Form 485BPOS PUTNAM FUNDS TRUST

September 27, 2021 3:42 PM EDT

AMENDMENT TO MASTER CUSTODIAN AGREEMENT

This Amendment to Master Custodian Agreement (“Amendment”) is made as of June 25, 2021, by and between each management investment company party thereto (each, a “Fund” and collectively, the “Funds,” and each series of a Fund, a “Portfolio”), each severally and not jointly, 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. Section 16(a) of the Agreement is hereby deleted in its entirety and replaced with the following:

“(a) This Agreement shall continue in full force and effect until December 31, 2021, unless the Funds provide written notice to Custodian of the Funds’ intent either to renew this Agreement for an additional term or to terminate this Agreement, which notice shall be provided by the Funds to the Custodian no later than December 31, 2021 (“Fund Notice”). If the Funds provide a Fund Notice pursuant to which the Funds elect to terminate this Agreement, this Agreement shall then terminate one hundred eighty (180) days after the last day of the month during which the Fund Notice is provided (the effective date of such termination being referred to as the “Termination Date”), subject to any Extension Period (as defined below) and any additional extension as the parties may agree to separately in writing. Upon termination of this Agreement pursuant to this paragraph, upon receipt of a final bill from the Custodian, the Funds shall pay all accrued and unpaid fees under this Agreement. If the Funds provide a Fund Notice pursuant to which the Funds elect to renew the Agreement, the parties will engage in good faith negotiations to enter into an extension or an amendment and restatement of this Agreement on mutually acceptable terms (“Extension”), and this Agreement shall continue in full force and effect until such time as the parties execute the Extension, subject to either party’s right to give one hundred eighty (180) days’ prior written notice of its intention to terminate the Agreement (subject to any Extension Period and any additional extension as the parties may agree to separately in writing) in the event that, in its reasonable judgement, substantial good faith progress toward agreement of an Extension is not being made. If this Agreement is terminated, the Custodian shall, at the reasonable request of the Funds, and subject to the consent of the Custodian (which consent shall not be unreasonably withheld or delayed), continue to provide services hereunder for a period (the "Extension Period") not to exceed ninety (90) days from the Termination Date, and the compensation payable to the Custodian for its services and expenses during such Extension Period shall not exceed one hundred and five percent (105%) (per annum) of the compensation last agreed upon by each Fund and the Custodian and in effect immediately prior to the Termination Date.

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 Section 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.”

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

3. 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 Amendment 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.

4. Attached as Appendix A hereto is a replacement of “Appendix A” to the Agreement, effective as of the date set forth below.

Information Classification: Limited Access

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, OTHER THAN PUTNAM ETF TRUST

	By:	/s/ Jonathan S. Horwitz
	Name:	Jonathan S. Horwitz
	Title:	Executive Vice President, Principal Executive Officer,
		and Compliance Liaison


	PUTNAM ETF TRUST, ON BEHALF OF EACH OF ITS
	SERIES

	By:	/s/ Susan Malloy
	Name:	Susan Malloy
	Title:	Head of Accounting and Middle Office Services


	STATE STREET BANK AND TRUST COMPANY
	By:	/s/ Michael T. Goonan
	Name:	Michael T. Goonan
	Title:	Executive Vice President

APPENDIX A

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
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

Information Classification: Limited Access

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
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
GEORGE PUTNAM BALANCED FUND	001	38QA
PUTNAM INVESTMENT FUNDS
on behalf of:
Putnam PanAgora Risk Parity Fund	SP2	38PU
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

AMENDMENT TO MASTER SUB-ACCOUNTING SERVICES AGREEMENT

(Registered Funds)

This Amendment to Master Sub-Accounting Services Agreement (“Amendment”) is made as of June 25, 2021, by and between the Putnam entity identified on Appendix A (the “Administrator”) and State Street Bank and Trust Company (the “Sub-Accounting Agent”).

WHEREAS, the Administrator and the Sub-Accounting Agent entered into that certain Sub-Accounting Services Agreement dated as of January 1, 2007 (as amended, modified and supplemented from time to time, the “Agreement”); and

WHEREAS, the Administrator and Sub-Accounting Agent desire to amend the Agreement as set forth herein.

NOW THEREFORE, in consideration of the foregoing, the Administrator and the Sub-Accounting Agent hereby agree to amend the Agreement, pursuant to the terms thereof, as follows:

Section 6(a) of the Agreement is hereby deleted in its entirety and replaced with the following:

This Agreement shall continue in full force and effect until December 31, 2021, unless the Administrator provides written notice to Sub-Accounting Agent of the Administrators’ intent either to renew this Agreement for an additional term or to terminate this Agreement, which notice shall be provided by the Administrator to the Sub-Accounting Agent no later than December 31, 2021 (“Administrator Notice”). If the Administrator provides an Administrator Notice pursuant to which the Administrator elects to terminate this Agreement, this Agreement shall then terminate one hundred eighty (180) days after the last day of the month during which the Administrator Notice is provided (the effective date of such termination being referred to as the “Termination Date”), subject to any Extension Period (as defined below) and any additional extension as the parties may agree to separately in writing. Upon termination of this Agreement pursuant to this paragraph, upon receipt of a final bill from the Sub-Accounting Agent, the Administrator shall pay all accrued and unpaid fees under this Agreement. If the Administrator provides a Administrator Notice pursuant to which the Administrator elects to renew the Agreement, the parties will engage in good faith negotiations to enter into an extension or an amendment and restatement of this Agreement on mutually acceptable terms (“Extension”), and this Agreement shall continue in full force and effect until such time as the parties execute the Extension, subject to either party’s right to give one hundred eighty (180) days’ prior written notice of its intention to terminate the Agreement (subject to any Extension Period and any additional extension as the parties may agree to separately in writing) in the event that, in its reasonable judgement, substantial good faith progress toward agreement of an Extension is not being made. If this Agreement is terminated, the Sub-Accounting Agent shall, at the reasonable request of the Administrator, and subject to the consent of the Sub-Accounting Agent (which consent shall not be unreasonably withheld or delayed), continue to provide services hereunder for a period (the "Extension Period") not to exceed ninety (90) days from the Termination Date, and the compensation payable to the Sub-Accounting Agent for its services and expenses during such Extension Period shall not exceed one hundred and five percent (105%) (per annum) of the compensation last agreed upon by each Administrator and the Sub-Accounting Agent and in effect immediately prior to the Termination Date.”

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

3. Attached as Appendix A hereto is a replacement of “Appendix A” to the Agreement, effective as of the date set forth above.

[Signature page follows.]

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.

	PUTNAM INVESTMENT MANAGEMENT, LLC

	By:	/s/ Michael J. Woodall
	Name:	Michael J. Woodall
	Title:	Chief of Operations


	STATE STREET BANK AND TRUST COMPANY

	By:	/s/ Michael T. Goonan
	Name:	Michael T. Goonan
	Title:	Executive Vice President

Information Classification: Limited Access

APPENDIX A

Master Sub-Accounting Services 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
Putnam Focused International Equity Fund (f/k/a PUTNAM GLOBAL EQUITY FUND)	005	38QE

Information Classification: Limited Access

PUT EMERG MKTS SM CAP EQ LLP	UG8	38BF
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

Putnam Retirement Advantage 2025 Fund	UU4	38BL
Putnam Retirement Advantage 2030 Fund	UU5	38BN

Information Classification: Limited Access

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 RET ADVANTAGE 2065 TRUST	WN3	38B8
Putnam Retirement Advantage Maturity Fund	UV4	38BM
Putnam 529 Age-Based 2021 Fund	WK2	38B3

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 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

July 1, 2021

The 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 or in Schedule A, Schedule B, or Schedule C, 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 Emerging Markets Equity Fund	1.09%	April 30, 2023
Putnam VT Multi-Asset Absolute Return Fund	0.90%	April 30, 2023
Putnam VT Mortgage Securities Fund	0.50%	April 30, 2023


		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, 2022
Putnam Emerging Markets Equity Fund	0.78%	December 30,
		2022
Putnam Global Income Trust	0.43%	February 28,
		2023
Putnam Income Fund	0.33%	Feb. 28, 2023
Putnam Intermediate-Term Municipal Income	0.52%	March 30, 2023
Fund
Putnam Mortgage Opportunities Fund	0.46%	September 30,
		2022
Putnam Ultra Short Duration Income Fund	0.24%	Nov. 30, 2022
Putnam Short-Term Municipal Income Fund	0.28%	March 30, 2023


	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, 2022, the expiration of the
		one-year period following the effective date of the next update of the fund’s registration statement.

	4.	Putnam VT Focused International Equity Fund. PIM agrees to waive 5 basis points of the
		contractual management fee payable by Putnam VT Focused International Equity Fund through


		April 30, 2023, the expiration of the one-year period following the effective date of the next annual
		update of the fund’s registration statement.


	5.	Target Date Funds.


		a.	RetirementReady Funds: PIM agrees to (1) waive fees and/or reimburse expenses of each
			Putnam RetirementReady Fund, in an amount equal to the fund’s “acquired fund fees and
			expenses” and (2) waive fees and/or reimburse expenses of each class of shares specified below
			of each Putnam RetirementReady Fund in an amount sufficient to result in total annual fund
			operating expenses for each share class of the fund – exclusive of payments under the fund’s
			distribution plan, brokerage, interest, taxes, investment-related expenses (including borrowing
			costs, i.e., short selling and lines of credit costs), and extraordinary expenses – that equal the
			amount specified in the table below of the fund’s average net assets attributable to each such
			class. Each of these contractual waivers will remain in effect through the date that is three
			years after the effective date of the next annual update of each fund’s registration statement
			(except for Putnam RetirementReady® 2060 Fund, which will remain in effect through the date
			that is ten years after the effective date of the next annual update of the fund’s registration
			statement).



	*Share Class*	*Net Total* *Expense*
		*Ratio Cap*
	Class A	0.65%
	Class B	0.65%
	Class C	0.65%
	Class R	0.80%
	Class R3	0.80%
	Class R4	0.80%
	Class R5	0.65%
	Class R6	0.55%
	Class Y	0.65%


		b.	Retirement Advantage Funds: PIM agrees to (1) waive fees and/or reimburse expenses of
			each Putnam Retirement Advantage Fund in an amount equal to each fund’s “acquired
			fund fees and expenses” and (2) waive fees and/or reimburse expenses of each class of
			shares specified below of each Putnam Retirement Advantage Fund in an amount sufficient
			to result in total annual fund operating expenses for each class of each fund – exclusive of
			payments under the fund’s distribution plan, brokerage, interest, taxes, investment-related
			expenses (including borrowing costs, i.e., short selling and lines of credit costs), and
			extraordinary expenses – that equal the amount specified in the table below of the fund’s
			average net assets attributable to each such class. Each of these contractual waivers will
			remain in effect through the date that is three years after the effective date of the next annual
			update of each fund’s registration statement.



	*Share Class*	*Net Total* *Expense*
		*Ratio Cap*
	Class A	0.55%
	Class C	0.55%
	Class R	0.70%
	Class R3	0.70%



	Class R4	0.70%
	Class R5	0.55%
	Class R6	0.45%
	Class Y	0.55%

Effective July 1, 2021, 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 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/ Stephen J. Tate__________
		Stephen J. Tate
		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

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 Income Strategies Portfolio
Putnam Focused International Equity Fund
Putnam Funds Trust
	- Putnam Dynamic Risk Allocation Fund
	- Putnam Emerging Markets Equity 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 Short-Term Municipal Income Fund
	- Putnam Small Cap Growth Fund
	- Putnam Ultra Short Duration Income Fund
George Putnam Balanced 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 PanAgora Risk Parity Fund
	-Putnam Research Fund
	-Putnam Small Cap Value Fund
	-Putnam Sustainable Future Fund
Putnam Large Cap Value Fund
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 Strategic Intermediate Municipal Fund
	-Putnam Tax-Free High Yield Fund

Schedule B


Putnam Variable Trust

	- 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 Growth Opportunities Fund
	- Putnam VT High Yield Fund
	- Putnam VT Income Fund
	- Putnam VT International Equity Fund
	- Putnam VT International Value Fund
	- Putnam VT Large Cap 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

Schedule C

Other Funds Subject to Expense Limitations


Putnam Funds Trust
	- Putnam Dynamic Asset Allocation Equity Fund
	- Putnam Short Term Investment Fund
Putnam Target Date Funds
	- Putnam RetirementReady Maturity Fund
	- Putnam RetirementReady 2065 Fund
	- 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 Retirement Advantage Maturity Fund
	- 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 LOGO OMITTED]

June 25, 2021

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, 2022.

Any capitalized term not defined herein shall have the meaning assigned to the term in the Compensation Memorandum dated June 26, 2020.

Effective June 30, 2021, 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

CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

We hereby consent to the use in this Registration Statement on Form N-1A of Putnam Funds Trust of our report dated July 13, 2021, relating to the financial statements and financial highlights of Putnam Dynamic Asset Allocation Equity Fund, which appears in such Registration Statement. We also consent to the references to us under the headings "Financial highlights" and "Independent Registered Public Accounting Firm and Financial Statements" in such Registration Statement.

/s/ PricewaterhouseCoopers LLP

Boston, Massachusetts

September 24, 2021

Consent of Independent Registered Public Accounting Firm

The Board of Trustees

Putnam Funds Trust

We consent to the use of our report dated July 14, 2020, with respect to the financial statements of Putnam Dynamic Risk Allocation Fund, a series of Putnam Funds Trust, incorporated herein by reference.

/s/ KPMG LLP

Boston, Massachusetts

September 24, 2021

CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

We hereby consent to the use in this Registration Statement on Form N-1A of Putnam Funds Trust of our report dated July 14, 2021, relating to the financial statements and financial highlights of Putnam Dynamic Risk Allocation Fund, which appears in such Registration Statement. We also consent to the references to us under the headings "Financial highlights" and "Independent Registered Public Accounting Firm and Financial Statements" in such Registration Statement.

/s/ PricewaterhouseCoopers LLP

Boston, Massachusetts

September 24, 2021

CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

We hereby consent to the use in this Registration Statement on Form N-1A of Putnam Funds Trust of our report dated July 14, 2021, relating to the financial statements and financial highlights of Putnam Mortgage Opportunities Fund, which appears in such Registration Statement. We also consent to the references to us under the headings "Financial highlights" and "Independent Registered Public Accounting Firm and Financial Statements" in such Registration Statement.

/s/ PricewaterhouseCoopers LLP

Boston, Massachusetts

September 24, 2021

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