[FUND NAME]

                               MANAGEMENT CONTRACT

         Management Contract dated as of [date] between [FUND NAME], a
Massachusetts business trust (the "Fund"), and PUTNAM INVESTMENT MANAGEMENT,
LLC, a Delaware limited liability company (the "Manager").

         WITNESSETH:

         That in consideration of the mutual covenants herein contained, it is
         agreed as follows:

1.       SERVICES TO BE RENDERED BY MANAGER TO FUND.

         (a)   The Manager, at its expense, will furnish continuously an
investment program for the Fund, will determine what investments shall be
purchased, held, sold or exchanged by the Fund and what portion, if any, of the
assets of the Fund shall be held uninvested and shall, on behalf of the Fund,
make changes in the Fund's investments.  Subject always to the control of the
Trustees of the Fund and except for the functions carried out by the officers
and personnel referred to in Section 1(d), the Manager will also manage,
supervise and conduct the other affairs and business of the Fund and matters
incidental thereto.  In the performance of its duties, the Manager will comply
with the provisions of the Agreement and Declaration of Trust and By-Laws of
the Fund and its stated investment objectives, policies and restrictions, and
will use its best efforts to safeguard and promote the welfare of the Fund and
to comply with other policies which the Trustees may from time to time determine
and shall exercise the same care and diligence expected of the Trustees.

         (b)   The Manager, at its expense, except as such expense is paid by
the Fund as provided in Section 1(d), will furnish (1) all necessary investment
and management facilities, including salaries of personnel, required for it to
execute its duties faithfully; (2) suitable office space for the Fund; and (3)
administrative facilities, including bookkeeping, clerical personnel and
equipment necessary for the efficient conduct of the affairs of the Fund,
including determination of the Fund's net asset value, but excluding shareholder
accounting services.  Except as otherwise provided in Section 1(d), the Manager
will pay the compensation, if any, of the officers of the Fund.

         (c)   The Manager, at its expense, shall place all orders for the
purchase and sale of portfolio investments for the Fund's account with brokers
or dealers selected by the Manager.  In the selection of such brokers or dealers
and the placing of such orders, the Manager shall use its best efforts to obtain
for the Fund the most favorable price and execution available, except to the
extent it may be permitted to pay higher brokerage commissions for brokerage and
research services as described below.  In using its best efforts to obtain for
the Fund the most favorable price and execution available, the Manager, bearing
in mind the Fund's best interests at all times, shall consider all factors it
deems relevant, including by way of illustration, price, the size of the
transaction, the nature of the market for the security, the amount of the
commission, the timing of the transaction taking into account market prices and
trends, the reputation, experience and financial stability of the broker or

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dealer involved and the quality of service rendered by the broker or dealer in
other transactions.  Subject to such policies as the Trustees of the Fund may
determine, the Manager shall not be deemed to have acted unlawfully or to have
breached any duty created by this Contract or otherwise solely by reason of its
having caused the Fund to pay a broker or dealer that provides brokerage and
research services to the Manager an amount of commission for effecting a
portfolio investment transaction in excess of the amount of commission another
broker or dealer would have charged for effecting that transaction, if the
Manager determines in good faith that such amount of commission was reasonable
in relation to the value of the brokerage and research services provided by such
broker or dealer, viewed in terms of either that particular transaction or the
Manager's overall responsibilities with respect to the Fund and to other clients
of the Manager as to which the Manager exercises investment discretion.  The
Manager agrees that in connection with purchases or sales of portfolio
investments for the Fund's account, neither the Manager nor any officer,
director, employee or agent of the Manager shall act as a principal or receive
any commission other than as provided in Section 3.

         (d)   The Fund will pay or reimburse the Manager for the compensation
in whole or in part of such officers of the Fund and persons assisting them as
may be determined from time to time by the Trustees of the Fund.  The Fund will
also pay or reimburse the Manager for all or part of the cost of suitable office
space, utilities, support services and equipment attributable to such officers
and persons, as may be determined in each case by the Trustees of the Fund.
The Fund will pay the fees, if any, of the Trustees of the Fund.

         (e)   The Manager shall pay all expenses incurred in connection with
the organization of the Fund and the initial public offering and sale of its
shares of beneficial interest, provided that upon the issuance and sale of such
shares to the public pursuant to the offering, and only in such event, the Fund
shall become liable for, and to the extent requested reimburse the Manager for,
registration fees payable to the Securities and Exchange Commission and for an
additional amount not exceeding [limit] as its agreed share of such expenses.

         (f)   The Manager shall not be obligated to pay any expenses of or for
the Fund not expressly assumed by the Manager pursuant to this Section 1 other
than as provided in Section 3.

2.       OTHER AGREEMENTS, ETC.

         It is understood that any of the shareholders, Trustees, officers and
employees of the Fund may be a shareholder, director, officer or employee of, or
be otherwise interested in, the Manager, and in any person controlled by or
under common control with the Manager, and that the Manager and any person
controlled by or under common control with the Manager may have an interest in
the Fund.  It is also understood that the Manager and any person controlled by
or under common control with the Manager have and may have advisory, management,
service or other contracts with other organizations and persons, and may have
other interests and business.

3.       COMPENSATION TO BE PAID BY THE FUND TO THE MANAGER.

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         The Fund will pay to the Manager as compensation for the Manager's
services rendered, for the facilities furnished and for the expenses borne by
the Manager pursuant to paragraphs (a), (b), (c) and (e) of Section 1, a fee,
computed and paid [payment cycle] at the annual rate of:

         [fee schedule]

Such average net asset value shall be determined by taking an average of all of
the determinations of such net asset value during such [period] at the close of
business on each business day during such [period] while this Contract is in
effect.  Such fee shall be payable for each fiscal [period] within [days] after
the close of such [period] and shall commence accruing as of the date of the
initial issuance of shares of the Fund to the public.

         The fees payable by the Fund to the Manager pursuant to this Section 3
shall be reduced by any commissions, fees, brokerage or similar payments
received by the Manager or any affiliated person of the Manager in connection
with the purchase and sale of portfolio investments of the Fund, less any direct
expenses approved by the Trustees incurred by the Manager or any affiliated
person of the Manager in connection with obtaining such payments.

         In the event that expenses of the Fund for any fiscal year should
exceed the expense limitation on investment company expenses imposed by any
statute or regulatory authority of any jurisdiction in which shares of the Fund
are qualified for offer or sale, the compensation due the Manager for such
fiscal year shall be reduced by the amount of excess by a reduction or refund
thereof.  In the event that the expenses of the Fund exceed any expense
limitation which the Manager may, by written notice to the Fund, voluntarily
declare to be effective subject to such terms and conditions as the Manager may
prescribe in such notice, the compensation due the Manager shall be reduced,
and, if necessary, the Manager shall assume expenses of the Fund to the extent
required by the terms and conditions of such expense limitation.

         If the Manager shall serve for less than the whole of a [period], the
foregoing compensation shall be prorated.

4.       ASSIGNMENT TERMINATES THIS CONTRACT; AMENDMENTS OF THIS CONTRACT.

         This Contract shall automatically terminate, without the payment of any
penalty, in the event of its assignment; and this Contract shall not be amended
unless such amendment be approved at a meeting by the affirmative vote of a
majority of the outstanding shares of the Fund, and by the vote, cast in person
at a meeting called for the purpose of voting on such approval, of a majority of
the Trustees of the Fund who are not interested persons of the Fund or of the
Manager.

5.       EFFECTIVE PERIOD AND TERMINATION OF THIS CONTRACT.

         This Contract shall become effective upon its execution, and shall
remain in full force and effect continuously thereafter (unless terminated

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automatically as set forth in Section 4) until terminated as follows:

         (a)   Either party hereto may at any time terminate this Contract by
not more than sixty days' nor less than thirty days' written notice delivered
or mailed by registered mail, postage prepaid, to the other party, or

         (b)   If (i) the Trustees of the Fund or the shareholders by the
affirmative vote of a majority of the outstanding shares of the Fund, and (ii)
a majority of the Trustees of the Fund who are not interested persons of the
Fund or of the Manager, by vote cast in person at a meeting called for the
purpose of voting on such approval, do not specifically approve at least
annually the continuance of this Contract, then this Contract shall
automatically terminate at the close of business on the second anniversary of
its execution, or upon the expiration of one year from the effective date of
the last such continuance, whichever is later.

         Action by the Fund under (a) above may be taken either (i) by vote of
a majority of its Trustees, or (ii) by the affirmative vote of a majority of
the outstanding shares of the Fund.

         Termination of this Contract pursuant to this Section 5 will be
without the payment of any penalty.

6.       CERTAIN DEFINITIONS.

         For the purposes of this Contract, the "affirmative vote of a majority
of the outstanding shares of the Fund" means the affirmative vote, at a duly
called and held meeting of shareholders of the Fund, (a) of the holders of 67%
or more of the shares of the Fund present (in person or by proxy) and entitled
to vote at such meeting, if the holders of more than 50% of the outstanding
shares of the Fund entitled to vote at such meeting are present in person or by
proxy, or (b) of the holders of more than 50% of the outstanding shares of the
Fund entitled to vote at such meeting, whichever is less.

         For the purposes of this Contract, the terms "affiliated person,"
"control," "interested person" and "assignment" shall have their respective
meanings defined in the Investment Company Act of 1940 and the Rules and
Regulations thereunder (the "1940 Act"), subject, however, to such exemptions
as may be granted by the Securities and Exchange Commission under said Act;
the term "specifically approve at least annually" shall be construed in a
manner consistent with the 1940 Act, and the Rules and Regulations thereunder;
and the term "brokerage and research services" shall have the meaning given in
the Securities Exchange Act of 1934 and the Rules and Regulations thereunder.

7.       NON-LIABILITY OF MANAGER.

         In the absence of willful misfeasance, bad faith or gross negligence
on the part of the Manager, or reckless disregard of its obligations and duties
hereunder, the Manager shall not be subject to any liability to the Fund or to
any shareholder of the Fund, for any act or omission in the course of, or
connected with, rendering services hereunder.

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8.       LIMITATION OF LIABILITY OF THE TRUSTEES, OFFICERS, AND SHAREHOLDERS.

         A copy of the Agreement and Declaration of Trust of the Fund is on
file with the Secretary of State of The Commonwealth of Massachusetts, and
notice is hereby given that this instrument is executed on behalf of the
Trustees of the Fund as Trustees and not individually and that the obligations
of or arising out of this instrument are not binding upon any of the Trustees,
officers or shareholders individually but are binding only upon the assets and
property of the Fund.

         IN WITNESS WHEREOF, [FUND NAME] and PUTNAM INVESTMENT MANAGEMENT, LLC
have each caused this instrument to be signed in duplicate in its behalf by its
President or a Vice President thereunto duly authorized, all as of the day and
year first above written.

                                            [FUND NAME]



                                            By:   ______________________________
                                                  Executive Vice President


                                            PUTNAM INVESTMENT MANAGEMENT, LLC



                                            By:   ______________________________
                                                  Senior Managing Director

Source: OneCLE Business Contracts.