EX-99.G CUST AGREEMT 18 a_nf76stixmod2.htm a_nf76stixmod2.htm
AMENDMENT TO MASTER CUSTODIAN AGREEMENT 

 

This Amendment to Master Custodian Agreement (“Amendment”) is made as of June 25, 2020, by and between each management investment company party thereto (each, a “Fund” and collectively, the “Funds,” and each series of a Fund, a “Portfolio”) and State Street Bank and Trust Company (the “Custodian”).

WHEREAS, each Fund and the Custodian entered into that certain Master Custodian Agreement dated as of January 1, 2007 (as amended, modified and supplemented from time to time, the “Agreement”); and

WHEREAS, each Fund and the Custodian desire to amend the Agreement as set forth herein.

NOW THEREFORE, in consideration of the foregoing, each Fund, 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, and the Custodian hereby agree to amend the Agreement, pursuant to the terms thereof, as follows:

1. A new section 6A is hereby added to the Agreement as follows:

SECTION 6A. FOREIGN EXCHANGE.

SECTION 6A.1. GENERALLY. Upon receipt of Proper Instructions, which for purposes of this section may also include standing instructions or security trade advices, the Custodian shall facilitate the processing and settlement of foreign exchange transactions , which processing and settlement shall constitute part of the services provided by the Custodian under this Agreement. The actual execution of such foreign exchange transactions does not constitute part of the services provided by the Custodian under this Agreement.

SECTION 6A.2. FUND ELECTIONS. Each Fund or Portfolio (or its Investment Advisor acting on its behalf) may elect to enter into and execute foreign exchange transactions with third parties that are not affiliated with the Custodian, with State Street Global Markets, which is the foreign exchange division of State Street Bank and Trust Company and its affiliated companies (“SSGM”), or with a sub-custodian. Where the Fund or Portfolio or its Investment Advisor gives Proper Instructions for the execution of a foreign exchange transaction using an indirect foreign exchange service described in the Client Publications, the Fund or Portfolio (or its Investment Advisor) instructs the Custodian, on behalf of the Fund or Portfolio, to direct the execution of such foreign exchange transaction to SSGM or, when the relevant currency is not traded by SSGM, to the applicable sub-custodian. The Custodian shall not have any agency (except as contemplated in the preceding sentence), trust or fiduciary obligation to the Fund or Portfolio, its Investment Advisor or any other person in connection with the execution of any foreign exchange transaction. The Custodian shall have no responsibility under this Agreement for the selection of the counterparty to, or the method of execution of, any foreign exchange transaction entered into by the Fund or Portfolio (or its Investment Advisor acting on its behalf) or the reasonableness of the execution rate on any such transaction.

“Client Publications” means the general client publications of State Street Bank and Trust Company available from time to time to clients and their investment managers.

“Investment Advisor” means, in relation to a Fund or Portfolio, the investment manager or investment advisor of the Fund or Portfolio.


SECTION 6A.3. FUND ACKNOWLEDGEMENT. Each Fund or Portfolio acknowledges that in connection with all foreign exchange transactions entered into by the Fund or a Portfolio (or its Investment Advisor acting on its behalf) with SSGM or any sub-custodian, SSGM and each such sub-custodian:

(i) shall be acting in a principal capacity and not as broker, agent or fiduciary to the Fund or Portfolio or its Investment Advisor;

(ii) shall seek to profit from such foreign exchange transactions, and are entitled to retain and not disclose any such profit to the Fund or Portfolio or its Investment Advisor; and

(iii) shall enter into such foreign exchange transactions pursuant to the terms and conditions, including pricing or pricing methodology, (a) agreed with the Fund or Portfolio or its Investment Advisor from time to time or (b) in the case of an indirect foreign exchange service, (i) as established by SSGM and set forth in the Client Publications with respect to the particular foreign exchange execution services selected by the Fund or Portfolio or the Investment Advisor or (ii) as established by the sub-custodian from time to time.

S ECTION 6A.4. TRANSACTIONS BY STATE STREET. The Custodian or its affiliates, including SSGM, may trade based upon information that is not available to the Fund or a Portfolio (or its Investment Advisor acting on its behalf), and may enter into transactions for its own account or the account of clients in the same or opposite direction to the transactions entered into with the Fund or a Portfolio (or its Investment Advisor), and shall have no obligation, under this Agreement, to share such information with or consider the interests of their respective counterparties, including, where applicable, the Fund or a Portfolio or the Investment Advisor.

2. The first sentence of Section 16(a) of the Agreement is hereby deleted and replaced with the following:

This Agreement shall continue in full force and effect for an additional term (the “Additional Term”) commencing on the date hereof and ending December 31, 2021, and, after that, shall automatically renew for additional consecutive three (3) year terms, in each case unless either party gives one hundred eighty (180) days’ prior written notice to the other of its intent not to renew.

3. Section 21.9 of the Agreement is hereby modified to update the Funds’ and the Custodian’s contact information as follows:

To any Fund:  c/o PUTNAM FIDUCIARY TRUST COMPANY, LLC 
  100 Federal Street 
Boston, Massachusetts 02110 
 
  Attention: [__________] 
  Telephone: [_________] 
 
With a copy to:  Ropes & Gray LLP 
  Prudential Tower 
  800 Boylston Street 
Boston, Massachusetts 02199 
 
  Attention: [__________] 
  Telephone: [_________] 

 

Information Classification: Limited Access
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To the Custodian:  STATE STREET BANK AND TRUST COMPANY 
Josiah Quincy Building 
  200 Newport Ave, Quincy, MA 02171 
 
  Attention: Stefanie B. Mansfield, Vice President 
Telephone: 617-985-2438 

 

4. Appendix A to the Agreement is hereby deleted in its entirety and replaced with the attached Appendix A.

5. Except as expressly amended by this Amendment, the provisions of the Agreement shall remain in full force and effect.

6. A copy of the Amended and Restated Agreement and Declaration of Trust of each Fund is on file with the Secretary of The Commonwealth of The Commonwealth of Massachusetts. Notice is hereby given, and it is expressly agreed, that the obligations under this Amendment and the Agreement of any such Fund shall not be binding upon any of the trustees, shareholders, nominees, officers, agents or employees of such Fund personally, but bind only the trust property of such Fund. Furthermore, notice is given that the assets and liabilities of each series of each Fund that is a series company are separate and distinct and that the obligations of or arising out of this Amendment and the Agreement are several and not joint and are binding only on the assets or property of each series with respect to its obligations. In the case of each Fund, the execution and delivery of this Agreement on its behalf has been authorized by its trustees, and signed by an authorized officer, in each case acting in such capacity and not individually, and neither such authorization by the trustees nor such execution and delivery shall be deemed to have been made by any of them individually, but shall only bind the trust property of each Fund.

[Signature page follows.] 

 

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IN WITNESS WHEREOF, each of the parties hereto has caused this Amendment to be executed in its name and behalf by its duly authorized representative as of the date first written above.

EACH MANAGEMENT INVESTMENT COMPANY PARTY 
TO THE MASTER CUSTODIAN AGREEMENT 
 
 
 
By:   ___/s/ Jonathan S. Horwitz_______________ 
Name:  Jonathan S. Horwitz 
Title:  Executive Vice President, Pricipal Executive Officer, 
  and Compliance Liaison 
 
 
STATE STREET BANK AND TRUST COMPANY 
 
 
By:   ___/s/ Andrew Erickson__________________ 
Name:  Andrew Erickson 
Title:  Executive Vice President 

 

Information Classification: Limited Access
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APPENDIX A
 
TO
 
MASTER CUSTODIAN AGREEMENT 

 

     
FUND/PORTFOLIO  Putnam  State 
  Fund #  Street 
    Fund # 
 
PUTNAM ASSET ALLOCATION FUNDS     
on behalf of:     
Putnam Dynamic Asset Allocation Balanced Fund  259  38MY 
Putnam Dynamic Asset Allocation Conservative Fund  264  38MZ 
Putnam Dynamic Asset Allocation Growth Fund  250  38MX 
Putnam Income Strategies Portfolio  VC9  38AK 
 
 
PUTNAM CALIFORNIA TAX EXEMPT INCOME FUND  027  38Q5 
PUTNAM CONVERTIBLE SECURITIES FUND  008  38QG 
PUTNAM DIVERSIFIED INCOME TRUST  075  38MS 
PUTNAM EQUITY INCOME FUND  012  38QH 
 
PUTNAM FUNDS TRUST     
on behalf of:     
Putnam Short Duration Bond Fund  EB3  38V5 
Putnam Fixed Income Absolute Return Fund  EC3  38V6 
Putnam Multi-Asset Absolute Return Fund  ED8  38V8 
Putnam Capital Spectrum Fund  GA6  38VW 
Putnam Dynamic Asset Allocation Equity Fund  FL7  38ZA 
Putnam Dynamic Risk Allocation Fund  EC2  38BG 
Putnam Emerging Markets Equity Fund  CT2  38P4 
Putnam Equity Spectrum Fund  GA7  38VX 
Putnam Floating Rate Income Fund  29X  38PJ 
Putnam Focused Equity Fund  EL8  38VE 
Putnam Global Technology Fund  EM7  38VF 
Putnam Intermediate-Term Municipal Income Fund  ND5  38AM 
Putnam International Value Fund  2CE  38ND 
Putnam Multi-Cap Core Fund  HF8  38WG 
Putnam Ultra Short Duration Income Fund  LU7  38BE 
Putnam Short Term Investment Fund  NB2  38AJ 
Putnam Short-Term Municipal Income Fund  NC7  38AL 
Putnam Small Cap Growth Fund  2HF  38NI 
Putnam Mortgage Opportunities Fund  PZ4  38PO 

 

Information Classification: Limited Access


     
PUTNAM GLOBAL EQUITY FUND  005  38QE 
PUTNAM GLOBAL HEALTH CARE FUND  021  38QJ 
PUTNAM GLOBAL INCOME TRUST  041  38QL 
Putnam High Yield Fund  060  38MI 
PUTNAM INCOME FUND  004  38QD 
PUTNAM INTERNATIONAL EQUITY FUND  841  38NX 
 
PUTNAM INVESTMENT FUNDS     
on behalf of:     
Putnam Growth Opportunities Fund  2AP  38QR 
Putnam International Capital Opportunities Fund  2AZ  38PG 
Putnam Sustainable Future Fund  2OV  38NO 
Putnam Research Fund  2AQ  38NB 
Putnam Small Cap Value Fund  2MF  38NL 
Putnam Government Money Market Fund  QW2  38GM 
 
PUTNAM MANAGED MUNICIPAL INCOME TRUST  052  38R1 
PUTNAM MASSACHUSETTS TAX EXEMPT INCOME  845  38RD 
FUND     
PUTNAM MASTER INTERMEDIATE INCOME TRUST  074  38MR 
PUTNAM MINNESOTA TAX EXEMPT INCOME FUND  847  38RF 
PUTNAM MONEY MARKET FUND  010  38Q2 
PUTNAM SUSTAINABLE LEADERS FUND  852  38NY 
PUTNAM MUNICIPAL OPPORTUNITIES TRUST  582  38RB 
PUTNAM NEW JERSEY TAX EXEMPT INCOME FUND  019  38Q4 
PUTNAM NEW YORK TAX EXEMPT INCOME FUND  030  38Q6 
PUTNAM OHIO TAX EXEMPT INCOME FUND  848  38RG 
PUTNAM PENNSYLVANIA TAX EXEMPT INCOME FUND  047  38R0 
PUTNAM PREMIER INCOME TRUST  073  38MQ 
 
PUTNAM TARGET DATE FUNDS     
on behalf of:     
Putnam RetirementReady 2060 Fund  QN8  38KH 
Putnam RetirementReady 2055 Fund  KT2  38KB 
Putnam RetirementReady 2050 Fund  7CR  FFAM 
Putnam RetirementReady 2045 Fund  40M  FFAD 
Putnam RetirementReady 2040 Fund  40F  FFAB 
Putnam RetirementReady 2035 Fund  49Y  FFAL 
Putnam RetirementReady 2030 Fund  49R  FFAJ 
Putnam RetirementReady 2025 Fund  49K  FFAI 
Putnam RetirementReady 2020 Fund  49D  FFAH 
Putnam RetirementReady Maturity Fund  48P  FFAF 
 
Putnam Retirement Advantage 2020 Fund  UU3  38A9 
Putnam Retirement Advantage 2025 Fund  UU4  38BL 
Putnam Retirement Advantage 2030 Fund  UU5  38BN 
Putnam Retirement Advantage 2035 Fund  UU6  38BP 

 

Information Classification: Limited Access
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Putnam Retirement Advantage 2040 Fund  UU7  38BQ 
Putnam Retirement Advantage 2045 Fund  UU8  38BR 
Putnam Retirement Advantage 2050 Fund  UU9  38BS 
Putnam Retirement Advantage 2055 Fund  UV2  38BU 
Putnam Retirement Advantage 2060 Fund  UV3  38BV 
Putnam Retirement Advantage Maturity Fund  UV4  38BM 
 
PUTNAM TAX EXEMPT INCOME FUND  011  38Q3 
 
PUTNAM TAX-FREE INCOME TRUST     
on behalf of:     
Putnam AMT-Free Municipal Fund  035  38Q7 
Putnam Tax-Free High Yield Fund  036  38Q8 
 
Putnam Mortgage Securities Fund  032  38MF 
 
PUTNAM VARIABLE TRUST     
on behalf of:     
Putnam VT Multi-Asset Absolute Return Fund  LC3  38AD 
Putnam VT Mortgage Securities Fund  2PX  38NP 
Putnam VT Small Cap Growth Fund  23K  38QO 
Putnam VT Diversified Income Fund  961  38PA 
Putnam VT Equity Income Fund  23N  38QP 
Putnam VT George Putnam Balanced Fund  2IS  38QV 
Putnam VT Global Asset Allocation Fund  070  38MO 
Putnam VT Global Equity Fund  016  38QI 
Putnam VT Global Health Care Fund  2IW  38QW 
Putnam VT Growth Opportunities Fund  2PU  38QY 
Putnam VT High Yield Fund  067  38MN 
Putnam VT Income Fund  068  38QM 
Putnam VT International Equity Fund  2DO  38NF 
Putnam VT Emerging Markets Equity Fund  2DP  38NG 
Putnam VT International Value Fund  2DN  38NE 
Putnam VT Multi-Cap Core Fund  2IO  38QU 
Putnam VT Government Money Market Fund  069  38R5 
Putnam VT Sustainable Leaders Fund  098  38PF 
Putnam VT Sustainable Future Fund  23H  38MV 
Putnam VT Research Fund  2LA  38PH 
Putnam VT Small Cap Value Fund  2MJ  38NM 
 
George Putnam Balanced Fund  001  38QA 
 
PUTNAM INVESTMENT FUNDS     
on behalf of:     
Putnam PanAgora Risk Parity Fund  SP2  38PU 
Putnam PanAgora Risk Parity Ltd.  SN9  38PX 

 

Information Classification: Limited Access


     
Putnam PanAgora Managed Futures Strategy  SM7  38PV 
Putnam PanAgora Managed Futures Strategy Ltd.  SN8  38PY 
Putnam PanAgora Market Neutral Fund  SL6  38PW 

 

Information Classification: Limited Access
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