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. 165 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. 165 to the Registrants Registration
Statement filed on March 25, 2016