Sub Management Contract between Putnam Investment Management, LLC and Putnam Investments Limited dated February 27, 2014; Schedule A amended as of March 24, 2016 Incorporated by reference to Post Effective Amendment No. 232 to the Registrants...

	                  Sub Management Contract between
▇▇▇▇▇▇ Investment Management, LLC and ▇▇▇▇▇▇
Investments Limited dated February 27, 2014;
Schedule A amended as of March 24, 2016
Incorporated by reference to Post Effective
Amendment No. 232 to the Registrants
Registration Statement filed on March 28, 2016.