# EDGAR Filing Document

**Accession Number:** 0001448300
**File Stem:** 0001448300-25-000011
**Filing Date:** 2025-11
**Character Count:** 65665
**Document Hash:** f73b2281b375e71dd4cbf1b5f147fec6
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001448300-25-000011.hdr.sgml**: 20260115

**ACCESSION NUMBER**: 0001448300-25-000011

**CONFORMED SUBMISSION TYPE**: TA-1/A

**PUBLIC DOCUMENT COUNT**: 1

**FILED AS OF DATE**: 20251124

**DATE AS OF CHANGE**: 20260115

**EFFECTIVENESS DATE**: 20251204

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Putnam Investor Services, Inc.
- **CENTRAL INDEX KEY:** 0001448300

**ORGANIZATION NAME:**
- **EIN:** 042539562
- **STATE OF INCORPORATION:** MA
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** TA-1/A
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 084-06331
- **FILM NUMBER:** 26534666

**BUSINESS ADDRESS:**
- **STREET 1:** 100 FEDERAL STREET
- **CITY:** BOSTON
- **STATE:** MA
- **ZIP:** 02110
- **BUSINESS PHONE:** 617-292-1000

**MAIL ADDRESS:**
- **STREET 1:** 100 FEDERAL STREET
- **CITY:** BOSTON
- **STATE:** MA
- **ZIP:** 02110

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Putnam Investor Services Inc
- **DATE OF NAME CHANGE:** 20081020

### UNITED STATES SECURITIES AND EXCHANGE COMMISSION
**Washington, D.C. 20549**

## FORM TA-1

### UNIFORM FORM OF APPLICATION FOR REGISTRATION AS A TRANSFER AGENT

### Registrant Information

**Appropriate regulatory agency:** SEC

**Full name of Registrant:** Putnam Investor Services, Inc.

**FINS Number:** 338483

**Address of principal office where transfer agent activities are performed:** 100 Federal Street, Boston, MA, 02110

**Is mailing address different from principal office address?:** No

**Telephone Number:** 617-292-1000

**Does registrant conduct business in other locations?:** No

**Is registrant a self-transfer agent?:** Yes

**Does registrant engage a service company to perform any of its transfer agent functions?:** Yes

**Is registrant engaged as a service company by a named transfer agent?:** No

### Ownership and Control Information

**Registrant Type:** Corporation

**Does any other person control the management or policies of the applicant?:** Yes

- **Controlling Entity Name:** Templeton Worldwide, Inc., Legg Mason, Inc., Franklin Resources, Inc.

- **Agreement Description:** Putnam Investor Services, Inc., is a wholly-owned subsidiary of Putnam U.S. Holdings I, LLC, which is a wholly-owned subsidiary of Templeton Worldwide, Inc., which is a wholly-owned subsidiary of Legg Mason, Inc., which is a wholly-owned subsidiary of Franklin Resources, Inc.

**Does any other person directly or indirectly finance the applicant?:** No

**Control Affiliates Information:**

| Entity Name                 | Relationship Start Date   | Title or Status                          | Ownership Code   | Control Person   | Relationship End Date   |
|:---|:---|:---|:---|:---|:---|
| Putnam U.S. Holdings I, LLC | 12/30/2008                | Parent of Registrant                     | E                | Yes              |  |
| Robert L. Reynolds          | 10/16/2008                | Director                                 | NA               | Yes              | 01/02/2024              |
| Steven D. Krichmar          | 10/16/2008                | Senior Managing Director                 | NA               | Yes              | 11/19/2016              |
| Michael J. Woodall          | 12/16/2016                | President, Putnam Investor Services, Inc | NA               | Yes              | 01/04/2024              |
| Clare Richer                | 12/01/2008                | Chief Financial Officer                  | NA               | Yes              | 06/01/2017              |
| Andra S. Bolotin            | 06/01/2017                | Chief Financial Officer and Director     | NA               | Yes              | 01/02/2024              |
| Robert T. Burns             | 05/13/2011                | Director                                 | NA               | Yes              | 06/30/2021              |
| Aaron M. Cooper             | 02/01/2019                | EVP and Chief Operating Officer          | NA               | Yes              | 09/17/2024              |
| Stephen J. Tate             | 07/01/2021                | Director                                 | NA               | Yes              | 11/07/2025              |
| Heidi Croel                 | 01/04/2024                | Director and President                   | NA               | Yes              | 04/01/2024              |
| Gwen Shaneyfelt             | 01/04/2024                | Director and CFO                         | NA               | Yes              | 04/01/2024              |
| Basil K Fox Jr              | 04/01/2024                | Director and President                   | NA               | Yes              | 09/30/2025              |
| Lindsey H Oshita            | 04/01/2024                | Director and CFO                         | NA               | Yes              |  |
| Matthew T. Hinkle           | 10/01/2025                | Director and President                   | NA               | Yes              |  |

### Disciplinary History

- **Convicted/plead guilty to any felony or investment-related misdemeanor?:** No

- **Convicted/plead guilty to any other felony?:** No

- **Enjoined in connection with any investment-related activity?:** No

- **Found to have violated any investment-related statute or regulation?:** No

- **Made a false statement or omission in a filing with the SEC?:** Yes

  - **Details #1:**

    - **Entity Name:** Putnam Investment Management, LLC

    - **Action Title:** In the Matter of Putnam Investment Management, LLC

    - **Action Date:** 11/13/2003

    - **Court/Body Name and Location:** Securities and Exchange Commission

    - **Action Description:** On November 13, 2003, the SEC entered an order making findings and imposing partial relief, including a final censure, remedial undertakings and a cease and desist order pursuant to Sections 203(e) and 203(k) of the Investment Advisers Act of 1940 and Sections 9(b) and 9(f) of the Investment Company Act of 1940 and rule 17J-1(c) under the Investment Company Act of 1940 in connection with the personal trading of employees who allegedly engaged in excessive short-term trading (market timing) of Putnam Mutual Funds, and Putnam's failure to reasonably supervise such employees or to properly disclose such actions. Four of the individuals traded in mutual funds over which they had investment authority. In connection with this order, Putnam has agreed to undertake corporate governance, compliance and ethics reforms.

    - **Disposition:** On April 8, 2004, Putnam entered into a settlement agreement with the SEC pursant to which it agreed to pay a total of $193.5 million in penalties and restitution, with $153.5 million being paid to shareholders of the funds.

  - **Details #2:**

    - **Entity Name:** Putnam Investment Management, LLC

    - **Action Title:** In the Matter of Putnam Investments Management, LLC

    - **Action Date:** 03/23/2005

    - **Court/Body Name and Location:** Securities and Exchange Commission

    - **Action Description:** On March 23, 2005 Putnam entered into a settlement agreement with the SEC with respect to the SEC's inquiry concerning Putnam's alleged failure to adequately disclose certain brokerage practices. These practices involved the allocation of brokerage to broker-dealers who sold shares of Putnam mutual funds. The settlement order states that Putnam failed to fully and effectively disclose to the Boards of Trustees and to shareholders of the Putnam funds the specifics of its preferred marketing agreements with certain brokerage firms selling Putnam fund shares. Putnam ceased directing brokerage to broker-dealers in connection with the sale of the fund shares as of January 1, 2004.

    - **Disposition:** Under the settlement, Putnam paid a civil penalty in the amount of $40 million and disgorgement in the amount of $1. The total amount of the payment was paid to certain Putnam Funds.

  - **Details #3:**

    - **Entity Name:** Putnam Investment Management, LLC

    - **Action Title:** In the Matter of Putnam Investment Management, LLC

    - **Action Date:** 09/28/2007

    - **Court/Body Name and Location:** Securities and Exchange Commission

    - **Action Description:** On September 28, 2007 the SEC entered an order making findings and imposing remedial sanctions and a cease and desist order pursuant to Section 203(e) of the Investment Advisers Act of 1940 and Sections 9(b) and (f) of the Investment Company Act of 1940. The SEC found that Putnam violated Section 19(a) of the Investment Company Act of 1940 and Rule 19A-1 there under in connection with certain notices for shareholder distributions for four closed end investment companies: The Putnam Master Intermediate Trust, Putnam Premier Income Trust, Putnam Master Income Trust, and Putnam Managed High Yield Trust. The settlement order states that during the period from August 1, 2000 through May 31, 2002 these funds made distributions to shareholders partly funded from shareholder capital and that although Putnam, as administrator to the funds, sent written notices with these distributions, the notices did not contain the information required by Rule 19A-1 under The Investment Company Act of 1940.

    - **Disposition:** Under the settlement, Putnam paid a civil penalty in the amount of $350,000.

- **Found to have violated SRO rules or failed to supervise?:** Yes

  - **Details #1:**

    - **Entity Name:** Putnam Investment Management, LLC

    - **Action Title:** In the Matter of Putnam Investment Management, LLC

    - **Action Date:** 11/13/2003

    - **Court/Body Name and Location:** Securities and Exchange Commission

    - **Action Description:** On November 13, 2003, the SEC entered an order making findings and imposing partial relief, including a final censure, remedial undertakings and a cease and desist order pursuant to Sections 203(e) and 203(k) of The Investment Advisers Act of 1940 and Sections 9(b) and 9(f) of The Investment Company Act of 1940. The SEC found that Putnam violated Sections 203(e)(6), 206(1), 206(2) and 204A of The Investment Advisers Act of 1940 and Rule 17J-1(c) under the Investment Company Act of 1940 in connection with the personal trading of employees who allegedly engaged in excessive short-term trading (market timing) of Putnam Mutual Funds, and Putnam's failure to reasonably supervise such employees or to properly disclose such actions. Four of the individuals traded in mutual funds over which they had investment authority. In connection with this order, Putnam has agreed to undertake corporate governance, compliance and ethics reforms.

    - **Disposition:** On April 8, 2004 Putnam entered into a settlement agreement with SEC pursuant to which it agreed to pay a total of $193.5 million in penalties and restitution, with $153.5 million being paid to shareholders of the funds.

  - **Details #2:**

    - **Entity Name:** Putnam Investment Management, LLC

    - **Action Title:** In the Matter of Putnam Investment Management LLC

    - **Action Date:** 03/23/2005

    - **Court/Body Name and Location:** Securities and Exchange Commission

    - **Action Description:** On March 23, 2005 Putnam entered into a settlement agreement with the SEC with respect to the SEC's inquiry concerning Putnam's alleged failure to adequately disclose certain brokerage practices. These practices involved the allocation of brokerage to broker-dealers who sold shares of Putnam mutual funds. The settlement order states that Putnam failed to fully and effectively disclose to the Boards of Trustees and to shareholders of the Putnam funds the specifics of its preferred marketing agreements with certain brokerage firms selling Putnam fund shares. Putnam ceased directing brokerage to broker-dealers in connection with the sale of the fund shares as of January 1, 2004.

    - **Disposition:** Under the settlement, Putnam paid a civil penalty in the amount of $40 million and disgorgement in the amount of $1. The total amount of the payment was paid to certain Putnam Funds.

  - **Details #3:**

    - **Entity Name:** Putnam Investment Management, LLC

    - **Action Title:** In the Matter of Putnam Investment Management, LLC

    - **Action Date:** 09/07/2006

    - **Court/Body Name and Location:** Securities and Exchange Commission

    - **Action Description:** On September 7, 2006 the SEC entered into an order making findings and imposing relief including censure, remedial sanctions and a cease and desist order pursuant to Sections 203(e) and 203(k) of The Investments Advisers Act of 1940. The SEC found that Putnam violated Section 205(a) of The Investment Advisers Act in connection with the entering into or performing an advisory contract with the Putnam Research Fund (The Fund), a registered investment company, which provided for performance-based compensation to be computed based on the fund's daily net asset value over the quarter rather than based on the average net asset value for the 36 month performance period used for calculating the fee, as required by Rule 205 under The Advisers Act.

    - **Disposition:** Putnam discontinued the method used for calculating the performance fee and reimbursed the fund for excess fees and interest totaling $1,650,601.

  - **Details #4:**

    - **Entity Name:** Putnam Investment Management, LLC

    - **Action Title:** In the Matter of Putnam Investment Management, LLC

    - **Action Date:** 09/28/2007

    - **Court/Body Name and Location:** Securities and Exchange Commission

    - **Action Description:** On September 28, 2007 the SEC entered an order making findings and imposing remedial sanctions and a cease and desist order pursuant to Section 203(e) of the Investment Advisers Act of 1940 and Sections 9(b) and (f) of the Investment Company Act of 1940. The SEC found that Putnam violated Section 19(a) of the Investment Company Act of 1940 and Rule 19A-1 there under in connection with certain notices for shareholder distributions for four closed end investment companies: The Putnam Master Intermediate Trust, Putnam Premier Income Trust, Putnam Master Income Trust, and Putnam Managed High Yield Trust. The settlement order states that during the period from August 1, 2000 through May 31, 2002 these funds made distributions to shareholders partly funded from shareholder capital and that although Putnam, as administrator to the funds, sent written notices with these distributions, the notices did not contain the information required by Rule 19A-1 under The Investment Company Act of 1940.

    - **Disposition:** Under the settlement, Putnam paid a civil penalty in the amount of $350,000.

  - **Details #5:**

    - **Entity Name:** GWFS Equities, Inc.

    - **Action Title:** In the Matter of GWFS Equities, Inc.

    - **Action Date:** 05/07/2021

    - **Court/Body Name and Location:** Securities and Exchange Commission, Washington, DC

    - **Action Description:** On May 7, 2021, GWFS Equities, Inc. ("GWFS") entered into a settlement agreement with the SEC relating to past deficiencies in its filing of suspicious activity reports ("SARs"). The SEC found that GWFS filed certain reports without adequately describing the relevant incidents, and that it did not file SARs on other incidents, but did not conclude that any of the identified SAR deficiencies were intentional.

    - **Disposition:** Refer to response D in the supplemental correspondence.

- **Had authorization to act as a financial professional denied, suspended, or revoked?:** No

- **Had a registration as a financial professional denied, suspended, or revoked?:** No

- **Federal/State agency found a false statement or omission?:** Yes

  - **Details #1:**

    - **Entity Name:** Putnam Investment Management, LLC

    - **Action Title:** In the Matter of Putnam Investment Management, LLC

    - **Action Date:** 04/08/2004

    - **Court/Body Name and Location:** Massachusetts Securities Division

    - **Action Description:** On April 8, 2004, the Commonwealth of Massachusetts entered into a consent order with Putnam pursuant to an offer of settlement. The consent order found that Putnam violated Sections 101 and 102 of the Massachusetts Uniform Securities Act in connection with the personal trading of employees and certain DC/401K plans who allegedly engaged in excessive short-term trading. In connection with the consent order, Putnam admitted certain facts solely for the purpose of resolving the administrative proceeding.

    - **Disposition:** Pursuant to the consent order, Putnam agreed to pay a total of $193.5 million in penalties and restitution, with $153.5 million being paid to shareholders of the funds.

- **Federal/State agency found a violation of investment-related regulations?:** Yes

  - **Details #1:**

    - **Entity Name:** Putnam U.S. Holdings I, LLC

    - **Action Title:** Class A Share Issue

    - **Action Date:** 07/29/2008

    - **Court/Body Name and Location:** United States Department of Labor

    - **Action Description:** On July 29, 2008, the Department of Labor entered into a settlement agreement with Putnam U.S. Holdings I, LLC concerning allegations that Putnam inappropriately offered, as investment options under the Putnam Investment Profit Sharing Retirement Plan, Class A shares in certain Putnam mutual funds which carried 12b-1 fees which were paid to Putnam Retail Management Limited Partnership, an affiliate of Putnam, in violation of sections 404(a)(1)(A), 406(a)(1)(D), 406(b)(1) and 406(b)(2) of ERISA.

    - **Disposition:** Under the settlement, Putnam paid $270,000 in restitution to the Putnam Investments Profit Sharing Retirement Plan and a civil penalty of $27,000.

  - **Details #2:**

    - **Entity Name:** GWFS Equities, Inc.

    - **Action Title:** In re: GWFS Equities, Inc.

    - **Action Date:** 03/05/2001

    - **Court/Body Name and Location:** State of Florida Division of Securities and Investor Protection

    - **Action Description:** Matter related to GWFS's failure to renew the Florida branch office location within prescribed time while continuing to conduct business.

    - **Disposition:** Final Order - Stipulation and Consent Agreement to cease and desist and payment of administrative fine of $5,000.00; state agreed to approve branch office application upon receipt of fine.

  - **Details #3:**

    - **Entity Name:** GWFS Equities, Inc.

    - **Action Title:** In re: GWFS Equities, Inc.

    - **Action Date:** 06/22/1993

    - **Court/Body Name and Location:** Michigan Securities Department

    - **Action Description:** GWFS, formerly known as Benefitscorp Equities, Inc., failed to respond to an inquiry from the Michigan Securities Department regarding the activities of an agent.

    - **Disposition:** Benefitscorp Equities filed a consent order and paid a fine of $2,000.

  - **Details #4:**

    - **Entity Name:** Putnam Investment Management, LLC

    - **Action Title:** In the Matter of Putnam Investment Management, LLC

    - **Action Date:** 04/08/2004

    - **Court/Body Name and Location:** Massachusetts Securities Divison

    - **Action Description:** On April 8, 2004, the Commonwealth of Massachusetts entered into a consent order with Putnam pursuant to an offer of settlement, the consent order found that Putnam violated Sections 101 and 102 of Massachusetts Uniform Securities Act in connection with the personal trading of employees and certain DC/401K plans who allegedly engaged in excessive short-term trading. In connection with the consent order, Putnam admitted certain facts solely for the purpose of resolving the administrative proceeding.

    - **Disposition:** Pursuant to the consent order, Putnam agreed to pay a total of $193.5 million in penalties and restitution, with $153.5 million being paid to shareholders of the funds.

  - **Details #5:**

    - **Entity Name:** I.G. Investment Management, LTD (IGM)

    - **Action Title:** In re: I.G. Investment Management, LTD (IGM)

    - **Action Date:** 12/22/2004

    - **Court/Body Name and Location:** Manitoba Securities Commission and Ontario Securities Commission

    - **Action Description:** Matter related to market timing trading conducted by one institutional investor (whose relationship was terminated by IGM in 2001) in certain investor group funds under management by IGM. The manager implemented measures to reduce harm to other investors in the funds from market timing activity, but these measures did not recognize all the costs of the client's trading activity.

    - **Disposition:** Under the terms of a settlement agreement with the Manitoba Securities Commission and the Ontario Securities Commission, IGM paid restitution of $19.2 million to investors of the funds in which the market timing had occurred.

  - **Details #6:**

    - **Entity Name:** Investors Group Financial Services, Inc.

    - **Action Title:** In re: Investors Group Financial Services, Inc.

    - **Action Date:** 10/18/2006

    - **Court/Body Name and Location:** Nova Scotia Securities Commission

    - **Action Description:** Action related to failure of Investors Group Financial Services, Inc. and its then affiliate, LES Services Investors LTD, which amalgamated with Investors Group Financial Services, Inc., on January 1, 2006 to file termination notices within prescribed time periods and failing to reinstate a salesperson's registration before conducting registerable activity. Also related failure by LES Services Investors LTD to be registered in Nova Scotia when trading with clients.

    - **Disposition:** Settlement with payment of $25,000 fine and costs of $2,500 approved by staff of Nova Scotia Securities Commission.

  - **Details #7:**

    - **Entity Name:** Investors Group Financial Services, Inc.

    - **Action Title:** In re: Investors Group Financial Services, Inc.

    - **Action Date:** 01/09/2006

    - **Court/Body Name and Location:** New Brunswick Securities Commission

    - **Action Description:** New Brunswick Securities Commission (NBSC) alleged that Investors Group Financial Services, Inc. had violated Section 45 of the Securities Act (New Brunswick) - Trading in Securities without Registration. The unregistered activity was conducted by salespersons of LES Services Investors, LTD, an affiliate that amalgamated with IGFS on January 1, 2006.

    - **Disposition:** NBSC issued an order on January 19, 2006 approving a settlement agreement where IGFS paid a penalty and costs of $68,200.

  - **Details #8:**

    - **Entity Name:** IPC Securities Corporation

    - **Action Title:** In re: IPC Securities Corporation

    - **Action Date:** 01/01/2006

    - **Court/Body Name and Location:** Nova Scotia Securities Commission

    - **Action Description:** Nova Scotia Securities Commission (NSSC) found that IPC Securities Corporation was in violation of Sections 22, 134, 135 and 135A of the Securities Act (Nova Scotia) in connection with allowing approved person to operate out of the Wolfville office prior to receiving an exemption request from the NSSC.

    - **Disposition:** Pursuant to a settlement agreement with NSSC, IPC Securities Corporation paid an administrative penalty of $10,000 and costs of $2,500.

  - **Details #9:**

    - **Entity Name:** IPC Securities Corporation (IPC)

    - **Action Title:** In re: IPC Securities Corporation (IPC)

    - **Action Date:** 03/18/2004

    - **Court/Body Name and Location:** Investment Dealers Association of Canada (IDA)

    - **Action Description:** Pursuant to settlement agreement, IPC admitted that they (a) failed to maintain adequate records of supervisor activity in accordance with IDA requirements concerning head office account supervision and thereby contravened IDA by-law 29.27 principal trading done on its behalf, contrary to IDA by law 29.27(A)(1) and (VI) and (b) failed to maintain its risk adjusted capital at a level greater than zero calculated in accordance with IDA Form 1, contrary to IDA by-law 17.1

    - **Disposition:** IPC paid a monetary fine of $100,000.

  - **Details #10:**

    - **Entity Name:** IPC Investment Corporation (IPC)

    - **Action Title:** In re: IPC Investment Corporation

    - **Action Date:** 12/06/2001

    - **Court/Body Name and Location:** New Brunswick Securities Commission (NBSC)

    - **Action Description:** Matter related to unregistered trading activity conducted by a salesperson of an affiliate, Henry Hicks and Associates, LTD, which amalgamated with IPC effective May 16, 2001.

    - **Disposition:** IPC paid a monetary penalty of $14,400, including administrative costs.

  - **Details #11:**

    - **Entity Name:** IPC Investment Corporation (IPC)

    - **Action Title:** In re: IPC Investment Corporation

    - **Action Date:** 11/30/2009

    - **Court/Body Name and Location:** Nova Scotia Securities Commission

    - **Action Description:** Matter related to contraventions of Sections 31(1) and 61 of the Nova Scotia Securities Regulations for failure to ensure securities purchased by 3 clients were suitable, for failing to address the complaint made by one of these 3 clients in a manner that was fair, honest, or in good faith.

    - **Disposition:** Nova Scotia Securities Commission issued an order approving a settlement agreement with IPC, under which IPC agreed to pay an administrative penalty in the amount of $40,000 and costs of the Nova Scotia Securities Commission in the amount of $3,000.

  - **Details #12:**

    - **Entity Name:** IPC Securities Corporation (IPC)

    - **Action Title:** In re: IPC Securities Corporation

    - **Action Date:** 06/01/2010

    - **Court/Body Name and Location:** Investment Industry Regulatory Organization Of Canada

    - **Action Description:** Action related to failure to establish and maintain adequate policies and procedures to ensure that clients qualified as accredited investors in accordance with provisions of Ontario Securities Act.

    - **Disposition:** Investment Industry Regulatory Organization Of Canada approved a settlement agreement with IPC under which IPC agreed to pay a fine in the amount of $65,000 and costs of $10,000.

  - **Details #13:**

    - **Entity Name:** Quadrus Investment Services Ltd

    - **Action Title:** In re: Quadrus Investment Services Ltd

    - **Action Date:** 07/30/2015

    - **Court/Body Name and Location:** Nova Scotia Securities Commission

    - **Action Description:** Matter related to violation of Section 31(1) of the Securities Regulations, as Rep. by Rule 31801 for failure to supervise the activities of a Mutual Fund Salesperson.

    - **Disposition:** Quadrus Investment Services Ltd. agreed to pay a fine in the amount of $40,000 and costs in the amount of $1,000.

  - **Details #14:**

    - **Entity Name:** I.G. Investment Management, Ltd. (IGIM)

    - **Action Title:** In re: I.G. Investment Management, Ltd

    - **Action Date:** 08/12/2015

    - **Court/Body Name and Location:** Financial Services Commission Of Ontario

    - **Action Description:** In connection with IGIMs license as a Mortgage Broker under the Mortgage Brokers, Lenders and Administrators Act (Ontario) (the "Act"), the Superintendent of Financial Services Ontario issued an Administrative Mandatory Penalty Order (the Order) against IGIM for failing to meet certain administrative requirements under the Act and/or its regulations. IGIM has addressed or is addressing the deficiencies identified in the order.

    - **Disposition:** Administrative Mandatory Penalty Order against IGIM in the total amount of $4,500.

  - **Details #15:**

    - **Entity Name:** IPC Securities Corporation (IPC)

    - **Action Title:** In re: IPC Securities Corporation

    - **Action Date:** 08/29/2016

    - **Court/Body Name and Location:** Investment Industry Regulatory Organization Of Canada

    - **Action Description:** Matter related related to IPCs failure between January and June 2014, to conduct strict supervision of a registered representative pursuant to acknowledge and consent provided to the Investment Industry Regulatory Organization Of Canada (IIROC)contrary to IIROC Dealer Member Rules 29.1 and 2500.

    - **Disposition:** Investment Industry Regulatory Organization Of Canada approved a settlement agreement with IPC under which IPC agreed to pay a fine in the amount of $65,000 and costs of $5,000. Payments totaled $70,000.

  - **Details #16:**

    - **Entity Name:** Quadrus Investment Services Ltd.

    - **Action Title:** In re: Quadrus Investment Services Ltd.

    - **Action Date:** 11/17/2016

    - **Court/Body Name and Location:** Mutual Fund Dealers Association Of Canada (MFDA)

    - **Action Description:** Matter related to Quadrus's failure to appropriately supervise the activities of a Dealing Representative during the period from March, 2009 to July, 2015 and provide certain notices to the MFDA with respect to same, pursuant to MFDA Rules 2.1.1, 2.1.4, 2.3.1 and 2.5.1, and MFDA Policy No. 6.

    - **Disposition:** MFDA approved a settlement agreement with Quadrus under which Quadrus agreed to pay a fine in the amount of $70,000 and costs of $20,000. Payments totaled $95,000.

  - **Details #17:**

    - **Entity Name:** Quadrus Investment Services Ltd.

    - **Action Title:** In re: Quadrus Investment Services Ltd.

    - **Action Date:** 11/10/2015

    - **Court/Body Name and Location:** Ontario Securities Commission (OSC)

    - **Action Description:** Quadrus Investment Services Ltd. (Quadrus) entered a settlement agreement with the Ontario Securities Commission (OSC) relating to allegations that Quadrus had, as a result of certain control and supervision inadequacies, charged certain mutual fund clients an excess fee. OSC staff were satisfied that Quadrus discovered and self-reported the issue.

    - **Disposition:** Settlement included appropriate compensation to affected clients, voluntary reimbursement to OSC for costs incurred of $20,000, and voluntary payment to OSC of $250,000 to be allocated to third parties or investor education. Payments totaled $270,000.

- **Federal/State agency denied, suspended, or revoked authorization?:** No

- **Federal/State agency entered an order against the applicant?:** Yes

  - **Details #1:**

    - **Entity Name:** Putnam U.S. Holdings I, LLC

    - **Action Title:** Class A Share Issue

    - **Action Date:** 07/29/2008

    - **Court/Body Name and Location:** United States Department of Labor

    - **Action Description:** On July 29, 2008, the Department of Labor entered into a settlement agreement with Putnam U.S. Holdings I, LLC concerning allegations that Putnam inappropriately offered, as investment options under the Putnam Investment Profit Sharing Retirement Plan, Class A shares in certain Putnam mutual funds which carried 12b-1 fees which were paid to Putnam Retail Management Limited Partnership, an affiliate of Putnam, in violation of sections 404(a)(1)(A), 406(a)(1)(D), 406(b)(1) and 406(b)(2) of ERISA.

    - **Disposition:** Under the settlement, Putnam paid $270,000 in restitution to the Putnam Investments Profit Sharing Retirement Plan and a civil penalty of $27,000.

  - **Details #2:**

    - **Entity Name:** IPC Investment Corporation (IPC)

    - **Action Title:** In re: IPC Investment Corporation

    - **Action Date:** 11/30/2009

    - **Court/Body Name and Location:** Nova Scotia Securities Commission

    - **Action Description:** Matter related to contraventions of Sections 31(1) and 61 of the Nova Scotia Securities Regulations for failure to ensure securities purchased by 3 clients were suitable, for failing to address the complaint made by one of these 3 clients in a manner that was fair, honest, or in good faith.

    - **Disposition:** Nova Scotia Securities Commission issued an order approving a settlement agreement with IPC, under which IPC agreed to pay an administrative penalty in the amount of $40,000 and costs of the Nova Scotia Securities Commission in the amount of $3,000.

  - **Details #3:**

    - **Entity Name:** Partners In Planning Financial Services Ltd.

    - **Action Title:** In re: Partners In Planning Financial Services Ltd.

    - **Action Date:** 11/25/2010

    - **Court/Body Name and Location:** Mutual Fund Dealers Association Of Canada (MFDA)

    - **Action Description:** Partners In Planning Financial Services Ltd (PIP), a foreign control affiliate, was found to have inadequate policies and procedures for head office supervision of leveraged trades and inadequate supervision of leveraged trades at the branches, contrary to MFDA Rules 2.2.1, 2.5.1, 2.10, 2.5.2(b), 2.5.3(b) and 2.5.4 and MFDA Policy No. 2.

    - **Disposition:** MFDA ordered a monetary penalty in the amount of $20,000 and costs of $2,500. PIP also agreed to appoint an independent consultant at PIPs expense to assist in resolving the leveraged trading issues.

  - **Details #4:**

    - **Entity Name:** The Putnam Advisory Company LLC

    - **Action Title:** In re: The Putnam Advisory Company LLC

    - **Action Date:** 05/05/2014

    - **Court/Body Name and Location:** Secretary, Commonwealth Of Massachusetts, Securities Division

    - **Action Description:** On October 17, 2012, the Massachusetts Securities Division (MSD) filed an administrative action containing allegations against The Putnam Advisory Company, LLC (PAC) as collateral manager of two collateralized debt obligations (CDOs).

    - **Disposition:** The matter was settled by payment to the Commonwealth of $950,000 and an agreement to cease and desist from any violation of the Massachusetts Uniform Securities Act and its related regulations.

  - **Details #5:**

    - **Entity Name:** Investors Group Financial Services, Inc.

    - **Action Title:** In re: Investors Group Financial Services, Inc.

    - **Action Date:** 12/15/2017

    - **Court/Body Name and Location:** The Manitoba Securities Commission (MSC)

    - **Action Description:** Action relates to the fact that Investors Group Financial Services, Inc. and Investors Group Securities Inc. (collectively "Investors Group") did not establish, maintain and apply policies and procedures to establish a system of controls and supervision that consistently ensured that the holders of Investors Group funds who were eligible for a lower MER series of the same fund were so advised in a timely manner.

    - **Disposition:** The MSC approved a settlement agreement with Investors Group under which Investors Group agreed to make a voluntary one-time payment to the Treasury of the Province of Manitoba in the amount of $750,000 and costs payable to the MSC in the amount of$30,000.

  - **Details #6:**

    - **Entity Name:** Investors Group Securities, Inc.

    - **Action Title:** In re: Investors Group Securities, Inc.

    - **Action Date:** 12/15/2017

    - **Court/Body Name and Location:** The Manitoba Securities Commission (MSC)

    - **Action Description:** Action relates to the fact that Investors Group Financial Services, Inc. and Investors Group Securities Inc. (collectively "Investors Group") did not establish, maintain and apply policies and procedures to establish a system of controls and supervision that consistently ensured that the holders of Investors Group funds who were eligible for a lower MER series of the same fund were so advised in a timely manner.

    - **Disposition:** The MSC approved a settlement agreement with Investors Group under which Investors Group agreed to make a voluntary one-time payment to the Treasury of the Province of Manitoba in the amount of$750,000 and costs payable to the MSC in the amount of$30,000.

- **Federal/State agency denied, suspended, or revoked registration?:** No

- **Federal/State agency revoked or suspended a license?:** No

- **SRO found a false statement or omission?:** No

- **SRO found a violation of its rules?:** Yes

  - **Details #1:**

    - **Entity Name:** Putnam Retail Management Limited Partnership

    - **Action Title:** Putnam Retail Management Limited Partnership CRD No. 7325

    - **Action Date:** 10/03/2006

    - **Court/Body Name and Location:** National Association of Securities Dealers

    - **Action Description:** Putnam Retail Management Limited Partnership entered into an Acceptance, Waiver and Consent (AWC) with the NASD regarding allegations that Putnam violated NASD Conduct Rules 2830(I)5, 2820(g)4 and 2110 by paying for or reimbursing guest meals and ground transportation expenses during the period of 2001 to 2004 and providing and paying for entertainment at two training and educational meetings. In addition, the AWC resolved allegations that Putnam violated Rules 3010 and 2110 by failing to properly supervise its non-cash compensation spending and failing to enforce its policies and procedures to ensure compliance with the NASD's non-cash compensation rules.

    - **Disposition:** Under the AWC, Putnam received a censure and paid a fine of $175,000.

  - **Details #2:**

    - **Entity Name:** GWFS Equities, Inc.

    - **Action Title:** In re: GWFS Equities, Inc.

    - **Action Date:** 05/29/1985

    - **Court/Body Name and Location:** National Association of Securities Dealers

    - **Action Description:** A routine exam of American Capital Planning, Inc., discovered that the firm was in violation of SEC Rule 15c3-1 (net capital rule). The violation was incurred due to the improper treatment of concessions receivable and related concessions payable.

    - **Disposition:** Monetary fine of $1,000.

  - **Details #3:**

    - **Entity Name:** Putnam Retail Management Limited Partnership

    - **Action Title:** In re: Putnam Retail Management Limited Partnership

    - **Action Date:** 05/05/1972

    - **Court/Body Name and Location:** NASD - District Business Conduct Committee of District 13

    - **Action Description:** The Committee found reason to believe that Putnam Retail Management had violated Section 1 of Article III of the Rules of Fair Practice during the period of 12/1968 - 2/1971 through its failure to comply with one or more provisions of Regulation T of the Board of Governors of the Federal Reserve System.

    - **Disposition:** The matter was settled upon the imposition of a censure and fine of $500.

  - **Details #4:**

    - **Entity Name:** GRS Securities Inc. (GRSSI)

    - **Action Title:** In re: GRS Securities Inc.

    - **Action Date:** 03/28/2006

    - **Court/Body Name and Location:** Investment Dealers Association Of Canada (IDA)

    - **Action Description:** GRSSI held the assets of client investment plans with a trust company that, unknown to it, did not meet certain requirements of an acceptable securities location. As such, the assets were not allowable assets for the purposes of regulatory capital requirements and, for a short period of time until the matter was rectified, GRSSI did not meet the IDA capital adequacy requirements.

    - **Disposition:** The matter was disposed of by way of settlement agreement approved by IDA district council. $40,000 plus costs of $7000, fully paid by GRSSI, none waived.

  - **Details #5:**

    - **Entity Name:** Investors Group Financial Services, Inc.

    - **Action Title:** In re: Investors Group Financial Services, Inc.

    - **Action Date:** 12/16/2004

    - **Court/Body Name and Location:** Mutual Fund Dealers Association Of Canada (MFDA)

    - **Action Description:** This matter related to market timing trading by one institutional client of Investors Group in certain Investors Group funds. Investors Group Financial Services Inc. entered into a Settlement Agreement with MFDA which was approved on December 16, 2004. and under which Investors Group Financial Services Inc. agreed to pay $2.65 million in compensation in investors of mutual funds where market timing occurred, a fine of $2.65 million payable to MFDA, and $50,000 in costs.

    - **Disposition:** Under the settlement agreement, Investors Group Financial Services Inc. agreed to pay $2.65 million in compensation in investors of mutual funds where market timing occurred, a fine of $2.65 million payable to MFDA, and $50,000 in costs.

  - **Details #6:**

    - **Entity Name:** Excel Private Wealth Inc. (Excel)

    - **Action Title:** In re: Excel Private Wealth Inc.

    - **Action Date:** 09/06/2018

    - **Court/Body Name and Location:** Mutual Fund Dealers Association of Canada (MFDA).

    - **Action Description:** Matter related to Excel's violation of MFDA Rule 2.5.1 and MFDA Policy No.2 for failure to: (a) conduct adequate due diligence on an Approved Person (as defined under MFDA By-Law No.1) between August 20, 2014 and September 16, 2014; (b) maintain a tier two supervision structure for its Approved Persons from April 2016 to December 2016; and (c) conduct supervisory reviews of quarterly trend analysis reports.

    - **Disposition:** Excel entered into a settlement agreement with the MFDA, under which Excel agreed to pay a fine in the amount of $40,000 and costs in the amount of $7,500.

  - **Details #7:**

    - **Entity Name:** Investors Group Financial Services Inc. (IGFS)

    - **Action Title:** In re: Investors Group Financial Services Inc.

    - **Action Date:** 05/17/2019

    - **Court/Body Name and Location:** Mutual Fund Dealers Association of Canada (MFDA)

    - **Action Description:** IGFS entered into a settlement agreement with the MFDA in which IGFS admitted that it failed to adequately query the suitability of the recommendation and sale of mutual funds subject to deferred sales charges ("DSC") to two elderly clients, which occurred between May 2013 and July 2014, contrary to MFDA Rule 2.2.1 and 2.5.1 and MFDA Policy No. 2. The settlement agreement notes that IGFS fully cooperated with the MFDA's investigation of the issues making up the subject matter of the agreement and that the DSC fees incurred in these cases were reimbursed. It also notes that since the events at issue, IGFS made significant changes to its policies concerning the sale of DSC mutual funds, including, without limitation, that IGFS discontinued purchases of is propriety mutual funds that would trigger DSCs on redemption for all clients as of January 1,2017. Other enhancements to IGFS's compliance oversight regime were also implemented and are outlined in the settlement agreement.

    - **Disposition:** IGFS agreed to pay a fine in the amount of $150,000 and costs in the amount of $15,000.

  - **Details #8:**

    - **Entity Name:** Quadrus Investment Services Ltd. (Quadrus)

    - **Action Title:** In Re: Quadrus Investment Services Ltd.

    - **Action Date:** 11/23/2021

    - **Court/Body Name and Location:** Mutual Fund Dealers Association of Canada (MFDA), Toronto, ON

    - **Action Description:** Matter related to Quadrus's failure from 2002 to 2018 to establish and maintain an adequate system of controls and supervision to ensure that it complied with securities legislation including relating to internal dealer incentive and sales practices, contrary to MFDA Rules 2.5.1 and 2.1.1.

    - **Disposition:** Quadrus entered into a settlement agreement with the MFDA, under which it agreed to pay a fine in the amount of $600,000 and costs in the amount of $25,000.

- **SRO denied, suspended, or revoked authorization?:** No

- **SRO revoked or suspended a license?:** No

- **Subject of an order or finding by a foreign financial regulatory authority?:** Yes

  - **Details #1:**

    - **Entity Name:** Investors Group Financial Services, Inc.

    - **Action Title:** In re: Investors Group Financial Services, Inc.

    - **Action Date:** 10/18/2006

    - **Court/Body Name and Location:** Nova Scotia Securities Commission

    - **Action Description:** Action related to failure of Investors Group Financial Services, Inc., and its then affiliate, LES Services Investors LTD, which amalgamated with Investors Group Financial Services, Inc., on January 1, 2006 to file termination notices within prescribed time periods and failing to reinstate a salesperson's registration before conducting registerable activity. Also related failure by LES Services Investors LTD to be registered in Nova Scotia when trading with clients.

    - **Disposition:** Settlement with payment of $25,000 fine and costs of $2,500 approved by staff of Nova Scotia Securities Commission.

  - **Details #2:**

    - **Entity Name:** IPC Securities Corporation

    - **Action Title:** In re: IPC Securities Corporation

    - **Action Date:** 01/01/2006

    - **Court/Body Name and Location:** Nova Scotia Securities Commission

    - **Action Description:** Nova Scotia Securities Commission (NSSC) found that IPC Securities Corporation was in violation of Sections 22, 134, 135 and 135A of the Securities Act (Nova Scotia) in connection with allowing approved person to operate out of the Wolfville office prior to receiving an exemption request from the NSSC.

    - **Disposition:** Pursuant to a settlement agreement with NSSC, IPC Securities Corporation paid an administrative penalty of $10,000 and costs of $2,500.

  - **Details #3:**

    - **Entity Name:** Investors Group Financial Services, Inc.

    - **Action Title:** In re: Investors Group Financial Services, Inc.

    - **Action Date:** 01/09/2006

    - **Court/Body Name and Location:** New Brunswick Securities Commission

    - **Action Description:** New Brunswick Securities Commission (NBSC) alleged that Investors Group Financial Services, Inc. had violated Section 45 of the Securities Act (New Brunswick) - Trading in Securities without Registration. The unregistered activity was conducted by salespersons of LES Services Investors, LTD, an affiliate that amalgamated with IGFS on January 1, 2006.

    - **Disposition:** NBSC issued an order on January 19, 2006 approving a settlement agreement where IGFS paid a penalty and costs of $68,200.

  - **Details #4:**

    - **Entity Name:** I.G. Investment Management, LTD (IGM)

    - **Action Title:** In re: I.G. Investment Management, LTD (IGM)

    - **Action Date:** 12/22/2004

    - **Court/Body Name and Location:** Manitoba Securities Commission and Ontario Securities Commission

    - **Action Description:** Matter related to market timing trading conducted by one institutional investor (whose relationship was terminated by IGM in 2001) in certain Investor Group funds under management by IGM. The manager implemented measures to reduce harm to other investors in the funds from market timing activity, but these measures did not recognize all the costs of the client's trading activity.

    - **Disposition:** Under the terms of a settlement agreement with the Manitoba Securities Commission and the Ontario Securities Commission, IGM paid restitution of $19.2 million to investors of the funds in which the market timing had occurred.

  - **Details #5:**

    - **Entity Name:** IPC Securities Corporation (IPC)

    - **Action Title:** In re: IPC Securities Corporation (IPC)

    - **Action Date:** 03/18/2004

    - **Court/Body Name and Location:** Investment Dealers Association of Canada (IDA)

    - **Action Description:** Pursuant to settlement agreement, IPC admitted that they (a) failed to maintain adequate records of supervisor activity in accordance with IDA requirements concerning head office account supervision and thereby contravened IDA by-law 29.27 principal trading done on its behalf, contrary to IDA by-law 29.27(A)(1) and (VI) and (b) failed to maintain its risk adjusted capital at a level greater than zero calculated in accordance with IDA Form 1, contrary to IDA by-law 17.1

    - **Disposition:** IPC paid a monetary fine of $100,000.

  - **Details #6:**

    - **Entity Name:** M.R.S. Trust Company (MRST)

    - **Action Title:** In re: M.R.S. Trust Company

    - **Action Date:** 02/24/2004

    - **Court/Body Name and Location:** Manitoba Securities Commission

    - **Action Description:** Pursuant to a settlement agreement with the Manitoba Securities Commission, MRST confirmed that other than acting as trustee of the Locked-in funds, the company did not participate in and was not aware of a pension and RSP scheme that facilitated the improper withdrawal of locked-in funds from various Manitoba-resident plan holders' pension and registered plans.

    - **Disposition:** Upon approval of the settlement agreement, MRST made a voluntary payment of $35,000 to the Treasury of the Province of Manitoba.

  - **Details #7:**

    - **Entity Name:** IPC Investment Corporation (IPC)

    - **Action Title:** In re: IPC Investment Corporation

    - **Action Date:** 12/06/2001

    - **Court/Body Name and Location:** New Brunswick Securities Commission (NBSC)

    - **Action Description:** Matter related to unregistered trading activity conducted by a salesperson of an affiliate, Henry Hicks and Associates, LTD, which amalgamated with IPC effective May 16, 2001.

    - **Disposition:** IPC paid a monetary penalty of $14,400, including administrative costs.

  - **Details #8:**

    - **Entity Name:** GRS Securities Inc. (GRSSI)

    - **Action Title:** In re: GRS Securities Inc.

    - **Action Date:** 03/28/2006

    - **Court/Body Name and Location:** Investment Dealers Association Of Canada (IDA)

    - **Action Description:** GRSSI held the assets of client investment plans with a trust company that, unknown to it, did not meet certain requirements of an acceptable securities location. As such, the assets were not allowable assets for the purposes of regulatory capital requirements and, for a short period of time until the matter was rectified, GRSSI did not meet the IDA capital adequacy requirements.

    - **Disposition:** The matter was disposed of by way of settlement agreement approved by IDA district council. $40,000 plus costs of $7000, fully paid by GRSSI, none waived.

  - **Details #9:**

    - **Entity Name:** Investors Group Financial Services, Inc.

    - **Action Title:** In re: Investors Group Financial Services, Inc.

    - **Action Date:** 12/16/2004

    - **Court/Body Name and Location:** Mutual Fund Dealers Association Of Canada (MFDA)

    - **Action Description:** This matter related to market timing trading by one institutional client of Investors Group in certain Investors Group funds. Investors Group Financial Services Inc. entered into a Settlement Agreement with MFDA which was approved on December 16, 2004. and under which Investors Group Financial Services Inc. agreed to pay $2.65 million in compensation in investors of mutual funds where market timing occurred, a fine of $2.65 million payable to MFDA, and $50,000 in costs.

    - **Disposition:** Under the settlement agreement, Investors Group Financial Services Inc. agreed to pay $2.65 million in compensation in investors of mutual funds where market timing occurred, a fine of $2.65 million payable to MFDA, and $50,000 in costs.

  - **Details #10:**

    - **Entity Name:** IPC Investment Corporation (IPC)

    - **Action Title:** In re: IPC Investment Corporation

    - **Action Date:** 11/30/2009

    - **Court/Body Name and Location:** Nova Scotia Securities Commission

    - **Action Description:** Matter related to contraventions of Sections 31(1) and 61 of the Nova Scotia Securities Regulations for failure to ensure securities purchased by 3 clients were suitable, for failing to address the complaint made by one of these 3 clients in a manner that was fair, honest, or in good faith.

    - **Disposition:** Nova Scotia Securities Commission issued an order approving a settlement agreement with IPC, under which IPC agreed to pay an administrative penalty in the amount of $40,000 and costs of the Nova Scotia Securities Commission in the amount of $3,000.

  - **Details #11:**

    - **Entity Name:** IPC Securities Corporation (IPC)

    - **Action Title:** In re: IPC Securities Corporation

    - **Action Date:** 06/01/2010

    - **Court/Body Name and Location:** Investment Industry Regulatory Organization Of Canada

    - **Action Description:** Action related to failure to establish and maintain adequate policies and procedures to ensure that clients qualified as accredited investors in accordance with provisions of Ontario Securities Act.

    - **Disposition:** Investment Industry Regulatory Organization Of Canada approved a settlement agreement with IPC under which IPC agreed to pay a fine in the amount of $65,000 and costs of $10,000.

  - **Details #12:**

    - **Entity Name:** Partners In Planning Financial Services Ltd.

    - **Action Title:** In re: Partners In Planning Financial Services Ltd.

    - **Action Date:** 11/25/2010

    - **Court/Body Name and Location:** Mutual Fund Dealers Association Of Canada (MFDA)

    - **Action Description:** Partners In Planning Financial Services Ltd (PIP), a foreign control affiliate, was found to have inadequate policies and procedures for head office supervision of leveraged trades and inadequate supervision of leveraged trades at the branches, contrary to MFDA Rules 2.2.1, 2.5.1, 2.10, 2.5.2(b), 2.5.3(b) and 2.5.4 and MFDA Policy No. 2.

    - **Disposition:** MFDA ordered a monetary penalty in the amount of $20,000 and costs of $2,500. PIP also agreed to appoint an independent consultant at PIPs expense to assist in resolving the leveraged trading issues.

  - **Details #13:**

    - **Entity Name:** Quadrus Investment Services Ltd.

    - **Action Title:** In re: Quadrus Investment Services Ltd.

    - **Action Date:** 07/30/2015

    - **Court/Body Name and Location:** Nova Scotia Securities Commission

    - **Action Description:** Matter related to violation of Section 31(1) of the Securities Regulations, as Rep. by Rule 31801 for failure to supervise the activities of a Mutual Fund Salesperson.

    - **Disposition:** Quadrus Investment Services Ltd. agreed to pay a fine in the amount of $40,000 and costs in the amount of $1,000.

  - **Details #14:**

    - **Entity Name:** Quadrus Investment Services Ltd.

    - **Action Title:** In re: Quadrus Investment Services Ltd.

    - **Action Date:** 11/17/2016

    - **Court/Body Name and Location:** Mutual Fund Dealers Association Of Canada (MFDA)

    - **Action Description:** Matter related to Quadrus's failure to appropriately supervise the activities of a Dealing Representative during the period from March, 2009 to July, 2015 and provide certain notices to the MFDA with respect to same, pursuant to MFDA Rules 2.1.1, 2.1.4, 2.3.1 and 2.5.1, and MFDA Policy No. 6.

    - **Disposition:** MFDA approved a settlement agreement with Quadrus under which Quadrus agreed to pay a fine in the amount of $70,000 and costs of $20,000. Payments totaled $95,000.

  - **Details #15:**

    - **Entity Name:** I.G. Investment Management, Ltd. (IGIM)

    - **Action Title:** In re: I.G. Investment Management, Ltd.

    - **Action Date:** 08/12/2015

    - **Court/Body Name and Location:** Financial Services Commission Of Ontario

    - **Action Description:** In connection with IGIMs license as a Mortgage Broker under the Mortgage Brokers, Lenders and Administrators Act (Ontario) (the "Act"), the Superintendent of Financial Services Ontario issued an Administrative Mandatory Penalty Order (the "Order") against IGIM for failing to meet certain administrative requirements under the Act and/or its regulations. IGIM has addressed or is addressing the deficiencies identified in the order.

    - **Disposition:** Administrative Mandatory Penalty Order against IGIM in the total amount of $4,500.

  - **Details #16:**

    - **Entity Name:** IPC Securities Corporation (IPC)

    - **Action Title:** In re: IPC Securities Corporation

    - **Action Date:** 08/29/2016

    - **Court/Body Name and Location:** Investment Industry Regulatory Organization Of Canada

    - **Action Description:** Matter related related to IPCs failure between January and June 2014, to conduct strict supervision of a registered representative pursuant to acknowledge and consent provided to the Investment Industry Regulatory Organization Of Canada (IIROC)contrary to IIROC Dealer Member Rules 29.1 and 2500.

    - **Disposition:** Investment Industry Regulatory Organization Of Canada approved a settlement agreement with IPC under which IPC agreed to pay a fine in the amount of $65,000 and costs of $5,000. Payments totaled $70,000.

  - **Details #17:**

    - **Entity Name:** Quadrus Investment Services Ltd.

    - **Action Title:** In re: Quadrus Investment Services Ltd.

    - **Action Date:** 11/10/2015

    - **Court/Body Name and Location:** Ontario Securities Commission (OSC)

    - **Action Description:** Quadrus Investment Services Ltd. (Quadrus) entered a settlement agreement with the Ontario Securities Commission (OSC) relating to allegations that Quadrus had, as a result of certain control and supervision inadequacies, charged certain mutual fund clients an excess fee. OSC staff were satisfied that Quadrus discovered and self-reported the issue.

    - **Disposition:** Settlement included appropriate compensation to affected clients, voluntary reimbursement to OSC for costs incurred of $20,000, and voluntary payment to OSC of $250,000 to be allocated to third parties or investor education. Payments totaled $270,000.

  - **Details #18:**

    - **Entity Name:** IPC Investment Corporation

    - **Action Title:** Druiven,et al.

    - **Action Date:** 07/02/1996

    - **Court/Body Name and Location:** Ontario Court of Justice, Ontario Canada

    - **Action Description:** Plantiffs commenced an action against Associated Financial Planners, LTD (AFP), a predecessor company of AFP Wealth Management, Inc., which amalgamated into IPC Investment Corporation (IPC) on June 1, 2001 and against Bruce Warrington and Moneysem Financial Consultants, Inc., with respect to losses alleged to have been sustained in making ill-obtained judgement against Warrington in July 1996, continuing to advance other claims against him and claims for accounting, damages for restitution, and quantum merit against AFP. The civil court found AFP negligent in its duties to adequately supervise Warrington's outside business activities.

    - **Disposition:** Judgement entered against AFP in the amount of $469,000, including interest.

  - **Details #19:**

    - **Entity Name:** Investors Group Financial Services, Inc.

    - **Action Title:** In re: Investors Group Financial Services, Inc.

    - **Action Date:** 12/15/2017

    - **Court/Body Name and Location:** The Manitoba Securities Commission (MSC)

    - **Action Description:** Action relates to the fact that Investors Group Financial Services, Inc. and Investors Group Securities Inc. (collectivley "Investors Group") did not establish, maintain and apply policies and procedures to establish a system of controls and supervision that consistently ensured that the holders of Investors Group funds who were eligible for a lower MER series of the same fund were so advised in a timely manner.

    - **Disposition:** The MSC approved a settlement agreement with Investors Group under which Investors Group agreed to make a voluntary one-time payment to the Treasury of the Province of Manitoba in the amount of$750,000 and costs payable to the MSC in the amount of $30,000,

  - **Details #20:**

    - **Entity Name:** Investors Group Securities, Inc.

    - **Action Title:** In re: Investors Group Securities, Inc.

    - **Action Date:** 12/15/2017

    - **Court/Body Name and Location:** The Manitoba Securities Commission (MSC)

    - **Action Description:** Action relates to the fact that Investors Group Financial Services, Inc. and Investors Group Securities Inc. (collectively "Investors Group") did not establish, maintain and apply policies and procedures to establish a system of controls and supervision that consistently ensured that the holders of Investors Group funds who were eligible for a lower MER series of the same fund were so advised in a timely manner.

    - **Disposition:** The MSC approved a settlement agreement with Investors Group under which Investors Group agreed to make a voluntary one-time payment to the Treasury of the Province of Manitoba in the amount of$750,000 and costs payable to the MSC in the amount of $30,000.

  - **Details #21:**

    - **Entity Name:** Mackenzie Financial Corporation (Mackenzie)

    - **Action Title:** In The Matter Of Mackenzie Financial Corporation

    - **Action Date:** 04/06/2018

    - **Court/Body Name and Location:** Ontario Securities Commission ("OSC"), Toronto, Ontario

    - **Action Description:** Mackenzie entered into a Settlement Agreement with the OSC on April 6, 2018. The Settlement Agreement states that Mackenzie failed to (i) comply with National Instrument 81-105 Mutual Fund Sales Practices ("NI 81-105") by not meeting the minimum standards of conduct expected of industry participants in relation to certain sales practices between May 2014 and December 2017; (ii) have systems of controls and supervision over its sales practices that were sufficient to provide reasonable assurances that it was complying with its obligations under NI 81-105; and (iii) maintain adequate books, records and other documents to demonstrate its compliance with NI 81-105. In the Settlement Agreement, the OSC noted that in response to the OSC investigation Mackenzie: (i) has dedicated significant financial and human resources to enhance its systems of its controls and supervision for sales practices; (ii) retained an independent consultant in September 2017 to assess the quality of Mackenzie's controls around its sales practices and the consultant noted that overall Mackenzie had demonstrated a continuously improving compliance culture and since 2014 had seen increased investment in resources, both people and systems, focused on sales practices compliance; and (iii) had no disciplinary history with the Commission and cooperated with the OSC staff in connection with staff's investigation.

    - **Disposition:** Refer to response B in the supplemental correspondence.

  - **Details #22:**

    - **Entity Name:** IPC Securities Corporation and IPC Investment Corporation

    - **Action Title:** In the Matter of IPC Securities Corporation and IPC Investment Corporation

    - **Action Date:** 06/07/2018

    - **Court/Body Name and Location:** Ontario Securities Commission ("OSC"), Toronto, Ontario

    - **Action Description:** IPC Securities Corporation and IPC Investment Corporation (the "IPC Dealers") entered into a Settlement Agreement with the OSC in relation to allegations by the OSC that there were inadequacies in the IPC Dealers' systems of controls and supervision, which resulted in certain clients paying, directly or indirectly, excess fees. There were no allegations or evidence of dishonest conduct by the IPC Dealers. Prior to entering into the settlement agreement, the IPC Dealers self-reported the matter to their respective self-regulatory organizations (the Investment Industry Regulatory Organization of Canada and the Mutual Fund Dealers Association of Canada).

    - **Disposition:** Refer to response C in the supplemental correspondence.

  - **Details #23:**

    - **Entity Name:** The Putnam Advisory Company, LLC. (PAC)

    - **Action Title:** In re: The Putnam Advisory Company, LLC.

    - **Action Date:** 09/01/2022

    - **Court/Body Name and Location:** The Korean Financial Supervisory Service

    - **Action Description:** The Korean Financial Supervisory Service initiated an action against The Putnam Advisory Company, LLC (PAC) relating to an alleged violation of short sale restrictions. Due to an operational error in restricting dividend-awarded shares that had yet to be received, PAC inadvertently sold shares of a Korean-domiciled company that it did not possess.

    - **Disposition:** The Korean Financial Supervisory Service concluded an action relating to the above violation and on September 4, 2023 PAC was assessed and paid a fine of approximately $3,500.

- **Currently the subject of any proceeding that could result in a 'yes' answer to any of the above?:** No

- **Had a bond revoked for disorderly conduct, fraud, or dishonesty?:** Yes

  - **Details #1:**

    - **Entity Name:** Putnam Fiduciary Trust Company

    - **Action Title:** In re: Tyco/Marine Harvest, et al.

    - **Action Date:** 05/21/2002

    - **Court/Body Name and Location:** N/A

    - **Action Description:** In early 2002, Putnam Fiduciary Trust Company (PFTC) the transfer agent for the Putnam funds, received applications to establish accounts in the names of several corporate entities, such as Tyco, Inc. and Marine Harvest, Inc., along with checks issued payable to the corporate entities. The checks were used to fund investments in the new accounts. The accounts were substantially depleted through the use of check writing drafts. Subsequently, PFTC became aware that the investment checks had been intercepted, the endorsements of the corporate payees had been forged, and the accounts had been established without the knowledge or authorization of the corporate payees. The corporate payees pursued forgery claims through the banks off of which the checks were drawn.

    - **Disposition:** PFTC filed a claim under its Fidelity Bond and recovered $697,120.28.

- **Have any unsatisfied judgments or liens against them?:** No

### Signature

**Signature:** Karen Walsh

**Title:** Senior Vice President

**Date:** 11/24/2025

**Phone Number:** 617-760-4467