SubManagement 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 PostEffective Amendment No. 165 to the Registrants...

SubManagement 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
PostEffective Amendment No. 165 to the Registrants Registration
Statement filed on March 25, 2016.