Exhibit (g)(2)
AMENDMENT TO CUSTODIAN CONTRACT
Amendment, dated December 20, 2004, to the Custodian Contract, dated
April 26, 2001, as amended, by and between State Street Bank and Trust Company
(the "Custodian") and CGM Trust (the "Fund"), on behalf of each of its
Portfolios (the "Contract"). Capitalized terms used in this Amendment without
definition shall have the respective meanings given to such terms in the
Contract.
In consideration of the promises and covenants contained herein and in
the Contract, the Custodian and the Fund hereby agree to amend the Contract as
follows:
I. SECTION 2.2 DELIVERY OF SECURITIES
Section 2.2(15) is renumbered as Section 2.2(17), and new Sections
2.2(15) and 2.2(16) are added to the Contract as follows:
15) For delivery as margin in connection with short sales transactions
entered into by the Fund on behalf of a Portfolio, provided that the
Fund has given to the Custodian Proper Instructions that authorize
the Custodian to deliver such assets without contemporaneous receipt
of other assets in exchange therefor (a "FREE DELIVERY");
16) For delivery as initial margin or variation margin in connection with
futures or options on futures transactions entered into by the Fund,
on behalf of a Portfolio, provided that the Fund, has given to the
Custodian Proper Instructions that authorize the Custodian to make a
free delivery of such assets; and
II. SECTION 2.6(6) PAYMENT OF FUND MONIES
Section 2.6(7) is renumbered to Section 2.6(9), Section 2.6(6)is revised
as shown below, and new Sections 2.8(7) and 2.6(8) are added as follows:
6) For payment of the amount of dividends or interest received with
respect to securities sold short by the Fund, on behalf of a
Portfolio, provided that the Fund has given to the Custodian Proper
Instructions that authorize the Custodian to make a free delivery of
such monies;
7) For payment as margin in connection with short sales transactions
entered into by the Fund on behalf of a Portfolio, provided that the
Fund has given to the Custodian Proper Instructions that authorize
the Custodian to make a free delivery of such monies;
8) For payment as initial margin or variation margin in connection with
futures or options on futures transactions entered into by the Fund,
on behalf of a Portfolio, provided that the Fund has given to the
Custodian Proper Instructions that authorize the Custodian to make a
free delivery of such monies; and
III. Except as specifically set forth herein, the terms and provisions of the
Custodian Contract continue to apply with full force and effect.
IN WITNESS WHEREOF, each of the parties has caused this instrument to be
executed in its name and on its behalf by its duly authorized representative as
of the 20th day of December, 2004.
CGM TRUST
On behalf of each of its Portfolios
By: /s/ ▇▇▇▇▇▇ ▇. ▇▇▇▇
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Name: ▇▇▇▇▇▇ ▇. ▇▇▇▇
Title: President
STATE STREET BANK AND TRUST COMPANY
By: /s/ ▇▇▇▇▇▇ ▇. ▇▇▇▇▇▇
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Name: ▇▇▇▇▇▇ ▇. ▇▇▇▇▇▇
Title: Executive Vice President