EX-99.G CUST AGREEMT 37 a_nf76stixmod1.htm a_nf76stixmod1.htm
AMENDMENT TO MASTER CUSTODIAN AGREEMENT 

 

This Amendment to Master Custodian Agreement (“Amendment”) is made as of August 1, 2013, by and between each management investment company party thereto (each, a “Fund” and collectively, the “Funds”) 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. The following sentence is added at the end of the first paragraph of Section 15:

“Notwithstanding any other provision of this Agreement, the Custodian shall not be liable for the insolvency of any Foreign Sub-Custodian that is not a subsidiary of the Custodian; provided, however, that the foregoing shall not be applicable if the Custodian fails to comply with its obligations under this Agreement or as a Foreign Custody Manager pursuant to Rule 17f-5 with respect to such Foreign Sub-Custodian. For the avoidance of doubt, if the Custodian has met its standard of care hereunder and has fulfilled its obligations as a Foreign Custody Manager pursuant to Rule 17f-5 with respect to a Foreign Sub-Custodian, then the Custodian shall be without liability for any loss, damage or expense caused by or resulting from the insolvency of such Foreign Sub-Custodian that is not a subsidiary of the Custodian.”

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, 2020, 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. During the Additional Term and thereafter, (i) either party may terminate this Agreement in the event of the other party’s material breach of a material provision of this Agreement that the other party has either (a) failed to cure or (b) failed to establish a remedial plan to cure that is reasonably acceptable, in either case within 60 days’ written notice of such breach and (ii) a Fund may terminate this Agreement with respect to itself or its Portfolio(s) in the event that the Fund or its Portfolio(s) are liquidated or merged into or consolidated with another person. Upon termination of this Agreement pursuant to this paragraph with respect to any Fund or Portfolio, upon receipt of a final bill from the Custodian, the applicable Fund shall pay Custodian all accrued and unpaid fees and expenses under this Agreement. For the avoidance of doubt, the Funds reserve the right to close sleeves of the Portfolios and share classes of the Funds without penalty.

Termination of this Agreement with respect to any one particular Fund or Portfolio shall in no way affect the rights and duties under this Agreement with respect to any other Fund or Portfolio. The provisions of Sections 14 and 15 of this Agreement shall survive termination of this Agreement for any reason

This Agreement may be modified or amended from time to time by mutual written agreement of the parties hereto.”


3. Sections 16(b), 16(c), 16(d), 16(e) and 16(g) of the Agreement are hereby deleted in their entirety. Section 16(f) of the Agreement is hereby re-lettered Section 16(b).

4. 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 
  One Post Office Square 
Boston, Massachusetts 02019 
 
  Attention: Suzanne Deshaies, Senior Operations Leader 
  Telephone: 617-760-5110 
 
With a copy to:  Ropes & Gray LLP 
  Prudential Tower 
  800 Boylston Street 
Boston, Massachusetts 02199 
 
Attention: John W. Gerstmayr 
  Telephone: 617-951-7393” 
 
 
“To the Custodian:  STATE STREET BANK AND TRUST COMPANY 
  1200 Crown Colony Drive 
  Quincy, MA 02169 
 
  Attention: Michael E. Hagerty, Senior Vice President 
  Telephone: 617-662-3630 
  Telecopy: 617-662-3690” 

 

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

6. Schedule 1 to the Investment Administration Services Addendum to the Agreement is hereby deleted in its entirety and replaced with the attached Schedule I.

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

8. A copy of the 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: Jonathan S. Horwitz 
Name:  Jonathan S. Horwitz 
Title:  Executive Vice President, 
  Principal Executive Officer 
  And Compliance Liaison 
 
 
STATE STREET BANK AND TRUST COMPANY 
 
 
By: /s/ Michael. F. Rogers 
Name:  Michael F. Rogers 
Title:  Executive Vice President 

 

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APPENDIX A
TO
MASTER CUSTODIAN AGREEMENT 

 

  Putnam Fund  State Street 
FUND/PORTFOLIO  #  Fund # 
PUTNAM AMERICAN GOVERNMENT INCOME FUND  033  38MG 
PUTNAM ARIZONA TAX EXEMPT INCOME FUND  855  38RH 
 
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 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 EUROPE EQUITY FUND  057  38MH 
 
PUTNAM FUNDS TRUST     
on behalf of:     
Putnam Absolute Return 100 Fund  EB3  38V5 
Putnam Absolute Return 300 Fund  EC3  38V6 
Putnam Absolute Return 500 Fund  DK6  38V7 
Putnam Absolute Return 700 Fund  ED8  38V8 
Putnam Asia Pacific Equity Fund  GC4  38CA 
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 Emerging Markets Income Fund  NE3  38AN 
Putnam Equity Spectrum Fund  GA7  38VX 
Putnam Floating Rate Income Fund  29X  38PJ 
Putnam Global Consumer Fund  EJ3  38VA 
Putnam Global Dividend Fund  NE9  38AO 
Putnam Global Energy Fund  EK2  38VB 
Putnam Global Financials Fund  EK9  38VD 
Putnam Global Industrials Fund  EL8  38VE 
Putnam Global Sector Fund  GV5  38WA 
Putnam Global Technology Fund  EM7  38VF 
Putnam Global Telecommunications Fund  EN6  38VG 
Putnam Intermediate-Term Municipal Income Fund  ND5  38AM 
Putnam International Value Fund  2CE  38ND 
Putnam Low Volatility Equity Fund  NF7  38AP 
Putnam Money Market Liquidity Fund  AD5  38UM 
Putnam Multi-Cap Core Fund  HF8  38WG 
Putnam Retirement Income Fund Lifestyle 2  LF2  38BA 
Putnam Retirement Income Fund Lifestyle 3  7BF  38PL 

 


  Putnam Fund  State Street 
FUND/PORTFOLIO  #  Fund # 
Putnam 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 Strategic Volatility Equity Fund  NG5  38AQ 
 
PUTNAM GLOBAL EQUITY FUND  005  38QE 
PUTNAM GLOBAL HEALTH CARE FUND  021  38QJ 
PUTNAM GLOBAL INCOME TRUST  041  38QL 
PUTNAM GLOBAL NATURAL RESOURCES FUND  018  38MD 
PUTNAM GLOBAL UTILITIES FUND  840  38Q1 
PUTNAM HIGH INCOME SECURITIES FUND  061  38MJ 
PUTNAM HIGH YIELD ADVANTAGE FUND  060  38MI 
PUTNAM HIGH YIELD TRUST  014  38PD 
PUTNAM INCOME FUND  004  38QD 
PUTNAM INTERNATIONAL EQUITY FUND  841  38NX 
 
PUTNAM INVESTMENT FUNDS     
on behalf of:     
Putnam Capital Opportunities Fund  2II  38S9 
Putnam Growth Opportunities Fund  2AP  38QR 
Putnam International Capital Opportunities Fund  2AZ  38PG 
Putnam International Growth Fund  539  38NV 
Putnam Multi-Cap Value Fund  2OV  38NO 
Putnam Research Fund  2AQ  38NB 
Putnam Small Cap Value Fund  2MF  38NL 
 
PUTNAM INVESTORS FUND  003  38QB 
PUTNAM MANAGED MUNICIPAL INCOME TRUST  052  38R1 
PUTNAM MASSACHUSETTS TAX EXEMPT INCOME FUND  845  38RD 
PUTNAM MASTER INTERMEDIATE INCOME TRUST  074  38MR 
PUTNAM MICHIGAN TAX EXEMPT INCOME FUND  846  38RE 
PUTNAM MINNESOTA TAX EXEMPT INCOME FUND  847  38RF 
PUTNAM MONEY MARKET FUND  010  38Q2 
PUTNAM MORTGAGE RECOVERY FUND  MC3  38VU 
PUTNAM MULTI-CAP GROWTH 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 RETIREMENT READY FUNDS     
on behalf of:     
Putnam RetirementReady 2055 Fund  KT2  38KB 
Putnam RetirementReady 2050 Fund  7CR  FFAM 

 

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  Putnam Fund  State Street 
FUND/PORTFOLIO  #  Fund # 
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 2015 Fund  48W  FFAG 
Putnam Retirement Income Funds Lifestyle 1  48P  FFAF 
 
PUTNAM TAX EXEMPT INCOME FUND  011  38Q3 
PUTNAM TAX EXEMPT MONEY MARKET FUND  062  38R4 
 
PUTNAM TAX-FREE INCOME TRUST     
on behalf of:     
Putnam AMT-Free Municipal Fund  035  38Q7 
Putnam Tax-Free High Yield Fund  036  38Q8 
 
PUTNAM US GOVERNMENT INCOME TRUST  032  38MF 
 
PUTNAM VARIABLE TRUST     
on behalf of:     
Putnam VT Absolute 500 Return Fund  LC3  38AD 
Putnam VT American Government Income Fund  2PX  38NP 
Putnam VT Capital Opportunities 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 Global Utilities Fund  152  38QN 
Putnam VT Growth and Income Fund  066  38ML 
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 International Growth Fund  2DP  38NG 
Putnam VT International Value Fund  2DN  38NE 
Putnam VT Investors Fund  2IO  38QU 
Putnam VT Money Market Fund  069  38RG 
Putnam VT Multi-Cap Growth Fund  098  38PF 
Putnam VT Multi-Cap Value Fund  23H  38MV 
Putnam VT Research Fund  2LA  28PH 
Putnam VT Small Cap Value Fund  2MJ  38NM 
Putnam VT Voyager Fund  065  38PE 
 
PUTNAM VOYAGER FUND  007  38MB 

 

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  Putnam Fund  State Street 
FUND/PORTFOLIO  #  Fund # 
THE GEORGE PUTNAM FUND OF BOSTON  001  38QA 
THE PUTNAM FUND FOR GROWTH AND INCOME  002  38MA 

 

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Schedule 1 to Investment Administration Services Addendum to Custody 
Agreement with the Funds (Retail Funds)
 
Services

 

Trade Settlement  Provide daily failed trades reporting reflecting current failed trades 
  with fail reason if known. Assist in the resolution of failed trades. 
Corporate Actions  Monitor and report notifications of both non-voluntary and 
  voluntary corporate actions to the Manager from multiple sources. 
  Monitor responses from Manager's portfolio managers, and 
  transmit responses to custodians and other mutually agreed upon 
  parties. 
Reconciliations  (Position, Cash) Identify, assign and work to resolve exceptions 
  between custody and accounting records at State Street. 
 
  Identify, assign and work to resolve exceptions between position 
  data held at the Manager and the data maintained by State Street. 
Management Reporting  Prepare standard reports for the Manager as such reports are agreed 
  upon in the Service Level Standards. 
Cash Availability & Forecasting  Gather and report the amount of available cash contained in 
  portfolios. Forecast and report on future cash availability.