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
Xxxxxx Investment Management, LLC and Xxxxxx
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.