EX-99.G CUST AGREEMT 10 j_etfex99g4.htm EX-99.G CUST AGREEMT

 

April 1, 2021

 

State Street Bank and Trust Company

200 Newport Ave

North Quincy, MA 02171

Attention: Steven Bagley Jr., Managing Director

 

Re:Each Putnam exchange traded fund identified on Exhibit A hereto (each, a “Putnam ETF Fund”)

 

Ladies and Gentlemen:

 

In accordance with Section 21.5, the Additional Funds provision of the Master Custodian Agreement dated as of January 1, 2007 (as amended, the “Agreement”) between each management investment company identified on Appendix A thereto and State Street Bank and Trust Company (“State Street”), each undersigned Putnam ETF Fund hereby requests that your bank act as its Custodian under the terms of the Agreement. In connection with such request, each Putnam ETF Fund hereby confirms to you, as of the date hereof, its representations and warranties set forth in Section 10 of the Agreement. An updated Appendix A to the Agreement reflecting this addition is attached.

 

We acknowledge that each Putnam ETF Fund will issue and redeem shares only in aggregations of Shares known as “Creation Units,” generally in exchange for a basket of certain equity or fixed income securities or other assets and a specified cash payment, as more fully described in the currently effective registration statement of the Putnam ETF Fund (the “Prospectus”).

 

We acknowledge and agree that the following new Sections 2.14 and 2.15 shall be added to the Custodian Agreement in relation to the Putnam ETF Funds only as follows:

 

“Section 2.14 Determination of Fund Deposit, etc. Subject to and in accordance with the directions of the investment adviser for the Fund, the Custodian shall determine for each Fund after the end of each trading day on the New York Stock Exchange (the “NYSE”), in accordance with the respective Fund’s policies as adopted from time to time by the Board and in accordance with the procedures set forth in the Prospectus, (i) the identity and weighting of the securities in the Deposit Securities and the Fund Securities (each as defined in the Prospectus), (ii) the cash component, and (iii) the amount of cash redemption proceeds (all as defined in the Prospectus) required for the issuance or redemption, as the case may be, of Shares in Creation Unit aggregations of such Fund on such date. The Custodian shall provide or cause to be provided this information to the Fund’s distributor and other persons according to the policy established by the Board and shall disseminate such information on each day that the NYSE is open, including through the facilities of the National Securities Clearing Corporation, prior to the opening of trading on the NYSE.

 

Section 2.15. Allocation of Deposit Security Shortfalls. Each Fund acknowledges that the Custodian maintains only one account on the books of the National Securities Clearing Corporation (the “NSCC”) for the benefit of all exchange traded funds for which the Custodian serves as custodian, including the Fund (collectively, the “ETF Custody Clients”). In the event that (a) two or more ETF Custody Clients require delivery of the same Deposit Security in order to purchase a Creation Unit, and (b) the NSCC, pursuant to its Continuous Net Settlement system,

 

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delivers to the Custodian’s NSCC account less than the full amount of such Deposit Security necessary to satisfy in full each affected ETF Custody Client’s required amount (a “Common Deposit Security Shortfall”), then, until all Common Deposit Security Shortfalls for a given Deposit Security are satisfied in full, the Custodian will allocate to each affected ETF Custody Client, on a pro rata basis, securities and/or cash received in the Custodian’s NSCC account relating to such shortfall, first to satisfy any prior unsatisfied Common Deposit Security Shortfall, and then to satisfy the current Common Deposit Security Shortfall.”

 

We acknowledge and agree that the terms of Section 6 of the Custodian Agreement shall be amended and replaced in its entirety in relation to the Putnam ETF Funds only as follows:

 

“Section 8. Payments for Sales or Repurchases or Redemptions of Shares.

 

(a)       The Custodian shall receive from the distributor of the Shares or from the Transfer Agent, as the case may be, and deposit into the account of the appropriate Fund such payments as are received for Shares, in Creation Unit aggregations, thereof issued or sold from time to time by the Fund. The Custodian will provide timely notification to the Fund on and the Transfer Agent of any receipt by it of payments for Shares of such Fund.

 

(b)       From such funds and securities as may be available for the purpose, the Custodian shall, upon receipt of instructions from the Transfer Agent, make funds and securities available for payment to, or in accordance with the instructions of, Authorized Participants (as defined in the Prospectus) who have delivered to the Transfer Agent proper instructions for the redemption or repurchase of their Shares, in Creation Unit aggregations, which shall have been accepted by the Transfer Agent, the applicable Fund Securities (as defined in the Prospectus) (or such securities in lieu thereof as may be designated by the investment adviser of the Fund in accordance with the Prospectus) for such Fund and the Cash Redemption Amount (as defined in the Prospectus), if applicable, less any applicable Redemption Transaction Fee (as defined in the Prospectus). The Custodian will transfer the applicable Fund Securities to or on the order of the Authorized Participant. Any cash redemption payment (less any applicable Redemption Transaction Fee) due to the Authorized Participant on redemption shall be effected through the DTC (as defined in the Prospectus) system or through wire transfer in the case of redemptions effected outside of the DTC system.”

 

We further acknowledge that Section 21.9 of the Agreement is hereby modified to update the Funds’ contact information in relation to all Funds.

 

To any Fund: c/o PUTNAM FIDUCIARY TRUST COMPANY, LLC
  100 Federal Street
  Boston, Massachusetts 02110
  Attention: Stephen Tate, Deputy General Counsel
  Telephone: (617) 760-1648
   
With a copy to: Ropes & Gray LLP
  Prudential Tower
  800 Boylston Street
  Boston, Massachusetts 02199
  Attention: Bryan Chegwidden
  Telephone: 212 497 3636

 

 

Information Classification: Limited Access

 

The terms and conditions of the Custodian Agreement, as modified by this letter with regard to the Putnam ETF Funds, shall apply only to the Putnam ETF Funds.

Attached as Appendix A hereto is a replacement of “Appendix A” to the Agreement, effective as of the date set forth below. The attached Appendix A is marked to reflect the addition of the Putnam ETF Funds.

 

 

 

 

Information Classification: Limited Access

 

Kindly indicate your acceptance of the foregoing by executing two copies of this letter agreement, returning one to the Fund and retaining one for your records.

 

Sincerely,

 

each Putnam Investment Company identified on
Appendix A Hereto

 

 

By: /s/ Susan Malloy____

Name: Susan Malloy

Title: Head of Accounting and Middle Office Services,
Duly Authorized

 

Agreed and Accepted:

 

STATE STREET BANK AND TRUST COMPANY

 

 

By: /s/ Stefanie B. Mansfield

Name: Stefanie B. Mansfield

Title: Managing Director, Global Relationship Management

Effective Date: April 1, 2021

 

Information Classification: Limited Access

 

Exhibit A

 

Putnam ETF Funds

 

Putnam ETF Trust

Putnam Focused Large Cap Growth ETF

Putnam Focused Large Cap Value ETF

Putnam Sustainable Future ETF

Putnam Sustainable Leaders ETF

 

Information Classification: Limited Access

 

APPENDIX A

 

to

 

Master Custodian Agreement

 

 

FUND/PORTFOLIO Putnam Fund # State 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 LARGE CAP VALUE FUND (f/k/a 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 Focused International Equity Fund (f/k/a 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 FUND 845 38RD
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 2065 Fund  WJ7 38B2
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 Maturity Fund 48P FFAF
     

 

Information Classification: Limited Access

 

 

Putnam Retirement Advantage 2025 Fund UU4 38BL
Putnam Retirement Advantage 2030 Fund UU5 38BN
Putnam Retirement Advantage 2035 Fund UU6 38BP
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 2065 Fund WJ8 38B1
Putnam Retirement Advantage Maturity Fund UV4 38BM
     
PUTNAM TAX EXEMPT INCOME FUND 011 38Q3
     
PUTNAM TAX-FREE INCOME TRUST
on behalf of:
Putnam Strategic Intermediate Municipal Fund (f/k/a 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

 

Information Classification: Limited Access

 

 

     
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
Putnam PanAgora Managed Futures Strategy SM7 38PV
Putnam PanAgora Market Neutral Fund SL6 38PW
Putnam PanAgora Managed Futures Strategy Ltd. SN8 38PY
     
Putnam ETF Trust    
Putnam Focused Large Cap Growth ETF    
Putnam Focused Large Cap Value ETF    
Putnam Sustainable Future ETF    
Putnam Sustainable Leaders ETF    

 

 

 

 

 

Information Classification: Limited Access