TWELFTH JOINDER TO GLOBAL CUSTODY AGREEMENT
TWELFTH JOINDER (“Joinder”) to the GLOBAL CUSTODY AGREEMENT, dated March 1, 2020, as amended, among each of the Customers listed on Annex B thereto (each a “Customer”) and JPMORGAN CHASE BANK, N.A (“J.P. Morgan”) as amended from time to time (the “Agreement”) is made and entered into as of July 17, 2025, and shall be effective as of August 1, 2025, between the New Customers (as defined below) and J.P. Morgan.
W I T N E S S E T H:
WHEREAS, the Customers and J.P. Morgan entered into the Agreement;
WHEREAS, the entities listed on Annex 1 (the “New Customers”) hereto request that J.P. Morgan provide custody services to them under the terms and conditions set forth in the Agreement;
WHEREAS, J.P. Morgan agrees to provide custody services to the New Customers pursuant to the terms and conditions set forth in the Agreement.
NOW, THEREFORE, in consideration of the mutual agreements herein contained, the parties hereby agree as follows:
1. Definitions. Unless otherwise defined herein, defined terms used in this Joinder shall have the meaning ascribed to such terms in the Agreement.
2. Joinder. The New Customers hereby agree to be subject to and bound by the terms and conditions of the Agreement.
3. Amendments. The Agreement shall be amended as follows:
(A) Annex B of the Agreement is hereby amended and restated in its entirety by Annex 2 hereto.
(B) Except as amended by this Joinder, the Agreement shall remain in full force and effect.
4. Entire Agreement. This Joinder and the Agreement and any documents referred to in each of them, constitutes the whole agreement between the parties relating to their subject matter and supersedes and extinguishes any other drafts, agreements, undertakings, representations, warranties and arrangements of any nature, whether in writing or oral, relating to such subject matter. If any of the provisions of this Joinder are inconsistent with or in conflict with any of the provisions of the Agreement then, to the extent of any such inconsistency or conflict, the provisions of this Joinder shall prevail as between the parties.
5. Counterparts. This Joinder may be executed in any number of counterparts which together shall constitute one agreement. Each party hereto may enter into this Joinder by executing a counterpart and this Joinder shall not take effect until it has been executed by both parties.
6. Law and Jurisdiction. This Joinder shall be governed by, and construed in accordance with, the laws of the State of New York.
[ Signature page follows ]
IN WITNESS WHEREOF, the parties have executed this Joinder as of the date first above written.
JPMORGAN CHASE BANK, N.A.
| By: /s/ Carl Mehldau |
| Name: Carl Mehldau |
| Title: Executive Director |
| Date: July 17, 2025 |
PUTNAM TARGET DATE FUNDS ON BEHALF OF
Putnam Retirement Advantage 2070 Fund
Putnam Sustainable Retirement 2070 Fund
| By: /s/ Jonathan S. Horwitz |
| Name: Jonathan S. Horwitz |
| Title: Executive Vice President, principal Executive Officer and Compliance Liason |
| Date: July 17, 2025 |
Annex 1
PUTNAM TARGET DATE FUNDS
Putnam Retirement Advantage 2070 Fund
Putnam Sustainable Retirement 2070 Fund
Annex 2
“ANNEX B TO THE GLOBAL CUSTODY AGREEMENT”
List of Customers
|
Customer |
Jurisdiction | |
| Franklin Templeton Variable Insurance Products Trust on behalf of its series:^
Templeton Developing Markets VIP Fund
Templeton Foreign VIP Fund
Templeton Growth VIP Fund
Franklin DynaTech VIP Fund
Franklin Growth and Income VIP Fund
Franklin Global Real Estate VIP Fund
Templeton Global Bond VIP Fund
Franklin Income VIP Fund
Franklin U.S. Government Securities VIP Fund
Franklin Rising Dividends VIP Fund
Franklin Small-Mid Cap Growth VIP Fund
Franklin Large Cap Growth VIP Fund
Franklin Mutual Global Discovery VIP Fund
Franklin Mutual Shares VIP Fund
Franklin Small Cap Value VIP Fund
Franklin Strategic Income VIP Fund
Franklin Allocation VIP Fund
Franklin VolSmart Allocation VIP Fund
|
United States | |
| Templeton Funds on behalf of its series:^
Templeton World Fund
Templeton Foreign Fund
Templeton International Climate Change Fund
|
United States | |
| Templeton Global Investment Trust on behalf of its series:^
Templeton Emerging Markets Small Cap Fund
Templeton Frontier Markets Fund
Templeton Global Balanced Fund
|
United States |
|
Customer |
Jurisdiction | |
| Templeton Income Trust on behalf of its series:^
Templeton Global Bond Fund
Templeton Emerging Markets Bond Fund
Templeton International Bond Fund
Templeton Global Total Return Fund
|
United States | |
| Templeton Institutional Funds on behalf of its series:^
Foreign Smaller Companies Series
International Equity Series
Global Equity Series
|
United States | |
| Institutional Fiduciary Trust on behalf of its series:^
Franklin Money Market Fund
Money Market Portfolio
|
United States | |
| Templeton Global Smaller Companies Fund^ | United States | |
| Templeton Growth Funds, Inc.^ | United States | |
| Templeton Emerging Markets Fund^ | United States | |
| Templeton Global Income Fund^ | United States | |
| Templeton Developing Markets Trust^ | United States | |
| Templeton Emerging Markets Income Fund^ | United States | |
| Templeton Dragon Fund, Inc.^ | United States | |
| Templeton China World Fund^ | United States | |
| Templeton Strategic Emerging Markets Fund III, L.P. | United States | |
| Templeton Growth Fund II Limited | Cayman Islands | |
| Templeton China Opportunities Fund, Ltd. | Cayman Islands | |
| Templeton Strategic Emerging Markets Fund III, (Cayman) L.P. | Cayman Islands | |
| Templeton Strategic Emerging Markets Fund IV LDC | Cayman Islands | |
| Templeton Strategic Emerging Markets Fund III LDC | Cayman Islands | |
| Templeton Global Advisors Ltd (Separate Account) | Bahamas | |
| Franklin ETF Trust on behalf of its series:^
Franklin Equity Portfolio Fund
Franklin Fixed Income Portfolio Fund
|
United States |
|
Customer |
Jurisdiction | |
| Franklin OnChain U.S. Government Money Fund^ | United States | |
| Franklin Templeton SMACS: Series EM | United States | |
| Franklin California Tax-Free Income Fund^ | United States | |
| Franklin California Tax Free Trust on behalf of its series^
Franklin California Intermediate-Term Tax-Free Income Fund |
United States | |
| Franklin Custodian Funds on behalf of its series^
Franklin U.S. Government Securities Fund
Franklin Growth Fund
Franklin Utilities Fund
Franklin DynaTech Fund
Franklin Income Fund |
United States | |
| Franklin Federal Tax-Free Income Fund^ | United States | |
| Franklin Floating Rate Master Trust on behalf of its series^
Franklin Floating Rate Master Series
Franklin Floating Rate Income Fund |
United States | |
| Franklin Fund Allocator Series on behalf of its series:^
Franklin Corefolio Allocation Fund
Franklin Global Allocation Fund
Franklin Conservative Allocation Fund
Franklin Moderate Allocation Fund
Franklin Growth Allocation Fund
Franklin LifeSmart 2020 Retirement Target Fund
Franklin LifeSmart 2025 Retirement Target Fund
Franklin LifeSmart 2030 Retirement Target Fund
Franklin LifeSmart 2035 Retirement Target Fund
Franklin LifeSmart 2040 Retirement Target Fund
Franklin LifeSmart 2045 Retirement Target Fund
Franklin LifeSmart 2050 Retirement Target Fund
Franklin LifeSmart 2055 Retirement Target Fund
Franklin LifeSmart 2060 Retirement Target Fund |
United States |
|
Customer |
Jurisdiction | |
| Franklin LifeSmart Retirement Income Fund
Franklin U.S. Core Equity (IU) Fund
Franklin International Core Equity (IU) Fund
Franklin Emerging Market Core Equity (IU) Fund |
||
| Franklin Global Trust on behalf of its series^
Franklin Emerging Market Debt Opportunities Fund
Franklin International Growth Fund |
United States | |
| Franklin Gold And Precious Metals Fund^ | United States | |
| Franklin High Income Trust on behalf of its series:^
Franklin High Income Fund |
United States | |
| Franklin Investors Securities Trust on behalf of its series^
Franklin Total Return Fund
Franklin Floating Rate Daily Access Fund
Franklin Managed Income Fund
Franklin Low Duration Total Return Fund
Franklin Adjustable U.S. Government Securities Fund
Franklin Equity Income Fund
Franklin Convertible Securities Fund |
United States | |
| Franklin Limited Duration Income Trust^ | United States | |
| Franklin Managed Trust on behalf of its series:^
Franklin Rising Dividends Funds |
United States | |
| Franklin Municipal Series Trust on behalf of its series:^
Franklin California High Yield Municipal Fund |
United States | |
| Franklin Mutual Series Funds on behalf of its series^
Franklin Mutual Beacon Fund
Franklin Mutual Global Discovery Fund
Franklin Mutual European Fund
Franklin Mutual Quest Fund
Franklin Mutual Shares Fund
Franklin Mutual Financial Services Fund |
United States |
|
Customer |
Jurisdiction | |
| Franklin New York Tax-Free Income Fund^ | United States | |
| Franklin New York Tax Free Trust on behalf of its series^
Franklin New York Intermediate-Term Tax-Free Income Fund |
United States | |
| Franklin Real Estate Securities Trust on behalf of its series^
Franklin Real Estate Securities Fund |
United States | |
| Franklin Strategic Mortgage Portfolio^ | United States | |
| Franklin Strategic Series on behalf of its series^
Franklin Strategic Income Fund
Franklin Small-Mid Cap Growth Fund
Franklin Biotechnology Discovery Fund
Franklin Natural Resources Fund
Franklin Growth Opportunities Fund
Franklin Small Cap Growth Fund
Franklin Templeton SMACS Series CH
Franklin Templeton SMACS Series E
Franklin Templeton SMACS Series H
Franklin Templeton SMACS Series I
Franklin Templeton SMACS: Series C
Franklin Templeton SMACS: Series CP
|
United States | |
| Franklin Tax Free Trust on behalf of its series^
Franklin Massachusetts Tax-Free Income Fund
Franklin Michigan Tax-Free Income Fund
Franklin Minnesota Tax-Free Income Fund
Franklin Ohio Tax-Free Income Fund
Franklin Colorado Tax-Free Income Fund
Franklin Georgia Tax-Free Income Fund
Franklin Pennsylvania Tax-Free Income Fund
Franklin High Yield Tax-Free Income Fund
Franklin Federal Limited-Term Tax-Free Fund |
United States |
|
Customer |
Jurisdiction | |
| Franklin Missouri Tax-Free Income Fund
Franklin Oregon Tax-Free Income Fund
Franklin Virginia Tax-Free Income Fund
Franklin Alabama Tax-Free Income Fund
Franklin Connecticut Tax-Free Income Fund
Franklin Louisiana Tax-Free Income Fund
Franklin Maryland Tax-Free Income Fund
Franklin North Carolina Tax-Free Income Fund
Franklin New Jersey Tax-Free Income Fund
Franklin Arizona Tax-Free Income Fund
Franklin Federal Intermediate-Term Tax-Free Income Fund |
||
| Franklin Universal Trust^ | United States | |
| Franklin U.S. Government Money Fund on behalf of its series^
Franklin U.S. Government Money Fund |
United States | |
| Franklin Value Investors Trust on behalf of^
Franklin Mutual U.S. Mid Cap Value Fund
Franklin Microcap Value Fund
Franklin Small Cap Value Fund |
United States | |
| The Money Market Portfolios on behalf of its series^
The U.S. Government Money Market Portfolio |
United States | |
| Franklin Templeton Cayman SPC Fund
Franklin USD Diversified Bond VI 2024 SP
Franklin USD Diversified Fixed Tenure Bond SP
Franklin USD Diversified Bond VII 2024 SP
Franklin USD Diversified Fixed Tenure Bond Series II SP
Franklin K2 Athena Risk Premia Enhanced SP |
Cayman Islands | |
| Franklin USD Diversified Bond IV 2024 Fund | Cayman Islands | |
| Franklin Templeton U.S. Government Securities II Limited | Bermuda | |
| Alternative Strategies (FT) LTD. | Cayman Island |
|
Customer |
Jurisdiction | |
| Franklin Long Duration Credit Fund | United States | |
| Putnam California Tax Exempt Income Fund | United States | |
| Putnam Convertible Securities Fund | United States | |
| Putnam Diversified Income Trust | United States | |
| Putnam Asset Allocation Funds, on behalf of its series
Putnam Dynamic Asset Allocation Balanced Fund
Putnam Dynamic Asset Allocation Conservative Fund
Putnam Dynamic Asset Allocation Growth Fund
Putnam Multi-Asset Income Fund |
United States | |
| Putnam Funds Trust, on behalf of its series
Putnam Core Bond Fund
Putnam Core Equity Fund
Putnam Dynamic Asset Allocation Equity Fund
Putnam Emerging Markets Equity 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 Short Duration Bond Fund
Putnam Short Term Investment Fund
Putnam Short-Term Municipal Income Fund
Putnam Small Cap Growth Fund
Putnam Ultra Short Duration Income Fund
Putnam Ultra Short MAC Series
|
United States | |
| Putnam Focused International Equity Fund | United States | |
| George Putnam Balanced Fund | United States |
|
Customer |
Jurisdiction | |
| Putnam Global Health Care Fund | United States | |
| Putnam Global Income Trust | United States | |
| Putnam High Yield Fund | United States | |
| Putnam Income Fund | United States | |
| Putnam International Equity Fund | United States | |
| Putnam Investment Funds, on behalf of its series
Putnam Government Money Market Fund
Putnam International Capital Opportunities Fund
Putnam Large Cap Growth Fund
Putnam Research Fund
Putnam Small Cap Value Fund
Putnam Sustainable Future Fund |
United States | |
| Putnam Large Cap Value Fund | United States | |
| Putnam Managed Municipal Income Trust | United States | |
| Putnam Massachusetts Tax Exempt Income Fund | United States | |
| Putnam Master Intermediate Income Trust | United States | |
| Putnam Minnesota Tax Exempt Income Fund | United States | |
| Putnam Money Market Fund | United States | |
| Putnam Mortgage Securities Fund | United States | |
| Putnam Municipal Opportunities Trust | United States | |
| Putnam New Jersey Tax Exempt Income Fund | United States | |
| Putnam New York Tax Exempt Income Fund | United States | |
| Putnam Ohio Tax Exempt Income Fund | United States | |
| Putnam Pennsylvania Tax Exempt Income Fund | United States | |
| Putnam Premier Income Trust | United States | |
| Putnam Sustainable Leaders Fund | United States | |
| Putnam Target Date Funds, on behalf of its series
Putnam Retirement Advantage Maturity Fund
Putnam Retirement Advantage 2070 Fund* |
United States |
|
Customer |
Jurisdiction | |
| Putnam Retirement Advantage 2065 Fund
Putnam Retirement Advantage 2060 Fund
Putnam Retirement Advantage 2055 Fund
Putnam Retirement Advantage 2050 Fund
Putnam Retirement Advantage 2045 Fund
Putnam Retirement Advantage 2040 Fund
Putnam Retirement Advantage 2035 Fund
Putnam Retirement Advantage 2030 Fund
Putnam Retirement Advantage 2025 Fund
Putnam Sustainable Retirement Maturity Fund
Putnam Sustainable Retirement 2070 Fund*
Putnam Sustainable Retirement 2065 Fund
Putnam Sustainable Retirement 2060 Fund
Putnam Sustainable Retirement 2055 Fund
Putnam Sustainable Retirement 2050 Fund
Putnam Sustainable Retirement 2045 Fund
Putnam Sustainable Retirement 2040 Fund
Putnam Sustainable Retirement 2035 Fund
Putnam Sustainable Retirement 2030 Fund
Putnam Sustainable Retirement 2025 Fund |
||
| Putnam Tax Exempt Income Fund | United States | |
| Putnam Tax-Free Income Trust, on behalf of its series
Putnam Strategic Intermediate Municipal Fund
Putnam Tax-Free High Yield Fund |
United States | |
| Putnam Variable Trust, on behalf of its series
Putnam VT Core Equity Fund |
United States |
|
Customer |
Jurisdiction | |
| Putnam VT Diversified Income Fund
Putnam VT Emerging Markets Equity Fund
Putnam VT Focused International Equity Fund
Putnam VT George Putnam Balanced Fund
Putnam VT Global Asset Allocation Fund
Putnam VT Global Health Care Fund
Putnam VT Government Money Market Fund
Putnam VT High Yield Fund
Putnam VT Income Fund
Putnam VT International Equity Fund
Putnam VT International Value Fund
Putnam VT Large Cap Growth Fund
Putnam VT Large Cap Value Fund
Putnam VT Mortgage Securities 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 |
||
| Franklin Dynamic Asset Allocation Balanced Ltd., a subsidiary of Putnam Dynamic Asset Allocation Balanced Fund | Cayman Islands | |
| Franklin Dynamic Asset Allocation Growth Ltd., a subsidiary of Putnam Dynamic Asset Allocation Growth Fund | Cayman Islands | |
| Franklin Dynamic Asset Allocation Conservative Ltd., a subsidiary of Putnam Dynamic Asset Allocation Conservative Fund | Cayman Islands | |
| Franklin Multi-Asset Income Ltd., a subsidiary of Putnam Multi-Asset Income Fund | Cayman Islands |
*Denotes a Customer added through this Joinder.
^Denotes a Customer that is a party to the Mutual Fund Rider to the Global Custody Agreement