Sub-Management Contract between Putnam Investment Management, LLC and Putnam Investments Limited dated February 27, 2014; schedule A amended as of November 30, 2015 Incorporated by reference to Post- Effective Amendment No. 222 to the Registrants...

Sub-Management Contract between Xxxxxx Investment Management, LLC
and
Xxxxxx Investments Limited dated February 27, 2014; schedule A
amended
as of November 30, 2015  Incorporated by reference to Post-
Effective Amendment No. 222 to the Registrants Registration
Statement filed on November 25, 2015.