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

    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

    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

    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

    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.

  • Charles B. Curtis

    Charles B. Curtis
    Born 1940
    Trustee since 2001

    Principal occupations during past five years:
    Senior Advisor to the Center for Strategic and International Studies. President Emeritus and former President and Chief Operating Officer of the Nuclear Threat Initiative, a private foundation dealing with national security issues. Member of the Council on Foreign Relations and U.S. State Department International Security Advisory Board.

    Other directorships:
    Southern California Edison, a regulated electric utility, and its parent company, Edison International

  • Robert J. Darretta

    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

    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

    John A. Hill
    Born 1947
    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

    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

    Kenneth R. Leibler
    Born 1949
    Trustee since 2006

    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

    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

    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.

  • W. Thomas Stephens

    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

    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.