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:
Author; won Pulitzer Prize for Lords of Finance: The Bankers Who Broke the World.

Other directorships:
Director of the Rohatyn Group, an emerging-market fund complex that manages money for institutions; a director and Treasurer of the Sun Valley Writers Conference, a literary not-for-profit organization; trustee of the New York Society Library; and a trustee of the Journal of Philosophy.

Ravi Akhoury

Ravi Akhoury
Born 1947
Trustee since 2009

Principal occupations during past five years:
Private investor

Other directorships:
Director of English Helper, Inc., a private software company; Trustee of the Rubin Museum, serving on the Investment Committee; and previously a Director of RAGE Frameworks, Inc.

Barbara M. Baumann

Barbara M. Baumann
Born 1955
Trustee since 2010

Principal occupations during past five years:
President of Cross Creek Energy Corporation, a strategic consultant to domestic energy firms and direct investor in energy projects.

Other directorships:
Director of Devon Energy Corporation, a publicly traded independent natural gas and oil exploration and production company; Director of National Fuel Gas Company, a publicly traded diversified energy company; Senior Advisor for First Reserve, an energy private equity firm; member of the Finance Committee of the Children's Hospital of Colorado; member of the Investment Committee of The Denver Foundation; previously a director of Buckeye Partners, L.P, a publicly traded master limited partnership focused on pipeline transport, storage, and distribution of petroleum products, as well as UNS Energy Corporation, a publicly held electric and gas utility in Arizona, SM Energy Corporation, a publicly held U.S. exploration and production company, and CVR Energy Corporation, a publicly held refining company.

Catharine B. Hill

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, the 10th president of Vassar College.

Other directorships:
Director of Yale-NUS College; Alumni Fellow to the Yale Corporation; and Trustee of Yale University.

Katinka Domotorffy

Katinka Domotorffy
Born 1975
Trustee since 2012

Principal occupations during past five years:
Voting member of the Investment Committees of the Anne Ray Foundation and Margaret A. Cargill Foundation, part of the Margaret A. Cargill Philanthropies.

Other directorships:
Director of the Great Lakes Science Center and of College Now Greater Cleveland.

Paul L. Joskow

Paul L. Joskow
Born 1947
Trustee since 1997

Principal occupations during past five years:
The Elizabeth and James Killian Professor of Economics, Emeritus at the Massachusetts Institute of Technology (MIT). From 2008 to 2017, the 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.

Other directorships:
Trustee of Yale University; a Director of Exelon Corporation, an energy company focused on power services; and a Member Emeritus of the Board of Advisors of the Boston Symphony Orchestra.

Kenneth R. Leibler

Kenneth R. Leibler
Born 1949
Trustee since 2006, Vice Chair from 2016 to 2018, and Chair since 2018

Principal occupations during past five years:
Vice Chairman Emeritus of the Board of Trustees of Beth Israel Deaconess Hospital in Boston.

Other directorships:
Director of Eversource Corporation, which operates New England’s largest energy delivery system; previously the Chairman of the Boston Options Exchange, an electronic market place for the trading of listed derivatives securities; previously the Chairman and Chief Executive Officer of the Boston Stock Exchange; and previously the President and Chief Operating Officer of the American Stock Exchange.

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, and President of New Generation Advisors, LLC, a registered investment advisor to private funds.

Other directorships:
Director of The Boston Family Office, LLC, a registered investment advisor; a Trustee of the Gloucester Marine Genomics Institute; previously a Trustee of the Marine Biological Laboratory; and previously a Trustee of Epiphany School.

Manoj Singh

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, serving 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; member of the advisory board of Altimetrik, a business transformation and technology solutions firm; and Director of DXC Technology, a global IT services and consulting company.

Manoj Singh

Mona K. Sutphen
Born 1967
Trustee since 2020

Principal occupations during past five years:
Senior Advisor at The Vistria Group, a private investment firm focused on middle-market companies in the healthcare, education, and financial services industries. From 2014 to 2018, Partner at Macro Advisory Partners, a global consulting firm.

Other directorships:
Director of Pioneer Natural Resources, a publicly traded company engaged in oil exploration and production in the Permian basin; previous Director of Pattern Energy, a publicly traded renewable energy company; Board Member, International Rescue Committee; Co-Chair of the Board of Human Rights First; Trustee of Mount Holyoke College; and Member of the Advisory Board for the Center on Global Energy Policy at Columbia University's School of International and Public Affairs.

Interested Trustee

Robert L. Reynolds

Robert L. Reynolds
Born 1952
Trustee since 2008 and President and Chief Executive Officer of Putnam Investments since 2008

Principal occupations during past five years:
President and Chief Executive Officer of Putnam Investments; President and Chief Executive Officer of Great-West Financial, a financial services company that provides retirement savings plans, life insurance, and annuity and executive benefits products; President and Chief Executive Officer of Great-West Lifeco U.S. Inc., a holding company that owns Putnam Investments and Great-West Financial; and member of Putnam Investments’ and Great-West Financial’s Board of Directors.

Other directorships:
Director of West Virginia University Foundation; director of the Concord Museum; director of Dana-Farber Cancer Institute; Chairman of Massachusetts Competitive Partnership; director of Boston Chamber of Commerce; member of the Chief Executives Club of Boston; member of the National Innovation Initiative; member of the Massachusetts General Hospital President’s Council; member of the Council on Competitiveness; and previously the President of the Commercial Club of Boston.