About Putnam Contact us Individual Investors Financial Advisors RIAs Institutional Investors 401(k) Plans DCIO Home About Putnam Board of Trustees Board of Trustees The independent Board of Trustees of the Putnam funds is responsible for the general oversight of each fund's business and for helping to protect the interests of shareholders. Trustees and fund performance | The Trustees periodically review each fund's investment performance and the quality of other services such as administration, custody, and investor services. Trustees and fees and expenses | At least annually, the Trustees review the fees paid to Putnam Management and its affiliates for these services and the overall level of each fund's operating expenses. Trustee administration | In carrying out their responsibilities, the Trustees are assisted by an independent administrative staff and by auditors and legal counsel, which are selected by the Trustees and are independent of Putnam Management and its affiliates. Independent Trustees Liaquat Ahamed Born 1952 Trustee since 2012 Principal occupations during past five years: Pulitzer Prize-winning author of Lord of Finance: The Bankers Who Broke the World, whose articles on economics have appeared in such publications as the New York Times, Foreign Affairs, and the Financial Times. Director of Aspen Insurance Co., a New York Stock Exchange company, and Chair of Aspen Board’s Investment Committee. Trustee of the Brookings Institution and Chair of its Investment Committee. Other directorships: The Rohatyn Group, an emerging-market fund complex that manages money for institutions Ravi Akhoury Born 1947 Trustee since 2009 Principal occupations during past five years: Trustee of American India Foundation and of the Rubin Museum. From 1992 to 2007, was Chairman and CEO of MacKay Shields, a multi-product investment management firm with over $40 billion in assets under management. Other directorships: RAGE Frameworks, Inc., a private software company; English Helper, Inc., a private software company Barbara M. Baumann Born 1955 Trustee since 2010 Principal occupations during past five years: President and Owner of Cross Creek Energy Corporation, a strategic consultant to domestic energy firms and direct investor in energy projects. Trustee of Mount Holyoke College. Current Board member of The Denver Foundation. Former Chair and current Board member of Girls Incorporated of Metro Denver. Member of the Finance Committee, The Children’s Hospital of Colorado. Other directorships: Devon Energy Corporation, a leading independent natural gas and oil exploration and production company; SM Energy Company, a domestic exploration and production company; UNS Energy Corporation, an Arizona utility; Cody Resources Management, a private company in the energy and ranching businesses. Jameson A. Baxter Born 1943 Trustee since 1994, Vice Chair from 2005 to 2011, and Chair since 2011 Principal occupations during past five years: President of Baxter Associates, Inc., a private investment firm. Chair of Mutual Fund Directors Forum. Chair Emeritus of the Board of Trustees of Mount Holyoke College. Director of the Adirondack Land Trust and Trustee of the Nature Conservancy’s Adirondack Chapter. Catharine Bond Hill Born 1954 Trustee since 2017 Principal occupations during past five years: Managing Director of Ithaka S+R (a not–for–profit service that helps the academic community navigate economic and technological change). From 2006 to 2016, Dr. Hill served as the 10th president of Vassar College. Before 2006, she was the provost of Williams College. Other directorships: Director of Yale-NUS College; alumni fellow to the Yale Corporation. Robert J. Darretta Born 1946 Trustee since 2007 Principal occupations during past five years: From 2009 until 2012, served as Health Care Industry Advisor to Permira, a global private equity firm. Until April 2007, was Vice Chairman of the Board of Directors of Johnson & Johnson. Served as Johnson & Johnson’s Chief Financial Officer for a decade. Other directorships: UnitedHealth Group, a diversified health-care company Katinka Domotorffy Born 1975 Trustee since 2012 Principal occupations during past five years: Voting member of the Anne Ray Charitable Trust’s Investment Committee, Margaret A. Cargill Philanthropies. Until 2011, Partner, Chief Investment Officer, and Global Head of Quantitative Investment Strategies at Goldman Sachs Asset Management. Other directorships: Reach Out and Read of Greater New York, an organization dedicated to promoting early childhood literacy John A. Hill Born 1942 Trustee since 1985 and Chairman from 2000 to 2011 Principal occupations during past five years: Founder and Vice-Chairman of First Reserve Corporation, the leading private equity buyout firm focused on the worldwide energy industry. Trustee and Chairman of the Board of Trustees of Sarah Lawrence College. Member of the Advisory Board of the Millstein Center for Global Markets and Corporate Ownership at The Columbia University Law School. Other directorships: Devon Energy Corporation, a leading independent natural gas and oil exploration and production company Paul L. Joskow Born 1947 Trustee since 1997 Principal occupations during past five years: Economist and President of the Alfred P. Sloan Foundation, a philanthropic institution focused primarily on research and education on issues related to science, technology, and economic performance. Elizabeth and James Killian Professor of Economics, Emeritus at the Massachusetts Institute of Technology (MIT). Prior to 2007, served as the Director of the Center for Energy and Environmental Policy Research at MIT. Other directorships: Yale University; TransCanada Corporation, an energy company focused on natural gas transmission, oil pipeline, and power services; Exelon Corporation, an energy company focused on power services; Boston Symphony Orchestra Kenneth R. Leibler Born 1949 Trustee since 2006, Vice Chair since 2016 Principal occupations during past five years: Founder and former Chairman of Boston Options Exchange, an electronic marketplace for the trading of derivative securities. Serves on the Board of Trustees of Beth Israel Deaconess Hospital in Boston, Massachusetts. Until November 2010, director of Ruder Finn Group, a global communications and advertising firm. Other directorships: Northeast Utilities, which operates New England’s largest energy delivery system Robert E. Patterson Born 1945 Trustee since 1984 Principal occupations during past five years: Co-Chairman of Cabot Properties, Inc., a private equity firm investing in commercial real estate, and Chairman of its Investment Committee. Past Chairman and Trustee of the Joslin Diabetes Center. George Putnam, III Born 1951 Trustee since 1984 Principal occupations during past five years: Chairman of New Generation Research, Inc., a publisher of financial advisory and other research services. Founder and President of New Generation Advisors, LLC, a registered investment advisor to private funds. Director of The Boston Family Office, LLC, a registered investment advisor. Manoj Singh Born 1952 Trustee since 2017 Principal occupations during past five years: Until 2015, chief operating officer and global managing director at Deloitte Touche Tohmatsu, Ltd. (a global professional services organization). He served on the Deloitte U.S. board of directors and the boards of Deloitte member firms in China, Mexico, and Southeast Asia. Other directorships: Director of Abt Associates (a global research firm working in the fields of health, social and environmental policy, and international development); Trustee of Carnegie Mellon University; Trustee of the Rubin Museum; Director of Pratham USA (an organization dedicated to children’s education in India); and member of the advisory board of Altimetrik (a business transformation and technology solutions firm). Mr. Singh has also been admitted to the Board of Directors of a new public company being formed through the merger of HP Enterprise Services and CSC Corp (which is expected to be launched on April 3, 2017). W. Thomas Stephens Born 1942 Trustee from 1997 to 2008 and since 2009 Principal occupations during past five years: Retired as Chairman and Chief Executive Officer of Boise Cascade, LLC, a paper, forest products, and timberland assets company, in December 2008. Prior to 2010, Director of Boise Inc., a manufacturer of paper and packaging products. Other directorships: TransCanada Pipelines Ltd., an energy infrastructure company Interested Trustee Robert L. Reynolds Born 1952 Trustee since 2008 and President of the Putnam Funds since 2009 Principal occupations during past five years: President and Chief Executive Officer of Putnam Investments since 2008. Prior to joining Putnam Investments, served as Vice Chairman and Chief Operating Officer of Fidelity Investments from 2000 to 2007. Contact us One Post Office Square Boston MA 02109 (617) 292-1000 Monday – Friday: 8:30 a.m. – 5:00 p.m. Eastern Time Media Contacts Jon Goldstein Head of Corporate Communications 617-760-1127 jon_goldstein@putnam.com Laura McNamara Director of Corporate Communications 617-760-1108 laura_mcnamara@putnam.com Jennifer Stutto Corporate Communications Associate 617-760-8582 jennifer_stutto@putnam.com Putnam at-a-glance Over 75 years of investment experience $163 billion in assets under management* Over 70 mutual funds and 60 institutional strategies across a range of asset classes and investment styles Over 180 investment professionals Offices in Boston, London, Frankfurt, Tokyo, Sydney, and Singapore *At the end of May 2017, Putnam Investments had $163 billion in assets under management. Mutual fund assets were $75 billion. Institutional assets were $88 billion. (Total assets do not reflect pending activity for client decisions communicated to Putnam as of May 31, 2017.) 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