN S. HORWITZ 
Name:  Jonathan S. Horwitz 
Title:  Executive Vice President, Principal Executive 
  Officer, and Compliance Liaison 

 

As required by the Securities Act of 1933, as amended, this Registration Statement has been signed by the following persons in the capacities and on the date indicated.

 

Signature  Title 
 
/s/ KENNETH R. LEIBLER*  Chair, Board of Trustees 
Kenneth R. Leibler   
 
/s/ ROBERT L. REYNOLDS*  President and Trustee 
Robert L. Reynolds   
 
/s/ JONATHAN S. HORWITZ*  Executive Vice President, Principal 
Jonathan S. Horwitz  Executive Officer and Compliance 
  Liaison 
 
/s/ JANET C. SMITH*  Vice President, Principal Financial Officer, 
Janet C. Smith  Principal Accounting Officer and 
  Assistant Treasurer 

 


/s/ LIAQUAT AHAMED*  Trustee 
Liaquat Ahamed   
 
/s/ BARBARA M. BAUMANN*  Trustee 
Barbara M. Baumann   
 
/s/ KATINKA DOMOTORFFY*  Trustee 
Katinka Domotorffy   
 
/s/ CATHARINE BOND HILL*  Trustee 
Catharine Bond Hill   
 
/s/ PAUL L. JOSKOW*  Trustee 
Paul L. Joskow   
 
/s/ GEORGE PUTNAM, III*  Trustee 
George Putnam, III   
 
/s/ MANOJ P. SINGH*  Trustee 
Manoj P. Singh   

 

*  By: /s/ JONATHAN S. HORWITZ, as 
Attorney-in-Fact pursuant to Power of 
Attorney filed in the Registrant’s 
registration statement on Form N-14 on 
February 22, 2019 
Dated: July 25, 2019 

 


Exhibit Index 

 

Exhibit  Exhibit Title 
Number   
 
(12)(a)  Opinion of Ropes & Gray LLP with respect to tax matters 
 
(12)(b)  Consent of Ropes & Gray LLP with respect to tax matters 
 
(13)(r)  Expense Limitation Agreement with Putnam Investment Management, LLC (“PIM”) dated June 28, 2019 
 
(13)(s)  Expense Limitation Agreement with Putnam Investor Services, Inc. (“PSERV”) dated June 28, 2019 

 

 EX-12 2 b_intleqex12a.htm OPINION b_intleqex12a.htm

June 21, 2019

Putnam Europe Equity Fund
100 Federal Street
Boston, MA 02110

Putnam International Equity Fund
100 Federal Street
Boston, MA 02110

Ladies and Gentlemen:

We have acted as counsel in connection with the Agreement and Plan of Reorganization (the “Agreement”) dated May 29, 2019 by and among Putnam Europe Equity Fund, a Massachusetts business trust (“Acquired Fund”), Putnam International Equity Fund, a Massachusetts business trust (“Acquiring Fund,” together with Acquired Fund, the “Funds”), and solely for purposes of Section 5 thereto, Putnam Investment Management, LLC (“Putnam Management”). The Agreement describes a proposed transaction (the “Reorganization”) to occur as of the date of this letter, pursuant to which Acquiring Fund will acquire all of the assets of Acquired Fund in exchange for shares of beneficial interest in Acquiring Fund (the “Acquiring Fund Shares”) and the assumption by Acquiring Fund of all of the liabilities of Acquired Fund following which the Acquiring Fund Shares received by Acquired Fund will be distributed by Acquired Fund to its shareholders in liquidation and termination of Acquired Fund. This opinion as to certain U.S. federal income tax consequences of the Reorganization is furnished to you pursuant to Sections 8(f) and 9(g) of the Agreement. Capitalized terms not defined herein are used herein as defined in the Agreement.

Acquired Fund is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company. Shares of Acquired Fund are redeemable at net asset value at each shareholder’s option. Acquired Fund has elected to be a regulated investment company for federal income tax purposes under Section 851 of the Internal Revenue Code of 1986, as amended (the “Code”).

Acquiring Fund is registered under the 1940 Act as an open-end management investment company. Shares of Acquiring Fund are redeemable at net asset value at each shareholder’s option. Acquiring Fund has elected to be a regulated investment company for federal income tax purposes under Section 851 of the Code.

For purposes of this opinion, we have considered the Agreement, the prospectus/proxy statement dated February 14, 2019 and such other items as we have deemed necessary to render this opinion. In addition, each of Acquired Fund and Acquiring Fund has provided us with a letter dated as of the date hereof (collectively, the “Representation Letters”) representing as to certain facts, occurrences and information upon which each of Acquired Fund and Acquiring Fund has indicated that we may rely in rendering this opinion (whether or not contained or reflected in the documents and items referred to above).


June 21, 2019 

 

In reviewing the foregoing materials, we have assumed, with your permission, the authenticity of original documents, the accuracy of copies, the genuineness of signatures, the legal capacity of signatories, and the proper execution of documents. We have further assumed that (i) all parties to the Agreement and any other documents examined by us have acted, and will act, in accordance with the terms of such Agreement and documents, and that the Reorganization will be consummated pursuant to the terms and conditions set forth in the Agreement without the waiver or modification of any such terms and conditions; and (ii) all representations contained in the Agreement, as well as those representations contained in the Representation Letters, are true and complete.

Based on and subject to the foregoing and subject to the final paragraphs hereof, we are of the opinion that, for U.S. federal income tax purposes:

(i) The Reorganization will constitute a “reorganization” within the meaning of Section 368(a) of the Code, and Acquiring Fund and Acquired Fund each will be “a party to a reorganization” within the meaning of Section 368(b) of the Code;

(ii) Under Sections 361 and 357(a) of the Code, Acquired Fund will not recognize gain or loss upon the transfer of Acquired Fund’s assets to Acquiring Fund in exchange for Acquiring Fund Shares and the assumption by Acquiring Fund of all the liabilities of Acquired Fund, or upon the distribution of Acquiring Fund Shares by Acquired Fund to its shareholders in liquidation, except for (A) any gain or loss recognized on (1) “section 1256 contracts” as defined in Section 1256(b) of the Code or (2) stock in a “passive foreign investment company” as defined in Section 1297(a) of the Code, and (B) any other gain or loss that may be required to be recognized (1) as a result of the closing of the tax year of Acquired Fund, (2) upon the termination of a position, or (3) upon the transfer of an asset regardless of whether such a transfer would otherwise be a nontaxable transaction under the Code;

(iii) Under Section 354 of the Code, Acquired Fund shareholders will not recognize any gain or loss upon the exchange of their Acquired Fund shares for Acquiring Fund Shares in the Reorganization;

(iv) Under Section 358 of the Code, the aggregate tax basis of Acquiring Fund Shares an Acquired Fund shareholder receives in the Reorganization will be the same as the aggregate tax basis of the Acquired Fund shares exchanged therefor;

(v) Under Section 1223(1) of the Code, an Acquired Fund shareholder’s holding period for the Acquiring Fund Shares received in the Reorganization will be determined by including the period during which such shareholder held or is treated for federal income tax purposes as having held the Acquired Fund shares exchanged therefor, provided that the shareholder held those Acquired Fund shares as capital assets;

-2- 

 


June 21, 2019 

 

(vi) Under Section 1032 of the Code, Acquiring Fund will not recognize gain or loss upon the receipt of the assets of Acquired Fund in exchange for Acquiring Fund Shares and the assumption by Acquiring Fund of the liabilities of Acquired Fund;

(vii) Under Section 362(b) of the Code, Acquiring Fund’s tax basis in the assets of Acquired Fund transferred to Acquiring Fund in the Reorganization will be the same as Acquired Fund’s tax basis immediately prior to the transfer, increased by any gain or decreased by any loss required to be recognized as described in (ii) above;

(viii) Under Section 1223(2) of the Code, the holding period in the hands of Acquiring Fund of each Acquired Fund asset transferred to Acquiring Fund in the Reorganization, other than certain assets with respect to which gain or loss is required to be recognized as described in (ii) above, will include the period during which such asset was held or treated for federal income tax purposes as held by Acquired Fund; and

(ix) Acquiring Fund will succeed to and take into account the items of Acquired Fund described in Section 381(c) of the Code, subject to the conditions and limitations specified in Sections 381, 382, 383 and 384 of the Code and the Regulations thereunder.

We believe that Acquiring Fund will continue Acquired Fund’s historic business within the meaning of Treas. Reg. § 1.368-1(d), as an open-end investment company that seeks capital appreciation by investing primarily in common stock of large and midsize companies worldwide. We note that Acquired Fund concentrates its investments in stock of European companies, whereas Acquiring Fund invests more broadly in stock of companies located in developed countries outside the United States. The only guidance applying the continuity of business enterprise test to investment companies is Revenue Ruling 87-76, 1987-2 C.B. 84, which concluded that a municipal bond fund and a balanced fund were not in the same line of business. Even on the assumption that the ruling is correct, we do not believe that it is controlling in the instant case. In our opinion, the continuity of business enterprise test required for qualification under Section 368(a) of the Code is met in the Reorganization.

-3- 

 


June 21, 2019 

 

No ruling has been or will be obtained from the IRS as to the subject matter of this opinion and there can be no assurance that the IRS or a court of law will concur with the opinion set forth above. Our opinion is based on the Code, Treasury Regulations, IRS rulings, judicial decisions, and other applicable authority, all as in effect on the date of this opinion. The legal authorities on which this opinion is based may be changed at any time. Any such changes may be retroactively applied and could modify the opinions expressed above.

Very truly yours, 
 
/s/ Ropes & Gray LLP 
Ropes & Gray LLP 

 

-4- 

 

 EX-12 3 c_intleqex12b.htm CONSENT c_intleqex12b.htm

July 25, 2019

Putnam Europe Equity Fund
100 Federal Street
Boston, Massachusetts 02110

Putnam International Equity Fund
100 Federal Street
Boston, Massachusetts 02110

Ladies and Gentlemen:

We hereby consent to the filing, as an exhibit to your Post-Effective Amendment No. 1 to your Registration Statement on Form N-14 (File Nos. 333-229796; 811-06190), of our opinion, dated June 21, 2019, addressed to you as to certain tax matters related to the acquisition of the assets of Putnam Europe Equity Fund by Putnam International Equity Fund.

Very truly yours,

/s/ Ropes & Gray LLP

Ropes & Gray LLP

 EX-13 4 d_intleqex13r.htm EXPENSE LIMITATION AGREEMENT d_intleqex13r.htm
June 28, 2019 

 

Putnam Funds
100 Federal Street
Boston, Massachusetts 02110

Ladies and Gentlemen:

Putnam Investment Management, LLC (“PIM”) hereby contractually agrees, as of the date hereof, with respect to the funds specified below, to waive fees and reimburse certain expenses in the manner provided below:

1. Other expenses.

a. PIM agrees to waive fees and/or reimburse expenses of each open-end fund listed on Schedule A and each variable trust fund listed on Schedule B to the extent necessary to limit the cumulative expenses of the fund, exclusive of brokerage, interest, taxes, investment-related expenses (including borrowing costs, i.e., short selling and lines of credit costs), extraordinary expenses, acquired fund fees and expenses, and payments under the fund’s investor servicing contract, the fund’s investment management contract (including any applicable performance-based upward or downward adjustment to a fund’s base management fee), and the fund’s distribution plans, to an annual (measured on a fiscal year basis) rate of 0.20% of the fund’s average net assets. This contractual waiver will remain in effect for a fund through the expiration of one year following the effective date of the next annual update of the fund’s registration statement.

b. PIM agrees to waive fees and/or reimburse expenses of Putnam Dynamic Asset Allocation Equity Fund to the extent necessary to limit the cumulative expenses of the fund, exclusive of brokerage, interest, taxes, investment-related expenses (including borrowing costs, i.e., short selling and lines of credit costs), extraordinary expenses, acquired fund fees and expenses, and payments under the fund’s investor servicing contract, the fund’s investment management contract, and the fund’s distribution plans, to an annual (measured on a fiscal year basis) rate of 0.02% of the fund’s average net assets. This contractual waiver will remain in effect through the expiration of the one-year period following the effective date of the next annual update of the fund’s registration statement.

2. Fund-specific expense limitations.

a. As set forth in the table below, PIM agrees to waive fees and/or reimburse expenses of each fund set forth below to the extent that the total annual fund operating expenses


for the fund -- exclusive of payments under the fund’s distribution plans, any applicable performance-based upward or downward adjustment to the fund’s base management fee, brokerage, interest, taxes, investment-related expenses (including borrowing costs, i.e., short selling and lines of credit costs), extraordinary expenses, and acquired fund fees and expenses – would exceed the specified rate through the specified date, which is the expiration of the one-year period following the effective date of the next annual update of each fund’s registration statement:

     
Fund  Proposed Contractual  Expiration 
  Limitation on Total   
  Fund Operating   
  Expenses   
Putnam VT International Growth Fund  1.09%  April 30, 2021 
Putnam VT Multi-Asset Absolute Return Fund  0.90%  April 30, 2021 
Putnam VT Mortgage Securities Fund  0.50%  April 30, 2021 

 

b. As set forth in the table below, PIM agrees to waive fees and/or reimburse expenses of each fund set forth below to the extent that the total annual fund operating expenses for the fund – exclusive of payments under the fund’s distribution plans, payments under the fund’s investor servicing contract, any applicable performance-based upward or downward adjustment to the fund’s base management fee, brokerage, interest, taxes, investment-related expenses (including borrowing costs, i.e., short selling and lines of credit costs), extraordinary expenses, and acquired fund fees and expenses – would exceed the specified rate through the specified date, which is the expiration of the one-year period following the effective date of the next post-effective amendment of each fund’s registration statement:

     
Fund  Proposed Contractual  Expiration 
  Limitation on Total   
  Fund Operating   
  Expenses   
Putnam Dynamic Risk Allocation Fund  0.70%  Sept. 30, 2020 
Putnam Emerging Markets Equity Fund  0.78%  December 30, 2020 
Putnam Intermediate-Term Municipal Income Fund  0.52%  March 30, 2021 
Putnam International Growth Fund  0.93%  January 30, 2021 
Putnam Mortgage Opportunities Fund  0.46%  Sept. 30, 2020 
Putnam Mortgage Securities Fund  0.32%  January 30, 2021 
Putnam Multi-Asset Absolute Return Fund  0.77%  Feb. 28, 2021 
Putnam Ultra Short Duration Income Fund  0.24%  Nov. 30, 2020 

 

2 

 


     
Fund  Proposed Contractual  Expiration 
  Limitation on Total   
  Fund Operating   
  Expenses   
Putnam Short-Term Municipal Income Fund  0.28%  March 30, 2021 

 

3. Putnam Short Term Investment Fund. PIM agrees to waive the contractual management fee of 0.25% for Putnam Short Term Investment Fund through November 30, 2020, the expiration of the one-year period following the effective date of the next annual update of the fund’s registration statement.

4. Putnam VT Global Equity Fund. Effective upon the closing of the merger of Putnam VT Global Utilities Fund into Putnam VT Global Equity Fund, PIM agrees to waive 5 basis points of the contractual management fee payable by Putnam VT Global Equity Fund through April 30, 2021, the expiration of the one-year period following the effective date of the next annual update of the fund’s registration statement.

5. Fund of Funds. PIM agrees to reimburse the Putnam fund-of-funds specified below for all other expenses – exclusive of payments under the fund’s distribution plans, brokerage, interest, taxes, investment-related expenses, extraordinary expenses, acquired fund fees and expenses and payments under the fund’s investor servicing contract – through the dates indicated below, which, with the exception of Putnam RetirementReady® 2060 Fund, equate to the expiration of the one-year period following the effective date of the next annual update of each fund’s registration statement.

   
Fund  Expiration 
Putnam Retirement Income Fund Lifestyle 1  Nov. 30, 2020 
Putnam RetirementReady® Funds*  Nov. 30, 2020 

 

* The expense limitation for Putnam RetirementReady® 2060 Fund expires on Nov. 30, 2029.

Effective June 28, 2019, this contractual undertaking supersedes any prior contractual expense limitation provisions between PIM and the funds. This undertaking shall be binding upon any successors and assignees of PIM.

A copy of the Declaration of Trust (including any amendments thereto) of each of The Putnam Funds is on file with the Secretary of The Commonwealth of Massachusetts, and notice is hereby given that this instrument is executed on behalf of the Trustees of each Putnam Fund as trustees and not individually and that the obligations of or arising out of this instrument are not binding upon any of the Trustees or officers or shareholders individually, but binding only upon the assets and property of each Putnam Fund with respect to its obligations under this instrument. Furthermore, notice is given that the assets and liabilities of each series of each Putnam Fund that is a series company are separate and distinct and that the obligations of or arising out of this instrument are several and not joint or joint and several and are binding only on the assets of each series with respect to its obligations under this instrument. Each

3 

 


fund is acting on its own behalf separately from all of the other investment companies and not jointly or jointly and severally with any of the other investment companies.

Very truly yours, 
 
PUTNAM INVESTMENT MANAGEMENT, LLC 
 
By:  /s/ Robert T Burns__________________ 
Robert T. Burns 
Vice President and Chief Legal Officer 

 

Agreed and accepted by each Putnam fund listed on Schedule A, 
Schedule B and Schedule C 
 
By:  /s/ Jonathan S. Horwitz__________ 
 
  Jonathan S. Horwitz 
  Executive Vice President, Principal 
  Executive Officer, and Compliance Liaison 

 

4 

 


Schedule A 

 

Putnam California Tax Exempt Income Fund 
Putnam Convertible Securities Fund 
Putnam Diversified Income Trust 
Putnam Asset Allocation Funds 
- Putnam Dynamic Asset Allocation Balanced Fund 
- Putnam Dynamic Asset Allocation Conservative Fund 
- Putnam Dynamic Asset Allocation Growth Fund 
Putnam Equity Income Fund 
Putnam Funds Trust 
- Putnam Capital Spectrum Fund 
- Putnam Dynamic Risk Allocation Fund 
- Putnam Emerging Markets Equity Fund 
- Putnam Equity Spectrum Fund 
- Putnam Fixed Income Absolute Return Fund 
- Putnam Floating Rate Income Fund 
- Putnam Focused Equity Fund 
- Putnam Global Technology Fund 
- Putnam Intermediate-Term Municipal Income Fund 
- Putnam International Value Fund 
- Putnam Mortgage Opportunities Fund 
- Putnam Multi-Asset Absolute Return Fund 
- Putnam Multi-Cap Core Fund 
- Putnam Short Duration Bond Fund 
- Putnam Ultra Short Duration Income Fund 
- Putnam Short-Term Municipal Income Fund 
- Putnam Small Cap Growth Fund 
George Putnam Balanced Fund 
Putnam Global Equity Fund 
Putnam Global Health Care Fund 
Putnam Global Income Trust 
Putnam High Yield Fund 
Putnam Income Fund 
Putnam International Equity Fund 
Putnam Investment Funds 
-Putnam Government Money Market Fund 
-Putnam Growth Opportunities Fund 
-Putnam International Capital Opportunities Fund 
-Putnam International Growth Fund 
-Putnam PanAgora Managed Futures Strategy 
-Putnam PanAgora Market Neutral Fund 
-Putnam PanAgora Risk Parity Fund 
-Putnam Research Fund 
-Putnam Small Cap Value Fund 
-Putnam Sustainable Future Fund 

 

5 

 


Putnam Massachusetts Tax Exempt Income Fund 
Putnam Minnesota Tax Exempt Income Fund 
Putnam Money Market Fund 
Putnam Mortgage Securities Fund 
Putnam New Jersey Tax Exempt Income Fund 
Putnam New York Tax Exempt Income Fund 
Putnam Ohio Tax Exempt Income Fund 
Putnam Pennsylvania Tax Exempt Income Fund 
Putnam Sustainable Leaders Fund 
Putnam Tax Exempt Income Fund 
Putnam Tax-Free Income Trust 
-Putnam AMT-Free Municipal Fund 
-Putnam Tax-Free High Yield Fund 

 

6 

 


Schedule B 

 

Putnam Variable Trust 
 
- 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 Government Money Market Fund 
- Putnam VT Growth Opportunities Fund 
- Putnam VT High Yield Fund 
- Putnam VT Income Fund 
- Putnam VT International Equity Fund 
- Putnam VT International Growth Fund 
- Putnam VT International Value Fund 
- Putnam VT Mortgage Securities Fund 
- Putnam VT Multi-Asset Absolute Return Fund 
- Putnam VT Multi-Cap Core Fund 
- Putnam VT Research Fund 
- Putnam VT Small Cap Growth Fund 
- Putnam VT Small Cap Value Fund 
- Putnam VT Sustainable Future Fund 
- Putnam VT Sustainable Leaders Fund 

 

7 

 


Schedule C 

 

Other Funds Subject to Expense Limitations 
 
Putnam Funds Trust 
- Putnam Dynamic Asset Allocation Equity Fund 
- Putnam Short Term Investment Fund 
Putnam RetirementReady Funds 
- Putnam Retirement Income Fund Lifestyle 1 
- Putnam RetirementReady 2060 Fund 
- Putnam RetirementReady 2055 Fund 
- Putnam RetirementReady 2050 Fund 
- Putnam RetirementReady 2045 Fund 
- Putnam RetirementReady 2040 Fund 
- Putnam RetirementReady 2035 Fund 
- Putnam RetirementReady 2030 Fund 
- Putnam RetirementReady 2025 Fund 
- Putnam RetirementReady 2020 Fund 

 

8 

 

 EX-13 5 e_intleqex13s.htm EXPENSE LIMITATION AGREEMENT e_intleqex13s.htm

June 28, 2019 

 

Ladies and Gentlemen:

Putnam Investor Services, Inc. (“PSERV”) hereby contractually agrees, as of the date hereof, with respect to all Putnam-sponsored open-end registered investment companies, that the aggregate investor servicing fees attributable to DC Accounts or Non-DC Accounts for each fund will not exceed an annual rate of 0.250% of the fund’s average daily net assets attributable to DC Accounts or Non-DC Accounts (as determined before taking into account any expense reduction or other benefit attributable to balance credits or brokerage credits).

This contractual waiver will remain in effect for each fund through the later of one year following the effective date of the next annual update of the fund’s registration statement or August 31, 2020.

Any capitalized term not defined herein shall have the meaning assigned to the term in the Compensation Memorandum dated June 28, 2019.

Effective June 28, 2019, this contractual undertaking supersedes any prior contractual expense limitation provisions between PSERV and the funds. This undertaking shall be binding upon any successors and assignees of PSERV.

A copy of the Declaration of Trust (including any amendments thereto) of each of The Putnam Funds is on file with the Secretary of The Commonwealth of Massachusetts, and notice is hereby given that this instrument is executed on behalf of the Trustees of each Putnam Fund as trustees and not individually and that the obligations of or arising out of this instrument are not binding upon any of the Trustees or officers or shareholders individually, but binding only upon the assets and property of each Putnam Fund with respect to its obligations under this instrument. Furthermore, notice is given that the assets and liabilities of each series of each Putnam Fund that is a series company are separate and distinct and that the obligations of or arising out of this instrument are several and not joint or joint and several and are binding only on the assets of each series with respect to its obligations under this instrument. Each fund is acting on its own behalf separately from all of the other investment companies and not jointly or jointly and severally with any of the other investment companies.

Very truly yours, 
 
PUTNAM INVESTOR SERVICES, INC. 
 
By:  /s/ Michael J. Woodall 
 
Michael J. Woodall 
President 

 


Agreed and accepted by each Putnam open-end fund 
and each variable trust fund 
 
By:  /s/ Jonathan S. Horwitz_______ 
  Jonathan S. Horwitz 
  Executive Vice President, Principal 
  Executive Officer, and Compliance Liaison 

 

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