-----BEGIN PRIVACY-ENHANCED MESSAGE-----
Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
Originator-Key-Asymmetric:
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 TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB
MIC-Info: RSA-MD5,RSA,
 TPXMs+IhSfi5osvvfXb/WyVQuybTDv5qLkuId35tL++iftCjjaISwIfNe1BqpzhY
 BJHYiN5j6KtqXljBAky7pw==

<SEC-DOCUMENT>0000928816-07-000538.txt : 20070409
<SEC-HEADER>0000928816-07-000538.hdr.sgml : 20070409
<ACCEPTANCE-DATETIME>20070409172626
ACCESSION NUMBER:		0000928816-07-000538
CONFORMED SUBMISSION TYPE:	40-17G
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20070409
DATE AS OF CHANGE:		20070409
EFFECTIVENESS DATE:		20070409

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			PUTNAM VOYAGER FUND
		CENTRAL INDEX KEY:			0000081280
		IRS NUMBER:				046187125
		STATE OF INCORPORATION:			MA
		FISCAL YEAR END:			0731

	FILING VALUES:
		FORM TYPE:		40-17G
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	811-01682
		FILM NUMBER:		07757150

	BUSINESS ADDRESS:	
		STREET 1:		ONE POST OFFICE SQ
		CITY:			BOSTON
		STATE:			MA
		ZIP:			02109
		BUSINESS PHONE:		6172921000

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	PUTNAM VOYAGER FUND INC /PRED/
		DATE OF NAME CHANGE:	19821109

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			PUTNAM TAX FREE HEALTH CARE FUND
		CENTRAL INDEX KEY:			0000887398
		IRS NUMBER:				043153831
		STATE OF INCORPORATION:			MA
		FISCAL YEAR END:			0531

	FILING VALUES:
		FORM TYPE:		40-17G
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	811-06659
		FILM NUMBER:		07757157

	BUSINESS ADDRESS:	
		STREET 1:		ONE POST OFFICE SQUARE
		CITY:			BOSTON
		STATE:			MA
		ZIP:			02109
		BUSINESS PHONE:		6172921000

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			PUTNAM PENNSYLVANIA TAX EXEMPT INCOME FUND
		CENTRAL INDEX KEY:			0000794615
		IRS NUMBER:				043057637
		STATE OF INCORPORATION:			MA
		FISCAL YEAR END:			0228

	FILING VALUES:
		FORM TYPE:		40-17G
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	811-05802
		FILM NUMBER:		07757162

	BUSINESS ADDRESS:	
		STREET 1:		ONE POST OFFICE SQ
		CITY:			BOSTON
		STATE:			MA
		ZIP:			02109
		BUSINESS PHONE:		6172921000

	MAIL ADDRESS:	
		STREET 1:		ONE POST OFFICE SQU
		CITY:			BOSTON
		STATE:			MA
		ZIP:			02109

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			PUTNAM MICHIGAN TAX EXEMPT INCOME FUND /
		CENTRAL INDEX KEY:			0000794611
		IRS NUMBER:				046626130
		STATE OF INCORPORATION:			MA
		FISCAL YEAR END:			0531

	FILING VALUES:
		FORM TYPE:		40-17G
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	811-04529
		FILM NUMBER:		07757173

	BUSINESS ADDRESS:	
		STREET 1:		ONE POST OFFICE SQ
		CITY:			BOSTON
		STATE:			MA
		ZIP:			02109
		BUSINESS PHONE:		617-292-14

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	PUTNAM MICHIGAN TAX EXEMPT INCOME FUND
		DATE OF NAME CHANGE:	19920609

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			PUTNAM MANAGED MUNICIPAL INCOME TRUST
		CENTRAL INDEX KEY:			0000844790
		IRS NUMBER:				046608976
		STATE OF INCORPORATION:			MA
		FISCAL YEAR END:			1031

	FILING VALUES:
		FORM TYPE:		40-17G
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	811-05740
		FILM NUMBER:		07757176

	BUSINESS ADDRESS:	
		STREET 1:		ONE POST OFFICE SQ
		STREET 2:		MAILSTOP A14
		CITY:			BOSTON
		STATE:			MA
		ZIP:			02109
		BUSINESS PHONE:		6172921000

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			PUTNAM INVESTMENT FUNDS
		CENTRAL INDEX KEY:			0000932101
		IRS NUMBER:				043251560
		STATE OF INCORPORATION:			MA
		FISCAL YEAR END:			0930

	FILING VALUES:
		FORM TYPE:		40-17G
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	811-07237
		FILM NUMBER:		07757180

	BUSINESS ADDRESS:	
		STREET 1:		ONE POST OFFICE SQUARE
		STREET 2:		MAIL STOP A 14
		CITY:			BOSTON
		STATE:			MA
		ZIP:			02109
		BUSINESS PHONE:		6172921562

	MAIL ADDRESS:	
		STREET 1:		PUTNAM EQUITY FUNDS
		STREET 2:		ONE POST OFFICE SQUARE MAILSTOP A 14
		CITY:			BOSTON
		STATE:			MA
		ZIP:			02109

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	PUTNAM EQUITY FUNDS
		DATE OF NAME CHANGE:	19941028

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			PUTNAM GLOBAL NATURAL RESOURCES FUND
		CENTRAL INDEX KEY:			0000317031
		IRS NUMBER:				133035507
		STATE OF INCORPORATION:			MA
		FISCAL YEAR END:			0831

	FILING VALUES:
		FORM TYPE:		40-17G
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	811-03061
		FILM NUMBER:		07757188

	BUSINESS ADDRESS:	
		STREET 1:		ONE POST OFFICE SQ
		CITY:			BOSTON
		STATE:			MA
		ZIP:			02109
		BUSINESS PHONE:		6172921000

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	PUTNAM NATURAL RESOURCES FUND /MA/
		DATE OF NAME CHANGE:	19950629

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	PUTNAM ENERGY RESOURCES TRUST
		DATE OF NAME CHANGE:	19920703

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	EBERSTADT ENERGY RESOURCES FUND INC
		DATE OF NAME CHANGE:	19850317

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			PUTNAM GLOBAL INCOME TRUST
		CENTRAL INDEX KEY:			0000794614
		IRS NUMBER:				046549525
		STATE OF INCORPORATION:			MA
		FISCAL YEAR END:			1031

	FILING VALUES:
		FORM TYPE:		40-17G
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	811-04524
		FILM NUMBER:		07757190

	BUSINESS ADDRESS:	
		STREET 1:		ONE POST OFFICE SQ
		STREET 2:		MAILSTOP A 14
		CITY:			BOSTON
		STATE:			MA
		ZIP:			02109
		BUSINESS PHONE:		6172921562

	MAIL ADDRESS:	
		STREET 1:		ONE POST OFFICE SQUARE
		CITY:			BOSTON
		STATE:			MA
		ZIP:			02109

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	PUTNAM GOVERNMENT INCOME GLOBAL TRUST
		DATE OF NAME CHANGE:	19870225

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	PUTNAM GLOBAL GOVERNMENT INCOME TRUST
		DATE OF NAME CHANGE:	19870115

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			GEORGE PUTNAM FUND OF BOSTON
		CENTRAL INDEX KEY:			0000081259
		IRS NUMBER:				046013677
		STATE OF INCORPORATION:			MA
		FISCAL YEAR END:			0731

	FILING VALUES:
		FORM TYPE:		40-17G
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	811-00058
		FILM NUMBER:		07757191

	BUSINESS ADDRESS:	
		STREET 1:		ONE POST OFFICE SQ
		STREET 2:		MAILSTOP A 14
		CITY:			BOSTON
		STATE:			MA
		ZIP:			02109
		BUSINESS PHONE:		8002252581

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	PUTNAM EQUITY INCOME FUND/NEW
		DATE OF NAME CHANGE:	19940302

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	PUTNAM GEORGE FUND OF BOSTON
		DATE OF NAME CHANGE:	19920703

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			PUTNAM FUND FOR GROWTH & INCOME
		CENTRAL INDEX KEY:			0000081260
		IRS NUMBER:				046013678
		STATE OF INCORPORATION:			MA
		FISCAL YEAR END:			1031

	FILING VALUES:
		FORM TYPE:		40-17G
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	811-00781
		FILM NUMBER:		07757193

	BUSINESS ADDRESS:	
		STREET 1:		ONE POST OFFICE SQ
		STREET 2:		MAIKLSTOP A 14
		CITY:			BOSTON
		STATE:			MA
		ZIP:			02109
		BUSINESS PHONE:		6172921000

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	PUTNAM GROWTH FUND
		DATE OF NAME CHANGE:	19841025

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			PUTNAM DIVERSIFIED INCOME TRUST
		CENTRAL INDEX KEY:			0000836622
		IRS NUMBER:				043017475
		STATE OF INCORPORATION:			MA
		FISCAL YEAR END:			0930

	FILING VALUES:
		FORM TYPE:		40-17G
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	811-05635
		FILM NUMBER:		07757196

	BUSINESS ADDRESS:	
		STREET 1:		ONE POST OFFICE SQ
		STREET 2:		MAILSTOP A 14
		CITY:			BOSTON
		STATE:			MA
		ZIP:			02109
		BUSINESS PHONE:		6172921562

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			PUTNAM DISCOVERY GROWTH FUND
		CENTRAL INDEX KEY:			0000868480
		IRS NUMBER:				046661046
		STATE OF INCORPORATION:			MA
		FISCAL YEAR END:			0930

	FILING VALUES:
		FORM TYPE:		40-17G
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	811-06203
		FILM NUMBER:		07757197

	BUSINESS ADDRESS:	
		STREET 1:		ONE POST OFFICE SQ
		STREET 2:		MAILSTOP A14
		CITY:			BOSTON
		STATE:			MA
		ZIP:			02109
		BUSINESS PHONE:		6172921000

	MAIL ADDRESS:	
		STREET 1:		NULL

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	PUTNAM VOYAGER FUND II
		DATE OF NAME CHANGE:	19950815

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	PUTNAM GROWTH FUND /MA/
		DATE OF NAME CHANGE:	19930223

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	PUTNAM SHORT TERM US GOVERNMENT FUND
		DATE OF NAME CHANGE:	19930223

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			PUTNAM CONVERTIBLE INCOME GROWTH TRUST
		CENTRAL INDEX KEY:			0000081247
		IRS NUMBER:				042493360
		STATE OF INCORPORATION:			MA
		FISCAL YEAR END:			1031

	FILING VALUES:
		FORM TYPE:		40-17G
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	811-02280
		FILM NUMBER:		07757198

	BUSINESS ADDRESS:	
		STREET 1:		ONE POST OFFICE SQ
		STREET 2:		MAILSTOP A 14
		CITY:			BOSTON
		STATE:			MA
		ZIP:			02109
		BUSINESS PHONE:		6172921000

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	PUTNAM CONVERTIBLE FUND
		DATE OF NAME CHANGE:	19841212

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	PUTNAM CONVERTIBLE FUND INC /PRED/
		DATE OF NAME CHANGE:	19821109

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			PUTNAM CLASSIC EQUITY FUND
		CENTRAL INDEX KEY:			0000930748
		IRS NUMBER:				043246687
		STATE OF INCORPORATION:			MA
		FISCAL YEAR END:			1130

	FILING VALUES:
		FORM TYPE:		40-17G
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	811-07223
		FILM NUMBER:		07757199

	BUSINESS ADDRESS:	
		STREET 1:		ONE POST OFFICE SQ
		CITY:			BOSTON
		STATE:			MA
		ZIP:			02109
		BUSINESS PHONE:		8002251581

	MAIL ADDRESS:	
		STREET 1:		ONE PO SQ
		STREET 2:		ONE PO SQ
		CITY:			BOSTON
		STATE:			MA
		ZIP:			02109

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	PUTNAM GROWTH & INCOME FUND II
		DATE OF NAME CHANGE:	19940930

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			PUTNAM CAPITAL APPRECIATION FUND
		CENTRAL INDEX KEY:			0000902475
		IRS NUMBER:				046733578
		STATE OF INCORPORATION:			MA
		FISCAL YEAR END:			0531

	FILING VALUES:
		FORM TYPE:		40-17G
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	811-07061
		FILM NUMBER:		07757200

	BUSINESS ADDRESS:	
		STREET 1:		ONE POST OFFICE SQUARE
		STREET 2:		MAILSTOP A 14
		CITY:			BOSTON
		STATE:			MA
		ZIP:			02109
		BUSINESS PHONE:		8002251581

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			TH LEE PUTNAM INVESTMENT TRUST
		CENTRAL INDEX KEY:			0001140009
		IRS NUMBER:				046943298
		STATE OF INCORPORATION:			MA

	FILING VALUES:
		FORM TYPE:		40-17G
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	811-10373
		FILM NUMBER:		07757149

	BUSINESS ADDRESS:	
		STREET 1:		ONE POST OFFICE SQUARE
		CITY:			BOSTON
		STATE:			MA
		ZIP:			02109
		BUSINESS PHONE:		6172921000

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			PUTNAM U S GOVERNMENT INCOME TRUST
		CENTRAL INDEX KEY:			0000732337
		IRS NUMBER:				042811119
		STATE OF INCORPORATION:			MA
		FISCAL YEAR END:			0930

	FILING VALUES:
		FORM TYPE:		40-17G
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	811-03897
		FILM NUMBER:		07757154

	BUSINESS ADDRESS:	
		STREET 1:		ONE POST OFFICE SQ
		CITY:			BOSTON
		STATE:			MA
		ZIP:			02109
		BUSINESS PHONE:		6172921000

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	PUTNAM U S GOVERNMENT GUARANTEED SECURITIES INCOME TRUST
		DATE OF NAME CHANGE:	19910102

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	PUTNAM UNITED STATES GOVERNMENT SECURITIES INCOME FUND
		DATE OF NAME CHANGE:	19840806

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			PUTNAM TAX FREE INCOME TRUST /MA/
		CENTRAL INDEX KEY:			0000771951
		IRS NUMBER:				046483374
		STATE OF INCORPORATION:			MA
		FISCAL YEAR END:			0731

	FILING VALUES:
		FORM TYPE:		40-17G
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	811-04345
		FILM NUMBER:		07757156

	BUSINESS ADDRESS:	
		STREET 1:		ONE POST OFFICE SQ
		CITY:			BOSTON
		STATE:			MA
		ZIP:			02109
		BUSINESS PHONE:		6172921000

	MAIL ADDRESS:	
		STREET 1:		NULL

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	PUTNAM TAX FREE INCOME TRUST
		DATE OF NAME CHANGE:	19920101

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			PUTNAM TAX EXEMPT INCOME FUND
		CENTRAL INDEX KEY:			0000205802
		IRS NUMBER:				046396109
		STATE OF INCORPORATION:			MA
		FISCAL YEAR END:			0930

	FILING VALUES:
		FORM TYPE:		40-17G
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	811-02675
		FILM NUMBER:		07757159

	BUSINESS ADDRESS:	
		STREET 1:		ONE POST OFFICE SQ
		CITY:			BOSTON
		STATE:			MA
		ZIP:			02109
		BUSINESS PHONE:		6172921000

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			PUTNAM PREMIER INCOME TRUST
		CENTRAL INDEX KEY:			0000827773
		IRS NUMBER:				042995046
		STATE OF INCORPORATION:			MA
		FISCAL YEAR END:			0731

	FILING VALUES:
		FORM TYPE:		40-17G
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	811-05452
		FILM NUMBER:		07757161

	BUSINESS ADDRESS:	
		STREET 1:		ONE POST OFFICE SQ
		CITY:			BOSTON
		STATE:			MA
		ZIP:			02109
		BUSINESS PHONE:		6172921000

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			PUTNAM OHIO TAX EXEMPT INCOME FUND II
		CENTRAL INDEX KEY:			0000794616
		IRS NUMBER:				046626129
		STATE OF INCORPORATION:			MA
		FISCAL YEAR END:			0531

	FILING VALUES:
		FORM TYPE:		40-17G
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	811-04528
		FILM NUMBER:		07757164

	BUSINESS ADDRESS:	
		STREET 1:		ONE POST OFFICE SQ
		CITY:			BOSTON
		STATE:			MA
		ZIP:			02109
		BUSINESS PHONE:		617-292-14

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	PUTNAM OHIO TAX EXEMPT INCOME FUND
		DATE OF NAME CHANGE:	19920609

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			PUTNAM MUNICIPAL OPPORTUNITIES TRUST
		CENTRAL INDEX KEY:			0000900422
		IRS NUMBER:				043187549
		STATE OF INCORPORATION:			MA
		FISCAL YEAR END:			1031

	FILING VALUES:
		FORM TYPE:		40-17G
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	811-07626
		FILM NUMBER:		07757169

	BUSINESS ADDRESS:	
		STREET 1:		ONE POST OFFICE SQUARE
		CITY:			BOSTON
		STATE:			MA
		ZIP:			02109
		BUSINESS PHONE:		6172921000

	MAIL ADDRESS:	
		STREET 1:		ONE POST OFFICE SQUARE
		CITY:			BOSTON
		STATE:			MA
		ZIP:			02109

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			PUTNAM MINNESOTA TAX EXEMPT INCOME FUND II
		CENTRAL INDEX KEY:			0000794612
		IRS NUMBER:				046626128
		STATE OF INCORPORATION:			MA
		FISCAL YEAR END:			0531

	FILING VALUES:
		FORM TYPE:		40-17G
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	811-04527
		FILM NUMBER:		07757172

	BUSINESS ADDRESS:	
		STREET 1:		ONE POST OFFICE SQ
		CITY:			BOSTON
		STATE:			MA
		ZIP:			02109
		BUSINESS PHONE:		6172921000

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	PUTNAM MINNESOTA TAX EXEMPT INCOME FUND
		DATE OF NAME CHANGE:	19920609

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			PUTNAM MASSACHUSETTS TAX EXEMPT INCOME FUND II
		CENTRAL INDEX KEY:			0000792288
		IRS NUMBER:				046626127
		STATE OF INCORPORATION:			MA
		FISCAL YEAR END:			0531

	FILING VALUES:
		FORM TYPE:		40-17G
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	811-04518
		FILM NUMBER:		07757175

	BUSINESS ADDRESS:	
		STREET 1:		ONE POST OFFICE SQ
		CITY:			BOSTON
		STATE:			MA
		ZIP:			02109
		BUSINESS PHONE:		617-292-14

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	PUTNAM MASSACHUSETTS TAX EXEMPT INCOME FUND /MA/
		DATE OF NAME CHANGE:	19920609

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			PUTNAM LTD DURATION GOVERNMENT INCOME FUND
		CENTRAL INDEX KEY:			0000869797
		IRS NUMBER:				046661044
		STATE OF INCORPORATION:			MA
		FISCAL YEAR END:			1130

	FILING VALUES:
		FORM TYPE:		40-17G
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	811-06257
		FILM NUMBER:		07757177

	BUSINESS ADDRESS:	
		STREET 1:		ONE POST OFFICE SQUARE
		STREET 2:		MAILSTOP A 14
		CITY:			BOSTON
		STATE:			MA
		ZIP:			02109
		BUSINESS PHONE:		8002552465

	MAIL ADDRESS:	
		STREET 1:		ONE POST OFFICE SQUARE
		CITY:			BOSTON
		STATE:			MA
		ZIP:			02109

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	PUTNAM INTERMEDIATE US GOVT INCOME FUND
		DATE OF NAME CHANGE:	19950508

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	PUTNAM BALANCED GOVERNMENT FUND
		DATE OF NAME CHANGE:	19930121

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	PUTNAM BALANCED MORTGAGE FUND
		DATE OF NAME CHANGE:	19921223

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			PUTNAM INVESTMENT GRADE MUNICIPAL TRUST
		CENTRAL INDEX KEY:			0000855048
		IRS NUMBER:				046629611
		STATE OF INCORPORATION:			MA
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		40-17G
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	811-05901
		FILM NUMBER:		07757179

	BUSINESS ADDRESS:	
		STREET 1:		ONE POST OFFICE SQUARE
		CITY:			BOSTON
		STATE:			MA
		ZIP:			02109
		BUSINESS PHONE:		6172921000

	MAIL ADDRESS:	
		STREET 1:		ONE POST OFFICE SQU
		CITY:			BOSTON
		STATE:			MA
		ZIP:			02109

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			PUTNAM INCOME FUND
		CENTRAL INDEX KEY:			0000081264
		STANDARD INDUSTRIAL CLASSIFICATION:	OIL ROYALTY TRADERS [6792]
		IRS NUMBER:				046013712
		STATE OF INCORPORATION:			MA
		FISCAL YEAR END:			1031

	FILING VALUES:
		FORM TYPE:		40-17G
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	811-00653
		FILM NUMBER:		07757182

	BUSINESS ADDRESS:	
		STREET 1:		ONE POST OFFICE SQ
		STREET 2:		MAILSTOP A 14
		CITY:			BOSTON
		STATE:			MA
		ZIP:			02109
		BUSINESS PHONE:		6172921471

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	PUTNAM INCOME FUND INC/PRED/
		DATE OF NAME CHANGE:	19821109

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			PUTNAM HIGH YIELD ADVANTAGE FUND
		CENTRAL INDEX KEY:			0000787836
		IRS NUMBER:				066290063
		STATE OF INCORPORATION:			MA
		FISCAL YEAR END:			1130

	FILING VALUES:
		FORM TYPE:		40-17G
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	811-04616
		FILM NUMBER:		07757184

	BUSINESS ADDRESS:	
		STREET 1:		ONE POST OFFICE SQ
		STREET 2:		MAILSTOP A 14
		CITY:			BOSTON
		STATE:			MA
		ZIP:			02109
		BUSINESS PHONE:		8002251581

	MAIL ADDRESS:	
		STREET 1:		NULL

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	PUTNAM HIGH YIELD TRUST II
		DATE OF NAME CHANGE:	19920703

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			PUTNAM HEALTH SCIENCES TRUST
		CENTRAL INDEX KEY:			0000357295
		IRS NUMBER:				046471950
		STATE OF INCORPORATION:			MA
		FISCAL YEAR END:			0831

	FILING VALUES:
		FORM TYPE:		40-17G
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	811-03386
		FILM NUMBER:		07757187

	BUSINESS ADDRESS:	
		STREET 1:		ONE POST OFFICE SQ
		STREET 2:		MAILSTOP A 14
		CITY:			BOSTON
		STATE:			MA
		ZIP:			02109
		BUSINESS PHONE:		8002251581

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			PUTNAM VARIABLE TRUST
		CENTRAL INDEX KEY:			0000822671
		IRS NUMBER:				046649095
		STATE OF INCORPORATION:			NY
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		40-17G
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	811-05346
		FILM NUMBER:		07757152

	BUSINESS ADDRESS:	
		STREET 1:		ONE POST OFFICE SQ
		STREET 2:		MAILSTOP A 14
		CITY:			BOSTON
		STATE:			MA
		ZIP:			02109
		BUSINESS PHONE:		8002551581

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	PUTNAM CAPITAL MANAGER TRUST /MA/
		DATE OF NAME CHANGE:	19920703

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			PUTNAM  MUNICIPAL BOND FUND
		CENTRAL INDEX KEY:			0000892884
		IRS NUMBER:				046716830
		STATE OF INCORPORATION:			MA
		FISCAL YEAR END:			1031

	FILING VALUES:
		FORM TYPE:		40-17G
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	811-07270
		FILM NUMBER:		07757170

	BUSINESS ADDRESS:	
		STREET 1:		ONE POST OFFICE SQUARE
		CITY:			BOSTON
		STATE:			MA
		ZIP:			02109
		BUSINESS PHONE:		6172921000

	MAIL ADDRESS:	
		STREET 1:		PUTNAM LLC
		STREET 2:		ONE POST OFFICE SQ
		CITY:			BOSTON
		STATE:			MA
		ZIP:			02109

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	PUTNAM INVESTMENT GRADE MUNICIPAL TRUST II
		DATE OF NAME CHANGE:	19921111

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			PUTNAM INVESTORS FUND
		CENTRAL INDEX KEY:			0000081269
		IRS NUMBER:				042713095
		STATE OF INCORPORATION:			MA
		FISCAL YEAR END:			0731

	FILING VALUES:
		FORM TYPE:		40-17G
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	811-00159
		FILM NUMBER:		07757178

	BUSINESS ADDRESS:	
		STREET 1:		ONE POST OFFICE SQ
		CITY:			BOSTON
		STATE:			MA
		ZIP:			02109
		BUSINESS PHONE:		6172921000

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	PUTNAM INVESTORS FUND INC /PRED/
		DATE OF NAME CHANGE:	19821109

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	INCORPORATED INVESTORS
		DATE OF NAME CHANGE:	19670327

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			PUTNAM EQUITY INCOME FUND/NEW/
		CENTRAL INDEX KEY:			0000216934
		IRS NUMBER:				046407893
		STATE OF INCORPORATION:			MA
		FISCAL YEAR END:			1130

	FILING VALUES:
		FORM TYPE:		40-17G
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	811-02742
		FILM NUMBER:		07757195

	BUSINESS ADDRESS:	
		STREET 1:		ONE POST OFFICE SQ
		STREET 2:		MAILSTOP A 14
		CITY:			BOSTON
		STATE:			MA
		ZIP:			02109
		BUSINESS PHONE:		8002551581

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	PUTNAM STRATEGIC INCOME TRUST
		DATE OF NAME CHANGE:	19920703

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	PUTNAM OPTION INCOME TRUST
		DATE OF NAME CHANGE:	19910307

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			PUTNAM CALIFORNIA TAX EXEMPT INCOME TRUST
		CENTRAL INDEX KEY:			0000711402
		IRS NUMBER:				042786284
		STATE OF INCORPORATION:			MA
		FISCAL YEAR END:			0930

	FILING VALUES:
		FORM TYPE:		40-17G
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	811-03630
		FILM NUMBER:		07757202

	BUSINESS ADDRESS:	
		STREET 1:		ONE POST OFFICE SQ
		STREET 2:		MAILSTOP A 14
		CITY:			BOSTON
		STATE:			MA
		ZIP:			02109
		BUSINESS PHONE:		6172921562

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	PUTNAM CALIFORNIA TAX EXEMPT INCOME FUND
		DATE OF NAME CHANGE:	19920703

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			PUTNAM AMERICAN GOVERNMENT INCOME FUND
		CENTRAL INDEX KEY:			0000759827
		IRS NUMBER:				042856297
		STATE OF INCORPORATION:			MA
		FISCAL YEAR END:			0930

	FILING VALUES:
		FORM TYPE:		40-17G
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	811-04178
		FILM NUMBER:		07757148

	BUSINESS ADDRESS:	
		STREET 1:		PUTNAM INVESTMENTS INC
		STREET 2:		ONE POST OFFICE SQUARE MAIL STOP A 14
		CITY:			BOSTON
		STATE:			MA
		ZIP:			02109
		BUSINESS PHONE:		6172921562

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	PUTNAM HIGH INCOME GOVERNMENT TRUST
		DATE OF NAME CHANGE:	19920703

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			PUTNAM UTILITIES GROWTH & INCOME FUND
		CENTRAL INDEX KEY:			0000867824
		IRS NUMBER:				046660195
		STATE OF INCORPORATION:			MA
		FISCAL YEAR END:			1031

	FILING VALUES:
		FORM TYPE:		40-17G
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	811-05989
		FILM NUMBER:		07757153

	BUSINESS ADDRESS:	
		STREET 1:		ONE POST OFFICE SQUARE
		CITY:			BOSTON
		STATE:			MA
		ZIP:			02109
		BUSINESS PHONE:		6172921000

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			PUTNAM NEW OPPORTUNITIES FUND
		CENTRAL INDEX KEY:			0000865177
		IRS NUMBER:				043091455
		STATE OF INCORPORATION:			MA
		FISCAL YEAR END:			0630

	FILING VALUES:
		FORM TYPE:		40-17G
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	811-06128
		FILM NUMBER:		07757167

	BUSINESS ADDRESS:	
		STREET 1:		ONE POST OFFICE SQUARE
		CITY:			BOSTON
		STATE:			A6
		ZIP:			02109
		BUSINESS PHONE:		6172921000

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			PUTNAM NEW YORK INVESTMENT GRADE MUNICIPAL TRUST
		CENTRAL INDEX KEY:			0000892960
		IRS NUMBER:				046716832
		STATE OF INCORPORATION:			MA
		FISCAL YEAR END:			1031

	FILING VALUES:
		FORM TYPE:		40-17G
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	811-07274
		FILM NUMBER:		07757165

	BUSINESS ADDRESS:	
		STREET 1:		ONE POST OFFICE SQUARE
		CITY:			BOSTON
		STATE:			MA
		ZIP:			02109
		BUSINESS PHONE:		6172921000

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			PUTNAM ASSET ALLOCATION FUNDS
		CENTRAL INDEX KEY:			0000914209
		IRS NUMBER:				046746612
		STATE OF INCORPORATION:			MA
		FISCAL YEAR END:			0930

	FILING VALUES:
		FORM TYPE:		40-17G
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	811-07121
		FILM NUMBER:		07757203

	BUSINESS ADDRESS:	
		STREET 1:		ONE POST OFFICE SQUARE
		CITY:			BOSTON
		STATE:			MA
		ZIP:			02109
		BUSINESS PHONE:		6172921000

	MAIL ADDRESS:	
		STREET 1:		ONE POST OFFICE SQUARE
		CITY:			BOSTON
		STATE:			MA
		ZIP:			02109

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	PUTNAM LIFE STAGES ASSET ALLOCATION TRUST
		DATE OF NAME CHANGE:	19931027

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			PUTNAM HIGH INCOME SECURITIES FUND
		CENTRAL INDEX KEY:			0000810943
		IRS NUMBER:				046562068
		STATE OF INCORPORATION:			MA
		FISCAL YEAR END:			0831

	FILING VALUES:
		FORM TYPE:		40-17G
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	811-05133
		FILM NUMBER:		07757186

	BUSINESS ADDRESS:	
		STREET 1:		ONE POST OFFICE SQ
		STREET 2:		MAILSTOP A 14
		CITY:			BOSTON
		STATE:			MA
		ZIP:			02109
		BUSINESS PHONE:		8002251581

	MAIL ADDRESS:	
		STREET 1:		PUTNAM LLC
		STREET 2:		ONE POST OFFICE SQ
		CITY:			BOSTON
		STATE:			MA
		ZIP:			02109

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	PUTNAM HIGH INCOME BOND FUND
		DATE OF NAME CHANGE:	20030408

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	PUTNAM HIGH BOND FUND
		DATE OF NAME CHANGE:	20021107

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	PUTNAM HIGH INCOME CONVERTIBLE & BOND FUND
		DATE OF NAME CHANGE:	19920703

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			PUTNAM TAX EXEMPT MONEY MARKET FUND
		CENTRAL INDEX KEY:			0000806944
		IRS NUMBER:				046561110
		STATE OF INCORPORATION:			MA
		FISCAL YEAR END:			0930

	FILING VALUES:
		FORM TYPE:		40-17G
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	811-05215
		FILM NUMBER:		07757158

	BUSINESS ADDRESS:	
		STREET 1:		ONE POST OFFICE SQ
		CITY:			BOSTON
		STATE:			MA
		ZIP:			02109
		BUSINESS PHONE:		6172921000

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	PUTNAM TAX EXEMPT MONEY MARKET TRUST
		DATE OF NAME CHANGE:	19870927

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			PUTNAM TAX SMART FUNDS TRUST
		CENTRAL INDEX KEY:			0001083872
		IRS NUMBER:				046888512
		STATE OF INCORPORATION:			MA
		FISCAL YEAR END:			1031

	FILING VALUES:
		FORM TYPE:		40-17G
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	811-09289
		FILM NUMBER:		07757155

	BUSINESS ADDRESS:	
		STREET 1:		ONE POST OFFICE SQUARE
		STREET 2:		MAIL STOP L6
		CITY:			BOSTON
		STATE:			MA
		ZIP:			02109
		BUSINESS PHONE:		6172921139

	MAIL ADDRESS:	
		STREET 1:		ONE POST OFFICE SQUARE
		STREET 2:		MAIL STOP L6
		CITY:			BOSTON
		STATE:			MA
		ZIP:			02109

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	PUTNAM TAX MANAGED FUNDS TRUST
		DATE OF NAME CHANGE:	19990409

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			PUTNAM HIGH YIELD MUNICIPAL TRUST
		CENTRAL INDEX KEY:			0000848077
		IRS NUMBER:				046621377
		STATE OF INCORPORATION:			MA
		FISCAL YEAR END:			0930

	FILING VALUES:
		FORM TYPE:		40-17G
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	811-05795
		FILM NUMBER:		07757183

	BUSINESS ADDRESS:	
		STREET 1:		ONE POST OFFICE SQ
		STREET 2:		MAILSTOP A 14
		CITY:			BOSTON
		STATE:			MA
		ZIP:			02109
		BUSINESS PHONE:		6177601000

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			PUTNAM CALIFORNIA INVESTMENT GRADE MUNICIPAL TRUST
		CENTRAL INDEX KEY:			0000892980
		IRS NUMBER:				046716831
		STATE OF INCORPORATION:			MA
		FISCAL YEAR END:			1031

	FILING VALUES:
		FORM TYPE:		40-17G
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	811-07276
		FILM NUMBER:		07757201

	BUSINESS ADDRESS:	
		STREET 1:		ONE POST OFFICE SQUARE
		STREET 2:		MAILSTOP A 14
		CITY:			BOSTON
		STATE:			MA
		ZIP:			02109
		BUSINESS PHONE:		6172921000

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			PUTNAM VISTA FUND/NEW/
		CENTRAL INDEX KEY:			0000081279
		IRS NUMBER:				042430137
		STATE OF INCORPORATION:			MA
		FISCAL YEAR END:			0731

	FILING VALUES:
		FORM TYPE:		40-17G
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	811-01561
		FILM NUMBER:		07757151

	BUSINESS ADDRESS:	
		STREET 1:		ONE POST OFFICE SQ
		CITY:			BOSTON
		STATE:			MA
		ZIP:			02109
		BUSINESS PHONE:		6172921000

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	PUTNAM VISTA BASIC VALUE FUND
		DATE OF NAME CHANGE:	19891128

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	PUTNAM VISTA FUND
		DATE OF NAME CHANGE:	19851202

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	PUTNAM VISTA FUND INC/PRED/
		DATE OF NAME CHANGE:	19821109

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			PUTNAM INTERNATIONAL EQUITY FUND /MA/
		CENTRAL INDEX KEY:			0000868648
		IRS NUMBER:				046661045
		STATE OF INCORPORATION:			MA
		FISCAL YEAR END:			0630

	FILING VALUES:
		FORM TYPE:		40-17G
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	811-06190
		FILM NUMBER:		07757181

	BUSINESS ADDRESS:	
		STREET 1:		ONE POST OFFICE SQ
		CITY:			BOSTON
		STATE:			MA
		ZIP:			02109
		BUSINESS PHONE:		6172921471

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	PUTNAM INTERNATIONAL GROWTH FUND /MA/
		DATE OF NAME CHANGE:	19960805

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	PUTNAM OVERSEAS GROWTH FUND
		DATE OF NAME CHANGE:	19920703

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	PUTNAM INTERNATIONAL GROWTH FUND
		DATE OF NAME CHANGE:	19901107

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Putnam RetirementReady Funds
		CENTRAL INDEX KEY:			0001295293
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			MA

	FILING VALUES:
		FORM TYPE:		40-17G
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	811-21598
		FILM NUMBER:		07757160

	BUSINESS ADDRESS:	
		STREET 1:		ONE POST OFFICE SQUARE
		CITY:			BOSTON
		STATE:			MA
		ZIP:			02109
		BUSINESS PHONE:		617 760-4623

	MAIL ADDRESS:	
		STREET 1:		ONE POST OFFICE SQUARE
		CITY:			BOSTON
		STATE:			MA
		ZIP:			02109

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			PUTNAM FUNDS TRUST
		CENTRAL INDEX KEY:			0001005942
		IRS NUMBER:				043299786
		STATE OF INCORPORATION:			MA
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		40-17G
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	811-07513
		FILM NUMBER:		07757192

	BUSINESS ADDRESS:	
		STREET 1:		ONE POST
		STREET 2:		ONE POST OFFICE SQUARE
		CITY:			BOSTON
		STATE:			MA
		ZIP:			02109
		BUSINESS PHONE:		6172921010

	MAIL ADDRESS:	
		STREET 1:		ONE POST OFFICE SQUARE
		CITY:			BOSTON
		STATE:			MA
		ZIP:			02109

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			PUTNAM OTC EMERGING GROWTH FUND
		CENTRAL INDEX KEY:			0000703969
		IRS NUMBER:				046483374
		STATE OF INCORPORATION:			MA
		FISCAL YEAR END:			0731

	FILING VALUES:
		FORM TYPE:		40-17G
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	811-03512
		FILM NUMBER:		07757163

	BUSINESS ADDRESS:	
		STREET 1:		ONE POST OFFICE SQ
		CITY:			BOSTON
		STATE:			MA
		ZIP:			02109
		BUSINESS PHONE:		6172921000

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	DEPOSITORS INVESTMENT TRUST
		DATE OF NAME CHANGE:	19890912

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			PUTNAM ARIZONA TAX EXEMPT INCOME FUND
		CENTRAL INDEX KEY:			0000869392
		IRS NUMBER:				046665534
		STATE OF INCORPORATION:			MA
		FISCAL YEAR END:			0531

	FILING VALUES:
		FORM TYPE:		40-17G
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	811-06258
		FILM NUMBER:		07757204

	BUSINESS ADDRESS:	
		STREET 1:		PUTNAM INVESTMENTS INC
		STREET 2:		ONE POST OFFICE SQUARE MAIL STOP A 14
		CITY:			BOSTON
		STATE:			MA
		ZIP:			02109
		BUSINESS PHONE:		8002251585

	MAIL ADDRESS:	
		STREET 1:		2 LIBERTY SQUARE
		STREET 2:		MAIL STOP L6
		CITY:			BOSTON
		STATE:			MA
		ZIP:			02109

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			PUTNAM MONEY MARKET FUND
		CENTRAL INDEX KEY:			0000081248
		IRS NUMBER:				046386436
		STATE OF INCORPORATION:			MA
		FISCAL YEAR END:			0930

	FILING VALUES:
		FORM TYPE:		40-17G
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	811-02608
		FILM NUMBER:		07757171

	BUSINESS ADDRESS:	
		STREET 1:		ONE POST OFFICE SQ
		STREET 2:		MAILSTOP A-14 LEGAL DEPARTMENT
		CITY:			BOSTON
		STATE:			MA
		ZIP:			02109
		BUSINESS PHONE:		6172921471

	MAIL ADDRESS:	
		STREET 1:		MAILSTOP A-14 LEGAL DEPARTMENT
		STREET 2:		ONE POST OFFICE SQUARE
		CITY:			BOSTON
		STATE:			MA
		ZIP:			02109

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	PUTNAM DAILY DIVIDEND TRUST
		DATE OF NAME CHANGE:	19920703

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			PUTNAM MASTER INTERMEDIATE INCOME TRUST
		CENTRAL INDEX KEY:			0000830622
		IRS NUMBER:				046584465
		FISCAL YEAR END:			0930

	FILING VALUES:
		FORM TYPE:		40-17G
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	811-05498
		FILM NUMBER:		07757174

	BUSINESS ADDRESS:	
		STREET 1:		ONE POST OFFICE SQ
		CITY:			BOSTON
		STATE:			MA
		ZIP:			02109
		BUSINESS PHONE:		6172921562

	MAIL ADDRESS:	
		STREET 1:		ONE POST OFFICE SQ
		CITY:			BOSTON
		STATE:			MA
		ZIP:			02109

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			PUTNAM NEW JERSEY TAX EXEMPT INCOME FUND
		CENTRAL INDEX KEY:			0000857463
		IRS NUMBER:				043073948
		STATE OF INCORPORATION:			MA
		FISCAL YEAR END:			0630

	FILING VALUES:
		FORM TYPE:		40-17G
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	811-05977
		FILM NUMBER:		07757168

	BUSINESS ADDRESS:	
		STREET 1:		ONE POST OFFICE SQUARE
		CITY:			BOSTON
		STATE:			MA
		ZIP:			02109
		BUSINESS PHONE:		6172921000

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			PUTNAM GLOBAL EQUITY FUND
		CENTRAL INDEX KEY:			0000081251
		IRS NUMBER:				046145734
		STATE OF INCORPORATION:			MA
		FISCAL YEAR END:			1031

	FILING VALUES:
		FORM TYPE:		40-17G
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	811-01403
		FILM NUMBER:		07757189

	BUSINESS ADDRESS:	
		STREET 1:		ONE POST OFFICE SQ
		CITY:			BOSTON
		STATE:			MA
		ZIP:			02109
		BUSINESS PHONE:		6172921000

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	PUTNAM GLOBAL GROWTH FUND
		DATE OF NAME CHANGE:	19920703

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	PUTNAM INTERNATIONAL EQUITIES FUND
		DATE OF NAME CHANGE:	19900722

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	PUTNAM INTERNATIONAL EQUITIES FUND INC /PRED/
		DATE OF NAME CHANGE:	19821109

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			PUTNAM HIGH YIELD TRUST
		CENTRAL INDEX KEY:			0000225777
		IRS NUMBER:				046415410
		STATE OF INCORPORATION:			MA
		FISCAL YEAR END:			0831

	FILING VALUES:
		FORM TYPE:		40-17G
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	811-02796
		FILM NUMBER:		07757185

	BUSINESS ADDRESS:	
		STREET 1:		ONE POST OFFICE SQ
		STREET 2:		MAILSTOP A-14 LEGAL DEPARTMENT
		CITY:			BOSTON
		STATE:			MA
		ZIP:			02109
		BUSINESS PHONE:		8002251581

	MAIL ADDRESS:	
		STREET 1:		ONE POST OFFICE SQUARE
		STREET 2:		MAILSTOP A-14 LEGAL DEPARTMENT
		CITY:			BOSTON
		STATE:			MA
		ZIP:			02109

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	PUTNAM HIGH YIELD TRUST FUND
		DATE OF NAME CHANGE:	19960328

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			PUTNAM EUROPE EQUITY FUND
		CENTRAL INDEX KEY:			0000842940
		IRS NUMBER:				043083315
		STATE OF INCORPORATION:			MA
		FISCAL YEAR END:			0630

	FILING VALUES:
		FORM TYPE:		40-17G
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	811-05693
		FILM NUMBER:		07757194

	BUSINESS ADDRESS:	
		STREET 1:		ONE POST OFFICE SQUARE
		STREET 2:		MAILSTOP A 14
		CITY:			BOSTON
		STATE:			MA
		ZIP:			02109
		BUSINESS PHONE:		8002551581

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	PUTNAM EUROPE GROWTH FUND
		DATE OF NAME CHANGE:	19920703

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	PUTNAM EUROPE FUND
		DATE OF NAME CHANGE:	19900726

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	PUTNAM GOVERNMENT INCOME FUND
		DATE OF NAME CHANGE:	19900412

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			PUTNAM NEW YORK TAX EXEMPT INCOME TRUST
		CENTRAL INDEX KEY:			0000719712
		IRS NUMBER:				042794490
		STATE OF INCORPORATION:			MA
		FISCAL YEAR END:			1130

	FILING VALUES:
		FORM TYPE:		40-17G
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	811-03741
		FILM NUMBER:		07757166

	BUSINESS ADDRESS:	
		STREET 1:		ONE POST OFFICE SQ
		CITY:			BOSTON
		STATE:			MA
		ZIP:			02109
		BUSINESS PHONE:		6172921000

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	PUTNAM NEW YORK TAX EXEMPT INCOME FUND
		DATE OF NAME CHANGE:	19920703
</SEC-HEADER>
<DOCUMENT>
<TYPE>40-17G
<SEQUENCE>1
<FILENAME>a_allfundsforty07.htm
<DESCRIPTION>PUTNAM ALL FUNDS
<TEXT>
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<P align="left">
<FONT face="serif">April 9, 2007</FONT></P>
<P align="left">
<FONT face="serif">Securities and Exchange Commission</FONT><BR>
<FONT face="serif">450 Fifth Street, N.W. </FONT><BR>
<FONT face="serif">Washington, DC 20549</FONT><BR>
<BR>
<FONT face="serif">Re: </FONT><U><FONT face="serif">Filing under Rule 17g-1</FONT></U><BR>
<BR>
<FONT face="serif">Ladies and Gentlemen:</FONT></P>
<P align="left">
<FONT face="serif">On behalf of the registered management investment companies listed in Schedule A hereto (the &#147;Funds&#148;), please be advised, pursuant to Rule 17g-1(g) under the Investment Company Act of 1940, as follows:</FONT></P>
<P align="left">
<FONT face="serif">1. Enclosed as Exhibit 1 is a copy of the fidelity bonds covering the Funds for the period beginning June 15, 2006 and ending June 15, 2007, which is also the period for which premiums have been paid.</FONT></P>
<P align="left">
<FONT face="serif">2. Enclosed as Exhibit 2 is a copy of each of the resolutions approved by the Trustees of the Funds approving the form and amount of the bond and the proportion of the total premium paid by the Funds. The relevant resolution was
approved by a majority of the Trustees of the Putnam Funds, including a majority of disinterested Trustees, on July 14, 2006, and by a majority of the Trustees of TH Lee, Putnam Investment Trust, including a majority of disinterested Trustees, on
June 12, 2006.</FONT></P>
<P align="left">
<FONT face="serif">3. Enclosed as Exhibit 3 is a copy of the agreement entered into by the Funds required by Rule 17g-1(f). </FONT></P>
<P align="left">
<FONT face="serif">4. Schedule A also lists the amount of fidelity bond coverage each Fund would be required to maintain under Rule 17g-1(d) if it did not participate in the joint fidelity bond.</FONT></P>
<P align="left">
<FONT face="serif">Please direct any comments you may have to Robert Leveille, Managing Director, Senior Counsel and Chief Compliance Officer, at (617)-760-1858. </FONT></P>
<P align="left">
<FONT face="serif">Very truly yours, </FONT><BR>
<BR>
<FONT face="serif">/s/ Beth S. Mazor</FONT><BR>
<BR>
<FONT face="serif">Beth S. Mazor </FONT></P>

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<TABLE cellSpacing=1 cellPadding=0 width="80%" border=0>
<TR vAlign=bottom>
     <TD noWrap align=left width="48%"><B><FONT face=serif size=5>FIDELITY BOND MONITOR</FONT></B>&nbsp; </TD>
     <TD noWrap align=left width="26%">&nbsp; </TD>
     <TD noWrap align=right width="25%"><B><FONT face=sans-serif size=2>SCHEDULE A</FONT></B>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="48%"><FONT face=sans-serif size=2>AS OF: May 31, 2006</FONT>&nbsp; </TD>
     <TD noWrap align=left width="26%">&nbsp; </TD>
     <TD noWrap align=left width="25%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="48%">&nbsp; </TD>
     <TD noWrap align=center width="26%"><B><FONT face=sans-serif size=2>GROSS ASSETS</FONT></B>&nbsp; </TD>
     <TD noWrap align=left width="25%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="48%">&nbsp; </TD>
     <TD noWrap align=center width="26%"><B><FONT face=sans-serif size=2>AS OF MOST</FONT></B>&nbsp; </TD>
     <TD noWrap align=left width="25%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="48%">&nbsp; </TD>
     <TD noWrap align=center width="26%"><B><FONT face=sans-serif size=2>RECENT MONTH</FONT></B>&nbsp; </TD>
     <TD noWrap align=center width="25%"><B><FONT face=sans-serif size=2>MINIMUM BOND</FONT></B>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="48%"><B><FONT face=sans-serif size=2>FUND NAME</FONT></B>&nbsp; </TD>
     <TD noWrap align=center width="26%"><B><FONT face=sans-serif size=2>END</FONT></B>&nbsp; </TD>
     <TD noWrap align=center width="25%"><B><FONT face=sans-serif size=2>AMOUNT</FONT></B>&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=3>
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD width="99%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="48%"><FONT face=sans-serif size=2>Putnam High Yield Municipal Trust</FONT>&nbsp; </TD>
     <TD noWrap align=center width="26%"><FONT face=sans-serif size=2>220,493,680</FONT>&nbsp; </TD>
     <TD noWrap align=center width="25%"><FONT face=sans-serif size=2>600,000</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=3>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="48%"><FONT face=sans-serif size=2>Putnam Municipal Bond Fund</FONT>&nbsp; </TD>
     <TD noWrap align=center width="26%"><FONT face=sans-serif size=2>367,944,986</FONT>&nbsp; </TD>
     <TD noWrap align=center width="25%"><FONT face=sans-serif size=2>750,000</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=3>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="48%"><FONT face=sans-serif size=2>Putnam California Investment Grade Municipal</FONT>&nbsp; </TD>
     <TD noWrap align=left width="26%">&nbsp; </TD>
     <TD noWrap align=left width="25%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="48%"><FONT face=sans-serif size=2>Trust</FONT>&nbsp; </TD>
     <TD noWrap align=center width="26%"><FONT face=sans-serif size=2>84,860,639</FONT>&nbsp; </TD>
     <TD noWrap align=center width="25%"><FONT face=sans-serif size=2>450,000</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=3>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="48%"><FONT face=sans-serif size=2>Putnam New York Investment Grade Municipal</FONT>&nbsp; </TD>
     <TD noWrap align=left width="26%">&nbsp; </TD>
     <TD noWrap align=left width="25%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="48%"><FONT face=sans-serif size=2>Trust</FONT>&nbsp; </TD>
     <TD noWrap align=center width="26%"><FONT face=sans-serif size=2>47,956,175</FONT>&nbsp; </TD>
     <TD noWrap align=center width="25%"><FONT face=sans-serif size=2>350,000</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=3>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="48%"><FONT face=sans-serif size=2>Putnam Municipal Opportunities Trust</FONT>&nbsp; </TD>
     <TD noWrap align=center width="26%"><FONT face=sans-serif size=2>332,086,717</FONT>&nbsp; </TD>
     <TD noWrap align=center width="25%"><FONT face=sans-serif size=2>750,000</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=3>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="48%"><FONT face=sans-serif size=2>Putnam New Jersey Tax Exempt Income Fund</FONT>&nbsp; </TD>
     <TD noWrap align=center width="26%"><FONT face=sans-serif size=2>210,459,829</FONT>&nbsp; </TD>
     <TD noWrap align=center width="25%"><FONT face=sans-serif size=2>600,000</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=3>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="48%"><FONT face=sans-serif size=2>Putnam Florida Tax Exempt Income Fund</FONT>&nbsp; </TD>
     <TD noWrap align=center width="26%"><FONT face=sans-serif size=2>161,125,856</FONT>&nbsp; </TD>
     <TD noWrap align=center width="25%"><FONT face=sans-serif size=2>600,000</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=3>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="48%"><FONT face=sans-serif size=2>Putnam Pennsylvania Tax Exempt Income</FONT>&nbsp; </TD>
     <TD noWrap align=center width="26%"><FONT face=sans-serif size=2>176,889,120</FONT>&nbsp; </TD>
     <TD noWrap align=center width="25%"><FONT face=sans-serif size=2>600,000</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=3>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="48%"><FONT face=sans-serif size=2>Putnam Tax-Free Health Care Fund</FONT>&nbsp; </TD>
     <TD noWrap align=center width="26%"><FONT face=sans-serif size=2>193,812,965</FONT>&nbsp; </TD>
     <TD noWrap align=center width="25%"><FONT face=sans-serif size=2>600,000</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=3>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="48%"><FONT face=sans-serif size=2>Putnam Capital Appreciation Fund</FONT>&nbsp; </TD>
     <TD noWrap align=center width="26%"><FONT face=sans-serif size=2>673,345,518</FONT>&nbsp; </TD>
     <TD noWrap align=center width="25%"><FONT face=sans-serif size=2>900,000</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=3>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="48%"><FONT face=sans-serif size=2>Putnam Managed High Yield Trust</FONT>&nbsp; </TD>
     <TD noWrap align=center width="26%"><FONT face=sans-serif size=2>68,027,307</FONT>&nbsp; </TD>
     <TD noWrap align=center width="25%"><FONT face=sans-serif size=2>400,000</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=3>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="48%"><FONT face=sans-serif size=2>Putnam Massachusetts Tax Exempt Income</FONT>&nbsp; </TD>
     <TD noWrap align=center width="26%"><FONT face=sans-serif size=2>319,522,338</FONT>&nbsp; </TD>
     <TD noWrap align=center width="25%"><FONT face=sans-serif size=2>750,000</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=3>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="48%"><FONT face=sans-serif size=2>Putnam Michigan Tax Exempt Income Fund</FONT>&nbsp; </TD>
     <TD noWrap align=center width="26%"><FONT face=sans-serif size=2>126,671,498</FONT>&nbsp; </TD>
     <TD noWrap align=center width="25%"><FONT face=sans-serif size=2>525,000</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=3>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="48%"><FONT face=sans-serif size=2>Putnam Minnesota Tax Exempt Income Fund</FONT>&nbsp; </TD>
     <TD noWrap align=center width="26%"><FONT face=sans-serif size=2>112,971,340</FONT>&nbsp; </TD>
     <TD noWrap align=center width="25%"><FONT face=sans-serif size=2>525,000</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=3>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="48%"><FONT face=sans-serif size=2>Putnam Ohio Tax Exempt Income Fund</FONT>&nbsp; </TD>
     <TD noWrap align=center width="26%"><FONT face=sans-serif size=2>170,016,029</FONT>&nbsp; </TD>
     <TD noWrap align=center width="25%"><FONT face=sans-serif size=2>600,000</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=3>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="48%"><FONT face=sans-serif size=2>Putnam Arizona Tax Exempt Income Fund</FONT>&nbsp; </TD>
     <TD noWrap align=center width="26%"><FONT face=sans-serif size=2>92,194,038</FONT>&nbsp; </TD>
     <TD noWrap align=center width="25%"><FONT face=sans-serif size=2>450,000</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=3>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="48%"><FONT face=sans-serif size=2>Putnam Europe Equity Fund</FONT>&nbsp; </TD>
     <TD noWrap align=center width="26%"><FONT face=sans-serif size=2>529,863,945</FONT>&nbsp; </TD>
     <TD noWrap align=center width="25%"><FONT face=sans-serif size=2>900,000</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=3>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="48%"><FONT face=sans-serif size=2>Putnam International Equity Fund</FONT>&nbsp; </TD>
     <TD noWrap align=center width="26%"><FONT face=sans-serif size=2>6,559,978,246</FONT>&nbsp; </TD>
     <TD noWrap align=center width="25%"><FONT face=sans-serif size=2>2,500,000</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=3>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="48%"><FONT face=sans-serif size=2>Putnam New Opportunities Fund</FONT>&nbsp; </TD>
     <TD noWrap align=center width="26%"><FONT face=sans-serif size=2>4,945,082,342</FONT>&nbsp; </TD>
     <TD noWrap align=center width="25%"><FONT face=sans-serif size=2>2,500,000</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=3>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="48%"><FONT face=sans-serif size=2>The George Putnam Fund of Boston</FONT>&nbsp; </TD>
     <TD noWrap align=center width="26%"><FONT face=sans-serif size=2>5,719,391,660</FONT>&nbsp; </TD>
     <TD noWrap align=center width="25%"><FONT face=sans-serif size=2>2,500,000</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=3>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="48%"><FONT face=sans-serif size=2>Putnam Investors Fund</FONT>&nbsp; </TD>
     <TD noWrap align=center width="26%"><FONT face=sans-serif size=2>3,904,050,552</FONT>&nbsp; </TD>
     <TD noWrap align=center width="25%"><FONT face=sans-serif size=2>2,300,000</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=3>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="48%"><FONT face=sans-serif size=2>Putnam Vista Fund</FONT>&nbsp; </TD>
     <TD noWrap align=center width="26%"><FONT face=sans-serif size=2>2,635,496,802</FONT>&nbsp; </TD>
     <TD noWrap align=center width="25%"><FONT face=sans-serif size=2>1,900,000</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=3>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="48%"><FONT face=sans-serif size=2>Putnam Voyager Fund</FONT>&nbsp; </TD>
     <TD noWrap align=center width="26%"><FONT face=sans-serif size=2>9,181,597,526</FONT>&nbsp; </TD>
     <TD noWrap align=center width="25%"><FONT face=sans-serif size=2>2,500,000</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=3>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="48%"><FONT face=sans-serif size=2>Putnam OTC &amp; Emerging Growth Fund</FONT>&nbsp; </TD>
     <TD noWrap align=center width="26%"><FONT face=sans-serif size=2>763,803,831</FONT>&nbsp; </TD>
     <TD noWrap align=center width="25%"><FONT face=sans-serif size=2>1,000,000</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=3>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="48%"><FONT face=sans-serif size=2>Putnam Premier Income Trust</FONT>&nbsp; </TD>
     <TD noWrap align=center width="26%"><FONT face=sans-serif size=2>1,663,739,253</FONT>&nbsp; </TD>
     <TD noWrap align=center width="25%"><FONT face=sans-serif size=2>1,500,000</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=3>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="48%"><FONT face=sans-serif size=2>TH Lee, Putnam Investment Trust</FONT>&nbsp; </TD>
     <TD noWrap align=center width="26%"><FONT face=sans-serif size=2>67,658,516</FONT>&nbsp; </TD>
     <TD noWrap align=center width="25%"><FONT face=sans-serif size=2>400,000</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=3>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="48%"><FONT face=sans-serif size=2>Putnam High Yield Trust</FONT>&nbsp; </TD>
     <TD noWrap align=center width="26%"><FONT face=sans-serif size=2>2,398,872,892</FONT>&nbsp; </TD>
     <TD noWrap align=center width="25%"><FONT face=sans-serif size=2>1,700,000</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=3>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="48%"><FONT face=sans-serif size=2>Putnam Global Natural Resources Fund</FONT>&nbsp; </TD>
     <TD noWrap align=center width="26%"><FONT face=sans-serif size=2>662,407,357</FONT>&nbsp; </TD>
     <TD noWrap align=center width="25%"><FONT face=sans-serif size=2>900,000</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=3>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="48%"><FONT face=sans-serif size=2>Putnam Health Sciences Trust</FONT>&nbsp; </TD>
     <TD noWrap align=center width="26%"><FONT face=sans-serif size=2>2,471,532,933</FONT>&nbsp; </TD>
     <TD noWrap align=center width="25%"><FONT face=sans-serif size=2>1,700,000</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=3>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="48%"><FONT face=sans-serif size=2>Putnam High Income Securities Fund</FONT>&nbsp; </TD>
     <TD noWrap align=center width="26%"><FONT face=sans-serif size=2>192,564,558</FONT>&nbsp; </TD>
     <TD noWrap align=center width="25%"><FONT face=sans-serif size=2>600,000</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=3>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="48%"><FONT face=sans-serif size=2>Putnam Money Market Fund</FONT>&nbsp; </TD>
     <TD noWrap align=center width="26%"><FONT face=sans-serif size=2>2,812,671,786</FONT>&nbsp; </TD>
     <TD noWrap align=center width="25%"><FONT face=sans-serif size=2>1,900,000</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=3>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="48%"><FONT face=sans-serif size=2>Putnam Tax Exempt Income Fund</FONT>&nbsp; </TD>
     <TD noWrap align=center width="26%"><FONT face=sans-serif size=2>1,261,444,053</FONT>&nbsp; </TD>
     <TD noWrap align=center width="25%"><FONT face=sans-serif size=2>1,250,000</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=3>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="48%"><FONT face=sans-serif size=2>Putnam California Tax Exempt Income Fund</FONT>&nbsp; </TD>
     <TD noWrap align=center width="26%"><FONT face=sans-serif size=2>2,147,233,735</FONT>&nbsp; </TD>
     <TD noWrap align=center width="25%"><FONT face=sans-serif size=2>1,700,000</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=3>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="48%"><FONT face=sans-serif size=2>Putnam U.S. Government Income Trust</FONT>&nbsp; </TD>
     <TD noWrap align=center width="26%"><FONT face=sans-serif size=2>1,922,687,576</FONT>&nbsp; </TD>
     <TD noWrap align=center width="25%"><FONT face=sans-serif size=2>1,500,000</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=3>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="48%"><FONT face=sans-serif size=2>Putnam American Government Income Fund</FONT>&nbsp; </TD>
     <TD noWrap align=center width="26%"><FONT face=sans-serif size=2>800,349,073</FONT>&nbsp; </TD>
     <TD noWrap align=center width="25%"><FONT face=sans-serif size=2>1,000,000</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=3>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="48%"><FONT face=sans-serif size=2>Putnam Tax Exempt Money Market Fund</FONT>&nbsp; </TD>
     <TD noWrap align=center width="26%"><FONT face=sans-serif size=2>17,634,461</FONT>&nbsp; </TD>
     <TD noWrap align=center width="25%"><FONT face=sans-serif size=2>225,000</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=3>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="48%"><FONT face=sans-serif size=2>Putnam Master Intermediate Income Trust</FONT>&nbsp; </TD>
     <TD noWrap align=center width="26%"><FONT face=sans-serif size=2>695,182,351</FONT>&nbsp; </TD>
     <TD noWrap align=center width="25%"><FONT face=sans-serif size=2>900,000</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=3>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="48%"><FONT face=sans-serif size=2>Putnam Diversified Income Trust</FONT>&nbsp; </TD>
     <TD noWrap align=center width="26%"><FONT face=sans-serif size=2>3,007,554,906</FONT>&nbsp; </TD>
     <TD noWrap align=center width="25%"><FONT face=sans-serif size=2>2,100,000</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=3>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="48%"><FONT face=sans-serif size=2>The Putnam Fund for Growth &amp; Income</FONT>&nbsp; </TD>
     <TD noWrap align=center width="26%"><FONT face=sans-serif size=2>15,354,986,271</FONT>&nbsp; </TD>
     <TD noWrap align=center width="25%"><FONT face=sans-serif size=2>2,500,000</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=3>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="48%"><FONT face=sans-serif size=2>Putnam Income Fund</FONT>&nbsp; </TD>
     <TD noWrap align=center width="26%"><FONT face=sans-serif size=2>2,594,411,320</FONT>&nbsp; </TD>
     <TD noWrap align=center width="25%"><FONT face=sans-serif size=2>1,900,000</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=3>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="48%"><FONT face=sans-serif size=2>Putnam Global Equity Fund</FONT>&nbsp; </TD>
     <TD noWrap align=center width="26%"><FONT face=sans-serif size=2>2,044,175,565</FONT>&nbsp; </TD>
     <TD noWrap align=center width="25%"><FONT face=sans-serif size=2>1,700,000</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=3>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="48%"><FONT face=sans-serif size=2>Putnam Convertible Income-Growth Trust</FONT>&nbsp; </TD>
     <TD noWrap align=center width="26%"><FONT face=sans-serif size=2>672,003,356</FONT>&nbsp; </TD>
     <TD noWrap align=center width="25%"><FONT face=sans-serif size=2>900,000</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=3>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="48%"><FONT face=sans-serif size=2>Putnam Global Income Trust</FONT>&nbsp; </TD>
     <TD noWrap align=center width="26%"><FONT face=sans-serif size=2>148,707,642</FONT>&nbsp; </TD>
     <TD noWrap align=center width="25%"><FONT face=sans-serif size=2>525,000</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=3>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="48%"><FONT face=sans-serif size=2>Putnam Managed Municipal Income Trust</FONT>&nbsp; </TD>
     <TD noWrap align=center width="26%"><FONT face=sans-serif size=2>559,645,951</FONT>&nbsp; </TD>
     <TD noWrap align=center width="25%"><FONT face=sans-serif size=2>900,000</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=3>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="48%"><FONT face=sans-serif size=2>Putnam Utilities Growth &amp; Income</FONT>&nbsp; </TD>
     <TD noWrap align=center width="26%"><FONT face=sans-serif size=2>528,516,454</FONT>&nbsp; </TD>
     <TD noWrap align=center width="25%"><FONT face=sans-serif size=2>900,000</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=3>
<HR noShade SIZE=1>
</TD></TR></TABLE><BR>
<HR align=center width="100%" noShade SIZE=2>

<!--$$/page=-->
<A name="page_2"></A>
<TABLE cellSpacing=1 cellPadding=0 width="80%" border=0>
<TR vAlign=bottom>
     <TD noWrap align=left width="40%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=center width="24%"><B><FONT face=sans-serif size=2>GROSS ASSETS</FONT></B>&nbsp; </TD>
     <TD noWrap align=left width="22%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="40%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=center width="24%"><B><FONT face=sans-serif size=2>AS OF MOST</FONT></B>&nbsp; </TD>
     <TD noWrap align=left width="22%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="40%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=center width="24%"><B><FONT face=sans-serif size=2>RECENT MONTH</FONT></B>&nbsp; </TD>
     <TD noWrap align=center width="22%"><B><FONT face=sans-serif size=2>MINIMUM BOND</FONT></B>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="40%"><B><FONT face=sans-serif size=2>FUND NAME</FONT></B>&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=center width="24%"><B><FONT face=sans-serif size=2>END</FONT></B>&nbsp; </TD>
     <TD noWrap align=center width="22%"><B><FONT face=sans-serif size=2>AMOUNT</FONT></B>&nbsp; </TD></TR>
<TR>
     <TD width="97%" colSpan=4>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="40%"><FONT face=sans-serif size=2>Putnam Equity Income Fund</FONT>&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=center width="24%"><FONT face=sans-serif size=2>3,631,432,305</FONT>&nbsp; </TD>
     <TD noWrap align=center width="22%"><FONT face=sans-serif size=2>2,300,000</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="97%" colSpan=4>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="40%"><FONT face=sans-serif size=2>Putnam New York Tax Exempt Income Fund</FONT>&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=center width="24%"><FONT face=sans-serif size=2>1,206,225,430</FONT>&nbsp; </TD>
     <TD noWrap align=center width="22%"><FONT face=sans-serif size=2>1,250,000</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="97%" colSpan=4>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="40%"><FONT face=sans-serif size=2>Putnam Investment Grade Municipal Trust</FONT>&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=center width="24%"><FONT face=sans-serif size=2>370,782,528</FONT>&nbsp; </TD>
     <TD noWrap align=center width="22%"><FONT face=sans-serif size=2>750,000</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="97%" colSpan=4>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="40%"><FONT face=sans-serif size=2>Putnam High Yield Advantage Fund</FONT>&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=center width="24%"><FONT face=sans-serif size=2>874,796,346</FONT>&nbsp; </TD>
     <TD noWrap align=center width="22%"><FONT face=sans-serif size=2>1,000,000</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="97%" colSpan=4>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="40%"><FONT face=sans-serif size=2>Putnam Limited Duration Government Income</FONT>&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="24%">&nbsp; </TD>
     <TD noWrap align=left width="22%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="40%"><FONT face=sans-serif size=2>Fund</FONT>&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=center width="24%"><FONT face=sans-serif size=2>486,811,347</FONT>&nbsp; </TD>
     <TD noWrap align=center width="22%"><FONT face=sans-serif size=2>750,000</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="97%" colSpan=4>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="40%"><FONT face=sans-serif size=2>Putnam Classic Equity Fund</FONT>&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=center width="24%"><FONT face=sans-serif size=2>774,216,725</FONT>&nbsp; </TD>
     <TD noWrap align=center width="22%"><FONT face=sans-serif size=2>1,000,000</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="97%" colSpan=4>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="40%"><FONT face=sans-serif size=2>Putnam Discovery Growth Fund</FONT>&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=center width="24%"><FONT face=sans-serif size=2>931,018,150</FONT>&nbsp; </TD>
     <TD noWrap align=center width="22%"><FONT face=sans-serif size=2>1,000,000</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="97%" colSpan=4>
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD width="97%" colSpan=4>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="40%"><FONT face=sans-serif size=2>Putnam Asset Allocation Funds</FONT>&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=center width="24%"><FONT face=sans-serif size=2>4,519,422,093</FONT>&nbsp; </TD>
     <TD noWrap align=center width="22%"><FONT face=sans-serif size=2>2,500,000</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="97%" colSpan=4>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="40%"><FONT face=sans-serif size=2>Putnam Funds Trust</FONT>&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=center width="24%"><FONT face=sans-serif size=2>3,863,861,959</FONT>&nbsp; </TD>
     <TD noWrap align=center width="22%"><FONT face=sans-serif size=2>2,300,000</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="97%" colSpan=4>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="40%"><FONT face=sans-serif size=2>Putnam Investment Funds</FONT>&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=center width="24%"><FONT face=sans-serif size=2>8,887,100,900</FONT>&nbsp; </TD>
     <TD noWrap align=center width="22%"><FONT face=sans-serif size=2>2,500,000</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="97%" colSpan=4>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="40%"><FONT face=sans-serif size=2>Putnam RetirementReady Funds</FONT>&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=center width="24%"><FONT face=sans-serif size=2>717,901,211</FONT>&nbsp; </TD>
     <TD noWrap align=center width="22%"><FONT face=sans-serif size=2>900,000</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="97%" colSpan=4>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="40%"><FONT face=sans-serif size=2>Putnam Tax-Free Income Trust</FONT>&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=center width="24%"><FONT face=sans-serif size=2>1,904,288,450</FONT>&nbsp; </TD>
     <TD noWrap align=center width="22%"><FONT face=sans-serif size=2>1,500,000</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="97%" colSpan=4>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="40%"><FONT face=sans-serif size=2>Putnam Tax Smart Funds Trust</FONT>&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=center width="24%"><FONT face=sans-serif size=2>271,461,551</FONT>&nbsp; </TD>
     <TD noWrap align=center width="22%"><FONT face=sans-serif size=2>750,000</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="97%" colSpan=4>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="40%"><FONT face=sans-serif size=2>Putnam Variable Trust</FONT>&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=center width="24%"><FONT face=sans-serif size=2>17,583,487,233</FONT>&nbsp; </TD>
     <TD noWrap align=center width="22%"><FONT face=sans-serif size=2>2,500,000</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="97%" colSpan=4>
<HR noShade SIZE=1>
&nbsp;</TD></TR>
<TR>
     <TD width="97%" colSpan=4>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="40%">&nbsp; </TD>
     <TD noWrap align=left width="11%"><B><FONT face=sans-serif size=2>TOTALS:</FONT></B>&nbsp; </TD>
     <TD noWrap align=center width="24%"><B><FONT face=sans-serif size=2>125,644,429,176</FONT></B>&nbsp; </TD>
     <TD noWrap align=center width="22%"><B><FONT face=sans-serif size=2>73,250,000</FONT></B>&nbsp; </TD></TR>
<TR>
     <TD width="51%" colSpan=2></TD>
     <TD width="46%" colSpan=2>
<HR noShade SIZE=1>
</TD></TR></TABLE><BR>
<TABLE cellSpacing=1 cellPadding=0 width="80%" border=0>
<TR vAlign=bottom>
     <TD noWrap align=right width="75%"><B><FONT face=sans-serif size=2>MINIMUM</FONT></B>&nbsp; </TD>
     <TD noWrap align=left width="24%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right width="75%"><B><FONT face=sans-serif size=2>AMOUNT</FONT></B>&nbsp; </TD>
     <TD noWrap align=left width="24%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right width="75%"><B><FONT face=sans-serif size=2>NEEDED:</FONT></B>&nbsp; </TD>
     <TD noWrap align=center width="24%"><B><FONT face=sans-serif size=2>73,250,000</FONT></B>&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=2>
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD width="99%" colSpan=2>&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=2>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right width="75%"><B><FONT face=sans-serif size=2>CURRENT</FONT></B>&nbsp; </TD>
     <TD noWrap align=center width="24%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right width="75%"><B><FONT face=sans-serif size=2>BOND</FONT></B>&nbsp; </TD>
     <TD noWrap align=center width="24%">&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=2>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right width="75%"><B><FONT face=sans-serif size=2>AMOUNT:</FONT></B>&nbsp; </TD>
     <TD noWrap align=center width="24%"><B><FONT face=sans-serif size=2>85,000,000</FONT></B>&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=2>
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD width="99%" colSpan=2>&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=2>&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=2>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right width="75%"><B><FONT face=sans-serif size=2>AMOUNT IN EXCESS OF MIN. AMOUNT:</FONT></B>&nbsp; </TD>
     <TD noWrap align=left width="24%"><B><FONT face=sans-serif size=2>11,750,000</FONT></B>&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=2>
<HR noShade SIZE=1>
</TD></TR></TABLE><BR>
<HR align=center width="100%" noShade SIZE=2>











































<!--$$/page=-->
<A name="page_1"></A>
<TABLE cellSpacing=1 cellPadding=0 width="80%" border=0>
<TR vAlign=bottom>
     <TD noWrap align=left width="9%">&nbsp; </TD>
     <TD noWrap align=left width="38%">&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="19%">&nbsp; </TD>
     <TD noWrap align=right width="18%"><B><FONT face=serif size=2>Exhibit 1</FONT></B>&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=5>&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=5>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD align=center width="98%" colSpan=5><B><FONT face=serif size=2>INVESTMENT COMPANY BLANKET BOND</FONT></B> </TD></TR>
<TR>
     <TD width="98%" colSpan=5>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD align=center width="98%" colSpan=5><B><FONT face=serif size=2>NATIONAL UNION FIRE INSURANCE COMPANY</FONT></B> </TD></TR>
<TR vAlign=bottom>
     <TD align=center width="98%" colSpan=5><B><FONT face=serif size=2>OF PITTSBURGH, PA.</FONT></B> </TD></TR>
<TR vAlign=bottom>
     <TD align=center width="98%" colSpan=5><FONT face=serif size=2>(A Stock Insurance Company, Herein Called The Underwriter)</FONT> </TD></TR>
<TR>
     <TD width="98%" colSpan=5>&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=5>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="9%">&nbsp; </TD>
     <TD noWrap align=left width="38%">&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="19%">&nbsp; </TD>
     <TD noWrap align=center width="18%"><FONT face=serif size=2>Bond No. </FONT><B><FONT face=serif size=2>672-50-81</FONT></B>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="47%" colSpan=2><B><FONT face=serif size=2>DECLARATIONS</FONT></B>&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="19%">&nbsp; </TD>
     <TD noWrap align=left width="18%">&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=5>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="9%"><B><FONT face=serif size=2>Item 1.</FONT></B>&nbsp; </TD>
     <TD noWrap align=left width="38%"><FONT face=serif size=2>Name of Insured (herein called Insured):</FONT>&nbsp; </TD>
     <TD noWrap align=left width="51%" colSpan=3><B><FONT face=serif size=2>THE GEORGE PUTNAM FUNDS OF BOSTON</FONT></B>&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=5>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="9%">&nbsp; </TD>
     <TD noWrap align=left width="38%"><FONT face=serif size=2>Principal Address</FONT>&nbsp; </TD>
     <TD noWrap align=left width="33%" colSpan=2><B><FONT face=serif size=2>TWO LIBERTY SQUARE</FONT></B>&nbsp; </TD>
     <TD noWrap align=left width="18%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="9%">&nbsp; </TD>
     <TD noWrap align=left width="38%">&nbsp; </TD>
     <TD noWrap align=left width="14%"><FONT size=2><STRONG>BOSTON, MA</STRONG></FONT><FONT size=3>&nbsp; </FONT><STRONG><FONT size=2>02109</FONT></STRONG>&nbsp; </TD>
     <TD noWrap align=right width="19%"></TD>
     <TD noWrap align=left width="18%">&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=5>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="9%"><B><FONT face=serif size=2>Item 2.</FONT></B>&nbsp; </TD>
     <TD noWrap align=left width="89%" colSpan=4><FONT face=serif size=2>Bond Period: from </FONT><B><FONT face=serif size=2>12:01 a.m. June 15, 2006 to June 15, 2007 </FONT></B><FONT face=serif size=2>the effective date of the</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="9%">&nbsp; </TD>
     <TD noWrap align=left width="89%" colSpan=4><FONT face=serif size=2>termination or cancellation of this bond, standard time at the Principal Address as to each of said</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="9%">&nbsp; </TD>
     <TD noWrap align=left width="38%"><FONT face=serif size=2>dates.</FONT>&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="19%">&nbsp; </TD>
     <TD noWrap align=left width="18%">&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=5>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="9%"><B><FONT face=serif size=2>Item 3.</FONT></B>&nbsp; </TD>
     <TD noWrap align=left width="52%" colSpan=2><FONT face=serif size=2>Limit of Liability--Subject to Section 9, 10 and 12 hereof,</FONT>&nbsp; </TD>
     <TD noWrap align=left width="19%">&nbsp; </TD>
     <TD noWrap align=left width="18%">&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=5>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="47%" colSpan=2><FONT face=serif size=2>Amount applicable to</FONT>&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="19%">&nbsp; </TD>
     <TD noWrap align=left width="18%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="9%">&nbsp; </TD>
     <TD noWrap align=left width="38%">&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=right width="19%"><FONT face=serif size=2>Limit of Liability</FONT>&nbsp; </TD>
     <TD noWrap align=right width="18%"><FONT face=serif size=2>Deductible</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="61%" colSpan=3></TD>
     <TD width="37%" colSpan=2>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="47%" colSpan=2><FONT face=serif size=2>Insuring Agreement (A)-Fidelity</FONT>&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=right width="19%"><B><FONT face=serif size=2>$70,000,000</FONT></B>&nbsp; </TD>
     <TD noWrap align=right width="18%"><B><FONT face=serif size=2>$150,000</FONT></B>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="47%" colSpan=2><FONT face=serif size=2>Insuring Agreement (B)-Audit Expense</FONT>&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=right width="19%"><B><FONT face=serif size=2>$250,000</FONT></B>&nbsp; </TD>
     <TD noWrap align=right width="18%"><B><FONT face=serif size=2>$5,000</FONT></B>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="47%" colSpan=2><FONT face=serif size=2>Insuring Agreement (C)-On Premises</FONT>&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=right width="19%"><B><FONT face=serif size=2>$70,000,000</FONT></B>&nbsp; </TD>
     <TD noWrap align=right width="18%"><B><FONT face=serif size=2>$150,000</FONT></B>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="47%" colSpan=2><FONT face=serif size=2>Insuring Agreement (D)-In Transit</FONT>&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=right width="19%"><B><FONT face=serif size=2>$70,000,000</FONT></B>&nbsp; </TD>
     <TD noWrap align=right width="18%"><B><FONT face=serif size=2>$150,000</FONT></B>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="47%" colSpan=2><FONT face=serif size=2>Insuring Agreement (E)-Forgery Or Alteration</FONT>&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=right width="19%"><B><FONT face=serif size=2>$70,000,000</FONT></B>&nbsp; </TD>
     <TD noWrap align=right width="18%"><B><FONT face=serif size=2>$150,000</FONT></B>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="47%" colSpan=2><FONT face=serif size=2>Insuring Agreement (F)-Securities</FONT>&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=right width="19%"><B><FONT face=serif size=2>$70,000,000</FONT></B>&nbsp; </TD>
     <TD noWrap align=right width="18%"><B><FONT face=serif size=2>$150,000</FONT></B>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="47%" colSpan=2><FONT face=serif size=2>Insuring Agreement (G)-Counterfeit Currency</FONT>&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=right width="19%"><B><FONT face=serif size=2>$70,000,000</FONT></B>&nbsp; </TD>
     <TD noWrap align=right width="18%"><B><FONT face=serif size=2>$150,000</FONT></B>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="47%" colSpan=2><FONT face=serif size=2>Insuring Agreement (H)-Stop Payment</FONT>&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=right width="19%"><B><FONT face=serif size=2>$250,000</FONT></B>&nbsp; </TD>
     <TD noWrap align=right width="18%"><B><FONT face=serif size=2>$5,000</FONT></B>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="61%" colSpan=3><FONT face=serif size=2>Insuring Agreement(I)-Uncollectible Items Of Deposit</FONT>&nbsp; </TD>
     <TD noWrap align=right width="19%"><B><FONT face=serif size=2>$250,000</FONT></B>&nbsp; </TD>
     <TD noWrap align=right width="18%"><B><FONT face=serif size=2>$5,000</FONT></B>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="61%" colSpan=3><FONT face=serif size=2>Insuring Agreement (J)-Computer Systems Fraud</FONT>&nbsp; </TD>
     <TD noWrap align=right width="19%"><B><FONT face=serif size=2>$70,000,000</FONT></B>&nbsp; </TD>
     <TD noWrap align=right width="18%"><B><FONT face=serif size=2>$150,000</FONT></B>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="61%" colSpan=3><FONT face=serif size=2>Insuring Agreement (K)-Voice Initiated Transfer Fraud</FONT>&nbsp; </TD>
     <TD noWrap align=right width="19%"><B><FONT face=serif size=2>$70,000,000</FONT></B>&nbsp; </TD>
     <TD noWrap align=right width="18%"><B><FONT face=serif size=2>$150,000</FONT></B>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="61%" colSpan=3><FONT face=serif size=2>Insuring Agreement (L)-Telefacsimile Transfer Fraud</FONT>&nbsp; </TD>
     <TD noWrap align=right width="19%"><B><FONT face=serif size=2>$70,000,000</FONT></B>&nbsp; </TD>
     <TD noWrap align=right width="18%"><B><FONT face=serif size=2>$150,000</FONT></B>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="61%" colSpan=3><FONT face=serif size=2>Insuring Agreement (M)-Automated Phone Systems</FONT>&nbsp; </TD>
     <TD noWrap align=right width="19%"><B><FONT face=serif size=2>$70,000,000</FONT></B>&nbsp; </TD>
     <TD noWrap align=right width="18%"><B><FONT face=serif size=2>$150,000</FONT></B>&nbsp; </TD></TR></TABLE><BR>
<TABLE cellSpacing=1 cellPadding=0 width="80%" border=0>
<TR vAlign=bottom>
     <TD noWrap align=left width="9%">&nbsp; </TD>
     <TD noWrap align=left width="90%" colSpan=3><FONT face=serif size=2>If "Not Covered" is inserted above opposite any specified Insuring Agreement or Coverage, such</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="9%">&nbsp; </TD>
     <TD noWrap align=left width="90%" colSpan=3><FONT face=serif size=2>Insuring Agreement or Coverage and any other reference thereto in this bond shall be deemed to</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="9%">&nbsp; </TD>
     <TD noWrap align=left width="90%" colSpan=3><FONT face=serif size=2>be deleted therefrom.</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=4>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="9%"><B><FONT face=serif size=2>Item 4.</FONT></B>&nbsp; </TD>
     <TD noWrap align=left width="90%" colSpan=3><FONT face=serif size=2>Offices or Premises Covered--Offices acquired or established subsequent to the effective date of</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="9%">&nbsp; </TD>
     <TD noWrap align=left width="90%" colSpan=3><FONT face=serif size=2>this bond are covered according to the terms of General Agreement A. All the Insured's offices or</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="9%">&nbsp; </TD>
     <TD noWrap align=left width="90%" colSpan=3><FONT face=serif size=2>premises in existence at the time this bond becomes effective are covered under this bond except</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="9%">&nbsp; </TD>
     <TD noWrap align=left width="90%" colSpan=3><FONT face=serif size=2>the offices or premises located as follows: </FONT><B><FONT face=serif size=2>No Exceptions.</FONT></B>&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=4>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="9%"><B><FONT face=serif size=2>Item 5.</FONT></B>&nbsp; </TD>
     <TD noWrap align=left width="90%" colSpan=3><FONT face=serif size=2>The liability of the Underwriter is subject to the terms of the following riders attached hereto:</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="9%">&nbsp; </TD>
     <TD noWrap align=left width="90%" colSpan=3><B><FONT face=serif size=2>Riders No. 1, 2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12</FONT></B>&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=4>
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD width="99%" colSpan=4>&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=4>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="9%">&nbsp; </TD>
     <TD noWrap align=right width="45%">&nbsp;</TD>
     <TD noWrap align=right width="23%" background="">&nbsp;</TD>
     <TD noWrap align=left width="22%" background=""><FONT size=2>By</FONT>&nbsp;&nbsp;</TD></TR>
<TR>
     <TD noWrap align=left width="9%" background=""></TD>
     <TD noWrap align=right width="45%" background=""></TD>
     <TD noWrap align=right width="23%" background=""></TD>
     <TD noWrap align=left width="22%" background="">
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="9%">&nbsp; </TD>
     <TD noWrap align=right width="90%" colSpan=3><FONT face=serif size=2>Authorized Representative</FONT>&nbsp; </TD></TR></TABLE><BR>
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<P align=left><B><FONT face=serif size=2>Item 6. </FONT></B><FONT face=serif size=2>The Insured by the acceptance of this bond gives to the Underwriter terminating or cancelling prior bond(s) or policy(ies) No.(s) 492-13-01 such termination or cancellation to be effective as of the time this bond becomes effective.</FONT></P>
<P align=left><B><FONT face=serif size=2>Premium:</FONT></B></P>
<P align=left><B><FONT face=serif size=2>$168,767</FONT></B></P>
<P align=center><FONT face=serif size=2>_________________________________________________<BR>
AUTHORIZED REPRESENTATIVE</FONT></P>
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<P align=left><B><FONT face=serif size=2>INVESTMENT COMPANY BLANKET BOND</FONT></B></P>
<P align=left><FONT face=serif size=2>The Underwriter, in consideration of an agreed premium, and subject to the Declarations made a part hereof, the General Agreements, Conditions and Limitations and other terms of this bond, agrees with the Insured, in accordance with the Insuring Agreements hereof to which an amount of insurance is applicable as set forth in Item 3 of the Declarations and with respect to loss sustained by the Insured at any time but discovered during the Bond Period, to indemnify and hold harmless the Insured for:</FONT></P>
<P align=left><B><FONT face=serif size=2>INSURING AGREEMENTS</FONT></B></P>
<P align=left><FONT face=serif size=2>(A) FIDELITY</FONT></P>
<P align=left><FONT face=serif size=2>Loss resulting from any dishonest or fraudulent act(s), including Larceny or Embezzlement committed by an Employee, committed anywhere and whether committed alone or in collusion with others, including </FONT><B><FONT face=serif size=2>loss </FONT></B><FONT face=serif size=2>of Property resulting from such acts of an Employee, which Property is held by the Insured for any purpose or in any capacity and whether so held gratuitously or not and whether or not the Insured is liable therefor.</FONT></P>
<P align=left><FONT face=serif size=2>Dishonest or fraudulent act(s) as used in this Insuring Agreement shall mean only dishonest or fraudulent act(s) committed by such Employee with the manifest intent:</FONT></P>
<P align=left><FONT face=serif size=2>to cause the Insured to sustain such loss; and to obtain financial benefit for the Employee, or for any other person or organization intended by the Employee to </FONT></P>
<P align=left><FONT face=serif size=2>(a) </FONT><FONT face=serif size=2>receive such benefit, other than salaries, </FONT></P>
<P align=left><FONT face=serif size=2>(b) </FONT><FONT face=serif size=2>commissions, fees, bonuses, promotions, awards, profit sharing, pensions or other employee benefits earned in the normal course of employment.</FONT></P>
<P align=left><FONT face=serif size=2>(B) AUDIT EXPENSE</FONT></P>
<P align=left><FONT face=serif size=2>Expense incurred by the Insured for that. part of the costs of audits or examinations required by any governmental regulatory authority to be conducted either by such authority or by an independent accountant by reason of the discovery of loss sustained by the Insured through any dishonest or fraudulent act(s), including Larceny or Embezzlement of any of the Employees. The total liability of the Underwriter for such expense by reason of such acts of any Employee or in which such Employee is concerned or implicated or with respect to any one audit or examination is limited to the amount stated opposite Audit Expense in Item 3 of the Declarations; it being understood, however, that such expense shall be deemed to be a loss sustained by the Insured through </FONT><FONT face=serif size=2>any dishonest or fraudulent act(s), including Larceny or Embezzlement of one or more of the Employees and the liability under this paragraph shall be in addition to the Limit of liability st
ated in Insuring Agreement (A) in Item 3 of the Declarations.</FONT></P>
<P align=left><FONT face=serif size=2>(C) ON PREMISES</FONT></P>
<P align=left><FONT face=serif size=2>Loss of Property</FONT><SUB><FONT face=serif size=2>.</FONT></SUB><FONT face=serif size=2> (occurring with or without negligence or violence) through robbery, burglary, Larceny, theft, holdup, or other fraudulent means, misplacement, mysterious unexplainable disappearance, damage thereto or destruction thereof, abstraction or removal from the possession, custody or control of the Insured, and loss of subscription, conversion, redemption or deposit privileges through the misplacement or loss of Property, while the Property is (or is supposed or believed by the Insured to be) lodged or deposited within any offices or premises located anywhere, except in an office listed in Item 4 of the Declarations or amendment thereof or in the mail or with a carrier for hire other than an armored motor vehicle company, for the purpose of transportation.</FONT></P>
<P align=left><FONT face=serif size=2>Offices and Equipment</FONT></P>
<P align=left><FONT face=serif size=2>(1) Loss of or damage to, furnishings, fixtures, stationery, supplies or equipment, within any of the Insured's offices covered under this bond caused by Larceny or theft in, or by burglary, robbery or holdup of such office, or attempt thereat, or by vandalism or malicious mischief; or</FONT></P>
<P align=left><FONT face=serif size=2>(2) loss through damage to any such office by Larceny or theft in, or by burglary, robbery or holdup of such office or attempt thereat, or to the interior of any such office by vandalism or malicious mischief provided, in any event, that the Insured is the owner of such offices, furnishings, fixtures, stationery, supplies or equipment or is</FONT></P>
<P align=left><FONT face=serif size=2></FONT>&nbsp;</P>
<P align=left><FONT face=serif size=2>1</FONT></P>
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<P align=left><FONT face=serif size=2>legally liable for such loss or damage, always excepting, however, all loss or damage through fire.</FONT></P>
<P align=left><FONT face=serif size=2>(D) IN TRANSIT</FONT></P>
<P align=left><FONT face=serif size=2>Loss of Property (occurring with or without negligence or violence) through robbery, Larceny, theft, holdup, misplacement, mysterious unexplainable disappearance, being lost or otherwise made away with, damage thereto or destruction thereof, and loss of subscription, conversion, redemption or deposit privileges through the misplacement or loss of Property, while the Property is in transit anywhere in the custody of any person or persons acting as messenger, except while in the mail or with a carrier for hire, other than an armored motor vehicle company, for the purpose of transportation, such transit to begin immediately upon receipt of such Property by the transporting person or persons, and to end immediately upon delivery thereof at destination.</FONT></P>
<P align=left><FONT face=serif size=2>(E) FORGERY OR ALTERATION</FONT></P>
<P align=left><FONT face=serif size=2>Loss through FORGERY or ALTERATION of, on or in any bills of exchange, checks, drafts, acceptances, certificates of deposit. promissory notes, or other written promises, orders or directions to pay sums certain in money, due bills, money orders, warrants, orders upon public treasuries, letters of credit, written instructions, advices or applications directed to the Insured, authorizing or acknowledging the transfer, payment, delivery or receipt of funds or Property, which instructions or advices or applications purport to have been signed or endorsed by any customer of the Insured, shareholder or subscriber to shares, whether certificated or uncertificated, of any Investment Company or by any financial or banking institution or stockbroker but which instructions, advices or applications either bear the forged signature or endorsement or have been altered without the knowledge and consent of such customer, shareholder or subscriber to shares, whether certificated or uncer
tificated, of an Investment Company, financial or banking institution or stockbroker, withdrawal orders or receipts for the withdrawal of funds or Property, or receipts or certificates of deposit for Property and bearing the name of the Insured as issuer, or of another Investment Company for which the Insured acts as agent, excluding, however, any loss covered under Insuring Agreement (F) hereof whether or not coverage for Insuring Agreement (F) is provided for in the Declarations of this bond.</FONT></P>
<P align=left><FONT face=serif size=2>Any check or draft (a) made payable to a fictitious payee and endorsed in the name of such fictitious payee or (b) procured in a transaction with the maker or drawer thereof or with one acting as an agent of such maker or drawer or anyone impersonating another and made or drawn payable to the one so impersonated and endorsed by anyone other than the one impersonated, shall be deemed to be forged as to such endorsement.</FONT></P>
<P align=left><FONT face=serif size=2>Mechanically reproduced facsimile signatures are treated the same as handwritten signatures.</FONT></P>
<P align=left><FONT face=serif size=2>(F) SECURITIES</FONT></P>
<P align=left><FONT face=serif size=2>Loss sustained by the Insured, including loss sustained by reason of a violation of the constitution, by-laws, rules or regulations of any Self Regulatory Organization of which the Insured is a member or which would have been imposed upon the Insured by the constitution, by-laws, rules or regulations of any Self Regulatory Organization if the Insured had been a member thereof,</FONT></P>
<P align=left><FONT face=serif size=2>(1) through the Insured's having, in good faith and in the course of business, whether for its own account or for the account of others, in any representative, fiduciary, agency or any other capacity, either gratuitously or otherwise, purchased or otherwise acquired, accepted or received, or sold or delivered, or given any value, extended any credit or assumed any liability, on the faith of, or otherwise acted upon, any securities, documents or other written instruments which prove to have been</FONT></P>
<P align=left><FONT face=serif size=2>(a) counterfeited, or</FONT></P>
<P align=left><FONT face=serif size=2>(b) forged as to the signature of any maker, drawer, issuer, endorser, assignor, lessee, transfer agent or registrar, acceptor, surety or guarantor or as to the signature of any person signing in any other capacity, or </FONT></P>
<P align=left><FONT face=serif size=2>(c) raised or otherwise altered, or lost, or stolen, or</FONT></P>
<P align=left><FONT face=serif size=2>(2) through the Insured's having, in good faith and in the course of business, guaranteed in writing or witnessed any signatures whether for valuable consideration or not and whether or not such guaranteeing or</FONT></P>
<P align=left><FONT face=serif size=2>2</FONT></P>
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<P align=left><FONT face=serif size=2>witnessing is ultra vires the Insured, upon any transfers, assignments, bills of sale, powers of attorney, guarantees, endorsements or other obligations upon or in connection with any securities, documents or other written instruments and which pass or purport to pass title to such securities, documents or other written instruments; EXCLUDING, losses caused by FORGERY or ALTERATION of, on or in those instruments covered under Insuring Agreement (E) hereof.</FONT></P>
<P align=left><FONT face=serif size=2>Securities, documents or other written instruments shall be deemed to mean original (including original counterparts) negotiable or non-negotiable agreements which in and of themselves represent an equitable interest, ownership, or debt, including an assignment thereof which instruments are in the ordinary course of business, transferable by delivery of such agreements with any necessary endorsement or assignment.</FONT></P>
<P align=left><FONT face=serif size=2>The word "counterfeited" as used in this Insuring Agreement shall be deemed to mean any security, document or other written instrument which is intended to deceive and to be taken for an original.</FONT></P>
<P align=left><FONT face=serif size=2>Mechanically produced facsimile signatures are treated the same as handwritten signatures.</FONT></P>
<P align=left><FONT face=serif size=2>(G) COUNTERFEIT CURRENCY</FONT></P>
<P align=left><FONT face=serif size=2>Loss through the receipt by the Insured, in good faith, of any counterfeited money orders or altered paper currencies or coin of the United States of America or Canada issued or purporting to have been issued by the United States of America or Canada or issued pursuant to a United States of America or Canadian statute for use as currency.</FONT></P>
<P align=left><FONT face=serif size=2>(H) STOP PAYMENT</FONT></P>
<P align=left><FONT face=serif size=2>Loss against any and all sums which the Insured shall become obligated to pay by reason of the Liability imposed upon the Insured by law for damages:</FONT></P>
<P align=left><FONT face=serif size=2>For having either complied with or failed to comply with any written notice of any customer, shareholder or subscriber of the Insured or any Authorized Representative of such customer, shareholder or subscriber to stop payment of any check or draft made or drawn by such customer, shareholder or subscriber or any Authorized Representative of such customer, shareholder or subscriber, or</FONT></P>
<P align=left><FONT face=serif size=2>For having refused to pay any check or draft made or drawn by any customer, shareholder or subscriber of the Insured or any Authorized Representative of such customer, shareholder or subscriber.</FONT></P>
<P align=left><FONT face=serif size=2>(I) UNCOLLECTIBLE ITEMS OF DEPOSIT</FONT></P>
<P align=left><FONT face=serif size=2>Loss resulting from payments of dividends or fund shares, or withdrawals permitted from any customer's, shareholder's or subscriber's account based upon Uncollectible Items of Deposit of a customer, shareholder or subscriber credited by the Insured or the Insured's agent to such customer's, shareholder's or subscriber's Mutual Fund Account; or</FONT></P>
<P align=left><FONT face=serif size=2>loss resulting from any Item of Deposit processed through an Automated Clearing House which is reversed by the customer, shareholder or subscriber and deemed uncollectible by the Insured.</FONT></P>
<P align=left><FONT face=serif size=2>Loss includes dividends and interest accrued not to exceed 15% of the Uncollectible Items which are deposited.</FONT></P>
<P align=left><FONT face=serif size=2>This Insuring Agreement applies to all Mutual Funds with "exchange privileges" if all Fund(s) in the exchange program are insured by a National Union Fire Insurance Company of Pittsburgh, PA for Uncollectible Items of Deposit. Regardless of the number of transactions. between Fund(s), the minimum number of days of deposit within the Fund(s) before withdrawal as declared in the Fund(s) prospectus shall begin from the date a deposit was first credited to any Insured Fund(s).</FONT></P>
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<P align=left><B><FONT face=serif size=2>GENERAL AGREEMENTS</FONT></B></P>
<P align=left><FONT face=serif size=2>A . ADDITIONAL OFFICES OR EMPLOYEES-CONSOLIDATION OR MERGER-NOTICE</FONT></P>
<P align=left><FONT face=serif size=2>1. If the Insured shall, while this bond is in force, establish any additional office or offices, such office or offices shall be automatically covered hereunder from the dates of their establishment, respectively. No notice to the Underwriter of an increase during any premium period in the number of offices or in the number of Employees at any of the offices covered hereunder need be given and no additional premium need be paid for the remainder of such premium period.</FONT></P>
<P align=left><FONT face=serif size=2>2. If an Investment Company, named as Insured herein, shall, while this bond is in force, merge or consolidate with, or purchase the assets of another institution, coverage for such acquisition shall apply automatically from the date of acquisition. The Insured shall notify the Underwriter of such acquisition within 60 days of said date, and an additional premium shall be computed only if such acquisition involves additional offices or employees.</FONT></P>
<P align=left><FONT face=serif size=2>B. WARRANTY</FONT></P>
<P align=left><FONT face=serif size=2>No statement made by or on behalf of the Insured, whether contained in the application or otherwise, shall be deemed to be a warranty of anything except that it is true to the best of the knowledge and belief of the person making the statement.</FONT></P>
<P align=left><FONT face=serif size=2>C. COURT COSTS AND ATTORNEYS' FEES (Applicable to all Insuring Agreements or Coverages now or hereafter forming part of this bond)</FONT></P>
<P align=left><FONT face=serif size=2>The Underwriter will indemnify the Insured against court costs and reasonable attorneys' fees incurred and paid by the Insured in defense, whether or not successful, whether or not fully litigated on the merits and whether or not settled of any suit or legal proceeding brought against the Insured to enforce the Insured's liability or alleged liability on account of any loss, claim or damage which, if established against the Insured, would constitute a loss sustained by the Insured covered under the terms of this bond provided, however, that with respect to Insuring Agreement (A) this</FONT><FONT face=serif size=2>indemnity shall apply only in the event that</FONT></P>
<P align=left><FONT face=serif size=2>(1) an Employee admits to being guilty of any dishonest or fraudulent act(s), including Larceny or Embezzlement; or </FONT></P>
<P align=left><FONT face=serif size=2>(2) an Employee is adjudicated to be guilty of any dishonest or fraudulent act(s), including Larceny or Embezzlement; </FONT></P>
<P align=left><FONT face=serif size=2>(3) in the absence of (1) or (2) above an arbitration panel agrees, after a review of an agreed statement of facts, that an Employee would be found guilty of dishonesty if such Employee were prosecuted.</FONT></P>
<P align=left><FONT face=serif size=2>The Insured shall promptly give notice to the Underwriter of any such suit or legal proceeding and at the request of the Underwriter shall furnish it with copies of all pleadings and other papers therein. At the Underwriter's election the Insured shall permit the Underwriter to conduct the defense of such suit or legal proceeding, in the Insured's name, through attorneys of the Underwriter's selection. In such event, the Insured shall give all reasonable information and assistance which the Underwriter shall deem necessary to the proper defense of such suit or legal proceeding.</FONT></P>
<P align=left><FONT face=serif size=2>If the amount of the Insured's liability or alleged liability is greater than the amount recoverable under this bond, or if a Deductible Amount is applicable, or both, the liability of the Underwriter under this General Agreement is limited to the proportion of court costs and attorneys' fees incurred and paid by the Insured or by the Underwriter that the amount recoverable under this bond bears to the total of such amount plus the amount which is not so recoverable. Such indemnity shall be in addition to the Limit of Liability for the applicable Insuring Agreement or Coverage.</FONT></P>
<P align=left><FONT face=serif size=2>D. FORMER EMPLOYEE</FONT></P>
<P align=left><FONT face=serif size=2>Acts of an Employee, as defined in this bond, are covered under Insuring Agreement (A) only while the Employee is in the Insured's employ. Should loss involving a former Employee of the Insured be discovered subsequent to the termination of employment, coverage would still apply under Insuring Agreement (A) if the direct proximate cause of the loss occurred while the former Employee performed duties within the scope of his/her employment.</FONT></P>
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<P align=center><B><FONT face=serif size=2>THE FOREGOING INSURING AGREEMENTS AND</FONT></B><BR>
<B><FONT face=serif size=2>GENERAL AGREEMENTS ARE SUBJECT TO</FONT></B><BR>
<B><FONT face=serif size=2>THE FOLLOWING CONDITIONS</FONT></B><BR>
<B><FONT face=serif size=2>AND LIMITATIONS:</FONT></B></P>
<P align=left><FONT face=serif size=2>SECTION 1. DEFINITIONS</FONT></P>
<P align=left><FONT face=serif size=2>The following terms, as used in this bond, shall have the respective meanings stated in this Section:</FONT></P>
<P align=left><FONT face=serif size=2>(a) "Employee" means:</FONT></P>
<P align=left><FONT face=serif size=2>(1) any of the Insured's officers, partners, or employees, and </FONT></P>
<P align=left><FONT face=serif size=2>(2) any of the officers or employees of any predecessor of the Insured whose principal assets are acquired by the Insured by consolidation or merger with, or purchase of assets or capital stock of such predecessor. and </FONT></P>
<P align=left><FONT face=serif size=2>(3) attorneys retained by the Insured to perform legal services for the Insured and the employees of such attorneys while such attorneys or the employees of such attorneys are performing such services for the Insured, and </FONT></P>
<P align=left><FONT face=serif size=2>(4) guest students pursuing their studies or duties in any of the Insured's offices, and </FONT></P>
<P align=left><FONT face=serif size=2>(5) directors or trustees of the Insured, the investment advisor, underwriter (distributor), transfer agent, or shareholder accounting record keeper, or administrator authorized by written agreement to keep financial and/or other required records, but only while performing acts coming within the scope of the usual duties of an officer or employee or while acting as a member of any committee duly elected or appointed to examine or audit or have custody of or access to the Property of the Insured, and </FONT></P>
<P align=left><FONT face=serif size=2>(6) any individual or individuals assigned to perform the usual duties of an employee within the premises of the Insured, by contract, or by any agency furnishing temporary personnel on a contingent or part-time basis, and</FONT></P>
<P align=left><FONT face=serif size=2>(7) each natural person, partnership or corporation authorized by written agreement with the Insured to perform services as electronic data processor of checks or other accounting records of the Insured, but excluding any such processor who acts as transfer agent or in any other agency capacity in issuing checks, drafts or securities for the Insured, unless included under Subsection (9) hereof, and </FONT></P>
<P align=left><FONT face=serif size=2>(8) those persons so designated in Section 15, Central Handling of Securities, and </FONT></P>
<P align=left><FONT face=serif size=2>(9) any officer, partner or Employee of</FONT></P>
<P align=left><FONT face=serif size=2>a) an investment advisor, </FONT></P>
<P align=left><FONT face=serif size=2>b) an underwriter (distributor), </FONT></P>
<P align=left><FONT face=serif size=2>c) a transfer agent or shareholder accounting record-keeper, or </FONT></P>
<P align=left><FONT face=serif size=2>d) an administrator authorized by written agreement to keep financial and/or other required records,</FONT></P>
<P align=left><FONT face=serif size=2>for an Investment Company named as Insured while performing acts coming within the scope of the usual duties of an officer or Employee of any Investment Company named as Insured herein, or while acting as a member of any committee duly elected or appointed to examine or audit or have custody of or access to the Property of any such Investment Company, provided that only Employees or partners of a transfer agent, shareholder accounting record-keeper or administrator which is an affiliated person as defined in the Investment Company Act of 1940, of an Investment Company named as Insured or is an affiliated person of the adviser, underwriter or administrator of such Investment Company, and</FONT></P>
<P align=left><FONT face=serif size=2>5</FONT></P>
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<P align=left><FONT face=serif size=2>which is not a bank, shall be included within the definition of Employee.</FONT></P>
<P align=left><FONT face=serif size=2>Each employer of temporary personnel or processors as set forth in Sub-Sections (6) and of Section 1(a) and their partners, officers and employees shall collectively be deemed to be one person for all the purposes of this bond, excepting, however, the last paragraph of Section 13.</FONT></P>
<P align=left><FONT face=serif size=2>Brokers, or other agents under contract or representatives of the same general character shall not be considered Employees.</FONT></P>
<P align=left><FONT face=serif size=2>(b) "Property</FONT><SUP><FONT face=serif size=2>"</FONT></SUP><FONT face=serif size=2> means money (i.e.. currency, coin, bank notes, Federal Reserve notes), postage and revenue stamps, U.S. Savings Stamps, bullion, precious metals of all kinds and in any form and articles made therefrom, jewelry, watches, necklaces, bracelets, gems, precious and semiprecious stones, bonds, securities, evidences of debts, debentures, scrip, certificates, interim receipts, warrants, rights, puts, calls, straddles, spreads, transfers, coupons, drafts, bills of exchange, acceptances, notes, checks, withdrawal orders, money orders, warehouse receipts, bills of lading, conditional sales contracts, abstracts of title, insurance policies, deeds, mortgages under real estate and/or chattels and upon interests therein, and assignments of such policies, mortgages and instruments, and other valuable papers, including books of account and other records used by the Insured in the conduct of its busin
ess, and all other instruments similar to or in the nature of the foregoing including Electronic Representations of such instruments enumerated above (but excluding all data processing records) in which the Insured has an interest or in which the Insured acquired or should have acquired an interest by reason of a predecessor's declared financial condition at the time of the Insured's </FONT><FONT face=serif size=2>consolidation or merger with, or purchase of the principal assets of, such predecessor or which are held by the Insured for any purpose or in any capacity and whether so held by the Insured for any purpose or in any capacity and whether so held gratuitously or not and whether or not the Insured is liable therefor.</FONT></P>
<P align=left><FONT face=serif size=2>(c) "Forgery" means the signing of the name of another with intent to deceive; it does not include the signing of one's own name with or without authority, in any capacity, for any purpose.</FONT></P>
<P align=left><FONT face=serif size=2>(d) "Larceny and Embezzlement" as it applies to any named Insured means those acts as set forth in Section 37 of the Investment Company Act of 1940.</FONT></P>
<P align=left><FONT face=serif size=2>(e) "Items of Deposit" means any one or more checks and drafts. Items of Deposit shall not be deemed uncollectible until the Insured's collection procedures have failed.</FONT></P>
<P align=left><FONT face=serif size=2>SECTION 2. EXCLUSIONS</FONT></P>
<P align=left><FONT face=serif size=2>THIS BOND DOES NOT COVER:</FONT></P>
<P align=left><FONT face=serif size=2>(a) loss effected directly or indirectly by means of forgery or alteration of, on or in any instrument, except when covered by Insuring Agreement (A), (E), (F) or (G). </FONT></P>
<P align=left><FONT face=serif size=2>(b) loss due to riot or civil commotion outside the United States of America and Canada; or loss due to military, naval or usurped power, war or insurrection unless such loss occurs in transit in the circumstances recited in Insuring Agreement (D), and unless, when such transit was initiated, there was no knowledge of such riot, civil commotion, military, naval or usurped power, war or insurrection on the part of any person acting for the Insured in initiating such transit.</FONT></P>
<P align=left><FONT face=serif size=2>(c) loss, in time of peace or war, directly or indirectly caused by or resulting from the effects of nuclear fission or fusion or radioactivity; provided, however, that this paragraph shall not apply to</FONT></P>
<P align=left><FONT face=serif size=2>6</FONT></P>
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<P align=left><FONT face=serif size=2>loss resulting from industrial uses of nuclear energy.</FONT></P>
<P align=left><FONT face=serif size=2>(d) loss resulting from any wrongful act or acts of any person who is a member of the Board of Directors of the Insured or a member of any equivalent body by whatsoever name known unless such person is also an Employee or an elected official, partial owner or partner of the Insured in some other capacity, nor, in any event, loss resulting from the act or acts of any person while acting in the capacity of a member of such Board or equivalent body.</FONT></P>
<P align=left><FONT face=serif size=2>(e) loss resulting from the complete or partial non-payment of, or default upon, any loan or transaction in the nature of, or amounting to, a loan made by or obtained from the Insured or any of its partners, directors or Employees, whether authorized or unauthorized and whether procured in good faith or through trick, artifice, fraud or false pretenses. unless such </FONT></P>
<P align=left><FONT face=serif size=2>(f) loss is covered under Insuring Agreement (A), (E) or (F)</FONT><SUP><FONT face=serif size=2>. </FONT></SUP><FONT face=serif size=2>loss resulting from any violation by the Insured or by any Employee</FONT></P>
<P align=left><FONT face=serif size=2>(1) of law regulating (a) the issuance, purchase or sale of securities, (b) securities transactions upon Security Exchanges or over the counter market, (c) Investment Companies, or (d) Investment Advisors, or </FONT></P>
<P align=left><FONT face=serif size=2>(2) of any rule or regulation made pursuant to any such law, unless such loss, in the absence of such laws, rules or regulations, would be covered under Insuring Agreements (A) or (E).</FONT></P>
<P align=left><FONT face=serif size=2>(g) loss of Property or loss of privileges through the misplacement or loss of Property as set forth in Insuring Agreement (C) or (D) while the Property is in the custody of any armored motor vehicle company, unless such loss shall be in excess of the amount recovered or received by the Insured under (a) the Insured's contract with said armored motor vehicle company, (b) insurance carried by said </FONT><FONT face=serif size=2>armored motor vehicle company for the benefit of users of its service, and (c) all other insurance and indemnity in force in whatsoever form carried by or for the benefit of users of said armored motor . vehicle company's service, and then this bond shall cover only such excess.</FONT></P>
<P align=left><FONT face=serif size=2>(h) potential income, including but not limited to interest and dividends, not realized by the Insured because of a loss covered under this bond, except as included under Insuring Agreement (I).</FONT></P>
<P align=left><FONT face=serif size=2>(i) all damages of any type for which the Insured is legally liable, except direct compensatory damages arising from a loss covered under this bond.</FONT></P>
<P align=left><FONT face=serif size=2>(j) loss through the surrender of Property away from an office of the Insured as a result of a threat</FONT></P>
<P align=left><FONT face=serif size=2>(1) to do bodily harm to any person, except loss of Property in transit in the custody of any person acting as messenger provided that when such transit was initiated there was no knowledge by the Insured of any such threat, or </FONT></P>
<P align=left><FONT face=serif size=2>(2) to do damage to the premises or Property of the Insured, except when covered under Insuring Agreement (A).</FONT></P>
<P align=left><FONT face=serif size=2>(k) all costs, fees and other expenses incurred by the Insured in establishing the existence of or amount of loss covered under this bond unless such indemnity is provided for under Insuring Agreement (B).</FONT></P>
<P align=left><FONT face=serif size=2>(l) loss resulting from payments made or withdrawals from the account of a customer of the Insured, shareholder or subscriber to shares involving funds erroneously credited to such account, unless such payments are made to or withdrawn by such depositor or representative of such person, who is within the premises of the drawee bank of the Insured or within the office of the Insured at the time of such payment or withdrawal or unless such payment is covered under Insuring Agreement (A).</FONT></P>
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<P align=left><FONT face=serif size=2>(m) any loss resulting from Uncollectible Items of Deposit which are drawn from a financial institution outside the fifty states of the United States of America, District of Columbia, and territories and possessions of the United States of America, and Canada.</FONT></P>
<P align=left><FONT face=serif size=2>SECTION 3. ASSIGNMENT OF RIGHTS</FONT></P>
<P align=left><FONT face=serif size=2>This bond does not afford coverage in favor of any Employers of temporary personnel or of processors as set forth in sub-sections (6) and (7) of Section 1(a) of this bond, as aforesaid, and upon payment to the Insured by the Underwriter on account of any loss through dishonest or fraudulent act(s) including Larceny or Embezzlement committed by any of the partners, officers or employees of such Employers, whether acting alone or in collusion with others, an assignment of such of the Insured's rights and causes of action as it may have against such Employers by reason of such acts so committed shall, to the extent of such payment, be given by the Insured to the Underwriter, and the Insured shall execute all papers necessary to secure to the Underwriter the rights herein provided for.</FONT></P>
<P align=left><FONT face=serif size=2>SECTION 4. LOSS -NOTICE -PROOF-LEGAL PROCEEDINGS</FONT></P>
<P align=left><FONT face=serif size=2>This bond is for the use and benefit only of the Insured named in the Declarations and the Underwriter shall not be liable hereunder for loss sustained by anyone other than the Insured unless the Insured, in its sole discretion and at its option, shall include such loss in the Insured's proof of loss. At the earliest practicable moment after discovery of any loss hereunder the Insured shall give the Underwriter written notice thereof and shall also within six months after such discovery furnish to the Underwriter affirmative proof of loss with full particulars. If claim is made under this bond for loss of securities or shares, the Underwriter shall not be liable unless each of such securities or shares is identified in such proof of loss by a certificate or bond number or, where such securities or shares are uncertificated, by such identification means as agreed to by the Underwriter. The Underwriter shall have thirty days after notice and proof of loss within which to i
nvestigate the claim, but where the loss is clear and undisputed, settlement shall be made within forty-eight hours; and this shall apply notwithstanding the loss is made up wholly or in </FONT><FONT face=serif size=2>part of securities of which duplicates may be obtained. Legal proceedings for recovery of any loss hereunder shall not be brought prior to the expiration of sixty days after such proof of loss is filed with the Underwriter nor after the expiration of twenty-four months from the discovery of such loss, except that any action or proceeding to recover hereunder on account of any judgment against the Insured in any suit mentioned in General Agreement C or to recover attorneys' fees paid in any such suit, shall be begun within twenty-four months from the date upon which the judgment in such suit shall become final. If any limitation embodied in this bond is prohibited by any law controlling the construction hereof, such limitation shall be deemed to be amended so as to be equal to the minimum period
 of limitation permitted by such law.</FONT></P>
<P align=left><FONT face=serif size=2>Discovery occurs when the Insured </FONT></P>
<P align=left><FONT face=serif size=2>(a) becomes aware of facts, or</FONT></P>
<P align=left><FONT face=serif size=2>(b) receives written notice of an actual or potential claim by a third party which alleges that the Insured is liable under circumstance which would cause a reasonable person to assume that a loss covered by the bond has been or will be incurred even though the exact amount or details of loss may not be then known.</FONT></P>
<P align=left><FONT face=serif size=2>SECTION 5. VALUATION OF PROPERTY</FONT></P>
<P align=left><FONT face=serif size=2>The value of any Property, except books of accounts or other records used by the Insured in the conduct of its business, for the loss of which a claim shall be made</FONT><SUB><FONT face=serif size=2>,</FONT></SUB><FONT face=serif size=2> hereunder, shall be determined by the average market value of such Property on the business day next preceding the discovery of such loss; provided, however, that the value of any Property replaced by the Insured prior to the payment of claim therefor shall be the actual market value at the time of replacement; and further provided that in case of a loss or misplacement of interim certificates, warrants, rights, or other securities, the production which is necessary to the exercise of subscription, conversion, redemption or deposit privileges, the value thereof shall be the market value of such privileges immediately preceding the expiration thereof if said loss or misplacement is not discovered until after their expiration. If no marke
t price is quoted for such Property or for such privileges, the value shall be fixed by agreement between the parties or by arbitration.</FONT></P>
<P align=left><FONT face=serif size=2>In case of any loss or damage to Property </FONT></P>
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<P align=left><FONT face=serif size=2>consisting of books of accounts or other records used by the Insured in the conduct of its business, the Underwriter shall be liable under this bond only if such books or records are actually reproduced and then for not more than the cost of blank books, blank pages or other materials plus the cost of labor for the actual transcription or copying of data which shall have been furnished by the Insured in order to reproduce such books and other records.</FONT></P>
<P align=left><FONT face=serif size=2>SECTION 6. VALUATION OF PREMISES AND FURNISHINGS</FONT></P>
<P align=left><FONT face=serif size=2>In case of damage to any office of the 'Insured, or loss of or damage to the furnishings, fixtures, stationery, supplies, equipment, safes or vaults therein, the Underwriter shall not be liable for more than the actual cash value thereof, or for more than the actual cost of their replacement or repair. The Underwriter may, at its election, pay such actual cash value or make such replacement or repair. If the Underwriter and the Insured cannot agree upon such cash value or such cost of replacement or repair, such shall be determined by arbitration.</FONT></P>
<P align=left><FONT face=serif size=2>SECTION 7. LOST SECURITIES</FONT></P>
<P align=left><FONT face=serif size=2>If the Insured shall sustain a loss of securities the total value of which is in excess of the limit stated in Item 3 of the Declarations of this bond, the liability of the Underwriter shall be limited to payment for, or duplication of, securities having value equal to the limit stated in Item 3 of the Declarations of this bond.</FONT></P>
<P align=left><FONT face=serif size=2>If the Underwriter shall make payment to the Insured for any loss of securities, the Insured shall thereupon assign to the Underwriter all of the Insured's rights, title and interests in and to said securities.</FONT></P>
<P align=left><FONT face=serif size=2>With respect to securities the value of which do not exceed the Deductible Amount (at the time of the discovery of the loss) and for which the Underwriter may at its sole discretion and option and at the request of the Insured issue a Lost Instrument Bond or Bonds to effect replacement thereof, the Insured will pay the usual premium charged therefor and will indemnify the Underwriter against all loss or expense that the Underwriter may sustain because of the issuance of such Lost Instrument Bond or Bonds.</FONT></P>
<P align=left><FONT face=serif size=2>With respect to securities the value of </FONT><FONT face=serif size=2>which exceeds the Deductible Amount (at the time of discovery of the loss) and for which the Underwriter may issue or arrange for the issuance of a Lost Instrument Bond or Bonds to effect replacement thereof, the Insured agrees that it will pay as premium therefor a proportion of the usual premium charged therefor, said proportion being equal to the percentage that the Deductible Amount bears to the value of the securities upon discovery of the loss, and that it will indemnify the issuer of said Lost Instrument Bond or Bonds against all loss and expense that is not recoverable from the Underwriter under the terms and conditions of this INVESTMENT COMPANY BLANKET BOND subject to the Limit of Liability hereunder.</FONT></P>
<P align=left><FONT face=serif size=2>SECTION 8. SALVAGE</FONT></P>
<P align=left><FONT face=serif size=2>In case of recovery, whether made by the Insured or by the Underwriter, on account of any loss in excess of the Limit of Liability hereunder plus the Deductible Amount applicable to such loss from any source other than suretyship, insurance, reinsurance, security or indemnity taken by or for the benefit of the Underwriter, the net amount of such recovery, less the actual costs and expenses of making same, shall be applied to reimburse the Insured in full for the excess portion of such loss, and the remainder, if any, shall be paid first in reimbursement of the Underwriter and thereafter in reimbursement of the Insured for that part of such loss within the Deductible Amount. The Insured shall execute all necessary papers to secure to the Underwriter the rights provided for herein.</FONT></P>
<P align=left><FONT face=serif size=2>SECTION 9. NON-REDUCTION AND NON-ACCUMULATION OF LIABILITY&nbsp; </FONT><FONT face=serif size=2>AND TOTAL LIABILITY</FONT></P>
<P align=left><FONT face=serif size=2>At all times prior to termination hereof this bond shall continue in force for the limit stated in the applicable sections of Item 3 of the Declarations of this bond notwithstanding any previous loss for which the Underwriter may have paid or be liable to pay hereunder; PROVIDED, however, that regardless of the number of years this bond shall continue in force and the number of premiums which shall be payable or paid, the liability of the Underwriter under this bond with respect to all loss resulting from</FONT></P>
<P align=left><FONT face=serif size=2>(a) any one act of burglary, robbery or</FONT></P>
<P align=left><FONT face=serif size=2>9</FONT></P>
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<P align=left><FONT face=serif size=2>holdup, or attempt thereat, in which no Partner or Employee is concerned or implicated shall be deemed to be one loss, or </FONT></P>
<P align=left><FONT face=serif size=2>(b) any one unintentional or negligent act on the part of any one person resulting in damage to or destruction or misplacement of Property, shall be deemed to be one loss, or </FONT></P>
<P align=left><FONT face=serif size=2>(c) all wrongful acts, other than those specified in (a) above, of any one person shall be deemed to be one loss, or </FONT></P>
<P align=left><FONT face=serif size=2>(d) all wrongful acts, other than those specified in (a) above, of one or more persons (which dishonest act(s) or act(s) of Larceny or Embezzlement include, but are not limited to, the failure of an Employee to report such acts of others) whose dishonest act or acts intentionally or unintentionally, knowingly or unknowingly, directly or indirectly, aid or aids in any way, or permits the continuation of, the dishonest act or acts of any other person or persons shall be deemed to be one loss with the act or acts of the persons aided, or </FONT></P>
<P align=left><FONT face=serif size=2>(e) any one casualty or event other than those specified in (a), (b), (c) or (d) preceding, shall be deemed to be one loss, and</FONT></P>
<P align=left><FONT face=serif size=2>shall be limited to the applicable Limit of Liability stated in Item 3 of the Declarations of this bond irrespective of the total amount of such loss or losses and shall not be cumulative in amounts from year to year or from period to period.</FONT></P>
<P align=left><FONT face=serif size=2>Sub-section (c) is not applicable to any situation to which the language of sub-section (d) applies.</FONT></P>
<P align=left><FONT face=serif size=2>SECTION 10. LIMIT OF LIABILITY</FONT></P>
<P align=left><FONT face=serif size=2>With respect to any loss set forth in the PROVIDED clause of Section 9 of this bond which is recoverable or recovered in whole or in part under any other bonds or policies issued by the Underwriter to the Insured or to any predecessor in interest of the Insured and terminated or cancelled or allowed to expire and in which the period for discovery has not expired at the time any such loss thereunder is discovered, </FONT><FONT face=serif size=2>the total liability of the Underwriter under this bond and under other bonds or policies shall not exceed, in the aggregate, the amount carried hereunder on such loss or the amount available to the Insured under such other bonds or policies, as limited by the terms and conditions thereof, for any such loss if the latter amount be the larger.</FONT></P>
<P align=left><FONT face=serif size=2>SECTION 11. OTHER INSURANCE</FONT></P>
<P align=left><FONT face=serif size=2>If the Insured shall hold, as indemnity against any loss covered hereunder, any valid and enforceable insurance or suretyship, the Underwriter shall be liable hereunder only for such amount of such loss which is in excess of the amount of such other insurance or suretyship, not exceeding, however, the Limit of Liability of this bond applicable to such loss.</FONT></P>
<P align=left><FONT face=serif size=2>SECTION 12. DEDUCTIBLE</FONT></P>
<P align=left><FONT face=serif size=2>The Underwriter shall not be liable under any of the Insuring Agreements of this bond on account of loss as specified, respectively, in subsections (a), (b), (c), (d) and (e) of Section 9, NON-REDUCTION AND NON-ACCUMULATION OF LIABILITY AND TOTAL LIABILITY, unless the amount of such loss, after deducting the net amount of all reimbursement and/or recovery obtained or made by the Insured, other than from any bond or policy of insurance issued by an insurance company and covering such loss, or by the Underwriter on account thereof prior to payment by the Underwriter of such loss, shall exceed the Deductible Amount set forth in Item 3 of the Declarations hereof (herein called Deductible Amount) and then for such excess only, but in no event for more than the applicable Limit of Liability stated in Item 3 of the Declarations.</FONT></P>
<P align=left><FONT face=serif size=2>The Insured will bear, in addition to the Deductible Amount, premiums on Lost Instrument Bonds as set forth in Section 7.</FONT></P>
<P align=left><FONT face=serif size=2>There shall be no deductible applicable to any loss under Insuring Agreement A sustained by any Investment Company named as Insured herein.</FONT></P>
<P align=left><FONT face=serif size=2>SECTION 13. TERMINATION</FONT></P>
<P align=left><FONT face=serif size=2>The Underwriter may terminate this bond as an entirety by furnishing written notice specifying the termination date which cannot be prior to 60 days after the receipt of such written notice by</FONT></P>
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<P align=left><FONT face=serif size=2>each Investment Company named as Insured and the Securities and Exchange Commission, Washington, D.C. The Insured may terminate this bond as an entirety by furnishing written notice to the Underwriter. When the Insured cancels, the Insured shall furnish written notice to the Securities and Exchange Commission, Washington. D.C. prior to 60 days before the effective date of the termination. The Underwriter shall notify all other Investment Companies named as Insured of the receipt of such termination notice and the termination cannot be effective prior to 60 days after receipt of written notice by all other Investment Companies. Premiums are earned until the termination date as set forth herein.</FONT></P>
<P align=left><FONT face=serif size=2>This Bond will terminate as to any one Insured immediately upon taking over of such Insured by a receiver or other liquidator or by State or Federal officials, or immediately upon the filing of a petition under any State or Federal statute relative to bankruptcy or reorganization of the Insured, or assignment for the benefit of creditors of the Insured. or immediately upon such Insured ceasing to exist, whether through merger into another entity, or by disposition of all of its assets.</FONT></P>
<P align=left><FONT face=serif size=2>The Underwriter shall refund the unearned premium computed at short rates in accordance with the standard short rate cancellation tables if terminated by the Insured or pro rata if terminated for any other reason.</FONT></P>
<P align=left><FONT face=serif size=2>This Bond shall terminate</FONT></P>
<P align=left><FONT face=serif size=2>(a) as to any Employee as soon as any partner, officer or supervisory Employee of the Insured, who is not in collusion with such Employee, shall learn of any dishonest or fraudulent act(s), including Larceny or Embezzlement on the part of such Employee without prejudice to the loss of any Property then in transit in the custody of such Employee (See Section 16[d]), or </FONT></P>
<P align=left><FONT face=serif size=2>(b) as to any Employee 60 days after receipt by each Insured and by the Securities and Exchange Commission of a written notice from the Underwriter of its desire to terminate this bond as to such Employee, or </FONT></P>
<P align=left><FONT face=serif size=2>(c) as to any person, who is a partner, officer or employee of any Electronic Data Processor covered under this </FONT><FONT face=serif size=2>bond, from and after the time that the Insured or any partner or officer thereof not in collusion with such person shall have knowledge or information that such person has committed any dishonest or fraudulent act(s), including Larceny or Embezzlement in the service of the Insured or otherwise, whether such act be committed before or after the time this bond is effective.</FONT></P>
<P align=left><FONT face=serif size=2>SECTION 14. RIGHTS AFTER TERMINATION OR CANCELLATION</FONT></P>
<P align=left><FONT face=serif size=2>At any time prior to the termination or cancellation of this bond as an entirety, whether by the Insured or the Underwriter, the Insured may give to the Underwriter notice that it desires under this bond an additional period of 12 months within which to discover loss sustained by the Insured prior to the effective date of such termination or cancellation and shall pay an additional premium therefor.</FONT></P>
<P align=left><FONT face=serif size=2>Upon receipt of such notice from the Insured, the Underwriter shall give its written consent thereto; provided, however, that such additional period of time shall terminate immediately;</FONT></P>
<P align=left><FONT face=serif size=2>(a) on the effective date of any other insurance obtained by the Insured, its successor in business or any other party, replacing in whole or in part the insurance afforded by this bond, whether or not such other insurance provides coverage for loss sustained prior to its effective date, or </FONT></P>
<P align=left><FONT face=serif size=2>(b) upon takeover of the Insured's business by any State or Federal official or agency, or by any receiver or liquidator, acting or appointed for this purpose without the necessity of the Underwriter giving notice of such termination. In the event that such additional period of time is terminated, as provided above, the Underwriter shall refund any unearned premium.</FONT></P>
<P align=left><FONT face=serif size=2>The right to purchase such additional period for the discovery of loss may not be exercised by any State or Federal official or agency, or by any receiver or liquidator, acting or appointed to take over the Insured's business for the operation or for the liquidation thereof or for any other purpose.</FONT></P>
<P align=left><FONT face=serif size=2>11</FONT></P>
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<P align=left><FONT face=serif size=2>SECTION 15. CENTRAL HANDLING OF SECURITIES</FONT></P>
<P align=left><FONT face=serif size=2>Securities included in the systems for the central handling of securities established and maintained by Depository Trust Company, Midwest Depository Trust Company, Pacific Securities Depository Trust Company, and Philadelphia Depository Trust Company, hereinafter called Corporations, to the extent of the Insured's interest therein as effective by the making of appropriate entries on the books and records of such Corporations shall be deemed to be Property.</FONT></P>
<P align=left><FONT face=serif size=2>The words "Employee" and "Employees" shall be deemed to include the officers, partners, clerks and other employees of the New York Stock Exchange, Boston Stock Exchange, Midwest Stock Exchange, Pacific Stock Ex-change and Philadelphia Stock Exchange, hereinafter called Exchanges, and of the above named Corporations, and of any nominee in whose name is registered any security included within the systems for the central handling of securities established and maintained by such Corporations, and any employee of any recognized service company, while such officers, partners, clerks and other employees and employees of service companies perform services for such Corporations in the operation of such systems. For the purpose of the above definition a recognized service company shall be any company providing clerks or other personnel to said Exchanges or Corporation on a contract basis.</FONT></P>
<P align=left><FONT face=serif size=2>The Underwriter shall not be liable on account of any loss(es) in connection with the central handling of securities within the systems established and maintained by such Corporations, unless such loss(es) shall be in excess of the amount(s) recoverable or recovered under any bond or policy of insurance indemnifying such Corporations, against such loss(es), and then the Underwriter shall be liable hereunder only for the Insured's share of such excess loss(es), but in no event for more than the Limit of Liability applicable hereunder.</FONT></P>
<P align=left><FONT face=serif size=2>For the purpose of determining the Insured's share of excess loss(es) it shall be deemed that the Insured has an interest in any certificate representing any security included within such systems equivalent to the interest the Insured then has in all certificates representing the same security included within such systems and that </FONT><FONT face=serif size=2>such Corporations shall use their best judgement in apportioning the amount(s) recoverable or recovered under any bond or policy of insurance indemnifying such Corporations against such loss(es) in connection with the central handling of securities within such systems among all those having an interest as recorded by appropriate entries in the books and records of such Corporations in Property involved in such loss(es) on the basis that each such interest shall share in the amount(s) so recoverable or recovered in the ratio that the value of each such interest bears to the total value of all such interests and tha
t the Insured's share of such excess loss(es) shall be the amount of the Insured's interest in such Property in excess of the amount(s) so apportioned to the Insured by such Corporations.</FONT></P>
<P align=left><FONT face=serif size=2>This bond does not afford coverage in favor of such Corporations or Exchanges or any nominee in whose name is registered any security included within the systems for the central handling of securities established and maintained by such Corporations, and upon payment to the Insured by the Underwriter on account of any loss(es) within the systems, an assignment of such of the Insured's rights and causes of action as it may have against such Corporations or Exchanges shall to the extent of such payment, be given by the Insured to the Underwriter, and the Insured shall execute all papers necessary to secure to the Underwriter the rights provided for herein.</FONT></P>
<P align=left><FONT face=serif size=2>SECTION 16. ADDITIONAL COMPANIES INCLUDED AS INSURED</FONT></P>
<P align=left><FONT face=serif size=2>If more than one corporation, co-partnership or person or any combination of them be included as the Insured herein:</FONT></P>
<P align=left><FONT face=serif size=2>(a) the total liability of the Underwriter hereunder for loss or losses sustained by any one or more or all of them shall not exceed the limit for which the Underwriter would be liable hereunder if all such loss were sustained by any one of them, </FONT></P>
<P align=left><FONT face=serif size=2>(b) the one first named herein shall be deemed authorized to make, adjust and receive and enforce payment of all claims hereunder and shall be deemed to be the agent of the others for such purposes and for the giving or receiving of any notice required or permitted to be given by the terms</FONT></P>
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<P align=left><FONT face=serif size=2>hereof, provided that the Underwriter shall furnish each named Investment Company with a copy of the bond and with any amendment thereto, together with a copy of each formal filing of the settlement of each such claim prior to the execution of such settlement, </FONT></P>
<P align=left><FONT face=serif size=2>(c) the Underwriter shall not be responsible for the proper application of any payment made hereunder to said first named Insured, </FONT></P>
<P align=left><FONT face=serif size=2>(d) knowledge possessed or discovery made by any partner, officer or supervisory Employee of any Insured shall for the purposes of Section 4 and Section 13 of this bond constitute knowledge or discovery by all the Insured, and </FONT></P>
<P align=left><FONT face=serif size=2>(e) if the first named Insured ceases for any reason to be covered under this bond, then the Insured next named shall thereafter be considered as the first named Insured for the purposes of this bond.</FONT></P>
<P align=left><FONT face=serif size=2>SECTION 17. NOTICE AND CHANGE OF CONTROL</FONT></P>
<P align=left><FONT face=serif size=2>Upon the Insured's obtaining knowledge of a transfer of its outstanding voting securities which results in a change in control (as set forth in Section 2(a) (9) of the Investment Company Act of 1940) of the Insured, the Insured shall within thirty (30) days of such knowledge give written notice to the Underwriter setting forth: </FONT></P>
<P align=left><FONT face=serif size=2>(a) the names of the transferors and transferees (or the names of the beneficial owners if the voting securities are requested in another name), and </FONT></P>
<P align=left><FONT face=serif size=2>(b) the total number of voting securities owned by the transferors and the transferees (or the beneficial owners), both immediately before and after the transfer, and </FONT></P>
<P align=left><FONT face=serif size=2>(c) the total number of outstanding voting securities.</FONT></P>
<P align=left><FONT face=serif size=2>As used in this section, control means the power to exercise a controlling influence over the management or policies of the Insured.</FONT></P>
<P align=left><FONT face=serif size=2>Failure to give the required notice shall&nbsp; </FONT><FONT face=serif size=2>result in termination of coverage of this bond, effective upon the date of stock transfer for any loss in which any transferee is concerned or implicated.</FONT></P>
<P align=left><FONT face=serif size=2>Such notice is not required to be given in the case of an Insured which is an Investment Company.</FONT></P>
<P align=left><FONT face=serif size=2>SECTION 18. CHANGE OR MODIFICATION</FONT></P>
<P align=left><FONT face=serif size=2>This bond or any instrument amending or effecting same may not be changed or modified orally. No changes in or modification thereof shall be effective unless made by written endorsement issued to form a part hereof over the signature of the Underwriter's Authorized Representative. When a bond covers only one Investment Company no change or modification which would adversely affect the rights of the Investment Company shall be effective prior to 60 days after written notification has been furnished to the Securities and Exchange Commission, Washington, D.C. by the Insured or by the Underwriter. If more than one Investment Company is named as the Insured herein, the Underwriter shall give written notice to each Investment Company and to the Securities and Exchange Commission, Washington, D.C. not less than 60 days prior to the effective date of any change or modification which would adversely affect the rights of such Investment Company.</FONT></P>
<P align=left><FONT face=serif size=2>IN WITNESS WHEREOF, the Underwriter has caused this bond to be executed on the Declarations Page.</FONT></P>
<P align=left><FONT face=serif size=2>13</FONT></P>
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<TABLE cellSpacing=1 cellPadding=0 width="80%" border=0>
<TR vAlign=bottom>
     <TD noWrap align=left width="10%">&nbsp; </TD>
     <TD noWrap align=left width="19%">&nbsp; </TD>
     <TD noWrap align=left width="18%">&nbsp; </TD>
     <TD noWrap align=left width="27%"><B><U><FONT face=sans-serif size=2>RIDER# 1</FONT></U></B>&nbsp; </TD>
     <TD noWrap align=left width="23%">&nbsp; </TD></TR>
<TR>
     <TD width="97%" colSpan=5>&nbsp; </TD></TR>
<TR>
     <TD width="97%" colSpan=5>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="29%" colSpan=2><FONT face=serif size=2>This rider, effective</FONT>&nbsp; </TD>
     <TD noWrap align=left width="18%"><I><FONT face=serif size=2>12:01 am</FONT></I>&nbsp; </TD>
     <TD noWrap align=left width="27%"><I><FONT face=serif size=2>June 15, 2006</FONT></I>&nbsp; </TD>
     <TD noWrap align=left width="23%"><FONT face=serif size=2>forms a part of</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="29%" colSpan=2><FONT face=serif size=2>bond number </FONT><I><FONT face=serif size=2>672-50-81</FONT></I>&nbsp; </TD>
     <TD noWrap align=left width="18%">&nbsp; </TD>
     <TD noWrap align=left width="27%">&nbsp; </TD>
     <TD noWrap align=left width="23%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="74%" colSpan=4><FONT face=serif size=2>issued to </FONT><I><FONT face=serif size=2>THE GEORGE PUTNAM FUNDS OF BOSTON</FONT></I>&nbsp; </TD>
     <TD noWrap align=left width="23%">&nbsp; </TD></TR>
<TR>
     <TD width="97%" colSpan=5>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="10%"><FONT face=serif size=2>by</FONT>&nbsp; </TD>
     <TD noWrap align=center width="87%" colSpan=4><I><FONT face=serif size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; National Union Fire Insurance Company of Pittsburgh, Pa.</FONT></I>&nbsp; </TD></TR></TABLE><BR>
<P align=center><B><FONT face=serif size=2>THIS ENDORSEMENT CHANGES THE POLICY. PLEASE READ IT CAREFULLY.</FONT></B></P>
<P align=center><B><FONT face=serif size=2>COVERAGE TERRITORY ENDORSEMENT</FONT></B></P>
<P align=left><FONT face=serif size=2>Payment of loss under this policy shall only be made in full compliance with all United States of America economic or trade sanction laws or regulations, including, but not limited to, sanctions, laws and regulations administered and enforced by the U.S. Treasury Department's Office of Foreign Assets Control ("OFAC").</FONT></P>
<P align=right><FONT face=serif size=2>AUTHORIZED REPRESENTATIVE</FONT></P>
<P align=center><B><I><FONT face=sans-serif size=4>RIDER 1</FONT></I></B></P>
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<TR vAlign=bottom>
     <TD align=center width="96%" colSpan=5><B><U><FONT face=sans-serif size=2>RIDER# 2</FONT></U></B> </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="29%" colSpan=2><FONT face=serif size=2>This rider, effective</FONT>&nbsp; </TD>
     <TD noWrap align=center width="14%"><I><FONT face=serif size=2>12:01 am</FONT></I>&nbsp; </TD>
     <TD noWrap align=center width="30%"><I><FONT face=serif size=2>June 15, 2006</FONT></I>&nbsp; </TD>
     <TD noWrap align=center width="23%"><FONT face=serif size=2>forms a part of</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="29%" colSpan=2><FONT face=serif size=2>bond number </FONT><I><FONT face=serif size=2>672-50-81</FONT></I>&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="30%">&nbsp; </TD>
     <TD noWrap align=left width="23%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="73%" colSpan=4><FONT face=serif size=2>issued to </FONT><I><FONT face=serif size=2>THE GEORGE PUTNAM FUNDS OF BOSTON</FONT></I>&nbsp; </TD>
     <TD noWrap align=left width="23%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="10%"><FONT face=serif size=2>by</FONT>&nbsp; </TD>
     <TD noWrap align=left width="86%" colSpan=4><I><FONT face=serif size=2>National Union Fire Insurance Company of Pittsburgh, Pa.</FONT></I>&nbsp; </TD></TR>
<TR>
     <TD width="96%" colSpan=5>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="10%">&nbsp; </TD>
     <TD noWrap align=left width="19%">&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="30%"><B><FONT face=serif size=2>NAMED INSURED</FONT></B>&nbsp; </TD>
     <TD noWrap align=left width="23%">&nbsp; </TD></TR></TABLE><BR>
<P align=left><FONT face=serif size=2>1. The Name of Insured shown in Item 1 of the Declarations is amended to read as follows:</FONT><BR>
<BR>
<FONT face=serif size=2>"The George Putnam Fund of Boston </FONT><BR>
<FONT face=serif size=2>Putnam American Government Income Fund</FONT><BR>
<FONT face=serif size=2>Putnam Arizona Tax Exempt Income Fund</FONT><BR>
<FONT face=serif size=2>Putnam Asset Allocation Funds </FONT><BR>
<FONT face=serif size=2>Balanced Portfolio</FONT><BR>
<FONT face=serif size=2>Conservative Portfolio</FONT><BR>
<FONT face=serif size=2>Growth Portfolio</FONT><BR>
<FONT face=serif size=2>Putnam California Investment Grade Municipal Trust</FONT><BR>
<FONT face=serif size=2>Putnam California Tax Exempt Income Fund</FONT><BR>
<FONT face=serif size=2>Putnam Capital Appreciation Fund</FONT><BR>
<FONT face=serif size=2>Putnam Classic Equity Fund</FONT><BR>
<FONT face=serif size=2>Putnam Convertible Income-Growth Trust</FONT><BR>
<FONT face=serif size=2>Putnam Discovery Growth Fund </FONT><BR>
<FONT face=serif size=2>Putnam Diversified Income Trust </FONT><BR>
<FONT face=serif size=2>Putnam Equity Income Fund </FONT><BR>
<FONT face=serif size=2>Putnam Europe Equity Fund</FONT><BR>
<FONT face=serif size=2>Putnam Florida Tax Exempt Income Fund</FONT><BR>
<FONT face=serif size=2>Putnam Funds Trust</FONT><BR>
<FONT face=serif size=2>Putnam Floating Rate Daily Access Fund</FONT><BR>
<FONT face=serif size=2>Putnam Growth Fund</FONT><BR>
<FONT face=serif size=2>Putnam International Fund 2000</FONT><BR>
<FONT face=serif size=2>Putnam International Growth and Income Fund</FONT><BR>
<FONT face=serif size=2>Putnam Prime Money Market Fund </FONT><BR>
<FONT face=serif size=2>Putnam Small Cap Growth Fund </FONT><BR>
<FONT face=serif size=2>Putnam Global Equity Fund </FONT><BR>
<FONT face=serif size=2>Putnam Global Income Trust</FONT><BR>
<FONT face=serif size=2>Putnam Global Natural Resources Fund </FONT><BR>
<FONT face=serif size=2>The Putnam Fund for Growth and Income</FONT><BR>
<FONT face=serif size=2>Putnam Health Sciences Trust </FONT><BR>
<FONT face=serif size=2>Putnam High Income Bond Fund</FONT><BR>
<FONT face=serif size=2>Putnam High Income Opportunities Trust</FONT><BR>
<FONT face=serif size=2>Putnam High Yield Advantage Fund </FONT><BR>
<FONT face=serif size=2>Putnam High Yield Municipal Trust </FONT><BR>
<FONT face=serif size=2>Putnam High Yield Trust</FONT><BR>
<FONT face=serif size=2>Putnam Income Fund</FONT><BR>
<FONT face=serif size=2>Putnam Intermediate U.S. Government Income Fund</FONT><BR>
<FONT face=serif size=2>Putnam International Equity Fund</FONT></P>
<P align=center><B><I><FONT face=sans-serif size=4>RIDER 2</FONT></I></B></P>
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<TABLE cellSpacing=1 cellPadding=0 width="80%" border=0>
<TR vAlign=bottom>
     <TD noWrap align=left width="10%">&nbsp; </TD>
     <TD noWrap align=left width="19%">&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="15%"><B><U><FONT face=sans-serif size=2>RIDER# 2</FONT></U></B>&nbsp; </TD>
     <TD noWrap align=left width="20%"><B><FONT face=sans-serif size=2>(Continued)</FONT></B>&nbsp; </TD>
     <TD noWrap align=left width="18%">&nbsp; </TD></TR>
<TR>
     <TD width="96%" colSpan=6>&nbsp; </TD></TR>
<TR>
     <TD width="96%" colSpan=6>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="29%" colSpan=2><FONT face=serif size=2>This rider, effective</FONT>&nbsp; </TD>
     <TD noWrap align=left width="14%"><I><FONT face=serif size=2>12:01 am</FONT></I>&nbsp; </TD>
     <TD noWrap align=left width="35%" colSpan=2><I><FONT face=serif size=2>June 15, 2006</FONT></I>&nbsp; </TD>
     <TD noWrap align=left width="18%"><FONT face=serif size=2>forms a part of</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="29%" colSpan=2><FONT face=serif size=2>bond number </FONT><I><FONT face=serif size=2>672-50-81</FONT></I>&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD>
     <TD noWrap align=left width="18%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="78%" colSpan=5><FONT face=serif size=2>issued to </FONT><I><FONT face=serif size=2>THE GEORGE PUTNAM FUNDS OF BOSTON</FONT></I>&nbsp; </TD>
     <TD noWrap align=left width="18%">&nbsp; </TD></TR>
<TR>
     <TD width="96%" colSpan=6>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="10%"><FONT face=serif size=2>by</FONT>&nbsp; </TD>
     <TD noWrap align=left width="86%" colSpan=5><I><FONT face=serif size=2>National Union Fire Insurance Company of Pittsburgh, Pa.</FONT></I>&nbsp; </TD></TR></TABLE><BR>
<P align=left><FONT face=serif size=2>Putnam Investment Funds</FONT><BR>
<FONT face=serif size=2>Putnam Capital Opportunities Fund </FONT><BR>
<FONT face=serif size=2>Putnam Growth Opportunities Fund </FONT><BR>
<FONT face=serif size=2>Putnam International Blend Fund</FONT><BR>
<FONT face=serif size=2>Putnam International New Opportunities Fund</FONT><BR>
<FONT face=serif size=2>Putnam International Capital Opportunities Fund</FONT><BR>
<FONT face=serif size=2>Putnam MidCap Value Fund</FONT><BR>
<FONT face=serif size=2>Putnam New Value Fund</FONT><BR>
<FONT face=serif size=2>Putnam Research Fund</FONT><BR>
<FONT face=serif size=2>Putnam Small Cap Value Fund</FONT><BR>
<FONT face=serif size=2>Putnam Investment Grade Municipal Trust</FONT><BR>
<FONT face=serif size=2>Putnam Investors Fund</FONT><BR>
<FONT face=serif size=2>Putnam Managed High Yield Trust </FONT><BR>
<FONT face=serif size=2>Putnam Managed Municipal Income Trust</FONT><BR>
<FONT face=serif size=2>Putnam Massachusetts Tax Exempt Income Fund</FONT><BR>
<FONT face=serif size=2>Putnam Master Income Trust</FONT><BR>
<FONT face=serif size=2>Putnam Master Intermediate Income Trust</FONT><BR>
<FONT face=serif size=2>Putnam Michigan Tax Exempt Income Fund</FONT><BR>
<FONT face=serif size=2>Putnam Minnesota Tax Exempt Income Fund</FONT><BR>
<FONT face=serif size=2>Putnam Money Market Fund </FONT><BR>
<FONT face=serif size=2>Putnam Municipal Bond Fund </FONT><BR>
<FONT face=serif size=2>Putnam Municipal Income Fund </FONT><BR>
<FONT face=serif size=2>Putnam Municipal Opportunities Trust</FONT><BR>
<FONT face=serif size=2>Putnam New Jersey Tax Exempt Income Fund</FONT><BR>
<FONT face=serif size=2>Putnam New Opportunities Fund</FONT><BR>
<FONT face=serif size=2>Putnam New York Investment Grade Municipal Trust</FONT><BR>
<FONT face=serif size=2>Putnam New York Tax Exempt Income Fund</FONT><BR>
<FONT face=serif size=2>Putnam Ohio Tax Exempt Income Fund </FONT><BR>
<FONT face=serif size=2>Putnam OTC &amp; Emerging Growth Fund</FONT><BR>
<FONT face=serif size=2>Putnam Pennsylvania Tax Exempt Income Fund</FONT><BR>
<FONT face=serif size=2>Putnam Premier Income Trust </FONT><BR>
<FONT face=serif size=2>Putnam Tax Exempt Income Fund </FONT><BR>
<FONT face=serif size=2>Putnam Tax Exempt Money Market Fund</FONT><BR>
<FONT face=serif size=2>Putnam Tax-Free Health Care Fund</FONT><BR>
<FONT face=serif size=2>Putnam Tax-Free Income Trust </FONT><BR>
<FONT face=serif size=2>Tax-Free High Yield Fund</FONT><BR>
<FONT face=serif size=2>Tax-Free Insured Fund</FONT><BR>
<FONT face=serif size=2>TH Lee, Putnam Emerging Opportunities Portfolio</FONT><BR>
<FONT face=serif size=2>Putnam Tax Smart Funds Trust</FONT><BR>
<FONT face=serif size=2>Putnam Tax Smart Equity Fund</FONT></P>
<P align=left><B><I><FONT face=sans-serif size=4>RIDER 2</FONT></I></B></P>
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<TABLE border=0 width=80% cellspacing=1 cellpadding=0>
<TR valign="bottom">
	<TD align=left width=10% nowrap>
&nbsp;
	</TD>
	<TD align=left width=19% nowrap>
&nbsp;
	</TD>
	<TD align=left width=29% nowrap colspan=2>
<B><U><FONT size=2 face="sans-serif">RIDER# 2</FONT></U></B>&nbsp;
	</TD>
	<TD align=left width=21% nowrap>
<B><FONT size=2 face="sans-serif">(Continued)</FONT></B>&nbsp;
	</TD>
	<TD align=left width=17% nowrap>
&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=6>
&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=6>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=29% nowrap colspan=2>
<FONT size=2 face="serif">This rider, effective</FONT>&nbsp;
	</TD>
	<TD align=left width=18% nowrap>
<I><FONT size=2 face="serif">12:01 am</FONT></I>&nbsp;
	</TD>
	<TD align=left width=32% nowrap colspan=2>
<I><FONT size=2 face="serif">June 15, 2006</FONT></I>&nbsp;
	</TD>
	<TD align=left width=17% nowrap>
<FONT size=2 face="serif">forms a part of</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=29% nowrap colspan=2>
<FONT size=2 face="serif">bond number </FONT><I><FONT size=2 face="serif">672-50-81</FONT></I>&nbsp;
	</TD>
	<TD align=left width=18% nowrap>
&nbsp;
	</TD>
	<TD align=left width=11% nowrap>
&nbsp;
	</TD>
	<TD align=left width=21% nowrap>
&nbsp;
	</TD>
	<TD align=left width=17% nowrap>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=79% nowrap colspan=5>
<FONT size=2 face="serif">issued to </FONT><I><FONT size=2 face="serif">THE GEORGE PUTNAM FUNDS OF BOSTON</FONT></I>&nbsp;
	</TD>
	<TD align=left width=17% nowrap>
&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=6>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=10% nowrap>
<FONT size=2 face="serif">by</FONT>&nbsp;
	</TD>
	<TD align=left width=86% nowrap colspan=5>
<I><FONT size=2 face="serif">National Union Fire Insurance Company of Pittsburgh, Pa.</FONT></I>&nbsp;
	</TD>
</TR>
</TABLE><BR>
<P align="left">
<FONT size=2 face="serif">Putnam U.S. Government Income Trust</FONT><BR>
<FONT size=2 face="serif">Putnam Utilities Growth and Income Fund</FONT><BR>
<FONT size=2 face="serif">Putnam Variable Trust</FONT><BR>
<FONT size=2 face="serif">Putnam VT American Government Income Fund </FONT><BR>
<FONT size=2 face="serif">Putnam VT Capital Appreciation Fund</FONT><BR>
<FONT size=2 face="serif">Putnam VT Capital Opportunities Fund</FONT><BR>
<FONT size=2 face="serif">Putnam VT Discovery Growth Fund</FONT><BR>
<FONT size=2 face="serif">Putnam VT Diversified Income Fund</FONT><BR>
<FONT size=2 face="serif">Putnam VT Equity Income Fund</FONT><BR>
<FONT size=2 face="serif">Putnam VT The George Putnam Fund of Boston </FONT><BR>
<FONT size=2 face="serif">Putnam VT Global Asset Allocation Fund</FONT><BR>
<FONT size=2 face="serif">Putnam VT Global Equity Fund</FONT><BR>
<FONT size=2 face="serif">Putnam VT Growth and Income Fund</FONT><BR>
<FONT size=2 face="serif">Putnam VT Growth Opportunities Fund</FONT><BR>
<FONT size=2 face="serif">Putnam VT Health Sciences Fund</FONT><BR>
<FONT size=2 face="serif">Putnam VT High Yield Fund</FONT><BR>
<FONT size=2 face="serif">Putnam VT Income Fund</FONT><BR>
<FONT size=2 face="serif">Putnam VT International Equity Fund</FONT><BR>
<FONT size=2 face="serif">Putnam VT International Growth and Income Fund</FONT><BR>
<FONT size=2 face="serif">Putnam VT International New Opportunities Fund</FONT><BR>
<FONT size=2 face="serif">Putnam VT Investors Fund</FONT><BR>
<FONT size=2 face="serif">Putnam VT Mid Cap Value Fund</FONT><BR>
<FONT size=2 face="serif">Putnam VT Money Market Fund </FONT><BR>
<FONT size=2 face="serif">Putnam VT New Opportunities Fund </FONT><BR>
<FONT size=2 face="serif">Putnam VT New Value Fund</FONT><BR>
<FONT size=2 face="serif">Putnam VT OTC &amp; Emerging Growth Fund</FONT><BR>
<FONT size=2 face="serif">Putnam VT Research Fund</FONT><BR>
<FONT size=2 face="serif">Putnam VT Small Cap Value Fund</FONT><BR>
<FONT size=2 face="serif">Putnam VT Utilities Growth and Income Fund</FONT><BR>
<FONT size=2 face="serif">Putnam VT Vista Fund</FONT><BR>
<FONT size=2 face="serif">Putnam VT Voyager Fund</FONT><BR>
<FONT size=2 face="serif">Putnam Vista Fund</FONT><BR>
<FONT size=2 face="serif">Putnam Voyager Fund</FONT></P>
<P align="left">
<FONT size=2 face="serif">and any Investment Company sponsored by the Putnam Investments Trust, its subsidiaries or affiliated entities, which has been registered with the Securities and Exchange Commission under the Investment Company Act of 1940,
commonly known as a Mutual Fund."</FONT></P>
<P align="left">
<B><I><FONT size=4 face="sans-serif">RIDER 2</FONT></I></B></P>

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<TABLE cellSpacing=1 cellPadding=0 width="80%" border=0>
<TR vAlign=bottom>
     <TD noWrap align=left width="10%">&nbsp; </TD>
     <TD noWrap align=left width="19%">&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="15%"><B><U><FONT face=sans-serif size=2>RIDER# 2</FONT></U></B>&nbsp; </TD>
     <TD noWrap align=left width="20%"><B><FONT face=sans-serif size=2>(Continued)</FONT></B>&nbsp; </TD>
     <TD noWrap align=left width="18%">&nbsp; </TD></TR>
<TR>
     <TD width="96%" colSpan=6>&nbsp; </TD></TR>
<TR>
     <TD width="96%" colSpan=6>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="29%" colSpan=2><FONT face=serif size=2>This rider, effective</FONT>&nbsp; </TD>
     <TD noWrap align=left width="14%"><I><FONT face=serif size=2>12:01 am</FONT></I>&nbsp; </TD>
     <TD noWrap align=left width="35%" colSpan=2><I><FONT face=serif size=2>June 15, 2006</FONT></I>&nbsp; </TD>
     <TD noWrap align=left width="18%"><FONT face=serif size=2>forms a part of</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="29%" colSpan=2><FONT face=serif size=2>bond number </FONT><I><FONT face=serif size=2>672-50-81</FONT></I>&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD>
     <TD noWrap align=left width="18%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="78%" colSpan=5><FONT face=serif size=2>issued to </FONT><I><FONT face=serif size=2>THE GEORGE PUTNAM FUNDS OF BOSTON</FONT></I>&nbsp; </TD>
     <TD noWrap align=left width="18%">&nbsp; </TD></TR>
<TR>
     <TD width="96%" colSpan=6>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="10%"><FONT face=serif size=2>by</FONT>&nbsp; </TD>
     <TD noWrap align=left width="86%" colSpan=5><I><FONT face=serif size=2>National Union Fire Insurance Company of Pittsburgh, Pa.</FONT></I>&nbsp; </TD></TR></TABLE><BR>
<P align=left><FONT face=serif size=2>2. Each Mutual Fund created by Putnam Investments Trust, its subsidiaries or affiliated entities after the effective date of this Bond but prior to the termination of the Bond Period shall be deemed Named Insured under the Bond effective as of the date it is created.</FONT></P>
<P align=left><FONT face=serif size=2>3. Each of the following entities, with respect to its service to the Mutual Fund Named Insureds, shall be deemed Named Insured under the Bond:</FONT></P>
<P align=left><FONT face=serif size=2>Putnam Investment Management, LLC</FONT><BR>
<FONT face=serif size=2>Putnam Investment Trust</FONT><BR>
<FONT face=serif size=2>Putnam Fiduciary Trust Company</FONT><BR>
<FONT face=serif size=2>Putnam Retail Management Limited Partnership</FONT></P>
<P align=left><FONT face=serif size=2>4. Nothing herein contained shall be held to vary, alter, waive or extend any of the terms, limitations, conditions or agreements of the attached bond other than as above stated.</FONT></P>
<P align=right><FONT face=serif size=2>_________________________________________</FONT><BR>
<B><FONT face=serif size=2>AUTHORIZED REPRESENTATIVE</FONT></B></P>
<P align=center><B><I><FONT face=sans-serif size=4>RIDER 2</FONT></I></B></P>
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<TABLE cellSpacing=1 cellPadding=0 width="80%" border=0>
<TR vAlign=bottom>
     <TD noWrap align=left width="10%">&nbsp; </TD>
     <TD noWrap align=left width="18%">&nbsp; </TD>
     <TD noWrap align=left width="18%">&nbsp; </TD>
     <TD noWrap align=center width="34%"><B><U><FONT face=sans-serif size=2>RIDER# </FONT></U></B><U><FONT face=sans-serif size=2>3</FONT></U>&nbsp; </TD>
     <TD noWrap align=left width="17%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="28%" colSpan=2><FONT face=serif size=2>This rider, effective</FONT>&nbsp; </TD>
     <TD noWrap align=left width="18%"><I><FONT face=serif size=2>12:01 am</FONT></I>&nbsp; </TD>
     <TD noWrap align=left width="34%"><I><FONT face=serif size=2>June 15, 2006</FONT></I>&nbsp; </TD>
     <TD noWrap align=left width="17%"><FONT face=serif size=2>forms a part of</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="28%" colSpan=2><FONT face=serif size=2>bond number </FONT><I><FONT face=serif size=2>672-50-81</FONT></I>&nbsp; </TD>
     <TD noWrap align=left width="18%">&nbsp; </TD>
     <TD noWrap align=left width="34%">&nbsp; </TD>
     <TD noWrap align=left width="17%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="80%" colSpan=4><FONT face=serif size=2>issued to </FONT><I><FONT face=serif size=2>THE GEORGE PUTNAM FUNDS OF BOSTON</FONT></I>&nbsp; </TD>
     <TD noWrap align=left width="17%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="10%"><FONT face=serif size=2>by</FONT>&nbsp; </TD>
     <TD noWrap align=left width="87%" colSpan=4><I><FONT face=serif size=2>National Union Fire Insurance Company of Pittsburgh, Pa.</FONT></I>&nbsp; </TD></TR>
<TR>
     <TD width="97%" colSpan=5>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="10%">&nbsp; </TD>
     <TD noWrap align=left width="18%">&nbsp; </TD>
     <TD noWrap align=center width="52%" colSpan=2><B><FONT face=serif size=2>TELEFACSIMILE TRANSFER FRAUD</FONT></B>&nbsp; </TD>
     <TD noWrap align=left width="17%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="28%" colSpan=2><FONT face=serif size=2>It is agreed that:</FONT>&nbsp; </TD>
     <TD noWrap align=left width="18%">&nbsp; </TD>
     <TD noWrap align=left width="34%">&nbsp; </TD>
     <TD noWrap align=left width="17%">&nbsp; </TD></TR></TABLE><BR>
<P align=left><FONT face=serif size=2>1. The attached bond is amended by adding an additional Insuring Agreement as follows:</FONT></P>
<P align=left><FONT face=serif size=2>Loss resulting by reason of the Insured having transferred, paid or delivered any funds or Property, established any credit, debited any account, or given any value relying on any fraudulent instructions sent by a customer or financial institution by Telefacsimile Transmission directed to the Insured, authorizing or acknowledging the transfer, payment, or delivery of funds or property, the establishment of a credit, debiting of any account, or the giving of value by the Insured, but only if such telefacsimile instructions:</FONT></P>
<P align=left><FONT face=serif size=2>i) bear a valid test key exchanged between the Insured and a customer or another financial institution with authority to use such test key for Telefacsimile instructions in the ordinary course of business, but which test key has been wrongfully obtained by a person who was not authorized to initiate, make, validate or authenticate a test key arrangement; and </FONT></P>
<P align=left><FONT face=serif size=2>ii) fraudulently purport to have been sent by such customer or financial institution, but which telefacsimile instructions were transmitted without the knowledge or consent of such customer or financial institution by a person other than such customer or financial institution and which bear a forged signature.</FONT></P>
<P align=left><FONT face=serif size=2>"Telefacsimile" means a system of transmitting written documents by electronic signals over telephone lines to equipment maintained by the Insured within its communication room for the purposes of reproducing a copy of said document. It does not mean electronic communication sent by Telex, TWC, or electronic mail, or Automated Clearing House.</FONT></P>
<P align=left><FONT face=serif size=2>2. The limit of Liability for the coverage provided by this rider shall be Seventy Million Dollars </FONT><B><FONT face=serif size=2>($70,000,000), </FONT></B><FONT face=serif size=2>it being understood, however, that such liability shall be part of and not in addition to the limit of liability stated in Item 3 of the Declaration of the attached bond.</FONT></P>
<P align=left><FONT face=serif size=2>3. The Underwriter shall be liable hereunder for the amount by which a Single Loss exceeds the Deductible Amount of One Hundred Fifty Thousand Dollars ($150,000) but not in excess of the Limit of Liability stated above.</FONT></P>
<P align=center><B><I><FONT face=sans-serif size=4>RIDER 3</FONT></I></B></P>
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<A name="page_22"></A>
<TABLE cellSpacing=1 cellPadding=0 width="80%" border=0>
<TR vAlign=bottom>
     <TD noWrap align=left width="10%">&nbsp; </TD>
     <TD noWrap align=left width="19%">&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="25%"><B><FONT face=sans-serif size=2>RIDER# 3</FONT></B>&nbsp; </TD>
     <TD noWrap align=left width="29%"><B><FONT face=sans-serif size=2>(Continued)</FONT></B>&nbsp; </TD></TR>
<TR>
     <TD width="97%" colSpan=5>&nbsp; </TD></TR>
<TR>
     <TD width="97%" colSpan=5>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="29%" colSpan=2><FONT face=serif size=2>This rider, effective</FONT>&nbsp; </TD>
     <TD noWrap align=left width="14%"><I><FONT face=serif size=2>12:01 am</FONT></I>&nbsp; </TD>
     <TD noWrap align=left width="25%"><I><FONT face=serif size=2>June 15, 2006</FONT></I>&nbsp; </TD>
     <TD noWrap align=left width="29%"><FONT face=serif size=2>forms a part of</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="29%" colSpan=2><FONT face=serif size=2>bond number </FONT><I><FONT face=serif size=2>672-50-81</FONT></I>&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="25%">&nbsp; </TD>
     <TD noWrap align=left width="29%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="68%" colSpan=4><FONT face=serif size=2>issued to </FONT><I><FONT face=serif size=2>THE GEORGE PUTNAM FUNDS OF BOSTON</FONT></I>&nbsp; </TD>
     <TD noWrap align=left width="29%">&nbsp; </TD></TR>
<TR>
     <TD width="97%" colSpan=5>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="10%"><FONT face=serif size=2>by</FONT>&nbsp; </TD>
     <TD noWrap align=left width="87%" colSpan=4><I><FONT face=serif size=2>National Union Fire Insurance Company of Pittsburgh, Pa.</FONT></I>&nbsp; </TD></TR></TABLE><BR>
<P align=left><FONT face=serif size=2>4. Nothing herein contained shall be held to vary, alter, waive or extend any of the terms, limitations, conditions or agreements of the attached bond other than as above stated.</FONT></P>
<P align=right><FONT face=serif size=2>______________________________</FONT><BR>
<FONT face=serif size=2>AUTHORIZED REPRESENTATIVE</FONT></P>
<P align=center><B><I><FONT face=sans-serif size=4>RIDER 3</FONT></I></B></P>
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<TABLE cellSpacing=1 cellPadding=0 width="80%" border=0>
<TR vAlign=bottom>
     <TD noWrap align=left width="10%">&nbsp; </TD>
     <TD noWrap align=left width="19%">&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="30%"><B><U><FONT face=sans-serif size=2>RIDER# </FONT></U></B><U><FONT face=sans-serif size=2>4</FONT></U>&nbsp; </TD>
     <TD noWrap align=left width="23%">&nbsp; </TD></TR>
<TR>
     <TD width="96%" colSpan=5>&nbsp; </TD></TR>
<TR>
     <TD width="96%" colSpan=5>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="29%" colSpan=2><FONT face=serif size=2>This rider, effective</FONT>&nbsp; </TD>
     <TD noWrap align=left width="14%"><I><FONT face=serif size=2>12:01 am</FONT></I>&nbsp; </TD>
     <TD noWrap align=left width="30%"><I><FONT face=serif size=2>June 15, 2006</FONT></I>&nbsp; </TD>
     <TD noWrap align=left width="23%"><FONT face=serif size=2>forms a part of</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="29%" colSpan=2><FONT face=serif size=2>bond number </FONT><I><FONT face=serif size=2>672-50-81</FONT></I>&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="30%">&nbsp; </TD>
     <TD noWrap align=left width="23%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="73%" colSpan=4><FONT face=serif size=2>issued to </FONT><I><FONT face=serif size=2>THE GEORGE PUTNAM FUNDS OF BOSTON</FONT></I>&nbsp; </TD>
     <TD noWrap align=left width="23%">&nbsp; </TD></TR>
<TR>
     <TD width="96%" colSpan=5>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="10%"><FONT face=serif size=2>by</FONT>&nbsp; </TD>
     <TD noWrap align=left width="86%" colSpan=4><I><FONT face=serif size=2>National Union Fire Insurance Company of Pittsburgh, Pa.</FONT></I>&nbsp; </TD></TR></TABLE><BR>
<P align=center><B><FONT face=serif size=2>VOICE INITIATED TRANSFER FRAUD-INSURING AGREEMENT K </FONT></B></P>
<P align=left><FONT face=serif size=2>It is agreed that:</FONT></P>
<P align=left><FONT face=serif size=2>1. The attached bond is amended by adding an additional Insuring Agreement as follows:</FONT></P>
<P align=center><FONT face=serif size=2>&nbsp;"VOICE INITIATED FUNDS TRANSFERS"</FONT></P>
<P align=left><FONT face=serif size=2>Loss resulting directly from the Insured having, in good faith, transferred funds from a Customer's account through an electronic funds transfer system covered in the Computer Systems Insuring Agreement attached to this bond, in reliance upon a Voice Initiated Funds Transfer Instruction which was purported to be from an officer, director, partner or employee of a Customer of the Insured who was authorized and appointed by such Customer to instruct the Insured by means of voice message transmitted by telephone to make certain funds transfers, and which instruction</FONT></P>
<P align=left><FONT face=serif size=2>1. was in fact, from an impostor, or a person not authorized by the Customer to issue such instructions by voice message transmitted by telephone, and which</FONT></P>
<P align=left><FONT face=serif size=2>2. was received by an Employee of the Insured specifically designated to receive and act upon such instructions; but provided that</FONT></P>
<P align=left><FONT face=serif size=2>a. such voice instruction was electronically recorded by the Insured and proper password(s) or code word(s) given; and</FONT></P>
<P align=left><FONT face=serif size=2>b. if the transfer was in excess of </FONT><B><FONT face=serif size=2>$150,000 </FONT></B><FONT face=serif size=2>the voice instruction was verified by a direct call back to an employee or the Customer (or a person thought by the Insured to be an employee of the Customer)</FONT></P>
<P align=left><FONT face=serif size=2>2. As used in this Insuring Agreement, Customer means an entity or individual which has a written agreement with the Insured for Customer Voice Initiated Electronic Funds Transfer and has provided the Insured with the names of its officer, directors, partners or employees authorized to initiate such Transfers.</FONT></P>
<P align=left><FONT face=serif size=2>3. The Single Loss Limit of Liability for the Voice Initiated Electronic Funds transfer Insuring Agreement is limited to the amount shown on the Declaration Page, or amendment thereto.</FONT></P>
<P align=center><B><I><FONT face=sans-serif size=4>RIDER 4</FONT></I></B></P>
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<A name="page_24"></A>
<TABLE cellSpacing=1 cellPadding=0 width="80%" border=0>
<TR vAlign=bottom>
     <TD noWrap align=left width="10%">&nbsp; </TD>
     <TD noWrap align=left width="19%">&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="15%"><B><U><FONT face=sans-serif size=2>RIDER# 4</FONT></U></B>&nbsp; </TD>
     <TD noWrap align=left width="20%"><B><FONT face=sans-serif size=2>(Continued)</FONT></B>&nbsp; </TD>
     <TD noWrap align=left width="18%">&nbsp; </TD></TR>
<TR>
     <TD width="96%" colSpan=6>&nbsp; </TD></TR>
<TR>
     <TD width="96%" colSpan=6>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="29%" colSpan=2><FONT face=serif size=2>This rider, effective</FONT>&nbsp; </TD>
     <TD noWrap align=left width="14%"><I><FONT face=serif size=2>12:01 am</FONT></I>&nbsp; </TD>
     <TD noWrap align=left width="35%" colSpan=2><I><FONT face=serif size=2>June 15, 2006</FONT></I>&nbsp; </TD>
     <TD noWrap align=left width="18%"><FONT face=serif size=2>forms a part of</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="29%" colSpan=2><FONT face=serif size=2>bond number </FONT><I><FONT face=serif size=2>672-50-81</FONT></I>&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD>
     <TD noWrap align=left width="18%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="78%" colSpan=5><FONT face=serif size=2>issued to </FONT><I><FONT face=serif size=2>THE GEORGE PUTNAM FUNDS OF BOSTON</FONT></I>&nbsp; </TD>
     <TD noWrap align=left width="18%">&nbsp; </TD></TR>
<TR>
     <TD width="96%" colSpan=6>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="10%"><FONT face=serif size=2>by</FONT>&nbsp; </TD>
     <TD noWrap align=left width="86%" colSpan=5><I><FONT face=serif size=2>National Union Fire Insurance Company of Pittsburgh, Pa.</FONT></I>&nbsp; </TD></TR></TABLE><BR>
<P align=left><FONT face=serif size=2>4. The following is added as part (g) Section 5:</FONT></P>
<P align=left><FONT face=serif size=2>(g) Proof of loss for claim under the Voice Initiated Electronic Funds Transfer Insuring Agreement must include electronic recordings of such voice instructions and the verification call back, if such call was required.</FONT></P>
<P align=left><FONT face=serif size=2>5. Nothing herein contained shall be held to vary, alter, waive or extend any of the terms, limitations, conditions or agreements of the attached bond other than as above stated.</FONT></P>
<P align=right><FONT face=serif size=2>______________________________</FONT><BR>
<FONT face=serif size=2>AUTHORIZED REPRESENTATIVE</FONT></P>
<P align=center><B><I><FONT face=sans-serif size=4>RIDER 4</FONT></I></B></P>
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<TABLE cellSpacing=1 cellPadding=0 width="80%" border=0>
<TR vAlign=bottom>
     <TD noWrap align=left width="10%">&nbsp; </TD>
     <TD noWrap align=left width="19%">&nbsp; </TD>
     <TD noWrap align=left width="17%">&nbsp; </TD>
     <TD noWrap align=center width="28%"><B><U><FONT face=sans-serif size=2>RIDER# 5</FONT></U></B>&nbsp; </TD>
     <TD noWrap align=left width="23%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="29%" colSpan=2><FONT face=serif size=2>This rider, effective</FONT>&nbsp; </TD>
     <TD noWrap align=left width="17%"><I><FONT face=serif size=2>12:01 am</FONT></I>&nbsp; </TD>
     <TD noWrap align=left width="28%"><I><FONT face=serif size=2>June 15, 2006</FONT></I>&nbsp; </TD>
     <TD noWrap align=left width="23%"><FONT face=serif size=2>forms a part of</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="29%" colSpan=2><FONT face=serif size=2>bond number </FONT><I><FONT face=serif size=2>672-50-81</FONT></I>&nbsp; </TD>
     <TD noWrap align=left width="17%">&nbsp; </TD>
     <TD noWrap align=left width="28%">&nbsp; </TD>
     <TD noWrap align=left width="23%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="74%" colSpan=4><FONT face=serif size=2>issued to </FONT><I><FONT face=serif size=2>THE GEORGE PUTNAM FUNDS OF BOSTON</FONT></I>&nbsp; </TD>
     <TD noWrap align=left width="23%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="10%"><FONT face=serif size=2>by</FONT>&nbsp; </TD>
     <TD noWrap align=left width="87%" colSpan=4><I><FONT face=serif size=2>National Union Fire Insurance Company of Pittsburgh, Pa.</FONT></I>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="10%">&nbsp; </TD>
     <TD noWrap align=center width="87%" colSpan=4><B><FONT face=serif size=2>AUTOMATED PHONE SYSTEM-INSURING AGREEMENT M</FONT></B>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="29%" colSpan=2><FONT face=serif size=2>It is agreed that:</FONT>&nbsp; </TD>
     <TD noWrap align=left width="17%">&nbsp; </TD>
     <TD noWrap align=left width="28%">&nbsp; </TD>
     <TD noWrap align=left width="23%">&nbsp; </TD></TR></TABLE><BR>
<P align=left><FONT face=serif size=2>1. The attached bond is amended by adding an additional Insuring Agreement as follows:</FONT></P>
<P align=center><B><FONT face=serif size=2>AUTOMATED PHONE SYSTEM</FONT></B></P>
<P align=left><FONT face=serif size=2>I. Loss caused by an Automated Phone System ("APS") Transaction, where the request for such APS Transaction is unauthorized or fraudulent and is made with the intent to deceive; provided, that the entity which receives such request generally maintains and follows during the bond Period all APS Designated Procedures with respect to APS </FONT><FONT face=serif size=2>Transactions. The Unintentional isolated failure of such entity to maintain and follow a particular APS Designated Procedure in a particular instance shall not preclude coverage under this Insuring Agreement, subject to the exclusions herein and in the Bond.</FONT></P>
<P align=left><FONT face=serif size=2>1. </FONT><U><FONT face=serif size=2>Definitions</FONT></U><FONT face=serif size=2>. The following terms used in this Insuring Agreement shall have the following meanings:</FONT></P>
<P align=left><FONT face=serif size=2>a. "APS Transaction" means any APS Redemption, APS Exchange, APS Purchase or APS Election.</FONT></P>
<P align=left><FONT face=serif size=2>b. "APS Redemption" means any redemption of shares issued by an Investment Company which is requested over the telephone by means of information transmitted by an individual caller through use of a telephone keypad.</FONT></P>
<P align=left><FONT face=serif size=2>c. "APS Election" means any election concerning various account features available to Fund Shareholders which is made over the telephone by means of information transmitted by an individual caller through use of a telephone keypad. These features include account statements, auto exchange, auto asset builder, automatic withdrawal, dividends/capital gains options, dividend sweep, telephone balance consent and change of address.</FONT></P>
<P align=left><FONT face=serif size=2>d. "APS Exchange" means any exchange of shares in a registered account of one Fund into shares in an identically registered account of another Fund in the same complex pursuant to</FONT></P>
<P align=center><B><I><FONT face=sans-serif size=4>RIDER 5</FONT></I></B></P>
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<TABLE cellSpacing=1 cellPadding=0 width="80%" border=0>
<TR vAlign=bottom>
     <TD noWrap align=left width="10%">&nbsp; </TD>
     <TD noWrap align=left width="19%">&nbsp; </TD>
     <TD noWrap align=left width="28%" colSpan=2><B><U><FONT face=sans-serif size=2>RIDER# 5</FONT></U></B>&nbsp; </TD>
     <TD noWrap align=left width="21%"><B><FONT face=sans-serif size=2>(Continued)</FONT></B>&nbsp; </TD>
     <TD noWrap align=left width="18%">&nbsp; </TD></TR>
<TR>
     <TD width="96%" colSpan=6>&nbsp; </TD></TR>
<TR>
     <TD width="96%" colSpan=6>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="29%" colSpan=2><FONT face=serif size=2>This rider, effective</FONT>&nbsp; </TD>
     <TD noWrap align=left width="18%"><I><FONT face=serif size=2>12:01 am</FONT></I>&nbsp; </TD>
     <TD noWrap align=left width="31%" colSpan=2><I><FONT face=serif size=2>June 15, 2006</FONT></I>&nbsp; </TD>
     <TD noWrap align=left width="18%"><FONT face=serif size=2>forms a part of</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="29%" colSpan=2><FONT face=serif size=2>bond number </FONT><I><FONT face=serif size=2>672-50-81</FONT></I>&nbsp; </TD>
     <TD noWrap align=left width="18%">&nbsp; </TD>
     <TD noWrap align=left width="10%">&nbsp; </TD>
     <TD noWrap align=left width="21%">&nbsp; </TD>
     <TD noWrap align=left width="18%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="78%" colSpan=5><FONT face=serif size=2>issued to </FONT><I><FONT face=serif size=2>THE GEORGE PUTNAM FUNDS OF BOSTON</FONT></I>&nbsp; </TD>
     <TD noWrap align=left width="18%">&nbsp; </TD></TR>
<TR>
     <TD width="96%" colSpan=6>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="10%"><FONT face=serif size=2>by</FONT>&nbsp; </TD>
     <TD noWrap align=left width="86%" colSpan=5><I><FONT face=serif size=2>National Union Fire Insurance Company of Pittsburgh, Pa.</FONT></I>&nbsp; </TD></TR></TABLE><BR>
<P align=left><FONT face=serif size=2>exchange privileges of the two Funds, which exchange is requested over the telephone by means of information transmitted by an individual caller through use of a telephone keypad.</FONT></P>
<P align=left><FONT face=serif size=2>e. "APS Designated Procedures" means all of the following procedures:</FONT></P>
<P align=left><FONT face=serif size=2>(1) </FONT><U><FONT face=serif size=2>Election in Application</FONT></U><FONT face=serif size=2>: No APS Redemption shall be executed unless the shareholder to whose account such an APS </FONT><FONT face=serif size=2>Redemption relates has previously elected by Official Designation to permit such APS Redemption.</FONT></P>
<P align=left><FONT face=serif size=2>(2) </FONT><U><FONT face=serif size=2>Logging</FONT></U><FONT face=serif size=2>: All APS Transaction requests shall be logged or otherwise recorded, so as to preserve all of the information transmitted by an individual caller through use of a telephone keypad in the course of such a request, and the records shall be retained for at least six months.</FONT></P>
<P align=left><FONT face=serif size=2>(a) Information contained in the records shall be capable of being retrieved and produced within a reasonable time after retrieval of specific information is requested, at a success rate of no less than 85 percent.</FONT></P>
<P align=left><FONT face=serif size=2>(3) </FONT><U><FONT face=serif size=2>Identity Test</FONT></U><FONT face=serif size=2>: The identity of the caller in any request for an APS Transaction shall be tested before execution of that APS </FONT><FONT face=serif size=2>Transaction by requiring the entry by the caller of a confidential personal identification number ("PIN")</FONT></P>
<P align=left><FONT face=serif size=2>(a) Limited Attempts to Enter PIN: If the caller fails to enter a correct PIN within three attempts, the caller must not be allowed additional attempts during the same telephone call to enter the PIN</FONT></P>
<P align=left><FONT face=serif size=2>(4) </FONT><U><FONT face=serif size=2>Written Confirmation</FONT></U><FONT face=serif size=2>: A written confirmation of any APS Transaction shall be mailed to the shareholder(s) to whose account such APS Transaction relates, at the</FONT></P>
<P align=center><B><I><FONT face=sans-serif size=4>RIDER 5</FONT></I></B></P>
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<TABLE cellSpacing=1 cellPadding=0 width="80%" border=0>
<TR vAlign=bottom>
     <TD noWrap align=left width="10%">&nbsp; </TD>
     <TD noWrap align=left width="19%">&nbsp; </TD>
     <TD noWrap align=left width="29%" colSpan=2><B><U><FONT face=sans-serif size=2>RIDER# 5</FONT></U></B>&nbsp; </TD>
     <TD noWrap align=left width="21%"><B><FONT face=sans-serif size=2>(Continued)</FONT></B>&nbsp; </TD>
     <TD noWrap align=left width="17%">&nbsp; </TD></TR>
<TR>
     <TD width="96%" colSpan=6>&nbsp; </TD></TR>
<TR>
     <TD width="96%" colSpan=6>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="29%" colSpan=2><FONT face=serif size=2>This rider, effective</FONT>&nbsp; </TD>
     <TD noWrap align=left width="18%"><I><FONT face=serif size=2>12:01 am</FONT></I>&nbsp; </TD>
     <TD noWrap align=left width="32%" colSpan=2><I><FONT face=serif size=2>June 15, 2006</FONT></I>&nbsp; </TD>
     <TD noWrap align=left width="17%"><FONT face=serif size=2>forms a part of</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="29%" colSpan=2><FONT face=serif size=2>bond number </FONT><I><FONT face=serif size=2>672-50-81</FONT></I>&nbsp; </TD>
     <TD noWrap align=left width="18%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="21%">&nbsp; </TD>
     <TD noWrap align=left width="17%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="79%" colSpan=5><FONT face=serif size=2>issued to </FONT><I><FONT face=serif size=2>THE GEORGE PUTNAM FUNDS OF BOSTON</FONT></I>&nbsp; </TD>
     <TD noWrap align=left width="17%">&nbsp; </TD></TR>
<TR>
     <TD width="96%" colSpan=6>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="10%"><FONT face=serif size=2>by</FONT>&nbsp; </TD>
     <TD noWrap align=left width="86%" colSpan=5><I><FONT face=serif size=2>National Union Fire Insurance Company of Pittsburgh, Pa.</FONT></I>&nbsp; </TD></TR></TABLE><BR>
<P align=left><FONT face=serif size=2>original record address, by the end of the Insured's next regular processing cycle, but in no event later than five business days following such APS Transaction.</FONT></P>
<P align=left><FONT face=serif size=2>(5) </FONT><U><FONT face=serif size=2>Access to APS Equipment</FONT></U><FONT face=serif size=2>: Access to the equipment which permits the entity receiving the APS Transaction request to process and effect the transaction shall be limited in the following manner: The Share Holder Services Group, Inc.</FONT></P>
<P align=left><FONT face=serif size=2>f. "APS Purchase" means any purchase of shares issued by an Investment Company, which is requested over the telephone by means of information transmitted by an individual caller through the use of a telephone keypad.</FONT></P>
<P align=left><FONT face=serif size=2>2. </FONT><U><FONT face=serif size=2>Exclusions</FONT></U><FONT face=serif size=2>. It is further understood and agreed that this extension shall not cover: a. Any loss covered under Insuring Agreement A. "Fidelity", of this Bond; b. Any loss resulting from:</FONT></P>
<P align=left><FONT face=serif size=2>(1) The redemption of shares, where the proceeds of such redemption are made payable to other than</FONT></P>
<P align=left><FONT face=serif size=2>(i) the shareholder of record, or</FONT></P>
<P align=left><FONT face=serif size=2>(ii) a person officially Designated to receive redemption proceeds, or</FONT></P>
<P align=left><FONT face=serif size=2>(iii) a bank account officially Designated to receive redemption proceeds, or</FONT></P>
<P align=left><FONT face=serif size=2>(2) The redemption of shares, where the proceeds of such redemption are paid by check mailed to any address, unless such address has either been</FONT></P>
<P align=center><B><I><FONT face=sans-serif size=4>RIDER 5</FONT></I></B></P>
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<TABLE cellSpacing=1 cellPadding=0 width="80%" border=0>
<TR vAlign=bottom>
     <TD noWrap align=left width="10%">&nbsp; </TD>
     <TD noWrap align=left width="19%">&nbsp; </TD>
     <TD noWrap align=left width="29%" colSpan=2><B><U><FONT face=sans-serif size=2>RIDER# 5</FONT></U></B>&nbsp; </TD>
     <TD noWrap align=left width="21%"><B><FONT face=sans-serif size=2>(Continued)</FONT></B>&nbsp; </TD>
     <TD noWrap align=left width="17%">&nbsp; </TD></TR>
<TR>
     <TD width="96%" colSpan=6>&nbsp; </TD></TR>
<TR>
     <TD width="96%" colSpan=6>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="29%" colSpan=2><FONT face=serif size=2>This rider, effective</FONT>&nbsp; </TD>
     <TD noWrap align=left width="18%"><I><FONT face=serif size=2>12:01 am</FONT></I>&nbsp; </TD>
     <TD noWrap align=left width="32%" colSpan=2><I><FONT face=serif size=2>June 15, 2006</FONT></I>&nbsp; </TD>
     <TD noWrap align=left width="17%"><FONT face=serif size=2>forms a part of</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="29%" colSpan=2><FONT face=serif size=2>bond number </FONT><I><FONT face=serif size=2>672-50-81</FONT></I>&nbsp; </TD>
     <TD noWrap align=left width="18%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="21%">&nbsp; </TD>
     <TD noWrap align=left width="17%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="79%" colSpan=5><FONT face=serif size=2>issued to </FONT><I><FONT face=serif size=2>THE GEORGE PUTNAM FUNDS OF BOSTON</FONT></I>&nbsp; </TD>
     <TD noWrap align=left width="17%">&nbsp; </TD></TR>
<TR>
     <TD width="96%" colSpan=6>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="10%"><FONT face=serif size=2>by</FONT>&nbsp; </TD>
     <TD noWrap align=left width="86%" colSpan=5><I><FONT face=serif size=2>National Union Fire Insurance Company of Pittsburgh, Pa.</FONT></I>&nbsp; </TD></TR></TABLE><BR>
<P align=left><FONT face=serif size=2>(i) designated by voice over the telephone or in writing without a signature guarantee, in either case at least thirty (30) days prior to such redemption, or</FONT></P>
<P align=left><FONT face=serif size=2>(ii) officially Designated, or</FONT></P>
<P align=left><FONT face=serif size=2>(iii) verified by any other procedures which may be stated below in this Rider, or</FONT></P>
<P align=left><FONT face=serif size=2>(3) The redemption of shares, where the proceeds of such redemption are paid by wire transfer to other than the shareholder's officially Designated bank account, or</FONT></P>
<P align=left><FONT face=serif size=2>(4) the Intentional failure to adhere to one or more APS Designated Procedures.</FONT></P>
<P align=left><FONT face=serif size=2>2. Nothing herein contained shall be held to vary, alter, waive, or extend any of the terms, limitations, conditions or provisions of the attached bond other than above stated.</FONT></P>
<P align=right><FONT face=serif size=2>________________________________</FONT><BR>
<FONT face=serif size=2>AUTHORIZED REPRESENTATIVE</FONT></P>
<P align=center><B><I><FONT face=sans-serif size=4>RIDER 5</FONT></I></B></P>
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<TABLE cellSpacing=1 cellPadding=0 width="80%" border=0>
<TR vAlign=bottom>
     <TD noWrap align=left width="10%">&nbsp; </TD>
     <TD noWrap align=left width="19%">&nbsp; </TD>
     <TD noWrap align=left width="17%">&nbsp; </TD>
     <TD noWrap align=center width="31%"><B><U><FONT face=sans-serif size=2>RIDER #6</FONT></U></B>&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR>
     <TD width="97%" colSpan=5>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="29%" colSpan=2><FONT face=serif size=2>This rider, effective</FONT>&nbsp; </TD>
     <TD noWrap align=left width="17%"><I><FONT face=serif size=2>12:01 am</FONT></I>&nbsp; </TD>
     <TD noWrap align=left width="31%"><I><FONT face=serif size=2>June 15, 2006</FONT></I>&nbsp; </TD>
     <TD noWrap align=left width="20%"><FONT face=serif size=2>forms a part of</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="29%" colSpan=2><FONT face=serif size=2>bond number </FONT><I><FONT face=serif size=2>672-50-81</FONT></I>&nbsp; </TD>
     <TD noWrap align=left width="17%">&nbsp; </TD>
     <TD noWrap align=left width="31%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="77%" colSpan=4><FONT face=serif size=2>issued to </FONT><I><FONT face=serif size=2>THE GEORGE PUTNAM FUNDS OF BOSTON</FONT></I>&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="10%"><FONT face=serif size=2>by</FONT>&nbsp; </TD>
     <TD noWrap align=left width="87%" colSpan=4><I><FONT face=serif size=2>National Union Fire Insurance Company of Pittsburgh, Pa.</FONT></I>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="10%">&nbsp; </TD>
     <TD noWrap align=left width="19%">&nbsp; </TD>
     <TD noWrap align=center width="48%" colSpan=2><B><FONT face=serif size=2>COMPUTER SYSTEM RIDER</FONT></B>&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR></TABLE><BR>
<P align=left><FONT face=serif size=2>It is agreed that:</FONT></P>
<P align=left><FONT face=serif size=2>1. The attached bond is amended by adding an additional insuring agreement as follows:</FONT></P>
<P align=center><B><FONT face=serif size=2>COMPUTER SYSTEMS </FONT></B></P>
<P align=left><FONT face=serif size=2>Loss resulting directly from a fraudulent</FONT></P>
<P align=left><FONT face=serif size=2>(1) entry of data into, or</FONT></P>
<P align=left><FONT face=serif size=2>(2) change of data or programs within a Computer System; provided the fraudulent entry or change causes </FONT></P>
<P align=left><FONT face=serif size=2>(a) Property to be transferred, paid or delivered,</FONT></P>
<P align=left><FONT face=serif size=2>(b) an account of the Insured, or of its customer, to be added, deleted, debited or credited:</FONT></P>
<P align=left><FONT face=serif size=2>(c) an unauthorized account of a fictitious account to be debited or credited;</FONT></P>
<P align=left><FONT face=serif size=2>(3) voice instructions or advices having been transmitted to the Insured or its agent(s) by telephone;</FONT></P>
<P align=left><FONT face=serif size=2>and provided further, the fraudulent entry or change is made or caused by an individual acting with the intent to:</FONT></P>
<P align=left><FONT face=serif size=2>(i) cause the Insured or its agent(s) to sustain a loss, and</FONT></P>
<P align=left><FONT face=serif size=2>(ii) obtain financial benefit for that individual or for other persons intended by that individual to receive financial benefit, </FONT></P>
<P align=left><FONT face=serif size=2>(iii) and further provided such voice instruction or advices:</FONT></P>
<P align=left><FONT face=serif size=2>(a) were made by a person who purported to represent an individual authorized to make such voice instruction or advices; and </FONT></P>
<P align=left><FONT face=serif size=2>(b) were electronically recorded by the Insured or its agent(s).</FONT></P>
<P align=center><B><I><FONT face=sans-serif size=4>RIDER 6</FONT></I></B></P>
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<TABLE cellSpacing=1 cellPadding=0 width="80%" border=0>
<TR vAlign=bottom>
     <TD noWrap align=left width="10%">&nbsp; </TD>
     <TD noWrap align=left width="19%">&nbsp; </TD>
     <TD noWrap align=left width="20%"><B><U><FONT face=sans-serif size=2>RIDER #6</FONT></U></B>&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD>
     <TD noWrap align=left width="29%"><B><FONT face=sans-serif size=2>(Continued)</FONT></B>&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=5>&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=5>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="29%" colSpan=2><FONT face=serif size=2>This rider, effective</FONT>&nbsp; </TD>
     <TD noWrap align=left width="20%"><I><FONT face=serif size=2>12:01 am</FONT></I>&nbsp; </TD>
     <TD noWrap align=left width="20%"><I><FONT face=serif size=2>June 15, 2006</FONT></I>&nbsp; </TD>
     <TD noWrap align=left width="29%"><FONT face=serif size=2>forms a part of</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="29%" colSpan=2><FONT face=serif size=2>bond number </FONT><I><FONT face=serif size=2>672-50-81</FONT></I>&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD>
     <TD noWrap align=left width="29%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="69%" colSpan=4><FONT face=serif size=2>issued to </FONT><I><FONT face=serif size=2>THE GEORGE PUTNAM FUNDS OF BOSTON</FONT></I>&nbsp; </TD>
     <TD noWrap align=left width="29%">&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=5>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="10%"><FONT face=serif size=2>by</FONT>&nbsp; </TD>
     <TD noWrap align=left width="88%" colSpan=4><I><FONT face=serif size=2>National Union Fire Insurance Company of Pittsburgh, Pa.</FONT></I>&nbsp; </TD></TR></TABLE><BR>
<P align=left><FONT face=serif size=2>(4) It shall be a condition to recovery under the Computer Systems Rider that the Insured or its agent(s) shall to the best of their ability electronically record all voice instructions or advices received over telephone. The Insured or its agent(s) warrant that they shall make their best efforts to maintain the electronic recording system on a continuous basis. Nothing, however, in this Rider shall bar the Insured from recovery where no recording is available because of mechanical failure of the device used in making such recording, or because of failure of the media used to record conversation from any cause, or error or omission of any Employee(s) or agent(s) of the Insured.</FONT></P>
<P align=center><B><FONT face=serif size=2>SCHEDULE OF SYSTEMS</FONT></B></P>
<P align=left><FONT face=serif size=2>All computer systems utilized by the Insured</FONT></P>
<P align=left><FONT face=serif size=2>2. Asused in this Rider, Computer System means:</FONT></P>
<P align=left><FONT face=serif size=2>(a) computers with related peripheral components, including storage components, wherever located, </FONT></P>
<P align=left><FONT face=serif size=2>(b) systems and application software, </FONT></P>
<P align=left><FONT face=serif size=2>(c) terminal devices, </FONT></P>
<P align=left><FONT face=serif size=2>(d) related communication networks or customer communication systems to include the Internet, and </FONT></P>
<P align=left><FONT face=serif size=2>(e) related Electronic Funds Transfer Systems,</FONT></P>
<P align=left><FONT face=serif size=2>by which data are electronically collected, transmitted, processed, stored, and retrieved.</FONT></P>
<P align=left><FONT face=serif size=2>3. In addition to the exclusions in the attached bond, the following exclusions are applicable to this Insuring Agreement: </FONT></P>
<P align=left><FONT face=serif size=2>(a) loss resulting directly or indirectly from the theft of confidential information, material or data; and</FONT><FONT face=serif size=2>&nbsp;</FONT></P>
<P align=left><FONT face=serif size=2>(b) loss resulting directly or indirectly from entries or changes made by an individual authorized to have access to a Computer System who acts in good faith on instructions, unless such instructions are given to that individual by a software contractor (or by a partner, officer or employee thereof) authorized by the Insured to design, develop, prepare, supply service, write or implement programs for the Insured's Computer System.</FONT></P>
<P align=center><B><I><FONT face=sans-serif size=4>RIDER 6</FONT></I></B></P>
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<TR vAlign=bottom>
     <TD noWrap align=left width="10%">&nbsp; </TD>
     <TD noWrap align=left width="19%">&nbsp; </TD>
     <TD noWrap align=left width="20%"><B><U><FONT face=sans-serif size=2>RIDER #6</FONT></U></B>&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD>
     <TD noWrap align=left width="29%"><B><FONT face=sans-serif size=2>(Continued)</FONT></B>&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=5>&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=5>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="29%" colSpan=2><FONT face=serif size=2>This rider, effective</FONT>&nbsp; </TD>
     <TD noWrap align=left width="20%"><I><FONT face=serif size=2>12:01 am</FONT></I>&nbsp; </TD>
     <TD noWrap align=left width="20%"><I><FONT face=serif size=2>June 15, 2006</FONT></I>&nbsp; </TD>
     <TD noWrap align=left width="29%"><FONT face=serif size=2>forms a part of</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="29%" colSpan=2><FONT face=serif size=2>bond number </FONT><I><FONT face=serif size=2>672-50-81</FONT></I>&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD>
     <TD noWrap align=left width="29%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="69%" colSpan=4><FONT face=serif size=2>issued to </FONT><I><FONT face=serif size=2>THE GEORGE PUTNAM FUNDS OF BOSTON</FONT></I>&nbsp; </TD>
     <TD noWrap align=left width="29%">&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=5>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="10%"><FONT face=serif size=2>by</FONT>&nbsp; </TD>
     <TD noWrap align=left width="88%" colSpan=4><I><FONT face=serif size=2>National Union Fire Insurance Company of Pittsburgh, Pa.</FONT></I>&nbsp; </TD></TR></TABLE><BR>
<P align=left><FONT face=serif size=2>4. The following portions of the attached bond are not applicable to this Rider:</FONT></P>
<P align=left><FONT face=serif size=2>(a) the initial paragraph of the bond preceding the Insuring Agreements which reads "...at any time but discovered during the Bond Period." </FONT></P>
<P align=left><FONT face=serif size=2>(b) Section 9-NON-REDUCTION AND NON-ACCUMULATION OF LIABILITY AND&nbsp; </FONT><FONT face=serif size=2>TOTAL LIABILITY</FONT></P>
<P align=left><FONT face=serif size=2>(c) Section 10-LIMIT OF LIABILITY</FONT></P>
<P align=left><FONT face=serif size=2>5. The Coverage afforded by this rider applies only to loss discovered by the Insured during the period this Rider is in force.</FONT></P>
<P align=left><FONT face=serif size=2>6. All loss or series of losses involving the fraudulent activity of one individual, or involving fraudulent activity in which one individual is implicated, whether or not that individual is specifically identified, shall be treated as one loss. A Series of losses involving unidentified individuals but arising from the same method of operation may be deemed by the Underwriter to involve the same individual and in that event shall be treated as one loss.</FONT></P>
<P align=left><FONT face=serif size=2>7. The Limit of Liability for the coverage provided by this Rider shall be </FONT><B><FONT face=serif size=2>Seventy Million Dollars X$70,000,000 </FONT></B><FONT face=serif size=2>X, it being understood however, that such liability shall be part of and not in addition to the Limit of Liability stated in Item 3 of the Declarations of the attached bond.</FONT></P>
<P align=left><FONT face=serif size=2>8. The Underwriter shall be liable hereunder for the amount by which one loss shall be in excess of One Hundred Thousand Dollars </FONT><B><FONT face=serif size=2>X$150,000 </FONT></B><FONT face=serif size=2>X, (herein called the Deductible amount) but not in excess of the Limit of Liability stated above.</FONT></P>
<P align=left><FONT face=serif size=2>9. If any loss is covered under this Insuring Agreement and any other Insuring Agreement or Coverage, the maximum amount payable for such loss shall not exceed the largest amount available under any one Insuring Agreement or Coverage.</FONT></P>
<P align=left><FONT face=serif size=2>10. Coverage under this Rider shall terminate upon termination or cancellation of the bond to which this Rider is attached. Coverage under this rider may also be terminated or cancelled without cancelling the bond as an entirety:</FONT></P>
<P align=left><FONT face=serif size=2>(a) 60 days after receipt by the Insured of written notice from the Underwriter of its desire to terminate or cancel coverage under this Rider, or</FONT></P>
<P align=center><B><I><FONT face=sans-serif size=4>RIDER 6</FONT></I></B></P>
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     <TD noWrap align=left width="10%">&nbsp; </TD>
     <TD noWrap align=left width="19%">&nbsp; </TD>
     <TD noWrap align=left width="20%"><B><U><FONT face=sans-serif size=2>RIDER #6</FONT></U></B>&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD>
     <TD noWrap align=left width="29%"><B><FONT face=sans-serif size=2>(Continued)</FONT></B>&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=5>&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=5>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="29%" colSpan=2><FONT face=serif size=2>This rider, effective</FONT>&nbsp; </TD>
     <TD noWrap align=left width="20%"><I><FONT face=serif size=2>12:01 am</FONT></I>&nbsp; </TD>
     <TD noWrap align=left width="20%"><I><FONT face=serif size=2>June 15, 2006</FONT></I>&nbsp; </TD>
     <TD noWrap align=left width="29%"><FONT face=serif size=2>forms a part of</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="29%" colSpan=2><FONT face=serif size=2>bond number </FONT><I><FONT face=serif size=2>672-50-81</FONT></I>&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD>
     <TD noWrap align=left width="29%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="69%" colSpan=4><FONT face=serif size=2>issued to </FONT><I><FONT face=serif size=2>THE GEORGE PUTNAM FUNDS OF BOSTON</FONT></I>&nbsp; </TD>
     <TD noWrap align=left width="29%">&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=5>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="10%"><FONT face=serif size=2>by</FONT>&nbsp; </TD>
     <TD noWrap align=left width="88%" colSpan=4><I><FONT face=serif size=2>National Union Fire Insurance Company of Pittsburgh, Pa.</FONT></I>&nbsp; </TD></TR></TABLE><BR>
<P align=left><FONT face=serif size=2>(b) immediately upon receipt by the Underwriter of a written request from the Insured to terminate or cancel coverage under this Rider.</FONT></P>
<P align=left><FONT face=serif size=2>The Underwriter shall refund to the Insured the unearned premium for this coverage under this Rider. The refund shall be computed at short rates if this Rider is terminated or cancelled or reduced by notice from, or at the instance of, the Insured.</FONT></P>
<P align=left><FONT face=serif size=2>11. Section 4-LOSS-NOTICE-PROOF-LEGAL PROCEEDING of the Conditions and Limitations of this bond is amended by adding the following sentence:</FONT></P>
<P align=left><FONT face=serif size=2>"Proof of Loss resulting from Voice Instructions or advices covered under this bond shall include Electronic Recording of such Voice Instructions or advices."</FONT></P>
<P align=left><FONT face=serif size=2>12. Not withstanding the foregoing, however, coverage afforded by this Rider is not designed to provide protection against loss covered under a separate Electronic and Computer Crime Policy by whatever title assigned or by whatever Underwriter written. Any loss which is covered under such separate Policy is excluded from coverage under this bond; and the Insured agrees to make claim for such loss under its separate Policy.</FONT></P>
<P align=left><FONT face=serif size=2>13. Nothing herein contained shall be held to vary, alter, waive or extend any of the terms, limitations, conditions or agreements of the attached bond other than as above stated.</FONT></P>
<P align=right><FONT face=serif size=2>_________________________________</FONT><BR>
<FONT face=serif size=2>AUTHORIZED REPRESENTATIVE</FONT></P>
<P align=center><B><I><FONT face=sans-serif size=4>RIDER 6</FONT></I></B></P>
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     <TD noWrap align=left width="19%">&nbsp; </TD>
     <TD noWrap align=left width="18%">&nbsp; </TD>
     <TD noWrap align=left width="26%"><B><U><FONT face=sans-serif size=2>RIDER #7</FONT></U></B>&nbsp; </TD>
     <TD noWrap align=left width="23%">&nbsp; </TD></TR>
<TR>
     <TD width="96%" colSpan=5>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="29%" colSpan=2><FONT face=serif size=2>This rider, effective</FONT>&nbsp; </TD>
     <TD noWrap align=left width="18%"><I><FONT face=serif size=2>12:01 am</FONT></I>&nbsp; </TD>
     <TD noWrap align=left width="26%"><I><FONT face=serif size=2>June 15, 2006</FONT></I>&nbsp; </TD>
     <TD noWrap align=right width="23%"><FONT face=serif size=2>forms a part of</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="29%" colSpan=2><FONT face=serif size=2>bond number </FONT><I><FONT face=serif size=2>672-50-81</FONT></I>&nbsp; </TD>
     <TD noWrap align=left width="18%">&nbsp; </TD>
     <TD noWrap align=left width="26%">&nbsp; </TD>
     <TD noWrap align=left width="23%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="73%" colSpan=4><FONT face=serif size=2>issued to </FONT><I><FONT face=serif size=2>THE GEORGE PUTNAM FUNDS OF BOSTON</FONT></I>&nbsp; </TD>
     <TD noWrap align=left width="23%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="10%"><FONT face=serif size=2>by</FONT>&nbsp; </TD>
     <TD noWrap align=left width="86%" colSpan=4><I><FONT face=serif size=2>National Union Fire Insurance Company of Pittsburgh, Pa.</FONT></I>&nbsp; </TD></TR>
<TR>
     <TD width="96%" colSpan=5>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="10%">&nbsp; </TD>
     <TD noWrap align=left width="86%" colSpan=4><B><FONT face=serif size=2>AMENDED COUNTERFEIT CURRENCY-INSURING AGREEMENT G</FONT></B>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="29%" colSpan=2><FONT face=serif size=2>It is agreed that:</FONT>&nbsp; </TD>
     <TD noWrap align=left width="18%">&nbsp; </TD>
     <TD noWrap align=left width="26%">&nbsp; </TD>
     <TD noWrap align=left width="23%">&nbsp; </TD></TR></TABLE><BR>
<P align=left><FONT face=serif size=2>1. INSURING AGREEMENT G "Counterfeit Currency" is deleted in its entirety and added with the following:</FONT></P>
<P align=left><FONT face=serif size=2>2. The Underwriter Shall be liable under the attached Bond for:</FONT></P>
<P align=left><FONT face=serif size=2>Loss resulting directly from the receipt by the Insured, in good faith, of any Counterfeit Money, Coin or Currency of the United States of America, Canada or any other country.</FONT></P>
<P align=left><FONT face=serif size=2>3. Nothing herein contained shall be held to vary, alter, waive, or extend any of the terms, limitations, conditions, or provisions of the attached bond other than above stated.</FONT></P>
<P align=right><FONT face=serif size=2>_________________________________</FONT><BR>
<FONT face=serif size=2>AUTHORIZED REPRESENTATIVE</FONT></P>
<P align=center><B><I><FONT face=sans-serif size=4>RIDER 7</FONT></I></B></P>
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<TR vAlign=bottom>
     <TD noWrap align=left width="10%">&nbsp; </TD>
     <TD noWrap align=left width="19%">&nbsp; </TD>
     <TD noWrap align=left width="18%">&nbsp; </TD>
     <TD noWrap align=left width="29%"><B><U><FONT face=sans-serif size=2>RIDER #8</FONT></U></B>&nbsp; </TD>
     <TD noWrap align=left width="21%">&nbsp; </TD></TR>
<TR>
     <TD width="97%" colSpan=5>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="29%" colSpan=2><FONT face=serif size=2>This rider, effective</FONT>&nbsp; </TD>
     <TD noWrap align=left width="18%"><I><FONT face=serif size=2>12:01 am</FONT></I>&nbsp; </TD>
     <TD noWrap align=left width="29%"><I><FONT face=serif size=2>June 15, 2006</FONT></I>&nbsp; </TD>
     <TD noWrap align=left width="21%"><FONT face=serif size=2>forms a part of</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="29%" colSpan=2><FONT face=serif size=2>bond number </FONT><I><FONT face=serif size=2>672-50-81</FONT></I>&nbsp; </TD>
     <TD noWrap align=left width="18%">&nbsp; </TD>
     <TD noWrap align=left width="29%">&nbsp; </TD>
     <TD noWrap align=left width="21%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="76%" colSpan=4><FONT face=serif size=2>issued to </FONT><I><FONT face=serif size=2>THE GEORGE PUTNAM FUNDS OF BOSTON</FONT></I>&nbsp; </TD>
     <TD noWrap align=left width="21%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="10%"><FONT face=serif size=2>by</FONT>&nbsp; </TD>
     <TD noWrap align=left width="87%" colSpan=4><I><FONT face=serif size=2>National Union Fire Insurance Company of Pittsburgh, Pa.</FONT></I>&nbsp; </TD></TR>
<TR>
     <TD width="97%" colSpan=5>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="10%">&nbsp; </TD>
     <TD noWrap align=left width="19%">&nbsp; </TD>
     <TD noWrap align=center width="47%" colSpan=2><B><FONT face=serif size=2>AMENDED SECTION 13</FONT></B>&nbsp; </TD>
     <TD noWrap align=left width="21%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="29%" colSpan=2><FONT face=serif size=2>It is agreed that:</FONT>&nbsp; </TD>
     <TD noWrap align=left width="18%">&nbsp; </TD>
     <TD noWrap align=left width="29%">&nbsp; </TD>
     <TD noWrap align=left width="21%">&nbsp; </TD></TR></TABLE><BR>
<P align=left><FONT face=serif size=2>1. The attached bond is hereby amended by deleting Section 13., TERMINATION, in its entirety and substituting the following:</FONT></P>
<P align=left><FONT face=serif size=2>The Underwriter may terminate this bond as an entirety by furnishing written notice specifying the termination date which cannot be prior to 60 days after the receipt of such written notice by each Investment Company named as Insured and the Securities and Exchange Commission, Washington, D.C. The Insured may terminate this bond as an entirety by furnishing written notice to the Underwriter. When the Insured cancels, the Insured shall furnish written notice to the Securities and Exchange Commission, Washington, D.C. prior to 60 days before the effective date of the termination. The Underwriter shall notify all other Investment Companies named as Insured of the receipt of such termination notice and the termination cannot be effective prior to 60 days after receipt of written notice by all other Investment Companies. Premiums are earned until the termination date as set forth herein.</FONT></P>
<P align=left><FONT face=serif size=2>This Bond will terminate as to any one Insured, (other than a registered management investment company), immediately upon taking over of such Insured by a receiver or other liquidator or by State or Federal officials, or immediately upon the filing of a petition under any State or Federal statute relative to bankruptcy or reorganization of the Insured, or assignment for the benefit of creditors of the Insured, or immediately upon such Insured ceasing to exist, whether through merger into another entity, or by disposition of all of its assets.</FONT></P>
<P align=left><FONT face=serif size=2>This Bond will terminate as to any registered management investment company upon the expiration of 60 days after written notice has been given to the Securities and Exchange Commission, Washington, D.C.</FONT></P>
<P align=left><FONT face=serif size=2>The Underwriter shall refund the unearned premium computed at short rates in accordance with the standard short rate cancellation tables if terminated by the Insured or pro rata terminated for any other reason.</FONT></P>
<P align=left><FONT face=serif size=2>This bond shall terminate</FONT></P>
<P align=left><FONT face=serif size=2>a. as to any Employee as soon as any partner, officer or supervisory Employee of the Insured, who is not in collusion with such Employee, shall learn of any</FONT></P>
<P align=center><B><I><FONT face=sans-serif size=4>RIDER 8</FONT></I></B></P>
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<TR vAlign=bottom>
     <TD noWrap align=left width="10%">&nbsp; </TD>
     <TD noWrap align=left width="19%">&nbsp; </TD>
     <TD noWrap align=left width="20%"><B><U><FONT face=sans-serif size=2>RIDER #8</FONT></U></B>&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD>
     <TD noWrap align=left width="29%"><B><FONT face=sans-serif size=2>(Continued)</FONT></B>&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=5>&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=5>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="29%" colSpan=2><FONT face=serif size=2>This rider, effective</FONT>&nbsp; </TD>
     <TD noWrap align=left width="20%"><I><FONT face=serif size=2>12:01 am</FONT></I>&nbsp; </TD>
     <TD noWrap align=left width="20%"><I><FONT face=serif size=2>June 15, 2006</FONT></I>&nbsp; </TD>
     <TD noWrap align=left width="29%"><FONT face=serif size=2>forms a part of</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="29%" colSpan=2><FONT face=serif size=2>bond number </FONT><I><FONT face=serif size=2>672-50-81</FONT></I>&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD>
     <TD noWrap align=left width="29%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="69%" colSpan=4><FONT face=serif size=2>issued to </FONT><I><FONT face=serif size=2>THE GEORGE PUTNAM FUNDS OF BOSTON</FONT></I>&nbsp; </TD>
     <TD noWrap align=left width="29%">&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=5>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="10%"><FONT face=serif size=2>by</FONT>&nbsp; </TD>
     <TD noWrap align=left width="88%" colSpan=4><I><FONT face=serif size=2>National Union Fire Insurance Company of Pittsburgh, Pa.</FONT></I>&nbsp; </TD></TR></TABLE><BR>
<P align=left><FONT face=serif size=2>dishonest or fraudulent act(s), including Larceny or Embezzlement on the part of such Employee without prejudice to the loss of any Property then in transit in the custody of such Employee and upon the expiration of sixty (60) days after written notice has been given to the Securities and Exchange Commission, Washington, D.C. (See Section 16(d)) and to the Insured Investment Company, or</FONT></P>
<P align=left><FONT face=serif size=2>b. as to any Employee 60 days after receipt by each Insured and by the Securities and Exchange Commission of a written notice from the Underwriter of its desire to terminate this bond as to such Employee, or</FONT></P>
<P align=left><FONT face=serif size=2>c. as to any person, who is a partner, officer or employee of any Electronic Data Processor covered under this bond, from and after the time that the Insured or any partner or officer thereof not in collusion with such person shall have knowledge or information that such person has committed any dishonest or fraudulent act(s), including Larceny or Embezzlement in the service of the Insured or otherwise, whether such act be committed before or after the time this bond is effective and upon the expiration of sixty (60) days after written notice has been given by the Underwriter to the Securities and Exchange Commission, Washington DC and to the insured Investment Company.</FONT></P>
<P align=left><FONT face=serif size=2>d. in the event the Insured learns of a prior dishonest act committed by a current or prospective Employee, provided the amount involved is less than $25,000, the coverage is automatically reinstated provided a senior member of MMC Risk Management Department, a senior member of Putnam's Human Resources Department and a senior member of Putnam's Legal Department unanimously agree in writing to the reinstatement.</FONT></P>
<P align=left><FONT face=serif size=2>2. Nothing herein contained shall be held to vary, alter, waive, or extend any of the terms, limitations, conditions, or provisions of the attached bond other than as above stated</FONT></P>
<P align=right><FONT face=serif size=2><FONT face=serif size=2>_________________________________</FONT><BR>
AUTHORIZED REPRESENTATIVE</FONT></P>
<P align=center><B><I><FONT face=sans-serif size=4>RIDER 8</FONT></I></B></P>
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<TR vAlign=bottom>
     <TD noWrap align=left width="10%">&nbsp; </TD>
     <TD noWrap align=left width="19%">&nbsp; </TD>
     <TD noWrap align=left width="17%">&nbsp; </TD>
     <TD noWrap align=left width="28%"><B><U><FONT face=sans-serif size=2>RIDER #9</FONT></U></B>&nbsp; </TD>
     <TD noWrap align=left width="23%">&nbsp; </TD></TR>
<TR>
     <TD width="97%" colSpan=5>&nbsp; </TD></TR>
<TR>
     <TD width="97%" colSpan=5>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="29%" colSpan=2><FONT face=serif size=2>This rider, effective</FONT>&nbsp; </TD>
     <TD noWrap align=left width="17%"><I><FONT face=serif size=2>12:01 am</FONT></I>&nbsp; </TD>
     <TD noWrap align=left width="28%"><I><FONT face=serif size=2>June 15, 2006</FONT></I>&nbsp; </TD>
     <TD noWrap align=left width="23%"><FONT face=serif size=2>forms a part of</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="29%" colSpan=2><FONT face=serif size=2>bond number </FONT><I><FONT face=serif size=2>672-50-81</FONT></I>&nbsp; </TD>
     <TD noWrap align=left width="17%">&nbsp; </TD>
     <TD noWrap align=left width="28%">&nbsp; </TD>
     <TD noWrap align=left width="23%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="74%" colSpan=4><FONT face=serif size=2>issued to </FONT><I><FONT face=serif size=2>THE GEORGE PUTNAM FUNDS OF BOSTON</FONT></I>&nbsp; </TD>
     <TD noWrap align=left width="23%">&nbsp; </TD></TR>
<TR>
     <TD width="97%" colSpan=5>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="10%"><FONT face=serif size=2>by</FONT>&nbsp; </TD>
     <TD noWrap align=left width="87%" colSpan=4><I><FONT face=serif size=2>National Union Fire Insurance Company of Pittsburgh, Pa.</FONT></I>&nbsp; </TD></TR></TABLE><BR>
<P align=center><B><FONT face=serif size=2>AMENDED FORGERY OR ALTERATION</FONT></B></P>
<P align=left><FONT face=serif size=2>In consideration of the premium charged, it is hereby understood and agreed that:</FONT></P>
<P align=left><FONT face=serif size=2>1. Insuring Agreement (E) FORGERY OR ALTERATION, first paragraph, is deleted in its entirety and replaced with the following:</FONT></P>
<P align=left><FONT face=serif size=2>Loss through FORGERY or ALTERATION of, on or in any bills of exchange, checks, drafts, acceptances, certificates of deposit, promissory notes, or other written promises, orders or directions to pay sums certain in money, due bills, money orders, warrants, orders upon public treasuries, letters of credit, written instructions, advices or applications directed to the Insured, authorizing or acknowledging the transfer, payment, delivery or receipt of funds or Property, which instructions or advices or applications purport to have been signed or endorsed by any customer of the Insured, shareholder or subscriber to shares, whether certificated or uncertificated, of any Investment Company or by any financial or banking institution or stockbroker or Employee but which instructions, advices or applications either bear the forged signature or endorsement or have been altered without the knowledge and consent of such customer, shareholder or subscriber to shares, whether certifica
ted or uncertificated, of an Investment Company, financial or banking institution or stockbroker or Employee, withdrawal orders or receipts or certificates of deposit for Property and bearing the name of the Insured as issuer, or of another Investment Company for which the Insured acts as agent, excluding, however, any loss covered under Insuring Agreement (F) hereof whether or not coverage for Insuring Agreement (F) is provided for in the Declarations of this bond.</FONT></P>
<P align=left><FONT face=serif size=2>2. Nothing herein contained shall be held to vary, alter, waive or extend any of the terms, limitations, conditions or agreements of the attached policy other than as above stated.</FONT></P>
<P align=right><FONT face=serif size=2>________________________________</FONT><BR>
<FONT face=serif size=2>AUTHORIZED REPRESENTATIVE</FONT></P>
<P align=center><B><I><FONT face=sans-serif size=4>RIDER 9</FONT></I></B></P>
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<A name="page_37"></A>
<TABLE cellSpacing=1 cellPadding=0 width="80%" border=0>
<TR vAlign=bottom>
     <TD noWrap align=left width="10%">&nbsp; </TD>
     <TD noWrap align=left width="19%">&nbsp; </TD>
     <TD noWrap align=left width="17%">&nbsp; </TD>
     <TD noWrap align=left width="28%"><B><U><FONT face=sans-serif size=2>RIDER #10</FONT></U></B>&nbsp; </TD>
     <TD noWrap align=left width="23%">&nbsp; </TD></TR>
<TR>
     <TD width="97%" colSpan=5>&nbsp; </TD></TR>
<TR>
     <TD width="97%" colSpan=5>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="29%" colSpan=2><FONT face=serif size=2>This rider, effective</FONT>&nbsp; </TD>
     <TD noWrap align=left width="17%"><I><FONT face=serif size=2>12:01 am</FONT></I>&nbsp; </TD>
     <TD noWrap align=left width="28%"><I><FONT face=serif size=2>June 15, 2006</FONT></I>&nbsp; </TD>
     <TD noWrap align=left width="23%"><FONT face=serif size=2>forms a part of</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="29%" colSpan=2><FONT face=serif size=2>bond number </FONT><I><FONT face=serif size=2>672-50-81</FONT></I>&nbsp; </TD>
     <TD noWrap align=left width="17%">&nbsp; </TD>
     <TD noWrap align=left width="28%">&nbsp; </TD>
     <TD noWrap align=left width="23%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="74%" colSpan=4><FONT face=serif size=2>issued to </FONT><I><FONT face=serif size=2>THE GEORGE PUTNAM FUNDS OF BOSTON</FONT></I>&nbsp; </TD>
     <TD noWrap align=left width="23%">&nbsp; </TD></TR>
<TR>
     <TD width="97%" colSpan=5>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="10%"><FONT face=serif size=2>by</FONT>&nbsp; </TD>
     <TD noWrap align=left width="87%" colSpan=4><I><FONT face=serif size=2>National Union Fire Insurance Company of Pittsburgh, Pa.</FONT></I>&nbsp; </TD></TR></TABLE><BR>
<P align=center><B><FONT face=serif size=2>AMENDED FIDELITY AGREEMENT</FONT></B></P>
<P align=left><FONT face=serif size=2>In consideration of the premium charged, it is hereby understood and agreed that:</FONT></P>
<P align=left><FONT face=serif size=2>1. Insuring Agreement (A) FIDELITY is hereby deleted in its entirety and replaced with the following:</FONT></P>
<P align=left><FONT face=serif size=2>(A) Loss resulting directly from dishonest or fraudulent act(s), including Larceny or Embezzlement committed by an Employee, committed anywhere and whether committed alone or in collusion with others including loss of Property resulting from such acts of an Employee, which Property is held by the Insured for any purpose or in any capacity and whether or not the Insured is liable thereof.</FONT></P>
<P align=left><FONT face=serif size=2>Dishonest or fraudulent act(s) as used in this Insuring Agreement shall mean only dishonest or fraudulent act(s) committed by such Employee with the intent:</FONT></P>
<P align=left><FONT face=serif size=2>(a) to cause the Insured to sustain such loss; or</FONT></P>
<P align=left><FONT face=serif size=2>(b) to obtain financial benefit for the Employee, or for any other person or organization intended by the Employee to receive such benefit, other than salaries, commissions, fees, bonuses, promotions, awards, profit sharing, pensions or other employee benefits earned in the normal course of employment.</FONT></P>
<P align=left><FONT face=serif size=2>2. Nothing herein contained shall be held to vary, alter, waive or extend any of the terms, limitations, conditions or agreements of the attached policy other than as above stated.</FONT></P>
<P align=right><B><FONT face=serif size=2>_________________________________</FONT></B><BR>
<B><FONT face=serif size=2>AUTHORIZED REPRESENTATIVE</FONT></B></P>
<P align=center><B><I><FONT face=sans-serif size=4>RIDER 10</FONT></I></B></P>
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<TR vAlign=bottom>
     <TD noWrap align=left width="10%">&nbsp; </TD>
     <TD noWrap align=left width="19%">&nbsp; </TD>
     <TD noWrap align=left width="17%">&nbsp; </TD>
     <TD noWrap align=center width="30%"><B><U><FONT face=sans-serif size=2>RIDER #11</FONT></U></B>&nbsp; </TD>
     <TD noWrap align=left width="22%">&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=5>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="29%" colSpan=2><FONT face=serif size=2>This rider, effective</FONT>&nbsp; </TD>
     <TD noWrap align=left width="17%"><I><FONT face=serif size=2>12:01 am</FONT></I>&nbsp; </TD>
     <TD noWrap align=left width="30%"><I><FONT face=serif size=2>June 15, 2006</FONT></I>&nbsp; </TD>
     <TD noWrap align=left width="22%"><FONT face=serif size=2>forms a part of</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="29%" colSpan=2><FONT face=serif size=2>bond number </FONT><I><FONT face=serif size=2>672-50-81</FONT></I>&nbsp; </TD>
     <TD noWrap align=left width="17%">&nbsp; </TD>
     <TD noWrap align=left width="30%">&nbsp; </TD>
     <TD noWrap align=left width="22%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="76%" colSpan=4><FONT face=serif size=2>issued to </FONT><I><FONT face=serif size=2>THE GEORGE PUTNAM FUNDS OF BOSTON</FONT></I>&nbsp; </TD>
     <TD noWrap align=left width="22%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="10%"><FONT face=serif size=2>by</FONT>&nbsp; </TD>
     <TD noWrap align=left width="88%" colSpan=4><I><FONT face=serif size=2>National Union Fire Insurance Company of Pittsburgh, Pa.</FONT></I>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="10%">&nbsp; </TD>
     <TD noWrap align=left width="19%">&nbsp; </TD>
     <TD noWrap align=center width="47%" colSpan=2><B><FONT face=serif size=2>AMENDED DISCOVERY</FONT></B>&nbsp; </TD>
     <TD noWrap align=left width="22%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="46%" colSpan=3><FONT face=serif size=2>It is hereby understood and agreed that:</FONT>&nbsp; </TD>
     <TD noWrap align=left width="30%">&nbsp; </TD>
     <TD noWrap align=left width="22%">&nbsp; </TD></TR></TABLE><BR>
<P align=left><FONT face=serif size=2>1. SECTION 4. LOSS -NOTICE -PROOF- LEGAL PROCEEDINGS, is amended as follows: </FONT></P>
<P align=left><FONT face=serif size=2>(i) by deleting the second sentence from paragraph 1 and replacing it with the following:</FONT></P>
<P align=left><FONT face=serif size=2>At the earliest practicable moment after discovery of any loss hereunder the corporate risk manager of MMC, the compliance officer of Putnam, or the general counsel of Putnam shall give the Underwriter written notice thereof and shall also within six months after such discovery furnish to the Underwriter affirmative proof of loss with full particulars.</FONT></P>
<P align=left><FONT face=serif size=2>(ii) By deleting paragraph 2 and replacing with the following:</FONT></P>
<P align=left><FONT face=serif size=2>Discovery occurs when the corporate risk manager of MMC, the compliance officer of Putnam, or the general counsel of Putnam</FONT></P>
<P align=left><FONT face=serif size=2>(a) becomes aware of facts, or</FONT></P>
<P align=left><FONT face=serif size=2>(b) receives written notice of an actual or potential claim by a third party which alleges that the Insured is liable under circumstance</FONT></P>
<P align=left><FONT face=serif size=2>which would cause a reasonable person to assume that a loss covered by the bond has been or will be incurred even though the exact amount or details of loss may not be then known.</FONT></P>
<P align=left><FONT face=serif size=2>2. Nothing herein contained shall be held to vary, alter, waive or extend any of the terms, limitations, conditions or agreements of the attached bond other than as above stated.</FONT></P>
<P align=right><FONT face=serif size=2>________________________________</FONT><BR>
<FONT face=serif size=2>AUTHORIZED REPRESENTATIVE</FONT></P>
<P align=center><B><I><FONT face=sans-serif size=4>RIDER 11</FONT></I></B></P>
<HR align=center width="100%" noShade SIZE=2>

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<TABLE cellSpacing=1 cellPadding=0 width="80%" border=0>
<TR vAlign=bottom>
     <TD noWrap align=left width="10%">&nbsp; </TD>
     <TD noWrap align=left width="19%">&nbsp; </TD>
     <TD noWrap align=left width="16%">&nbsp; </TD>
     <TD noWrap align=center width="31%"><B><U><FONT face=sans-serif size=2>RIDER #12</FONT></U></B>&nbsp; </TD>
     <TD noWrap align=left width="21%">&nbsp; </TD></TR>
<TR>
     <TD width="97%" colSpan=5>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="29%" colSpan=2><FONT face=serif size=2>This rider, effective</FONT>&nbsp; </TD>
     <TD noWrap align=left width="16%"><I><FONT face=serif size=2>12:01 am</FONT></I>&nbsp; </TD>
     <TD noWrap align=left width="31%"><I><FONT face=serif size=2>June 15, 2006</FONT></I>&nbsp; </TD>
     <TD noWrap align=left width="21%"><FONT face=serif size=2>forms a part of</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="29%" colSpan=2><FONT face=serif size=2>bond number </FONT><I><FONT face=serif size=2>672-50-81</FONT></I>&nbsp; </TD>
     <TD noWrap align=left width="16%">&nbsp; </TD>
     <TD noWrap align=left width="31%">&nbsp; </TD>
     <TD noWrap align=left width="21%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="76%" colSpan=4><FONT face=serif size=2>issued to </FONT><I><FONT face=serif size=2>THE GEORGE PUTNAM FUNDS OF BOSTON</FONT></I>&nbsp; </TD>
     <TD noWrap align=left width="21%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="10%"><FONT face=serif size=2>by</FONT>&nbsp; </TD>
     <TD noWrap align=left width="87%" colSpan=4><I><FONT face=serif size=2>National Union Fire Insurance Company of Pittsburgh, Pa.</FONT></I>&nbsp; </TD></TR>
<TR>
     <TD width="97%" colSpan=5>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="10%">&nbsp; </TD>
     <TD noWrap align=left width="19%">&nbsp; </TD>
     <TD noWrap align=left width="16%">&nbsp; </TD>
     <TD noWrap align=center width="52%" colSpan=2><FONT face=serif size=2>FORMS INDEX ENDORSEMENT</FONT>&nbsp; </TD></TR></TABLE><BR>
<P align=left><FONT face=serif size=2>The contents of the Policy is comprised of the following forms:</FONT></P>
<TABLE cellSpacing=1 cellPadding=0 width="80%" border=0>
<TR vAlign=bottom>
     <TD noWrap align=left width="20%">&nbsp; </TD>
     <TD noWrap align=center width="15%"><FONT face=serif size=2>EDITION</FONT>&nbsp; </TD>
     <TD noWrap align=left width="64%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="20%"><FONT face=serif size=2>FORM NUMBER</FONT>&nbsp; </TD>
     <TD noWrap align=center width="15%"><FONT face=serif size=2>DATE</FONT>&nbsp; </TD>
     <TD noWrap align=left width="64%"><FONT face=serif size=2>FORM TITLE</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=3>
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD width="99%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="20%"><B><I><FONT face=serif size=2>MNSCPT</FONT></I></B>&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD>
     <TD noWrap align=left width="64%"><B><I><FONT face=serif size=2>INVESTMENT COMPANY BLANKET BOND-NU DEC</FONT></I></B>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="20%"><B><I><FONT face=serif size=2>MNSCPT</FONT></I></B>&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD>
     <TD noWrap align=left width="64%"><B><I><FONT face=serif size=2>INVESTMENT COMPANY BLANKET BOND-NU GUTS</FONT></I></B>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="20%"><B><I><FONT face=serif size=2>87435</FONT></I></B>&nbsp; </TD>
     <TD noWrap align=center width="15%"><B><I><FONT face=serif size=2>05/05</FONT></I></B>&nbsp; </TD>
     <TD noWrap align=left width="64%"><B><I><FONT face=serif size=2>COVERAGE TERRITORY ENDORSEMENT (OFAC)</FONT></I></B>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="20%"><B><I><FONT face=serif size=2>MNSCPR</FONT></I></B>&nbsp; </TD>
     <TD noWrap align=center width="15%">&nbsp; </TD>
     <TD noWrap align=left width="64%"><B><I><FONT face=serif size=2>NAMED INSURED</FONT></I></B>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="20%"><B><I><FONT face=serif size=2>MNSCPR</FONT></I></B>&nbsp; </TD>
     <TD noWrap align=center width="15%">&nbsp; </TD>
     <TD noWrap align=left width="64%"><B><I><FONT face=serif size=2>TELEFACSIMILE TRANSFER FRAUD</FONT></I></B>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="20%"><B><I><FONT face=serif size=2>MNSCPR</FONT></I></B>&nbsp; </TD>
     <TD noWrap align=center width="15%">&nbsp; </TD>
     <TD noWrap align=left width="64%"><B><I><FONT face=serif size=2>VOICE INITIATED TRANSFER FRAUD-INSURING AGREEMENT K</FONT></I></B>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="20%"><B><I><FONT face=serif size=2>MNSCPR</FONT></I></B>&nbsp; </TD>
     <TD noWrap align=center width="15%">&nbsp; </TD>
     <TD noWrap align=left width="64%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="20%"><B><I><FONT face=serif size=2>MNSCPR</FONT></I></B>&nbsp; </TD>
     <TD noWrap align=center width="15%">&nbsp; </TD>
     <TD noWrap align=left width="64%"><B><I><FONT face=serif size=2>AUTOMATED PHONE SYSTEM-INSURING AGREEMENT M</FONT></I></B>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="20%"><B><I><FONT face=serif size=2>MNSCPR</FONT></I></B>&nbsp; </TD>
     <TD noWrap align=center width="15%">&nbsp; </TD>
     <TD noWrap align=left width="64%"><B><I><FONT face=serif size=2>COMPUTER SYSTEM RIDER</FONT></I></B>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="20%"><B><I><FONT face=serif size=2>MNSCPR</FONT></I></B>&nbsp; </TD>
     <TD noWrap align=center width="15%">&nbsp; </TD>
     <TD noWrap align=left width="64%"><B><I><FONT face=serif size=2>AMENDED COUNTERFEIT CURRENCY-INSURING AGREEMENT G</FONT></I></B>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="20%"><B><I><FONT face=serif size=2>MNSCPR</FONT></I></B>&nbsp; </TD>
     <TD noWrap align=center width="15%">&nbsp; </TD>
     <TD noWrap align=left width="64%"><B><I><FONT face=serif size=2>AMENDED SECTION. 13</FONT></I></B>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="20%"><B><I><FONT face=serif size=2>MNSCPR</FONT></I></B>&nbsp; </TD>
     <TD noWrap align=center width="15%">&nbsp; </TD>
     <TD noWrap align=left width="64%"><B><I><FONT face=serif size=2>AMENDED FORGERY OR ALTERATION</FONT></I></B>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="20%"><B><I><FONT face=serif size=2>MNSCPR</FONT></I></B>&nbsp; </TD>
     <TD noWrap align=center width="15%">&nbsp; </TD>
     <TD noWrap align=left width="64%"><B><I><FONT face=serif size=2>AMENDED FIDELITY AGREEMENT</FONT></I></B>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="20%"><B><I><FONT face=serif size=2>78859</FONT></I></B>&nbsp; </TD>
     <TD noWrap align=center width="15%">&nbsp; </TD>
     <TD noWrap align=left width="64%"><B><I><FONT face=serif size=2>AMENDED DISCOVERY</FONT></I></B>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="20%">&nbsp; </TD>
     <TD noWrap align=center width="15%"><B><I><FONT face=serif size=2>10/01</FONT></I></B>&nbsp; </TD>
     <TD noWrap align=left width="64%"><B><I><FONT face=serif size=2>FORMS INDEX ENDORSEMENT</FONT></I></B>&nbsp; </TD></TR></TABLE><BR>
<P align=right><U><FONT face=serif size=2>_________________________________</FONT></U><BR>
<FONT face=serif size=2>AUTHORIZED REPRESENTATIVE</FONT></P>
<P align=center><B><I><FONT face=sans-serif size=4>END 012</FONT></I></B><BR>
<I><FONT face=sans-serif>Page 1 of 1</FONT></I></P>
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<TABLE cellSpacing=1 cellPadding=0 width="80%" border=0>
<TR vAlign=bottom>
     <TD noWrap align=left width="54%"><B><FONT face=serif>Chubb Group of Insurance Companies</FONT></B>&nbsp; </TD>
     <TD noWrap align=right width="45%"><B><FONT face=serif size=4>DECLARATIONS</FONT></B>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="54%">&nbsp; </TD>
     <TD noWrap align=right width="45%"><B><FONT face=serif size=4>FINANCIAL INSTITUTION</FONT></B>&nbsp; </TD></TR>
<TR>
     <TD align=left width="54%"><FONT size=2>15 Mountain View Road, Warren, New Jersey 07059</FONT>&nbsp; </TD>
     <TD align=right width="45%" background="">&nbsp;&nbsp;&nbsp; <STRONG><FONT size=4>EXCESS BOND FORM E</FONT></STRONG>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="54%"></TD>
     <TD noWrap align=right width="45%"></TD></TR>
<TR>
     <TD width="99%" colSpan=2>
<HR noShade SIZE=1>
</TD></TR></TABLE><BR>
<TABLE cellSpacing=1 cellPadding=0 width="80%" border=0>
<TR vAlign=bottom>
     <TD noWrap align=left width="54%"><FONT face=serif>NAME OF ASSURED:</FONT>&nbsp; </TD>
     <TD noWrap align=right width="45%"><FONT face=serif>Bond Number: 81948056</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=2>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="54%"><FONT face=serif>THE GEORGE PUTNAM FUNDS OF BOSTON</FONT>&nbsp; </TD>
     <TD noWrap align=right width="45%"><B><FONT face=serif size=2>FEDERAL INSURANCE COMPANY</FONT></B>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="54%">&nbsp; </TD>
     <TD noWrap align=right width="45%"><FONT face=serif size=2>Incorporated under the laws of Indiana,</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right width="99%" colSpan=2><FONT face=serif size=2>a stock insurance company, herein called the COMPANY</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="54%"><FONT face=serif>Two Liberty Square</FONT>&nbsp; </TD>
     <TD noWrap align=left width="45%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="54%"><FONT face=serif>Boston, MA 02109</FONT>&nbsp; </TD>
     <TD noWrap align=left width="45%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="54%">&nbsp; </TD>
     <TD noWrap align=right width="45%"><FONT face=serif size=2>Capital Center, 251 North Illinois, Suite 1100</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="54%">&nbsp; </TD>
     <TD noWrap align=right width="45%"><FONT face=serif size=2>Indianapolis, IN 46204-1927</FONT>&nbsp; </TD></TR></TABLE><BR>
<TABLE cellSpacing=1 cellPadding=0 width="80%" border=0>
<TR vAlign=bottom>
     <TD noWrap align=left width="6%"><B><FONT face=serif size=2>ITEM</FONT></B>&nbsp; <STRONG><FONT size=2>1.</FONT></STRONG></TD>
     <TD noWrap align=left width="7%" background=""></TD>
     <TD noWrap align=left width="32%" colSpan=2><FONT face=serif size=2>BOND PERIOD:</FONT>&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=serif size=2>from</FONT>&nbsp; </TD>
     <TD noWrap align=left width="47%" colSpan=3><FONT face=serif size=2>12:01 a.m. on June 15, 2006</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD noWrap align=left width="7%" background=""></TD>
     <TD noWrap align=left width="32%" colSpan=2>&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=serif size=2>to</FONT>&nbsp; </TD>
     <TD noWrap align=left width="47%" colSpan=3><FONT face=serif size=2>12:01 a.m. on June 15, 2007</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="6%"><B><FONT face=serif size=2>ITEM</FONT></B>&nbsp; <STRONG><FONT size=2>2.</FONT></STRONG></TD>
     <TD noWrap align=left width="7%" background=""></TD>
     <TD noWrap align=left width="39%" colSpan=3><FONT face=serif size=2>AGGREGATE LIMIT OF LIABILITY:</FONT>&nbsp; </TD>
     <TD noWrap align=right width="12%">&nbsp;&nbsp;&nbsp;<FONT size=2>$10,000,000</FONT></TD>
     <TD noWrap align=left width="11%" background=""></TD>
     <TD noWrap align=left width="24%" background="">&nbsp;</TD></TR>
<TR>
     <TD noWrap align=left width="6%" background=""></TD>
     <TD noWrap align=left width="7%" background=""></TD>
     <TD noWrap align=left width="39%" background="" colSpan=3>&nbsp;&nbsp; </TD>
     <TD noWrap align=right width="12%" background=""></TD>
     <TD noWrap align=left width="11%" background=""></TD>
     <TD noWrap align=left width="24%" background=""></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="6%"><B><FONT face=serif size=2>ITEM</FONT></B>&nbsp; <STRONG><FONT size=2>3.</FONT></STRONG>&nbsp;</TD>
     <TD noWrap align=left width="7%" background=""></TD>
     <TD noWrap align=left width="39%" colSpan=3><FONT face=serif size=2>SINGLE LOSS LIMIT OF LIABILITY:</FONT>&nbsp; </TD>
     <TD noWrap align=right width="12%">&nbsp;&nbsp;&nbsp;<FONT size=2>$10,000,000</FONT></TD>
     <TD noWrap align=left width="11%" background=""></TD>
     <TD noWrap align=left width="24%" background="">&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="6%"><B><FONT face=serif size=2>ITEM</FONT></B>&nbsp; <STRONG><FONT size=2>4.</FONT></STRONG></TD>
     <TD noWrap align=left width="7%" background=""></TD>
     <TD noWrap align=left width="39%" colSpan=3><FONT face=serif size=2>DEDUCTIBLE AMOUNT:</FONT>&nbsp; <FONT size=2>$70,150,000</FONT>&nbsp; </TD>
     <TD noWrap align=left width="47%" colSpan=3>&nbsp; </TD></TR>
<TR>
     <TD noWrap align=left width="6%" background=""></TD>
     <TD noWrap align=left width="7%" background=""></TD>
     <TD noWrap align=left width="39%" background="" colSpan=3>&nbsp;&nbsp; </TD>
     <TD noWrap align=left width="47%" background="" colSpan=3></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="6%"><B><FONT face=serif size=2>ITEM</FONT></B>&nbsp; <STRONG><FONT size=2>5</FONT></STRONG></TD>
     <TD noWrap align=left width="7%" background=""></TD>
     <TD noWrap align=left width="32%" colSpan=2><FONT face=serif size=2>PRIMARY BOND:</FONT>&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD noWrap align=left width="47%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD noWrap align=left width="7%" background=""></TD>
     <TD noWrap align=left width="32%" colSpan=2><FONT face=serif size=2>Insurer:</FONT>&nbsp; </TD>
     <TD noWrap align=left width="54%" colSpan=4><FONT face=serif size=2>National Union Fire Insurance Company of Pittsburgh, PA</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD noWrap align=left width="7%" background=""></TD>
     <TD noWrap align=left width="32%" colSpan=2><FONT face=serif size=2>Form and Bond No.:</FONT>&nbsp; </TD>
     <TD noWrap align=left width="54%" colSpan=4><FONT face=serif size=2>Form 41206 (9-84), Bond No. 672-50-81</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD noWrap align=left width="7%" background=""></TD>
     <TD noWrap align=left width="32%" colSpan=2><FONT face=serif size=2>Limit:</FONT>&nbsp; </TD>
     <TD noWrap align=left width="7%"><FONT face=serif size=2>$70,000,000</FONT>&nbsp; </TD>
     <TD noWrap align=left width="47%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD noWrap align=left width="7%" background=""></TD>
     <TD noWrap align=left width="32%" colSpan=2><FONT face=serif size=2>Deductible:</FONT>&nbsp; </TD>
     <TD noWrap align=left width="7%"><FONT face=serif size=2>$150,000/$5,000</FONT>&nbsp; </TD>
     <TD noWrap align=left width="47%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD noWrap align=left width="7%" background=""></TD>
     <TD noWrap align=left width="32%" colSpan=2><FONT face=serif size=2>Bond Period:</FONT>&nbsp; </TD>
     <TD noWrap align=left width="54%" colSpan=4><FONT face=serif size=2>June 15, 2006 to June 15, 2007</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="6%"><B><FONT face=serif size=2>ITEM</FONT></B>&nbsp; <STRONG><FONT size=2>6.</FONT></STRONG>&nbsp; </TD>
     <TD noWrap align=left width="7%" background=""></TD>
     <TD noWrap align=left width="86%" colSpan=6><FONT face=serif size=2>COVERAGE EXCEPTIONS TO PRIMARY BOND:</FONT>&nbsp; </TD></TR>
<TR>
     <TD noWrap align=left width="6%" background=""></TD>
     <TD noWrap align=left width="7%" background=""></TD>
     <TD noWrap align=left width="86%" background="" colSpan=6>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD noWrap align=left width="7%" background=""></TD>
     <TD noWrap align=left width="86%" colSpan=6><FONT face=serif size=2>NOTWITHSTANDING ANY COVERAGE PROVIDED BY THE PRIMARY BOND,</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD noWrap align=left width="7%" background=""></TD>
     <TD noWrap align=left width="86%" colSpan=6><FONT face=serif size=2>THIS EXCESS BOND DOES NOT DIRECTLY OR INDIRECTLY COVER: None</FONT>&nbsp; </TD></TR>
<TR>
     <TD noWrap align=left width="6%" background=""></TD>
     <TD noWrap align=left width="7%" background=""></TD>
     <TD noWrap align=left width="86%" background="" colSpan=6>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="6%"><B><FONT face=serif size=2>ITEM</FONT></B>&nbsp; <STRONG><FONT size=2>7.</FONT></STRONG>&nbsp; </TD>
     <TD noWrap align=left width="7%" background=""></TD>
     <TD noWrap align=left width="86%" colSpan=6><FONT face=serif size=2>TOTAL OF LIMITS OF LIABILITY OF OTHER UNDERLYING BONDS, EXCESS</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD noWrap align=left width="7%" background=""></TD>
     <TD noWrap align=left width="39%" colSpan=3><FONT face=serif size=2>OF PRIMARY BOND: None</FONT>&nbsp; </TD>
     <TD noWrap align=left width="47%" colSpan=3>&nbsp; </TD></TR>
<TR>
     <TD noWrap align=left width="6%" background=""></TD>
     <TD noWrap align=left width="7%" background=""></TD>
     <TD noWrap align=left width="39%" background="" colSpan=3>&nbsp;&nbsp; </TD>
     <TD noWrap align=left width="47%" background="" colSpan=3></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="6%"><B><FONT face=serif size=2>ITEM</FONT></B>&nbsp; <STRONG><FONT size=2>8.</FONT></STRONG>&nbsp; </TD>
     <TD noWrap align=left width="7%" background=""></TD>
     <TD noWrap align=left width="86%" colSpan=6><FONT face=serif size=2>THE LIABILITY OF THE COMPANY IS ALSO SUBJECT TO THE TERMS OF THE</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD noWrap align=left width="7%" background=""></TD>
     <TD noWrap align=left width="86%" colSpan=6><FONT face=serif size=2>FOLLOWING ENDORSEMENTS EXECUTED SIMULTANEOUSLY HEREWITH:</FONT>&nbsp; </TD></TR>
<TR>
     <TD noWrap align=left width="6%" background=""></TD>
     <TD noWrap align=left width="7%" background=""></TD>
     <TD noWrap align=left width="86%" background="" colSpan=6>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD noWrap align=left width="7%" background=""></TD>
     <TD noWrap align=left width="86%" colSpan=6><FONT face=serif size=2>- Compliance with Applicable Trade Sanction Laws.</FONT>&nbsp; </TD></TR>
<TR>
     <TD noWrap align=left width="6%" background=""></TD>
     <TD noWrap align=left width="7%" background=""></TD>
     <TD noWrap align=left width="86%" background="" colSpan=6>&nbsp;&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="99%" colSpan=8><B><FONT face=serif size=2>IN WITNESS WHEREOF, THE COMPANY </FONT></B><FONT face=serif size=2>issuing this Bond has caused this Bond to be signed by</FONT>&nbsp;<FONT size=2>its authorized officers, but it shall not be valid unless also signed by a duly authorized representative of</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="99%" colSpan=8><FONT size=2>the Company.</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="45%" colSpan=4></TD>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD noWrap align=left width="47%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD noWrap align=center width="7%" background=""><FONT size=2>Secretary</FONT>&nbsp; </TD>
     <TD noWrap align=center width="32%" colSpan=2></TD>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD noWrap align=center width="47%" colSpan=3><FONT face=serif size=2>President</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=8>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD noWrap align=center width="7%" background=""><FONT size=2>April 3, 2007</FONT>&nbsp; </TD>
     <TD noWrap align=center width="32%" colSpan=2></TD>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD noWrap align=center width="47%" colSpan=3>&nbsp; </TD></TR>
<TR>
     <TD width="29%" background="" colSpan=3>
<HR noShade SIZE=1>
&nbsp; &nbsp;&nbsp; &nbsp;</TD>
     <TD width="16%" background="">&nbsp;</TD>
     <TD width="7%"></TD>
     <TD align=center width="47%" colSpan=3>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD noWrap align=center width="7%" background=""><FONT size=2>Date</FONT>&nbsp; </TD>
     <TD noWrap align=center width="32%" colSpan=2></TD>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD noWrap align=center width="47%" colSpan=3><FONT face=serif size=2>Authorized Representative</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=8>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="45%" colSpan=4><FONT face=serif size=2>Excess Bond (7-92)</FONT>&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD noWrap align=left width="47%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="45%" colSpan=4><FONT face=serif size=2>Form 17-02-0842 (Ed. 7-92)</FONT>&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD noWrap align=right width="47%" colSpan=3><FONT face=serif size=2>Page 1 of 1</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="45%" colSpan=4></TD>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD noWrap align=left width="47%" colSpan=3>&nbsp; </TD></TR></TABLE><BR>
<HR align=center width="100%" noShade SIZE=2>

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<A name="page_2"></A>
<TABLE cellSpacing=1 cellPadding=0 width="80%" border=0>
<TR vAlign=bottom>
     <TD noWrap align=left width="24%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD noWrap align=left width="70%"><FONT face=serif size=2>The COMPANY, in consideration of the required premium, and in</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="24%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD noWrap align=left width="70%"><FONT face=serif size=2>reliance on the statements and information furnished to the COMPANY</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="24%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD noWrap align=left width="70%"><FONT face=serif size=2>by the ASSURED, and subject to the DECLARATIONS made a part of</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="24%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD noWrap align=left width="70%"><FONT face=serif size=2>this bond and to all other terms and conditions of this bond, agrees to pay</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="24%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD noWrap align=left width="70%"><FONT face=serif size=2>the ASSURED for:</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=3></TD></TR>
<TR>
     <TD width="99%" colSpan=3>
<HR noShade SIZE=1>
&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="24%"><B><I><FONT face=serif size=2>Insuring Clause</FONT></I></B>&nbsp; </TD>
     <TD noWrap align=left width="75%" colSpan=2><FONT face=serif size=2>Loss which would have been paid under the </FONT><B><FONT face=serif size=2>Primary Bond </FONT></B><FONT face=serif size=2>but for the fact</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="24%">&nbsp; </TD>
     <TD noWrap align=left width="75%" colSpan=2><FONT face=serif size=2>the loss exceeds the </FONT><B><FONT face=serif size=2>Deductible Amount.</FONT></B>&nbsp; </TD></TR>
<TR>
     <TD noWrap align=left width="24%" background=""></TD>
     <TD noWrap align=left width="75%" background="" colSpan=2></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="24%">&nbsp; </TD>
     <TD noWrap align=left width="75%" colSpan=2><FONT face=serif size=2>Coverage under this bond shall follow the terms and conditions of the</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="24%">&nbsp; </TD>
     <TD noWrap align=left width="75%" colSpan=2><B><FONT face=serif size=2>Primary Bond</FONT></B><FONT face=serif size=2>, except with respect to:</FONT>&nbsp; </TD></TR>
<TR>
     <TD noWrap align=left width="24%" background=""></TD>
     <TD noWrap align=left width="75%" background="" colSpan=2></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="24%">&nbsp; </TD>
     <TD noWrap align=left width="5%"><FONT face=serif size=2>a.</FONT>&nbsp; </TD>
     <TD noWrap align=left width="70%"><FONT face=serif size=2>The coverage exceptions in ITEM 6. of the DECLARATIONS; and</FONT>&nbsp; </TD></TR>
<TR>
     <TD noWrap align=left width="24%" background=""></TD>
     <TD noWrap align=left width="5%" background=""></TD>
     <TD noWrap align=left width="70%" background=""></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="24%">&nbsp; </TD>
     <TD noWrap align=left width="5%"><FONT face=serif size=2>b.</FONT>&nbsp; </TD>
     <TD noWrap align=left width="70%"><FONT face=serif size=2>The limits of liability as stated in ITEM 2. and ITEM 3. of the</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="24%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD noWrap align=left width="70%"><FONT face=serif size=2>DECLARATIONS.</FONT>&nbsp; </TD></TR>
<TR>
     <TD noWrap align=left width="24%" background=""></TD>
     <TD noWrap align=left width="5%" background=""></TD>
     <TD noWrap align=left width="70%" background=""></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="24%">&nbsp; </TD>
     <TD noWrap align=left width="75%" colSpan=2><FONT face=serif size=2>With respect to the exceptions stated above, the provisions of this bond shall</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="24%">&nbsp; </TD>
     <TD noWrap align=left width="75%" colSpan=2><FONT face=serif size=2>apply.</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=3></TD></TR>
<TR>
     <TD width="99%" colSpan=3>
<HR noShade SIZE=1>
&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="24%"><B><I><FONT face=serif>General Agreements</FONT></I></B>&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD noWrap align=left width="70%">&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="24%"><I><FONT face=sans-serif size=2>Change Or</FONT></I>&nbsp; </TD>
     <TD noWrap align=left width="5%"><FONT face=serif size=2>A.</FONT>&nbsp; </TD>
     <TD noWrap align=left width="70%"><FONT face=serif size=2>If after the inception date of this bond the </FONT><B><FONT face=serif size=2>Primary Bond </FONT></B><FONT face=serif size=2>is changed</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="24%"><I><FONT face=sans-serif size=2>Modification Of</FONT></I>&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD noWrap align=left width="70%"><FONT face=serif size=2>or modified, written notice of any such change or modification shall</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="24%"><I><FONT face=sans-serif size=2>Primary Bond</FONT></I>&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD noWrap align=left width="70%"><FONT face=serif size=2>be given to the COMPANY as soon as practicable, not to exceed thirty</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="24%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD noWrap align=left width="70%"><FONT face=serif size=2>(30) days after such change or modification, together with such</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="24%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD noWrap align=left width="70%"><FONT face=serif size=2>information as the COMPANY may request. There shall be no</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="24%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD noWrap align=left width="70%"><FONT face=serif size=2>coverage under this bond for any loss related to such change or</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="24%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD noWrap align=left width="70%"><FONT face=serif size=2>modification until such time as the COMPANY is advised of and</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="24%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD noWrap align=left width="70%"><FONT face=serif size=2>specifically agrees by written endorsement to provide coverage for</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="24%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD noWrap align=left width="70%"><FONT face=serif size=2>such change or modification.</FONT>&nbsp; </TD></TR>
<TR>
     <TD noWrap align=left width="24%" background=""></TD>
     <TD noWrap align=left width="5%" background=""></TD>
     <TD noWrap align=left width="70%" background=""></TD></TR>
<TR>
     <TD noWrap align=left width="99%" background="" colSpan=3>
<HR noShade SIZE=1>
</TD></TR></TABLE><BR>
<TABLE cellSpacing=1 cellPadding=0 width="80%" border=0>
<TR vAlign=bottom>
     <TD noWrap align=left width="22%"><FONT face=sans-serif size=2>Representations</FONT>&nbsp; </TD>
     <TD noWrap align=left width="7%"><FONT face=serif size=2>B.</FONT>&nbsp; </TD>
     <TD noWrap align=left width="70%"><FONT face=serif size=2>The ASSURED represents that all information it has furnished to the</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="22%"><FONT face=sans-serif size=2>Made By Assured</FONT>&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD noWrap align=left width="70%"><FONT face=serif size=2>COMPANY for this bond or otherwise is complete, true and correct.</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="22%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD noWrap align=left width="70%"><FONT face=serif size=2>Such information constitutes part of this bond.</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="22%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD noWrap align=left width="70%"><FONT face=serif size=2>The ASSURED must promptly notify the COMPANY of any change</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="22%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD noWrap align=left width="70%"><FONT face=serif size=2>in any fact or circumstance which materially affects the risk assumed</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD align=center width="29%" colSpan=2></TD>
     <TD align=left width="70%" background=""><FONT size=2>by the COMPANY under this bond.</FONT>&nbsp;&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="22%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD noWrap align=left width="70%"><FONT face=serif size=2>Any misrepresentation, omission, concealment or incorrect statement</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="22%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD noWrap align=left width="70%"><FONT face=serif size=2>of a material fact by the ASSURED to the COMPANY shall be</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="22%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD noWrap align=left width="70%"><FONT face=serif size=2>grounds for recision of this bond.</FONT>&nbsp; </TD></TR></TABLE><BR>
<TABLE cellSpacing=1 cellPadding=0 width="80%" border=0>
<TR>
     <TD noWrap align=left width="99%" background="" colSpan=2>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="57%"><FONT face=serif size=2>Excess Bond (7-92)</FONT>&nbsp; </TD>
     <TD noWrap align=left width="42%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="57%"><FONT face=serif size=2>Form 17-02-0842 (Ed. 7-92)</FONT>&nbsp; </TD>
     <TD noWrap align=right width="42%"><FONT face=serif size=2>Page 1 of 5</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="57%"></TD>
     <TD noWrap align=left width="42%">&nbsp; </TD></TR></TABLE><BR>
<HR align=center width="100%" noShade SIZE=2>

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<A name="page_3"></A>
<TABLE cellSpacing=1 cellPadding=0 width="80%" border=0>
<TR vAlign=bottom>
     <TD noWrap align=left width="25%" colSpan=2><FONT face=sans-serif size=2>Notice To Company</FONT>&nbsp; </TD>
     <TD noWrap align=left width="5%"><FONT face=serif size=2>C.</FONT>&nbsp; </TD>
     <TD noWrap align=left width="68%" colSpan=2><FONT face=serif size=2>The ASSURED shall notify the COMPANY at the earliest practical</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="25%" colSpan=2><FONT face=sans-serif size=2>Of Legal Proceedings</FONT>&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD noWrap align=left width="68%" colSpan=2><FONT face=serif size=2>moment, not to exceed thirty (30) days after the ASSURED receives</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="25%" colSpan=2><FONT face=sans-serif size=2>Against Assured &#150;</FONT>&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD noWrap align=left width="68%" colSpan=2><FONT face=serif size=2>notice, of any legal proceeding brought to determine the ASSURED&#146;S</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="25%" colSpan=2><FONT face=sans-serif size=2>Election to Defend</FONT>&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD noWrap align=left width="68%" colSpan=2><FONT face=serif size=2>liability for any loss, claim or damage which, if established, would</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="19%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD noWrap align=left width="68%" colSpan=2><FONT face=serif size=2>constitute a collectible loss under this bond or any of the </FONT><B><FONT face=serif size=2>Underlying</FONT></B>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="19%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD noWrap align=left width="68%" colSpan=2><B><FONT face=serif size=2>Bonds</FONT></B><FONT face=serif size=2>. Concurrent with such notice, and as requested thereafter, the</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="19%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD noWrap align=left width="68%" colSpan=2><FONT face=serif size=2>ASSURED shall furnish copies of all pleadings and pertinent papers to</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="19%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD noWrap align=left width="68%" colSpan=2><FONT face=serif size=2>the COMPANY.</FONT>&nbsp; </TD></TR>
<TR>
     <TD noWrap align=left width="19%" background=""></TD>
     <TD noWrap align=left width="6%" background=""></TD>
     <TD noWrap align=left width="5%" background=""></TD>
     <TD noWrap align=left width="68%" background="" colSpan=2>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="19%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD noWrap align=left width="68%" colSpan=2><FONT face=serif size=2>If the Company elects to defend all or part of any legal proceeding, the</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="19%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD noWrap align=left width="68%" colSpan=2><FONT face=serif size=2>court costs and attorneys&#146; fees incurred by the COMPANY and any</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="19%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD noWrap align=left width="68%" colSpan=2><FONT face=serif size=2>settlement or judgment on that part defended by the COMPANY shall</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="19%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD noWrap align=left width="68%" colSpan=2><FONT face=serif size=2>be a loss under this bond. The COMPANY&#146;S liability for court costs</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="19%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD noWrap align=left width="68%" colSpan=2><FONT face=serif size=2>and attorneys&#146; fees incurred in defending all of part of such legal</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="19%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD noWrap align=left width="68%" colSpan=2><FONT face=serif size=2>proceeding is limited to the proportion of such court costs and</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="19%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD noWrap align=left width="68%" colSpan=2><FONT face=serif size=2>attorneys&#146; fees incurred that the amount recoverable under this bond</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="19%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD noWrap align=left width="68%" colSpan=2><FONT face=serif size=2>bears to the amount demanded in such legal proceeding.</FONT>&nbsp; </TD></TR>
<TR>
     <TD noWrap align=left width="19%" background=""></TD>
     <TD noWrap align=left width="6%" background=""></TD>
     <TD noWrap align=left width="5%" background=""></TD>
     <TD noWrap align=left width="68%" background="" colSpan=2>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="19%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD noWrap align=left width="68%" colSpan=2><FONT face=serif size=2>If the COMPANY declines to defend the ASSURED, no settlement</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="19%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD noWrap align=left width="68%" colSpan=2><FONT face=serif size=2>without the prior written consent of the COMPANY or judgment</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="19%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD noWrap align=left width="68%" colSpan=2><FONT face=serif size=2>against the ASSURED shall determine the existence, extent or amount</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="19%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD noWrap align=left width="68%" colSpan=2><FONT face=serif size=2>of coverage under this BOND, and the COMPANY shall not be liable</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="19%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD noWrap align=left width="68%" colSpan=2><FONT face=serif size=2>for any costs, fees and expenses incurred by the ASSURED.</FONT>&nbsp; </TD></TR>
<TR>
     <TD align=left width="98%" colSpan=5>
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD align=left width="98%" colSpan=5>&nbsp; </TD></TR>
<TR>
     <TD align=left width="98%" colSpan=5>&nbsp; </TD></TR>
<TR>
     <TD align=left width="98%" colSpan=5>&nbsp; </TD></TR>
<TR>
     <TD align=left width="98%" colSpan=5>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="19%"><B><FONT face=serif>Conditions And</FONT></B>&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD noWrap align=left width="61%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="19%"><B><FONT face=serif>Limitations</FONT></B>&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD noWrap align=left width="61%">&nbsp; </TD></TR>
<TR>
     <TD align=left width="98%" colSpan=5>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="19%"><FONT face=sans-serif size=2>Definitions</FONT>&nbsp; </TD>
     <TD noWrap align=left width="6%"><FONT face=serif size=2>1.</FONT>&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD noWrap align=left width="68%" colSpan=2><FONT face=serif size=2>As used in this bond:</FONT>&nbsp; </TD></TR>
<TR>
     <TD noWrap align=left width="19%" background=""></TD>
     <TD noWrap align=left width="6%" background=""></TD>
     <TD noWrap align=left width="5%" background=""></TD>
     <TD noWrap align=left width="68%" background="" colSpan=2>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="19%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD noWrap align=left width="5%"><FONT face=serif size=2>a.</FONT>&nbsp; </TD>
     <TD noWrap align=left width="68%" colSpan=2><B><FONT face=serif size=2>Deductible Amount </FONT></B><FONT face=serif size=2>means the amount stated in ITEM 4. of the</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="19%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD noWrap align=left width="68%" colSpan=2><FONT face=serif size=2>DECLARATIONS. In no event shall this </FONT><B><FONT face=serif size=2>Deductible Amount </FONT></B><FONT face=serif size=2>be</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="19%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD noWrap align=left width="68%" colSpan=2><FONT face=serif size=2>reduced for any reason, including but not limited to, the non-existence,</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="19%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD noWrap align=left width="68%" colSpan=2><FONT face=serif size=2>invalidity, insufficiency or uncollectibility of any of the </FONT><B><FONT face=serif size=2>Underlying</FONT></B>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="19%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD noWrap align=left width="68%" colSpan=2><B><FONT face=serif size=2>Bonds</FONT></B><FONT face=serif size=2>, including the insolvency or dissolution of any Insurer providing</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="19%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD noWrap align=left width="68%" colSpan=2><FONT face=serif size=2>coverage under any of the </FONT><B><FONT face=serif size=2>Underlying Bonds</FONT></B><FONT face=serif size=2>.</FONT>&nbsp; </TD></TR>
<TR>
     <TD noWrap align=left width="19%" background=""></TD>
     <TD noWrap align=left width="6%" background=""></TD>
     <TD noWrap align=left width="5%" background=""></TD>
     <TD noWrap align=left width="68%" background="" colSpan=2>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="19%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD noWrap align=left width="5%"><FONT face=serif size=2>b.</FONT>&nbsp; </TD>
     <TD noWrap align=left width="68%" colSpan=2><B><FONT face=serif size=2>Primary Bond </FONT></B><FONT face=serif size=2>means the bond scheduled in ITEM 5. of the</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="19%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD noWrap align=left width="68%" colSpan=2><FONT face=serif size=2>DECLARATIONS or any bond that may replace or substitute for such</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="19%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD noWrap align=left width="7%"><FONT face=serif size=2>bond.</FONT>&nbsp; </TD>
     <TD noWrap align=left width="61%">&nbsp; </TD></TR>
<TR>
     <TD noWrap align=left width="19%" background=""></TD>
     <TD noWrap align=left width="6%" background=""></TD>
     <TD noWrap align=left width="5%" background=""></TD>
     <TD noWrap align=left width="7%" background="">&nbsp;&nbsp; </TD>
     <TD noWrap align=left width="61%" background=""></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="19%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD noWrap align=left width="5%"><FONT face=serif size=2>c.</FONT>&nbsp; </TD>
     <TD noWrap align=left width="68%" colSpan=2><B><FONT face=serif size=2>Single Loss </FONT></B><FONT face=serif size=2>means all covered loss, including court costs and attorneys&#146;</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="19%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD noWrap align=left width="68%" colSpan=2><FONT face=serif size=2>fees incurred by the COMPANY under General Agreement C, resulting</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="19%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD noWrap align=left width="7%"><FONT face=serif size=2>from:</FONT>&nbsp; </TD>
     <TD noWrap align=left width="61%">&nbsp; </TD></TR>
<TR>
     <TD noWrap align=left width="19%" background=""></TD>
     <TD noWrap align=left width="6%" background=""></TD>
     <TD noWrap align=left width="5%" background=""></TD>
     <TD noWrap align=left width="7%" background="">&nbsp; </TD>
     <TD noWrap align=left width="61%" background=""></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="19%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD noWrap align=left width="7%"><FONT face=serif size=2>(1)</FONT>&nbsp; </TD>
     <TD noWrap align=left width="61%"><FONT face=serif size=2>any one act of burglary, robbery or attempt either, in which no</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="19%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD noWrap align=left width="61%"><FONT face=serif size=2>employee of the ASSURED is implicated, or</FONT>&nbsp; </TD></TR>
<TR>
     <TD align=left width="98%" colSpan=5>&nbsp; </TD></TR>
<TR>
     <TD align=left width="98%" colSpan=5>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="19%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD noWrap align=left width="7%"><FONT face=serif size=2>(2)</FONT>&nbsp; </TD>
     <TD noWrap align=left width="61%"><FONT face=serif size=2>any one act or series of related acts on the part of any person</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=5>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="19%"><FONT face=serif size=2>Excess Bond (7-92)</FONT>&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD noWrap align=left width="61%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="25%" colSpan=2><FONT face=serif size=2>Form 17-02-0842 (Ed. 7-92)</FONT>&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD noWrap align=right width="61%"><FONT face=serif size=2>Page 2 of 5</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="25%" colSpan=2></TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD noWrap align=left width="61%">&nbsp; </TD></TR></TABLE><BR>
<HR align=center width="100%" noShade SIZE=2>

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<A name="page_4"></A>
<TABLE cellSpacing=1 cellPadding=0 width="80%" border=0>
<TR vAlign=bottom>
     <TD noWrap align=left width="19%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD noWrap align=left width="4%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD noWrap align=left width="63%"><FONT face=serif size=2>resulting in damage to or destruction or misplacement of</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="19%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD noWrap align=left width="4%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD noWrap align=left width="63%"><FONT face=serif size=2>property, or</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="19%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD noWrap align=left width="4%">&nbsp; </TD>
     <TD noWrap align=left width="6%"><FONT face=serif size=2>(3)</FONT>&nbsp; </TD>
     <TD noWrap align=left width="63%"><FONT face=serif size=2>all acts other than those specified in c.(1) and c.(2), caused by</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="19%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD noWrap align=left width="4%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD noWrap align=left width="63%"><FONT face=serif size=2>any person or in which such person is implicated, or</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="19%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD noWrap align=left width="4%">&nbsp; </TD>
     <TD noWrap align=left width="6%"><FONT face=serif size=2>(4)</FONT>&nbsp; </TD>
     <TD noWrap align=left width="63%"><FONT face=serif size=2>any one event not specified above, in c.(1), c.(2) or c.(3).</FONT>&nbsp; </TD></TR>
<TR>
     <TD noWrap align=left width="19%" background=""></TD>
     <TD noWrap align=left width="5%" background=""></TD>
     <TD noWrap align=left width="4%" background=""></TD>
     <TD noWrap align=left width="6%" background="">&nbsp;&nbsp; </TD>
     <TD noWrap align=left width="63%" background=""></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="19%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD noWrap align=left width="4%"><FONT face=serif size=2>d.</FONT>&nbsp; </TD>
     <TD noWrap align=left width="69%" colSpan=2><B><FONT face=serif size=2>Underlying Bonds </FONT></B><FONT face=serif size=2>means the </FONT><B><FONT face=serif size=2>Primary Bond </FONT></B><FONT face=serif size=2>and all other insurance</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="19%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD noWrap align=left width="4%">&nbsp; </TD>
     <TD noWrap align=left width="69%" colSpan=2><FONT face=serif size=2>coverage referred to in ITEM 7. of the DECLARATIONS.</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="97%" colSpan=5>
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD width="97%" colSpan=5>&nbsp; </TD></TR>
<TR>
     <TD width="97%" colSpan=5>&nbsp; </TD></TR>
<TR>
     <TD width="97%" colSpan=5>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="19%"><I><FONT face=sans-serif>Limit Of</FONT></I>&nbsp; </TD>
     <TD noWrap align=left width="5%"><FONT face=serif size=2>2.</FONT>&nbsp; </TD>
     <TD noWrap align=left width="73%" colSpan=3><FONT face=serif size=2>The COMPANY&#146;S total cumulative liability for all </FONT><B><FONT face=serif size=2>Single Losses </FONT></B><FONT face=serif size=2>of all</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="19%"><I><FONT face=sans-serif>Liability</FONT></I>&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD noWrap align=left width="73%" colSpan=3><FONT face=serif size=2>ASSUREDS discovered during the BOND PERIOD shall not exceed the</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="19%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD noWrap align=left width="73%" colSpan=3><FONT face=serif size=2>AGGREGATE LIMIT OF LIABILITY as stated in ITEM 2. of the</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="19%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD noWrap align=left width="73%" colSpan=3><FONT face=serif size=2>DECLARATIONS. Each payment made under the terms of this bond shall</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="19%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD noWrap align=left width="73%" colSpan=3><FONT face=serif size=2>reduce the unpaid portion of the AGGREGATE LIMIT OF LIABILITY until</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="19%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD noWrap align=left width="73%" colSpan=3><FONT face=serif size=2>it is exhausted.</FONT>&nbsp; </TD></TR>
<TR>
     <TD noWrap align=left width="19%" background=""></TD>
     <TD noWrap align=left width="5%" background=""></TD>
     <TD noWrap align=left width="73%" background="" colSpan=3>&nbsp;&nbsp;&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="19%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD noWrap align=left width="73%" colSpan=3><FONT face=serif size=2>On exhausting the AGGREGATE LIMIT OF LIABILITY by such payments:</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="19%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD noWrap align=left width="4%"><FONT face=serif size=2>a.</FONT>&nbsp; </TD>
     <TD noWrap align=left width="69%" colSpan=2><FONT face=serif size=2>the COMPANY shall have no further liability for loss or losses</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="19%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD noWrap align=left width="4%">&nbsp; </TD>
     <TD noWrap align=left width="69%" colSpan=2><FONT face=serif size=2>regardless of when discovered and whether or not previously reported</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="19%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD noWrap align=left width="4%">&nbsp; </TD>
     <TD noWrap align=left width="69%" colSpan=2><FONT face=serif size=2>to the COMPANY, and</FONT>&nbsp; </TD></TR>
<TR>
     <TD noWrap align=left width="19%" background=""></TD>
     <TD noWrap align=left width="5%" background=""></TD>
     <TD noWrap align=left width="4%" background=""></TD>
     <TD noWrap align=left width="69%" background="" colSpan=2>&nbsp;&nbsp;&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="19%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD noWrap align=left width="4%"><FONT face=serif size=2>b.</FONT>&nbsp; </TD>
     <TD noWrap align=left width="69%" colSpan=2><FONT face=serif size=2>the COMPANY shall have no obligation under General Agreement C.</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="19%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD noWrap align=left width="4%">&nbsp; </TD>
     <TD noWrap align=left width="69%" colSpan=2><FONT face=serif size=2>to continue the defense of the ASSURED, and on notice by the</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="19%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD noWrap align=left width="4%">&nbsp; </TD>
     <TD noWrap align=left width="69%" colSpan=2><FONT face=serif size=2>COMPANY to the ASSURED that the AGGREGATE LIMIT OF</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="19%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD noWrap align=left width="4%">&nbsp; </TD>
     <TD noWrap align=left width="69%" colSpan=2><FONT face=serif size=2>LIABILITY has been exhausted, the ASSURED shall assume all</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="19%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD noWrap align=left width="4%">&nbsp; </TD>
     <TD noWrap align=left width="69%" colSpan=2><FONT face=serif size=2>responsibility for its defense at its own cost.</FONT>&nbsp; </TD></TR>
<TR>
     <TD noWrap align=left width="19%" background=""></TD>
     <TD noWrap align=left width="5%" background=""></TD>
     <TD noWrap align=left width="4%" background=""></TD>
     <TD noWrap align=left width="69%" background="" colSpan=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="19%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD noWrap align=left width="73%" colSpan=3><FONT face=serif size=2>The unpaid portion of the AGGREGATE LIMIT OF LIABILITY shall not be</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="19%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD noWrap align=left width="73%" colSpan=3><FONT face=serif size=2>increased or reinstated by any recovery made and applied in accordance with</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="19%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD noWrap align=left width="73%" colSpan=3><FONT face=serif size=2>Section 4.</FONT>&nbsp; <FONT face=serif size=2>In the event that a loss of property is settled by indemnity in lieu</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="19%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD noWrap align=left width="73%" colSpan=3><FONT face=serif size=2>of payment, then such loss shall not reduce the unpaid portion of the</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="19%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD noWrap align=left width="73%" colSpan=3><FONT face=serif size=2>AGGREGATE LIMIT OF LIABILITY.</FONT>&nbsp; </TD></TR>
<TR>
     <TD noWrap align=left width="19%" background=""></TD>
     <TD noWrap align=left width="5%" background=""></TD>
     <TD noWrap align=left width="73%" background="" colSpan=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="19%"><FONT face=sans-serif size=2>Single Loss</FONT>&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD noWrap align=left width="73%" colSpan=3><FONT face=serif size=2>The COMPANY&#146;S liability for each </FONT><B><FONT face=serif size=2>Single Loss </FONT></B><FONT face=serif size=2>shall not exceed the</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="19%"><FONT face=sans-serif size=2>Limit of Liability</FONT>&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD noWrap align=left width="73%" colSpan=3><FONT face=serif size=2>SINGLE LOSS LIMIT OF LIABILITY as stated in ITEM 3. of the</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="19%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD noWrap align=left width="73%" colSpan=3><FONT face=serif size=2>DECLARATIONS or the unpaid portion of the AGGREGATE LIMIT OF</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="19%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD noWrap align=left width="73%" colSpan=3><FONT face=serif size=2>LIABILITY, whichever is less.</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="97%" colSpan=5>
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD width="97%" colSpan=5>&nbsp; </TD></TR>
<TR>
     <TD width="97%" colSpan=5>&nbsp; </TD></TR>
<TR>
     <TD width="97%" colSpan=5>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="19%"><I><FONT face=sans-serif size=2>Discovery</FONT></I>&nbsp; </TD>
     <TD noWrap align=left width="5%"><FONT face=serif size=2>3.</FONT>&nbsp; </TD>
     <TD noWrap align=left width="73%" colSpan=3><FONT face=serif size=2>This bond applies only to loss first discovered by the ASSURED during the</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="19%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD noWrap align=left width="73%" colSpan=3><FONT face=serif size=2>BOND PERIOD. Discovery occurs at the earlier of the ASSURED being</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="19%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD noWrap align=left width="10%" colSpan=2><FONT face=serif size=2>aware of:</FONT>&nbsp; </TD>
     <TD noWrap align=left width="63%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="19%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD noWrap align=left width="4%"><FONT face=serif size=2>a.</FONT>&nbsp; </TD>
     <TD noWrap align=left width="69%" colSpan=2><FONT face=serif size=2>facts which may subsequently result in a loss of a type covered by this</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="19%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD noWrap align=left width="4%">&nbsp; </TD>
     <TD noWrap align=left width="69%" colSpan=2><FONT face=serif size=2>bond, or</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="97%" colSpan=5>&nbsp; </TD></TR>
<TR>
     <TD width="97%" colSpan=5>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="19%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD noWrap align=left width="4%"><FONT face=serif size=2>b.</FONT>&nbsp; </TD>
     <TD noWrap align=left width="69%" colSpan=2><FONT face=serif size=2>an actual or potential claim in which it is alleged that the ASSURED is</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="97%" colSpan=5>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="19%"><FONT face=serif size=2>Excess Bond (7-92)</FONT>&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD noWrap align=left width="4%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD noWrap align=left width="63%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="24%" colSpan=2><FONT face=serif size=2>Form 17-02-0842 (Ed. 7-92)</FONT>&nbsp; </TD>
     <TD noWrap align=left width="4%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD noWrap align=left width="63%"><FONT face=serif size=2>Page 3 of 5</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="19%"></TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD noWrap align=left width="4%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD noWrap align=left width="63%">&nbsp; </TD></TR></TABLE><BR>
<HR align=center width="100%" noShade SIZE=2>

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<TABLE cellSpacing=1 cellPadding=0 width="80%" border=0>
<TR vAlign=bottom>
     <TD noWrap align=left width="19%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD noWrap align=left width="73%" colSpan=2>&nbsp; <FONT face=serif size=2>liable to a third party,</FONT>&nbsp; </TD></TR>
<TR>
     <TD noWrap align=left width="19%" background=""></TD>
     <TD noWrap align=left width="5%" background=""></TD>
     <TD noWrap align=left width="73%" background="" colSpan=2></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="19%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD noWrap align=left width="73%" colSpan=2><FONT face=serif size=2>regardless of when the act or acts causing or contributing to such loss</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="19%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD noWrap align=left width="73%" colSpan=2><FONT face=serif size=2>occurred, even though the amount of loss does not exceed the applicable</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="19%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD noWrap align=left width="73%" colSpan=2><B><FONT face=serif size=2>Deductible Amount</FONT></B><FONT face=serif size=2>, or the exact amount or details of loss may not then be</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="19%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD noWrap align=left width="73%" colSpan=2><FONT face=serif size=2>known.</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="97%" colSpan=4>
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD width="97%" colSpan=4>&nbsp; </TD></TR>
<TR>
     <TD width="97%" colSpan=4>&nbsp; </TD></TR>
<TR>
     <TD width="97%" colSpan=4>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="19%"><I><FONT face=sans-serif size=2>Subrogation-</FONT></I>&nbsp; </TD>
     <TD noWrap align=left width="5%"><FONT face=serif size=2>4.</FONT>&nbsp; </TD>
     <TD noWrap align=left width="73%" colSpan=2><FONT face=serif size=2>In the event of a payment under this bond, the COMPANY shall be</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="19%"><I><FONT face=sans-serif size=2>Assignment-</FONT></I>&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD noWrap align=left width="73%" colSpan=2><FONT face=serif size=2>subrogated to all of the ASSURED&#146;S rights of recovery against any person or</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="19%"><I><FONT face=sans-serif size=2>Recovery</FONT></I>&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD noWrap align=left width="73%" colSpan=2><FONT face=serif size=2>entity to the extent of such payments. On request, the ASSURED shall</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="19%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD noWrap align=left width="73%" colSpan=2><FONT face=serif size=2>deliver to the COMPANY any assignment of the ASSURED&#146;S rights, title</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="19%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD noWrap align=left width="73%" colSpan=2><FONT face=serif size=2>and interest and causes of action against any person or entity to the extent of</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="19%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD noWrap align=left width="73%" colSpan=2><FONT face=serif size=2>such payment.</FONT>&nbsp; </TD></TR>
<TR>
     <TD noWrap align=left width="19%" background=""></TD>
     <TD noWrap align=left width="5%" background=""></TD>
     <TD noWrap align=left width="73%" background="" colSpan=2>&nbsp;&nbsp;&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="19%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD noWrap align=left width="73%" colSpan=2><FONT face=serif size=2>Recoveries, whether effected by the COMPANY or by the ASSURED, shall</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="19%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD noWrap align=left width="73%" colSpan=2><FONT face=serif size=2>be applied net of the expense of such recovery, first, to the satisfaction of the</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="19%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD noWrap align=left width="73%" colSpan=2><FONT face=serif size=2>ASSURED&#146;S loss which would otherwise have been paid but for the fact that</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="19%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD noWrap align=left width="73%" colSpan=2><FONT face=serif size=2>it is in excess of the AGGREGATE LIMIT OF LIABILITY, second, to the</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="19%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD noWrap align=left width="73%" colSpan=2><FONT face=serif size=2>COMPANY in satisfaction of amounts paid in settlement of the</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="19%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD noWrap align=left width="73%" colSpan=2><FONT face=serif size=2>ASSURED&#146;S claim and third, to the ASSURED in satisfaction of the</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="19%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD noWrap align=left width="73%" colSpan=2><FONT face=serif size=2>DEDUCTIBLE AMOUNT. Recovery from reinsurance and/or indemnity of</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="19%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD noWrap align=left width="73%" colSpan=2><FONT face=serif size=2>the COMPANY shall not be deemed a recovery under this Section.</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="97%" colSpan=4>
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD width="97%" colSpan=4>&nbsp; </TD></TR>
<TR>
     <TD width="97%" colSpan=4>&nbsp; </TD></TR>
<TR>
     <TD width="97%" colSpan=4>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="19%"><I><FONT face=sans-serif size=2>Cooperation Of</FONT></I>&nbsp; </TD>
     <TD noWrap align=left width="5%"><FONT face=serif size=2>5.</FONT>&nbsp; </TD>
     <TD noWrap align=left width="73%" colSpan=2><FONT face=serif size=2>At the COMPANY&#146;S request and at reasonable times and places designated</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="19%"><I><FONT face=sans-serif size=2>Assured</FONT></I>&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD noWrap align=left width="73%" colSpan=2><FONT face=serif size=2>by the COMPANY the ASSURED shall:</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="19%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD noWrap align=left width="4%"><FONT face=serif size=2>a.</FONT>&nbsp; </TD>
     <TD noWrap align=left width="69%"><FONT face=serif size=2>submit to examination by the COMPANY and subscribe to the same</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="19%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD noWrap align=left width="4%">&nbsp; </TD>
     <TD noWrap align=left width="69%"><FONT face=serif size=2>under oath, and</FONT>&nbsp; </TD></TR>
<TR>
     <TD noWrap align=left width="19%" background=""></TD>
     <TD noWrap align=left width="5%" background=""></TD>
     <TD noWrap align=left width="4%" background=""></TD>
     <TD noWrap align=left width="69%" background=""></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="19%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD noWrap align=left width="4%"><FONT face=serif size=2>b.</FONT>&nbsp; </TD>
     <TD noWrap align=left width="69%"><FONT face=serif size=2>produce for the COMPANY&#146;S examination all pertinent records, and</FONT>&nbsp; </TD></TR>
<TR>
     <TD noWrap align=left width="19%" background=""></TD>
     <TD noWrap align=left width="5%" background=""></TD>
     <TD noWrap align=left width="4%" background=""></TD>
     <TD noWrap align=left width="69%" background=""></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="19%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD noWrap align=left width="4%"><FONT face=serif size=2>c.</FONT>&nbsp; </TD>
     <TD noWrap align=left width="69%"><FONT face=serif size=2>cooperate with the COMPANY in all matters pertaining to the loss.</FONT>&nbsp; </TD></TR>
<TR>
     <TD noWrap align=left width="19%" background=""></TD>
     <TD noWrap align=left width="5%" background=""></TD>
     <TD noWrap align=left width="4%" background=""></TD>
     <TD noWrap align=left width="69%" background="">&nbsp;&nbsp;&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="19%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD noWrap align=left width="73%" colSpan=2><FONT face=serif size=2>The ASSURED shall execute all papers and render assistance to secure to the</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="19%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD noWrap align=left width="73%" colSpan=2><FONT face=serif size=2>COMPANY the rights and causes of action provided for under this bond.</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="19%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD noWrap align=left width="73%" colSpan=2><FONT face=serif size=2>The ASSURED shall do nothing after loss to prejudice such rights or causes</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="19%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD noWrap align=left width="73%" colSpan=2><FONT face=serif size=2>of action.</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="97%" colSpan=4>
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD width="97%" colSpan=4>&nbsp; </TD></TR>
<TR>
     <TD width="97%" colSpan=4>&nbsp; </TD></TR>
<TR>
     <TD width="97%" colSpan=4>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="19%"><I><FONT face=sans-serif size=2>Termination</FONT></I>&nbsp; </TD>
     <TD noWrap align=left width="5%"><FONT face=serif size=2>6.</FONT>&nbsp; </TD>
     <TD noWrap align=left width="73%" colSpan=2><FONT face=serif size=2>This bond terminates as an entirety on the earliest occurrence of any of the</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="19%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD noWrap align=left width="73%" colSpan=2><FONT face=serif size=2>following:</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="19%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD noWrap align=left width="4%"><FONT face=serif size=2>a.</FONT>&nbsp; </TD>
     <TD noWrap align=left width="69%"><FONT face=serif size=2>sixty (60) days after the receipt by the ASSURED of a written notice</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="19%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD noWrap align=left width="4%">&nbsp; </TD>
     <TD noWrap align=left width="69%"><FONT face=serif size=2>from the COMPANY of its decision to terminate this bond, or</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="97%" colSpan=4></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="19%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD noWrap align=left width="4%"><FONT face=serif size=2>b.</FONT>&nbsp; </TD>
     <TD noWrap align=left width="69%"><FONT face=serif size=2>immediately on the receipt by the COMPANY of a written notice from</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="97%" colSpan=4></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="19%"><FONT face=serif size=2>Excess Bond (7-92)</FONT>&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD noWrap align=left width="4%">&nbsp; </TD>
     <TD noWrap align=left width="69%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="24%" colSpan=2><FONT face=serif size=2>Form 17-02-0842 (Ed. 7-92)</FONT>&nbsp; </TD>
     <TD noWrap align=left width="4%">&nbsp; </TD>
     <TD noWrap align=right width="69%"><FONT face=serif size=2>Page 4 of 5</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="19%"></TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD noWrap align=left width="4%">&nbsp; </TD>
     <TD noWrap align=left width="69%">&nbsp; </TD></TR></TABLE><BR>
<HR align=center width="100%" noShade SIZE=2>

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<A name="page_6"></A>
<TABLE cellSpacing=1 cellPadding=0 width="80%" border=0>
<TR vAlign=bottom>
     <TD noWrap align=left width="19%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD noWrap align=left width="4%">&nbsp; </TD>
     <TD noWrap align=left width="71%"><FONT face=serif size=2>the ASSURED of its decision to terminate this bond, or</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="19%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD noWrap align=left width="4%"><FONT face=serif size=2>c.</FONT>&nbsp; </TD>
     <TD noWrap align=left width="71%"><FONT face=serif size=2>immediately on the appointment of a trustee, receiver or liquidator to</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="19%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD noWrap align=left width="4%">&nbsp; </TD>
     <TD noWrap align=left width="71%"><FONT face=serif size=2>act on behalf of the ASSURED, or the taking over of the ASSURED by</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="19%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD noWrap align=left width="4%">&nbsp; </TD>
     <TD noWrap align=left width="71%"><FONT face=serif size=2>State or Federal officials, or</FONT>&nbsp; </TD></TR>
<TR>
     <TD noWrap align=left width="19%" background=""></TD>
     <TD noWrap align=left width="5%" background=""></TD>
     <TD noWrap align=left width="4%" background=""></TD>
     <TD noWrap align=left width="71%" background="">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="19%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD noWrap align=left width="4%"><FONT face=serif size=2>d.</FONT>&nbsp; </TD>
     <TD noWrap align=left width="71%"><FONT face=serif size=2>immediately on the dissolution of the ASSURED, or</FONT>&nbsp; </TD></TR>
<TR>
     <TD noWrap align=left width="19%" background=""></TD>
     <TD noWrap align=left width="5%" background=""></TD>
     <TD noWrap align=left width="4%" background=""></TD>
     <TD noWrap align=left width="71%" background="">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="19%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD noWrap align=left width="4%"><FONT face=serif size=2>e.</FONT>&nbsp; </TD>
     <TD noWrap align=left width="71%"><FONT face=serif size=2>immediately on exhausting the AGGREGATE LIMIT OF LIABILITY,</FONT>&nbsp; </TD></TR>
<TR>
     <TD noWrap align=left width="19%" background=""></TD>
     <TD noWrap align=left width="5%" background=""></TD>
     <TD noWrap align=left width="4%" background=""></TD>
     <TD noWrap align=left width="71%" background=""><FONT size=2>or</FONT>&nbsp;&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="19%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD noWrap align=left width="4%">&nbsp; </TD>
     <TD noWrap align=left width="71%">&nbsp;&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="19%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD noWrap align=left width="4%"><FONT face=serif size=2>f.</FONT>&nbsp; </TD>
     <TD noWrap align=left width="71%"><FONT face=serif size=2>immediately on expiration of the BOND PERIOD, or</FONT>&nbsp; </TD></TR>
<TR>
     <TD noWrap align=left width="19%" background=""></TD>
     <TD noWrap align=left width="5%" background=""></TD>
     <TD noWrap align=left width="4%" background=""></TD>
     <TD noWrap align=left width="71%" background="">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="19%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD noWrap align=left width="4%"><FONT face=serif size=2>g.</FONT>&nbsp; </TD>
     <TD noWrap align=left width="71%"><FONT face=serif size=2>immediately on cancellation, termination or recision of the </FONT><B><FONT face=serif size=2>Primary</FONT></B>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="19%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD noWrap align=left width="4%">&nbsp; </TD>
     <TD noWrap align=left width="71%"><B><FONT face=serif size=2>Bond</FONT></B><FONT face=serif size=2>.</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=4>
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD width="99%" colSpan=4>&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=4>&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=4>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="19%"><I><FONT face=sans-serif size=2>Conformity</FONT></I>&nbsp; </TD>
     <TD noWrap align=left width="5%"><FONT face=serif size=2>7.</FONT>&nbsp; </TD>
     <TD noWrap align=left width="75%" colSpan=2><FONT face=serif size=2>If any limitation within this bond is prohibited by any law controlling this</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="19%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD noWrap align=left width="75%" colSpan=2><FONT face=serif size=2>bond&#146;s construction, such limitation shall be deemed to be amended so as to</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="19%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD noWrap align=left width="75%" colSpan=2><FONT face=serif size=2>equal the minimum period of limitation provided by such law.</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=4>
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD width="99%" colSpan=4>&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=4>&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=4>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="19%"><I><FONT face=sans-serif size=2>Change Or</FONT></I>&nbsp; </TD>
     <TD noWrap align=left width="5%"><FONT face=serif size=2>8.</FONT>&nbsp; </TD>
     <TD noWrap align=left width="75%" colSpan=2><FONT face=serif size=2>This bond or any instrument amending or affecting this bond may not be</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="19%"><I><FONT face=sans-serif size=2>Modification Of</FONT></I>&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD noWrap align=left width="75%" colSpan=2><FONT face=serif size=2>changed or modified orally. No change in or modification of this bond shall</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="19%"><I><FONT face=sans-serif size=2>This Bond</FONT></I>&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD noWrap align=left width="75%" colSpan=2><FONT face=serif size=2>be effective except when made by written endorsement to this bond signed</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="24%" colSpan=2>&nbsp; </TD>
     <TD width="75%" background="" colSpan=2><FONT size=2>by an Authorized Representative of the COMPANY.</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD></TR>
<TR>
     <TD width="99%" colSpan=4>&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=4>&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=4>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="19%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD noWrap align=left width="75%" colSpan=2></TD></TR>
<TR>
     <TD width="99%" colSpan=4>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="19%"><FONT face=serif size=2>Excess Bond (7-92)</FONT>&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD noWrap align=left width="4%">&nbsp; </TD>
     <TD noWrap align=left width="71%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="24%" colSpan=2><FONT face=serif size=2>Form 17-02-0842 (Ed. 7-92)</FONT>&nbsp; </TD>
     <TD noWrap align=left width="4%">&nbsp; </TD>
     <TD noWrap align=right width="71%"><FONT face=serif size=2>Page 5 of 5</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="19%"></TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD noWrap align=left width="4%">&nbsp; </TD>
     <TD noWrap align=left width="71%">&nbsp; </TD></TR></TABLE><BR>
<HR align=center width="100%" noShade SIZE=2>

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<A name="page_7"></A>
<TABLE cellSpacing=1 cellPadding=0 width="80%" border=0>
<TR vAlign=bottom>
     <TD noWrap align=left width="32%"><FONT face=serif size=2>Effective date of this</FONT>&nbsp; </TD>
     <TD noWrap align=left width="67%"><B><FONT face=serif size=2>FEDERAL INSURANCE COMPANY</FONT></B>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="32%"><FONT face=serif size=2>endorsement: June 15, 2006</FONT>&nbsp; </TD>
     <TD noWrap align=left width="67%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="32%">&nbsp; </TD>
     <TD noWrap align=left width="67%"><FONT face=serif size=2>Endorsement No.: 1</FONT>&nbsp; </TD></TR>
<TR>
     <TD noWrap align=left width="32%" background=""></TD>
     <TD noWrap align=left width="67%" background="">&nbsp;&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="32%">&nbsp; </TD>
     <TD noWrap align=left width="67%"><FONT face=serif size=2>To be attached to and form a part of Bond Number: 81948056</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="99%" colSpan=2><FONT face=serif>Issued to: THE GEORGE PUTNAM FUNDS OF BOSTON</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=2>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=center width="99%" colSpan=2><B><FONT face=serif>COMPLIANCE WITH APPLICABLE TRADE SANCTION LAWS RIDER</FONT></B>&nbsp; </TD></TR>
<TR>
     <TD noWrap align=center width="99%" background="" colSpan=2></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=center width="99%" colSpan=2><FONT face=serif>It is agreed that this insurance does not apply to the extent that trade or economic sanctions or</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=center width="99%" colSpan=2><FONT face=serif>other laws or regulations prohibit the coverage provided by this insurance.</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=2>&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=2>&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=2>&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=2>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="99%" colSpan=2><FONT face=serif>ALL OTHER TERMS AND CONDITIONS OF THIS BOND REMAIN UNCHANGED.</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=2>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="32%"><FONT face=serif>Date: April 3, 2007</FONT>&nbsp; </TD>
     <TD noWrap align=left width="67%"><FONT face=serif>By:<BR>
____________________________________</FONT>&nbsp; </TD></TR>
<TR>
     <TD align=center width="99%" colSpan=2>&nbsp; Authorized Representative&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=2>&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=2>&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=2>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="32%">&nbsp; </TD>
     <TD noWrap align=left width="67%"></TD></TR>
<TR>
     <TD width="99%" colSpan=2>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="32%"><FONT face=serif size=2>Form 14-02-9228 (Ed. 4/2004)</FONT>&nbsp; </TD>
     <TD noWrap align=left width="67%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="32%"></TD>
     <TD noWrap align=left width="67%">&nbsp; </TD></TR></TABLE><BR>
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<P align=right><B><FONT face=serif size=2>Chubb &amp; Son, </FONT></B><FONT face=serif size=2>div. of Federal Insurance Company</FONT><BR>
<FONT face=serif size=2>as manager of the member insurers of the</FONT><BR>
<FONT face=serif size=2>Chubb Group of Insurance Companies</FONT></P>
<P align=center><B><FONT face=serif>POLICYHOLDER</FONT></B><BR>
<B><FONT face=serif>DISCLOSURE NOTICE OF</FONT></B><BR>
<B><FONT face=serif>TERRORISM INSURANCE COVERAGE</FONT></B><BR>
<BR>
<B><FONT face=serif>(for policies with no terrorism exclusion or sublimit)</FONT></B></P>
<P align=left><FONT face=serif>You are hereby notified that, under the Terrorism Risk Insurance Act of 2002 (the &#147;Act&#148;) effective November 26, 2002, this policy makes available to you insurance for losses arising out of certain acts of international terrorism. Terrorism is defined as any act certified by the Secretary of the Treasury, in concurrence with the Secretary of State and the Attorney General of the United States, to be an act of terrorism; to be a violent act or an act that is dangerous to human life, property or infrastructure; to have resulted in damage within the United States, or outside the United States in the case of an air carrier or vessel or the premises of a United States Mission; and to have been committed by an individual or individuals acting on behalf of any foreign person or foreign interest, as part of an effort to coerce the civilian population of the United States or to influence the policy or affect the conduct of the United States Government by coercion.</FONT></P>
<P align=left><FONT face=serif>You should know that the insurance provided by your policy for losses caused by acts of terrorism is partially reimbursed by the United States under the formula set forth in the Act. Under this formula, the United States pays 90% of covered terrorism losses that exceed the statutorily established deductible to be paid by the insurance company providing the coverage. The portion of your policy&#146;s annual premium that is attributable to insurance for such acts of terrorism is: </FONT><B><FONT face=serif>$ -0-.</FONT></B></P>
<P align=left><FONT face=serif>If you have any questions about this notice, please contact your agent or broker.</FONT></P>
<P align=left><FONT face=serif size=2>Form 10-02-1281 (Ed. 1/2003)</FONT><BR>
</P>
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<P align="left">
<B><FONT face="serif">Exhibit 2</FONT></B></P>
<P align="left">
<U><FONT face="serif">Resolutions adopted by the Boards of Trustees of the Putnam Funds on July 14, 2006</FONT></U></P>
<P align="left">
<FONT face="serif">VOTED:  That the action of each Fund in joining the other Putnam Funds, Putnam Investment Management, LLC, Putnam Retail Management Limited Partnership, Putnam Fiduciary Trust Company and certain of their affiliates on their joint
Registered Management Investment Company fidelity bonds covering larceny and embezzlement and certain other acts in the total amount of &#36;80 million, is confirmed and ratified, it being the understanding of each Fund that the cost of said bonds
to such Fund will be such Fund&#146;s ratable share of the premium for the bonds for the 12-month period ending June 15, 2007 of which 85% of the cost is allocated to The Putnam Funds, based on the net asset value from time to time of the Fund and
the other Putnam Funds party to said bonds.</FONT></P>
<P align="left">
<FONT face="serif">VOTED: That each Fund&#146;s entry into an agreement with the other parties to the joint fidelity bonds authorized pursuant to the immediately preceding vote, stating that in the event recovery is received under the bonds as a
result of the loss of each Fund and of one or more of the other named insureds, each Fund shall receive an equitable and proportionate share of recovery but at least equal to the amount it would have received had it provided and maintained a single
insured bond with the minimum coverage required under Rule 17g-1 under the Investment Company Act of 1940, as amended, is confirmed and ratified.</FONT></P>
<P align="left">
<FONT face="serif">VOTED: That the designation, pursuant to Rule 17g-1 under the Investment Company Act of 1940, as amended, of Beth S. Mazor, Vice President of the Fund, as agent for each Fund to make the filings and give the notices required by
subparagraph (g) of said Rule is confirmed and ratified.</FONT></P>
<P align="left">
<FONT face="serif">VOTED: That the form and amount of the bonds referred to in the preceding votes, after consideration of all relevant factors including each Fund&#146;s aggregate assets to which persons covered by the bonds have access, the type
and terms of arrangements made for custody and safekeeping of assets, and the nature of the securities held, and with the changes approved by Ms. Baxter and Mr. Hill, is confirmed and ratified.</FONT></P>
<P align="left">
<U><FONT face="serif">Resolutions adopted by the Board of Trustees of TH Lee, Putnam Investment Trust on</FONT></U><FONT face="serif"> </FONT><U><FONT face="serif">June 12, 2006</FONT></U></P>
<P align="left">
<FONT face="serif">VOTED: That the action of the Trust&#146;s TH Lee, Putnam Emerging Opportunities Portfolio series (the &#147;Fund&#148;) in joining The Putnam Funds, TH Lee, Putnam Capital Management, LLC, Putnam Investment Management, LLC,
Putnam Retail Management Limited Partnership and Putnam Fiduciary Trust Company on their joint Registered Management Investment Company fidelity bonds covering larceny and embezzlement and certain other acts in the total amount of &#36;80 million,
in such amounts to be allocated among such insurance carriers as the President or any Vice </FONT></P>

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<P align="left">
<FONT face="serif">President of the Trust may approve, is hereby approved and confirmed, it being the understanding of the Fund that the cost of said bonds to the Fund will be the Fund&#146;s ratable share of the premium for the bonds for the
12-month period ending June 15, 2006, of which 85% of the cost is allocated to the Fund and The Putnam Funds, based on the relative net asset value from time to time of the Fund and The Putnam Funds party to said bonds.</FONT></P>
<P align="left">
<FONT face="serif">VOTED: That the Fund enter into an agreement with the other parties to the joint fidelity bonds authorized pursuant to the immediately preceding vote, stating that in the event recovery is received under the bonds as a result of
the loss of the fund and of one or more of the other named insureds, the Fund shall receive an equitable and proportionate share of recovery, but at least equal to the amount it would have received had it provided and maintained a single insured
bond with the minimum coverage required under Rule 17g-1 under the Investment Company Act of 1940, as amended.</FONT></P>
<P align="left">
<FONT face="serif">VOTED: That pursuant to Rule 17g-1 under the Investment Company Act of 1940, as amended, each of the officers of the Trust hereby is designated as agent for the Fund to make the filings and give the notices required by
subparagraph (g) of said Rule.</FONT></P>
<P align="left">
<FONT face="serif">VOTED: To approve specifically the form and amount of the bonds referred to in the preceding votes, after consideration of all relevant factors, including the Fund&#146;s aggregate assets to which persons covered by the bonds have
access, the type and terms of arrangements made for custody and safekeeping of assets, and the nature of the securities held.</FONT></P>

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<P align="left">
<B><FONT face="serif">Exhibit 3</FONT></B></P>
<P align="left">
<B><FONT face="serif">AGREEMENT</FONT></B></P>
<P align="left">
<FONT face="serif">WHEREAS the undersigned parties have determined that it is in their best interests to enter into a joint fidelity bond, which bond is intended to meet the applicable standards of Rule 17g-1 under the Investment Company Act of 1940
(the "Act"); and</FONT></P>
<P align="left">
<FONT face="serif">WHEREAS Rule 17g-1 under the Act requires that each registered management investment company entering into a joint fidelity bond shall agree with the other named insureds as to the allocation of the recovery received under the
joint bond as a result of the loss sustained by the registered management investment company and one or more of the other named insureds.</FONT></P>
<P align="left">
<FONT face="serif">NOW, THEREFORE, in consideration of the foregoing and of other good and valuable consideration, the undersigned parties hereby agree as follows:</FONT></P>
<P align="left">
<FONT face="serif">1. In the event recovery is received under the bond as a result of a loss sustained by one of the registered management investment companies party to this Agreement and one or more other named insureds, the registered management
investment company shall receive an equitable and proportionate share of the recovery, but at least equal to the amount it would have received had it provided and maintained a single insured bond with the minimum coverage required under Rule 17g-1
under the Act.</FONT></P>
<P align="left">
<FONT face="serif">2. This Agreement shall be governed by and construed in accordance with the laws of The Commonwealth of Massachusetts.</FONT></P>
<P align="left">
<FONT face="serif">3. A copy of the Declaration of Trust of each of the registered management investment companies is on file with the Secretary of The Commonwealth of Massachusetts, and notice is hereby given that this instrument is executed on
behalf of the Trustees of each registered management investment company 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 registered management investment company.</FONT></P>

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<P align="left">
<I><FONT face="serif">[Remainder of page intentionally left blank]</FONT></I></P>

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<P align="left">
<FONT face="serif">IN WITNESS WHEREOF, each of the undersigned has caused this Agreement to be executed by a duly authorized officer as of April 4, 2007.</FONT></P>
<P align="left">
<FONT face="serif">THE PUTNAM FUNDS LISTED ON EXHIBIT A</FONT></P>
<P align="left">
<FONT face="serif">By: </FONT><U><FONT face="serif">/s/ Charles E. Porter<BR>__________________</FONT></U><BR>
<BR>
<FONT face="serif">Charles E. Porter</FONT><BR>
<BR>
<FONT face="serif">Executive Vice President, Associate Treasurer and Principal Executive Officer</FONT></P>
<P align="left">
<FONT face="serif">TH LEE, PUTNAM INVESTMENT TRUST</FONT></P>
<P align="left">
<FONT face="serif">By: </FONT><U><FONT face="serif">/s/ James F. Clark<BR>____________________</FONT></U><BR>
<BR>
<FONT face="serif">James F. Clark</FONT><BR>
<BR>
<FONT face="serif">Vice President</FONT></P>
<P align="left">
<FONT face="serif">PUTNAM INVESTMENT MANAGEMENT, LLC</FONT></P>
<P align="left">
<FONT face="serif">PUTNAM RETAIL MANAGEMENT LIMITED PARTNERSHIP</FONT></P>
<P align="left">
<FONT face="serif">By: </FONT><U><FONT face="serif">/s/ Beth F. Mazor<BR>________________</FONT></U><BR>
<BR>
<FONT face="serif">Beth S. Mazor</FONT><BR>
<BR>
<FONT face="serif">Managing Director</FONT></P>
<P align="left">
<FONT face="serif">PUTNAM FIDUCIARY TRUST COMPANY</FONT></P>
<P align="left">
<FONT face="serif">By: </FONT><U><FONT face="serif">/s/ Robert R. Leveille<BR>_____________</FONT></U><BR>
<BR>
<FONT face="serif">Robert R. Leveille</FONT><BR>
<BR>
<FONT face="serif">Managing Director</FONT></P>

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<P align="left">
<B><FONT face="serif">EXHIBIT A</FONT></B></P>
<P align="left">
<FONT size=2 face="serif">Putnam American Government Income Fund</FONT><BR>
<BR>
<FONT size=2 face="serif">Putnam Arizona Tax Exempt Income Fund</FONT><BR>
<BR>
<FONT size=2 face="serif">Putnam Asset Allocation Funds</FONT><BR>
<BR>
<FONT size=2 face="serif">-Balanced Portfolio</FONT><BR>
<BR>
<FONT size=2 face="serif">-Conservative Portfolio</FONT><BR>
<BR>
<FONT size=2 face="serif">-Growth Portfolio</FONT><BR>
<BR>
<FONT size=2 face="serif">Putnam California Investment Grade Municipal Trust</FONT><BR>
<BR>
<FONT size=2 face="serif">Putnam California Tax Exempt Income Fund</FONT><BR>
<BR>
<FONT size=2 face="serif">Putnam Capital Appreciation Fund</FONT><BR>
<BR>
<FONT size=2 face="serif">Putnam Classic Equity Fund</FONT><BR>
<BR>
<FONT size=2 face="serif">Putnam Convertible Income-Growth Trust</FONT><BR>
<BR>
<FONT size=2 face="serif">Putnam Discovery Growth Fund</FONT><BR>
<BR>
<FONT size=2 face="serif">Putnam Diversified Income Trust</FONT><BR>
<BR>
<FONT size=2 face="serif">Putnam Equity Income Fund</FONT><BR>
<BR>
<FONT size=2 face="serif">Putnam Europe Equity Fund</FONT><BR>
<BR>
<FONT size=2 face="serif">Putnam Funds Trust</FONT><BR>
<BR>
<FONT size=2 face="serif">-Putnam Floating Rate Daily Income Fund</FONT><BR>
<BR>
<FONT size=2 face="serif">-Putnam Income Opportunities Fund</FONT><BR>
<BR>
<FONT size=2 face="serif">-Putnam International Growth and Income Fund</FONT><BR>
<BR>
<FONT size=2 face="serif">-Putnam Prime Money Market Fund</FONT><BR>
<BR>
<FONT size=2 face="serif">-Putnam Small Cap Growth Fund</FONT><BR>
<BR>
<FONT size=2 face="serif">The George Putnam Fund of Boston</FONT><BR>
<BR>
<FONT size=2 face="serif">Putnam Global Equity Fund</FONT><BR>
<BR>
<FONT size=2 face="serif">Putnam Global Income Trust</FONT><BR>
<BR>
<FONT size=2 face="serif">Putnam Global Natural Resources Fund</FONT><BR>
<BR>
<FONT size=2 face="serif">The Putnam Fund for Growth and Income</FONT><BR>
<BR>
<FONT size=2 face="serif">Putnam Health Sciences Trust</FONT><BR>
<BR>
<FONT size=2 face="serif">Putnam High Income Bond Fund</FONT><BR>
<BR>
<FONT size=2 face="serif">Putnam High Income Opportunities Trust</FONT><BR>
<BR>
<FONT size=2 face="serif">Putnam High Yield Advantage Fund</FONT><BR>
<BR>
<FONT size=2 face="serif">Putnam High Yield Municipal Trust</FONT><BR>
<BR>
<FONT size=2 face="serif">Putnam High Yield Trust</FONT><BR>
<BR>
<FONT size=2 face="serif">Putnam Income Fund</FONT><BR>
<BR>
<FONT size=2 face="serif">Putnam Intermediate U.S. Government Income Fund</FONT></P>

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<FONT size=2 face="serif">Putnam International Equity Fund</FONT><BR>
<BR>
<FONT size=2 face="serif">Putnam Investment Funds</FONT><BR>
<BR>
<FONT size=2 face="serif">-Putnam Capital Opportunities Fund</FONT><BR>
<BR>
<FONT size=2 face="serif">-Putnam Growth Opportunities Fund</FONT><BR>
<BR>
<FONT size=2 face="serif">-Putnam International Capital Opportunities Fund</FONT><BR>
<BR>
<FONT size=2 face="serif">-Putnam International New Opportunities Fund</FONT><BR>
<BR>
<FONT size=2 face="serif">-Putnam Mid Cap Value Fund</FONT><BR>
<BR>
<FONT size=2 face="serif">-Putnam New Value Fund</FONT><BR>
<BR>
<FONT size=2 face="serif">-Putnam Research Fund</FONT><BR>
<BR>
<FONT size=2 face="serif">-Putnam Small Cap Value Fund</FONT><BR>
<BR>
<FONT size=2 face="serif">Putnam Investment Grade Municipal Trust</FONT><BR>
<BR>
<FONT size=2 face="serif">Putnam Investors Fund</FONT><BR>
<BR>
<FONT size=2 face="serif">Putnam Managed Municipal Income Trust</FONT><BR>
<BR>
<FONT size=2 face="serif">Putnam Massachusetts Tax Exempt Income Fund</FONT><BR>
<BR>
<FONT size=2 face="serif">Putnam Master Income Trust</FONT><BR>
<BR>
<FONT size=2 face="serif">Putnam Master Intermediate Income Trust</FONT><BR>
<BR>
<FONT size=2 face="serif">Putnam Michigan Tax Exempt Income Fund</FONT><BR>
<BR>
<FONT size=2 face="serif">Putnam Minnesota Tax Exempt Income Fund</FONT><BR>
<BR>
<FONT size=2 face="serif">Putnam Money Market Fund</FONT><BR>
<BR>
<FONT size=2 face="serif">Putnam Municipal Bond Fund</FONT><BR>
<BR>
<FONT size=2 face="serif">Putnam Municipal Income Fund</FONT><BR>
<BR>
<FONT size=2 face="serif">Putnam Municipal Opportunities Trust</FONT><BR>
<BR>
<FONT size=2 face="serif">Putnam New Jersey Tax Exempt Income Fund</FONT><BR>
<BR>
<FONT size=2 face="serif">Putnam New Opportunities Fund</FONT><BR>
<BR>
<FONT size=2 face="serif">Putnam New York Investment Grade Municipal Trust</FONT><BR>
<BR>
<FONT size=2 face="serif">Putnam New York Tax Exempt Income Fund</FONT><BR>
<BR>
<FONT size=2 face="serif">Putnam Ohio Tax Exempt Income Fund</FONT><BR>
<BR>
<FONT size=2 face="serif">Putnam OTC &amp; Emerging Growth Fund</FONT><BR>
<BR>
<FONT size=2 face="serif">Putnam Pennsylvania Tax Exempt Income Fund</FONT><BR>
<BR>
<FONT size=2 face="serif">Putnam Premier Income Trust</FONT><BR>
<BR>
<FONT size=2 face="serif">Putnam RetirementReady Funds </FONT><BR>
<BR>
<FONT size=2 face="serif">Putnam Tax Exempt Income Fund</FONT><BR>
<BR>
<FONT size=2 face="serif">Putnam Tax Exempt Money Market Fund</FONT><BR>
<BR>
<FONT size=2 face="serif">Putnam Tax-Free Health Care Fund</FONT><BR>
<BR>
<FONT size=2 face="serif">Putnam Tax-Free Income Trust</FONT><BR>
<BR>
<FONT size=2 face="serif">-Putnam Tax-Free High Yield Fund</FONT></P>

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<P align="left">
<FONT size=2 face="serif">-Putnam Tax-Free Insured Fund</FONT><BR>
<BR>
<FONT size=2 face="serif">Putnam Tax Smart Funds Trust</FONT><BR>
<BR>
<FONT size=2 face="serif">-Putnam Tax Smart Equity Fund</FONT><BR>
<BR>
<FONT size=2 face="serif">Putnam U.S. Government Income Trust</FONT><BR>
<BR>
<FONT size=2 face="serif">Putnam Utilities Growth and Income Fund</FONT><BR>
<BR>
<FONT size=2 face="serif">Putnam Variable Trust</FONT><BR>
<BR>
<FONT size=2 face="serif">-Putnam VT American Government Income Fund</FONT><BR>
<BR>
<FONT size=2 face="serif">-Putnam VT Capital Appreciation Fund</FONT><BR>
<BR>
<FONT size=2 face="serif">-Putnam VT Capital Opportunities Fund</FONT><BR>
<BR>
<FONT size=2 face="serif">-Putnam VT Discovery Growth Fund</FONT><BR>
<BR>
<FONT size=2 face="serif">-Putnam VT Diversified Income Fund</FONT><BR>
<BR>
<FONT size=2 face="serif">-Putnam VT Equity Income Fund</FONT><BR>
<BR>
<FONT size=2 face="serif">-Putnam VT The George Putnam Fund of Boston</FONT><BR>
<BR>
<FONT size=2 face="serif">-Putnam VT Global Asset Allocation Fund</FONT><BR>
<BR>
<FONT size=2 face="serif">-Putnam VT Global Equity Fund</FONT><BR>
<BR>
<FONT size=2 face="serif">-Putnam VT Growth and Income Fund</FONT><BR>
<BR>
<FONT size=2 face="serif">-Putnam VT Growth Opportunities Fund</FONT><BR>
<BR>
<FONT size=2 face="serif">-Putnam VT Health Sciences Fund</FONT><BR>
<BR>
<FONT size=2 face="serif">-Putnam VT High Yield Fund</FONT><BR>
<BR>
<FONT size=2 face="serif">-Putnam VT Income Fund</FONT><BR>
<BR>
<FONT size=2 face="serif">-Putnam VT International Equity Fund</FONT><BR>
<BR>
<FONT size=2 face="serif">-Putnam VT International Growth and Income Fund</FONT><BR>
<BR>
<FONT size=2 face="serif">-Putnam VT International New Opportunities Fund</FONT><BR>
<BR>
<FONT size=2 face="serif">-Putnam VT Investors Fund</FONT><BR>
<BR>
<FONT size=2 face="serif">-Putnam VT Mid Cap Value Fund</FONT><BR>
<BR>
<FONT size=2 face="serif">-Putnam VT Money Market Fund</FONT><BR>
<BR>
<FONT size=2 face="serif">-Putnam VT New Opportunities Fund</FONT><BR>
<BR>
<FONT size=2 face="serif">-Putnam VT New Value Fund</FONT><BR>
<BR>
<FONT size=2 face="serif">-Putnam VT OTC &amp; Emerging Growth Fund</FONT><BR>
<BR>
<FONT size=2 face="serif">-Putnam VT Research Fund</FONT><BR>
<BR>
<FONT size=2 face="serif">-Putnam VT Small Cap Value Fund</FONT><BR>
<BR>
<FONT size=2 face="serif">-Putnam VT Utilities Growth and Income Fund</FONT><BR>
<BR>
<FONT size=2 face="serif">-Putnam VT Vista Fund</FONT><BR>
<BR>
<FONT size=2 face="serif">-Putnam VT Voyager Fund</FONT><BR>
<BR>
<FONT size=2 face="serif">Putnam Vista Fund</FONT><BR>
<BR>
<FONT size=2 face="serif">Putnam Voyager Fund</FONT></P>

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