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.

The following individuals are members of Putnam’s Board of Trustees:

Independent Trustees
Interested Trustee