<SEC-DOCUMENT>0000928816-12-001937.txt : 20121214
<SEC-HEADER>0000928816-12-001937.hdr.sgml : 20121214
<ACCEPTANCE-DATETIME>20121214165024
ACCESSION NUMBER:		0000928816-12-001937
CONFORMED SUBMISSION TYPE:	40-17G
PUBLIC DOCUMENT COUNT:		12
FILED AS OF DATE:		20121214
DATE AS OF CHANGE:		20121214
EFFECTIVENESS DATE:		20121214

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:		121266213

	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 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:		121266216

	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 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:		121266205

	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 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:		121266202

	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 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:		121266182

	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 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:		121266187

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

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:		121266218

	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 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:		121266210

	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 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:		121266222

	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 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:		121266192

	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

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:		121266184

	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 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:		121266180

	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 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:		121266198

	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 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:		121266186

	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 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:		121266183

	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 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:		121266189

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

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:		121266220

	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 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:		121266217

	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 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:		121266201

	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 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:		121266193

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

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:		121266204

	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 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:		121266194

	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 CONVERTIBLE SECURITIES FUND
		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:		121266221

	BUSINESS ADDRESS:	
		STREET 1:		ONE POST OFFICE SQ
		STREET 2:		MAILSTOP A 14
		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 CONVERTIBLE INCOME GROWTH TRUST
		DATE OF NAME CHANGE:	19920703

	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 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:		121266196

	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:			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:		121266214

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

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

	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 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:		121266206

	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 GLOBAL HEALTH CARE FUND
		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:		121266212

	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:		ONE POST OFFICE SQ
		STREET 2:		MAILSTOP A 14
		CITY:			BOSTON
		STATE:			MA
		ZIP:			02109

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	PUTNAM HEALTH SCIENCES TRUST
		DATE OF NAME CHANGE:	19920703

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:		121266185

	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 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:		121266207

	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 MASSACHUSETTS TAX EXEMPT INCOME FUND/MA/
		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:		121266200

	BUSINESS ADDRESS:	
		STREET 1:		ONE POST OFFICE SQ
		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 MASSACHUSETTS TAX EXEMPT INCOME FUND II
		DATE OF NAME CHANGE:	19920703

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

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			PUTNAM MINNESOTA TAX EXEMPT INCOME FUND/MA
		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:		121266197

	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 MINNESOTA TAX EXEMPT INCOME FUND II
		DATE OF NAME CHANGE:	19920703

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

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:		121266211

	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:			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:		121266190

	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 OHIO TAX EXEMPT INCOME FUND/MA
		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:		121266191

	BUSINESS ADDRESS:	
		STREET 1:		ONE POST OFFICE SQ
		CITY:			BOSTON
		STATE:			MA
		ZIP:			02109
		BUSINESS PHONE:		617-292-1000

	MAIL ADDRESS:	
		STREET 1:		ONE POST OFFICE SQUARE
		CITY:			BOSTON
		STATE:			MA
		ZIP:			021009

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

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

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:		121266208

	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 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:		121266199

	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 MULTI-CAP GROWTH 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:		121266195

	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 NEW OPPORTUNITIES FUND
		DATE OF NAME CHANGE:	19920703

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			PUTNAM GLOBAL UTILITIES 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:		121266209

	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 UTILITIES GROWTH & INCOME FUND
		DATE OF NAME CHANGE:	19920703

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:		121266223

	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 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:		121266219

	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 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:		121266203

	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 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:		121266215

	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 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:		121266188

	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 Mortgage Recovery Fund
		CENTRAL INDEX KEY:			0001537610
		IRS NUMBER:				453837328

	FILING VALUES:
		FORM TYPE:		40-17G
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	811-22654
		FILM NUMBER:		121266181

	BUSINESS ADDRESS:	
		STREET 1:		ONE POST OFFICE SQUARE
		CITY:			BOSTON
		STATE:			MA
		ZIP:			02109
		BUSINESS PHONE:		18002251581

	MAIL ADDRESS:	
		STREET 1:		ONE POST OFFICE SQUARE
		CITY:			BOSTON
		STATE:			MA
		ZIP:			02109
</SEC-HEADER>
<DOCUMENT>
<TYPE>40-17G
<SEQUENCE>1
<FILENAME>a_fidelitybond.htm
<DESCRIPTION>PUTNAM FIDELITY BOND
<TEXT>
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<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>December </FONT><FONT size=2><FONT face=sans-serif>14, </FONT><FONT face=sans-serif>2012</FONT></FONT></P><FONT size=2>

<P style="TEXT-ALIGN: left"><FONT face=sans-serif>Securities </FONT><FONT face=sans-serif>and </FONT><FONT face=sans-serif>Exchange </FONT><FONT face=sans-serif>Commission</FONT><BR><FONT face=sans-serif>450 </FONT><FONT face=sans-serif>Fifth </FONT><FONT face=sans-serif>Street, </FONT><FONT face=sans-serif>N.W.</FONT><BR><FONT face=sans-serif>Washington, </FONT><FONT face=sans-serif>DC </FONT><FONT face=sans-serif>20549</FONT></P>

<P style="TEXT-ALIGN: left"><FONT face=sans-serif>Re:&nbsp;&nbsp;&nbsp;&nbsp; </FONT><U><FONT face=sans-serif>Putnam </FONT><FONT face=sans-serif>Funds </FONT><FONT face=sans-serif>Filing </FONT><FONT face=sans-serif>under </FONT><FONT face=sans-serif>Rule </FONT><FONT face=sans-serif>17g-1</FONT></U></P></FONT>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>Ladies </FONT><FONT size=2 face=sans-serif>and </FONT><FONT size=2 face=sans-serif>Gentlemen:</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>On </FONT><FONT size=2><FONT face=sans-serif>behalf </FONT><FONT face=sans-serif>of </FONT><FONT face=sans-serif>the </FONT><FONT face=sans-serif>registered </FONT><FONT face=sans-serif>management </FONT><FONT face=sans-serif>investment </FONT><FONT face=sans-serif>companies </FONT><FONT face=sans-serif>listed </FONT><FONT face=sans-serif>in </FONT><FONT face=sans-serif>Schedule </FONT><FONT face=sans-serif>A-I </FONT><FONT face=sans-serif>hereto </FONT><FONT face=sans-serif>(the </FONT><FONT face=sans-serif>&#8220;Funds&#8221;), </FONT><FONT face=sans-serif>please </FONT><FONT face=sans-serif>be </FONT><FONT face=sans-serif>advised, </FONT><FONT face=sans-serif>pursuant </FONT><FONT face=sans-serif>to </FONT><FONT face=sans-serif>Rule </FONT><FONT face=sans-serif>17g-1(g) </FONT><FONT face=sans-serif>under </FONT><FONT face=sans-serif>the </FONT><FONT face=sans-serif>Investment </FONT><FONT face=sans-serif>Company </FONT><FONT face=sans-serif>Act </FONT><FONT face=sans-serif>of </FONT><FONT face=sans-serif>1940, </FONT><FONT face=sans-serif>as </FONT><FONT face=sans-serif>follows:</FONT></FONT></P><FONT size=2>

<P style="TEXT-ALIGN: left"><FONT face=sans-serif>1. </FONT><FONT face=sans-serif>Enclosed </FONT><FONT face=sans-serif>as </FONT><FONT face=sans-serif>Exhibit </FONT><FONT face=sans-serif>1 </FONT><FONT face=sans-serif>is </FONT><FONT face=sans-serif>a </FONT><FONT face=sans-serif>copy </FONT><FONT face=sans-serif>of </FONT><FONT face=sans-serif>the </FONT><FONT face=sans-serif>fidelity </FONT><FONT face=sans-serif>bond </FONT><FONT face=sans-serif>covering </FONT><FONT face=sans-serif>the Funds </FONT><FONT face=sans-serif>for </FONT><FONT face=sans-serif>the </FONT><FONT face=sans-serif>period </FONT><FONT face=sans-serif>beginning </FONT><FONT face=sans-serif>December </FONT><FONT face=sans-serif>1, </FONT><FONT face=sans-serif>2012 </FONT><FONT face=sans-serif>and </FONT><FONT face=sans-serif>ending </FONT><FONT face=sans-serif>November </FONT><FONT face=sans-serif>30, </FONT><FONT face=sans-serif>2013, </FONT><FONT face=sans-serif>which </FONT><FONT face=sans-serif>is </FONT><FONT face=sans-serif>also the </FONT><FONT face=sans-serif>period </FONT><FONT face=sans-serif>for </FONT><FONT face=sans-serif>which </FONT><FONT face=sans-serif>premiums </FONT><FONT face=sans-serif>have </FONT><FONT face=sans-serif>been </FONT><FONT face=sans-serif>paid </FONT><FONT face=sans-serif>to </FONT><FONT face=sans-serif>date.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT face=sans-serif>2. </FONT><FONT face=sans-serif>Enclosed </FONT><FONT face=sans-serif>as </FONT><FONT face=sans-serif>Exhibit </FONT><FONT face=sans-serif>2 </FONT><FONT face=sans-serif>is </FONT><FONT face=sans-serif>a </FONT><FONT face=sans-serif>copy </FONT><FONT face=sans-serif>of </FONT><FONT face=sans-serif>the </FONT><FONT face=sans-serif>resolutions approved </FONT><FONT face=sans-serif>by </FONT><FONT face=sans-serif>the </FONT><FONT face=sans-serif>Trustees </FONT><FONT face=sans-serif>of </FONT><FONT face=sans-serif>the </FONT><FONT face=sans-serif>Funds </FONT><FONT face=sans-serif>approving </FONT><FONT face=sans-serif>the </FONT><FONT face=sans-serif>amount </FONT><FONT face=sans-serif>of </FONT><FONT face=sans-serif>fidelity </FONT><FONT face=sans-serif>bond </FONT><FONT face=sans-serif>coverage </FONT><FONT face=sans-serif>and </FONT><FONT face=sans-serif>the </FONT><FONT face=sans-serif>form </FONT><FONT face=sans-serif>and </FONT><FONT face=sans-serif>amount </FONT><FONT face=sans-serif>of </FONT><FONT face=sans-serif>the </FONT><FONT face=sans-serif>bond. </FONT><FONT face=sans-serif>The </FONT><FONT face=sans-serif>resolutions </FONT><FONT face=sans-serif>were </FONT><FONT face=sans-serif>approved </FONT><FONT face=sans-serif>by </FONT><FONT face=sans-serif>a </FONT><FONT face=sans-serif>majority </FONT><FONT face=sans-serif>of </FONT><FONT face=sans-serif>the </FONT><FONT face=sans-serif>Trustees </FONT><FONT face=sans-serif>of </FONT><FONT face=sans-serif>the </FONT><FONT face=sans-serif>Putnam </FONT><FONT face=sans-serif>Funds, </FONT><FONT face=sans-serif>including </FONT><FONT face=sans-serif>a </FONT><FONT face=sans-serif>majority </FONT><FONT face=sans-serif>of </FONT><FONT face=sans-serif>the </FONT><FONT face=sans-serif>disinterested </FONT><FONT face=sans-serif>Trustees, </FONT><FONT face=sans-serif>on </FONT><FONT face=sans-serif>November </FONT><FONT face=sans-serif>9, </FONT><FONT face=sans-serif>2012.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT face=sans-serif>3. </FONT><FONT face=sans-serif>Enclosed </FONT><FONT face=sans-serif>as </FONT><FONT face=sans-serif>Exhibit </FONT><FONT face=sans-serif>3 </FONT><FONT face=sans-serif>is </FONT><FONT face=sans-serif>a </FONT><FONT face=sans-serif>copy </FONT><FONT face=sans-serif>of </FONT><FONT face=sans-serif>the </FONT><FONT face=sans-serif>agreement entered </FONT><FONT face=sans-serif>into </FONT><FONT face=sans-serif>by </FONT><FONT face=sans-serif>the </FONT><FONT face=sans-serif>Funds, </FONT><FONT face=sans-serif>Putnam </FONT><FONT face=sans-serif>Investment </FONT><FONT face=sans-serif>Management, </FONT><FONT face=sans-serif>LLC </FONT><FONT face=sans-serif>and </FONT><FONT face=sans-serif>certain </FONT><FONT face=sans-serif>of </FONT><FONT face=sans-serif>its </FONT><FONT face=sans-serif>affiliates </FONT><FONT face=sans-serif>in </FONT><FONT face=sans-serif>accordance </FONT><FONT face=sans-serif>with </FONT><FONT face=sans-serif>Rule </FONT><FONT face=sans-serif>17g-1(f).</FONT></P>

<P style="TEXT-ALIGN: left"><FONT face=sans-serif>4. </FONT><FONT face=sans-serif>Schedule </FONT><FONT face=sans-serif>A-2 </FONT><FONT face=sans-serif>hereto </FONT><FONT face=sans-serif>lists </FONT><FONT face=sans-serif>the </FONT><FONT face=sans-serif>amount </FONT><FONT face=sans-serif>of </FONT><FONT face=sans-serif>fidelity </FONT><FONT face=sans-serif>bond </FONT><FONT face=sans-serif>coverage </FONT><FONT face=sans-serif>each </FONT><FONT face=sans-serif>Fund </FONT><FONT face=sans-serif>would </FONT><FONT face=sans-serif>have </FONT><FONT face=sans-serif>been </FONT><FONT face=sans-serif>required </FONT><FONT face=sans-serif>to </FONT><FONT face=sans-serif>maintain </FONT><FONT face=sans-serif>under </FONT><FONT face=sans-serif>Rule </FONT><FONT face=sans-serif>17g- </FONT><FONT face=sans-serif>1(d) </FONT><FONT face=sans-serif>if </FONT><FONT face=sans-serif>it </FONT><FONT face=sans-serif>did </FONT><FONT face=sans-serif>not </FONT><FONT face=sans-serif>participate </FONT><FONT face=sans-serif>in </FONT><FONT face=sans-serif>the </FONT><FONT face=sans-serif>joint </FONT><FONT face=sans-serif>fidelity </FONT><FONT face=sans-serif>bond.</FONT></P></FONT>

<P style="TEXT-ALIGN: left"><FONT size=2><FONT face=sans-serif>Premiums </FONT><FONT face=sans-serif>for </FONT><FONT face=sans-serif>the </FONT><FONT face=sans-serif>bond </FONT><FONT face=sans-serif>enclosed </FONT><FONT face=sans-serif>as </FONT><FONT face=sans-serif>Exhibit </FONT><FONT face=sans-serif>2 </FONT><FONT face=sans-serif>have </FONT><FONT face=sans-serif>been </FONT><FONT face=sans-serif>paid </FONT><FONT face=sans-serif>by </FONT><FONT face=sans-serif>the </FONT><FONT face=sans-serif>insureds thereunder </FONT><FONT face=sans-serif>through November </FONT><FONT face=sans-serif>30, </FONT><FONT face=sans-serif>2013.</FONT></FONT></P></DIV>

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<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>Please </FONT><FONT size=2 face=sans-serif>direct </FONT><FONT size=2 face=sans-serif>any </FONT><FONT size=2 face=sans-serif>comments </FONT><FONT size=2 face=sans-serif>you </FONT><FONT size=2 face=sans-serif>may </FONT><FONT size=2 face=sans-serif>have </FONT><FONT size=2 face=sans-serif>to </FONT><FONT size=2 face=sans-serif>my </FONT><FONT size=2 face=sans-serif>colleague </FONT><FONT size=2 face=sans-serif>James </FONT><FONT size=2 face=sans-serif>Clark, </FONT><FONT size=2 face=sans-serif>Associate </FONT><FONT size=2 face=sans-serif>General Counsel, </FONT><FONT size=2 face=sans-serif>at </FONT><FONT size=2 face=sans-serif>(617) </FONT><FONT size=2 face=sans-serif>760-8939.</FONT></P>
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   <TD width="1%" noWrap align=left><FONT size=2 face=serif>Schedule A-1</FONT>&nbsp;</TD></TR>

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   <TD width="1%" noWrap align=center><B><FONT size=3 face=serif>PUTNAM FUNDS</FONT></B>&nbsp;</TD></TR>

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   <TD width="1%">&nbsp;</TD></TR>

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   <TD width="1%" noWrap align=left><FONT size=3 face=serif>Putnam American Government Income Fund</FONT>&nbsp;</TD></TR>

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   <TD width="1%" noWrap align=left><FONT size=3 face=serif>Putnam Arizona Tax Exempt Income Fund</FONT>&nbsp;</TD></TR>

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   <TD width="1%" noWrap align=left><FONT size=3 face=serif>Putnam California Tax Exempt Income Fund</FONT>&nbsp;</TD></TR>

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   <TD width="1%" noWrap align=left><FONT size=3 face=serif>Putnam Convertible Securities Fund</FONT>&nbsp;</TD></TR>

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   <TD width="1%" noWrap align=left><FONT size=3 face=serif>Putnam Diversified Income Trust</FONT>&nbsp;</TD></TR>

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   <TD width="1%" noWrap align=left><FONT size=3 face=serif>Putnam Asset Allocation Funds</FONT>&nbsp;</TD></TR>

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   <TD style="TEXT-INDENT: 45px" width="1%" noWrap align=left><FONT size=3 face=serif>-Putnam Dynamic Asset Allocation Balanced Fund</FONT>&nbsp;</TD></TR>

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   <TD style="TEXT-INDENT: 45px" width="1%" noWrap align=left><FONT size=3 face=serif>-Putnam Dynamic Asset Allocation Conservative Fund</FONT>&nbsp;</TD></TR>

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   <TD style="TEXT-INDENT: 45px" width="1%" align=left><FONT size=3 face=serif>-Putnam Dynamic Asset Allocation Growth Fund</FONT></TD></TR>

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   <TD width="1%" noWrap align=left><FONT size=3 face=serif>Putnam Equity Income Fund</FONT>&nbsp;</TD></TR>

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   <TD width="1%" noWrap align=left><FONT size=3 face=serif>Putnam Europe Equity Fund</FONT>&nbsp;</TD></TR>

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   <TD width="1%" noWrap align=left><FONT size=3 face=serif>Putnam Funds Trust</FONT>&nbsp;</TD></TR>

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   <TD style="TEXT-INDENT: 45px" width="1%" noWrap align=left><FONT size=3 face=serif>- Putnam Absolute Return 100 Fund</FONT>&nbsp;</TD></TR>

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   <TD style="TEXT-INDENT: 45px" width="1%" noWrap align=left><FONT size=3 face=serif>- Putnam Absolute Return 300 Fund</FONT>&nbsp;</TD></TR>

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   <TD style="TEXT-INDENT: 45px" width="1%" noWrap align=left><FONT size=3 face=serif>- Putnam Absolute Return 500 Fund</FONT>&nbsp;</TD></TR>

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   <TD style="TEXT-INDENT: 45px" width="1%" noWrap align=left><FONT size=3 face=serif>- Putnam Absolute Return 700 Fund</FONT>&nbsp;</TD></TR>

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   <TD style="TEXT-INDENT: 45px" width="1%" noWrap align=left><FONT size=3 face=serif>- Putnam Asia Pacific Equity Fund</FONT>&nbsp;</TD></TR>

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   <TD style="TEXT-INDENT: 45px" width="1%" noWrap align=left><FONT size=3 face=serif>- Putnam Capital Spectrum Fund</FONT>&nbsp;</TD></TR>

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   <TD style="TEXT-INDENT: 45px" width="1%" align=left><FONT size=3 face=serif>- Putnam Dynamic Asset Allocation Equity Fund</FONT></TD></TR>

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   <TD style="TEXT-INDENT: 45px" width="1%" noWrap align=left><FONT size=3 face=serif>- Putnam Dynamic Risk Allocation Fund</FONT>&nbsp;</TD></TR>

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   <TD style="TEXT-INDENT: 45px" width="1%" noWrap align=left><FONT size=3 face=serif>- Putnam Emerging Markets Equity Fund</FONT>&nbsp;</TD></TR>

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   <TD style="TEXT-INDENT: 45px" width="1%" noWrap align=left><FONT size=3 face=serif>- Putnam Emerging Markets Income Fund</FONT>&nbsp;</TD></TR>

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   <TD style="TEXT-INDENT: 45px" width="1%" noWrap align=left><FONT size=3 face=serif>- Putnam Equity Spectrum Fund</FONT>&nbsp;</TD></TR>

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   <TD style="TEXT-INDENT: 45px" width="1%" noWrap align=left><FONT size=3 face=serif>- Putnam Floating Rate Income Fund</FONT>&nbsp;</TD></TR>

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   <TD style="TEXT-INDENT: 45px" width="1%" noWrap align=left><FONT size=3 face=serif>- Putnam Global Consumer Fund</FONT>&nbsp;</TD></TR>

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   <TD style="TEXT-INDENT: 45px" width="1%" noWrap align=left><FONT size=3 face=serif>- Putnam Global Dividend Fund</FONT>&nbsp;</TD></TR>

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   <TD style="TEXT-INDENT: 45px" width="1%" noWrap align=left><FONT size=3 face=serif>- Putnam Global Energy Fund</FONT>&nbsp;</TD></TR>

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   <TD style="TEXT-INDENT: 45px" width="1%" noWrap align=left><FONT size=3 face=serif>- Putnam Global Financials Fund</FONT>&nbsp;</TD></TR>

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   <TD style="TEXT-INDENT: 45px" width="1%" noWrap align=left><FONT size=3 face=serif>- Putnam Global Industrials Fund</FONT>&nbsp;</TD></TR>

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   <TD style="TEXT-INDENT: 45px" width="1%" noWrap align=left><FONT size=3 face=serif>- Putnam Global Sector Fund</FONT>&nbsp;</TD></TR>

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   <TD style="TEXT-INDENT: 45px" width="1%" noWrap align=left><FONT size=3 face=serif>- Putnam Global Technology Fund</FONT>&nbsp;</TD></TR>

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   <TD style="TEXT-INDENT: 45px" width="1%" noWrap align=left><FONT size=3 face=serif>- Putnam Global Telecommunications Fund</FONT>&nbsp;</TD></TR>

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   <TD style="TEXT-INDENT: 45px" width="1%" noWrap align=left><FONT size=3 face=serif>- Putnam Intermediate-Term Municipal Income Fund</FONT>&nbsp;</TD></TR>

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   <TD style="TEXT-INDENT: 45px" width="1%" noWrap align=left><FONT size=3 face=serif>- Putnam International Value Fund</FONT>&nbsp;</TD></TR>

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   <TD style="TEXT-INDENT: 45px" width="1%" noWrap align=left><FONT size=3 face=serif>- Putnam Low Volatility Equity Fund</FONT>&nbsp;</TD></TR>

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   <TD style="TEXT-INDENT: 45px" width="1%" noWrap align=left><FONT size=3 face=serif>- Putnam Money Market Liquidity Fund</FONT>&nbsp;</TD></TR>

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   <TD style="TEXT-INDENT: 45px" width="1%" noWrap align=left><FONT size=3 face=serif>- Putnam Multi-Cap Core Fund</FONT>&nbsp;</TD></TR>

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   <TD style="TEXT-INDENT: 45px" width="1%" align=left><FONT size=3 face=serif>- Putnam Retirement Income Fund Lifestyle 2</FONT></TD></TR>

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   <TD style="TEXT-INDENT: 45px" width="1%" align=left><FONT size=3 face=serif>- Putnam Retirement Income Fund Lifestyle 3</FONT></TD></TR>

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   <TD style="TEXT-INDENT: 45px" width="1%" noWrap align=left><FONT size=3 face=serif>- Putnam Short Duration Income Fund</FONT>&nbsp;</TD></TR>

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   <TD style="TEXT-INDENT: 45px" width="1%" noWrap align=left><FONT size=3 face=serif>- Putnam Short Term Investment Fund</FONT>&nbsp;</TD></TR>

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   <TD style="TEXT-INDENT: 45px" width="1%" align=left><FONT size=3 face=serif>- Putnam Short-Term Municipal Income Fund</FONT></TD></TR>

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   <TD style="TEXT-INDENT: 45px" width="1%" noWrap align=left><FONT size=3 face=serif>- Putnam Small Cap Growth Fund</FONT>&nbsp;</TD></TR>

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   <TD style="TEXT-INDENT: 45px" width="1%" noWrap align=left><FONT size=3 face=serif>- Putnam Strategic Volatility Equity Fund</FONT>&nbsp;</TD></TR></TABLE></DIV>

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   <TD width="1%" noWrap align=left><FONT size=3 face=serif>The George Putnam Fund of Boston d/b/a George Putnam Balanced Fund</FONT>&nbsp;</TD></TR>

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   <TD width="1%" noWrap align=left><FONT size=3 face=serif>Putnam Global Equity Fund</FONT>&nbsp;</TD></TR>

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   <TD width="1%" noWrap align=left><FONT size=3 face=serif>Putnam Global Health Care Fund</FONT>&nbsp;</TD></TR>

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   <TD width="1%" noWrap align=left><FONT size=3 face=serif>Putnam Global Income Trust</FONT>&nbsp;</TD></TR>

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   <TD width="1%" noWrap align=left><FONT size=3 face=serif>Putnam Global Natural Resources Fund</FONT>&nbsp;</TD></TR>

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   <TD width="1%" noWrap align=left><FONT size=3 face=serif>Putnam Global Utilities Fund</FONT>&nbsp;</TD></TR>

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   <TD width="1%" noWrap align=left><FONT size=3 face=serif>The Putnam Fund for Growth and Income</FONT>&nbsp;</TD></TR>

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   <TD width="1%" noWrap align=left><FONT size=3 face=serif>Putnam High Income Securities Fund</FONT>&nbsp;</TD></TR>

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   <TD width="1%" noWrap align=left><FONT size=3 face=serif>Putnam High Yield Advantage Fund</FONT>&nbsp;</TD></TR>

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   <TD width="1%" noWrap align=left><FONT size=3 face=serif>Putnam High Yield Trust</FONT>&nbsp;</TD></TR>

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   <TD width="1%" noWrap align=left><FONT size=3 face=serif>Putnam Income Fund</FONT>&nbsp;</TD></TR>

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   <TD width="1%" noWrap align=left><FONT size=3 face=serif>Putnam International Equity Fund</FONT>&nbsp;</TD></TR>

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   <TD width="1%" noWrap align=left><FONT size=3 face=serif>Putnam Investment Funds</FONT>&nbsp;</TD></TR>

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   <TD style="TEXT-INDENT: 45px" width="1%" noWrap align=left><FONT size=3 face=serif>-Putnam Capital Opportunities Fund</FONT>&nbsp;</TD></TR>

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   <TD style="TEXT-INDENT: 45px" width="1%" noWrap align=left><FONT size=3 face=serif>-Putnam Growth Opportunities Fund</FONT>&nbsp;</TD></TR>

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   <TD style="TEXT-INDENT: 45px" width="1%" noWrap align=left><FONT size=3 face=serif>-Putnam International Capital Opportunities Fund</FONT>&nbsp;</TD></TR>

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   <TD style="TEXT-INDENT: 45px" width="1%" noWrap align=left><FONT size=3 face=serif>-Putnam International Growth Fund</FONT>&nbsp;</TD></TR>

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   <TD style="TEXT-INDENT: 45px" width="1%" noWrap align=left><FONT size=3 face=serif>-Putnam Multi-Cap Value Fund</FONT>&nbsp;</TD></TR>

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   <TD style="TEXT-INDENT: 45px" width="1%" noWrap align=left><FONT size=3 face=serif>-Putnam Research Fund</FONT>&nbsp;</TD></TR>

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   <TD style="TEXT-INDENT: 45px" width="1%" noWrap align=left><FONT size=3 face=serif>-Putnam Small Cap Value Fund</FONT>&nbsp;</TD></TR>

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   <TD width="1%" noWrap align=left><FONT size=3 face=serif>Putnam Investors Fund</FONT>&nbsp;</TD></TR>

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   <TD width="1%" noWrap align=left><FONT size=3 face=serif>Putnam Managed Municipal Income Trust</FONT>&nbsp;</TD></TR>

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   <TD width="1%" noWrap align=left><FONT size=3 face=serif>Putnam Massachusetts Tax Exempt Income Fund</FONT>&nbsp;</TD></TR>

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   <TD width="1%" noWrap align=left><FONT size=3 face=serif>Putnam Master Intermediate Income Trust</FONT>&nbsp;</TD></TR>

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   <TD width="1%" noWrap align=left><FONT size=3 face=serif>Putnam Michigan Tax Exempt Income Fund</FONT>&nbsp;</TD></TR>

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   <TD width="1%" noWrap align=left><FONT size=3 face=serif>Putnam Minnesota Tax Exempt Income Fund</FONT>&nbsp;</TD></TR>

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   <TD width="1%" noWrap align=left><FONT size=3 face=serif>Putnam Money Market Fund</FONT>&nbsp;</TD></TR>

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   <TD width="1%" noWrap align=left><FONT size=3 face=serif>Putnam Mortgage Recovery Fund</FONT>&nbsp;</TD></TR>

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   <TD width="1%" noWrap align=left><FONT size=3 face=serif>Putnam Multi-Cap Growth Fund</FONT>&nbsp;</TD></TR>

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   <TD width="1%" noWrap align=left><FONT size=3 face=serif>Putnam Municipal Opportunities Trust</FONT>&nbsp;</TD></TR>

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   <TD width="1%" noWrap align=left><FONT size=3 face=serif>Putnam New Jersey Tax Exempt Income Fund</FONT>&nbsp;</TD></TR>

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   <TD width="1%" noWrap align=left><FONT size=3 face=serif>Putnam New York Tax Exempt Income Fund</FONT>&nbsp;</TD></TR>

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   <TD width="1%" noWrap align=left><FONT size=3 face=serif>Putnam Ohio Tax Exempt Income Fund</FONT>&nbsp;</TD></TR>

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   <TD width="1%" noWrap align=left><FONT size=3 face=serif>Putnam Pennsylvania Tax Exempt Income Fund</FONT>&nbsp;</TD></TR>

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   <TD width="1%" noWrap align=left><FONT size=3 face=serif>Putnam Premier Income Trust</FONT>&nbsp;</TD></TR>

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   <TD width="1%" noWrap align=left><FONT size=3 face=serif>Putnam RetirementReady<FONT size=2>&#174;</FONT></FONT><FONT size=3 face=serif> Funds</FONT>&nbsp;</TD></TR>

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   <TD style="TEXT-INDENT: 45px" width="1%" noWrap align=left><FONT size=3 face=serif>-Putnam Retirement Income Fund Lifestyle 1</FONT>&nbsp;</TD></TR>

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   <TD style="TEXT-INDENT: 45px" width="1%" noWrap align=left><FONT size=3 face=serif>-Putnam RetirementReady 2055 Fund</FONT>&nbsp;</TD></TR>

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   <TD style="TEXT-INDENT: 45px" width="1%" noWrap align=left><FONT size=3 face=serif>-Putnam RetirementReady 2050 Fund</FONT>&nbsp;</TD></TR>

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   <TD style="TEXT-INDENT: 45px" width="1%" noWrap align=left><FONT size=3 face=serif>-Putnam RetirementReady 2045 Fund</FONT>&nbsp;</TD></TR>

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   <TD style="TEXT-INDENT: 45px" width="1%" noWrap align=left><FONT size=3 face=serif>-Putnam RetirementReady 2040 Fund</FONT>&nbsp;</TD></TR>

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   <TD style="TEXT-INDENT: 45px" width="1%" noWrap align=left><FONT size=3 face=serif>-Putnam RetirementReady 2035 Fund</FONT>&nbsp;</TD></TR>

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   <TD style="TEXT-INDENT: 45px" width="1%" noWrap align=left><FONT size=3 face=serif>-Putnam RetirementReady 2030 Fund</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 45px" width="1%" noWrap align=left><FONT size=3 face=serif>-Putnam RetirementReady 2025 Fund</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 45px" width="1%" noWrap align=left><FONT size=3 face=serif>-Putnam RetirementReady 2020 Fund</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 45px" width="1%" noWrap align=left><FONT size=3 face=serif>-Putnam RetirementReady 2015 Fund</FONT>&nbsp;</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P></DIV>

<HR align=center SIZE=2 width="100%" noShade>



<!--$$/page=--><A name="page_3"></A><BR>

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<DIV align=left>

<TABLE style="WIDTH: 80%" border=0 cellSpacing=0>



<TR>

   <TD width="1%"></TD></TR>

<TR vAlign=bottom>

   <TD width="1%" noWrap align=left><FONT size=2 face=serif>Schedule A-1</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="1%">&nbsp;</TD></TR>

<TR>

   <TD width="1%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="1%" noWrap align=left><FONT size=3 face=serif>Putnam Tax Exempt Income Fund</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="1%" noWrap align=left><FONT size=3 face=serif>Putnam Tax Exempt Money Market Fund</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="1%" noWrap align=left><FONT size=3 face=serif>Putnam Tax-Free Income Trust</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 45px" width="1%" noWrap align=left><FONT size=3 face=serif>-Putnam AMT-Free Municipal Fund</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 45px" width="1%" noWrap align=left><FONT size=3 face=serif>-Putnam Tax-Free High Yield Fund</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="1%" noWrap align=left><FONT size=3 face=serif>Putnam U.S. Government Income Trust</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="1%" noWrap align=left><FONT size=3 face=serif>Putnam Variable Trust</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 45px" width="1%" noWrap align=left><FONT size=3 face=serif>-Putnam VT Absolute Return 500 Fund</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 45px" width="1%" noWrap align=left><FONT size=3 face=serif>-Putnam VT American Government Income Fund</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 45px" width="1%" align=left><FONT size=3 face=serif>-Putnam VT Capital Opportunities Fund</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 45px" width="1%" noWrap align=left><FONT size=3 face=serif>-Putnam VT Diversified Income Fund</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 45px" width="1%" noWrap align=left><FONT size=3 face=serif>-Putnam VT Equity Income Fund</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 45px" width="1%" align=left><FONT size=3 face=serif>-Putnam VT George Putnam Balanced Fund</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 45px" width="1%" align=left><FONT size=3 face=serif>-Putnam VT Global Asset Allocation Fund</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 45px" width="1%" noWrap align=left><FONT size=3 face=serif>-Putnam VT Global Equity Fund</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 45px" width="1%" noWrap align=left><FONT size=3 face=serif>-Putnam VT Global Health Care Fund</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 45px" width="1%" noWrap align=left><FONT size=3 face=serif>-Putnam VT Global Utilities Fund</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 45px" width="1%" noWrap align=left><FONT size=3 face=serif>-Putnam VT Growth and Income Fund</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 45px" width="1%" align=left><FONT size=3 face=serif>-Putnam VT Growth Opportunities Fund</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 45px" width="1%" noWrap align=left><FONT size=3 face=serif>-Putnam VT High Yield Fund</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 45px" width="1%" noWrap align=left><FONT size=3 face=serif>-Putnam VT Income Fund</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 45px" width="1%" noWrap align=left><FONT size=3 face=serif>-Putnam VT International Equity Fund</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 45px" width="1%" noWrap align=left><FONT size=3 face=serif>-Putnam VT International Growth Fund</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 45px" width="1%" noWrap align=left><FONT size=3 face=serif>-Putnam VT International Value Fund</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 45px" width="1%" noWrap align=left><FONT size=3 face=serif>-Putnam VT Investors Fund</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 45px" width="1%" noWrap align=left><FONT size=3 face=serif>-Putnam VT Money Market Fund</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 45px" width="1%" noWrap align=left><FONT size=3 face=serif>-Putnam VT Multi-Cap Growth Fund</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 45px" width="1%" noWrap align=left><FONT size=3 face=serif>-Putnam VT Multi-Cap Value Fund</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 45px" width="1%" noWrap align=left><FONT size=3 face=serif>-Putnam VT Research Fund</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 45px" width="1%" noWrap align=left><FONT size=3 face=serif>-Putnam VT Small Cap Value Fund</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 45px" width="1%" noWrap align=left><FONT size=3 face=serif>-Putnam VT Voyager Fund</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="1%" noWrap align=left><FONT size=3 face=serif>Putnam Voyager Fund</FONT>&nbsp;</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P></DIV>









































<A name="page_1"></A><BR>

<DIV style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%">

<P style="TEXT-ALIGN: left"><B><FONT size=4 face=sans-serif>FIDELITY BOND MONITOR</FONT></B></P>

<P style="TEXT-ALIGN: left"><FONT size=1 face=sans-serif>AS OF: November 30, 2012</FONT></P>

<DIV align=left>

<TABLE style="WIDTH: 80%" border=0 cellSpacing=0>



<TR>

   <TD width="10%"></TD>

   <TD width="47%"></TD>

   <TD width="12%"></TD>

   <TD width="15%"></TD>

   <TD width="15%"></TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="47%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>PREPARED BY:</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=center><FONT size=1 face=sans-serif>J.Waden</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="47%" noWrap align=left><FONT size=1 face=sans-serif>.</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>REVIEWED BY:</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=center><FONT size=1 face=sans-serif>R.Fleming</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=5>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="47%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=center><B><FONT size=1 face=sans-serif>GROSS ASSETS AS OF</FONT></B>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><B><FONT size=1 face=sans-serif>FUND</FONT></B>&nbsp;</TD>

   <TD width="47%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=center><B><FONT size=1 face=sans-serif>MOST RECENT MONTH</FONT></B>&nbsp;</TD>

   <TD width="15%" noWrap align=center><B><FONT size=1 face=sans-serif>MINIMUM BOND</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><B><FONT size=1 face=sans-serif>NUMBER</FONT></B>&nbsp;</TD>

   <TD width="47%" noWrap align=left><B><FONT size=1 face=sans-serif>FUND NAME</FONT></B>&nbsp;</TD>

   <TD width="12%" noWrap align=center><B><FONT size=1 face=sans-serif>FYE</FONT></B>&nbsp;</TD>

   <TD width="15%" noWrap align=center><B><FONT size=1 face=sans-serif>END</FONT></B>&nbsp;</TD>

   <TD width="15%" noWrap align=center><B><FONT size=1 face=sans-serif>AMOUNT</FONT></B>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR>

   <TD width="99%" colSpan=5>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>001</FONT>&nbsp;</TD>

   <TD width="47%" noWrap align=left><FONT size=1 face=sans-serif>George Putnam Balanced Fund</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=center><FONT size=1 face=sans-serif>07 / 31</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>1,269,338,651</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>1,250,000</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>033</FONT>&nbsp;</TD>

   <TD width="47%" noWrap align=left><FONT size=1 face=sans-serif>Putnam American Government Income Fund</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=center><FONT size=1 face=sans-serif>09 / 30</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>996,435,659</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>1,000,000</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>855</FONT>&nbsp;</TD>

   <TD width="47%" noWrap align=left><FONT size=1 face=sans-serif>Putnam Arizona Tax Exempt Income Fund</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=center><FONT size=1 face=sans-serif>05 / 31</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>65,330,428</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>400,000</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>027</FONT>&nbsp;</TD>

   <TD width="47%" noWrap align=left><FONT size=1 face=sans-serif>Putnam California Tax Exempt Income Fund</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=center><FONT size=1 face=sans-serif>09 / 30</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>1,762,259,851</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>1,500,000</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>008</FONT>&nbsp;</TD>

   <TD width="47%" noWrap align=left><FONT size=1 face=sans-serif>Putnam Convertible Securities Fund</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=center><FONT size=1 face=sans-serif>10 / 31</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>622,335,898</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>900,000</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>075</FONT>&nbsp;</TD>

   <TD width="47%" noWrap align=left><FONT size=1 face=sans-serif>Putnam Diversified Income Trust</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=center><FONT size=1 face=sans-serif>09 / 30</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>4,089,720,986</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>2,500,000</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>012</FONT>&nbsp;</TD>

   <TD width="47%" noWrap align=left><FONT size=1 face=sans-serif>Putnam Equity Income Fund</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=center><FONT size=1 face=sans-serif>11 / 30</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>3,794,500,774</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>2,300,000</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>057</FONT>&nbsp;</TD>

   <TD width="47%" noWrap align=left><FONT size=1 face=sans-serif>Putnam Europe Equity Fund</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=center><FONT size=1 face=sans-serif>06 / 30</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>155,287,711</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>600,000</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>002</FONT>&nbsp;</TD>

   <TD width="47%" noWrap align=left><FONT size=1 face=sans-serif>Putnam Fund For Growth &amp; Income</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=center><FONT size=1 face=sans-serif>10 / 31</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>4,414,104,591</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>2,500,000</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>005</FONT>&nbsp;</TD>

   <TD width="47%" noWrap align=left><FONT size=1 face=sans-serif>Putnam Global Equity Fund</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=center><FONT size=1 face=sans-serif>10 / 31</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>783,796,894</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>1,000,000</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>021</FONT>&nbsp;</TD>

   <TD width="47%" noWrap align=left><FONT size=1 face=sans-serif>Putnam Global Health Care Fund</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=center><FONT size=1 face=sans-serif>08 / 31</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>1,019,797,172</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>1,250,000</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>041</FONT>&nbsp;</TD>

   <TD width="47%" noWrap align=left><FONT size=1 face=sans-serif>Putnam Global Income Trust</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=center><FONT size=1 face=sans-serif>10 / 31</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>467,654,220</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>750,000</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>018</FONT>&nbsp;</TD>

   <TD width="47%" noWrap align=left><FONT size=1 face=sans-serif>Putnam Global Natural Resources Fund</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=center><FONT size=1 face=sans-serif>08 / 31</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>313,092,022</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>750,000</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>840</FONT>&nbsp;</TD>

   <TD width="47%" noWrap align=left><FONT size=1 face=sans-serif>Putnam Global Utilities Fund</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=center><FONT size=1 face=sans-serif>10 / 31</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>205,024,998</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>600,000</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>061</FONT>&nbsp;</TD>

   <TD width="47%" noWrap align=left><FONT size=1 face=sans-serif>Putnam High Income Securities Fund</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=center><FONT size=1 face=sans-serif>08 / 31</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>145,340,737</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>525,000</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>060</FONT>&nbsp;</TD>

   <TD width="47%" noWrap align=left><FONT size=1 face=sans-serif>Putnam High Yield Advantage Fund</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=center><FONT size=1 face=sans-serif>11 / 30</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>969,233,234</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>1,000,000</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>014</FONT>&nbsp;</TD>

   <TD width="47%" noWrap align=left><FONT size=1 face=sans-serif>Putnam High Yield Trust</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=center><FONT size=1 face=sans-serif>08 / 31</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>1,566,245,856</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>1,500,000</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>004</FONT>&nbsp;</TD>

   <TD width="47%" noWrap align=left><FONT size=1 face=sans-serif>Putnam Income Fund</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=center><FONT size=1 face=sans-serif>10 / 31</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>1,999,428,080</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>1,500,000</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>841</FONT>&nbsp;</TD>

   <TD width="47%" noWrap align=left><FONT size=1 face=sans-serif>Putnam International Equity Fund</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=center><FONT size=1 face=sans-serif>06 / 30</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>975,696,708</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>1,000,000</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>003</FONT>&nbsp;</TD>

   <TD width="47%" noWrap align=left><FONT size=1 face=sans-serif>Putnam Investors Fund</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=center><FONT size=1 face=sans-serif>07 / 31</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>1,353,502,361</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>1,250,000</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>052</FONT>&nbsp;</TD>

   <TD width="47%" noWrap align=left><FONT size=1 face=sans-serif>Putnam Managed Municipal Income Trust</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=center><FONT size=1 face=sans-serif>10 / 31</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>601,128,814</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>900,000</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>845</FONT>&nbsp;</TD>

   <TD width="47%" noWrap align=left><FONT size=1 face=sans-serif>Putnam Massachusetts Tax Exempt Income Fund</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=center><FONT size=1 face=sans-serif>05 / 31</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>446,191,993</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>750,000</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>074</FONT>&nbsp;</TD>

   <TD width="47%" noWrap align=left><FONT size=1 face=sans-serif>Putnam Master Intermediate Trust</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=center><FONT size=1 face=sans-serif>09 / 30</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>478,688,293</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>750,000</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>846</FONT>&nbsp;</TD>

   <TD width="47%" noWrap align=left><FONT size=1 face=sans-serif>Putnam Michigan Tax Exempt Income Fund</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=center><FONT size=1 face=sans-serif>05 / 31</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>85,242,669</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>450,000</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>847</FONT>&nbsp;</TD>

   <TD width="47%" noWrap align=left><FONT size=1 face=sans-serif>Putnam Minnesota Tax Exempt Income Fund</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=center><FONT size=1 face=sans-serif>05 / 31</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>124,290,247</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>525,000</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>010</FONT>&nbsp;</TD>

   <TD width="47%" noWrap align=left><FONT size=1 face=sans-serif>Putnam Money Market Fund</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=center><FONT size=1 face=sans-serif>09 / 30</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>1,497,606,026</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>1,250,000</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>582</FONT>&nbsp;</TD>

   <TD width="47%" noWrap align=left><FONT size=1 face=sans-serif>Putnam Muni Opportunities Trust</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=center><FONT size=1 face=sans-serif>04 / 30</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>777,672,533</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>1,000,000</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>019</FONT>&nbsp;</TD>

   <TD width="47%" noWrap align=left><FONT size=1 face=sans-serif>Putnam New Jersey Tax Exempt Income Fund</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=center><FONT size=1 face=sans-serif>05 / 31</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>298,505,311</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>750,000</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>852</FONT>&nbsp;</TD>

   <TD width="47%" noWrap align=left><FONT size=1 face=sans-serif>Putnam Multi-Cap Growth Fund</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=center><FONT size=1 face=sans-serif>06 / 30</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>3,179,237,419</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>2,100,000</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>030</FONT>&nbsp;</TD>

   <TD width="47%" noWrap align=left><FONT size=1 face=sans-serif>Putnam New York Tax Exempt Income Fund</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=center><FONT size=1 face=sans-serif>11 / 30</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>1,322,096,007</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>1,250,000</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>848</FONT>&nbsp;</TD>

   <TD width="47%" noWrap align=left><FONT size=1 face=sans-serif>Putnam Ohio Tax Exempt Income Fund</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=center><FONT size=1 face=sans-serif>05 / 31</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>167,008,946</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>600,000</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>047</FONT>&nbsp;</TD>

   <TD width="47%" noWrap align=left><FONT size=1 face=sans-serif>Putnam Pennsylvania Tax Exempt Income Fund</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=center><FONT size=1 face=sans-serif>05 / 31</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>256,192,866</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>750,000</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>073</FONT>&nbsp;</TD>

   <TD width="47%" noWrap align=left><FONT size=1 face=sans-serif>Putnam Premier Income Trust</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=center><FONT size=1 face=sans-serif>07 / 31</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>1,083,683,689</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>1,250,000</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>011</FONT>&nbsp;</TD>

   <TD width="47%" noWrap align=left><FONT size=1 face=sans-serif>Putnam Tax Exempt Income Fund</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=center><FONT size=1 face=sans-serif>09 / 30</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>1,284,258,645</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>1,250,000</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>062</FONT>&nbsp;</TD>

   <TD width="47%" noWrap align=left><FONT size=1 face=sans-serif>Putnam Tax Exempt Money Market</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=center><FONT size=1 face=sans-serif>09 / 30</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>46,247,462</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>350,000</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>032</FONT>&nbsp;</TD>

   <TD width="47%" noWrap align=left><FONT size=1 face=sans-serif>Putnam U.S. Government Income Trust</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=center><FONT size=1 face=sans-serif>09 / 30</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>2,355,979,179</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>1,700,000</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>007</FONT>&nbsp;</TD>

   <TD width="47%" noWrap align=left><FONT size=1 face=sans-serif>Putnam Voyager Fund</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=center><FONT size=1 face=sans-serif>07 / 31</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>3,468,798,363</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>2,100,000</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>Various</FONT>&nbsp;</TD>

   <TD width="47%" noWrap align=left><FONT size=1 face=sans-serif>Putnam Assets Allocation Funds</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=center><FONT size=1 face=sans-serif>Various</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>3,761,051,424</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>2,300,000</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>Various</FONT>&nbsp;</TD>

   <TD width="47%" noWrap align=left><FONT size=1 face=sans-serif>Putnam Funds Trusts</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=center><FONT size=1 face=sans-serif>Various</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>11,985,857,572</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>2,500,000</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>Various</FONT>&nbsp;</TD>

   <TD width="47%" noWrap align=left><FONT size=1 face=sans-serif>Putnam Investment Funds</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=center><FONT size=1 face=sans-serif>Various</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>2,537,271,915</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>1,900,000</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>Various</FONT>&nbsp;</TD>

   <TD width="47%" noWrap align=left><FONT size=1 face=sans-serif>Putnam Retirement Ready Funds</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=center><FONT size=1 face=sans-serif>07 / 31</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>215,371,264</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>600,000</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>Various</FONT>&nbsp;</TD>

   <TD width="47%" noWrap align=left><FONT size=1 face=sans-serif>Putnam Tax Free Funds</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=center><FONT size=1 face=sans-serif>Various</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>1,776,143,753</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>1,500,000</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>Various</FONT>&nbsp;</TD>

   <TD width="47%" noWrap align=left><FONT size=1 face=sans-serif>Putnam Variable Trust Funds</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=center><FONT size=1 face=sans-serif>12 / 31</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>6,874,755,092</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>2,500,000</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="47%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=center><B><FONT size=1 face=sans-serif>TOTALS:</FONT></B>&nbsp;</TD>

   <TD width="15%" noWrap align=right><B><FONT size=1 face=sans-serif>71,591,406,313</FONT></B>&nbsp;</TD>

   <TD width="15%" noWrap align=right><B><FONT size=1 face=sans-serif>53,100,000</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left></TD>

   <TD width="47%" noWrap align=left></TD>

   <TD width="12%" noWrap align=center><B><FONT size=1 face=sans-serif></FONT></B></TD>

   <TD width="30%" colSpan=2 noWrap align=right><B><FONT size=1 face=sans-serif><B><FONT size=1 face=sans-serif>

   <HR align=left SIZE=2 noShade>

</FONT></B></FONT></B></TD></TR>

<TR>

   <TD width="99%" colSpan=5>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="47%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=right><B><FONT size=1 face=sans-serif>MINIMUM AMOUNT NEEDED:</FONT></B>&nbsp;</TD>

   <TD width="15%" noWrap align=right><B><FONT size=1 face=sans-serif>53,100,000</FONT></B>&nbsp;</TD></TR>

<TR>

   <TD width="57%" colSpan=2>&nbsp;</TD>

   <TD width="42%" colSpan=3>

   <HR SIZE=1 noShade>

</TD></TR>

<TR>

   <TD width="99%" colSpan=5>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="47%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=right><B><FONT size=1 face=sans-serif>CURRENT BOND AMOUNT:</FONT></B>&nbsp;</TD>

   <TD width="15%" noWrap align=right><B><FONT size=1 face=sans-serif>60,000,000</FONT></B>&nbsp;</TD></TR>

<TR>

   <TD width="57%" colSpan=2>&nbsp;</TD>

   <TD width="42%" colSpan=3>

   <HR SIZE=1 noShade>

</TD></TR>

<TR>

   <TD width="99%" colSpan=5>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=5>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="47%" noWrap align=left>&nbsp;</TD>

   <TD width="27%" colSpan=2 noWrap align=right><B><FONT size=1 face=sans-serif>AMOUNT IN EXCESS OF MIN. AMOUNT:</FONT></B>&nbsp;</TD>

   <TD width="15%" noWrap align=right><B><FONT size=1 face=sans-serif>6,900,000</FONT></B>&nbsp;</TD></TR>

<TR>

   <TD width="57%" colSpan=2>&nbsp;</TD>

   <TD width="42%" colSpan=3>

   <HR SIZE=1 noShade>

</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P></DIV>









































<A name="page_1"></A><BR>

<DIV style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%">

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>National Union Fire Insurance Company of Pittsburgh, Pa.</FONT></P>

<DIV align=left>

<TABLE style="WIDTH: 80%" border=0 cellSpacing=0>



<TR>

   <TD width="14%"></TD>

   <TD width="85%"></TD></TR>

<TR vAlign=bottom>

   <TD width="99%" colSpan=2 noWrap align=center><FONT size=2 face=sans-serif>A capital stock company</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=2>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="99%" colSpan=2 noWrap align=left><FONT size=2 face=sans-serif>POLICY NUMBER: 01-421-23-39</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT size=2 face=sans-serif>REPLACEMENT OF POLICY NUMBER: 01-330-</FONT><FONT size=2 face=sans-serif>33-77</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="14%" noWrap align=left></TD>

   <TD width="85%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="99%" colSpan=2 noWrap align=left><FONT size=2 face=sans-serif>INVESTMENT COMPANY BLANKET BOND</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=2>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="99%" colSpan=2 noWrap align=left><FONT size=2 face=sans-serif>DECLARATIONS:</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="99%" colSpan=2 noWrap align=left><FONT size=2 face=sans-serif>&nbsp;</FONT></TD></TR>

<TR>

   <TD width="99%" colSpan=2>

   <HR SIZE=1 noShade>

&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="14%" noWrap align=left><FONT size=2 face=sans-serif>ITEM 1.</FONT>&nbsp;</TD>

   <TD width="85%" noWrap align=left><FONT size=2 face=sans-serif>Name of Insured (herein called Insured):</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="14%" noWrap align=left><FONT size=2 face=sans-serif></FONT></TD>

   <TD width="85%" noWrap align=left><FONT size=2 face=sans-serif>&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="14%" noWrap align=left>&nbsp;</TD>

   <TD width="85%" noWrap align=left><FONT size=2 face=sans-serif>THE GEORGE PUTNAM FUND OF BOSTON</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="14%" noWrap align=left></TD>

   <TD width="85%" noWrap align=left><FONT size=2 face=sans-serif>&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="14%" noWrap align=left>&nbsp;</TD>

   <TD width="85%" noWrap align=left><FONT size=2 face=sans-serif>(as more fully described in Named Insured rider)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="14%" noWrap align=left></TD>

   <TD width="85%" noWrap align=left><FONT size=2 face=sans-serif>&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="14%" noWrap align=left><FONT size=2 face=sans-serif>Principal Address:</FONT>&nbsp;</TD>

   <TD width="85%" noWrap align=left><FONT size=2 face=sans-serif>ONE POST OFFICE SQUARE</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="99%" colSpan=2 noWrap align=left><FONT size=2 face=sans-serif>&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="14%" noWrap align=left>&nbsp;</TD>

   <TD width="85%" noWrap align=left><FONT size=2 face=sans-serif>BOSTON, MA 02109</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="14%" noWrap align=left></TD>

   <TD width="85%" noWrap align=left><FONT size=2 face=sans-serif>&nbsp;</FONT></TD></TR>

<TR>

   <TD width="99%" colSpan=2>

   <HR SIZE=1 noShade>

&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="14%" noWrap align=left><FONT size=2 face=sans-serif>ITEM 2.</FONT>&nbsp;</TD>

   <TD width="85%" noWrap align=left><FONT size=2 face=sans-serif>Bond Period: from 12:01 a.m. December 01, 2012 to December 01, 2013 the</FONT>&nbsp;<FONT size=2 face=sans-serif>effective date of the termination or </FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="14%" noWrap align=left></TD>

   <TD width="85%" noWrap align=left><FONT size=2 face=sans-serif><FONT size=2 face=sans-serif><FONT size=2 face=sans-serif>cancellation</FONT> of this bond,</FONT>&nbsp;standard time at the Principal</FONT>&nbsp;<FONT size=2 face=sans-serif>Address as to each of said dates.</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="14%" noWrap align=left></TD>

   <TD width="85%" noWrap align=left></TD></TR>

<TR vAlign=bottom>

   <TD width="99%" colSpan=2 noWrap align=left><FONT size=2 face=sans-serif>&nbsp;</FONT></TD></TR>

<TR>

   <TD width="99%" colSpan=2>

   <HR SIZE=1 noShade>

&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="14%" noWrap align=left><FONT size=2 face=sans-serif>ITEM 3.</FONT>&nbsp;</TD>

   <TD width="85%" noWrap align=left><FONT size=2 face=sans-serif>Limit of Liability - Subject to Sections 9, 10 and 12 hereof,</FONT>&nbsp;</TD></TR></TABLE></DIV>

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   <TD width="45%"></TD>

   <TD width="20%"></TD>

   <TD width="20%"></TD></TR>

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   <TD width="14%" noWrap align=left><FONT size=2 face=sans-serif></FONT></TD>

   <TD width="45%" noWrap align=left><FONT size=2 face=sans-serif></FONT></TD>

   <TD width="20%" noWrap align=left><FONT size=2 face=sans-serif>Single Loss</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=left><FONT size=2 face=sans-serif>Single Loss</FONT>&nbsp;</TD></TR>

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   <TD width="14%" noWrap align=left><FONT size=2 face=sans-serif></FONT></TD>

   <TD width="45%" noWrap align=left></TD>

   <TD width="20%" noWrap align=left><FONT size=2 face=sans-serif>Limit of Liability</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=left><FONT size=2 face=sans-serif>Deductible</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="14%"></TD>

   <TD width="85%" colSpan=3>&nbsp;</TD></TR>

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   <TD width="14%" noWrap align=left><FONT size=2 face=sans-serif></FONT></TD>

   <TD width="45%" noWrap align=left><FONT size=2 face=sans-serif>Insuring Agreement A (Fidelity)-</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=left><FONT size=2 face=sans-serif>$10,000,000</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=left><FONT size=2 face=sans-serif>$150,000</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="14%" noWrap align=left><FONT size=2 face=sans-serif></FONT></TD>

   <TD width="45%" noWrap align=left><FONT size=2 face=sans-serif>Insuring Agreement B (Audit Expense)-</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=left><FONT size=2 face=sans-serif>$250,000</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=left><FONT size=2 face=sans-serif>$5,000</FONT>&nbsp;</TD></TR>

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   <TD width="14%" noWrap align=left><FONT size=2 face=sans-serif></FONT></TD>

   <TD width="45%" noWrap align=left><FONT size=2 face=sans-serif>Insuring Agreement C (On Premises)-</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=left><FONT size=2 face=sans-serif>$10,000,000</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=left><FONT size=2 face=sans-serif>$150,000</FONT>&nbsp;</TD></TR>

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   <TD width="14%" noWrap align=left><FONT size=2 face=sans-serif></FONT></TD>

   <TD width="45%" noWrap align=left><FONT size=2 face=sans-serif>Insuring Agreement D (In Transit)-</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=left><FONT size=2 face=sans-serif>$10,000,000</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=left><FONT size=2 face=sans-serif>$150,000</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="14%" noWrap align=left><FONT size=2 face=sans-serif></FONT></TD>

   <TD width="45%" noWrap align=left><FONT size=2 face=sans-serif>Insuring Agreement E (Forgery or Alteration)-</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=left><FONT size=2 face=sans-serif>$10,000,000</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=left><FONT size=2 face=sans-serif>$150,000</FONT>&nbsp;</TD></TR>

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   <TD width="14%" noWrap align=left><FONT size=2 face=sans-serif></FONT></TD>

   <TD width="45%" noWrap align=left><FONT size=2 face=sans-serif>Insuring Agreement F (Securities)-</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=left><FONT size=2 face=sans-serif>$10,000,000</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=left><FONT size=2 face=sans-serif>$150,000</FONT>&nbsp;</TD></TR>

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   <TD width="14%" noWrap align=left><FONT size=2 face=sans-serif></FONT></TD>

   <TD width="45%" noWrap align=left><FONT size=2 face=sans-serif>Insuring Agreement G (Counterfeit Currency)-</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=left><FONT size=2 face=sans-serif>$10,000,000</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=left><FONT size=2 face=sans-serif>$150,000</FONT>&nbsp;</TD></TR>

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   <TD width="14%" noWrap align=left><FONT size=2 face=sans-serif></FONT></TD>

   <TD width="45%" noWrap align=left><FONT size=2 face=sans-serif>Insuring Agreement H (Stop Payment)-</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=left><FONT size=2 face=sans-serif>$10,000,000</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=left><FONT size=2 face=sans-serif>$150,000</FONT>&nbsp;</TD></TR>

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   <TD width="14%" noWrap align=left><FONT size=2 face=sans-serif></FONT></TD>

   <TD width="45%" noWrap align=left><FONT size=2 face=sans-serif>Insuring Agreement I (Uncollectible Items of Deposit)-</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=left><FONT size=2 face=sans-serif>$10,000,000</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=left><FONT size=2 face=sans-serif>$150,000</FONT>&nbsp;</TD></TR>

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   <TD width="14%" noWrap align=left><FONT size=2 face=sans-serif></FONT></TD>

   <TD width="45%" noWrap align=left><FONT size=2 face=sans-serif>Additional Coverages:</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="14%" noWrap align=left><FONT size=2 face=sans-serif></FONT></TD>

   <TD width="45%" noWrap align=left><FONT size=2 face=sans-serif>Insuring Agreement (J) Computer Systems</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=left><FONT size=2 face=sans-serif>$10,000,000</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=left><FONT size=2 face=sans-serif>$150,000</FONT>&nbsp;</TD></TR>

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   <TD width="14%" noWrap align=left><FONT size=2 face=sans-serif></FONT></TD>

   <TD width="45%" noWrap align=left><FONT size=2 face=sans-serif>Insuring Agreement (K) Unauthorized :Signatures</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=left><FONT size=2 face=sans-serif>$10,000,000</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=left><FONT size=2 face=sans-serif>$150,000</FONT>&nbsp;</TD></TR>

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   <TD width="14%" noWrap align=left><FONT size=2 face=sans-serif></FONT></TD>

   <TD width="45%" noWrap align=left><FONT size=2 face=sans-serif>Insuring Agreement (L) Automated Phone Systems</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=left><FONT size=2 face=sans-serif>$10,000,000</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=left><FONT size=2 face=sans-serif>$150,000</FONT>&nbsp;</TD></TR></TABLE></DIV>

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   <TD width="85%" noWrap align=left><FONT size=2 face=sans-serif>If &#8220;Not Covered&#8221; is inserted above opposite any specified Insuring Agreement or Coverage,</FONT>&nbsp;<FONT size=2 face=sans-serif>such Insuring Agreement or</FONT>&nbsp;</TD></TR>

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   <TD width="14%" noWrap align=left><FONT size=2 face=sans-serif></FONT></TD>

   <TD width="85%" noWrap align=left><FONT size=2 face=sans-serif><FONT size=2 face=sans-serif>Coverage </FONT>and any other reference thereto in this bond shall be</FONT><FONT size=2 face=sans-serif>deemed to be deleted therefrom.</FONT>&nbsp;</TD></TR>

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</TD></TR>

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   <TD width="14%" noWrap align=left><FONT size=2 face=sans-serif>ITEM 4.</FONT>&nbsp;</TD>

   <TD width="85%" noWrap align=left><FONT size=2 face=sans-serif>Offices or Premises Covered-Offices acquired or established subsequent to the</FONT>&nbsp;<FONT size=2 face=sans-serif>effective date of this bond are covered</FONT>&nbsp;</TD></TR>

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   <TD width="85%" noWrap align=left><FONT size=2 face=sans-serif><FONT size=2 face=sans-serif><FONT size=2 face=sans-serif>according&nbsp;</FONT></FONT>to the terms of General Agreement A. All the</FONT>&nbsp;<FONT size=2 face=sans-serif>Insured&#8217;s offices or premises in existence at the time this <FONT size=2 face=sans-serif>bond</FONT></FONT>&nbsp;</TD></TR>

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   <TD width="85%" noWrap align=left><FONT size=2 face=sans-serif><FONT size=2 face=sans-serif><FONT size=2 face=sans-serif>becomes <FONT size=2 face=sans-serif>effective </FONT></FONT></FONT>are covered</FONT>&nbsp;<FONT size=2 face=sans-serif>under this bond except the offices or premises located as follows: No Exceptions</FONT>&nbsp;</TD></TR></TABLE></DIV>

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   <TD width="85%" noWrap align=left><FONT size=2 face=sans-serif>&nbsp;</FONT></TD></TR>

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   <TD width="14%" noWrap align=left><FONT size=2 face=sans-serif>ITEM 5.</FONT>&nbsp;</TD>

   <TD width="85%" noWrap align=left><FONT size=2 face=sans-serif>The liability of the Underwriter is subject to the terms of the following riders</FONT>&nbsp;<FONT size=2 face=sans-serif>attached thereto: : <FONT size=2 face=sans-serif>Endorsement #1, #2, #3,</FONT></FONT></TD></TR>

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   <TD width="14%" noWrap align=left></TD>

   <TD width="85%" noWrap align=left><FONT size=2 face=sans-serif>#4, #5, #6, #7, #8, #9, #10, #11, #12, #13, #14, <FONT size=2 face=sans-serif>#15, #16, #17, #18.</FONT></FONT>&nbsp;</TD></TR>

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   <TD width="14%" noWrap align=left><FONT size=2 face=sans-serif>ITEM 6.</FONT>&nbsp;</TD>

   <TD width="85%" noWrap align=left><FONT size=2 face=sans-serif>The Insured by the acceptance of this bond gives to the Underwriter terminating</FONT>&nbsp;<FONT size=2 face=sans-serif>or canceling prior bond(s) or <FONT size=2 face=sans-serif>policy(ies)</FONT></FONT>&nbsp;</TD></TR>

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   <TD width="14%" noWrap align=left></TD>

   <TD width="85%" noWrap align=left><FONT size=2 face=sans-serif>No.(s) 01-330-33-77 such termination or cancellation</FONT>&nbsp;<FONT size=2 face=sans-serif>to be effective as of the time this bond becomes effective.</FONT>&nbsp;</TD></TR>

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   <TD width="14%" noWrap align=left></TD>

   <TD width="85%" noWrap align=left></TD></TR>

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   <TD width="14%" noWrap align=left>&nbsp;</TD>

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   <TD width="99%" colSpan=2 noWrap align=left><FONT size=2 face=sans-serif>PREMIUM: $100,000</FONT>&nbsp;</TD></TR></TABLE></DIV>

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<P style="MARGIN: 0px"><FONT size=2 face=sans-serif>IN WITNESS WHEREOF, the Insurer has caused this policy to be signed on the Declarations Page by its President, a Secretary and a duly authorized representative of the Insurer.</FONT></P>

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   <TD width="50%" noWrap align=left><FONT size=2 face=sans-serif>SECRETARY</FONT>&nbsp;</TD>

   <TD width="50%" noWrap align=left><FONT size=2 face=sans-serif>PRESIDENT</FONT>&nbsp;</TD></TR>

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   <TD width="50%" noWrap align=left><FONT size=2 face=sans-serif>AUTHORIZED REPRESENTATIVE</FONT>&nbsp;</TD>

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   <TD width="50%" noWrap align=left><FONT size=2 face=sans-serif>&nbsp;</FONT></TD>

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   <TD width="50%" noWrap align=left><FONT size=2 face=sans-serif>&nbsp;</FONT></TD>

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   <TD width="50%" noWrap align=left><FONT size=2 face=sans-serif>________________________________</FONT>&nbsp;</TD>

   <TD width="50%" noWrap align=left><FONT size=2 face=sans-serif>________________________________</FONT>&nbsp;</TD></TR>

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   <TD width="50%" noWrap align=left><FONT size=2 face=sans-serif>COUNTERSIGNATURE DATE</FONT>&nbsp;</TD>

   <TD width="50%" noWrap align=left><FONT size=2 face=sans-serif>COUNTERSIGNED AT</FONT>&nbsp;</TD></TR></TABLE></DIV>

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<FONT size=2 face="sans-serif">INVESTMENT COMPANY BLANKET BOND</FONT></P>
<P style="text-align: left;">
<FONT size=2 face="sans-serif">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 style="text-align: left;">
<FONT size=2 face="sans-serif">INSURING AGREEMENTS</FONT></P>
<P style="text-align: left;">
<FONT size=2 face="sans-serif">(A) FIDELITY</FONT></P>
<P style="text-align: left;">
<FONT size=2 face="sans-serif">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 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 so held gratuitously or not and whether or not the Insured is liable therefor.</FONT></P>
<P style="text-align: left;">
<FONT size=2 face="sans-serif">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 style="text-align: left;">
<FONT size=2 face="sans-serif">(a) to cause the Insured to sustain such loss; and</FONT></P>
<P style="text-align: left;">
<FONT size=2 face="sans-serif">(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 style="text-align: left;">
<FONT size=2 face="sans-serif">(B) AUDIT EXPENSE</FONT></P>
<P style="text-align: left;">
<FONT size=2 face="sans-serif">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.</FONT></P>
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<FONT size=2 face="sans-serif">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 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 stated in Insuring Agreement (A) in Item 3 of the Declarations.</FONT></P>
<P style="text-align: left;">
<FONT size=2 face="sans-serif">(C) ON PREMISES</FONT></P>
<P style="text-align: left;">
<FONT size=2 face="sans-serif">Loss of Property (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 style="text-align: left;">
<FONT size=2 face="sans-serif">Offices and Equipment</FONT></P>
<P style="text-align: left;">
<FONT size=2 face="sans-serif">(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 style="text-align: left;">
<FONT size=2 face="sans-serif">(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 legally liable for such loss or damage, always excepting, however, all loss or damage through fire.</FONT></P>
<P style="text-align: left;">
<FONT size=2 face="sans-serif">(D) IN TRANSIT</FONT></P>
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<FONT size=2 face="sans-serif">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 style="text-align: left;">
<FONT size=2 face="sans-serif">(E) FORGERY OR ALTERATION</FONT></P>
<P style="text-align: left;">
<FONT size=2 face="sans-serif">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 uncertificated, 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 style="text-align: left;">
<FONT size=2 face="sans-serif">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>
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<FONT size=2 face="sans-serif">Mechanically reproduced facsimile signatures are treated the same as handwritten signatures.</FONT></P>
<P style="text-align: left;">
<FONT size=2 face="sans-serif">(F) SECURITIES</FONT></P>
<P style="text-align: left;">
<FONT size=2 face="sans-serif">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 style="text-align: left;">
<FONT size=2 face="sans-serif">(1) through the Insured&#146;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 style="text-align: left;">
<FONT size=2 face="sans-serif">(a) counterfeited, or</FONT></P>
<P style="text-align: left;">
<FONT size=2 face="sans-serif">(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 style="text-align: left;">
<FONT size=2 face="sans-serif">(c) raised or otherwise altered, or lost, or stolen, or</FONT></P>
<P style="text-align: left;">
<FONT size=2 face="sans-serif">(2) through the Insured&#146;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 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>
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<FONT size=2 face="sans-serif">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 style="text-align: left;">
<FONT size=2 face="sans-serif">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 style="text-align: left;">
<FONT size=2 face="sans-serif">Mechanically produced facsimile signatures are treated the same as handwritten signatures.</FONT></P>
<P style="text-align: left;">
<FONT size=2 face="sans-serif">(G) COUNTERFEIT CURRENCY</FONT></P>
<P style="text-align: left;">
<FONT size=2 face="sans-serif">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 style="text-align: left;">
<FONT size=2 face="sans-serif">(H) STOP PAYMENT</FONT></P>
<P style="text-align: left;">
<FONT size=2 face="sans-serif">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 style="text-align: left;">
<FONT size=2 face="sans-serif">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 style="text-align: left;">
<FONT size=2 face="sans-serif">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>
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<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>(I) UNCOLLECTIBLE ITEMS OF DEPOSIT</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>Loss resulting from payments of dividends or fund shares, or withdrawals permitted from any customer&#8217;s, shareholder&#8217;s or subscriber&#8217;s account based upon Uncollectible Items of Deposit of a customer, shareholder or subscriber credited by the Insured or the Insured&#8217;s agent to such customer&#8217;s, shareholder&#8217;s or subscriber&#8217;s Mutual Fund Account; or</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>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 style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>Loss includes dividends and interest accrued not to exceed 15% of the Uncollectible Items which are deposited.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>This Insuring Agreement applies to all Mutual Funds with &#8220;exchange privileges&#8221; 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>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>GENERAL AGREEMENTS</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>A . ADDITIONAL OFFICES OR EMPLOYEES-</FONT><FONT size=2 face=sans-serif>CONSOLIDATION OR MERGER-NOTICE</FONT></P></DIV>

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<FONT size=2 face="sans-serif">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 style="text-align: left;">
<FONT size=2 face="sans-serif">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 style="text-align: left;">
<FONT size=2 face="sans-serif">B. WARRANTY</FONT></P>
<P style="text-align: left;">
<FONT size=2 face="sans-serif">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 style="text-align: left;">
<FONT size=2 face="sans-serif">C. COURT COSTS AND ATTORNEYS' FEES</FONT></P>
<P style="text-align: left;">
<FONT size=2 face="sans-serif">(Applicable to all Insuring Agreements or Coverages now or hereafter forming part of this bond)</FONT></P>
<P style="text-align: left;">
<FONT size=2 face="sans-serif">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 indemnity shall apply only in the event that</FONT></P>
<P style="text-align: left;">
<FONT size=2 face="sans-serif">(1) an Employee admits to being guilty of any dishonest or fraudulent act(s), including Larceny or Embezzlement; or</FONT></P>
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<FONT size=2 face="sans-serif">(2) an Employee is adjudicated to be guilty of any dishonest or fraudulent act(s), including Larceny or Embezzlement;</FONT></P>
<P style="text-align: left;">
<FONT size=2 face="sans-serif">(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 style="text-align: left;">
<FONT size=2 face="sans-serif">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 style="text-align: left;">
<FONT size=2 face="sans-serif">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 style="text-align: left;">
<FONT size=2 face="sans-serif">D. FORMER EMPLOYEE</FONT></P>
<P style="text-align: left;">
<FONT size=2 face="sans-serif">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>
<P style="text-align: left;">
<FONT size=2 face="sans-serif">THE FOREGOING INSURING AGREEMENTS AND</FONT></P>
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<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>GENERAL AGREEMENTS ARE SUBJECT TO </FONT><FONT size=2 face=sans-serif>THE FOLLOWING CONDITIONS </FONT><FONT size=2 face=sans-serif>AND LIMITATIONS:</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>SECTION 1. DEFINITIONS</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>The following terms, as used in this bond, shall have the respective meanings stated in this Section:</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>(a) "Employee" means:</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>(1) any of the Insured's officers, partners, or employees, and</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>(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 style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>(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 style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>(4) guest students pursuing their studies or duties in any of the Insured's offices, and</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>(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 style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>(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 style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>(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</FONT></P></DIV>

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<FONT size=2 face="sans-serif">agency capacity in issuing checks, drafts or securities for the Insured, unless included under Sub-section (9) hereof, and</FONT></P>
<P style="text-align: left;">
<FONT size=2 face="sans-serif">(8) those persons so designated in Section 15, Central Handling of Securities, and</FONT></P>
<P style="text-align: left;">
<FONT size=2 face="sans-serif">(9) any officer, partner or Employee of</FONT></P>
<P style="text-align: left;">
<FONT size=2 face="sans-serif">a) an investment advisor,</FONT></P>
<P style="text-align: left;">
<FONT size=2 face="sans-serif">b) an underwriter (distributor),</FONT></P>
<P style="text-align: left;">
<FONT size=2 face="sans-serif">c) a transfer agent or shareholder accounting record-keeper, or</FONT></P>
<P style="text-align: left;">
<FONT size=2 face="sans-serif">d) an administrator authorized by written agreement to keep financial and/or other required records,</FONT></P>
<P style="text-align: left;">
<FONT size=2 face="sans-serif">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 which is not a bank, shall be included within the definition of Employee.</FONT></P>
<P style="text-align: left;">
<FONT size=2 face="sans-serif">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 style="text-align: left;">
<FONT size=2 face="sans-serif">Brokers, or other agents under contract or representatives of the same general character shall not be considered Employees.</FONT></P>
<P style="text-align: left;">
<FONT size=2 face="sans-serif">(b) "Property" 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 semi-precious 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</FONT></P>
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<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>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 business, 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 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 style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>(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 style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>(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 style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>(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 style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>SECTION 2. EXCLUSIONS</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>THIS BOND DOES NOT COVER:</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>(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></DIV>

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<FONT size=2 face="sans-serif">(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 style="text-align: left;">
<FONT size=2 face="sans-serif">(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 loss resulting from industrial uses of nuclear energy.</FONT></P>
<P style="text-align: left;">
<FONT size=2 face="sans-serif">(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 style="text-align: left;">
<FONT size=2 face="sans-serif">(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 loss is covered under Insuring Agreement (A), (E) or (F).</FONT></P>
<P style="text-align: left;">
<FONT size=2 face="sans-serif">(f) loss resulting from any violation by the Insured or by any Employee</FONT></P>
<P style="text-align: left;">
<FONT size=2 face="sans-serif">(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 style="text-align: left;">
<FONT size=2 face="sans-serif">(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 style="text-align: left;">
<FONT size=2 face="sans-serif">(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 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>
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<FONT size=2 face="sans-serif">(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 style="text-align: left;">
<FONT size=2 face="sans-serif">(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 style="text-align: left;">
<FONT size=2 face="sans-serif">(j) loss through the surrender of Property away from an office of the Insured as a result of a threat</FONT></P>
<P style="text-align: left;">
<FONT size=2 face="sans-serif">(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 style="text-align: left;">
<FONT size=2 face="sans-serif">(2) to do damage to the premises or Property of the Insured, except when covered under Insuring Agreement (A).</FONT></P>
<P style="text-align: left;">
<FONT size=2 face="sans-serif">(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 style="text-align: left;">
<FONT size=2 face="sans-serif">(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>
<P style="text-align: left;">
<FONT size=2 face="sans-serif">(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 style="text-align: left;">
<FONT size=2 face="sans-serif">SECTION 3. ASSIGNMENT OF RIGHTS</FONT></P>
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<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>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 style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>SECTION 4. LOSS -NOTICE -PROOF -</FONT><FONT size=2 face=sans-serif>LEGAL PROCEEDINGS</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>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 investigate 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 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 style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>Discovery occurs when the Insured</FONT></P></DIV>

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<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>(a) becomes aware of facts, or</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>(b) receives written notice of an actual or potential claim by a third party which alleges that the Insured is liable under circumstance </FONT><FONT size=2 face=sans-serif>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 style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>SECTION 5. VALUATION OF PROPERTY</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>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 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 market 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 style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>In case of any loss or damage to Property 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 style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>SECTION 6. VALUATION OF PREMISES AND FURNISHINGS</FONT></P></DIV>

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<FONT size=2 face="sans-serif">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 style="text-align: left;">
<FONT size=2 face="sans-serif">SECTION 7. LOST SECURITIES</FONT></P>
<P style="text-align: left;">
<FONT size=2 face="sans-serif">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 style="text-align: left;">
<FONT size=2 face="sans-serif">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 style="text-align: left;">
<FONT size=2 face="sans-serif">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 style="text-align: left;">
<FONT size=2 face="sans-serif">With respect to securities the value of 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 style="text-align: left;">
<FONT size=2 face="sans-serif">SECTION 8. SALVAGE</FONT></P>
<P style="text-align: left;">
<FONT size=2 face="sans-serif">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</FONT></P>
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<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>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 style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>SECTION 9. NON-REDUCTION AND NON- ACCUMULATION OF LIABILITY AND TOTAL </FONT><FONT size=2 face=sans-serif>LIABILITY</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>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 style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>(a) any one act of burglary, robbery or 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 style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>(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 style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>(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 style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>(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 style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>(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></DIV>

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<P style="text-align: left;">
<FONT size=2 face="sans-serif">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 style="text-align: left;">
<FONT size=2 face="sans-serif">Sub-section (c) is not applicable to any situation to which the language of sub-section (d) applies.</FONT></P>
<P style="text-align: left;">
<FONT size=2 face="sans-serif">SECTION 10. LIMIT OF LIABILITY</FONT></P>
<P style="text-align: left;">
<FONT size=2 face="sans-serif">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, 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 style="text-align: left;">
<FONT size=2 face="sans-serif">SECTION 11. OTHER INSURANCE</FONT></P>
<P style="text-align: left;">
<FONT size=2 face="sans-serif">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 style="text-align: left;">
<FONT size=2 face="sans-serif">SECTION 12. DEDUCTIBLE</FONT></P>
<P style="text-align: left;">
<FONT size=2 face="sans-serif">The Underwriter shall not be liable under any of the Insuring Agreements of this bond on account of loss as specified, respectively, in sub-sections (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</FONT></P>
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<FONT size=2 face="sans-serif">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 style="text-align: left;">
<FONT size=2 face="sans-serif">The Insured will bear, in addition to the Deductible Amount, premiums on Lost Instrument Bonds as set forth in Section 7.</FONT></P>
<P style="text-align: left;">
<FONT size=2 face="sans-serif">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 style="text-align: left;">
<FONT size=2 face="sans-serif">SECTION 13. TERMINATION</FONT></P>
<P style="text-align: left;">
<FONT size=2 face="sans-serif">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 style="text-align: left;">
<FONT size=2 face="sans-serif">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 style="text-align: left;">
<FONT size=2 face="sans-serif">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 style="text-align: left;">
<FONT size=2 face="sans-serif">This Bond shall terminate</FONT></P>
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<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>(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 style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>(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 style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>(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.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>SECTION 14. RIGHTS AFTER TERMINATION </FONT><FONT size=2 face=sans-serif>OR CANCELLATION</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>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 style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>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 style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>(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 style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>(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 </FONT><FONT size=2 face=sans-serif>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></DIV>

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<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>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 style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>SECTION 15. CENTRAL HANDLING OF SECURITIES</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>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 style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>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 Exchange 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 style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>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 style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>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 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</FONT></P></DIV>

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<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>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 that 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 style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>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 style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>SECTION 16. ADDITIONAL COMPANIES </FONT><FONT size=2 face=sans-serif>INCLUDED AS INSURED</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>If more than one corporation, co-partnership or person or any combination of them be included as the Insured herein:</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>(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 style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>(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 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 style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>(c) the Underwriter shall not be responsible for the proper application of any payment made hereunder to said first named Insured,</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>(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></DIV>

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<FONT size=2 face="sans-serif">(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 style="text-align: left;">
<FONT size=2 face="sans-serif">SECTION 17. NOTICE AND CHANGE OF CONTROL</FONT></P>
<P style="text-align: left;">
<FONT size=2 face="sans-serif">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 style="text-align: left;">
<FONT size=2 face="sans-serif">(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 style="text-align: left;">
<FONT size=2 face="sans-serif">(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 style="text-align: left;">
<FONT size=2 face="sans-serif">(c) the total number of outstanding voting securities.</FONT></P>
<P style="text-align: left;">
<FONT size=2 face="sans-serif">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 style="text-align: left;">
<FONT size=2 face="sans-serif">Failure to give the required notice shall 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 style="text-align: left;">
<FONT size=2 face="sans-serif">Such notice is not required to be given in the case of an Insured which is an Investment Company.</FONT></P>
<P style="text-align: left;">
<FONT size=2 face="sans-serif">SECTION 18. CHANGE OR MODIFICATION</FONT></P>
<P style="text-align: left;">
<FONT size=2 face="sans-serif">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</FONT></P>
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<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>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 </FONT><FONT size=2 face=sans-serif>effective date of any change or modification which would adversely affect the rights of such Investment Company.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>IN WITNESS WHEREOF, the Underwriter has caused this bond to be executed on the Declarations Page.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>ENDORSEMENT #1</FONT></P>

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   <TD width="25%" colSpan=2 noWrap align=left><FONT size=2 face=sans-serif>This rider , effective 12:01 am</FONT>&nbsp;</TD>

   <TD width="25%" noWrap align=left><FONT size=2 face=sans-serif>December 01, 2012</FONT>&nbsp;</TD>

   <TD width="49%" noWrap align=left><FONT size=2 face=sans-serif>forms a part of</FONT>&nbsp;</TD></TR>

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   <TD width="50%" colSpan=3 noWrap align=left><FONT size=2 face=sans-serif>Bond number: 01-421-23-39</FONT>&nbsp;</TD>

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   <TD width="25%" colSpan=2 noWrap align=left><FONT size=2 face=sans-serif>Issued to:</FONT>&nbsp;</TD>

   <TD width="74%" colSpan=2 noWrap align=left><FONT size=2 face=sans-serif>THE GEORGE PUTNAM FUND OF BOSTON</FONT>&nbsp;</TD></TR>

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   <TD width="25%" colSpan=2 noWrap align=left>&nbsp;</TD>

   <TD width="74%" colSpan=2 noWrap align=left><FONT size=2 face=sans-serif>(as more fully described in Named Insured Rider)</FONT>&nbsp;</TD></TR>

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   <TD width="13%" noWrap align=left><FONT size=2 face=sans-serif>By:</FONT>&nbsp;</TD>

   <TD width="86%" colSpan=3 noWrap align=left><FONT size=2 face=sans-serif>National Union Fire Insurance Company of Pittsburgh, Pa.</FONT>&nbsp;</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P></DIV>

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<P style="text-align: left;">
<FONT size=2 face="sans-serif">NOTICE OF CLAIM</FONT></P>
<P style="text-align: left;">
<FONT size=2 face="sans-serif">(REPORTING BY E-MAIL)</FONT></P>
<P style="text-align: left;">
<FONT size=2 face="sans-serif">In consideration of the premium charged, it is hereby understood and agreed as follows:</FONT></P>
<P style="text-align: left;">
<FONT size=2 face="sans-serif">1. Email Reporting of Claims : In addition to the postal address set forth for any Notice of Claim Reporting under this policy, such notice may also be given in writing pursuant to the policy's other terms and conditions to the Insurer by email at the following email address:</FONT></P>
<P style="text-align: left;">
<FONT size=2 face="sans-serif">c-claim@chartisinsurance.com</FONT></P>
<P style="text-align: left;">
<FONT size=2 face="sans-serif">Your email must reference the policy number for this policy. The date of the Insurer's receipt of the emailed notice shall constitute the date of notice.</FONT></P>
<P style="text-align: left;">
<FONT size=2 face="sans-serif">In addition to Notice of Claim Reporting via email, notice may also be given to the Insurer by mailing such notice to: c-Claim for Financial Lines, Chartis, Financial Lines Claims, 175 Water Street, 9th Floor, New York, New York 10038 or faxing such notice to (866) 227-1750.</FONT></P>
<P style="text-align: left;">
<FONT size=2 face="sans-serif">2. Definitions : For this endorsement only, the following definitions shall apply:</FONT></P>
<P style="text-align: left;">
<FONT size=2 face="sans-serif">(a) &#147;Insurer&#148; means the &#147;Insurer,&#148; &#147;Underwriter&#148; or &#147;Company&#148; or other name specifically ascribed in this policy as the insurance company or underwriter for this policy.</FONT></P>
<P style="text-align: left;">
<FONT size=2 face="sans-serif">(b) &#147;Notice of Claim Reporting&#148; means &#147;notice of claim/circumstance,&#148; &#147;notice of loss&#148; or other reference in the policy designated for reporting of claims, loss or occurrences or situations that may give rise or result in loss under this policy.</FONT></P>
<P style="text-align: left;">
<FONT size=2 face="sans-serif">(c) &#147;Policy&#148; means the policy, bond or other insurance product to which this endorsement is attached.</FONT></P>
<P style="text-align: left;">
<FONT size=2 face="sans-serif">3. This endorsement does not apply to any Kidnap &amp; Ransom/Extortion Coverage Section, if any, provided by this policy.</FONT></P>
</DIV>

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<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>ALL OTHER TERMS, CONDITIONS AND EXCLUSIONS REMAIN UNCHANGED.</FONT></P>

<DIV align=left>

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   <TD noWrap align=left><FONT size=2 face=sans-serif>99758 (8/08)</FONT>&nbsp;</TD>

   <TD noWrap align=right><FONT size=2 face=sans-serif>AUTHORIZED REPRESENTATIVE</FONT>&nbsp;</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>ENDORSEMENT #2</FONT></P>

<DIV align=left>

<TABLE style="WIDTH: 80%" border=0 cellSpacing=0>



<TR>

   <TD width="25%" colSpan=2></TD>

   <TD width="25%"></TD>

   <TD width="49%"></TD></TR>

<TR vAlign=bottom>

   <TD width="25%" colSpan=2 noWrap align=left><FONT size=2 face=sans-serif>This rider , effective 12:01 am</FONT>&nbsp;</TD>

   <TD width="25%" noWrap align=left><FONT size=2 face=sans-serif>December 01, 2012</FONT>&nbsp;</TD>

   <TD width="49%" noWrap align=left><FONT size=2 face=sans-serif>forms a part of</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="25%" colSpan=2 noWrap align=left><FONT size=2 face=sans-serif>&nbsp;</FONT></TD>

   <TD width="25%" noWrap align=left><FONT size=2 face=sans-serif></FONT></TD>

   <TD width="49%" noWrap align=left><FONT size=2 face=sans-serif></FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="50%" colSpan=3 noWrap align=left><FONT size=2 face=sans-serif>Bond number: 01-421-23-39</FONT>&nbsp;</TD>

   <TD width="49%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="50%" colSpan=3 noWrap align=left><FONT size=2 face=sans-serif>&nbsp;</FONT></TD>

   <TD width="49%" noWrap align=left></TD></TR>

<TR vAlign=bottom>

   <TD width="25%" colSpan=2 noWrap align=left><FONT size=2 face=sans-serif>Issued to:</FONT>&nbsp;</TD>

   <TD width="74%" colSpan=2 noWrap align=left><FONT size=2 face=sans-serif>THE GEORGE PUTNAM FUND OF BOSTON</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="25%" colSpan=2 noWrap align=left><FONT size=2 face=sans-serif>&nbsp;</FONT></TD>

   <TD width="74%" colSpan=2 noWrap align=left><FONT size=2 face=sans-serif></FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="25%" colSpan=2 noWrap align=left>&nbsp;</TD>

   <TD width="74%" colSpan=2 noWrap align=left><FONT size=2 face=sans-serif>(as more fully described in Named Insured Rider)</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>&nbsp;</TD></TR>

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   <TD width="13%" noWrap align=left><FONT size=2 face=sans-serif>By:</FONT>&nbsp;</TD>

   <TD width="86%" colSpan=3 noWrap align=left><FONT size=2 face=sans-serif>National Union Fire Insurance Company of Pittsburgh, Pa.</FONT>&nbsp;</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px"><FONT size=2 face=sans-serif></FONT>&nbsp;</P>

<P style="MARGIN: 0px"><FONT size=2 face=sans-serif>COMPUTER CRIME COVERAGE RIDER</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>In consideration of the premium charged, it is hereby understood and agreed that bond is hereby amended as follows:</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>1. All the terms and conditions of bond form 41206 (4/95) shall apply to coverage as is afforded by this endorsement unless specifically stated otherwise herein or in any endorsement attached hereto.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>2. Items 3 of the Declarations is hereby amended by adding the following under Optional Insuring Agreements and Coverages:</FONT></P>

<DIV align=left>

<TABLE style="WIDTH: 80%" border=0 cellSpacing=0>



<TR>

   <TD width="59%"></TD>

   <TD width="20%"></TD>

   <TD width="20%"></TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=2 face=sans-serif></FONT></TD>

   <TD width="20%" noWrap align=left><FONT size=2 face=sans-serif>Single Loss</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=left><FONT size=2 face=sans-serif>Single Loss</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=2 face=sans-serif></FONT></TD>

   <TD width="20%" noWrap align=left><FONT size=2 face=sans-serif>&nbsp;</FONT></TD>

   <TD width="20%" noWrap align=left><FONT size=2 face=sans-serif>&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=2 face=sans-serif></FONT></TD>

   <TD width="20%" noWrap align=left><FONT size=2 face=sans-serif>Limit of_Liability</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=left><FONT size=2 face=sans-serif>Deductible</FONT>&nbsp;</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P></DIV>

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<DIV align=left>

<TABLE style="WIDTH: 80%" border=0 cellSpacing=0>



<TR>

   <TD width="59%"></TD>

   <TD width="20%"></TD>

   <TD width="20%"></TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=2 face=sans-serif>Computer Systems Fraud</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=left><FONT size=2 face=sans-serif>$10,000,000</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=left><FONT size=2 face=sans-serif>$150,000</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=2 face=sans-serif>&nbsp;</FONT></TD>

   <TD width="20%" noWrap align=left><FONT size=2 face=sans-serif></FONT></TD>

   <TD width="20%" noWrap align=left><FONT size=2 face=sans-serif></FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=2 face=sans-serif>Data Processing Service Operations</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=left><FONT size=2 face=sans-serif>Not Covered</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=left><FONT size=2 face=sans-serif>Not Covered</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=2 face=sans-serif>&nbsp;</FONT></TD>

   <TD width="20%" noWrap align=left><FONT size=2 face=sans-serif></FONT></TD>

   <TD width="20%" noWrap align=left><FONT size=2 face=sans-serif></FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=2 face=sans-serif>Voice Initiated Transfer Fraud</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=left><FONT size=2 face=sans-serif>$10,000,000</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=left><FONT size=2 face=sans-serif>$150,000</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=2 face=sans-serif>&nbsp;</FONT></TD>

   <TD width="20%" noWrap align=left><FONT size=2 face=sans-serif></FONT></TD>

   <TD width="20%" noWrap align=left><FONT size=2 face=sans-serif></FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=2 face=sans-serif>Telefacsimile Transfer Fraud</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=left><FONT size=2 face=sans-serif>$10,000,000</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=left><FONT size=2 face=sans-serif>$150,000</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=2 face=sans-serif>&nbsp;</FONT></TD>

   <TD width="20%" noWrap align=left><FONT size=2 face=sans-serif></FONT></TD>

   <TD width="20%" noWrap align=left><FONT size=2 face=sans-serif></FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=2 face=sans-serif>Destruction of Data or Programs by Hacker</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=left><FONT size=2 face=sans-serif>$10,000,000</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=left><FONT size=2 face=sans-serif>$150,000</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=2 face=sans-serif>&nbsp;</FONT></TD>

   <TD width="20%" noWrap align=left><FONT size=2 face=sans-serif></FONT></TD>

   <TD width="20%" noWrap align=left><FONT size=2 face=sans-serif></FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=2 face=sans-serif>Destruction of Data or Programs by Virus</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=left><FONT size=2 face=sans-serif>$10,000,000</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=left><FONT size=2 face=sans-serif>$150,000</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=2 face=sans-serif>&nbsp;</FONT></TD>

   <TD width="20%" noWrap align=left><FONT size=2 face=sans-serif></FONT></TD>

   <TD width="20%" noWrap align=left><FONT size=2 face=sans-serif></FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=2 face=sans-serif>Voice Computer Systems Fraud</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=left><FONT size=2 face=sans-serif>Not Covered</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=left><FONT size=2 face=sans-serif>Not Covered</FONT>&nbsp;</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px"><FONT size=2 face=sans-serif></FONT>&nbsp;</P>

<P style="MARGIN: 0px"><FONT size=2 face=sans-serif>3. The Declarations page is hereby amended by adding the following paragraph to the end thereof:</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>Item 7.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>Voice Initiated Transfer Fraud</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>Under the terms of the Voice Initiated Transfer Fraud Insuring Agreement, the Insured must place verification call-back for each transfer in excess of $150,000</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>Telefacsimile Transfer Fraud</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>Under the terms of the Telefacsimile Transfer Fraud Insuring Agreement, the Insured must place a Verification call-back for each transfer in excess of $75,000.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>4. The Insuring Agreements are hereby amended by adding the following Insuring Agreements to the Bond:</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>ENDORSEMENT #2 (Continued)</FONT></P></DIV>

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<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>COMPUTER SYSTEMS FRAUD</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>(G) Loss resulting directly from a fraudulent:</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>(1) entry of Electronic Data or Computer Program into, or</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>(2) change of Electronic Data or Computer Program within </FONT><FONT size=2 face=sans-serif>any Computer System operated by the Insured, whether owned or leased; or any Computer System identified in the application for this bond; or a Computer System first used by the Insured during the bond period; as provided by General Agreement B; provided the entry or change causes:</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>(i) Property to be transferred, paid or delivered,</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>(ii) an account of the Insured, or of its customer, to be added, deleted, debited or credited, or</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>(iii) an unauthorized account or a fictitious account to be debited or credited.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>In this Insuring Agreement, fraudulent entry or change shall include such entry or change made by an Employee of the Insured acting in good faith:</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>(a) on an instruction from a software contractor who has a written agreement with the Insured to design, implement or service programs for a Computer System covered by this Insuring Agreement, or</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>(b) on an instruction transmitted by Tested telex or similar means of Tested communication identified in the application for this bond purportedly sent by a customer, financial institution or automated clearing house.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>DATA PROCESSING SERVICE OPERATIONS</FONT></P></DIV>

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<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>(H) Loss sustained by a Client of the Insured resulting directly from a fraudulent:</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>(1) entry of Electronic Data or a Computer Program into, or</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>(2) change of Electronic Data or a Computer Program within </FONT><FONT size=2 face=sans-serif>a Computer System covered under the terms of the COMPUTER SYSTEMS FRAUD Insuring Agreement, or</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>(3) entry or change of Electronic Data during electronic transmission or physical transit from the Insured to its Client, provided that the entry or change causes:</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>(i) Property to be transferred, paid or delivered,</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>(ii) an account of the Client, or a customer of the Client, to be added, deleted, debited or credited, or</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>(iii) an unauthorized account or a fictitious account to be debited or credited,</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>ENDORSEMENT #2 (Continued)</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>and for which loss the Insured is legally liable to the Client as a provider of data processing services for such Client.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>In this Insuring Agreement, fraudulent entry or change shall include such entry or change made by an Employee of the Insured acting in good faith:</FONT></P></DIV>

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<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>(a) on an instruction from a software contractor who has a written agreement with the Insured to design, implement or service programs for a Computer System covered by this Insuring Agreement, or</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>(b) on an instruction transmitted by Tested telex or similar means of Tested communication identified in the application for this bond purportedly sent by a customer, financial institution or automated clearing house.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>In this Insuring Agreement, Client means an entity for which the Insured serves as data processor under the terms of a written agreement.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>VOICE INITIATED TRANSFER FRAUD</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>(I) Loss resulting directly from the Insured having, in good faith, transferred Funds from a Customer&#8217;s account through a Computer System covered under the terms of the COMPUTER SYSTEMS FRAUD Insuring Agreement in reliance upon a fraudulent voice instruction transmitted by telephone which was purported to be from:</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>(1) an officer, director, partner or employee of a Customer of the Insured who was authorized by the Customer to instruct the Insured to make such transfer,</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>(2) an individual person who is a Customer of the Insured, or</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>(3) an Employee of the Insured in another office of the Insured who was authorized by the Insured to instruct other Employees of the Insured to transfer Funds, </FONT><FONT size=2 face=sans-serif>and was received by an Employee of the Insured specifically designated to receive and act upon such instructions, but the voice instruction was not from a person described in (1), (2) or (3) above, provided that:</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>(i) such voice instruction was electronically recorded by the Insured and required password(s) or code word(s) given; and</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>(ii) if the transfer was in excess of the amount shown on the Declarations Page as the verification call-back amount for this Insuring Agreement, the voice instruction was verified by a call-back according to a prearranged procedure.</FONT></P></DIV>

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<P style="text-align: left;">
<FONT size=2 face="sans-serif">As used in this Insuring Agreement, Customer means an entity or individual which has a written agreement with the Insured authorizing the Insured to rely on voice instructions to initiate transfers and has provided the Insured with the names of persons authorized to initiate such transfers, and with which the Insured has established an instruction verification mechanism.</FONT></P>
<P style="text-align: left;">
<FONT size=2 face="sans-serif">ENDORSEMENT #2 (Continued)</FONT></P>
<P style="text-align: left;">
<FONT size=2 face="sans-serif">TELEFACSIMILE TRANSFER FRAUD</FONT></P>
<P style="text-align: left;">
<FONT size=2 face="sans-serif">(J) Loss resulting directly from the Insured having, in good faith, transferred or delivered Funds, Certificated Securities or Uncertificated Securities through a Computer System covered under the terms of the COMPUTER SYSTEMS FRAUD Insuring Agreement in reliance upon a fraudulent instruction received through a Telefacsimile Device, and which instruction:</FONT></P>
<P style="text-align: left;">
<FONT size=2 face="sans-serif">(1) purports and reasonably appears to have originated from:</FONT></P>
<P style="text-align: left;">
<FONT size=2 face="sans-serif">(a) a Customer of the Insured,</FONT></P>
<P style="text-align: left;">
<FONT size=2 face="sans-serif">(b) another financial institution, or</FONT></P>
<P style="text-align: left;">
<FONT size=2 face="sans-serif">(c) another office of the Insured</FONT></P>
<P style="text-align: left;">
<FONT size=2 face="sans-serif">but, in fact, was not originated by the Customer or entity whose identification it bears, and</FONT></P>
<P style="text-align: left;">
<FONT size=2 face="sans-serif">(2) contains a valid test code which proves to have been used by a person who was not authorized to make use of it, and</FONT></P>
<P style="text-align: left;">
<FONT size=2 face="sans-serif">(3) contains the name of a person authorized to initiate such transfer;</FONT></P>
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<P style="text-align: left;">
<FONT size=2 face="sans-serif">provided that, if the transfer was in excess of the amount shown on the Declarations as the verification call-back amount for this Insuring Agreement, the instructions was verified by a call-back according to a prearranged procedure.</FONT></P>
<P style="text-align: left;">
<FONT size=2 face="sans-serif">As used in this Insuring Agreement, Customer means an entity or individual which has a written agreement with the Insured authorizing the Insured to rely on Telefacsimile Device instructions to initiate transfers and has provided the Insured with the names of persons authorized to initiate such transfers, and with which the Insured has established an instruction verification mechanism.</FONT></P>
<P style="text-align: left;">
<FONT size=2 face="sans-serif">DESTRUCTION OF DATA OR PROGRAMS BY HACKER</FONT></P>
<P style="text-align: left;">
<FONT size=2 face="sans-serif">(K) Loss resulting directly from the malicious destruction of, or damage to, Electronic Data or Computer Programs owned by the Insured or for which the Insured is legally liable while stored within a Computer System covered under the terms of the COMPUTER SYSTEMS FRAUD Insuring Agreement.</FONT></P>
<P style="text-align: left;">
<FONT size=2 face="sans-serif">The liability of the Company shall be limited to the cost of duplication of such Electronic Data or Computer Programs from other Electronic Data or Computer Programs which shall have been furnished by the Insured.</FONT></P>
<P style="text-align: left;">
<FONT size=2 face="sans-serif">ENDORSEMENT #2 (Continued)</FONT></P>
</DIV>

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<P style="text-align: left;">
<FONT size=2 face="sans-serif">In the event, however, that destroyed or damaged Computer Programs cannot be duplicated from other Computer Programs, the Company will pay the cost incurred for computer time, computer programmers, consultants or other technical specialists as is reasonable necessary to restore the Computer Programs to substantially the previous level of operational capability.</FONT></P>
<P style="text-align: left;">
<FONT size=2 face="sans-serif">DESTRUCTION OF DATA OR PROGRAMS BY VIRUS</FONT></P>
<P style="text-align: left;">
<FONT size=2 face="sans-serif">(L) Loss resulting directly from the malicious destruction of, or damage to, Electronic Data or Computer Programs owned by the Insured or for which the Insured is legally liable while stored within a Computer System covered under the terms of the COMPUTER SYSTEMS FRAUD Insuring Agreement if such destruction or damage was caused by a computer program or similar instruction which was written or altered to incorporate a hidden instruction designed to destroy or damage Electronic Data or Computer Programs in the Computer System in which the computer program or instruction so written or so altered is used.</FONT></P>
<P style="text-align: left;">
<FONT size=2 face="sans-serif">The liability of the Company shall be limited to the cost of duplication of such Electronic Data or Computer Programs from other Electronic Data or Computer Programs which shall have been furnished by the Insured.</FONT></P>
<P style="text-align: left;">
<FONT size=2 face="sans-serif">In the event, however, that destroyed or damaged Computer Programs cannot be duplicated from other Computer Programs, the Company will pay the cost incurred for computer time, computer programmers, consultants or other technical specialists as is reasonably necessary to restore the Computer Programs to substantially the previous level of operational capability.</FONT></P>
<P style="text-align: left;">
<FONT size=2 face="sans-serif">Special Condition: Under this Insuring Agreement, &#147;Single Loss&#148; means all covered costs incurred by the Insured between the time destruction or damage is discovered and the time the Computer System is restored to substantially the previous level of operational capability. Recurrence of destruction or damage after the Computer System is restored shall constitute a separate &#147;Single Loss.&#148;</FONT></P>
<P style="text-align: left;">
<FONT size=2 face="sans-serif">VOICE COMPUTER SYSTEM FRAUD</FONT></P>
<P style="text-align: left;">
<FONT size=2 face="sans-serif">(M) Loss resulting directly from charges for voice telephone long-distance toll calls which were incurred due to the fraudulent use or fraudulent manipulation of an Account Code or System Password required to obtain access to a Voice Computer System owned or leased by</FONT></P>
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<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>the Insured, installed on the Insured&#8217;s premises, whose System Administration is performed and controlled by the Insured; provided, however, that the unauthorized access was not made possible by</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>ENDORSEMENT #2 (Continued)</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>(1) failure to incorporate a System Password feature or failure to change the System Password at least once every 30 days thereafter, or</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>(2) failure to have a call-disconnect feature in operation to automatically terminate a caller&#8217;s access to the Voice Computer System after not more than three unsuccessful attempts to input an Account Code.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>Special Condition: Under this Insuring Agreement, &#8220;Single Loss&#8221; means loss resulting from toll call charges made only on telephone lines directly controlled by one Voice Computer System and only toll call charges occurring for a period of not more than 30 days inclusive of the date on which the first such toll call charge was made.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>5. GENERAL AGREEMENTS B. ADDITIONAL OFFICES OR EMPLOYEES &#8211; CONSOLIDATION, MERGER OR PURCHASE OF ASSETS&#8211;NOTICE is hereby deleted in its entirety and is replaced with the following:</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>ADDITIONAL OFFICES OR EMPLOYEES OR COMPUTER SYSTEMS &#8211; CONSOLIDATION, MERGER OR PURCHASE OF ASSETS OR COMPUTER SYSTEMS</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>B. If the Insured shall, while this bond is in force, establish any additional offices, other than by consolidation or merger with, or purchase or acquisition of assets or liabilities or computer systems of, another institution, such offices and computer systems shall be automatically</FONT></P></DIV>

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<FONT size=2 face="sans-serif">covered hereunder from the date of such establishment without the requirement of notice to the Underwriter or the payment of additional premium for the remainder of the premium period.</FONT></P>
<P style="text-align: left;">
<FONT size=2 face="sans-serif">If the Insured shall, while this bond is in force, consolidate or merge with, or purchase or acquire assets or liabilities or computer systems of, another institution, the Insured shall not have such coverage as is afforded under this bond for loss which:</FONT></P>
<P style="text-align: left;">
<FONT size=2 face="sans-serif">(a) has occurred or will occur in offices or premises or computer systems, or</FONT></P>
<P style="text-align: left;">
<FONT size=2 face="sans-serif">(b) has been caused or will be caused by an employee or employees of such institution, or</FONT></P>
<P style="text-align: left;">
<FONT size=2 face="sans-serif">(c) has arisen or will arise out of the assets or liabilities or computer systems acquired by the Insured as a result of such consolidation, merger or purchase of assets or liabilities or computer systems unless the Insured shall:</FONT></P>
<P style="text-align: left;">
<FONT size=2 face="sans-serif">(i) give the Underwriter written notice of the proposed consolidation, merger or purchase of assets or liabilities or computer systems prior to the proposed effective date of such action; and</FONT></P>
<P style="text-align: left;">
<FONT size=2 face="sans-serif">(ii) obtain the written consent of the Underwriter to extend the coverage provided by this bond to such additional offices or premises or computer systems, Employees and other exposures; and</FONT></P>
<P style="text-align: left;">
<FONT size=2 face="sans-serif">(iii) upon obtaining such consent, pay to the Underwriter an additional premium.</FONT></P>
<P style="text-align: left;">
<FONT size=2 face="sans-serif">ENDORSEMENT #2 (Continued)</FONT></P>
<P style="text-align: left;">
<FONT size=2 face="sans-serif">6. Solely for the coverage provided by this rider, Section 1. DEFINITIONS (b) &#147;Property&#148; of the CONDITIONS AND LIMITATIONS section is hereby amended to include Electronic Data and Computer Programs.</FONT></P>
<P style="text-align: left;">
<FONT size=2 face="sans-serif">7. Solely for the coverage provided by this rider, Section 1. DEFINITIONS of the CONDITIONS AND LIMITATIONS section is hereby amended by adding the following definitions to the end thereof:</FONT></P>
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<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>(i) Account Code means a confidential and protected string of characters which identifies or authenticates a person and permits that person to gain access to a Voice Computer System for the purpose of making toll calls or utilizing voice mail box messaging capabilities or other similar functional features of the System;</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>(ii) Computer Program means a set of related electronic instructions which direct the operations and functions of a computer or devices connected to it which enable the computer or devices to receive, process, store or send Electronic Data;</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>(iii) Computer System means:</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>(1) computers with related peripheral components, including storage components wherever located;</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>(2) systems and applications software;</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>(3) terminal devices; and</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>(4) related communication networks, including the internet </FONT><FONT size=2 face=sans-serif>by which Electronic Data are electronically collected, transmitted, processed, stored and retrieved;</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>(iv) Electronic Data means facts or information converted to a form usable in a Computer System by Computer Programs and which is stored on magnetic tapes or disks, or optical storage disks or other bulk media;</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>(v) Funds means Money on deposit in an account;</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>(vi) System Administration means the performance of security functions including but not limited to defining authorized persons to access a Voice Computer System and adding, changing and deleting Account Codes or passwords in connection therewith; and invoking or revoking a System option which directs telephone call routing or which adds, moves or drops telephone lines or which performs any other similar activity allowed by a hardware or software-based System option that has been incorporated by a manufacturer or vendor into a System or</FONT></P></DIV>

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<FONT size=2 face="sans-serif">any component thereof provided said System option is not intended for the sole use of such manufacturer or vendor;</FONT></P>
<P style="text-align: left;">
<FONT size=2 face="sans-serif">ENDORSEMENT #2 (Continued)</FONT></P>
<P style="text-align: left;">
<FONT size=2 face="sans-serif">(vii) System Maintenance means the performance of hardware and software installation, diagnostics and corrections and similar activities that are performed in the usual custom and practice by a manufacturer or vendor to establish or maintain the basic operational functionality of a Voice Computer System or any component thereof;</FONT></P>
<P style="text-align: left;">
<FONT size=2 face="sans-serif">(viii) System Password means a confidential and protected string of characters which identifies or authenticates a person and permits that person to gain access to a Voice Computer System or any portion thereof for the purpose of performing System Administration or System Maintenance activities;</FONT></P>
<P style="text-align: left;">
<FONT size=2 face="sans-serif">(ix) Telefacsimile Device means a machine capable of sending or receiving a duplicate image of a document by means of electronic impulses transmitted through a telephone line and which reproduces the duplicate image on paper;</FONT></P>
<P style="text-align: left;">
<FONT size=2 face="sans-serif">(x) Tested means a method of authenticating the contents of a communication by placing a valid test key on it which has been agreed upon by the Insured and a customer, automated clearing house, or another financial institution for the purpose of protecting the integrity of the communication in the ordinary course of business;</FONT></P>
<P style="text-align: left;">
<FONT size=2 face="sans-serif">(xi) Uncertificated Security means a share, participation or other interest in property of, or an enterprise of, the issuer or an obligation of the issuer, which is:</FONT></P>
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<FONT size=2 face="sans-serif">1) not represented by an instrument and the transfer of which is registered upon books maintained for that purpose by or on behalf of the issuer;</FONT></P>
<P style="text-align: left;">
<FONT size=2 face="sans-serif">2) of a type commonly dealt in securities, exchanges or markets; and</FONT></P>
<P style="text-align: left;">
<FONT size=2 face="sans-serif">3) either one of a class or series or by its terms divisible into a class or series of shares, participations, interests or obligations;</FONT></P>
<P style="text-align: left;">
<FONT size=2 face="sans-serif">(xii) Voice Computer System means a Computer System installed in one location which functions as a private branch exchange (PBX), voice mail processor, automated call attendant or provides a similar capability used for the direction or routing of telephone calls in a voice communications network.</FONT></P>
<P style="text-align: left;">
<FONT size=2 face="sans-serif">8. Solely for the coverage provided by this rider, Section 2. EXCLUSIONS of the CONDITIONS AND LIMITATIONS section is hereby amended by adding the following definitions to the end thereof:</FONT></P>
<P style="text-align: left;">
<FONT size=2 face="sans-serif">(i) any loss of the type or kind covered by any other Insuring Agreement provided in this financial institution bond, regardless of any deductible amount or limit of liability;</FONT></P>
<P style="text-align: left;">
<FONT size=2 face="sans-serif">ENDORSEMENT #2 (Continued)</FONT></P>
<P style="text-align: left;">
<FONT size=2 face="sans-serif">(ii) loss caused by a director or Employee of the Insured or by a person in collusion with any director or Employee of the Insured; (Collusion shall include the willful withholding of knowledge from the Insured by any director or Employee that a fraudulent act by a person not an Employee has been or will be perpetrated against the Insured.);</FONT></P>
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<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>(iii) loss resulting directly or indirectly from entry or change of Electronic Data or Computer Programs in a Computer System, unless covered under the COMPUTER SYSTEMS FRAUD or DATA PROCESSING SERVICE OPERATIONS Insuring Agreements;</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>(iv) loss resulting directly or indirectly from the Insured having transferred Funds in reliance on the validity of a voice instruction, unless covered under the COMPUTER SYSTEMS FRAUD or VOICE INITIATED TRANSFER FRAUD Insuring Agreements;</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>(v) loss resulting directly or indirectly by the Insured having transferred or delivered Funds, Certificated Securities or Uncertificated Securities in reliance on an instruction received through a Telefacsimile Device, unless covered under the TELEFACSIMILE TRANSFER FRAUD Insuring Agreement;</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>(vi) loss resulting directly or indirectly from theft of confidential information;</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>(vii) loss resulting directly or indirectly from the assumption of liability by the Insured by contract unless the liability arises from a loss covered by this rider and would be imposed on the Insured regardless of the existence of the contract;</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>(viii) the cost of duplication of Electronic Data or Computer Programs, unless covered under the DESTRUCTION OF DATA OR PROGRAMS BY HACKER or DESTRUCTION OF DATA OR PROGRAMS BY VIRUS Insuring Agreements;</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>(ix) loss involving a Voice Computer System, unless covered under the VOICE COMPUTER </FONT><FONT size=2 face=sans-serif>SYSTEM FRAUD Insuring Agreement;</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>(x) loss resulting directly or indirectly from:</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>(1) written instructions or advices, or</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>(2) telegraphic or cable instructions or advices;</FONT></P></DIV>

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<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>unless the instructions or advices are Tested and the loss is covered under the COMPUTER </FONT><FONT size=2 face=sans-serif>SYSTEMS FRAUD or DATA PROCESSING SERVICE OPERATIONS Insuring Agreements;</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>ENDORSEMENT #2 (Continued)</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>(xi) loss resulting directly or indirectly from negotiable instruments, securities, documents or other written instruments which bear a forged signature, or are counterfeit, altered or otherwise fraudulent and which are used as source documentation in the preparation of Electronic Data or manually keyed into a data terminal;</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>(xii) loss resulting directly or indirectly from the fraudulent preparation, or fraudulent modification of Computer Programs unless covered under the COMPUTER SYSTEMS FRAUD or DATA PROCESSING SERVICE OPERATIONS Insuring Agreements;</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>(xiii) loss resulting directly or indirectly from:</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>a. mechanical failure, faulty construction, error in design, latent defect, fire, wear or tear, gradual deterioration, electrical disturbance or electrical surge which affects a Computer System; or</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>b. failure or breakdown of electronic data processing media; or</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>c. error or omission in programming or processing;</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>(xiv) loss as a result of a threat to Computer System operations;</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>(xv) loss resulting directly or indirectly from the use of a telephone credit, debit, charge, identification or similar card to gain access to the Insured&#8217;s Voice Computer System;</FONT></P></DIV>

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<FONT size=2 face="sans-serif">(xvi) loss resulting directly or indirectly from the input of Electronic Data into a Computer System terminal device either on the premises of a customer of the Insured or under the control of such customer by a person who had authorized access to the customer&#146;s authentication mechanism.</FONT></P>
<P style="text-align: left;">
<FONT size=2 face="sans-serif">(xvii) loss resulting directly or indirectly from payments made or withdrawals from a depositor&#146;s account involving items of deposit which are not finally paid for any reason;</FONT></P>
<P style="text-align: left;">
<FONT size=2 face="sans-serif">(xviii) loss of potential income, including but not limited to interest and dividends;</FONT></P>
<P style="text-align: left;">
<FONT size=2 face="sans-serif">(xix) loss of any type for which the Insured is legally liable, except compensatory damages, but not multiples thereof, arising directly from a loss covered under this policy;</FONT></P>
<P style="text-align: left;">
<FONT size=2 face="sans-serif">(xx) any fees, costs and expenses incurred by the Insured;</FONT></P>
<P style="text-align: left;">
<FONT size=2 face="sans-serif">(xxi) indirect or consequential loss of any nature;</FONT></P>
<P style="text-align: left;">
<FONT size=2 face="sans-serif">ENDORSEMENT #2 (Continued)</FONT></P>
<P style="text-align: left;">
<FONT size=2 face="sans-serif">(xxii) loss involving automated mechanical devices which on behalf of the Insured, disburse money, accept deposits, cash checks, drafts or similar written instruments, or make credit card loans;</FONT></P>
<P style="text-align: left;">
<FONT size=2 face="sans-serif">(xxiii) loss due to riot or civil commotion or loss due to military, naval or usurped power, war or insurrection;</FONT></P>
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<FONT size=2 face="sans-serif">(xxiv) loss resulting directly or indirectly from the effects of nuclear fission or fusion or radioactivity; provided, however, that this exclusion shall not apply to loss resulting from industrial uses of nuclear energy; and</FONT></P>
<P style="text-align: left;">
<FONT size=2 face="sans-serif">(xxv) loss as a result of a threat</FONT></P>
<P style="text-align: left;">
<FONT size=2 face="sans-serif">1) to do bodily harm to any person;</FONT></P>
<P style="text-align: left;">
<FONT size=2 face="sans-serif">2) to do damage to the premises or property of the Insured; or</FONT></P>
<P style="text-align: left;">
<FONT size=2 face="sans-serif">3) to Computer Systems operations;</FONT></P>
<P style="text-align: left;">
<FONT size=2 face="sans-serif">9. Solely for the coverage provided by this rider, Section 4. LOSS-NOTICE-PROOF&#150;LEGAL PROCEEDINGS of the CONDITIONS AND LIMITATIONS section is hereby amended by adding the following section to the end thereof:</FONT></P>
<P style="text-align: left;">
<FONT size=2 face="sans-serif">Proof of loss for claim under the Voice Initiated Transfer Fraud Insuring Agreement must include electronic recordings of such voice instructions and the verification call-back, if such call-back was required.</FONT></P>
<P style="text-align: left;">
<FONT size=2 face="sans-serif">Proof of loss for claim under the Telefacsimile Transfer Fraud Insuring Agreement must include a copy of the document reproduced by the Telefacsimile Device.</FONT></P>
<P style="text-align: left;">
<FONT size=2 face="sans-serif">ALL OTHER TERMS, CONDITIONS AND EXCLUSIONS REMAIN UNCHANGED.</FONT></P>
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   <TD noWrap align=right><FONT size=2 face=sans-serif>AUTHORIZED REPRESENTATIVE</FONT>&nbsp;</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px"><FONT size=2 face=sans-serif></FONT>&nbsp;</P>

<P style="MARGIN: 0px"><FONT size=2 face=sans-serif>ENDORSEMENT #3</FONT></P>

<P style="MARGIN: 0px"><FONT size=2 face=Arial></FONT>&nbsp;</P>

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   <TD width="25%" colSpan=2 noWrap align=left><FONT size=2 face=sans-serif>This rider , effective 12:01 am</FONT>&nbsp;</TD>

   <TD width="25%" noWrap align=left><FONT size=2 face=sans-serif>December 01, 2012</FONT>&nbsp;</TD>

   <TD width="49%" noWrap align=left><FONT size=2 face=sans-serif>forms a part of</FONT>&nbsp;</TD></TR>

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   <TD width="25%" colSpan=2 noWrap align=left><FONT size=2 face=sans-serif>&nbsp;</FONT></TD>

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   <TD width="50%" colSpan=3 noWrap align=left><FONT size=2 face=sans-serif>Bond number: 01-421-23-39</FONT>&nbsp;</TD>

   <TD width="49%" noWrap align=left>&nbsp;</TD></TR>

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   <TD width="50%" colSpan=3 noWrap align=left><FONT size=2 face=sans-serif>&nbsp;</FONT></TD>

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   <TD width="25%" colSpan=2 noWrap align=left><FONT size=2 face=sans-serif>Issued to:</FONT>&nbsp;</TD>

   <TD width="74%" colSpan=2 noWrap align=left><FONT size=2 face=sans-serif>THE GEORGE PUTNAM FUND OF BOSTON</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="25%" colSpan=2 noWrap align=left><FONT size=2 face=sans-serif>&nbsp;</FONT></TD>

   <TD width="74%" colSpan=2 noWrap align=left><FONT size=2 face=sans-serif></FONT></TD></TR>

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   <TD width="25%" colSpan=2 noWrap align=left>&nbsp;</TD>

   <TD width="74%" colSpan=2 noWrap align=left><FONT size=2 face=sans-serif>(as more fully described in Named Insured Rider)</FONT>&nbsp;</TD></TR>

<TR>

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<TR>

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   <TD width="13%" noWrap align=left><FONT size=2 face=sans-serif>By:</FONT>&nbsp;</TD>

   <TD width="86%" colSpan=3 noWrap align=left><FONT size=2 face=sans-serif>National Union Fire Insurance Company of Pittsburgh, Pa.</FONT>&nbsp;</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px"><FONT size=2 face=sans-serif></FONT>&nbsp;</P>

<P style="MARGIN: 0px"><FONT size=2 face=sans-serif>AUTOMATED PHONE SYSTEM</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>It is agreed that:</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>1. The attached bond is amended by adding an additional Insuring Agreement (M) as follows:</FONT></P></DIV>

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<FONT size=2 face="sans-serif">AUTOMATED PHONE SYSTEM</FONT></P>
<P style="text-align: left;">
<FONT size=2 face="sans-serif">1. Loss caused by an Automated Phone System (&#147;APS&#148;) 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 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 style="text-align: left;">
<FONT size=2 face="sans-serif">1. Definitions. The following terms used in this Insuring Agreement shall have the following meanings:</FONT></P>
<P style="text-align: left;">
<FONT size=2 face="sans-serif">a. &#147;APS Transaction&#148; means any APS Redemption, APS Exchange, APS Purchase or APS</FONT></P>
<P style="text-align: left;">
<FONT size=2 face="sans-serif">Election.</FONT></P>
<P style="text-align: left;">
<FONT size=2 face="sans-serif">b. &#147;APS Redemption&#148; 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 style="text-align: left;">
<FONT size=2 face="sans-serif">c. &#147;APS Election&#148; 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 style="text-align: left;">
<FONT size=2 face="sans-serif">ENDORSEMENT #3 (Continued)</FONT></P>
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<FONT size=2 face="sans-serif">d. &#147;APS Exchange&#148; 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 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 style="text-align: left;">
<FONT size=2 face="sans-serif">e. &#147;APS Designated Procedures&#148; means all of the following procedures:</FONT></P>
<P style="text-align: left;">
<FONT size=2 face="sans-serif">(1) Election in Application: No APS Redemption shall be executed unless the shareholder to whose account such an APS Redemption relates has previously elected by official designation to permit such APS Redemption.</FONT></P>
<P style="text-align: left;">
<FONT size=2 face="sans-serif">(2) Logging: 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 style="text-align: left;">
<FONT size=2 face="sans-serif">(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 style="text-align: left;">
<FONT size=2 face="sans-serif">(3) Identity Test: The identity of the caller in any request for an APS Transaction shall be tested before execution of that APS Transaction by requiring the entry by the caller of a confidential personal identification number (&#147;PIN&#148;)</FONT></P>
<P style="text-align: left;">
<FONT size=2 face="sans-serif">(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 style="text-align: left;">
<FONT size=2 face="sans-serif">(4) Written Confirmation: A written confirmation of any APS Transaction shall be mailed to the shareholder(s) to whose account such APS Transaction relates, at the original record address, by the end of the Insured&#146;s next regular processing cycle, but in no event later than five business days following such APS Transaction.</FONT></P>
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<P style="text-align: left;">
<FONT size=2 face="sans-serif">ENDORSEMENT #3 (Continued)</FONT></P>
<P style="text-align: left;">
<FONT size=2 face="sans-serif">(5) Access to APS Equipment: 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 style="text-align: left;">
<FONT size=2 face="sans-serif">f. &#147;APS Purchase&#148; 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 style="text-align: left;">
<FONT size=2 face="sans-serif">2. Exclusions. It is further understood and agreed that this extension shall not cover:</FONT></P>
<P style="text-align: left;">
<FONT size=2 face="sans-serif">a. any loss covered under Insuring Agreement (A), Fidelity, of this Bond;</FONT></P>
<P style="text-align: left;">
<FONT size=2 face="sans-serif">b. any loss resulting from:</FONT></P>
<P style="text-align: left;">
<FONT size=2 face="sans-serif">(1) the redemption of shares, where the proceeds of such redemption are made payable to other than</FONT></P>
<P style="text-align: left;">
<FONT size=2 face="sans-serif">(i) the shareholder of record; or</FONT></P>
<P style="text-align: left;">
<FONT size=2 face="sans-serif">(ii) a person officially designated to receive redemption proceeds; or</FONT></P>
<P style="text-align: left;">
<FONT size=2 face="sans-serif">(iii) a bank account officially designated to receive redemption proceeds; or</FONT></P>
<P style="text-align: left;">
<FONT size=2 face="sans-serif">(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>
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<FONT size=2 face="sans-serif">(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 style="text-align: left;">
<FONT size=2 face="sans-serif">(ii) officially designated; or</FONT></P>
<P style="text-align: left;">
<FONT size=2 face="sans-serif">(iii) verified by any other procedures which may be stated below in this Insuring Agreement; or</FONT></P>
<P style="text-align: left;">
<FONT size=2 face="sans-serif">(3) the redemption of shares, where the proceeds of such redemption are paid by wire transfer to other than the shareholder&#146;s officially designated bank account; or</FONT></P>
<P style="text-align: left;">
<FONT size=2 face="sans-serif">(4) the intentional failure to adhere to one or more APS Designated Procedures.</FONT></P>
<P style="text-align: left;">
<FONT size=2 face="sans-serif">ENDORSEMENT #3 (Continued)</FONT></P>
<P style="text-align: left;">
<FONT size=2 face="sans-serif">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>
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   <TD noWrap align=right><FONT size=2 face=sans-serif>AUTHORIZED REPRESENTATIVE</FONT>&nbsp;</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px"><FONT size=2 face=sans-serif></FONT>&nbsp;</P>

<P style="MARGIN: 0px"><FONT size=2 face=sans-serif>ENDORSEMENT #4</FONT></P>

<P style="MARGIN: 0px"><FONT size=2 face=Arial></FONT>&nbsp;</P>

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   <TD width="25%" colSpan=2 noWrap align=left><FONT size=2 face=sans-serif>This rider , effective 12:01 am</FONT>&nbsp;</TD>

   <TD width="25%" noWrap align=left><FONT size=2 face=sans-serif>December 01, 2012</FONT>&nbsp;</TD>

   <TD width="49%" noWrap align=left><FONT size=2 face=sans-serif>forms a part of</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="50%" colSpan=3 noWrap align=left><FONT size=2 face=sans-serif>&nbsp;</FONT></TD>

   <TD width="49%" noWrap align=left><FONT size=2 face=sans-serif></FONT></TD></TR>

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   <TD width="50%" colSpan=3 noWrap align=left><FONT size=2 face=sans-serif>Bond number: 01-421-23-39</FONT>&nbsp;</TD>

   <TD width="49%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="50%" colSpan=3 noWrap align=left><FONT size=2 face=sans-serif>&nbsp;</FONT></TD>

   <TD width="49%" noWrap align=left></TD></TR>

<TR vAlign=bottom>

   <TD width="25%" colSpan=2 noWrap align=left><FONT size=2 face=sans-serif>Issued to:</FONT>&nbsp;</TD>

   <TD width="74%" colSpan=2 noWrap align=left><FONT size=2 face=sans-serif>THE GEORGE PUTNAM FUND OF BOSTON</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="25%" colSpan=2 noWrap align=left><FONT size=2 face=sans-serif>&nbsp;</FONT></TD>

   <TD width="74%" colSpan=2 noWrap align=left><FONT size=2 face=sans-serif></FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="25%" colSpan=2 noWrap align=left>&nbsp;</TD>

   <TD width="74%" colSpan=2 noWrap align=left><FONT size=2 face=sans-serif>(as more fully described in Named Insured Rider)</FONT>&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 width="13%" noWrap align=left><FONT size=2 face=sans-serif>By:</FONT>&nbsp;</TD>

   <TD width="86%" colSpan=3 noWrap align=left><FONT size=2 face=sans-serif>National Union Fire Insurance Company of Pittsburgh, Pa.</FONT>&nbsp;</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px"><FONT size=2 face=sans-serif></FONT>&nbsp;</P>

<P style="MARGIN: 0px"><FONT size=2 face=sans-serif>UNAUTHORIZED SIGNATURES RIDER</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>It is agreed that:</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>1. The INSURING AGREEMENTS Clause of the attached bond is amended by adding the following additional Insuring Agreement to the end thereof:</FONT></P></DIV>

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<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>UNAUTHORIZED SIGNATURES</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>Loss resulting directly from the Insured having accepted, paid or cashed any check or withdrawal order made or drawn on a customer&#8217;s account which bears the signature or endorsement of one other than a person whose name and signature is on file with the Insured as an authorized signatory on such account.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>It shall be a condition precedent to the Insured&#8217;s right of recovery under this Insuring Agreement that the Insured shall have on file signatures of all persons who are authorized signatories on such account.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>2. The Underwriter&#8217;s Aggregate Liability under this Unauthorized Signatures Insuring Agreement shall be $250,000, which shall be part of, not in addition to, the Aggregate Liability stated in the Declarations. A deductible amount of $5,000 shall apply to each and every loss under this Unauthorized Signatures Insuring Agreement.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>3. Nothing contained here 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>

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   <TD noWrap align=right><FONT size=2 face=sans-serif>AUTHORIZED REPRESENTATIVE</FONT>&nbsp;</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P></DIV>

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<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>ENDORSEMENT #5</FONT></P>

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   <TD width="25%" colSpan=2 noWrap align=left><FONT size=2 face=sans-serif>This rider , effective 12:01 am</FONT>&nbsp;</TD>

   <TD width="25%" noWrap align=left><FONT size=2 face=sans-serif>December 01, 2012</FONT>&nbsp;</TD>

   <TD width="49%" noWrap align=left><FONT size=2 face=sans-serif>forms a part of</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="25%" colSpan=2 noWrap align=left><FONT size=2 face=sans-serif>&nbsp;</FONT></TD>

   <TD width="25%" noWrap align=left><FONT size=2 face=sans-serif></FONT></TD>

   <TD width="49%" noWrap align=left><FONT size=2 face=sans-serif></FONT></TD></TR>

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   <TD width="50%" colSpan=3 noWrap align=left><FONT size=2 face=sans-serif>Bond number: 01-421-23-39</FONT>&nbsp;</TD>

   <TD width="49%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="50%" colSpan=3 noWrap align=left><FONT size=2 face=sans-serif>&nbsp;</FONT></TD>

   <TD width="49%" noWrap align=left></TD></TR>

<TR vAlign=bottom>

   <TD width="25%" colSpan=2 noWrap align=left><FONT size=2 face=sans-serif>Issued to:</FONT>&nbsp;</TD>

   <TD width="74%" colSpan=2 noWrap align=left><FONT size=2 face=sans-serif>THE GEORGE PUTNAM FUND OF BOSTON</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="25%" colSpan=2 noWrap align=left><FONT size=2 face=sans-serif>&nbsp;</FONT></TD>

   <TD width="74%" colSpan=2 noWrap align=left><FONT size=2 face=sans-serif></FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="25%" colSpan=2 noWrap align=left>&nbsp;</TD>

   <TD width="74%" colSpan=2 noWrap align=left><FONT size=2 face=sans-serif>(as more fully described in Named Insured Rider)</FONT>&nbsp;</TD></TR>

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   <TD width="25%" colSpan=2 noWrap align=left>&nbsp;</TD>

   <TD width="74%" colSpan=2 noWrap align=left><FONT size=2 face=sans-serif></FONT></TD></TR>

<TR>

   <TD width="99%" colSpan=4>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="13%" noWrap align=left><FONT size=2 face=sans-serif>By:</FONT>&nbsp;</TD>

   <TD width="86%" colSpan=3 noWrap align=left><FONT size=2 face=sans-serif>National Union Fire Insurance Company of Pittsburgh, Pa.</FONT>&nbsp;</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px"><FONT size=2 face=sans-serif></FONT>&nbsp;</P>

<P style="MARGIN: 0px"><FONT size=2 face=sans-serif>CLAIMS EXPENSE</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>It is agreed that:</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>1. The attached bond is amended by adding an Insuring Agreement (O) as follows:</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>CLAIMS EXPENSE</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>Reasonable expenses necessarily incurred and paid by the Insured in preparing any valid claim for loss under any of the Insuring Agreements of this Bond, which loss exceeds the Single Loss Deductible Amount of $5,000. The Underwriter&#8217;s limit of liability for such expenses paid by the Insured in preparing any one such claim is $250,000 as shown on the Declaration Page of this Bond.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>For the purposes of this Insuring Agreement, Exclusion (k) is amended by deleting the period at the end of this Exclusion and adding the following words; &#8220;or Insuring Agreement (O).&#8221;</FONT></P></DIV>

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<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>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>

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   <TD noWrap align=right><FONT size=2 face=sans-serif>AUTHORIZED REPRESENTATIVE</FONT>&nbsp;</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px"><FONT size=2 face=sans-serif></FONT>&nbsp;</P>

<P style="MARGIN: 0px"><FONT size=2 face=sans-serif>ENDORSEMENT #6</FONT></P>

<P style="MARGIN: 0px"><FONT size=2 face=Arial></FONT>&nbsp;</P>

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<TR>

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   <TD width="25%" colSpan=2 noWrap align=left><FONT size=2 face=sans-serif>This rider , effective </FONT><FONT size=2 face=sans-serif>12:01 am</FONT></TD>

   <TD width="25%" noWrap align=left><FONT size=2 face=sans-serif>December 01, 2012</FONT>&nbsp;</TD>

   <TD width="49%" noWrap align=left><FONT size=2 face=sans-serif>forms a part of</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="25%" colSpan=2 noWrap align=left><FONT size=2 face=sans-serif>&nbsp;</FONT></TD>

   <TD width="25%" noWrap align=left><FONT size=2 face=sans-serif></FONT></TD>

   <TD width="49%" noWrap align=left><FONT size=2 face=sans-serif></FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="50%" colSpan=3 noWrap align=left><FONT size=2 face=sans-serif>Bond number: 01-421-23-39</FONT>&nbsp;</TD>

   <TD width="49%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="50%" colSpan=3 noWrap align=left><FONT size=2 face=sans-serif>&nbsp;</FONT></TD>

   <TD width="49%" noWrap align=left></TD></TR>

<TR vAlign=bottom>

   <TD width="25%" colSpan=2 noWrap align=left><FONT size=2 face=sans-serif>Issued to:</FONT>&nbsp;</TD>

   <TD width="74%" colSpan=2 noWrap align=left><FONT size=2 face=sans-serif>THE GEORGE PUTNAM FUND OF BOSTON</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="25%" colSpan=2 noWrap align=left><FONT size=2 face=sans-serif>&nbsp;</FONT></TD>

   <TD width="74%" colSpan=2 noWrap align=left><FONT size=2 face=sans-serif></FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="25%" colSpan=2 noWrap align=left>&nbsp;</TD>

   <TD width="74%" colSpan=2 noWrap align=left><FONT size=2 face=sans-serif>(as more fully described in Named Insured Rider)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="25%" colSpan=2 noWrap align=left>&nbsp;</TD>

   <TD width="74%" colSpan=2 noWrap align=left><FONT size=2 face=sans-serif></FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="25%" colSpan=2 noWrap align=left>&nbsp;</TD>

   <TD width="74%" colSpan=2 noWrap align=left><FONT size=2 face=sans-serif></FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="13%" noWrap align=left><FONT size=2 face=sans-serif>By:</FONT>&nbsp;</TD>

   <TD width="86%" colSpan=3 noWrap align=left><FONT size=2 face=sans-serif><FONT size=2 face=sans-serif>National Union Fire Insurance Company of Pittsburgh, Pa.</FONT></FONT>&nbsp;</TD></TR></TABLE></DIV>

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<P style="MARGIN: 0px"><FONT size=2 face=sans-serif>AMEND INSURING AGREEMENT (A)</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>It is agreed that:</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>1. Insuring Agreement (A), Fidelity, is hereby deleted in its entirety and replaced by the following:</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>(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 so held gratuitously or not and whether or not the Insured is liable therefore.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>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 style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>(a) to cause the Insured to sustain such loss; or</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>(b) to obtain financial benefit for the Employee, or for any other person or organization intended by the Employee to receive such benefit.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>Notwithstanding the foregoing, however, it is agreed that with regard to Loans and/or Trading, this bond covers only loss resulting directly from dishonest or fraudulent acts committed by an Employee with the intent to cause the Insured to sustain such loss and which results in a financial benefit for the Employee; or results in an improper financial benefit for another person or entity with whom the Employee committing the dishonest or fraudulent act was in collusion, provided the Insured establishes that the Employee intended to participate in the financial benefit.</FONT></P></DIV>

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<FONT size=2 face="sans-serif">The word &#147;Loan&#148; as used in this Insuring Agreement means all extensions of credit by the Insured and all transactions creating a creditor relationship in favor of the Insured and all transactions by which the Insured assumes an existing creditor relationship.</FONT></P>
<P style="text-align: left;">
<FONT size=2 face="sans-serif">The word &#147;Trading&#148; as used in this Insuring Agreement means trading or dealings in securities, commodities, futures, options, foreign or Federal Funds, currencies, foreign exchange or the like.</FONT></P>
<P style="text-align: left;">
<FONT size=2 face="sans-serif">ENDORSEMENT #6 (Continued)</FONT></P>
<P style="text-align: left;">
<FONT size=2 face="sans-serif">As used in this Insuring Agreement, financial benefit does not include any salaries, commissions, fees, bonuses, promotions, awards, profit sharing, pensions, or other employee benefits earned in the normal course of employment.</FONT></P>
<P style="text-align: left;">
<FONT size=2 face="sans-serif">Loss resulting directly from the malicious destruction of or the malicious damage of Computer Programs, Electronic Data or Electronic Data Processing Media committed by an Employee, whether committed alone or in collusion with others.</FONT></P>
<P style="text-align: left;">
<FONT size=2 face="sans-serif">The liability of the Insurer shall be limited to the cost of duplication of such Computer Programs, Electronic Data or Electronic Data Processing Media from other Computer Programs, Electronic Data or Electronic Data Processing Media which shall have been furnished by the Insured.</FONT></P>
<P style="text-align: left;">
<FONT size=2 face="sans-serif">In the event, however, that destroyed or damaged Computer Programs, Electronic Data or Electronic Data Processing Media cannot be duplicated from other Computer Programs, Electronic Data or Electronic Data Processing Media, the Insurer will pay the cost incurred for computer time, computer programmers, consultants or other technical specialists as is reasonably necessary to restore the Computer Programs, Electronic Data or Electronic Data Processing Media to substantially the previous level of operational capability.</FONT></P>
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<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>As used in this Insuring Agreement, &#8220;Computer Program&#8221; means a set of related electronic instructions which direct the operations and functions of a computer or devices connected to it which enable the computer or devices to receive, process, store or send Electronic Data.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>As used in this Insuring Agreement, &#8220;Electronic Data&#8221; means facts or information converted to a form usable in a Computer System by Computer Programs and which is stored on magnetic tapes or disks, or optical storage disks or other bulk media.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>As used in this Insuring Agreement, &#8220;Electronic Data Processing Media&#8221; means the magnetic tapes or disks, or optical storage disks or other bulk media on which Electronic Data is stored.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>2. Nothing herein contained shall be held to vary, alter, waive or extend any of the terms, conditions, provisions, agreements or limitations of this bond other than as stated herein.</FONT></P>

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   <TD noWrap align=right><FONT size=2 face=sans-serif>AUTHORIZED REPRESENTATIVE</FONT>&nbsp;</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>ENDORSEMENT #7</FONT></P>

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<TR vAlign=bottom>

   <TD width="25%" colSpan=2 noWrap align=left><FONT size=2 face=sans-serif>This rider , effective 12:01 am</FONT>&nbsp;</TD>

   <TD width="25%" noWrap align=left><FONT size=2 face=sans-serif>December 01, 2012</FONT>&nbsp;</TD>

   <TD width="49%" noWrap align=left><FONT size=2 face=sans-serif>forms a part of</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="50%" colSpan=3 noWrap align=left><FONT size=2 face=sans-serif>Bond number: 01-421-23-39</FONT>&nbsp;</TD>

   <TD width="49%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="50%" colSpan=3 noWrap align=left><FONT size=2 face=sans-serif>&nbsp;</FONT></TD>

   <TD width="49%" noWrap align=left></TD></TR>

<TR vAlign=bottom>

   <TD width="25%" colSpan=2 noWrap align=left><FONT size=2 face=sans-serif>Issued to:</FONT>&nbsp;</TD>

   <TD width="74%" colSpan=2 noWrap align=left><FONT size=2 face=sans-serif>THE GEORGE PUTNAM FUND OF BOSTON</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="25%" colSpan=2 noWrap align=left><FONT size=2 face=sans-serif>&nbsp;</FONT></TD>

   <TD width="74%" colSpan=2 noWrap align=left><FONT size=2 face=sans-serif></FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="25%" colSpan=2 noWrap align=left>&nbsp;</TD>

   <TD width="74%" colSpan=2 noWrap align=left><FONT size=2 face=sans-serif>(as more fully described in Named Insured Rider)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="25%" colSpan=2 noWrap align=left>&nbsp;</TD>

   <TD width="74%" colSpan=2 noWrap align=left><FONT size=2 face=sans-serif></FONT></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 width="13%" noWrap align=left><FONT size=2 face=sans-serif>By:</FONT>&nbsp;</TD>

   <TD width="86%" colSpan=3 noWrap align=left><FONT size=2 face=sans-serif>National Union Fire Insurance Company of Pittsburgh, Pa.</FONT>&nbsp;</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P></DIV>

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<P style="text-align: left;">
<FONT size=2 face="sans-serif">AMENDED FORGERY OR ALTERATION</FONT></P>
<P style="text-align: left;">
<FONT size=2 face="sans-serif">It is agreed that:</FONT></P>
<P style="text-align: left;">
<FONT size=2 face="sans-serif">1. Insuring Agreement (E), Forgery or Alteration, first paragraph, is deleted in its entirety and replaced with the following:</FONT></P>
<P style="text-align: left;">
<FONT size=2 face="sans-serif">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 a forged signature or endorsement or have been altered without the knowledge and consent of such customer, shareholder or subscriber to shares, whether certificated 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 style="text-align: left;">
<FONT size=2 face="sans-serif">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>
</DIV>

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<TABLE style="WIDTH: 80%" border=0 cellSpacing=0>



<TR>

   <TD width="100%"></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=right><FONT size=2 face=sans-serif>AUTHORIZED REPRESENTATIVE</FONT>&nbsp;</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>ENDORSEMENT #8</FONT></P>

<DIV align=left>

<TABLE style="WIDTH: 80%" border=0 cellSpacing=0>



<TR>

   <TD width="25%" colSpan=2></TD>

   <TD width="25%"></TD>

   <TD width="49%"></TD></TR>

<TR vAlign=bottom>

   <TD width="25%" colSpan=2 noWrap align=left><FONT size=2 face=sans-serif>This rider , effective 12:01 am</FONT>&nbsp;</TD>

   <TD width="25%" noWrap align=left><FONT size=2 face=sans-serif>December 01, 2012</FONT>&nbsp;</TD>

   <TD width="49%" noWrap align=left><FONT size=2 face=sans-serif>forms a part of</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="25%" colSpan=2 noWrap align=left><FONT size=2 face=sans-serif>&nbsp;</FONT></TD>

   <TD width="25%" noWrap align=left><FONT size=2 face=sans-serif></FONT></TD>

   <TD width="49%" noWrap align=left><FONT size=2 face=sans-serif></FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="50%" colSpan=3 noWrap align=left><FONT size=2 face=sans-serif>Bond number: 01-421-23-39</FONT>&nbsp;</TD>

   <TD width="49%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="50%" colSpan=3 noWrap align=left><FONT size=2 face=sans-serif>&nbsp;</FONT></TD>

   <TD width="49%" noWrap align=left></TD></TR>

<TR vAlign=bottom>

   <TD width="25%" colSpan=2 noWrap align=left><FONT size=2 face=sans-serif>Issued to:</FONT>&nbsp;</TD>

   <TD width="74%" colSpan=2 noWrap align=left><FONT size=2 face=sans-serif>THE GEORGE PUTNAM FUND OF BOSTON</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="25%" colSpan=2 noWrap align=left><FONT size=2 face=sans-serif>&nbsp;</FONT></TD>

   <TD width="74%" colSpan=2 noWrap align=left><FONT size=2 face=sans-serif></FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="25%" colSpan=2 noWrap align=left>&nbsp;</TD>

   <TD width="74%" colSpan=2 noWrap align=left><FONT size=2 face=sans-serif>(as more fully described in Named Insured Rider)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="25%" colSpan=2 noWrap align=left>&nbsp;</TD>

   <TD width="74%" colSpan=2 noWrap align=left><FONT size=2 face=sans-serif></FONT></TD></TR>

<TR>

   <TD width="99%" colSpan=4>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="13%" noWrap align=left><FONT size=2 face=sans-serif>By:</FONT>&nbsp;</TD>

   <TD width="86%" colSpan=3 noWrap align=left><FONT size=2 face=sans-serif>National Union Fire Insurance Company of Pittsburgh, Pa.</FONT>&nbsp;</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px"><FONT size=2 face=sans-serif></FONT>&nbsp;</P>

<P style="MARGIN: 0px"><FONT size=2 face=sans-serif>AMENDED COUNTERFEIT CURRENCY</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>It is agreed that:</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>1. Insuring Agreement (G), Counterfeit Currency, is deleted in its entirety and the following is substituted therefore:</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>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 style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>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></DIV>

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<TR>

   <TD width="100%"></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=right><FONT size=2 face=sans-serif>AUTHORIZED REPRESENTATIVE</FONT>&nbsp;</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>ENDORSEMENT #9</FONT></P></DIV>

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<A name="page_62"></A><BR>

<DIV style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%">

<DIV align=left>

<TABLE style="WIDTH: 80%" border=0 cellSpacing=0>



<TR>

   <TD width="25%" colSpan=2></TD>

   <TD width="25%"></TD>

   <TD width="49%"></TD></TR>

<TR vAlign=bottom>

   <TD width="25%" colSpan=2 noWrap align=left><FONT size=2 face=sans-serif>This rider , effective 12:01 am</FONT>&nbsp;</TD>

   <TD width="25%" noWrap align=left><FONT size=2 face=sans-serif>December 01, 2012</FONT>&nbsp;</TD>

   <TD width="49%" noWrap align=left><FONT size=2 face=sans-serif>forms a part of</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="25%" colSpan=2 noWrap align=left><FONT size=2 face=sans-serif>&nbsp;</FONT></TD>

   <TD width="25%" noWrap align=left><FONT size=2 face=sans-serif></FONT></TD>

   <TD width="49%" noWrap align=left><FONT size=2 face=sans-serif></FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="50%" colSpan=3 noWrap align=left><FONT size=2 face=sans-serif>Bond number: 01-421-23-39</FONT>&nbsp;</TD>

   <TD width="49%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="50%" colSpan=3 noWrap align=left><FONT size=2 face=sans-serif>&nbsp;</FONT></TD>

   <TD width="49%" noWrap align=left></TD></TR>

<TR vAlign=bottom>

   <TD width="25%" colSpan=2 noWrap align=left><FONT size=2 face=sans-serif>Issued to:</FONT>&nbsp;</TD>

   <TD width="74%" colSpan=2 noWrap align=left><FONT size=2 face=sans-serif>THE GEORGE PUTNAM FUND OF BOSTON</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="25%" colSpan=2 noWrap align=left><FONT size=2 face=sans-serif>&nbsp;</FONT></TD>

   <TD width="74%" colSpan=2 noWrap align=left><FONT size=2 face=sans-serif></FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="25%" colSpan=2 noWrap align=left>&nbsp;</TD>

   <TD width="74%" colSpan=2 noWrap align=left><FONT size=2 face=sans-serif>(as more fully described in Named Insured Rider)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="25%" colSpan=2 noWrap align=left>&nbsp; </TD>

   <TD width="74%" colSpan=2 noWrap align=left><FONT size=2 face=sans-serif></FONT></TD></TR>

<TR>

   <TD width="99%" colSpan=4>&nbsp; </TD></TR>

<TR vAlign=bottom>

   <TD width="13%" noWrap align=left><FONT size=2 face=sans-serif>By:</FONT>&nbsp;</TD>

   <TD width="86%" colSpan=3 noWrap align=left><FONT size=2 face=sans-serif>National Union Fire Insurance Company of Pittsburgh, Pa.</FONT>&nbsp;</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px"><FONT size=2 face=sans-serif></FONT>&nbsp;</P>

<P style="MARGIN: 0px"><FONT size=2 face=sans-serif>AMEND INSURING AGREEMENT (D)</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>It is agreed that:</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>1. Insuring Agreement (D) IN TRANSIT is amended by deleting the words &#8220;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&#8221; and replacing them with the words &#8220;any person or persons acting as messenger or carrier for hire, for the purpose of transportation, except while in the mail.&#8221;</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>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></DIV>

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<TR>

   <TD width="100%"></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=right><FONT size=2 face=sans-serif>AUTHORIZED REPRESENTATIVE</FONT>&nbsp;</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px"><FONT size=2 face=sans-serif></FONT>&nbsp;</P>

<P style="MARGIN: 0px"><FONT size=2 face=sans-serif>ENDORSEMENT #10</FONT></P>

<P style="MARGIN: 0px"><FONT size=2 face=Arial></FONT>&nbsp;</P>

<DIV align=left>

<TABLE style="WIDTH: 80%" border=0 cellSpacing=0>



<TR>

   <TD width="25%" colSpan=2></TD>

   <TD width="25%"></TD>

   <TD width="49%"></TD></TR>

<TR vAlign=bottom>

   <TD width="25%" colSpan=2 noWrap align=left><FONT size=2 face=sans-serif>This rider , effective 12:01 am</FONT>&nbsp;</TD>

   <TD width="25%" noWrap align=left><FONT size=2 face=sans-serif>December 01, 2012</FONT>&nbsp;</TD>

   <TD width="49%" noWrap align=left><FONT size=2 face=sans-serif>forms a part of</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="25%" colSpan=2 noWrap align=left><FONT size=2 face=sans-serif>&nbsp;</FONT></TD>

   <TD width="25%" noWrap align=left><FONT size=2 face=sans-serif></FONT></TD>

   <TD width="49%" noWrap align=left><FONT size=2 face=sans-serif></FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="50%" colSpan=3 noWrap align=left><FONT size=2 face=sans-serif>Bond number: 01-421-23-39</FONT>&nbsp;</TD>

   <TD width="49%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="50%" colSpan=3 noWrap align=left><FONT size=2 face=sans-serif>&nbsp;</FONT></TD>

   <TD width="49%" noWrap align=left></TD></TR>

<TR vAlign=bottom>

   <TD width="25%" colSpan=2 noWrap align=left><FONT size=2 face=sans-serif>Issued to:</FONT>&nbsp;</TD>

   <TD width="74%" colSpan=2 noWrap align=left><FONT size=2 face=sans-serif>THE GEORGE PUTNAM FUND OF BOSTON</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="25%" colSpan=2 noWrap align=left><FONT size=2 face=sans-serif>&nbsp;</FONT></TD>

   <TD width="74%" colSpan=2 noWrap align=left><FONT size=2 face=sans-serif></FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="25%" colSpan=2 noWrap align=left>&nbsp;</TD>

   <TD width="74%" colSpan=2 noWrap align=left><FONT size=2 face=sans-serif>(as more fully described in Named Insured Rider)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="25%" colSpan=2 noWrap align=left>&nbsp;</TD>

   <TD width="74%" colSpan=2 noWrap align=left><FONT size=2 face=sans-serif></FONT></TD></TR>

<TR>

   <TD width="99%" colSpan=4>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="13%" noWrap align=left><FONT size=2 face=sans-serif>By:</FONT>&nbsp;</TD>

   <TD width="86%" colSpan=3 noWrap align=left><FONT size=2 face=sans-serif>National Union Fire Insurance Company of Pittsburgh, Pa.</FONT>&nbsp;</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P></DIV>

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<a name="_bclPageBorder64"></a><DIV STYLE="WIDTH: 100%; PADDING-RIGHT: 0%; PADDING-LEFT: 0%">
<P style="text-align: left;">
<FONT size=2 face="sans-serif">AMEND INSURING AGREEMENT (F)</FONT></P>
<P style="text-align: left;">
<FONT size=2 face="sans-serif">It is agreed that:</FONT></P>
<P style="text-align: left;">
<FONT size=2 face="sans-serif">1. Insuring Agreement (F), Securities, is amended by inserting, in paragraph (2), before the word &#147;EXCLUDING,&#148; the following language; &#147;or purportedly guaranteed in writing or witnessed any signature upon any transfer, assignment, bill of sale, power of attorney, guarantee, endorsement 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 which purported guarantee was effected by the unauthorized use of a stamp or medallion of or belonging to the Insured which was lost, stolen or counterfeited and for which loss the Insured is legally liable.&#148;</FONT></P>
<P style="text-align: left;">
<FONT size=2 face="sans-serif">2. Exclusion (f)(2) is amended by deleting the words &#147;would be covered under Insuring Agreements (A) or (E)&#148; and substituting the words &#147;would be covered under Insuring Agreements (A), (E) or (F).&#148;</FONT></P>
<P style="text-align: left;">
<FONT size=2 face="sans-serif">3. Exclusion (m) is deleted in its entirety.</FONT></P>
<P style="text-align: left;">
<FONT size=2 face="sans-serif">4. Conditions and Limitations, Section 15., Central Handling of Securities, is amended by deleting the first paragraph in its entirety and substituting the following language:</FONT></P>
<P style="text-align: left;">
<FONT size=2 face="sans-serif">&#147;Securities included in the systems for the central handling of securities established and maintained by any depository used by the Insured, hereinafter called Corporations, to the extent of the Insured&#146;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.&#148;</FONT></P>
<P style="text-align: left;">
<FONT size=2 face="sans-serif">5. Conditions and Limitations, Section 16., Additional Companies Included as Insured, is amended, in paragraph (d), by deleting the words &#147;any partner, officer or supervisory Employee of any Insured&#148; and substituting the words &#147;the Chief Compliance Officer, General Counsel or Treasurer of Putnam Investments, LLC (or the equivalent position if no Chief Compliance Officer, General Counsel or Treasurer exists).&#148;</FONT></P>
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<DIV style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%">

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>ALL OTHER TERMS, CONDITIONS AND EXCLUSIONS REMAIN UNCHANGED.</FONT></P>

<DIV align=left>

<TABLE style="WIDTH: 80%" border=0 cellSpacing=0>



<TR>

   <TD width="100%"></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=right><FONT size=2 face=sans-serif>AUTHORIZED REPRESENTATIVE</FONT>&nbsp;</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px"><FONT size=2 face=sans-serif></FONT>&nbsp;</P>

<P style="MARGIN: 0px"><FONT size=2 face=sans-serif>ENDORSEMENT #11</FONT></P>

<P style="MARGIN: 0px"><FONT size=2 face=Arial></FONT>&nbsp;</P>

<DIV align=left>

<TABLE style="WIDTH: 80%" border=0 cellSpacing=0>



<TR>

   <TD width="25%" colSpan=2></TD>

   <TD width="25%"></TD>

   <TD width="49%"></TD></TR>

<TR vAlign=bottom>

   <TD width="25%" colSpan=2 noWrap align=left><FONT size=2 face=sans-serif>This rider , effective 12:01 am</FONT>&nbsp;</TD>

   <TD width="25%" noWrap align=left><FONT size=2 face=sans-serif>December 01, 2012</FONT>&nbsp;</TD>

   <TD width="49%" noWrap align=left><FONT size=2 face=sans-serif>forms a part of</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="50%" colSpan=3 noWrap align=left><FONT size=2 face=sans-serif>&nbsp;</FONT></TD>

   <TD width="49%" noWrap align=left><FONT size=2 face=sans-serif></FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="50%" colSpan=3 noWrap align=left><FONT size=2 face=sans-serif>Bond number: 01-421-23-39</FONT>&nbsp;</TD>

   <TD width="49%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="50%" colSpan=3 noWrap align=left><FONT size=2 face=sans-serif>&nbsp;</FONT></TD>

   <TD width="49%" noWrap align=left></TD></TR>

<TR vAlign=bottom>

   <TD width="25%" colSpan=2 noWrap align=left><FONT size=2 face=sans-serif>Issued to:</FONT>&nbsp;</TD>

   <TD width="74%" colSpan=2 noWrap align=left><FONT size=2 face=sans-serif>THE GEORGE PUTNAM FUND OF BOSTON</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="25%" colSpan=2 noWrap align=left><FONT size=2 face=sans-serif>&nbsp;</FONT></TD>

   <TD width="74%" colSpan=2 noWrap align=left><FONT size=2 face=sans-serif></FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="25%" colSpan=2 noWrap align=left>&nbsp;</TD>

   <TD width="74%" colSpan=2 noWrap align=left><FONT size=2 face=sans-serif>(as more fully described in Named Insured Rider)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="25%" colSpan=2 noWrap align=left>&nbsp;</TD>

   <TD width="74%" colSpan=2 noWrap align=left><FONT size=2 face=sans-serif></FONT></TD></TR>

<TR>

   <TD width="99%" colSpan=4>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="13%" noWrap align=left><FONT size=2 face=sans-serif>By:</FONT>&nbsp;</TD>

   <TD width="86%" colSpan=3 noWrap align=left><FONT size=2 face=sans-serif>National Union Fire Insurance Company of Pittsburgh, Pa.</FONT>&nbsp;</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px"><FONT size=2 face=sans-serif></FONT>&nbsp;</P>

<P style="MARGIN: 0px"><FONT size=2 face=sans-serif>NOTICE AND CHANGE IN CONTROL/TERMINATION AMENDATORY </FONT><FONT size=2 face=sans-serif>(WAIVER FOR SPECIFIC TRANSACTION(S)</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>It consideration of the premium charged, it is hereby understood and agreed that, as of the effective time of the Putnam Investments Acquisition (as that term is defined below), the bond is hereby amended as follows:</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>1. Section 13. and Section 17. shall not apply to the following event(s):</FONT></P></DIV>

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<DIV style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%">

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>The acquisition of Putnam Investments Trust by Great-West Lifeco Inc., (the &#8220;Putnam Investments Acquisition&#8221;) a subsidiary of Power Financial Corporation, pursuant to that certain Stock Purchase Agreement dated as of January 31, 2007 between Great-West Lifeco Inc. and Marsh &amp; McLennan Companies, Inc. relating to the purchase and sale of Putnam Investments Trust (the &#8220;Stock Purchase Agreement&#8221;) with an effective time on the Closing Date (as such term is defined in the Stock Purchase Agreement).</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>2. It is further understood and agreed that, except as described above, Section 13. and Section 17. shall remain intact and in full force and effect and all terms, conditions and provisions of Section 13. and Section 17. remain unchanged.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>ALL OTHER TERMS, CONDITIONS AND EXCLUSIONS REMAIN UNCHANGED.</FONT></P>

<DIV align=left>

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<TR>

   <TD width="100%"></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=right><FONT size=2 face=sans-serif>AUTHORIZED REPRESENTATIVE</FONT>&nbsp;</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>ENDORSEMENT #12</FONT></P></DIV>

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<TR>

   <TD width="25%" colSpan=2></TD>

   <TD width="25%"></TD>

   <TD width="49%"></TD></TR>

<TR vAlign=bottom>

   <TD width="25%" colSpan=2 noWrap align=left><FONT size=2 face=sans-serif>This rider , effective 12:01 am</FONT>&nbsp;</TD>

   <TD width="25%" noWrap align=left><FONT size=2 face=sans-serif>December 01, 2012</FONT>&nbsp;</TD>

   <TD width="49%" noWrap align=left><FONT size=2 face=sans-serif>forms a part of</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="50%" colSpan=3 noWrap align=left><FONT size=2 face=sans-serif>&nbsp;</FONT></TD>

   <TD width="49%" noWrap align=left><FONT size=2 face=sans-serif></FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="50%" colSpan=3 noWrap align=left><FONT size=2 face=sans-serif>Bond number: 01-421-23-39</FONT>&nbsp;</TD>

   <TD width="49%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="50%" colSpan=3 noWrap align=left><FONT size=2 face=sans-serif>&nbsp;</FONT></TD>

   <TD width="49%" noWrap align=left></TD></TR>

<TR vAlign=bottom>

   <TD width="25%" colSpan=2 noWrap align=left><FONT size=2 face=sans-serif>Issued to:</FONT>&nbsp;</TD>

   <TD width="74%" colSpan=2 noWrap align=left><FONT size=2 face=sans-serif>THE GEORGE PUTNAM FUND OF BOSTON</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="25%" colSpan=2 noWrap align=left><FONT size=2 face=sans-serif>&nbsp;</FONT></TD>

   <TD width="74%" colSpan=2 noWrap align=left><FONT size=2 face=sans-serif></FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="25%" colSpan=2 noWrap align=left>&nbsp;</TD>

   <TD width="74%" colSpan=2 noWrap align=left><FONT size=2 face=sans-serif>(as more fully described in Named Insured Rider)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="25%" colSpan=2 noWrap align=left>&nbsp;</TD>

   <TD width="74%" colSpan=2 noWrap align=left><FONT size=2 face=sans-serif></FONT></TD></TR>

<TR>

   <TD width="99%" colSpan=4>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="13%" noWrap align=left><FONT size=2 face=sans-serif>By:</FONT>&nbsp;</TD>

   <TD width="86%" colSpan=3 noWrap align=left><FONT size=2 face=sans-serif>National Union Fire Insurance Company of Pittsburgh, Pa.</FONT>&nbsp;</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px"><FONT size=2 face=sans-serif></FONT>&nbsp;</P>

<P style="MARGIN: 0px"><FONT size=2 face=sans-serif>DISCOVERY AMENDATORY</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>It consideration of the premium charged, it is hereby understood and agreed that, as of the effective time of the Putnam Investments Acquisition (as that term is defined below), the bond is hereby amended as follows:</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>1. Section 4. is hereby amended by deleting the second sentence of the first paragraph in its entirety and replacing it with the following:</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>At the earliest practicable moment after discovery of any loss hereunder, the Chief Compliance Officer, General Counsel or Treasurer of Putnam Investments, LLC (or the equivalent position if no such Chief Compliance Officer, General Counsel or Treasurer exists) 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 style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>2. Section 4. is further amended by deleting the second paragraph in its entirety and replacing it with the following:</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>Discovery occurs when the Chief Compliance Officer, General Counsel or Treasurer of Putnam Investments, LLC (or the equivalent position if no such Chief Compliance Officer, General Counsel or Treasurer exists):</FONT></P></DIV>

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<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>(a) becomes aware of facts, or</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>(b) receives written notice of an actual or potential claim by a third party which alleges that the Insured is liable under circumstances </FONT><FONT size=2 face=sans-serif>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 style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>ENDORSEMENT #12 (Continued)</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>Solely for the purpose of the coverage provided by this rider, the Putnam Investments Acquisition shall mean the acquisition of Putnam Investments Trust by Great-West Lifeco Inc., a subsidiary of Power Financial Corporation, pursuant to that certain Stock Purchase Agreement dated as of January 31, 2007 between Great-West Lifeco Inc. and Marsh &amp; McLennan Companies, Inc. relating to the purchase and sale of Putnam Investments Trust (the &#8220;Stock Purchase Agreement&#8221;) with an effective time on the Closing Date (as such term is defined in the Stock Purchase Agreement).</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>ALL OTHER TERMS, CONDITIONS AND EXCLUSIONS REMAIN UNCHANGED.</FONT></P></DIV>

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<TR>

   <TD width="100%"></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=right><FONT size=2 face=sans-serif>AUTHORIZED REPRESENTATIVE</FONT>&nbsp;</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px"><FONT size=2 face=sans-serif></FONT>&nbsp;</P>

<P style="MARGIN: 0px"><FONT size=2 face=sans-serif>ENDORSEMENT #13</FONT></P>

<P style="MARGIN: 0px"><FONT size=2 face=Arial></FONT>&nbsp;</P>

<DIV align=left>

<TABLE style="WIDTH: 80%" border=0 cellSpacing=0>



<TR>

   <TD width="25%" colSpan=2></TD>

   <TD width="25%"></TD>

   <TD width="49%"></TD></TR>

<TR vAlign=bottom>

   <TD width="25%" colSpan=2 noWrap align=left><FONT size=2 face=sans-serif>This rider , effective 12:01 am</FONT>&nbsp;</TD>

   <TD width="25%" noWrap align=left><FONT size=2 face=sans-serif>December 01, 2012</FONT>&nbsp;</TD>

   <TD width="49%" noWrap align=left><FONT size=2 face=sans-serif>forms a part of</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="50%" colSpan=3 noWrap align=left><FONT size=2 face=sans-serif>&nbsp;</FONT></TD>

   <TD width="49%" noWrap align=left><FONT size=2 face=sans-serif></FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="50%" colSpan=3 noWrap align=left><FONT size=2 face=sans-serif>Bond number: 01-421-23-39</FONT>&nbsp;</TD>

   <TD width="49%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="50%" colSpan=3 noWrap align=left><FONT size=2 face=sans-serif>&nbsp;</FONT></TD>

   <TD width="49%" noWrap align=left></TD></TR>

<TR vAlign=bottom>

   <TD width="25%" colSpan=2 noWrap align=left><FONT size=2 face=sans-serif>Issued to:</FONT>&nbsp;</TD>

   <TD width="74%" colSpan=2 noWrap align=left><FONT size=2 face=sans-serif>THE GEORGE PUTNAM FUND OF BOSTON</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="25%" colSpan=2 noWrap align=left><FONT size=2 face=sans-serif>&nbsp;</FONT></TD>

   <TD width="74%" colSpan=2 noWrap align=left><FONT size=2 face=sans-serif></FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="25%" colSpan=2 noWrap align=left>&nbsp;</TD>

   <TD width="74%" colSpan=2 noWrap align=left><FONT size=2 face=sans-serif>(as more fully described in Named Insured Rider)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="25%" colSpan=2 noWrap align=left>&nbsp;</TD>

   <TD width="74%" colSpan=2 noWrap align=left><FONT size=2 face=sans-serif></FONT></TD></TR>

<TR>

   <TD width="99%" colSpan=4>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="13%" noWrap align=left><FONT size=2 face=sans-serif>By:</FONT>&nbsp;</TD>

   <TD width="86%" colSpan=3 noWrap align=left><FONT size=2 face=sans-serif>National Union Fire Insurance Company of Pittsburgh, Pa.</FONT>&nbsp;</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px"><FONT size=2 face=sans-serif></FONT>&nbsp;</P>

<P style="MARGIN: 0px"><FONT size=2 face=sans-serif>AMENDED SECTION 13</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>It is agreed that:</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>1. The attached bond is hereby amended by deleting Section 13., TERMINATION, in its entirety and substituting the following:</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>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</FONT></P></DIV>

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<P style="text-align: left;">
<FONT size=2 face="sans-serif">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 style="text-align: left;">
<FONT size=2 face="sans-serif">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 style="text-align: left;">
<FONT size=2 face="sans-serif">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 style="text-align: left;">
<FONT size=2 face="sans-serif">This bond shall terminate</FONT></P>
<P style="text-align: left;">
<FONT size=2 face="sans-serif">a. as to any Employee as soon as the Chief Compliance Officer, General Counsel or Treasurer of Putnam Investments, LLC (or the equivalent position if no Chief Compliance Officer, General Counsel or Treasurer exists) 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 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 style="text-align: left;">
<FONT size=2 face="sans-serif">ENDORSEMENT #13 (Continued)</FONT></P>
<P style="text-align: left;">
<FONT size=2 face="sans-serif">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>
</DIV>

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<DIV style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%">

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>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 Chief Compliance Officer, General Counsel or Treasurer of Putnam Investments, LLC (or the equivalent position if no Chief Compliance Officer, General Counsel or Treasurer exists) 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 style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>d. in the event the Chief Compliance Officer, General Counsel or Treasurer of Putnam Investments, LLC (or the equivalent position if no Chief Compliance Officer, General Counsel or Treasurer exists) 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 the Chief Compliance Officer, General Counsel and Treasurer of Putnam Investments, LLC (or the equivalent position if no Chief Compliance Officer, General Counsel or Treasurer exists) unanimously agree in writing to the reinstatement.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>e. notwithstanding anything in the foregoing to the contrary, the Underwriter agrees that this bond shall continue to apply in respect of those Employees for whom a waiver of a prior dishonesty was granted under any prior bond.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>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>

<DIV align=left>

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<TR>

   <TD width="100%"></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=right><FONT size=2 face=sans-serif>AUTHORIZED REPRESENTATIVE</FONT>&nbsp;</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P></DIV>

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<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>ENDORSEMENT #14</FONT></P>

<DIV align=left>

<TABLE style="WIDTH: 80%" border=0 cellSpacing=0>



<TR>

   <TD width="25%" colSpan=2></TD>

   <TD width="25%"></TD>

   <TD width="49%"></TD></TR>

<TR vAlign=bottom>

   <TD width="25%" colSpan=2 noWrap align=left><FONT size=2 face=sans-serif>This rider , effective 12:01 am</FONT>&nbsp;</TD>

   <TD width="25%" noWrap align=left><FONT size=2 face=sans-serif>December 01, 2012</FONT>&nbsp;</TD>

   <TD width="49%" noWrap align=left><FONT size=2 face=sans-serif>forms a part of</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="25%" colSpan=2 noWrap align=left><FONT size=2 face=sans-serif>&nbsp;</FONT></TD>

   <TD width="25%" noWrap align=left></TD>

   <TD width="49%" noWrap align=left><FONT size=2 face=sans-serif></FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="50%" colSpan=3 noWrap align=left><FONT size=2 face=sans-serif>Bond number: 01-421-23-39</FONT>&nbsp;</TD>

   <TD width="49%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="50%" colSpan=3 noWrap align=left><FONT size=2 face=sans-serif>&nbsp;</FONT></TD>

   <TD width="49%" noWrap align=left></TD></TR>

<TR vAlign=bottom>

   <TD width="25%" colSpan=2 noWrap align=left><FONT size=2 face=sans-serif>Issued to:</FONT>&nbsp;</TD>

   <TD width="74%" colSpan=2 noWrap align=left><FONT size=2 face=sans-serif>THE GEORGE PUTNAM FUND OF BOSTON</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="25%" colSpan=2 noWrap align=left><FONT size=2 face=sans-serif>&nbsp;</FONT></TD>

   <TD width="74%" colSpan=2 noWrap align=left><FONT size=2 face=sans-serif></FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="25%" colSpan=2 noWrap align=left>&nbsp;</TD>

   <TD width="74%" colSpan=2 noWrap align=left><FONT size=2 face=sans-serif>(as more fully described in Named Insured Rider)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="25%" colSpan=2 noWrap align=left>&nbsp;</TD>

   <TD width="74%" colSpan=2 noWrap align=left><FONT size=2 face=sans-serif></FONT></TD></TR>

<TR>

   <TD width="99%" colSpan=4>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="13%" noWrap align=left><FONT size=2 face=sans-serif>By:</FONT>&nbsp;</TD>

   <TD width="86%" colSpan=3 noWrap align=left><FONT size=2 face=sans-serif>National Union Fire Insurance Company of Pittsburgh, Pa.</FONT>&nbsp;</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px"><FONT size=2 face=sans-serif></FONT>&nbsp;</P>

<P style="MARGIN: 0px"><FONT size=2 face=sans-serif>CANCELLATION AMENDATORY</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>(RETURN PRO RATA)</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>Wherever used herein: (1) "Policy" means the policy or bond to which this endorsement or rider is made part of; (2) "Insurer" means the "Insurer," "Underwriter," "Company" or other name specifically ascribed in this Policy as the insurance company or underwriter for this Policy; (3) "Company" means the "Named Entity," "Named Corporation," Named Organization," "Named Sponsor," "Named Insured," "First Named Insured," "Insured's Representative," "Policyholder" or equivalent term stated in Item 1 of the Declarations; and (4) "Period" means the "Policy Period," "Bond Period" or equivalent term stated in the Declarations.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>In consideration of the premium charged, it is hereby understood and agreed that notwithstanding anything to the contrary in any CANCELLATION or TERMINATION clause of this Policy (and any endorsement or rider amending such cancellation or termination clause,</FONT></P></DIV>

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<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>including but not limited to any state cancellation/non-renewal amendatory attached to this policy), if this Policy shall be canceled by the Company, the Insurer shall return to the Company the unearned pro rata proportion of the premium as of the effective date of cancellation.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>ALL OTHER TERMS, CONDITIONS AND EXCLUSIONS REMAIN UNCHANGED.</FONT></P>

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<TABLE style="WIDTH: 80%" border=0 cellSpacing=0>



<TR>

   <TD width="100%"></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=right><FONT size=2 face=sans-serif>AUTHORIZED REPRESENTATIVE</FONT>&nbsp;</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px"><FONT size=2 face=sans-serif></FONT>&nbsp;</P>

<P style="MARGIN: 0px"><FONT size=2 face=sans-serif>ENDORSEMENT #15</FONT></P>

<P style="MARGIN: 0px"><FONT size=2 face=Arial></FONT>&nbsp;</P>

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<TR>

   <TD width="25%"></TD>

   <TD width="25%"></TD>

   <TD width="49%"></TD></TR>

<TR vAlign=bottom>

   <TD width="25%" noWrap align=left><FONT size=2 face=sans-serif>This rider , effective</FONT> <FONT size=2 face=sans-serif>12:01 am</FONT>&nbsp;</TD>

   <TD width="25%" noWrap align=left><FONT size=2 face=sans-serif>December 01, 2012</FONT>&nbsp;</TD>

   <TD width="49%" noWrap align=left><FONT size=2 face=sans-serif>forms a part of</FONT>&nbsp;</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P></DIV>

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<TABLE style="WIDTH: 80%" border=0 cellSpacing=0>



<TR>

   <TD width="25%" colSpan=2></TD>

   <TD width="25%"></TD>

   <TD width="49%"></TD></TR>

<TR vAlign=bottom>

   <TD width="50%" colSpan=3 noWrap align=left><FONT size=2 face=sans-serif>Bond number: 01-421-23-39</FONT>&nbsp;</TD>

   <TD width="49%" noWrap align=left><FONT size=2 face=sans-serif></FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="50%" colSpan=3 noWrap align=left><FONT size=2 face=sans-serif>&nbsp;</FONT></TD>

   <TD width="49%" noWrap align=left><FONT size=2 face=sans-serif></FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="25%" colSpan=2 noWrap align=left><FONT size=2 face=sans-serif>Issued to:</FONT>&nbsp;</TD>

   <TD width="74%" colSpan=2 noWrap align=left><FONT size=2 face=sans-serif>THE GEORGE PUTNAM FUND OF BOSTON</FONT> <FONT size=2 face=sans-serif></FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="25%" colSpan=2 noWrap align=left><FONT size=2 face=sans-serif>&nbsp;</FONT></TD>

   <TD width="25%" noWrap align=left><FONT size=2 face=sans-serif></FONT></TD>

   <TD width="49%" noWrap align=left><FONT size=2 face=sans-serif></FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="25%" colSpan=2 noWrap align=left>&nbsp;</TD>

   <TD width="74%" colSpan=2 noWrap align=left><FONT size=2 face=sans-serif>(as more fully described in Named Insured Rider)</FONT> <FONT size=2 face=sans-serif></FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="25%" colSpan=2 noWrap align=left>&nbsp;</TD>

   <TD width="25%" noWrap align=left><FONT size=2 face=sans-serif></FONT></TD>

   <TD width="49%" noWrap align=left><FONT size=2 face=sans-serif></FONT></TD></TR>

<TR>

   <TD width="50%" colSpan=3>&nbsp;</TD>

   <TD width="49%"></TD></TR>

<TR vAlign=bottom>

   <TD width="13%" noWrap align=left><FONT size=2 face=sans-serif>By:</FONT>&nbsp;</TD>

   <TD width="86%" colSpan=3 noWrap align=left><FONT size=2 face=sans-serif>National Union Fire Insurance Company of Pittsburgh, Pa.</FONT> <FONT size=2 face=sans-serif></FONT></TD></TR></TABLE></DIV>

<P style="MARGIN: 0px"><FONT size=2 face=sans-serif></FONT>&nbsp;</P>

<P style="MARGIN: 0px"><FONT size=2 face=sans-serif>OTHER INSURANCE AMENDED</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>(Primary to Specified Bond)</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>It is agreed that:</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>1. Section 11. OTHER INSURANCE is amended to include the following paragraph at the end thereof:</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>Notwithstanding the foregoing, it is understood and agreed that this bond shall be specifically primary of the fidelity bond number 8207-2021 issued to Putnam Investments, LLC by Federal Insurance Company, and any renewal or replacement thereof.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>2. Nothing herein contained shall be held to vary, alter, waive, or extend any of the terms, limitations, conditions or agreements or the attached bond other than as above stated.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>ALL OTHER TERMS, CONDITIONS AND EXCLUSIONS REMAIN UNCHANGED.</FONT></P></DIV>

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   <TD width="100%"></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=right><FONT size=2 face=sans-serif>AUTHORIZED REPRESENTATIVE</FONT>&nbsp;</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>ENDORSEMENT #16</FONT></P>

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<TR>

   <TD width="25%" colSpan=2></TD>

   <TD width="25%"></TD>

   <TD width="49%"></TD></TR>

<TR vAlign=bottom>

   <TD width="25%" colSpan=2 noWrap align=left><FONT size=2 face=sans-serif>This rider , effective 12:01 am</FONT>&nbsp;</TD>

   <TD width="25%" noWrap align=left><FONT size=2 face=sans-serif>December 01, 2012</FONT>&nbsp;</TD>

   <TD width="49%" noWrap align=left><FONT size=2 face=sans-serif>forms a part of</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="25%" colSpan=2 noWrap align=left><FONT size=2 face=sans-serif>&nbsp;</FONT></TD>

   <TD width="25%" noWrap align=left></TD>

   <TD width="49%" noWrap align=left><FONT size=2 face=sans-serif></FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="50%" colSpan=3 noWrap align=left><FONT size=2 face=sans-serif>Bond number: 01-421-23-39</FONT>&nbsp;</TD>

   <TD width="49%" noWrap align=left>&nbsp;</TD></TR>

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   <TD width="50%" colSpan=3 noWrap align=left><FONT size=2 face=sans-serif>&nbsp;</FONT></TD>

   <TD width="49%" noWrap align=left></TD></TR>

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   <TD width="25%" colSpan=2 noWrap align=left><FONT size=2 face=sans-serif>Issued to:</FONT>&nbsp;</TD>

   <TD width="74%" colSpan=2 noWrap align=left><FONT size=2 face=sans-serif>THE GEORGE PUTNAM FUND OF BOSTON</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="25%" colSpan=2 noWrap align=left><FONT size=2 face=sans-serif>&nbsp;</FONT></TD>

   <TD width="74%" colSpan=2 noWrap align=left><FONT size=2 face=sans-serif></FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="25%" colSpan=2 noWrap align=left>&nbsp;</TD>

   <TD width="74%" colSpan=2 noWrap align=left><FONT size=2 face=sans-serif>(as more fully described in Named Insured Rider)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="25%" colSpan=2 noWrap align=left>&nbsp;</TD>

   <TD width="74%" colSpan=2 noWrap align=left><FONT size=2 face=sans-serif></FONT></TD></TR>

<TR>

   <TD width="99%" colSpan=4>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="13%" noWrap align=left><FONT size=2 face=sans-serif>By:</FONT>&nbsp;</TD>

   <TD width="86%" colSpan=3 noWrap align=left><FONT size=2 face=sans-serif>National Union Fire Insurance Company of Pittsburgh, Pa.</FONT>&nbsp;</TD></TR></TABLE></DIV>

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<P style="MARGIN: 0px"><FONT size=2 face=sans-serif>NAMED INSURED</FONT></P>

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<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>1. The Name of Insured shown in Item 1. of the Declarations is amended to read as follows:</FONT></P>

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<TR>

   <TD width="5%"></TD>

   <TD width="95%"></TD></TR>

<TR vAlign=bottom>

   <TD width="100%" colSpan=2 noWrap align=left><FONT size=2 face=sans-serif></FONT><FONT size=2 face=sans-serif>Putnam American Government Income Fund</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="100%" colSpan=2 noWrap align=left><FONT size=2 face=sans-serif></FONT><FONT size=2 face=sans-serif>Putnam Arizona Tax Exempt Income Fund</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="100%" colSpan=2 noWrap align=left><FONT size=2 face=sans-serif></FONT><FONT size=2 face=sans-serif>Putnam Asset Allocation Funds</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="5%" noWrap align=left><FONT size=2 face=sans-serif></FONT></TD>

   <TD width="95%" noWrap align=left><FONT size=2 face=sans-serif>-Balanced Portfolio</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="5%" noWrap align=left><FONT size=2 face=sans-serif></FONT></TD>

   <TD width="95%" noWrap align=left><FONT size=2 face=sans-serif>-Conservative Portfolio</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="5%" noWrap align=left><FONT size=2 face=sans-serif></FONT></TD>

   <TD width="95%" noWrap align=left><FONT size=2 face=sans-serif>-Growth Portfolio</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="100%" colSpan=2 noWrap align=left><FONT size=2 face=sans-serif></FONT><FONT size=2 face=sans-serif>Putnam California Tax Exempt Income Fund</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="100%" colSpan=2 noWrap align=left><FONT size=2 face=sans-serif></FONT><FONT size=2 face=sans-serif>Putnam Convertible Income-Growth Trust</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="100%" colSpan=2 noWrap align=left><FONT size=2 face=sans-serif></FONT><FONT size=2 face=sans-serif>Putnam Diversified Income Trust</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="100%" colSpan=2 noWrap align=left><FONT size=2 face=sans-serif></FONT><FONT size=2 face=sans-serif>Putnam Equity Income Fund</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="100%" colSpan=2 noWrap align=left><FONT size=2 face=sans-serif></FONT><FONT size=2 face=sans-serif>Putnam Europe Equity Fund</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="100%" colSpan=2 noWrap align=left><FONT size=2 face=sans-serif></FONT><FONT size=2 face=sans-serif>Putnam Funds Trust</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="5%" noWrap align=left><FONT size=2 face=sans-serif></FONT></TD>

   <TD width="95%" noWrap align=left><FONT size=2 face=sans-serif>-Putnam Absolute Return 100 Fund</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="5%" noWrap align=left><FONT size=2 face=sans-serif></FONT></TD>

   <TD width="95%" noWrap align=left><FONT size=2 face=sans-serif>-Putnam Absolute Return 300 Fund</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="5%" noWrap align=left><FONT size=2 face=sans-serif></FONT></TD>

   <TD width="95%" noWrap align=left><FONT size=2 face=sans-serif>-Putnam Absolute Return 500 Fund</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="5%" noWrap align=left><FONT size=2 face=sans-serif></FONT></TD>

   <TD width="95%" noWrap align=left><FONT size=2 face=sans-serif>-Putnam Absolute Return 700 Fund</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="5%" noWrap align=left><FONT size=2 face=sans-serif></FONT></TD>

   <TD width="95%" noWrap align=left><FONT size=2 face=sans-serif>-Putnam Asia Pacific Equity Fund</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="5%" noWrap align=left><FONT size=2 face=sans-serif></FONT></TD>

   <TD width="95%" noWrap align=left><FONT size=2 face=sans-serif>-Putnam Asset Allocation: Equity Portfolio</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="5%" noWrap align=left><FONT size=2 face=sans-serif></FONT></TD>

   <TD width="95%" noWrap align=left><FONT size=2 face=sans-serif>-Putnam Capital Spectrum Fund</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="5%" noWrap align=left><FONT size=2 face=sans-serif></FONT></TD>

   <TD width="95%" noWrap align=left><FONT size=2 face=sans-serif>-Putnam Emerging Markets Equity Fund</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="5%" noWrap align=left><FONT size=2 face=sans-serif></FONT></TD>

   <TD width="95%" noWrap align=left><FONT size=2 face=sans-serif>-Putnam Equity Spectrum Fund</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="5%" noWrap align=left><FONT size=2 face=sans-serif></FONT></TD>

   <TD width="95%" noWrap align=left><FONT size=2 face=sans-serif>-Putnam Floating Rate Income Fund</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="5%" noWrap align=left><FONT size=2 face=sans-serif></FONT></TD>

   <TD width="95%" noWrap align=left><FONT size=2 face=sans-serif>-Putnam Global Consumer Fund</FONT>&nbsp;</TD></TR></TABLE></DIV>

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<TABLE style="WIDTH: 80%" border=0 cellSpacing=0>



<TR>

   <TD width="5%"></TD>

   <TD width="95%"></TD></TR>

<TR vAlign=bottom>

   <TD width="5%" noWrap align=left><FONT size=2 face=sans-serif></FONT></TD>

   <TD width="95%" noWrap align=left><FONT size=2 face=sans-serif>-Putnam Global Energy Fund</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="5%" noWrap align=left><FONT size=2 face=sans-serif></FONT></TD>

   <TD width="95%" noWrap align=left><FONT size=2 face=sans-serif>-Putnam Global Financials Fund</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="5%" noWrap align=left><FONT size=2 face=sans-serif></FONT></TD>

   <TD width="95%" noWrap align=left><FONT size=2 face=sans-serif>-Putnam Global Industrials Fund</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="5%" noWrap align=left><FONT size=2 face=sans-serif></FONT></TD>

   <TD width="95%" noWrap align=left><FONT size=2 face=sans-serif>-Putnam Global Sector Fund</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="5%" noWrap align=left><FONT size=2 face=sans-serif></FONT></TD>

   <TD width="95%" noWrap align=left><FONT size=2 face=sans-serif>-Putnam Global Technology Fund</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="5%" noWrap align=left><FONT size=2 face=sans-serif></FONT></TD>

   <TD width="95%" noWrap align=left><FONT size=2 face=sans-serif>-Putnam Global Telecommunications Fund</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="5%" noWrap align=left><FONT size=2 face=sans-serif></FONT></TD>

   <TD width="95%" noWrap align=left><FONT size=2 face=sans-serif>-Putnam Income Strategies Fund</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="5%" noWrap align=left><FONT size=2 face=sans-serif></FONT></TD>

   <TD width="95%" noWrap align=left><FONT size=2 face=sans-serif>-Putnam International Value Fund</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="5%" noWrap align=left><FONT size=2 face=sans-serif></FONT></TD>

   <TD width="95%" noWrap align=left><FONT size=2 face=sans-serif>-Putnam Money Market Liquidity Fund</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="5%" noWrap align=left><FONT size=2 face=sans-serif></FONT></TD>

   <TD width="95%" noWrap align=left><FONT size=2 face=sans-serif>-Putnam Multi-Cap Core Fund</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="5%" noWrap align=left><FONT size=2 face=sans-serif></FONT></TD>

   <TD width="95%" noWrap align=left><FONT size=2 face=sans-serif>-Putnam Small Cap Growth Fund</FONT>&nbsp;</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px"><FONT size=2 face=sans-serif></FONT>&nbsp;</P>

<P style="MARGIN: 0px"><FONT size=2 face=sans-serif>ENDORSEMENT #16 (Continued)</FONT></P>

<P style="MARGIN: 0px">&nbsp;</P>

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<TR>

   <TD width="100%"></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><FONT size=2 face=sans-serif>The George Putnam Fund of Boston</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><FONT size=2 face=sans-serif>Putnam Global Equity Fund</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><FONT size=2 face=sans-serif>Putnam Global Health Care Fund</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><FONT size=2 face=sans-serif>Putnam Global Income Trust</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><FONT size=2 face=sans-serif>Putnam Global Natural Resources Fund</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><FONT size=2 face=sans-serif>Putnam Global Utilities Fund</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><FONT size=2 face=sans-serif>The Putnam Fund for Growth and Income</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><FONT size=2 face=sans-serif>Putnam High Income Securities Fund</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><FONT size=2 face=sans-serif>Putnam High Yield Advantage Fund</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><FONT size=2 face=sans-serif>Putnam High Yield Trust</FONT>&nbsp;</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P></DIV>

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<TABLE style="WIDTH: 80%" border=0 cellSpacing=0>



<TR>

   <TD width="5%"></TD>

   <TD width="95%"></TD></TR>

<TR vAlign=bottom>

   <TD width="100%" colSpan=2 noWrap align=left><FONT size=2 face=sans-serif></FONT><FONT size=2 face=sans-serif>Putnam Income Fund</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="100%" colSpan=2 noWrap align=left><FONT size=2 face=sans-serif></FONT><FONT size=2 face=sans-serif>Putnam International Equity Fund</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="100%" colSpan=2 noWrap align=left><FONT size=2 face=sans-serif></FONT><FONT size=2 face=sans-serif>Putnam Investment Funds</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="5%" noWrap align=left><FONT size=2 face=sans-serif></FONT></TD>

   <TD width="95%" noWrap align=left><FONT size=2 face=sans-serif>-Putnam Capital Opportunities Fund</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="5%" noWrap align=left><FONT size=2 face=sans-serif></FONT></TD>

   <TD width="95%" noWrap align=left><FONT size=2 face=sans-serif>-Putnam Growth Opportunities Fund</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="5%" noWrap align=left><FONT size=2 face=sans-serif></FONT></TD>

   <TD width="95%" noWrap align=left><FONT size=2 face=sans-serif>-Putnam International Capital Opportunities Fund</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="5%" noWrap align=left><FONT size=2 face=sans-serif></FONT></TD>

   <TD width="95%" noWrap align=left><FONT size=2 face=sans-serif>-Putnam International Growth Fund</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="5%" noWrap align=left><FONT size=2 face=sans-serif></FONT></TD>

   <TD width="95%" noWrap align=left><FONT size=2 face=sans-serif>-Putnam Multi-Cap Value Fund</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="5%" noWrap align=left><FONT size=2 face=sans-serif></FONT></TD>

   <TD width="95%" noWrap align=left><FONT size=2 face=sans-serif>-Putnam Research Fund</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="5%" noWrap align=left><FONT size=2 face=sans-serif></FONT></TD>

   <TD width="95%" noWrap align=left><FONT size=2 face=sans-serif>-Putnam Small Cap Value Fund</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="100%" colSpan=2 noWrap align=left><FONT size=2 face=sans-serif></FONT><FONT size=2 face=sans-serif>Putnam Investors Fund</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="100%" colSpan=2 noWrap align=left><FONT size=2 face=sans-serif></FONT><FONT size=2 face=sans-serif>Putnam Managed Municipal Income Trust</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="100%" colSpan=2 noWrap align=left><FONT size=2 face=sans-serif></FONT><FONT size=2 face=sans-serif>Putnam Massachusetts Tax Exempt Income Fund</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="100%" colSpan=2 noWrap align=left><FONT size=2 face=sans-serif></FONT><FONT size=2 face=sans-serif>Putnam Master Intermediate Income Trust</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="100%" colSpan=2 noWrap align=left><FONT size=2 face=sans-serif></FONT><FONT size=2 face=sans-serif>Putnam Michigan Tax Exempt Income Fund</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="100%" colSpan=2 noWrap align=left><FONT size=2 face=sans-serif></FONT><FONT size=2 face=sans-serif>Putnam Minnesota Tax Exempt Income Fund</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="100%" colSpan=2 noWrap align=left><FONT size=2 face=sans-serif></FONT><FONT size=2 face=sans-serif>Putnam Money Market Fund</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="100%" colSpan=2 noWrap align=left><FONT size=2 face=sans-serif></FONT><FONT size=2 face=sans-serif>Putnam Multi-Cap Growth Fund</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="100%" colSpan=2 noWrap align=left><FONT size=2 face=sans-serif></FONT><FONT size=2 face=sans-serif>Putnam Municipal Opportunities Trust</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="100%" colSpan=2 noWrap align=left><FONT size=2 face=sans-serif></FONT><FONT size=2 face=sans-serif>Putnam New Jersey Tax Exempt Income Fund</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="100%" colSpan=2 noWrap align=left><FONT size=2 face=sans-serif></FONT><FONT size=2 face=sans-serif>Putnam New York Tax Exempt Income Fund</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="100%" colSpan=2 noWrap align=left><FONT size=2 face=sans-serif></FONT><FONT size=2 face=sans-serif>Putnam Ohio Tax Exempt Income Fund</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="100%" colSpan=2 noWrap align=left><FONT size=2 face=sans-serif></FONT><FONT size=2 face=sans-serif>Putnam Pennsylvania Tax Exempt Income Fund</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="100%" colSpan=2 noWrap align=left><FONT size=2 face=sans-serif></FONT><FONT size=2 face=sans-serif>Putnam Premier Income Trust</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="100%" colSpan=2 noWrap align=left><FONT size=2 face=sans-serif></FONT><FONT size=2 face=sans-serif>Putnam RetirementReady Funds</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="5%" noWrap align=left><FONT size=2 face=sans-serif></FONT></TD>

   <TD width="95%" noWrap align=left><FONT size=2 face=sans-serif>-Putnam RetirementReady 2050 Fund</FONT>&nbsp;</TD></TR></TABLE></DIV>

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<TR>

   <TD width="5%"></TD>

   <TD width="95%"></TD></TR>

<TR vAlign=bottom>

   <TD width="5%" noWrap align=left><FONT size=2 face=sans-serif></FONT></TD>

   <TD width="95%" noWrap align=left><FONT size=2 face=sans-serif>-Putnam RetirementReady 2045 Fund</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="5%" noWrap align=left><FONT size=2 face=sans-serif></FONT></TD>

   <TD width="95%" noWrap align=left><FONT size=2 face=sans-serif>-Putnam RetirementReady 2040 Fund</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="5%" noWrap align=left><FONT size=2 face=sans-serif></FONT></TD>

   <TD width="95%" noWrap align=left><FONT size=2 face=sans-serif>-Putnam RetirementReady 2035 Fund</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="5%" noWrap align=left><FONT size=2 face=sans-serif></FONT></TD>

   <TD width="95%" noWrap align=left><FONT size=2 face=sans-serif>-Putnam RetirementReady 2030 Fund</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="5%" noWrap align=left><FONT size=2 face=sans-serif></FONT></TD>

   <TD width="95%" noWrap align=left><FONT size=2 face=sans-serif>-Putnam RetirementReady 2025 Fund</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="5%" noWrap align=left><FONT size=2 face=sans-serif></FONT></TD>

   <TD width="95%" noWrap align=left><FONT size=2 face=sans-serif>-Putnam RetirementReady 2020 Fund</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="5%" noWrap align=left><FONT size=2 face=sans-serif></FONT></TD>

   <TD width="95%" noWrap align=left><FONT size=2 face=sans-serif>-Putnam RetirementReady 2015 Fund</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="5%" noWrap align=left><FONT size=2 face=sans-serif></FONT></TD>

   <TD width="95%" noWrap align=left><FONT size=2 face=sans-serif>-Putnam RetirementReady 2010 Fund</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="5%" noWrap align=left><FONT size=2 face=sans-serif></FONT></TD>

   <TD width="95%" noWrap align=left><FONT size=2 face=sans-serif>-Putnam RetirementReady Maturity Fund</FONT>&nbsp;</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px"><FONT size=2 face=sans-serif></FONT>&nbsp;</P>

<P style="MARGIN: 0px"><FONT size=2 face=sans-serif>ENDORSEMENT #16 (Continued)</FONT></P>

<P style="MARGIN: 0px"><FONT size=2 face=Arial></FONT>&nbsp;</P>

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<TR>

   <TD width="5%"></TD>

   <TD width="95%"></TD></TR>

<TR vAlign=bottom>

   <TD width="100%" colSpan=2 noWrap align=left><FONT size=2 face=sans-serif></FONT><FONT size=2 face=sans-serif>Putnam Tax Exempt Income Fund</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="100%" colSpan=2 noWrap align=left><FONT size=2 face=sans-serif></FONT><FONT size=2 face=sans-serif>Putnam Tax Exempt Money Market Fund</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="100%" colSpan=2 noWrap align=left><FONT size=2 face=sans-serif></FONT><FONT size=2 face=sans-serif>Putnam Tax-Free Income Trust</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="5%" noWrap align=left><FONT size=2 face=sans-serif></FONT></TD>

   <TD width="95%" noWrap align=left><FONT size=2 face=sans-serif>-Putnam AMT-Free Municipal Fund</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="5%" noWrap align=left><FONT size=2 face=sans-serif></FONT></TD>

   <TD width="95%" noWrap align=left><FONT size=2 face=sans-serif>-Putnam Tax-Free High Yield Fund</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="100%" colSpan=2 noWrap align=left><FONT size=2 face=sans-serif></FONT><FONT size=2 face=sans-serif>Putnam U.S. Government Income Trust</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="100%" colSpan=2 noWrap align=left><FONT size=2 face=sans-serif></FONT><FONT size=2 face=sans-serif>Putnam Variable Trust</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="5%" noWrap align=left><FONT size=2 face=sans-serif></FONT></TD>

   <TD width="95%" noWrap align=left><FONT size=2 face=sans-serif>-Putnam VT American Government Income Fund</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="5%" noWrap align=left><FONT size=2 face=sans-serif></FONT></TD>

   <TD width="95%" noWrap align=left><FONT size=2 face=sans-serif>-Putnam VT Capital Opportunities Fund</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="5%" noWrap align=left><FONT size=2 face=sans-serif></FONT></TD>

   <TD width="95%" noWrap align=left><FONT size=2 face=sans-serif>-Putnam VT Diversified Income Fund</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="5%" noWrap align=left><FONT size=2 face=sans-serif></FONT></TD>

   <TD width="95%" noWrap align=left><FONT size=2 face=sans-serif>-Putnam VT Equity Income Fund</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="5%" noWrap align=left><FONT size=2 face=sans-serif></FONT></TD>

   <TD width="95%" noWrap align=left><FONT size=2 face=sans-serif>-Putnam VT The George Putnam Fund of Boston</FONT>&nbsp;</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P></DIV>

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<TR>

   <TD width="5%"></TD>

   <TD width="95%"></TD></TR>

<TR vAlign=bottom>

   <TD width="5%" noWrap align=left><FONT size=2 face=sans-serif></FONT></TD>

   <TD width="95%" noWrap align=left><FONT size=2 face=sans-serif>-Putnam VT Global Asset Allocation Fund</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="5%" noWrap align=left><FONT size=2 face=sans-serif></FONT></TD>

   <TD width="95%" noWrap align=left><FONT size=2 face=sans-serif>-Putnam VT Global Equity Fund</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="5%" noWrap align=left><FONT size=2 face=sans-serif></FONT></TD>

   <TD width="95%" noWrap align=left><FONT size=2 face=sans-serif>-Putnam VT Global Health Care Fund</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="5%" noWrap align=left><FONT size=2 face=sans-serif></FONT></TD>

   <TD width="95%" noWrap align=left><FONT size=2 face=sans-serif>-Putnam VT Global Utilities Fund</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="5%" noWrap align=left><FONT size=2 face=sans-serif></FONT></TD>

   <TD width="95%" noWrap align=left><FONT size=2 face=sans-serif>-Putnam VT Growth and Income Fund</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="5%" noWrap align=left><FONT size=2 face=sans-serif></FONT></TD>

   <TD width="95%" noWrap align=left><FONT size=2 face=sans-serif>-Putnam VT Growth Opportunities Fund</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="5%" noWrap align=left><FONT size=2 face=sans-serif></FONT></TD>

   <TD width="95%" noWrap align=left><FONT size=2 face=sans-serif>-Putnam VT High Yield Fund</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="5%" noWrap align=left><FONT size=2 face=sans-serif></FONT></TD>

   <TD width="95%" noWrap align=left><FONT size=2 face=sans-serif>-Putnam VT Income Fund</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="5%" noWrap align=left><FONT size=2 face=sans-serif></FONT></TD>

   <TD width="95%" noWrap align=left><FONT size=2 face=sans-serif>-Putnam VT International Equity Fund</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="5%" noWrap align=left><FONT size=2 face=sans-serif></FONT></TD>

   <TD width="95%" noWrap align=left><FONT size=2 face=sans-serif>-Putnam VT International Value Fund</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="5%" noWrap align=left><FONT size=2 face=sans-serif></FONT></TD>

   <TD width="95%" noWrap align=left><FONT size=2 face=sans-serif>-Putnam VT International Growth Fund</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="5%" noWrap align=left><FONT size=2 face=sans-serif></FONT></TD>

   <TD width="95%" noWrap align=left><FONT size=2 face=sans-serif>-Putnam VT Investors Fund</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="5%" noWrap align=left><FONT size=2 face=sans-serif></FONT></TD>

   <TD width="95%" noWrap align=left><FONT size=2 face=sans-serif>-Putnam VT Multi-Cap Growth Fund</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="5%" noWrap align=left><FONT size=2 face=sans-serif></FONT></TD>

   <TD width="95%" noWrap align=left><FONT size=2 face=sans-serif>-Putnam VT Multi-Cap Value Fund</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="5%" noWrap align=left><FONT size=2 face=sans-serif></FONT></TD>

   <TD width="95%" noWrap align=left><FONT size=2 face=sans-serif>-Putnam VT Money Market Fund</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="5%" noWrap align=left><FONT size=2 face=sans-serif></FONT></TD>

   <TD width="95%" noWrap align=left><FONT size=2 face=sans-serif>-Putnam VT Research Fund</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="5%" noWrap align=left><FONT size=2 face=sans-serif></FONT></TD>

   <TD width="95%" noWrap align=left><FONT size=2 face=sans-serif>-Putnam VT Small Cap Value Fund</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="5%" noWrap align=left><FONT size=2 face=sans-serif></FONT></TD>

   <TD width="95%" noWrap align=left><FONT size=2 face=sans-serif>-Putnam VT Vista Fund</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="5%" noWrap align=left><FONT size=2 face=sans-serif></FONT></TD>

   <TD width="95%" noWrap align=left><FONT size=2 face=sans-serif>-Putnam VT Voyager Fund</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="100%" colSpan=2 noWrap align=left><FONT size=2 face=sans-serif></FONT><FONT size=2 face=sans-serif>Putnam Vista Fund</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="100%" colSpan=2 noWrap align=left><FONT size=2 face=sans-serif></FONT><FONT size=2 face=sans-serif>Putnam Voyager Fund</FONT>&nbsp;</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px"><FONT size=2 face=sans-serif></FONT>&nbsp;</P>

<P style="MARGIN: 0px"><FONT size=2 face=sans-serif>2. Subject to General Agreement A., any newly created, acquired or sponsored Investment Company, fund or trust of Putnam Investments, LLC, its subsidiaries or affiliated entities, newly created, acquired or sponsored after the effective date of this bond but prior to termination or cancellation of this bond with assets of less than $500,000,000 will be automatically included as an Insured without any additional premium. Any newly created, acquired or sponsored Investment Company, fund or trust of Putnam Investments, LLC, its subsidiaries or affiliated entities, newly created, acquired or sponsored after the effective date of this bond but prior to</FONT></P>

<P style="MARGIN: 0px">&nbsp;</P></DIV>

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<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>termination or cancellation of this bond with assets of $500,000,000 or more will need to comply with the reporting requirements and may be subject to payment of an additional premium.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>ENDORSEMENT #16 (Continued)</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>3. Each of the following entities, with respect to its service to the Mutual Fund Named Insureds referred to in (1) above, shall be deemed Named Insured under the Bond:</FONT></P>

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<TR>

   <TD width="100%"></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><FONT size=2 face=sans-serif>1. Putnam Investments, LLC</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><FONT size=2 face=sans-serif>&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><FONT size=2 face=sans-serif>2. Putnam Investment Management, LLC</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><FONT size=2 face=sans-serif>&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><FONT size=2 face=sans-serif>3. Putnam Fiduciary Trust Company</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><FONT size=2 face=sans-serif>&nbsp;</FONT></TD></TR>

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   <TD noWrap align=left><FONT size=2 face=sans-serif>4. Putnam Retail Management Limited Partnership</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><FONT size=2 face=sans-serif>&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><FONT size=2 face=sans-serif>5. TH Lee, Putnam Capital Management, LLC</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><FONT size=2 face=sans-serif>&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><FONT size=2 face=sans-serif>6. Putnam Investor Services, Inc.</FONT>&nbsp;</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px"><FONT size=2 face=sans-serif></FONT>&nbsp;</P>

<P style="MARGIN: 0px"><FONT size=2 face=sans-serif>4. Delete the following funds as of their respective effective dates specified:</FONT></P>

<P style="MARGIN: 0px"><FONT size=2 face=Arial></FONT>&nbsp;</P>

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<TR>

   <TD width="50%"></TD>

   <TD width="50%"></TD></TR>

<TR vAlign=bottom>

   <TD width="50%" noWrap align=left><FONT size=2 face=sans-serif>NAME OF FUND</FONT>&nbsp;</TD>

   <TD width="50%" noWrap align=left><FONT size=2 face=sans-serif>EFFECTIVE DATE</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=2>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="50%" noWrap align=left><FONT size=2 face=sans-serif>1. Putnam New Value Fund</FONT>&nbsp;</TD>

   <TD width="50%" noWrap align=left><FONT size=2 face=sans-serif>12/26/08</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="50%" noWrap align=left><FONT size=2 face=sans-serif>&nbsp;</FONT></TD>

   <TD width="50%" noWrap align=left><FONT size=2 face=sans-serif></FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="50%" noWrap align=left><FONT size=2 face=sans-serif>2. Putnam OTC &amp; Emerging Growth Fund</FONT>&nbsp;</TD>

   <TD width="50%" noWrap align=left><FONT size=2 face=sans-serif>12/26/08</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="50%" noWrap align=left><FONT size=2 face=sans-serif>&nbsp;</FONT></TD>

   <TD width="50%" noWrap align=left><FONT size=2 face=sans-serif></FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="50%" noWrap align=left><FONT size=2 face=sans-serif>3. Putnam Tax Smart Funds Trust</FONT>&nbsp;</TD>

   <TD width="50%" noWrap align=left><FONT size=2 face=sans-serif>12/26/08</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="50%" noWrap align=left><FONT size=2 face=sans-serif>&nbsp;</FONT></TD>

   <TD width="50%" noWrap align=left><FONT size=2 face=sans-serif></FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="50%" noWrap align=left><FONT size=2 face=sans-serif>4. Putnam Tax Smart Equity Fund</FONT>&nbsp;</TD>

   <TD width="50%" noWrap align=left><FONT size=2 face=sans-serif>12/26/08</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="50%" noWrap align=left><FONT size=2 face=sans-serif>&nbsp;</FONT></TD>

   <TD width="50%" noWrap align=left><FONT size=2 face=sans-serif></FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="50%" noWrap align=left><FONT size=2 face=sans-serif>5. Putnam Utilities Growth and Income Fund</FONT>&nbsp;</TD>

   <TD width="50%" noWrap align=left><FONT size=2 face=sans-serif>01/02/09</FONT>&nbsp;</TD></TR></TABLE></DIV>

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<TR>

   <TD width="50%"></TD>

   <TD width="50%"></TD></TR>

<TR vAlign=bottom>

   <TD width="50%" noWrap align=left><FONT size=2 face=sans-serif>6. Putnam VT Capital Appreciation Fund</FONT>&nbsp;</TD>

   <TD width="50%" noWrap align=left><FONT size=2 face=sans-serif>12/26/08</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="50%" noWrap align=left><FONT size=2 face=sans-serif>&nbsp;</FONT></TD>

   <TD width="50%" noWrap align=left><FONT size=2 face=sans-serif></FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="50%" noWrap align=left><FONT size=2 face=sans-serif>7. Putnam VT Discovery Growth Fund</FONT>&nbsp;</TD>

   <TD width="50%" noWrap align=left><FONT size=2 face=sans-serif>12/26/08</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="50%" noWrap align=left><FONT size=2 face=sans-serif>&nbsp;</FONT></TD>

   <TD width="50%" noWrap align=left><FONT size=2 face=sans-serif></FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="50%" noWrap align=left><FONT size=2 face=sans-serif>8. Putnam VT Health Sciences Fund</FONT>&nbsp;</TD>

   <TD width="50%" noWrap align=left><FONT size=2 face=sans-serif>01/02/09</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="50%" noWrap align=left><FONT size=2 face=sans-serif>&nbsp;</FONT></TD>

   <TD width="50%" noWrap align=left><FONT size=2 face=sans-serif></FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="50%" noWrap align=left><FONT size=2 face=sans-serif>9. Putnam VT New Value Fund</FONT>&nbsp;</TD>

   <TD width="50%" noWrap align=left><FONT size=2 face=sans-serif>12/26/08</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="50%" noWrap align=left><FONT size=2 face=sans-serif>&nbsp;</FONT></TD>

   <TD width="50%" noWrap align=left><FONT size=2 face=sans-serif></FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="50%" noWrap align=left><FONT size=2 face=sans-serif>10.</FONT> <FONT size=2 face=sans-serif>Putnam VT OTC &amp; Emerging Growth Fund</FONT>&nbsp;</TD>

   <TD width="50%" noWrap align=left><FONT size=2 face=sans-serif>12/26/08</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="50%" noWrap align=left><FONT size=2 face=sans-serif>&nbsp;</FONT></TD>

   <TD width="50%" noWrap align=left><FONT size=2 face=sans-serif></FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="50%" noWrap align=left><FONT size=2 face=sans-serif>11.</FONT> <FONT size=2 face=sans-serif>Putnam VT Utilities Growth and Income Fund</FONT>&nbsp;</TD>

   <TD width="50%" noWrap align=left><FONT size=2 face=sans-serif>01/02/09</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="50%" noWrap align=left><FONT size=2 face=sans-serif>&nbsp;</FONT></TD>

   <TD width="50%" noWrap align=left><FONT size=2 face=sans-serif></FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="50%" noWrap align=left><FONT size=2 face=sans-serif>12.</FONT> <FONT size=2 face=sans-serif>Putnam Health Sciences Trust</FONT>&nbsp;</TD>

   <TD width="50%" noWrap align=left><FONT size=2 face=sans-serif>01/02/09</FONT>&nbsp;</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px"><FONT size=2 face=sans-serif></FONT>&nbsp;</P>

<P style="MARGIN: 0px"><FONT size=2 face=sans-serif>5. Nothing herein contained shall be held to vary, alter, waive or extend any of terms, limitations, conditions or agreements of the attached bond other than as above stated.</FONT></P>

<P style="MARGIN: 0px"><FONT size=2 face=Arial></FONT>&nbsp;</P>

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   <TD width="100%"></TD></TR>

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   <TD noWrap align=right><FONT size=2 face=sans-serif>AUTHORIZED REPRESENTATIVE</FONT>&nbsp;</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px"><FONT size=2 face=sans-serif></FONT>&nbsp;</P>

<P style="MARGIN: 0px"><FONT size=2 face=sans-serif>ENDORSEMENT #17</FONT></P>

<P style="MARGIN: 0px">&nbsp;</P></DIV>

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   <TD width="25%" colSpan=2></TD>

   <TD width="25%"></TD>

   <TD width="49%"></TD></TR>

<TR vAlign=bottom>

   <TD width="25%" colSpan=2 noWrap align=left><FONT size=2 face=sans-serif>This rider , effective 12:01 am</FONT>&nbsp;</TD>

   <TD width="25%" noWrap align=left><FONT size=2 face=sans-serif>December 01, 2012</FONT>&nbsp;</TD>

   <TD width="49%" noWrap align=left><FONT size=2 face=sans-serif>forms a part of</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="25%" colSpan=2 noWrap align=left><FONT size=2 face=sans-serif>&nbsp;</FONT></TD>

   <TD width="25%" noWrap align=left><FONT size=2 face=sans-serif></FONT></TD>

   <TD width="49%" noWrap align=left><FONT size=2 face=sans-serif></FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="50%" colSpan=3 noWrap align=left><FONT size=2 face=sans-serif>Bond number: 01-421-23-39</FONT>&nbsp;</TD>

   <TD width="49%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="50%" colSpan=3 noWrap align=left><FONT size=2 face=sans-serif>&nbsp;</FONT></TD>

   <TD width="49%" noWrap align=left></TD></TR>

<TR vAlign=bottom>

   <TD width="25%" colSpan=2 noWrap align=left><FONT size=2 face=sans-serif>Issued to:</FONT>&nbsp;</TD>

   <TD width="74%" colSpan=2 noWrap align=left><FONT size=2 face=sans-serif>THE GEORGE PUTNAM FUND OF BOSTON</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="25%" colSpan=2 noWrap align=left><FONT size=2 face=sans-serif>&nbsp;</FONT></TD>

   <TD width="74%" colSpan=2 noWrap align=left><FONT size=2 face=sans-serif></FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="25%" colSpan=2 noWrap align=left>&nbsp;</TD>

   <TD width="74%" colSpan=2 noWrap align=left><FONT size=2 face=sans-serif>(as more fully described in Named Insured Rider)</FONT>&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 width="13%" noWrap align=left><FONT size=2 face=sans-serif>By:</FONT>&nbsp;</TD>

   <TD width="86%" colSpan=3 noWrap align=left><FONT size=2 face=sans-serif>National Union Fire Insurance Company of Pittsburgh, Pa.</FONT>&nbsp;</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px"><FONT size=2 face=sans-serif></FONT>&nbsp;</P>

<P style="MARGIN: 0px"><FONT size=2 face=sans-serif>COVERAGE TERRITORY ENDORSEMENT (OFAC)</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>THIS ENDORSEMENT CHANGES THE POLICY. PLEASE READ IT CAREFULLY.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>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 style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>ALL OTHER TERMS, CONDITIONS AND EXCLUSIONS REMAIN UNCHANGED.</FONT></P></DIV>

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   <TD width="100%"></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=right><FONT size=2 face=sans-serif>AUTHORIZED REPRESENTATIVE</FONT>&nbsp;</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px"><FONT size=2 face=sans-serif></FONT>&nbsp;</P>

<P style="MARGIN: 0px"><FONT size=2 face=sans-serif>89644 (07/05)</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>ENDORSEMENT #18</FONT></P>

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<TR>

   <TD width="25%" colSpan=2></TD>

   <TD width="25%"></TD>

   <TD width="49%"></TD></TR>

<TR vAlign=bottom>

   <TD width="25%" colSpan=2 noWrap align=left><FONT size=2 face=sans-serif>This rider , effective</FONT> <FONT size=2 face=sans-serif>12:01 am</FONT>&nbsp;</TD>

   <TD width="25%" noWrap align=left><FONT size=2 face=sans-serif>December 01, 2012</FONT>&nbsp;</TD>

   <TD width="49%" noWrap align=left><FONT size=2 face=sans-serif>forms a part of</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="25%" colSpan=2 noWrap align=left><FONT size=2 face=sans-serif>&nbsp;</FONT></TD>

   <TD width="25%" noWrap align=left><FONT size=2 face=sans-serif></FONT></TD>

   <TD width="49%" noWrap align=left><FONT size=2 face=sans-serif></FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="50%" colSpan=3 noWrap align=left><FONT size=2 face=sans-serif>Bond number: 01-421-23-39</FONT>&nbsp;</TD>

   <TD width="49%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="50%" colSpan=3 noWrap align=left><FONT size=2 face=sans-serif>&nbsp;</FONT></TD>

   <TD width="49%" noWrap align=left></TD></TR>

<TR vAlign=bottom>

   <TD width="25%" colSpan=2 noWrap align=left><FONT size=2 face=sans-serif>Issued to:</FONT>&nbsp;</TD>

   <TD width="74%" colSpan=2 noWrap align=left><FONT size=2 face=sans-serif>THE GEORGE PUTNAM FUND OF BOSTON</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="25%" colSpan=2 noWrap align=left><FONT size=2 face=sans-serif>&nbsp;</FONT></TD>

   <TD width="74%" colSpan=2 noWrap align=left><FONT size=2 face=sans-serif></FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="25%" colSpan=2 noWrap align=left>&nbsp;</TD>

   <TD width="74%" colSpan=2 noWrap align=left><FONT size=2 face=sans-serif>(as more fully described in Named Insured Rider)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="25%" colSpan=2 noWrap align=left>&nbsp;</TD>

   <TD width="74%" colSpan=2 noWrap align=left><FONT size=2 face=sans-serif></FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="25%" colSpan=2 noWrap align=left>&nbsp;</TD>

   <TD width="74%" colSpan=2 noWrap align=left><FONT size=2 face=sans-serif></FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="13%" noWrap align=left><FONT size=2 face=sans-serif>By:</FONT>&nbsp;</TD>

   <TD width="86%" colSpan=3 noWrap align=left><FONT size=2 face=sans-serif><FONT size=2 face=sans-serif>National Union Fire Insurance Company of Pittsburgh, Pa.</FONT></FONT>&nbsp;</TD></TR></TABLE></DIV>

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<P style="MARGIN: 0px"><FONT size=2 face=sans-serif>FORMS INDEX ENDORSEMENT</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>The contents of the Policy is comprised of the following forms:</FONT></P>

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<TR>

   <TD width="100%"></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><FONT size=2 face=sans-serif>FORM NUMBER</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><FONT size=2 face=sans-serif>EDITION DATE</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><FONT size=2 face=sans-serif>FORM TITLE</FONT>&nbsp;</TD></TR>

<TR>

   <TD>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><FONT size=2 face=sans-serif>06/08</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><FONT size=2 face=sans-serif>MA LARGE SCALE COMMERICAL INSURED DISCLAIMER</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><FONT size=2 face=sans-serif>41205</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><FONT size=2 face=sans-serif>04/95</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><FONT size=2 face=sans-serif>INVESTMENT COMPANY BLANKET BOND DEC PAGE</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><FONT size=2 face=sans-serif>41206</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><FONT size=2 face=sans-serif>09/84</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><FONT size=2 face=sans-serif>INVESTMENT COMPANY BLANKET BOND</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><FONT size=2 face=sans-serif>99758</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><FONT size=2 face=sans-serif>08/08</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><FONT size=2 face=sans-serif>NOTICE OF CLAIM (REPORTING BY E-MAIL)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><FONT size=2 face=sans-serif>MNSCPT</FONT>&nbsp;</TD></TR>

<TR>

   <TD>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><FONT size=2 face=sans-serif>COMPUTER CRIME COVERAGE RIDER</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><FONT size=2 face=sans-serif>MNSCPT</FONT>&nbsp;</TD></TR>

<TR>

   <TD>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><FONT size=2 face=sans-serif>AUTOMATED PHONE SYSTEM</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><FONT size=2 face=sans-serif>SYSLIB</FONT>&nbsp;</TD></TR>

<TR>

   <TD>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><FONT size=2 face=sans-serif>UNAUTHORIZED SIGNATURES</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><FONT size=2 face=sans-serif>MNSCPT</FONT>&nbsp;</TD></TR>

<TR>

   <TD>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><FONT size=2 face=sans-serif>CLAIMS EXPENSE</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><FONT size=2 face=sans-serif>MNSCPT</FONT>&nbsp;</TD></TR>

<TR>

   <TD>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><FONT size=2 face=sans-serif>AMEND INSURING AGREEMENT (A)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><FONT size=2 face=sans-serif>MNSCPT</FONT>&nbsp;</TD></TR>

<TR>

   <TD>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><FONT size=2 face=sans-serif>AMENDED FORGERY OR ALTERATION</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><FONT size=2 face=sans-serif>MNSCPT</FONT>&nbsp;</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P></DIV>

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<DIV align=left>

<TABLE style="WIDTH: 80%" border=0 cellSpacing=0>



<TR>

   <TD width="100%"></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><FONT size=2 face=sans-serif>AMENDED COUNTERFEIT CURRENCY</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><FONT size=2 face=sans-serif>MNSCPT</FONT>&nbsp;</TD></TR>

<TR>

   <TD>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><FONT size=2 face=sans-serif>AMEND INSURING AGREEMENT (D)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><FONT size=2 face=sans-serif>MNSCPT</FONT>&nbsp;</TD></TR>

<TR>

   <TD>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><FONT size=2 face=sans-serif>AMEND INSURING AGREEMENT (F)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><FONT size=2 face=sans-serif>MNSCPT</FONT>&nbsp;</TD></TR>

<TR>

   <TD>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><FONT size=2 face=sans-serif>NOTICE AND CHANGE IN CONTROL/TERMINATION AMENDATORY</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><FONT size=2 face=sans-serif>MNSCPT</FONT>&nbsp;</TD></TR>

<TR>

   <TD>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><FONT size=2 face=sans-serif>DISCOVERY AMENDATORY</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><FONT size=2 face=sans-serif>MNSCPT</FONT>&nbsp;</TD></TR>

<TR>

   <TD>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><FONT size=2 face=sans-serif>AMENDED SECTION 13</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><FONT size=2 face=sans-serif>MNSCPT</FONT>&nbsp;</TD></TR>

<TR>

   <TD>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><FONT size=2 face=sans-serif>CANCELLATION AMENDATORY (RETURN PRO RATA)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><FONT size=2 face=sans-serif>MNSCPT</FONT>&nbsp;</TD></TR>

<TR>

   <TD>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><FONT size=2 face=sans-serif>OTHER INSURANCE AMENDED</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><FONT size=2 face=sans-serif>MNSCPT</FONT>&nbsp;</TD></TR>

<TR>

   <TD>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><FONT size=2 face=sans-serif>NAMED INSURED</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><FONT size=2 face=sans-serif>89644</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><FONT size=2 face=sans-serif>07/05</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><FONT size=2 face=sans-serif>COVERAGE TERRITORY ENDORSEMENT (OFAC)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><FONT size=2 face=sans-serif>78859</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><FONT size=2 face=sans-serif>10/01</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><FONT size=2 face=sans-serif>FORMS INDEX ENDORSEMENT</FONT>&nbsp;</TD></TR></TABLE></DIV>

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<DIV align=left>

<TABLE style="WIDTH: 80%" border=0 cellSpacing=0>



<TR>

   <TD width="100%"></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=right><FONT size=2 face=sans-serif>AUTHORIZED REPRESENTATIVE</FONT>&nbsp;</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P>

<DIV align=left>

<TABLE style="WIDTH: 80%" border=0 cellSpacing=0>



<TR>

   <TD width="85%"></TD>

   <TD width="15%"></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><FONT size=2 face=sans-serif>78859 (10/01)</FONT>&nbsp;</TD>

   <TD noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><FONT size=2 face=sans-serif></FONT></TD>

   <TD noWrap align=left></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><FONT size=2 face=sans-serif>M</FONT>&nbsp;</TD>

   <TD noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><FONT size=2 face=sans-serif></FONT></TD>

   <TD noWrap align=left></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><FONT size=2 face=sans-serif>TEXAS_NOTICE</FONT>&nbsp;</TD>

   <TD noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><FONT size=2 face=sans-serif></FONT></TD>

   <TD noWrap align=left></TD></TR>

<TR vAlign=bottom>

   <TD colSpan=2 noWrap align=left><FONT size=2 face=sans-serif>41206 (9/84)&nbsp;&nbsp; 18</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT size=2 face=sans-serif>COPY</FONT>&nbsp;</TD></TR></TABLE></DIV>

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<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>Excess Liability Insurance</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>ACE American Insurance Company</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>Westchester Fire Insurance Company</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>Policy Declarations</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>This Policy is issued by the stock insurance company listed above (herein "Insurer").</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>UNLESS OTHERWISE PROVIDED IN THE FOLLOWED POLICY, THIS POLICY IS A CLAIMS MADE POLICY WHICH </FONT><FONT size=2 face=sans-serif>COVERS ONLY CLAIMS FIRST MADE AGAINST THE INSUREDS DURING THE POLICY PERIOD. PLEASE READ </FONT><FONT size=2 face=sans-serif>THIS POLICY CAREFULLY.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>Policy No. DON G21666300 009</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>Item 1. Insured Company</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>Principal Address:</FONT><BR><BR><FONT size=2 face=sans-serif>George Putnam Fund of Boston</FONT><BR><BR><FONT size=2 face=sans-serif>One Post Office Square</FONT><BR><BR><FONT size=2 face=sans-serif>Boston, MA 02109</FONT><BR><BR><FONT size=2 face=sans-serif>Item 2. Coverages Provided: Excess Financial Institution Bond</FONT><BR><BR><FONT size=2 face=sans-serif>Item 3. Followed Policy:</FONT><BR><BR><FONT size=2 face=sans-serif>Insurer:</FONT><BR><BR><FONT size=2 face=sans-serif>Policy number</FONT><BR><BR><FONT size=2 face=sans-serif>Investment Company Blanket Bond </FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>National Union Fire Insurance Company of Pittsburgh, Pa.</FONT></P></DIV>

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<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>01-421-23-39</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>Item 4. Policy Period</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>From 12:01 A.M. 12/01/2012 To 12:01 A.M. 12/01/2013</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>(Local time at the address shown in Item 1.)</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>Item 5. Limit of Liability:</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>$10,000,000 Excess of $10,000,000 for all Loss under all Coverages combined.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>Item 6. Premium: $46,450_</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>Discovery Period Premium: Per Primary % of the Policy Period Premium</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>XSDO-002b (02/2005) &#169; ACE USA, 2005 Page 1 of 2</FONT></P></DIV>

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<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>Item 7. NOTICE TO INSURER</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>ACE USA</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>P.O. Box 5105</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>Scranton, PA 18505-0518</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>Fax: 877-746-4641</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>Email address for submitting Management Liability</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>Claims, ManagementLiabilityFirstNotice@acegroup.com</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>Email address for all other correspondence,</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>ApolloProRskACEIncoming@acegroup.com</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>A. All other notices:</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>ACE USA, Professional Risk</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>Attention: Chief Underwriting Officer</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>1133 Avenue of the America, 32ND Floor</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>New York, NY 10036</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>Item 8. Schedule of Underlying Policies:</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>Insurer</FONT><BR><BR><FONT size=2 face=sans-serif>Policy</FONT><BR><BR><FONT size=2 face=sans-serif>Number Limits</FONT><BR><BR><FONT size=2 face=sans-serif>Primary or</FONT><BR><BR><FONT size=2 face=sans-serif>Excess</FONT></P></DIV>

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<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>Policy</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>Period</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>National Union Fire Insurance Company </FONT><FONT size=2 face=sans-serif>of Pittsburgh, Pa.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>01-421-23-39 $10,000,000 Primary 12/01/2012 &#8211; 12/01/2013</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>THESE DECLARATIONS, TOGETHER WITH THE COMPLETED AND SIGNED APPLICATION AND THE POLICY </FONT><FONT size=2 face=sans-serif>FORM ATTACHED HERETO, CONSTITUTE THE INSURANCE POLICY.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>Date _ November 26, 2012</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>MO/DAY/YR. Authorized Representative</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>XSDO-002b (02/2005) &#169; ACE USA, 2005 Page 2 of 2</FONT></P></DIV>

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<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>Excess Liability</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>ACE American Insurance Company</FONT><BR><BR><FONT size=2 face=sans-serif>Westchester Fire Insurance Company</FONT><BR><BR><FONT size=2 face=sans-serif>Insurance Policy</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>I. INSURING CLAUSE</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>In consideration of the payment of the premium and in reliance upon all statements made in the application </FONT><FONT size=2 face=sans-serif>including the information furnished in connection therewith, and subject to all terms, definitions, conditions, </FONT><FONT size=2 face=sans-serif>exclusions and limitations of this policy, the Insurer agrees to provide insurance coverage to the Insureds in </FONT><FONT size=2 face=sans-serif>accordance with the terms, definitions, conditions, exclusions and limitations of the Followed Policy, except </FONT><FONT size=2 face=sans-serif>as otherwise provided herein.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>II. LIMIT OF LIABILITY</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>A.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>It is expressly agreed that liability for any covered Loss shall attach to the Insurer only after the insurers of the Underlying Policies shall have paid, in the applicable legal currency, the full amount of the Underlying Limit and the Insureds shall have paid the full amount of the uninsured retention, if any, applicable to the primary Underlying Policy. The Insurer shall then be liable to pay only covered Loss in excess of such Underlying Limit up to its Aggregate Limit of Liability as set forth in Item 5 of the</FONT></P></DIV>

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<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>Declarations, which shall be the maximum aggregate liability of the Insurer under this policy with respect </FONT><FONT size=2 face=sans-serif>to all Loss on account of all Claims in the Policy Period irrespective of the time of payment by the </FONT><FONT size=2 face=sans-serif>Insurer.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>B.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>In the event and only in the event of the reduction or exhaustion of the Underlying Limit by reason of the </FONT><FONT size=2 face=sans-serif>insurers of the Underlying Policies paying, in the applicable legal currency, Loss otherwise covered hereunder, then this policy shall, subject to the Aggregate Limit of Liability set forth in Item 5 of the Declarations: (i) in the event of reduction, pay excess of the reduced Underlying Limit, and (ii) in the event of exhaustion, continue in force as primary insurance; provided always that in the latter event this policy shall only pay excess of the retention applicable to the exhausted primary Underlying Policy, which retention shall be applied to any subsequent Loss in the same manner as specified in such primary Underlying Policy.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>C.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>Notwithstanding any of the terms of this policy which might be construed otherwise, this policy shall drop </FONT><FONT size=2 face=sans-serif>down only in the event of reduction or exhaustion of the Underlying Limit and shall not drop down for any other reason including, but not limited to, uncollectibility (in whole or in part) of any Underlying Limits. The risk of uncollectibility of such Underlying Limits (in whole or in part) whether because of financial impairment or insolvency of an underlying insurer or for any other reason, is expressly retained by the Insureds and is not in any way or under any circumstances insured or assumed by the Insurer.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>III. DEFINITIONS</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>A.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>The terms "Claim" and "Loss&#8221; have the same meanings in this policy as are attributed to them in the Followed Policy. The terms "Insurer", "Followed Policy", "Underlying Policies", "Policy Period" and "Aggregate Limit of Liability&#8221; have the meanings attributed to them in the Declarations.</FONT></P></DIV>

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<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>B.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>The term "Insureds " means those individuals and entities insured by the Followed Policy.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>C.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>The term "Policy Period" means the period set forth in Item 4 of the Declarations, subject to prior </FONT><FONT size=2 face=sans-serif>termination.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>D.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>The term "Underlying Limit" means an amount equal to the aggregate of all limits of liability as set forth in Item 8 of the Declarations for all Underlying Policies, plus the uninsured retention, if any, applicable to the Underlying Policy.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>IV.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>UNDERLYING INSURANCE</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>XSDO-001b (02/2005) &#169; ACE USA, 2005</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>Page 1 of 2</FONT></P></DIV>

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<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>A.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>This policy is subject to the same representations as are contained in the Application for any Underlying Policy and the same terms, definitions, conditions, exclusions and limitations (except as regards the premium, the limits of liability, the policy period and except as otherwise provided herein) as are contained in or as may be added to the Followed Policy and, to the extent coverage is further limited or restricted thereby, to any other Underlying Policies. In no event shall this policy grant broader coverage than would be provided by any of the Underlying Policies.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>B.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>It is a condition of this policy that the Underlying Policies shall be maintained in full effect with solvent insurers during the Policy Period except for any reduction or exhaustion of the aggregate limits contained therein by reason of Loss paid thereunder (as provided for in Section II (B) above). If the Underlying Policies are not so maintained, the Insurer shall not be liable under this policy to a greater extent than it would have been had such Underlying Policies been so maintained.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>C.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>If during the Policy Period or any Discovery Period the terms, conditions, exclusions or limitations of the Followed Policy are changed in any manner, the Insureds shall as a condition precedent to their rights to coverage under this policy give to the Insurer written notice of the full particulars thereof as soon as practicable but in no event later than 30 days following the effective date of such change. This policy shall become subject to any such changes upon the effective date of the changes in the Followed Policy, provided that the Insureds shall pay any additional premium reasonably required by the Insurer for such changes.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>D.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>As a condition precedent to their rights under this policy, the Insureds shall give to the Insurer as soon </FONT><FONT size=2 face=sans-serif>as practicable written notice and the full particulars of (i) the exhaustion of the aggregate limit of liability</FONT></P></DIV>

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<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>of any Underlying Policy, (ii) any Underlying Policy not being maintained in full effect during the Policy Period, or (iii) an insurer of any Underlying Policy becoming subject to a receivership, liquidation, dissolution, rehabilitation or similar proceeding or being taken over by any regulatory authority.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>V.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>GENERAL CONDITIONS</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>A.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>Discovery Period Premium: If the Insureds elect a discovery period or extended reporting period ("Discovery Period") as set forth in the Followed Policy following the cancellation or non-renewal of this policy, the Insureds shall pay to the Insurer the additional premium set forth in Item 6 of the Declarations.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>B.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>Application of Recoveries: All recoveries or payments recovered or received subsequent to a Loss settlement under this policy shall be applied as if recovered or received prior to such settlement and all necessary adjustments shall then be made between the Insureds and the Insurer, provided always that the foregoing shall not affect the time when Loss under this policy shall be payable.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>C.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>Notice: All notices under this policy shall be given as provided in the Followed Policy and shall be </FONT><FONT size=2 face=sans-serif>properly addressed to the appropriate party at the respective address as shown in the Declarations.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>D.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>Cooperation: The Insureds shall give the Insurer such information and cooperation as it may </FONT><FONT size=2 face=sans-serif>reasonably require.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>E.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>Claim Participation: The Insurer shall have the right, but not the duty, and shall be given the opportunity to effectively associate with the Insureds in the investigation, settlement or defense of any Claim even if the Underlying Limit has not been exhausted.</FONT></P></DIV>

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<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>F.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>Changes and Assignment: Notice to or knowledge possessed by any person shall not effect waiver or change in any part of this policy or stop the Insurer from asserting any right under the terms of this policy. The terms, definitions, conditions, exclusions, and limitations of this policy shall not be waived or changed, and no assignment of any interest under this policy shall bind the Insurer, except as provided by endorsement issued to form a part hereof, signed by the Insurer or its authorized representative.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>G.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>Headings: The descriptions in the headings and sub-headings of this policy are inserted solely for </FONT><FONT size=2 face=sans-serif>convenience and do not constitute any part of the terms or conditions hereof.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>XSDO-001b (02/2005) &#169; ACE USA, 2005</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>Page 2 of 2</FONT></P></DIV>

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<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>SIGNATURES</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>Named Insured</FONT><BR><BR><FONT size=2 face=sans-serif>George Putnam Fund of Boston</FONT><BR><BR><FONT size=2 face=sans-serif>Endorsement Number</FONT><BR><BR><FONT size=2 face=sans-serif>1</FONT><BR><BR><FONT size=2 face=sans-serif>Policy Symbol</FONT><BR><BR><FONT size=2 face=sans-serif>DON</FONT><BR><BR><FONT size=2 face=sans-serif>Policy Number</FONT><BR><BR><FONT size=2 face=sans-serif>G21666300 009</FONT><BR><BR><FONT size=2 face=sans-serif>Policy Period</FONT><BR><BR><FONT size=2 face=sans-serif>12/01/2012 to 12/01/2013</FONT><BR><BR><FONT size=2 face=sans-serif>Effective Date of Endorsement</FONT><BR><BR><FONT size=2 face=sans-serif>12/01/2012</FONT><BR><BR><FONT size=2 face=sans-serif>Issued By (Name of Insurance Company)</FONT><BR><BR><FONT size=2 face=sans-serif>Westchester Fire Insurance Company</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>THE ONLY SIGNATURES APPLICABLE TO THIS POLICY ARE THOSE REPRESENTING THE COMPANY </FONT><FONT size=2 face=sans-serif>NAMED ON THE FIRST PAGE OF THE DECLARATIONS.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>By signing and delivering the policy to you, we state that it is a valid contract.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>INDEMNITY INSURANCE COMPANY OF NORTH AMERICA (A stock company)</FONT></P></DIV>

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<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>BANKERS STANDARD FIRE AND MARINE COMPANY (A stock company)</FONT><BR><BR><FONT size=2 face=sans-serif>BANKERS STANDARD INSURANCE COMPANY (A stock company)</FONT><BR><BR><FONT size=2 face=sans-serif>ACE AMERICAN INSURANCE COMPANY (A stock company)</FONT><BR><BR><FONT size=2 face=sans-serif>ACE PROPERTY AND CASUALTY INSURANCE COMPANY (A stock company)</FONT><BR><BR><FONT size=2 face=sans-serif>INSURANCE COMPANY OF NORTH AMERICA (A stock company)</FONT><BR><BR><FONT size=2 face=sans-serif>PACIFIC EMPLOYERS INSURANCE COMPANY (A stock company)</FONT><BR><BR><FONT size=2 face=sans-serif>ACE FIRE UNDERWRITERS INSURANCE COMPANY (A stock company)</FONT><BR><BR><FONT size=2 face=sans-serif>WESTCHESTER FIRE INSURANCE COMPANY (A stock company)</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>436 Walnut Street, P.O. Box 1000, Philadelphia, Pennsylvania 19106-3703</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>Authorized Representative</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>CC-1K11g (01/11)</FONT></P></DIV>

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<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>THIS ENDORSEMENT CHANGES THE POLICY. PLEASE READ IT CAREFULLY.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>Named Insured</FONT><BR><BR><FONT size=2 face=sans-serif>George Putnam Fund of Boston</FONT><BR><BR><FONT size=2 face=sans-serif>Endorsement Number</FONT><BR><BR><FONT size=2 face=sans-serif>2</FONT><BR><BR><FONT size=2 face=sans-serif>Policy Symbol</FONT><BR><BR><FONT size=2 face=sans-serif>DON</FONT><BR><BR><FONT size=2 face=sans-serif>Policy Number</FONT><BR><BR><FONT size=2 face=sans-serif>G21666300 009</FONT><BR><BR><FONT size=2 face=sans-serif>Policy Period</FONT><BR><BR><FONT size=2 face=sans-serif>12/01/2012 to 12/01/2013</FONT><BR><BR><FONT size=2 face=sans-serif>Effective Date of Endorsement</FONT><BR><BR><FONT size=2 face=sans-serif>12/01/2012</FONT><BR><BR><FONT size=2 face=sans-serif>Issued By (Name of Insurance Company)</FONT><BR><BR><FONT size=2 face=sans-serif>Westchester Fire Insurance Company</FONT><BR><BR><FONT size=2 face=sans-serif>EXCESS ENDORSEMENT</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>In consideration of the premium paid, Section IV, UNDERLYING INSURANCE, subsection C is amended by adding </FONT><FONT size=2 face=sans-serif>the following:</FONT></P></DIV>

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<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>If the terms, definitions, conditions, exclusion or limitations of the Followed Policy are changed in any manner during </FONT><FONT size=2 face=sans-serif>the Policy Period of this policy, or differ in any respect from the binders for such Followed Policy:</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>1.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>It is a condition precedent to coverage under this policy that the Insureds give to the Insurer written notice as </FONT><FONT size=2 face=sans-serif>soon as practicable of the full particulars thereof. If such written notice is not provided, such changes shall not </FONT><FONT size=2 face=sans-serif>apply to this Policy. If such written notice is provided,</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>2.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>Such changes shall apply to this policy upon the effective date of the changes to the Followed Policy only if the </FONT><FONT size=2 face=sans-serif>Insureds pay any reasonable additional premium required by the Insurer. </FONT><FONT size=2 face=sans-serif>All other terms and conditions of the Bond remain unchanged.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>________________________________</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>Authorized Representative</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>PF-14370 (06/03) &#169; ACE USA, 2003</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>Page 1 of 1</FONT></P></DIV>

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<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>THIS ENDORSEMENT CHANGES THE POLICY. PLEASE READ IT CAREFULLY.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>Named Insured</FONT><BR><BR><FONT size=2 face=sans-serif>George Putnam Fund of Boston</FONT><BR><BR><FONT size=2 face=sans-serif>Endorsement Number</FONT><BR><BR><FONT size=2 face=sans-serif>3</FONT><BR><BR><FONT size=2 face=sans-serif>Policy Symbol</FONT><BR><BR><FONT size=2 face=sans-serif>DON</FONT><BR><BR><FONT size=2 face=sans-serif>Policy Number</FONT><BR><BR><FONT size=2 face=sans-serif>G21666300 009</FONT><BR><BR><FONT size=2 face=sans-serif>Policy Period</FONT><BR><BR><FONT size=2 face=sans-serif>12/01/2012 to 12/01/2013</FONT><BR><BR><FONT size=2 face=sans-serif>Effective Date of Endorsement</FONT><BR><BR><FONT size=2 face=sans-serif>12/01/2012</FONT><BR><BR><FONT size=2 face=sans-serif>Issued By (Name of Insurance Company)</FONT><BR><BR><FONT size=2 face=sans-serif>Westchester Fire Insurance Company</FONT><BR><BR><FONT size=2 face=sans-serif>AMEND TO EXCESS BOND FORM</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>It is agreed that the form is amended as follows:</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>1.</FONT></P></DIV>

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<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>Wherever the term &#8220;policy&#8221; appears, it shall be replaced by the term &#8220;crime insurance bond.&#8221;</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>2.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>The first four lines of the Declarations Page are deleted in their entirety and the following is inserted:</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>This Bond is issued by the stock insurance company listed above (herein &#8220;Insurer&#8221;).</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>3.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>Any reference to a Discovery Period Premium, including within Item 6 of the Declarations, is deleted in its entirety.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>4.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>Item 7 of the Declarations is deleted in its entirety and the following is inserted;</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>Notice To Insurer</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>ACE USA, Professional Risk</FONT><BR><BR><FONT size=2 face=sans-serif>1133 Avenue of the Americas, 32ND Floor</FONT><BR><BR><FONT size=2 face=sans-serif>New York, NY 10036</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>5.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>Wherever the term &#8220;uninsured retention&#8221; appears, it shall be replaced by the term &#8220;deductible.&#8221;</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>6.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>The last sentence of Section II, Limit Of Liability, subsection A, is deleted in its entirety and the following is inserted:</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>The Insurer shall then be liable to pay only covered Loss in excess of such Underlying Limit up to its Limit of </FONT><FONT size=2 face=sans-serif>Liability as set forth in Item 5 of the Declarations, which shall be the maximum liability of the Insurer under this bond </FONT><FONT size=2 face=sans-serif>with respect to all Loss on account of all claims or occurrences otherwise covered during the Bond Period</FONT></P></DIV>

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<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>irrespective of the time of payment by the Insurer.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>Section II, Limit of Liability, subsection C is deleted in its entirety and the following is inserted:</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>Notwithstanding any of the terms of this policy which might be construed otherwise, this policy shall not drop down </FONT><FONT size=2 face=sans-serif>for any reason including, but not limited to, uncollectibility (in whole or in part) of any Underlying Limit(s). The risk of </FONT><FONT size=2 face=sans-serif>uncollectibility of such Underlying Limit(s) (in whole or in part) whether because of financial impairment</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>or</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>insolvency of an underlying insurer or for any other reason, is expressly retained by the Insureds and is not in any </FONT><FONT size=2 face=sans-serif>way or under any circumstances insured or assumed by the Insurer.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>7.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>The first sentence of Section III, Definitions, subsection A, is deleted in its entirety.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>8. Section III, Definitions, subsection D, is amended by replacing the phrase &#8220;inapplicable to the</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>Underlying Policy&#8221; with &#8220;applicable to the Followed Policy&#8221;.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>CC1e15 XSB (4/09) &#169;ACE USA, 2009</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>PAGE 1 OF 2</FONT></P></DIV>

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<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>9. Section IV, Underlying Insurance, subsection C, is deleted in its entirety and the following is inserted:</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>If during the Bond Period the terms, conditions, exclusions or limitations of the Followed Bond are changed in any </FONT><FONT size=2 face=sans-serif>manner, or differ in any respect from the binders for such Followed Bond, the Insureds shall as a condition </FONT><FONT size=2 face=sans-serif>precedent to their rights to coverage under this bond give to the Insurer written notice of the full particulars thereof </FONT><FONT size=2 face=sans-serif>as soon as practicable but in no event later than 30 days following the effective date of such change. This bond </FONT><FONT size=2 face=sans-serif>shall become subject to any such changes upon the effective date of the changes in the Followed Bond, provided </FONT><FONT size=2 face=sans-serif>that the Insureds shall pay any additional premium reasonably required by the Insurer for such changes.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>10. Section V, General Conditions, subsections A and E, are deleted in their entirety.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>All other terms and conditions of this form remain unchanged</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>Authorized Representative</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>CC1e15 XSB &#169;ACE USA, 2009 PAGE 2 OF 2</FONT></P></DIV>

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<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>THIS ENDORSEMENT CHANGES THE POLICY. PLEASE READ IT CAREFULLY.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>Named Insured</FONT><BR><BR><FONT size=2 face=sans-serif>George Putnam Fund of Boston</FONT><BR><BR><FONT size=2 face=sans-serif>Endorsement Number</FONT><BR><BR><FONT size=2 face=sans-serif>4</FONT><BR><BR><FONT size=2 face=sans-serif>Policy Symbol</FONT><BR><BR><FONT size=2 face=sans-serif>DON</FONT><BR><BR><FONT size=2 face=sans-serif>Policy Number</FONT><BR><BR><FONT size=2 face=sans-serif>G21666300 009</FONT><BR><BR><FONT size=2 face=sans-serif>Policy Period</FONT><BR><BR><FONT size=2 face=sans-serif>12/01/2012 to 12/01/2013</FONT><BR><BR><FONT size=2 face=sans-serif>Effective Date of Endorsement</FONT><BR><BR><FONT size=2 face=sans-serif>12/01/2012</FONT><BR><BR><FONT size=2 face=sans-serif>Issued By (Name of Insurance Company)</FONT><BR><BR><FONT size=2 face=sans-serif>Westchester Fire Insurance Company</FONT><BR><BR><FONT size=2 face=sans-serif>TRADE OR ECONOMIC SANCTIONS ENDORSEMENT</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>This insurance does not apply to the extent that trade or economic sanctions or other laws or regulations prohibit </FONT><FONT size=2 face=sans-serif>us from providing insurance, including, but not limited to, the payment of claims.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>All other terms and conditions of Bond remain unchanged.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=Arial>_____________________________________________________</FONT></P></DIV>

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<FONT size=2 face="sans-serif">Authorized Agent</FONT></P>
<P style="text-align: left;">
<FONT size=2 face="sans-serif">ALL-21101 (11/06) Ptd. in U.S.A. Page 1 of 1</FONT></P>
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<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>U.S. Treasury Department&#8217;s Office </FONT><FONT size=2 face=sans-serif>Of Foreign Assets Control (&#8220;OFAC&#8221;)</FONT><BR><BR><FONT size=2 face=sans-serif>Advisory Notice to Policyholders</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>This Policyholder Notice shall not be construed as part of your policy and no coverage is provided by this </FONT><FONT size=2 face=sans-serif>Policyholder Notice nor can it be construed to replace any provisions of your policy. You should read your </FONT><FONT size=2 face=sans-serif>policy and review your Declarations page for complete information on the coverages you are provided. </FONT><FONT size=2 face=sans-serif>This Notice provides information concerning possible impact on your insurance coverage due to directives </FONT><FONT size=2 face=sans-serif>issued by OFAC. Please read this Notice carefully. </FONT><FONT size=2 face=sans-serif>The Office of Foreign Assets Control (OFAC) administers and enforces sanctions policy, based on Presidential </FONT><FONT size=2 face=sans-serif>declarations of "national emergency". OFAC has identified and listed numerous:</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>Foreign agents;</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>Front organizations;</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>Terrorists;</FONT></P></DIV>

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<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>Terrorist organizations; and</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>Narcotics traffickers;</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>as "Specially Designated Nationals and Blocked Persons". This list can be located on the United States </FONT><FONT size=2 face=sans-serif>Treasury's web site &#8211; http//www.treas.gov/ofac.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>In accordance with OFAC regulations, if it is determined that you or any other insured, or any person or entity </FONT><FONT size=2 face=sans-serif>claiming the benefits of this insurance has violated U.S. sanctions law or is a Specially Designated National </FONT><FONT size=2 face=sans-serif>and Blocked Person, as identified by OFAC, this insurance will be considered a blocked or frozen contract and </FONT><FONT size=2 face=sans-serif>all provisions of this insurance are immediately subject to OFAC. When an insurance policy is considered to be </FONT><FONT size=2 face=sans-serif>such a blocked or frozen contract, no payments nor premium refunds may be made without authorization from </FONT><FONT size=2 face=sans-serif>OFAC. Other limitations on the premiums and payments also apply.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>PF-17914 (2/05) Reprinted, in part, with permission of Page 1 of 1</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>ISO Properties, Inc.</FONT></P></DIV>

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<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>ACE Producer Compensation</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>Practices &amp; Policies</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>ACE believes that policyholders should have access to information about ACE's practices and policies related to the </FONT><FONT size=2 face=sans-serif>payment of compensation to brokers and independent agents. You can obtain that information by accessing our website </FONT><FONT size=2 face=sans-serif>at http://www.aceproducercompensation.com or by calling the following toll-free telephone number:</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>1-866-512-2862.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>ALL-20887 (10/06)</FONT></P></DIV>

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   <TD noWrap align=left><FONT size=2 face=sans-serif>FINANCIAL INSTITUTION EXCESS FOLLOW FORM CERTIFICATE</FONT>&nbsp;</TD></TR>

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   <TD noWrap align=left><FONT size=2 face=sans-serif>&nbsp;</FONT></TD></TR>

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   <TD noWrap align=left><FONT size=2 face=sans-serif>&nbsp;</FONT></TD></TR>

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   <TD noWrap align=left><FONT size=2 face=sans-serif>The Great American Insurance Company, herein called the UNDERWRITER</FONT>&nbsp;</TD></TR>

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   <TD noWrap align=left><FONT size=2 face=sans-serif>&nbsp;</FONT></TD></TR>

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   <TD noWrap align=left><FONT size=2 face=sans-serif>Bond Number: FS 554-47-44-09</FONT>&nbsp;</TD></TR>

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   <TD noWrap align=left><FONT size=2 face=sans-serif>&nbsp;</FONT></TD></TR>

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   <TD noWrap align=left><FONT size=2 face=sans-serif>Name and Address of Insured: The George Putnam Fund of Boston et al</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><FONT size=2 face=sans-serif>&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; One Post Office Square</FONT>&nbsp;</TD></TR>

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   <TD noWrap align=left><FONT size=2 face=sans-serif><FONT size=2 face=sans-serif>&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT>Boston, Massachusetts 02109</FONT>&nbsp;</TD></TR></TABLE></DIV>

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<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>The UNDERWRITER, in consideration of an agreed premium, and in reliance upon the statements and information furnished to the UNDERWRITER by the Insured, and subject to the terms and conditions of the underlying coverage scheduled in ITEM 3 below, as excess and not contributing insurance, agrees to pay the Insured for loss which:</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>(a) Would have been paid under the Underlying Coverage [01-421-23-39 (Primary Investment Company Blanket Bond) and DON G21666300 009 (First Excess Layer)] but for the fact that such loss exceeds the limit of liability of the Underlying Carrier(s) listed in ITEM 3, and</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>(b) for which the Underlying Carrier has made payment, and the Insured has collected, the full amount </FONT><FONT size=2 face=sans-serif>of the expressed limit of the Underlying Carrier&#8217;s liability.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>ITEM 1. BOND PERIOD: from 12:01 a.m. on December 1, 2012 to 12:01 a.m. on December 1, 2013</FONT></P></DIV>

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   <TD width="33%" noWrap align=left><FONT size=2 face=sans-serif></FONT></TD>

   <TD width="33%" noWrap align=center><FONT size=2 face=sans-serif>(inception)</FONT>&nbsp;</TD>

   <TD width="33%" noWrap align=center><FONT size=2 face=sans-serif>(expiration)</FONT>&nbsp;</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>ITEM 2. LIMIT OF LIABILITY AT INCEPTION: $10,000,000 each and every loss limit of liability for the following Insuring Agreements: (A)-Fidelity, (C)-On Premises, (D)-In Transit, (E)-Forgery or Alteration, (F)-Securities, (G)-Counterfeit Currency, (H)-Stop Payment, (I) &#8211; Uncollectible Items of Deposit, </FONT><FONT size=2 face=sans-serif>(J)-Computer Systems, (K)-Unauthorized Signatures, (L) -Automated Phone Systems, Voice Initiated Transfer Fraud, Telefacsimile Transfer Fraud, Destruction of Data or Programs by Hacker and Destruction of Data or Programs by Virus and excess of the underlying $20,000,000 each and every loss limit of liability and a deductible of $150,000.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>ITEM 3. UNDERLYING COVERAGE:</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>A) PRIMARY CARRIER: National Union Fire Insurance Company of Pittsburgh, PA</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>LIMIT: $10,000,000 each and every loss limit of liability and a </FONT><FONT size=2 face=sans-serif>deductible of $150,000.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>BOND NUMBER: 01-421-23-39</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>BOND PERIOD: December 1, 2012-December 1, 2013</FONT></P></DIV>

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<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>B) 1st EXCESS:&nbsp;&nbsp; Westchester Fire Insurance Company</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>LIMIT: $10,000,000 each and every loss limit of liability and excess of the underlying $10,000,000 each and every loss limit of liability and a deductible of $150,000.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>BOND NUMBER: DON G21666300 009</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>BOND PERIOD: December 1, 2012-December 1, 2013</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>ITEM 4. Coverage provided by this Bond is subject to the following attached Rider(s): N/A</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>ITEM 5. By acceptance of this Bond, you give us notice canceling prior Bond No. FS 554-47-44-08 </FONT><FONT size=2 face=sans-serif>The cancellation to be effective at the same time this Bond becomes effective.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>In witness whereof, the UNDERWRITER has caused this certificate to be signed by an Authorized Representative of the UNDERWRITER this _______ day of _________________, 2012.</FONT></P></DIV>

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   <TD width="51%" noWrap align=left>&nbsp;</TD>

   <TD width="49%" noWrap align=center><FONT size=2 face=sans-serif>GREAT AMERICAN INSURANCE COMPANY</FONT>&nbsp;</TD></TR>

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   <TD width="51%" align=right><FONT size=2 face=sans-serif>By:</FONT></TD>

   <TD width="49%" align=left>_____________________________________________&nbsp;</TD></TR>

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   <TD width="51%" noWrap align=left>&nbsp;</TD>

   <TD width="49%" noWrap align=center><FONT size=2 face=sans-serif>(Authorized Representative)</FONT>&nbsp;</TD></TR>

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   <TD width="51%" noWrap align=left><FONT size=2 face=sans-serif>Excess Follow Form Certificate</FONT>&nbsp;</TD>

   <TD width="49%" noWrap align=left>&nbsp;</TD></TR>

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   <TD width="51%" noWrap align=left><FONT size=2 face=sans-serif>May, 2003 ed.</FONT>&nbsp;</TD>

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   <TD noWrap align=right><B><FONT size=3 face=sans-serif>PREMIUM BILL&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></B>&nbsp;</TD></TR></TABLE></DIV>

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   <TD width="10%" noWrap align=left><FONT size=2 face=sans-serif>Insured:</FONT>&nbsp;</TD>

   <TD width="43%" noWrap align=left><FONT size=2 face=sans-serif>THE GEORGE PUTNAM FUNDS</FONT>&nbsp;</TD>

   <TD width="46%" noWrap align=right><FONT size=2 face=sans-serif>Date: November 20, 2012</FONT>&nbsp;</TD></TR>

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   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="43%" noWrap align=left><FONT size=2 face=sans-serif>C/O PUTNAM INVESTMENTS, LLC</FONT>&nbsp;</TD>

   <TD width="46%" noWrap align=left>&nbsp;</TD></TR>

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   <TD width="10%" noWrap align=left><FONT size=2 face=sans-serif>&nbsp;</FONT></TD>

   <TD width="43%" noWrap align=left><FONT size=2 face=sans-serif></FONT></TD>

   <TD width="46%" noWrap align=left></TD></TR>

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   <TD width="10%" noWrap align=left><FONT size=2 face=sans-serif>Producer:</FONT>&nbsp;</TD>

   <TD width="43%" noWrap align=left><FONT size=2 face=sans-serif>MARSH USA, INC</FONT>&nbsp;</TD>

   <TD width="46%" noWrap align=left>&nbsp;</TD></TR>

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   <TD width="10%" noWrap align=left><FONT size=2 face=sans-serif>&nbsp;</FONT></TD>

   <TD width="43%" noWrap align=left><FONT size=2 face=sans-serif></FONT></TD>

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   <TD width="10%" noWrap align=left><FONT size=2 face=sans-serif>Company:</FONT>&nbsp;</TD>

   <TD width="43%" noWrap align=left><FONT size=2 face=sans-serif>FEDERAL INSURANCE COMPANY</FONT>&nbsp;</TD>

   <TD width="46%" noWrap align=left>&nbsp;</TD></TR></TABLE></DIV>

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<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>THIS BILLING IS TO BE ATTACHED TO AND FORM PART OF THE BOND REFERENCED BELOW.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>NOTE: PLEASE RETURN THIS BILL WITH REMITTANCE AND NOTE HEREON ANY CHANGES. BILL </FONT><FONT size=2 face=sans-serif>WILL BE RECEIPTED AND RETURNED TO YOU PROMPTLY UPON REQUEST.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>PLEASE REMIT TO PRODUCER INDICATED ABOVE. PLEASE REFER TO:</FONT></P>

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   <TD width="20%" align=left></TD>

   <TD width="20%"></TD>

   <TD width="20%"></TD>

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   <TD width="20%" noWrap align=left><FONT size=2 face=sans-serif>EFFECTIVE DATE</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=center><FONT size=2 face=sans-serif>BOND NUMBER</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=center><FONT size=2 face=sans-serif>COVERAGE</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=center>&nbsp;</TD>

   <TD width="20%" noWrap align=center><FONT size=2 face=sans-serif>PREMIUM</FONT>&nbsp;</TD></TR>

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   <TD width="20%" noWrap align=left><FONT size=2 face=sans-serif>December 1, 2012</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=left><FONT size=2 face=sans-serif>82179301</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=left><FONT size=2 face=sans-serif>Excess Bond</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=center><FONT size=2 face=sans-serif>$ 24,000</FONT>&nbsp;</TD></TR>

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</TD></TR>

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   <TD width="20%" noWrap align=center><FONT size=2 face=sans-serif>To</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

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</TD></TR>

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   <TD width="20%" noWrap align=left><FONT size=2 face=sans-serif>December 1, 2013</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left><FONT size=2 face=sans-serif>12-13 Renewal</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

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</TD></TR>

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   <TD width="100%" colSpan=5 align=left>&nbsp;</TD></TR>

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   <TD width="20%" noWrap align=left><FONT size=2 face=sans-serif>10% Commission</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD>

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</TD></TR>

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   <TD width="20%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=center><FONT size=2 face=sans-serif>TOTAL</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=center><FONT size=2 face=sans-serif>$ 24,000</FONT>&nbsp;</TD></TR>

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   <TD width="50%" noWrap align=center><B><FONT size=2 face=sans-serif>Chubb Group of Insurance Companies</FONT></B>&nbsp;</TD>

   <TD width="50%" noWrap align=left><B><FONT size=3 face=sans-serif>DECLARATIONS</FONT></B>&nbsp;</TD></TR>

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   <TD width="50%" noWrap align=left>&nbsp;</TD>

   <TD width="50%" noWrap align=left><B><FONT size=3 face=sans-serif>FINANCIAL INSTITUTION</FONT></B>&nbsp;</TD></TR>

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   <TD width="50%" noWrap align=center><FONT size=1 face=sans-serif>15 Mountain View Road, Warren, New Jersey 07059</FONT>&nbsp;</TD>

   <TD width="50%" noWrap align=left><B><FONT size=3 face=sans-serif>EXCESS BOND FORM E</FONT></B>&nbsp;</TD></TR>

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   <TD width="50%" noWrap align=left><FONT size=2 face=sans-serif>NAME OF ASSURED:</FONT>&nbsp;</TD>

   <TD width="50%" noWrap align=left><FONT size=2 face=sans-serif>Bond Number: 82179301</FONT>&nbsp;</TD></TR>

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   <TD width="100%" colSpan=2>&nbsp;</TD></TR>

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   <TD width="50%" noWrap align=left><FONT size=2 face=sans-serif>THE GEORGE PUTNAM FUNDS</FONT>&nbsp;</TD>

   <TD width="50%" noWrap align=left><B><FONT size=2 face=sans-serif>FEDERAL INSURANCE COMPANY</FONT></B>&nbsp;</TD></TR>

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   <TD width="50%" noWrap align=left><FONT size=2 face=sans-serif>C/O PUTNAM INVESTMENTS, LLC</FONT>&nbsp;</TD>

   <TD width="50%" noWrap align=left><FONT size=1 face=sans-serif>Incorporated under the laws of Indiana,</FONT>&nbsp;</TD></TR>

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   <TD width="50%" noWrap align=left><FONT size=2 face=sans-serif>ONE POST OFFICE SQUARE</FONT>&nbsp;</TD>

   <TD width="50%" noWrap align=left><FONT size=1 face=sans-serif>a stock insurance company, herein called the COMPANY</FONT>&nbsp;</TD></TR>

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   <TD width="50%" noWrap align=left><FONT size=2 face=sans-serif>BOSTON, MA 02109</FONT>&nbsp;</TD>

   <TD width="50%" noWrap align=left>&nbsp;</TD></TR>

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   <TD width="50%" noWrap align=left>&nbsp;</TD>

   <TD width="50%" noWrap align=left><FONT size=2 face=sans-serif>Capital Center, 251 North Illinois, Suite 1100</FONT>&nbsp;</TD></TR>

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   <TD width="50%" noWrap align=left>&nbsp;</TD>

   <TD width="50%" noWrap align=left><FONT size=2 face=sans-serif>Indianapolis, IN 46204-1927</FONT>&nbsp;</TD></TR></TABLE></DIV>

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   <TD width="9%"></TD>

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   <TD width="9%" noWrap align=left><B><FONT size=2 face=sans-serif>ITEM 1.</FONT></B>&nbsp;</TD>

   <TD width="23%" noWrap align=left><FONT size=2 face=sans-serif>BOND PERIOD:</FONT>&nbsp;</TD>

   <TD width="22%" noWrap align=center><FONT size=2 face=sans-serif>from</FONT>&nbsp;</TD>

   <TD width="46%" colSpan=2 noWrap align=left><FONT size=2 face=sans-serif>12:01 a.m. on December 1, 2012</FONT>&nbsp;</TD></TR>

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   <TD width="9%" noWrap align=left>&nbsp;</TD>

   <TD width="23%" noWrap align=left>&nbsp;</TD>

   <TD width="22%" noWrap align=center><FONT size=2 face=sans-serif>to</FONT>&nbsp;</TD>

   <TD width="46%" colSpan=2 noWrap align=left><FONT size=2 face=sans-serif>12:01 a.m. on December 1, 2013</FONT>&nbsp;</TD></TR>

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   <TD width="9%" noWrap align=left><B><FONT size=2 face=sans-serif>&nbsp;</FONT></B></TD>

   <TD width="91%" colSpan=4 noWrap align=left><FONT size=2 face=sans-serif></FONT></TD></TR>

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   <TD width="9%" noWrap align=left><B><FONT size=2 face=sans-serif>ITEM 2.</FONT></B>&nbsp;</TD>

   <TD width="91%" colSpan=4 noWrap align=left><FONT size=2 face=sans-serif>AGGREGATE LIMIT OF LIABILITY: $N/A</FONT>&nbsp;</TD></TR>

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   <TD width="9%" noWrap align=left><B><FONT size=2 face=sans-serif>&nbsp;</FONT></B></TD>

   <TD width="68%" colSpan=3 noWrap align=left><FONT size=2 face=sans-serif></FONT></TD>

   <TD width="23%" noWrap align=left><FONT size=2 face=sans-serif></FONT></TD></TR>

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   <TD width="9%" noWrap align=left><B><FONT size=2 face=sans-serif>ITEM 3.</FONT></B>&nbsp;</TD>

   <TD width="45%" colSpan=2 noWrap align=left><FONT size=2 face=sans-serif>SINGLE LOSS LIMIT OF LIABILITY:</FONT>&nbsp;</TD>

   <TD width="46%" colSpan=2 noWrap align=center><FONT size=2 face=sans-serif>$10,000,000</FONT>&nbsp;</TD></TR>

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   <TD width="9%" noWrap align=left><B><FONT size=2 face=sans-serif>&nbsp;</FONT></B></TD>

   <TD width="68%" colSpan=3 noWrap align=left><FONT size=2 face=sans-serif></FONT></TD>

   <TD width="23%" noWrap align=left></TD></TR>

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   <TD width="9%" noWrap align=left><B><FONT size=2 face=sans-serif>ITEM 4</FONT></B><FONT size=2 face=sans-serif>.</FONT>&nbsp;</TD>

   <TD width="68%" colSpan=3 noWrap align=left><FONT size=2 face=sans-serif>DEDUCTIBLE AMOUNT: $ 150,000</FONT>&nbsp;</TD>

   <TD width="23%" noWrap align=left>&nbsp;</TD></TR>

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   <TD width="9%" noWrap align=left><B><FONT size=2 face=sans-serif>&nbsp;</FONT></B></TD>

   <TD width="45%" colSpan=2 noWrap align=left><FONT size=2 face=sans-serif></FONT></TD>

   <TD width="23%" noWrap align=left></TD>

   <TD width="23%" noWrap align=left></TD></TR>

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   <TD width="9%" noWrap align=left><B><FONT size=2 face=sans-serif>ITEM 5.</FONT></B>&nbsp;</TD>

   <TD width="45%" colSpan=2 noWrap align=left><FONT size=2 face=sans-serif>PRIMARY BOND:</FONT>&nbsp;</TD>

   <TD width="23%" noWrap align=left>&nbsp;</TD>

   <TD width="23%" noWrap align=left>&nbsp;</TD></TR>

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   <TD width="9%" noWrap align=left>&nbsp;</TD>

   <TD width="91%" colSpan=4 noWrap align=left><FONT size=2 face=sans-serif></FONT></TD></TR>

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   <TD width="9%" noWrap align=left>&nbsp;</TD>

   <TD width="91%" colSpan=4 noWrap align=left><FONT size=2 face=sans-serif>Insurer: National Union Fire Insurance Company of Pittsburgh, PA</FONT>&nbsp;</TD></TR>

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   <TD width="9%" noWrap align=left>&nbsp;</TD>

   <TD width="91%" colSpan=4 noWrap align=left><FONT size=2 face=sans-serif>Form and Bond No.-Investment Company Blanket Bond &#8211;Policy 01-421-23-39</FONT>&nbsp;</TD></TR>

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   <TD width="9%" noWrap align=left>&nbsp;</TD>

   <TD width="23%" noWrap align=left><FONT size=2 face=sans-serif>Limit</FONT>&nbsp;</TD>

   <TD width="22%" noWrap align=left>&nbsp;</TD>

   <TD width="46%" colSpan=2 noWrap align=left><FONT size=2 face=sans-serif>$10,000,000</FONT>&nbsp;</TD></TR>

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   <TD width="9%" noWrap align=left>&nbsp;</TD>

   <TD width="23%" noWrap align=left><FONT size=2 face=sans-serif>Deductible:</FONT>&nbsp;</TD>

   <TD width="22%" noWrap align=left>&nbsp;</TD>

   <TD width="23%" noWrap align=left><FONT size=2 face=sans-serif>$150,000</FONT>&nbsp;</TD>

   <TD width="23%" noWrap align=left>&nbsp;</TD></TR>

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   <TD width="9%" noWrap align=left>&nbsp;</TD>

   <TD width="23%" noWrap align=left><FONT size=2 face=sans-serif>Bond Period</FONT>&nbsp;</TD>

   <TD width="22%" noWrap align=left>&nbsp;</TD>

   <TD width="46%" colSpan=2 noWrap align=left><FONT size=2 face=sans-serif>12/01/2012 to 12/01/2013</FONT>&nbsp;</TD></TR>

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   <TD width="100%" colSpan=5>&nbsp;</TD></TR>

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   <TD width="9%" noWrap align=left>&nbsp;</TD>

   <TD width="91%" colSpan=4 noWrap align=left><FONT size=2 face=sans-serif>Insurer: Westchester Fire Insurance Company</FONT>&nbsp;</TD></TR>

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   <TD width="9%" noWrap align=left>&nbsp;</TD>

   <TD width="91%" colSpan=4 noWrap align=left><FONT size=2 face=sans-serif>Form and Bond No.- Excess Financial Institution Bond- Policy DOX 21666300 009</FONT>&nbsp;</TD></TR>

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   <TD width="9%" noWrap align=left>&nbsp;</TD>

   <TD width="23%" noWrap align=left><FONT size=2 face=sans-serif>Limit</FONT>&nbsp;</TD>

   <TD width="22%" noWrap align=left>&nbsp;</TD>

   <TD width="46%" colSpan=2 noWrap align=left><FONT size=2 face=sans-serif>$10,000,000 Excess of $10,000,000</FONT>&nbsp;</TD></TR>

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   <TD width="9%" noWrap align=left>&nbsp;</TD>

   <TD width="23%" noWrap align=left><FONT size=2 face=sans-serif>Deductible:</FONT>&nbsp;</TD>

   <TD width="22%" noWrap align=left>&nbsp;</TD>

   <TD width="23%" noWrap align=left><FONT size=2 face=sans-serif>N/A</FONT>&nbsp;</TD>

   <TD width="23%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="9%" noWrap align=left>&nbsp;</TD>

   <TD width="23%" noWrap align=left><FONT size=2 face=sans-serif>Bond Period</FONT>&nbsp;</TD>

   <TD width="22%" noWrap align=left>&nbsp;</TD>

   <TD width="46%" colSpan=2 noWrap align=left><FONT size=2 face=sans-serif>12/01/2012 to 12/01/2013</FONT>&nbsp;</TD></TR>

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   <TD width="100%" colSpan=5>&nbsp;</TD></TR>

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   <TD width="9%" noWrap align=left>&nbsp;</TD>

   <TD width="91%" colSpan=4 noWrap align=left><FONT size=2 face=sans-serif>Insurer: Great American Insurance Group</FONT>&nbsp;</TD></TR>

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   <TD width="9%" noWrap align=left>&nbsp;</TD>

   <TD width="91%" colSpan=4 noWrap align=left><FONT size=2 face=sans-serif>Form and Bond No. - Excess Follow Form Certificate- Bond Number FS 554-47-44-09</FONT>&nbsp;</TD></TR>

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   <TD width="9%" noWrap align=left>&nbsp;</TD>

   <TD width="23%" noWrap align=left><FONT size=2 face=sans-serif>Limit</FONT>&nbsp;</TD>

   <TD width="22%" noWrap align=left>&nbsp;</TD>

   <TD width="46%" colSpan=2 noWrap align=left><FONT size=2 face=sans-serif>$10,000,000 Excess of $30,000,000</FONT>&nbsp;</TD></TR>

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   <TD width="9%" noWrap align=left>&nbsp;</TD>

   <TD width="23%" noWrap align=left><FONT size=2 face=sans-serif>Deductible:</FONT>&nbsp;</TD>

   <TD width="22%" noWrap align=left>&nbsp;</TD>

   <TD width="23%" noWrap align=left><FONT size=2 face=sans-serif>N/A</FONT>&nbsp;</TD>

   <TD width="23%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="9%" noWrap align=left>&nbsp;</TD>

   <TD width="23%" noWrap align=left><FONT size=2 face=sans-serif>Bond Period</FONT>&nbsp;</TD>

   <TD width="22%" noWrap align=left>&nbsp;</TD>

   <TD width="46%" colSpan=2 noWrap align=left><FONT size=2 face=sans-serif>12/01/2012 to 12/01/2013</FONT>&nbsp;</TD></TR></TABLE></DIV>

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<TR>

   <TD width="10%"></TD>

   <TD width="90%"></TD></TR>

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   <TD width="10%" noWrap align=left><B><FONT size=2 face=sans-serif>ITEM 6.</FONT></B>&nbsp;</TD>

   <TD width="90%" noWrap align=left><FONT size=2 face=sans-serif>COVERAGE EXCEPTIONS TO PRIMARY BOND:</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=2>&nbsp;</TD></TR>

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   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="90%" noWrap align=left><FONT size=2 face=sans-serif>NOTWITHSTANDING ANY COVERAGE PROVIDED BY THE PRIMARY BOND, THIS EXCESS BOND</FONT>&nbsp;</TD></TR>

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   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="90%" noWrap align=left><FONT size=2 face=sans-serif>DOES NOT DIRECTLY OR INDIRECTLY COVER: N/A</FONT>&nbsp;</TD></TR>

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   <TD width="10%" noWrap align=left><B><FONT size=2 face=sans-serif>ITEM 7.</FONT></B>&nbsp;</TD>

   <TD width="90%" noWrap align=left><FONT size=2 face=sans-serif>TOTAL OF LIMITS OF LIABILITY OF OTHER UNDERLYING BONDS, EXCESS OF PRIMARY BOND:</FONT>&nbsp;</TD></TR>

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   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="90%" noWrap align=left><FONT size=2 face=sans-serif>$30 Million</FONT>&nbsp;</TD></TR>

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   <TD width="100%" colSpan=2>&nbsp;</TD></TR>

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   <TD width="10%" noWrap align=left><B><FONT size=2 face=sans-serif>ITEM 8.</FONT></B>&nbsp;</TD>

   <TD width="90%" noWrap align=left><FONT size=2 face=sans-serif>THE LIABILITY OF THE COMPANY IS ALSO SUBJECT TO THE TERMS OF THE FOLLOWING</FONT>&nbsp;</TD></TR>

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   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="90%" noWrap align=left><FONT size=2 face=sans-serif>ENDORSEMENTS EXECUTED SIMULTANEOUSLY HEREWITH:</FONT>&nbsp;</TD></TR>

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   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="90%" noWrap align=left><FONT size=2 face=sans-serif>1.) Compliance with Applicable Trade Sanction Laws</FONT>&nbsp;</TD></TR></TABLE></DIV>

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<P style="TEXT-ALIGN: left"><B><FONT size=2 face=sans-serif>IN WITNESS WHEREOF, THE COMPANY </FONT></B><FONT size=2 face=sans-serif>issuing this Bond has caused this Bond to be signed by its authorized officers, but it shall not be valid unless also signed by a duly authorized representative of the Company.</FONT></P>
<IMG border=0 src="threexschubbx3x1.jpg"> <BR></DIV>

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<TR>

   <TD width="33%"></TD>

   <TD width="33%"></TD>

   <TD width="33%"></TD></TR>

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   <TD width="33%" noWrap align=left>&nbsp;</TD>

   <TD width="66%" colSpan=2 noWrap align=left><FONT size=2 face=sans-serif>The COMPANY, in consideration of the required premium, and in reliance on the</FONT>&nbsp;</TD></TR>

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   <TD width="33%" noWrap align=left>&nbsp;</TD>

   <TD width="66%" colSpan=2 noWrap align=left><FONT size=2 face=sans-serif>statements and information furnished to the COMPANY by the ASSURED, and subject</FONT>&nbsp;</TD></TR>

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   <TD width="33%" noWrap align=left>&nbsp;</TD>

   <TD width="66%" colSpan=2 noWrap align=left><FONT size=2 face=sans-serif>to the DECLARATIONS made a part of this bond and to all other terms and conditions</FONT>&nbsp;</TD></TR>

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   <TD width="33%" noWrap align=left>&nbsp;</TD>

   <TD width="66%" colSpan=2 noWrap align=left><FONT size=2 face=sans-serif>of this bond, agrees to pay the ASSURED for:</FONT>&nbsp;</TD></TR>

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</TD></TR>

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   <TD width="99%" colSpan=3>&nbsp;</TD></TR>

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   <TD width="99%" colSpan=3>&nbsp;</TD></TR>

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   <TD width="33%" noWrap align=left><B><I><FONT size=3 face=sans-serif>Insuring Clause</FONT></I></B>&nbsp;</TD>

   <TD width="66%" colSpan=2 noWrap align=left><FONT size=2 face=sans-serif>Loss which would have been paid under the </FONT><B><FONT size=2 face=sans-serif>Primary Bond </FONT></B><FONT size=2 face=sans-serif>but for the fact the loss</FONT>&nbsp;</TD></TR>

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   <TD width="33%" noWrap align=left>&nbsp;</TD>

   <TD width="66%" colSpan=2 noWrap align=left><FONT size=2 face=sans-serif>exceeds the </FONT><B><FONT size=2 face=sans-serif>Deductible Amount</FONT></B><FONT size=2 face=sans-serif>.</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=3>&nbsp;</TD></TR>

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   <TD width="33%" noWrap align=left>&nbsp;</TD>

   <TD width="66%" colSpan=2 noWrap align=left><FONT size=2 face=sans-serif>Coverage under this bond shall follow the terms and conditions of the </FONT><B><FONT size=2 face=sans-serif>Primary Bond</FONT></B><FONT size=2 face=sans-serif>,</FONT>&nbsp;</TD></TR>

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   <TD width="33%" noWrap align=left>&nbsp;</TD>

   <TD width="66%" colSpan=2 noWrap align=left><FONT size=2 face=sans-serif>except with respect to:</FONT>&nbsp;</TD></TR>

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   <TD width="99%" colSpan=3>&nbsp;</TD></TR>

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   <TD width="33%" noWrap align=left>&nbsp;</TD>

   <TD width="66%" colSpan=2 noWrap align=left><FONT size=2 face=sans-serif>a.</FONT>&nbsp;&nbsp; <FONT size=2 face=sans-serif>The coverage exceptions in ITEM 6. of the DECLARATIONS; and</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=3>&nbsp;</TD></TR>

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   <TD width="33%" noWrap align=left>&nbsp;</TD>

   <TD width="66%" colSpan=2 noWrap align=left><FONT size=2 face=sans-serif>b.</FONT>&nbsp;&nbsp; <FONT size=2 face=sans-serif>The limits of liability as stated in ITEM 2. and ITEM 3. of the DECLARATIONS.</FONT>&nbsp;</TD></TR>

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   <TD width="99%" colSpan=3>&nbsp;</TD></TR>

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   <TD width="33%" noWrap align=left>&nbsp;</TD>

   <TD width="66%" colSpan=2 noWrap align=left><FONT size=2 face=sans-serif>With respect to the exceptions stated above, the provisions of this bond shall apply.</FONT>&nbsp;</TD></TR>

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</TD></TR>

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   <TD width="99%" colSpan=3>&nbsp;</TD></TR>

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   <TD width="33%" noWrap align=left><B><I><FONT size=3 face=sans-serif>General Agreements</FONT></I></B>&nbsp;</TD>

   <TD width="33%" noWrap align=left>&nbsp;</TD>

   <TD width="33%" noWrap align=left>&nbsp;</TD></TR>

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   <TD width="99%" colSpan=3>&nbsp;</TD></TR>

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   <TD width="99%" colSpan=3>&nbsp;</TD></TR>

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   <TD width="33%" noWrap align=left><I><FONT size=2 face=sans-serif>Change Or Modification</FONT></I>&nbsp;</TD>

   <TD width="66%" colSpan=2 noWrap align=left><FONT size=2 face=sans-serif>A.&nbsp;&nbsp;</FONT>&nbsp;<FONT size=2 face=sans-serif>If after the inception date of this bond the </FONT><B><FONT size=2 face=sans-serif>Primary Bond </FONT></B><FONT size=2 face=sans-serif>is changed or modified,</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="33%" noWrap align=left><I><FONT size=2 face=sans-serif>Of Primary Bond</FONT></I>&nbsp;</TD>

   <TD width="66%" colSpan=2 noWrap align=left><FONT size=2 face=sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;written notice of any such change or modification shall be given to the COMPANY</FONT>&nbsp;</TD></TR>

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   <TD width="33%" noWrap align=left>&nbsp;</TD>

   <TD width="66%" colSpan=2 noWrap align=left><FONT size=2 face=sans-serif><FONT size=2 face=sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>as soon as practicable, not to exceed thirty (30) days after such change or</FONT>&nbsp;</TD></TR>

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   <TD width="33%" noWrap align=left>&nbsp;</TD>

   <TD width="66%" colSpan=2 noWrap align=left><FONT size=2 face=sans-serif><FONT size=2 face=sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>modification, together with such information as the COMPANY may request. There</FONT>&nbsp;</TD></TR>

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   <TD width="33%" noWrap align=left>&nbsp;</TD>

   <TD width="66%" colSpan=2 noWrap align=left><FONT size=2 face=sans-serif><FONT size=2 face=sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>shall be no coverage under this bond for any loss related to such change or</FONT>&nbsp;</TD></TR>

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   <TD width="33%" noWrap align=left>&nbsp;</TD>

   <TD width="66%" colSpan=2 noWrap align=left><FONT size=2 face=sans-serif><FONT size=2 face=sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>modification until such time as the COMPANY is advised of and specifically</FONT>&nbsp;</TD></TR>

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   <TD width="33%" noWrap align=left>&nbsp;</TD>

   <TD width="66%" colSpan=2 noWrap align=left><FONT size=2 face=sans-serif><FONT size=2 face=sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>agrees by written endorsement to provide coverage for such change or</FONT>&nbsp;</TD></TR>

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   <TD width="33%" noWrap align=left>&nbsp;</TD>

   <TD width="66%" colSpan=2 noWrap align=left><FONT size=2 face=sans-serif><FONT size=2 face=sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>modification.</FONT>&nbsp;</TD></TR>

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</TD></TR>

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   <TD width="99%" colSpan=3>&nbsp;</TD></TR>

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   <TD width="33%" noWrap align=left><I><FONT size=2 face=sans-serif>Representations Made</FONT></I>&nbsp;</TD>

   <TD width="66%" colSpan=2 noWrap align=left><FONT size=2 face=sans-serif>B.&nbsp;&nbsp;</FONT>&nbsp;<FONT size=2 face=sans-serif>The ASSURED represents that all information it has furnished to the COMPANY</FONT>&nbsp;</TD></TR>

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   <TD width="33%" noWrap align=left><I><FONT size=2 face=sans-serif>By Assured</FONT></I>&nbsp;</TD>

   <TD width="66%" colSpan=2 noWrap align=left><FONT size=2 face=sans-serif><FONT size=2 face=sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>for this bond or otherwise is complete, true and correct. Such information</FONT>&nbsp;</TD></TR>

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   <TD width="33%" noWrap align=left>&nbsp;</TD>

   <TD width="66%" colSpan=2 noWrap align=left><FONT size=2 face=sans-serif><FONT size=2 face=sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>constitutes part of this bond.</FONT>&nbsp;</TD></TR>

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   <TD width="33%" noWrap align=left>&nbsp;</TD>

   <TD width="66%" colSpan=2 noWrap align=left><FONT size=2 face=sans-serif><FONT size=2 face=sans-serif><FONT size=2 face=sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT>The ASSURED must promptly notify the COMPANY of any change in any fact or</FONT>&nbsp;</TD></TR>

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   <TD width="33%" noWrap align=left>&nbsp;</TD>

   <TD width="66%" colSpan=2 noWrap align=left><FONT size=2 face=sans-serif><FONT size=2 face=sans-serif><FONT size=2 face=sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT>circumstance which materially affects the risk assumed by the COMPANY under</FONT>&nbsp;</TD></TR>

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   <TD width="33%" noWrap align=left>&nbsp;</TD>

   <TD width="66%" colSpan=2 noWrap align=left><FONT size=2 face=sans-serif><FONT size=2 face=sans-serif><FONT size=2 face=sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT>this bond.</FONT>&nbsp;</TD></TR>

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<TR vAlign=bottom>

   <TD width="33%" noWrap align=left>&nbsp;</TD>

   <TD width="66%" colSpan=2 noWrap align=left><FONT size=2 face=sans-serif><FONT size=2 face=sans-serif><FONT size=2 face=sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT>Any misrepresentation, omission, concealment or incorrect statement of a material</FONT>&nbsp;</TD></TR>

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   <TD width="33%" noWrap align=left>&nbsp;</TD>

   <TD width="66%" colSpan=2 noWrap align=left><FONT size=2 face=sans-serif><FONT size=2 face=sans-serif><FONT size=2 face=sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT>fact by the ASSURED to the COMPANY shall be grounds for recision of this bond.</FONT>&nbsp;</TD></TR>

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</TD></TR>

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   <TD width="33%" noWrap align=left><I><FONT size=2 face=sans-serif>Notice To Company Of</FONT></I>&nbsp;</TD>

   <TD width="66%" colSpan=2 noWrap align=left><FONT size=2 face=sans-serif>C.</FONT>&nbsp;&nbsp;<FONT size=2 face=sans-serif>The ASSURED shall notify the COMPANY at the earliest practical moment, not to</FONT>&nbsp;</TD></TR>

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   <TD width="33%" noWrap align=left><I><FONT size=2 face=sans-serif>Legal Proceedings Against</FONT></I>&nbsp;</TD>

   <TD width="66%" colSpan=2 noWrap align=left><FONT size=2 face=sans-serif><FONT size=2 face=sans-serif><FONT size=2 face=sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT>exceed thirty (30) days after the ASSURED receives notice, of any legal</FONT>&nbsp;</TD></TR>

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   <TD width="33%" noWrap align=left><I><FONT size=2 face=sans-serif>Assured - Election To</FONT></I>&nbsp;</TD>

   <TD width="66%" colSpan=2 noWrap align=left><FONT size=2 face=sans-serif><FONT size=2 face=sans-serif><FONT size=2 face=sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT>proceeding brought to determine the ASSURED&#8217;S liability for any loss, claim or</FONT>&nbsp;</TD></TR>

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   <TD width="33%" noWrap align=left><I><FONT size=2 face=sans-serif>Defend</FONT></I>&nbsp;</TD>

   <TD width="66%" colSpan=2 noWrap align=left><FONT size=2 face=sans-serif><FONT size=2 face=sans-serif><FONT size=2 face=sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT>damage which, if established, would constitute a collectible loss under this bond or</FONT>&nbsp;</TD></TR>

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   <TD width="33%" noWrap align=left>&nbsp;</TD>

   <TD width="66%" colSpan=2 noWrap align=left><FONT size=2 face=sans-serif><FONT size=2 face=sans-serif><FONT size=2 face=sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT>any of the </FONT><B><FONT size=2 face=sans-serif>Underlying Bonds</FONT></B><FONT size=2 face=sans-serif>. Concurrent with such notice, and as requested</FONT>&nbsp;</TD></TR>

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   <TD width="33%" noWrap align=left>&nbsp;</TD>

   <TD width="66%" colSpan=2 noWrap align=left><FONT size=2 face=sans-serif><FONT size=2 face=sans-serif><FONT size=2 face=sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT>thereafter, the ASSURED shall furnish copies of all pleadings and pertinent</FONT>&nbsp;</TD></TR>

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   <TD width="33%" noWrap align=left>&nbsp;</TD>

   <TD width="66%" colSpan=2 noWrap align=left><FONT size=2 face=sans-serif><FONT size=2 face=sans-serif><FONT size=2 face=sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT>papers to the COMPANY.</FONT>&nbsp;</TD></TR></TABLE></DIV>

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   <TD width="45%"></TD>

   <TD width="5%"></TD>

   <TD width="17%"></TD>

   <TD width="17%"></TD>

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   <TD width="45%" noWrap align=left><B><I><FONT size=3 face=sans-serif>General Agreements</FONT></I></B>&nbsp;</TD>

   <TD width="5%" noWrap align=left>&nbsp;</TD>

   <TD width="17%" noWrap align=left>&nbsp;</TD>

   <TD width="17%" noWrap align=left>&nbsp;</TD>

   <TD width="17%" noWrap align=left>&nbsp;</TD></TR>

<TR>

   <TD width="101%" colSpan=5>&nbsp;</TD></TR>

<TR>

   <TD width="101%" colSpan=5>&nbsp;</TD></TR>

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   <TD width="45%" noWrap align=left><I><FONT size=2 face=sans-serif>Notice To Company Of</FONT></I>&nbsp;</TD>

   <TD width="5%" noWrap align=left>&nbsp;</TD>

   <TD width="51%" colSpan=3 noWrap align=left><FONT size=2 face=sans-serif>If the COMPANY elects to defend all or part of any legal proceeding, the court</FONT>&nbsp;</TD></TR>

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   <TD width="45%" noWrap align=left><I><FONT size=2 face=sans-serif>Legal Proceedings Against</FONT></I>&nbsp;</TD>

   <TD width="5%" noWrap align=left>&nbsp;</TD>

   <TD width="51%" colSpan=3 noWrap align=left><FONT size=2 face=sans-serif>costs and attorneys&#8217; fees incurred by the COMPANY and any settlement or</FONT>&nbsp;</TD></TR>

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   <TD width="45%" noWrap align=left><I><FONT size=2 face=sans-serif>Assured - Election To</FONT></I>&nbsp;</TD>

   <TD width="5%" noWrap align=left>&nbsp;</TD>

   <TD width="51%" colSpan=3 noWrap align=left><FONT size=2 face=sans-serif>judgment on that part defended by the COMPANY shall be a loss under this bond.</FONT>&nbsp;</TD></TR>

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   <TD width="45%" noWrap align=left><I><FONT size=2 face=sans-serif>Defend</FONT></I>&nbsp;</TD>

   <TD width="5%" noWrap align=left>&nbsp;</TD>

   <TD width="51%" colSpan=3 noWrap align=left><FONT size=2 face=sans-serif>The COMPANY&#8217;S liability for court costs and attorneys&#8217; fees incurred in defending</FONT>&nbsp;</TD></TR>

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   <TD width="45%" noWrap align=left><I><FONT size=2 face=sans-serif>(continued)</FONT></I>&nbsp;</TD>

   <TD width="5%" noWrap align=left>&nbsp;</TD>

   <TD width="51%" colSpan=3 noWrap align=left><FONT size=2 face=sans-serif>all or part of such legal proceeding is limited to the proportion of such court costs</FONT>&nbsp;</TD></TR>

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   <TD width="45%" noWrap align=left>&nbsp;</TD>

   <TD width="5%" noWrap align=left>&nbsp;</TD>

   <TD width="51%" colSpan=3 noWrap align=left><FONT size=2 face=sans-serif>and attorneys&#8217; fees incurred that the amount recoverable under this bond bears to</FONT>&nbsp;</TD></TR>

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   <TD width="45%" noWrap align=left>&nbsp;</TD>

   <TD width="5%" noWrap align=left>&nbsp;</TD>

   <TD width="51%" colSpan=3 noWrap align=left><FONT size=2 face=sans-serif>the amount demanded in such legal proceeding.</FONT>&nbsp;</TD></TR>

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   <TD width="45%" noWrap align=left>&nbsp;</TD>

   <TD width="5%" noWrap align=left></TD>

   <TD width="51%" colSpan=3 noWrap align=right><FONT size=2 face=sans-serif></FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="45%" noWrap align=left>&nbsp;</TD>

   <TD width="5%" noWrap align=left>&nbsp;</TD>

   <TD width="51%" colSpan=3 noWrap align=left><FONT size=2 face=sans-serif>If the COMPANY declines to defend the ASSURED, no settlement without the</FONT>&nbsp;</TD></TR>

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   <TD width="45%" noWrap align=left>&nbsp;</TD>

   <TD width="5%" noWrap align=left>&nbsp;</TD>

   <TD width="51%" colSpan=3 noWrap align=left><FONT size=2 face=sans-serif>prior written consent of the COMPANY or judgment against the ASSURED shall</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="45%" noWrap align=left>&nbsp;</TD>

   <TD width="5%" noWrap align=left>&nbsp;</TD>

   <TD width="51%" colSpan=3 noWrap align=left><FONT size=2 face=sans-serif>determine the existence, extent or amount of coverage under this bond, and the</FONT>&nbsp;</TD></TR>

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   <TD width="45%" noWrap align=left>&nbsp;</TD>

   <TD width="5%" noWrap align=left>&nbsp;</TD>

   <TD width="51%" colSpan=3 noWrap align=left><FONT size=2 face=sans-serif>COMPANY shall not be liable for any costs, fees and expenses incurred by the</FONT>&nbsp;</TD></TR>

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   <TD width="45%" noWrap align=left>&nbsp;</TD>

   <TD width="5%" noWrap align=left>&nbsp;</TD>

   <TD width="51%" colSpan=3 noWrap align=left><FONT size=2 face=sans-serif>ASSURED.</FONT>&nbsp;</TD></TR>

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   <HR SIZE=1 noShade>

</TD></TR>

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   <TD width="101%" colSpan=5>&nbsp;</TD></TR>

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   <TD width="101%" colSpan=5>&nbsp;</TD></TR>

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   <TD width="45%" noWrap align=left><B><I><FONT size=3 face=sans-serif>Conditions And</FONT></I></B>&nbsp;</TD>

   <TD width="5%" noWrap align=left>&nbsp;</TD>

   <TD width="17%" noWrap align=left>&nbsp;</TD>

   <TD width="17%" noWrap align=left>&nbsp;</TD>

   <TD width="17%" noWrap align=left>&nbsp;</TD></TR>

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   <TD width="45%" noWrap align=left><B><I><FONT size=3 face=sans-serif>Limitations</FONT></I></B>&nbsp;</TD>

   <TD width="5%" noWrap align=left>&nbsp;</TD>

   <TD width="17%" noWrap align=left>&nbsp;</TD>

   <TD width="17%" noWrap align=left>&nbsp;</TD>

   <TD width="17%" noWrap align=left>&nbsp;</TD></TR>

<TR>

   <TD width="101%" colSpan=5>&nbsp;</TD></TR>

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   <TD width="101%" colSpan=5>&nbsp;</TD></TR>

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   <TD width="45%" noWrap align=left><I><FONT size=2 face=sans-serif>Definitions</FONT></I>&nbsp;</TD>

   <TD width="5%" noWrap align=left><FONT size=2 face=sans-serif>1.</FONT>&nbsp;</TD>

   <TD width="51%" colSpan=3 noWrap align=left><FONT size=2 face=sans-serif>As used in this bond:</FONT>&nbsp;</TD></TR>

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   <TD width="45%" noWrap align=left>&nbsp;</TD>

   <TD width="5%" noWrap align=left></TD>

   <TD width="51%" colSpan=3 noWrap align=left><FONT size=2 face=sans-serif></FONT></TD></TR>

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   <TD width="45%" noWrap align=left>&nbsp;</TD>

   <TD width="5%" noWrap align=left>&nbsp;</TD>

   <TD width="51%" colSpan=3 noWrap align=left><FONT size=2 face=sans-serif>a.</FONT>&nbsp;&nbsp; <B><FONT size=2 face=sans-serif>Deductible Amount </FONT></B><FONT size=2 face=sans-serif>means the amount stated in ITEM 4. of the</FONT>&nbsp;</TD></TR>

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   <TD width="45%" noWrap align=left>&nbsp;</TD>

   <TD width="5%" noWrap align=left>&nbsp;</TD>

   <TD width="51%" colSpan=3 noWrap align=left><FONT size=2 face=sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; DECLARATIONS. In no event shall this </FONT><B><FONT size=2 face=sans-serif>Deductible Amount </FONT></B><FONT size=2 face=sans-serif>be reduced for</FONT>&nbsp;</TD></TR>

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   <TD width="45%" noWrap align=left>&nbsp;</TD>

   <TD width="5%" noWrap align=left>&nbsp;</TD>

   <TD width="51%" colSpan=3 noWrap align=left><FONT size=2 face=sans-serif><FONT size=2 face=sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT>any reason, including but not limited to, the non-existence, invalidity,</FONT>&nbsp;</TD></TR>

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   <TD width="45%" noWrap align=left>&nbsp;</TD>

   <TD width="5%" noWrap align=left>&nbsp;</TD>

   <TD width="51%" colSpan=3 noWrap align=left><FONT size=2 face=sans-serif><FONT size=2 face=sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT>insufficiency or uncollectibility of any of the </FONT><B><FONT size=2 face=sans-serif>Underlying Bonds</FONT></B><FONT size=2 face=sans-serif>, including the</FONT>&nbsp;</TD></TR>

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   <TD width="45%" noWrap align=left>&nbsp;</TD>

   <TD width="5%" noWrap align=left>&nbsp;</TD>

   <TD width="51%" colSpan=3 noWrap align=left><FONT size=2 face=sans-serif><FONT size=2 face=sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT>insolvency or dissolution of any Insurer providing coverage under any of the</FONT>&nbsp;</TD></TR>

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   <TD width="45%" noWrap align=left>&nbsp;</TD>

   <TD width="5%" noWrap align=left>&nbsp;</TD>

   <TD width="51%" colSpan=3 noWrap align=left><B><FONT size=2 face=sans-serif><FONT size=2 face=sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT>Underlying Bonds</FONT></B><FONT size=2 face=sans-serif>.</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="101%" colSpan=5>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="45%" noWrap align=left>&nbsp;</TD>

   <TD width="5%" noWrap align=left>&nbsp;</TD>

   <TD width="51%" colSpan=3 noWrap align=left><FONT size=2 face=sans-serif>b.</FONT>&nbsp;&nbsp; <B><FONT size=2 face=sans-serif>Primary Bond </FONT></B><FONT size=2 face=sans-serif>means the bond scheduled in ITEM 5. of the</FONT>&nbsp;</TD></TR>

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   <TD width="45%" noWrap align=left>&nbsp;</TD>

   <TD width="5%" noWrap align=left>&nbsp;</TD>

   <TD width="51%" colSpan=3 noWrap align=left><FONT size=2 face=sans-serif><FONT size=2 face=sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT>DECLARATIONS or any bond that may replace or substitute for such bond.</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="101%" colSpan=5>&nbsp;</TD></TR>

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   <TD width="45%" noWrap align=left>&nbsp;</TD>

   <TD width="5%" noWrap align=left>&nbsp;</TD>

   <TD width="51%" colSpan=3 noWrap align=left><FONT size=2 face=sans-serif>c.</FONT>&nbsp;&nbsp; <B><FONT size=2 face=sans-serif>Single Loss </FONT></B><FONT size=2 face=sans-serif>means all covered loss, including court costs and attorneys&#8217;</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="45%" noWrap align=left>&nbsp;</TD>

   <TD width="5%" noWrap align=left>&nbsp;</TD>

   <TD width="51%" colSpan=3 noWrap align=left><FONT size=2 face=sans-serif><FONT size=2 face=sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT>fees incurred by the COMPANY under General Agreement C., resulting</FONT>&nbsp;</TD></TR>

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   <TD width="45%" noWrap align=left>&nbsp;</TD>

   <TD width="5%" noWrap align=left>&nbsp;</TD>

   <TD width="34%" colSpan=2 noWrap align=left><FONT size=2 face=sans-serif><FONT size=2 face=sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT>from:</FONT>&nbsp;</TD>

   <TD width="17%" noWrap align=left>&nbsp;</TD></TR>

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   <TD width="45%" noWrap align=left>&nbsp;</TD>

   <TD width="5%" noWrap align=left></TD>

   <TD width="51%" colSpan=3 noWrap align=left><FONT size=2 face=sans-serif><FONT size=2 face=sans-serif></FONT></FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="45%" noWrap align=left>&nbsp;</TD>

   <TD width="5%" noWrap align=left>&nbsp;</TD>

   <TD width="51%" colSpan=3 noWrap align=left><FONT size=2 face=sans-serif><FONT size=2 face=sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT>(1)</FONT>&nbsp;<FONT size=2 face=sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT size=2 face=sans-serif>any one act of burglary, robbery or attempt either, in which no</FONT>&nbsp;</TD></TR>

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   <TD width="45%" noWrap align=left>&nbsp;</TD>

   <TD width="5%" noWrap align=left>&nbsp;</TD>

   <TD width="51%" colSpan=3 noWrap align=left><FONT size=2 face=sans-serif><FONT size=2 face=sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT size=2 face=sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT size=2 face=sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>employee of the ASSURED is implicated, or</FONT>&nbsp;</TD></TR>

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   <TD width="45%" noWrap align=left>&nbsp;</TD>

   <TD width="5%" noWrap align=left></TD>

   <TD width="51%" colSpan=3 noWrap align=left><FONT size=2 face=sans-serif><FONT size=2 face=sans-serif></FONT></FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="45%" noWrap align=left>&nbsp;</TD>

   <TD width="5%" noWrap align=left>&nbsp;</TD>

   <TD width="51%" colSpan=3 noWrap align=left><FONT size=2 face=sans-serif><FONT size=2 face=sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT>(2)</FONT>&nbsp;<FONT size=2 face=sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT size=2 face=sans-serif>any one act or series of related acts on the part of any person resulting</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="45%" noWrap align=left>&nbsp;</TD>

   <TD width="5%" noWrap align=left>&nbsp;</TD>

   <TD width="51%" colSpan=3 noWrap align=left><FONT size=2 face=sans-serif><FONT size=2 face=sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT size=2 face=sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT size=2 face=sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>in damage to or destruction or misplacement of property, or</FONT>&nbsp;</TD></TR>

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   <TD width="45%" noWrap align=left>&nbsp;</TD>

   <TD width="5%" noWrap align=left></TD>

   <TD width="51%" colSpan=3 noWrap align=left><FONT size=2 face=sans-serif><FONT size=2 face=sans-serif></FONT></FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="45%" noWrap align=left>&nbsp;</TD>

   <TD width="5%" noWrap align=left>&nbsp;</TD>

   <TD width="51%" colSpan=3 noWrap align=left><FONT size=2 face=sans-serif><FONT size=2 face=sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT>(3)</FONT>&nbsp;<FONT size=2 face=sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT size=2 face=sans-serif>all acts other than those specified in c.(1) and c.(2), caused by any</FONT>&nbsp;</TD></TR>

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   <TD width="45%" noWrap align=left>&nbsp;</TD>

   <TD width="5%" noWrap align=left>&nbsp;</TD>

   <TD width="51%" colSpan=3 noWrap align=left><FONT size=2 face=sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;person or in which such person is implicated, or</FONT>&nbsp;</TD></TR>

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   <TD width="45%" noWrap align=left>&nbsp;</TD>

   <TD width="5%" noWrap align=left></TD>

   <TD width="17%" noWrap align=left></TD>

   <TD width="17%" noWrap align=left><FONT size=2 face=sans-serif></FONT></TD>

   <TD width="17%" noWrap align=right><FONT size=2 face=sans-serif></FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="45%" noWrap align=left>&nbsp;</TD>

   <TD width="5%" noWrap align=left>&nbsp;</TD>

   <TD width="51%" colSpan=3 noWrap align=left><FONT size=2 face=sans-serif><FONT size=2 face=sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT>(4)</FONT>&nbsp;<FONT size=2 face=sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT size=2 face=sans-serif>any one event not specified above, in c.(1), c.(2) or c.(3).</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="101%" colSpan=5>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="45%" noWrap align=left>&nbsp;</TD>

   <TD width="5%" noWrap align=left>&nbsp;</TD>

   <TD width="51%" colSpan=3 noWrap align=left><FONT size=2 face=sans-serif>d.</FONT>&nbsp;&nbsp; <B><FONT size=2 face=sans-serif>Underlying Bonds </FONT></B><FONT size=2 face=sans-serif>means the </FONT><B><FONT size=2 face=sans-serif>Primary Bond </FONT></B><FONT size=2 face=sans-serif>and all other insurance</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="45%" noWrap align=left>&nbsp;</TD>

   <TD width="5%" noWrap align=left>&nbsp;</TD>

   <TD width="51%" colSpan=3 noWrap align=left><FONT size=2 face=sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;coverage referred to in ITEM 7. of the DECLARATIONS.</FONT>&nbsp;</TD></TR>

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   <TD width="101%" colSpan=5 noWrap align=left>

   <HR SIZE=1 noShade>

<FONT size=2 face=sans-serif></FONT></TD></TR></TABLE></DIV>

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<DIV style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%">

<P style="TEXT-ALIGN: left"><B><I><FONT size=3 face=sans-serif>Conditions And</FONT></I></B><BR><B><I><FONT size=3 face=sans-serif>Limitations</FONT></I></B><BR><I><FONT size=2 face=sans-serif>(continued)</FONT></I></P>

<DIV align=left>

<TABLE style="WIDTH: 80%" border=0 cellSpacing=0>



<TR>

   <TD width="43%"></TD>

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<TR vAlign=bottom>

   <TD width="43%" noWrap align=left><I><FONT size=2 face=sans-serif>Limit Of Liability</FONT></I>&nbsp;</TD>

   <TD width="5%" noWrap align=left><FONT size=2 face=sans-serif>2.</FONT>&nbsp;</TD>

   <TD width="34%" colSpan=2 noWrap align=left><FONT size=2 face=sans-serif>The COMPANY&#8217;S total cumulative liability for all </FONT><B><FONT size=2 face=sans-serif>Single Losses </FONT></B><FONT size=2 face=sans-serif>of all ASSUREDS</FONT>&nbsp;</TD>

   <TD width="17%" noWrap align=left><FONT size=2 face=sans-serif></FONT></TD></TR>

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   <TD width="43%" noWrap align=left>&nbsp;</TD>

   <TD width="5%" noWrap align=left>&nbsp;</TD>

   <TD width="34%" colSpan=2 noWrap align=left><FONT size=2 face=sans-serif>discovered during the BOND PERIOD shall not exceed the AGGREGATE LIMIT</FONT>&nbsp;</TD>

   <TD width="17%" noWrap align=left><FONT size=2 face=sans-serif></FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="43%" noWrap align=left>&nbsp;</TD>

   <TD width="5%" noWrap align=left>&nbsp;</TD>

   <TD width="34%" colSpan=2 noWrap align=left><FONT size=2 face=sans-serif>OF LIABILITY as stated in ITEM 2. of the DECLARATIONS. Each payment made</FONT>&nbsp;</TD>

   <TD width="17%" noWrap align=left><FONT size=2 face=sans-serif></FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="43%" noWrap align=left><I><FONT size=2 face=sans-serif>Aggregate Limit Of</FONT></I>&nbsp;</TD>

   <TD width="5%" noWrap align=left>&nbsp;</TD>

   <TD width="34%" colSpan=2 noWrap align=left><FONT size=2 face=sans-serif>under the terms of this bond shall reduce the unpaid portion of the AGGREGATE</FONT>&nbsp;</TD>

   <TD width="17%" noWrap align=left><FONT size=2 face=sans-serif></FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="43%" noWrap align=left><I><FONT size=2 face=sans-serif>Liability</FONT></I>&nbsp;</TD>

   <TD width="5%" noWrap align=left>&nbsp;</TD>

   <TD width="34%" colSpan=2 noWrap align=left><FONT size=2 face=sans-serif>LIMIT OF LIABILITY until it is exhausted.</FONT>&nbsp;</TD>

   <TD width="17%" noWrap align=left><FONT size=2 face=sans-serif></FONT></TD></TR>

<TR>

   <TD width="82%" colSpan=4>&nbsp;</TD>

   <TD width="17%"></TD></TR>

<TR vAlign=bottom>

   <TD width="43%" noWrap align=left>&nbsp;</TD>

   <TD width="5%" noWrap align=left>&nbsp;</TD>

   <TD width="34%" colSpan=2 noWrap align=left><FONT size=2 face=sans-serif>On exhausting the AGGREGATE LIMIT OF LIABILITY by such payments:</FONT>&nbsp;</TD>

   <TD width="17%" noWrap align=left><FONT size=2 face=sans-serif></FONT></TD></TR>

<TR>

   <TD width="82%" colSpan=4>&nbsp;</TD>

   <TD width="17%"></TD></TR>

<TR vAlign=bottom>

   <TD width="43%" noWrap align=left>&nbsp;</TD>

   <TD width="5%" noWrap align=left>&nbsp;</TD>

   <TD width="34%" colSpan=2 noWrap align=left><FONT size=2 face=sans-serif>a.</FONT>&nbsp;&nbsp; <FONT size=2 face=sans-serif>the COMPANY shall have no further liability for loss or losses regardless of</FONT>&nbsp;</TD>

   <TD width="17%" noWrap align=left><FONT size=2 face=sans-serif></FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="43%" noWrap align=left>&nbsp;</TD>

   <TD width="5%" noWrap align=left>&nbsp;</TD>

   <TD width="34%" colSpan=2 noWrap align=left><FONT size=2 face=sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; when discovered and whether or not previously reported to the COMPANY,</FONT>&nbsp;</TD>

   <TD width="17%" noWrap align=left><FONT size=2 face=sans-serif></FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="43%" noWrap align=left>&nbsp;</TD>

   <TD width="5%" noWrap align=left>&nbsp;</TD>

   <TD width="34%" colSpan=2 noWrap align=left><FONT size=2 face=sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; and</FONT>&nbsp;</TD>

   <TD width="17%" noWrap align=left><FONT size=2 face=sans-serif></FONT></TD></TR>

<TR>

   <TD width="82%" colSpan=4>&nbsp;</TD>

   <TD width="17%"></TD></TR>

<TR vAlign=bottom>

   <TD width="43%" noWrap align=left>&nbsp;</TD>

   <TD width="5%" noWrap align=left>&nbsp;</TD>

   <TD width="34%" colSpan=2 noWrap align=left><FONT size=2 face=sans-serif>b.</FONT>&nbsp;&nbsp;&nbsp; <FONT size=2 face=sans-serif>the COMPANY shall have no obligation under General Agreement C. to</FONT>&nbsp;</TD>

   <TD width="17%" noWrap align=left><FONT size=2 face=sans-serif></FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="43%" noWrap align=left>&nbsp;</TD>

   <TD width="5%" noWrap align=left>&nbsp;</TD>

   <TD width="34%" colSpan=2 noWrap align=left><FONT size=2 face=sans-serif><FONT size=2 face=sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT>continue the defense of the ASSURED, and on notice by the COMPANY to</FONT>&nbsp;</TD>

   <TD width="17%" noWrap align=left><FONT size=2 face=sans-serif><FONT size=2 face=sans-serif></FONT></FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="43%" noWrap align=left>&nbsp;</TD>

   <TD width="5%" noWrap align=left>&nbsp;</TD>

   <TD width="34%" colSpan=2 noWrap align=left><FONT size=2 face=sans-serif><FONT size=2 face=sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT>the ASSURED that the AGGREGATE LIMIT OF LIABILITY has been</FONT>&nbsp;</TD>

   <TD width="17%" noWrap align=left><FONT size=2 face=sans-serif><FONT size=2 face=sans-serif></FONT></FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="43%" noWrap align=left>&nbsp;</TD>

   <TD width="5%" noWrap align=left>&nbsp;</TD>

   <TD width="34%" colSpan=2 noWrap align=left><FONT size=2 face=sans-serif><FONT size=2 face=sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT>exhausted, the ASSURED shall assume all responsibility for its defense at</FONT>&nbsp;</TD>

   <TD width="17%" noWrap align=left><FONT size=2 face=sans-serif><FONT size=2 face=sans-serif></FONT></FONT></TD></TR>

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   <TD width="43%" noWrap align=left>&nbsp;</TD>

   <TD width="5%" noWrap align=left>&nbsp;</TD>

   <TD width="34%" colSpan=2 noWrap align=left><FONT size=2 face=sans-serif><FONT size=2 face=sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT>its own cost.</FONT>&nbsp;</TD>

   <TD width="17%" noWrap align=left><FONT size=2 face=sans-serif><FONT size=2 face=sans-serif></FONT></FONT></TD></TR>

<TR>

   <TD width="82%" colSpan=4>&nbsp;</TD>

   <TD width="17%"></TD></TR>

<TR vAlign=bottom>

   <TD width="43%" noWrap align=left>&nbsp;</TD>

   <TD width="39%" colSpan=3 noWrap align=left><FONT size=2 face=sans-serif>The unpaid portion of the AGGREGATE LIMIT OF LIABILITY shall not be increased or</FONT>&nbsp;</TD>

   <TD width="17%" noWrap align=left><FONT size=2 face=sans-serif></FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="43%" noWrap align=left>&nbsp;</TD>

   <TD width="39%" colSpan=3 noWrap align=left><FONT size=2 face=sans-serif>reinstated by any recovery made and applied in accordance with Section 4. In the event</FONT>&nbsp;</TD>

   <TD width="17%" noWrap align=left><FONT size=2 face=sans-serif></FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="43%" noWrap align=left>&nbsp;</TD>

   <TD width="39%" colSpan=3 noWrap align=left><FONT size=2 face=sans-serif>that a loss of property is settled by indemnity in lieu of payment, then such loss shall not</FONT>&nbsp;</TD>

   <TD width="17%" noWrap align=left><FONT size=2 face=sans-serif></FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="43%" noWrap align=left>&nbsp;</TD>

   <TD width="39%" colSpan=3 noWrap align=left><FONT size=2 face=sans-serif>reduce the unpaid portion of the AGGREGATE LIMIT OF LIABILITY.</FONT>&nbsp;</TD>

   <TD width="17%" noWrap align=left><FONT size=2 face=sans-serif></FONT></TD></TR>

<TR>

   <TD width="82%" colSpan=4>&nbsp;</TD>

   <TD width="17%"></TD></TR>

<TR vAlign=bottom>

   <TD width="43%" noWrap align=left><I><FONT size=2 face=sans-serif>Single Loss Limit Of</FONT></I>&nbsp;</TD>

   <TD width="39%" colSpan=3 noWrap align=left><FONT size=2 face=sans-serif>The COMPANY&#8217;S liability for each </FONT><B><FONT size=2 face=sans-serif>Single Loss </FONT></B><FONT size=2 face=sans-serif>shall not exceed the SINGLE LOSS</FONT>&nbsp;</TD>

   <TD width="17%" noWrap align=left><FONT size=2 face=sans-serif></FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="43%" noWrap align=left><I><FONT size=2 face=sans-serif>Liability</FONT></I>&nbsp;</TD>

   <TD width="39%" colSpan=3 noWrap align=left><FONT size=2 face=sans-serif>LIMIT OF LIABILITY as stated in ITEM 3. of the DECLARATIONS or the unpaid portion</FONT>&nbsp;</TD>

   <TD width="17%" noWrap align=left><FONT size=2 face=sans-serif></FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="43%" noWrap align=left>&nbsp;</TD>

   <TD width="39%" colSpan=3 noWrap align=left><FONT size=2 face=sans-serif>of the AGGREGATE LIMIT OF LIABILITY, whichever is less.</FONT>&nbsp;</TD>

   <TD width="17%" noWrap align=left><FONT size=2 face=sans-serif></FONT></TD></TR>

<TR>

   <TD width="82%" colSpan=4>

   <HR SIZE=1 noShade>

</TD>

   <TD width="17%"></TD></TR>

<TR>

   <TD width="82%" colSpan=4>&nbsp;</TD>

   <TD width="17%"></TD></TR>

<TR>

   <TD width="82%" colSpan=4>&nbsp;</TD>

   <TD width="17%"></TD></TR>

<TR vAlign=bottom>

   <TD width="43%" noWrap align=left><I><FONT size=2 face=sans-serif>Discovery</FONT></I>&nbsp;</TD>

   <TD width="5%" noWrap align=left><FONT size=2 face=sans-serif>3.</FONT>&nbsp;</TD>

   <TD width="34%" colSpan=2 noWrap align=left><FONT size=2 face=sans-serif>This bond applies only to loss first discovered by the ASSURED during the BOND</FONT>&nbsp;</TD>

   <TD width="17%" noWrap align=left><FONT size=2 face=sans-serif></FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="43%" noWrap align=left>&nbsp;</TD>

   <TD width="5%" noWrap align=left>&nbsp;</TD>

   <TD width="34%" colSpan=2 noWrap align=left><FONT size=2 face=sans-serif>PERIOD. Discovery occurs at the earlier of the ASSURED being aware of:</FONT>&nbsp;</TD>

   <TD width="17%" noWrap align=left><FONT size=2 face=sans-serif></FONT></TD></TR>

<TR>

   <TD width="82%" colSpan=4>&nbsp;</TD>

   <TD width="17%"></TD></TR>

<TR vAlign=bottom>

   <TD width="43%" noWrap align=left>&nbsp;</TD>

   <TD width="5%" noWrap align=left>&nbsp;</TD>

   <TD width="34%" colSpan=2 noWrap align=left><FONT size=2 face=sans-serif>a.</FONT>&nbsp;&nbsp; <FONT size=2 face=sans-serif>facts which may subsequently result in a loss of a type covered by this bond,</FONT>&nbsp;</TD>

   <TD width="17%" noWrap align=left><FONT size=2 face=sans-serif></FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="43%" noWrap align=left>&nbsp;</TD>

   <TD width="5%" noWrap align=left>&nbsp;</TD>

   <TD width="34%" colSpan=2 noWrap align=left><FONT size=2 face=sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; or</FONT>&nbsp;</TD>

   <TD width="17%" noWrap align=left><FONT size=2 face=sans-serif></FONT></TD></TR>

<TR>

   <TD width="82%" colSpan=4>&nbsp;</TD>

   <TD width="17%"></TD></TR>

<TR vAlign=bottom>

   <TD width="43%" noWrap align=left>&nbsp;</TD>

   <TD width="5%" noWrap align=left>&nbsp;</TD>

   <TD width="34%" colSpan=2 noWrap align=left><FONT size=2 face=sans-serif>b.</FONT>&nbsp;&nbsp; <FONT size=2 face=sans-serif>an actual or potential claim in which it is alleged that the ASSURED is liable</FONT>&nbsp;</TD>

   <TD width="17%" noWrap align=left><FONT size=2 face=sans-serif></FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="43%" noWrap align=left>&nbsp;</TD>

   <TD width="5%" noWrap align=left>&nbsp;</TD>

   <TD width="34%" colSpan=2 noWrap align=left><FONT size=2 face=sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; to a third party,</FONT>&nbsp;</TD>

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<TR>

   <TD width="82%" colSpan=4>&nbsp;</TD>

   <TD width="17%"></TD></TR>

<TR vAlign=bottom>

   <TD width="43%" noWrap align=left>&nbsp;</TD>

   <TD width="5%" noWrap align=left>&nbsp;</TD>

   <TD width="34%" colSpan=2 noWrap align=left><FONT size=2 face=sans-serif>regardless of when the act or acts causing or contributing to such loss occurred,</FONT>&nbsp;</TD>

   <TD width="17%" noWrap align=left><FONT size=2 face=sans-serif></FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="43%" noWrap align=left>&nbsp;</TD>

   <TD width="5%" noWrap align=left>&nbsp;</TD>

   <TD width="34%" colSpan=2 noWrap align=left><FONT size=2 face=sans-serif>even though the amount of loss does not exceed the applicable </FONT><B><FONT size=2 face=sans-serif>Deductible</FONT></B>&nbsp;</TD>

   <TD width="17%" noWrap align=left><FONT size=2 face=sans-serif></FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="43%" noWrap align=left>&nbsp;</TD>

   <TD width="5%" noWrap align=left>&nbsp;</TD>

   <TD width="34%" colSpan=2 noWrap align=left><B><FONT size=2 face=sans-serif>Amount</FONT></B><FONT size=2 face=sans-serif>, or the exact amount or details of loss may not then be known.</FONT>&nbsp;</TD>

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   <TD width="82%" colSpan=4>

   <HR SIZE=1 noShade>

</TD>

   <TD width="17%"></TD></TR>

<TR>

   <TD width="82%" colSpan=4>&nbsp;</TD>

   <TD width="17%"></TD></TR>

<TR>

   <TD width="82%" colSpan=4>&nbsp;</TD>

   <TD width="17%"></TD></TR>

<TR vAlign=bottom>

   <TD width="43%" noWrap align=left><I><FONT size=2 face=sans-serif>Subrogation-Assignment-</FONT></I>&nbsp;</TD>

   <TD width="5%" noWrap align=left><FONT size=2 face=sans-serif>4.</FONT>&nbsp;</TD>

   <TD width="34%" colSpan=2 noWrap align=left><FONT size=2 face=sans-serif>In the event of a payment under this bond, the COMPANY shall be subrogated to</FONT>&nbsp;</TD>

   <TD width="17%" noWrap align=left><FONT size=2 face=sans-serif></FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="43%" noWrap align=left><I><FONT size=2 face=sans-serif>Recovery</FONT></I>&nbsp;</TD>

   <TD width="5%" noWrap align=left>&nbsp;</TD>

   <TD width="34%" colSpan=2 noWrap align=left><FONT size=2 face=sans-serif>all of the ASSURED&#8217;S rights of recovery against any person or entity to the extent</FONT>&nbsp;</TD>

   <TD width="17%" noWrap align=left><FONT size=2 face=sans-serif></FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="43%" noWrap align=left>&nbsp;</TD>

   <TD width="5%" noWrap align=left>&nbsp;</TD>

   <TD width="34%" colSpan=2 noWrap align=left><FONT size=2 face=sans-serif>of such payments. On request, the ASSURED shall deliver to the COMPANY an</FONT>&nbsp;</TD>

   <TD width="17%" noWrap align=left><FONT size=2 face=sans-serif></FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="43%" noWrap align=left>&nbsp;</TD>

   <TD width="5%" noWrap align=left>&nbsp;</TD>

   <TD width="34%" colSpan=2 noWrap align=left><FONT size=2 face=sans-serif>assignment of the ASSURED&#8217;S rights, title and interest and causes of action</FONT>&nbsp;</TD>

   <TD width="17%" noWrap align=left><FONT size=2 face=sans-serif></FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="43%" noWrap align=left>&nbsp;</TD>

   <TD width="5%" noWrap align=left>&nbsp;</TD>

   <TD width="34%" colSpan=2 noWrap align=left><FONT size=2 face=sans-serif>against any person or entity to the extent of such payment.</FONT>&nbsp;</TD>

   <TD width="17%" noWrap align=left><FONT size=2 face=sans-serif></FONT></TD></TR></TABLE></DIV>

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<TR>

   <TD width="43%"></TD>

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<TR vAlign=bottom>

   <TD width="43%" noWrap align=left><B><I><FONT size=3 face=sans-serif>Conditions And</FONT></I></B>&nbsp;</TD>

   <TD width="5%" noWrap align=left>&nbsp;</TD>

   <TD width="17%" noWrap align=left>&nbsp;</TD>

   <TD width="17%" noWrap align=left>&nbsp;</TD>

   <TD width="17%" noWrap align=left></TD></TR>

<TR vAlign=bottom>

   <TD width="43%" noWrap align=left><B><I><FONT size=3 face=sans-serif>Limitations</FONT></I></B>&nbsp;</TD>

   <TD width="5%" noWrap align=left>&nbsp;</TD>

   <TD width="17%" noWrap align=left>&nbsp;</TD>

   <TD width="17%" noWrap align=left>&nbsp;</TD>

   <TD width="17%" noWrap align=left></TD></TR>

<TR>

   <TD width="82%" colSpan=4>&nbsp;</TD>

   <TD width="17%"></TD></TR>

<TR>

   <TD width="82%" colSpan=4>&nbsp;</TD>

   <TD width="17%"></TD></TR>

<TR vAlign=bottom>

   <TD width="43%" noWrap align=left><I><FONT size=2 face=sans-serif>Subrogation-Assignment-</FONT></I>&nbsp;</TD>

   <TD width="5%" noWrap align=left>&nbsp;</TD>

   <TD width="34%" colSpan=2 noWrap align=left><FONT size=2 face=sans-serif>Recoveries, whether effected by the COMPANY or by the ASSURED, shall be</FONT>&nbsp;</TD>

   <TD width="17%" noWrap align=left><FONT size=2 face=sans-serif></FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="43%" noWrap align=left><I><FONT size=2 face=sans-serif>Recovery</FONT></I>&nbsp;</TD>

   <TD width="5%" noWrap align=left>&nbsp;</TD>

   <TD width="34%" colSpan=2 noWrap align=left><FONT size=2 face=sans-serif>applied net of the expense of such recovery, first, to the satisfaction of the</FONT>&nbsp;</TD>

   <TD width="17%" noWrap align=left><FONT size=2 face=sans-serif></FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="43%" noWrap align=left><I><FONT size=2 face=sans-serif>(continued)</FONT></I>&nbsp;</TD>

   <TD width="5%" noWrap align=left>&nbsp;</TD>

   <TD width="34%" colSpan=2 noWrap align=left><FONT size=2 face=sans-serif>ASSURED&#8217;S loss which would otherwise have been paid but for the fact that it is</FONT>&nbsp;</TD>

   <TD width="17%" noWrap align=left><FONT size=2 face=sans-serif></FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="43%" noWrap align=left>&nbsp;</TD>

   <TD width="5%" noWrap align=left>&nbsp;</TD>

   <TD width="34%" colSpan=2 noWrap align=left><FONT size=2 face=sans-serif>in excess of the AGGREGATE LIMIT OF LIABILITY, second, to the COMPANY in</FONT>&nbsp;</TD>

   <TD width="17%" noWrap align=left><FONT size=2 face=sans-serif></FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="43%" noWrap align=left>&nbsp;</TD>

   <TD width="5%" noWrap align=left>&nbsp;</TD>

   <TD width="34%" colSpan=2 noWrap align=left><FONT size=2 face=sans-serif>satisfaction of amounts paid in settlement of the ASSURED&#8217;S claim and third, to</FONT>&nbsp;</TD>

   <TD width="17%" noWrap align=left><FONT size=2 face=sans-serif></FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="43%" noWrap align=left>&nbsp;</TD>

   <TD width="5%" noWrap align=left>&nbsp;</TD>

   <TD width="34%" colSpan=2 noWrap align=left><FONT size=2 face=sans-serif>the ASSURED in satisfaction of the DEDUCTIBLE AMOUNT. Recovery from</FONT>&nbsp;</TD>

   <TD width="17%" noWrap align=left><FONT size=2 face=sans-serif></FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="43%" noWrap align=left>&nbsp;</TD>

   <TD width="5%" noWrap align=left>&nbsp;</TD>

   <TD width="34%" colSpan=2 noWrap align=left><FONT size=2 face=sans-serif>reinsurance and/or indemnity of the COMPANY shall not be deemed a recovery</FONT>&nbsp;</TD>

   <TD width="17%" noWrap align=left><FONT size=2 face=sans-serif></FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="43%" noWrap align=left>&nbsp;</TD>

   <TD width="5%" noWrap align=left>&nbsp;</TD>

   <TD width="34%" colSpan=2 noWrap align=left><FONT size=2 face=sans-serif>under this Section.</FONT>&nbsp;</TD>

   <TD width="17%" noWrap align=left><FONT size=2 face=sans-serif></FONT></TD></TR>

<TR>

   <TD width="82%" colSpan=4>

   <HR SIZE=1 noShade>

</TD>

   <TD width="17%"></TD></TR>

<TR>

   <TD width="82%" colSpan=4>&nbsp;</TD>

   <TD width="17%"></TD></TR>

<TR>

   <TD width="82%" colSpan=4>&nbsp;</TD>

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<TR vAlign=bottom>

   <TD width="43%" noWrap align=left><I><FONT size=2 face=sans-serif>Cooperation Of Assured</FONT></I>&nbsp;</TD>

   <TD width="5%" noWrap align=left><FONT size=2 face=sans-serif>5.</FONT>&nbsp;</TD>

   <TD width="34%" colSpan=2 noWrap align=left><FONT size=2 face=sans-serif>At the COMPANY&#8217;S request and at reasonable times and places designated by</FONT>&nbsp;</TD>

   <TD width="17%" noWrap align=left><FONT size=2 face=sans-serif></FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="43%" noWrap align=left>&nbsp;</TD>

   <TD width="5%" noWrap align=left>&nbsp;</TD>

   <TD width="34%" colSpan=2 noWrap align=left><FONT size=2 face=sans-serif>the COMPANY the ASSURED shall:</FONT>&nbsp;</TD>

   <TD width="17%" noWrap align=left><FONT size=2 face=sans-serif></FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="43%" noWrap align=left>&nbsp;</TD>

   <TD width="5%" noWrap align=left></TD>

   <TD width="34%" colSpan=2 noWrap align=left><FONT size=2 face=sans-serif></FONT></TD>

   <TD width="17%" noWrap align=right><FONT size=2 face=sans-serif></FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="43%" noWrap align=left>&nbsp;</TD>

   <TD width="5%" noWrap align=left>&nbsp;</TD>

   <TD width="34%" colSpan=2 noWrap align=left><FONT size=2 face=sans-serif>a.&nbsp;&nbsp;</FONT>&nbsp;<FONT size=2 face=sans-serif>submit to examination by the COMPANY and subscribe to the same under</FONT>&nbsp;</TD>

   <TD width="17%" noWrap align=right><FONT size=2 face=sans-serif></FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="43%" noWrap align=left>&nbsp;</TD>

   <TD width="5%" noWrap align=left>&nbsp;</TD>

   <TD width="34%" colSpan=2 noWrap align=left><FONT size=2 face=sans-serif><FONT size=2 face=sans-serif>&nbsp;&nbsp;</FONT><FONT size=2 face=sans-serif>&nbsp;&nbsp;</FONT><FONT size=2 face=sans-serif>&nbsp;&nbsp;</FONT>oath, and</FONT>&nbsp;</TD>

   <TD width="17%" noWrap align=right><FONT size=2 face=sans-serif></FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="43%" noWrap align=left>&nbsp;</TD>

   <TD width="5%" noWrap align=left></TD>

   <TD width="17%" noWrap align=left><FONT size=2 face=sans-serif></FONT></TD>

   <TD width="17%" noWrap align=right><FONT size=2 face=sans-serif></FONT></TD>

   <TD width="17%" noWrap align=right><FONT size=2 face=sans-serif></FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="43%" noWrap align=left>&nbsp;</TD>

   <TD width="5%" noWrap align=left>&nbsp;</TD>

   <TD width="34%" colSpan=2 noWrap align=left><FONT size=2 face=sans-serif>b.</FONT>&nbsp;<FONT size=2 face=sans-serif>&nbsp;&nbsp;</FONT><FONT size=2 face=sans-serif>produce for the COMPANY&#8217;S examination all pertinent records, and</FONT>&nbsp;</TD>

   <TD width="17%" noWrap align=right><FONT size=2 face=sans-serif></FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="43%" noWrap align=left>&nbsp;</TD>

   <TD width="5%" noWrap align=left></TD>

   <TD width="34%" colSpan=2 noWrap align=left><FONT size=2 face=sans-serif></FONT></TD>

   <TD width="17%" noWrap align=right><FONT size=2 face=sans-serif></FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="43%" noWrap align=left>&nbsp;</TD>

   <TD width="5%" noWrap align=left>&nbsp;</TD>

   <TD width="34%" colSpan=2 noWrap align=left><FONT size=2 face=sans-serif>c.</FONT>&nbsp;<FONT size=2 face=sans-serif>&nbsp;&nbsp;</FONT><FONT size=2 face=sans-serif>cooperate with the COMPANY in all matters pertaining to the loss.</FONT>&nbsp;</TD>

   <TD width="17%" noWrap align=right><FONT size=2 face=sans-serif></FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="43%" noWrap align=left>&nbsp;</TD>

   <TD width="5%" noWrap align=left></TD>

   <TD width="34%" colSpan=2 noWrap align=left><FONT size=2 face=sans-serif></FONT></TD>

   <TD width="17%" noWrap align=left><FONT size=2 face=sans-serif></FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="43%" noWrap align=left>&nbsp;</TD>

   <TD width="5%" noWrap align=left>&nbsp;</TD>

   <TD width="34%" colSpan=2 noWrap align=left><FONT size=2 face=sans-serif>The ASSURED shall execute all papers and render assistance to secure to the</FONT>&nbsp;</TD>

   <TD width="17%" noWrap align=left><FONT size=2 face=sans-serif></FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="43%" noWrap align=left>&nbsp;</TD>

   <TD width="5%" noWrap align=left>&nbsp;</TD>

   <TD width="34%" colSpan=2 noWrap align=left><FONT size=2 face=sans-serif>COMPANY the rights and causes of action provided for under this bond. The</FONT>&nbsp;</TD>

   <TD width="17%" noWrap align=left><FONT size=2 face=sans-serif></FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="43%" noWrap align=left>&nbsp;</TD>

   <TD width="5%" noWrap align=left>&nbsp;</TD>

   <TD width="34%" colSpan=2 noWrap align=left><FONT size=2 face=sans-serif>ASSURED shall do nothing after loss to prejudice such rights or causes of action.</FONT>&nbsp;</TD>

   <TD width="17%" noWrap align=left><FONT size=2 face=sans-serif></FONT></TD></TR>

<TR>

   <TD width="82%" colSpan=4>

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</TD>

   <TD width="17%"></TD></TR>

<TR>

   <TD width="82%" colSpan=4>&nbsp;</TD>

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<TR>

   <TD width="82%" colSpan=4>&nbsp;</TD>

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<TR vAlign=bottom>

   <TD width="43%" noWrap align=left><I><FONT size=2 face=sans-serif>Termination</FONT></I>&nbsp;</TD>

   <TD width="5%" noWrap align=left><FONT size=2 face=sans-serif>6.</FONT>&nbsp;</TD>

   <TD width="34%" colSpan=2 noWrap align=left><FONT size=2 face=sans-serif>This bond terminates as an entirety on the earliest occurrence of any of the</FONT>&nbsp;</TD>

   <TD width="17%" noWrap align=left><FONT size=2 face=sans-serif></FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="43%" noWrap align=left>&nbsp;</TD>

   <TD width="5%" noWrap align=left>&nbsp;</TD>

   <TD width="34%" colSpan=2 noWrap align=left><FONT size=2 face=sans-serif>following:</FONT>&nbsp;</TD>

   <TD width="17%" noWrap align=left><FONT size=2 face=sans-serif></FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="43%" noWrap align=left>&nbsp;</TD>

   <TD width="5%" noWrap align=left></TD>

   <TD width="17%" noWrap align=left><FONT size=2 face=sans-serif></FONT></TD>

   <TD width="17%" noWrap align=right><FONT size=2 face=sans-serif></FONT></TD>

   <TD width="17%" noWrap align=right><FONT size=2 face=sans-serif></FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="43%" noWrap align=left>&nbsp;</TD>

   <TD width="5%" noWrap align=left>&nbsp;</TD>

   <TD width="34%" colSpan=2 noWrap align=left><FONT size=2 face=sans-serif>a.</FONT><FONT size=2 face=sans-serif>&nbsp;&nbsp;</FONT><FONT size=2 face=sans-serif>sixty (60) days after the receipt by the ASSURED of a written notice from the</FONT>&nbsp;</TD>

   <TD width="17%" noWrap align=right><FONT size=2 face=sans-serif></FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="43%" noWrap align=left>&nbsp;</TD>

   <TD width="5%" noWrap align=left>&nbsp;</TD>

   <TD width="34%" colSpan=2 noWrap align=left><FONT size=2 face=sans-serif><FONT size=2 face=sans-serif>&nbsp;&nbsp;</FONT><FONT size=2 face=sans-serif>&nbsp;&nbsp;</FONT>&nbsp;COMPANY of its decision to terminate this bond, or</FONT>&nbsp;</TD>

   <TD width="17%" noWrap align=right><FONT size=2 face=sans-serif></FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="43%" noWrap align=left>&nbsp;</TD>

   <TD width="5%" noWrap align=left></TD>

   <TD width="17%" noWrap align=left><FONT size=2 face=sans-serif></FONT></TD>

   <TD width="17%" noWrap align=right><FONT size=2 face=sans-serif></FONT></TD>

   <TD width="17%" noWrap align=right><FONT size=2 face=sans-serif></FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="43%" noWrap align=left>&nbsp;</TD>

   <TD width="5%" noWrap align=left>&nbsp;</TD>

   <TD width="34%" colSpan=2 noWrap align=left><FONT size=2 face=sans-serif>b.</FONT>&nbsp;<FONT size=2 face=sans-serif>&nbsp;&nbsp;</FONT><FONT size=2 face=sans-serif>immediately on the receipt by the COMPANY of a written notice from the</FONT>&nbsp;</TD>

   <TD width="17%" noWrap align=right><FONT size=2 face=sans-serif></FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="43%" noWrap align=left>&nbsp;</TD>

   <TD width="5%" noWrap align=left>&nbsp;</TD>

   <TD width="34%" colSpan=2 noWrap align=left><FONT size=2 face=sans-serif><FONT size=2 face=sans-serif>&nbsp;&nbsp;<FONT size=2 face=sans-serif>&nbsp;&nbsp;</FONT><FONT size=2 face=sans-serif>&nbsp;&nbsp;</FONT></FONT>ASSURED of its decision to terminate this bond, or</FONT>&nbsp;</TD>

   <TD width="17%" noWrap align=right><FONT size=2 face=sans-serif></FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="43%" noWrap align=left>&nbsp;</TD>

   <TD width="5%" noWrap align=left></TD>

   <TD width="17%" noWrap align=left><FONT size=2 face=sans-serif></FONT></TD>

   <TD width="17%" noWrap align=right><FONT size=2 face=sans-serif></FONT></TD>

   <TD width="17%" noWrap align=right><FONT size=2 face=sans-serif></FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="43%" noWrap align=left>&nbsp;</TD>

   <TD width="5%" noWrap align=left>&nbsp;</TD>

   <TD width="34%" colSpan=2 noWrap align=left><FONT size=2 face=sans-serif>c.</FONT>&nbsp;<FONT size=2 face=sans-serif>&nbsp;&nbsp;</FONT><FONT size=2 face=sans-serif>immediately on the appointment of a trustee, receiver or liquidator to act on</FONT>&nbsp;</TD>

   <TD width="17%" noWrap align=right><FONT size=2 face=sans-serif></FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="43%" noWrap align=left>&nbsp;</TD>

   <TD width="5%" noWrap align=left>&nbsp;</TD>

   <TD width="34%" colSpan=2 noWrap align=left><FONT size=2 face=sans-serif><FONT size=2 face=sans-serif>&nbsp;&nbsp;</FONT><FONT size=2 face=sans-serif>&nbsp;&nbsp;</FONT><FONT size=2 face=sans-serif>&nbsp;&nbsp;</FONT>behalf of the ASSURED, or the taking over of the ASSURED by State or</FONT>&nbsp;</TD>

   <TD width="17%" noWrap align=right><FONT size=2 face=sans-serif></FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="43%" noWrap align=left>&nbsp;</TD>

   <TD width="5%" noWrap align=left>&nbsp;</TD>

   <TD width="34%" colSpan=2 noWrap align=left><FONT size=2 face=sans-serif><FONT size=2 face=sans-serif>&nbsp;&nbsp;</FONT><FONT size=2 face=sans-serif>&nbsp;&nbsp;</FONT><FONT size=2 face=sans-serif>&nbsp;&nbsp;</FONT>Federal officials, or</FONT>&nbsp;</TD>

   <TD width="17%" noWrap align=right><FONT size=2 face=sans-serif></FONT></TD></TR>

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   <TD width="43%" noWrap align=left>&nbsp;</TD>

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   <TD width="43%" noWrap align=left>&nbsp;</TD>

   <TD width="5%" noWrap align=left>&nbsp;</TD>

   <TD width="34%" colSpan=2 noWrap align=left><FONT size=2 face=sans-serif>d.</FONT>&nbsp;<FONT size=2 face=sans-serif>&nbsp;&nbsp;</FONT><FONT size=2 face=sans-serif>immediately on the dissolution of the ASSURED, or</FONT>&nbsp;</TD>

   <TD width="17%" noWrap align=right><FONT size=2 face=sans-serif></FONT></TD></TR>

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   <TD width="43%" noWrap align=left>&nbsp;</TD>

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<TR vAlign=bottom>

   <TD width="43%" noWrap align=left>&nbsp;</TD>

   <TD width="5%" noWrap align=left>&nbsp;</TD>

   <TD width="34%" colSpan=2 noWrap align=left><FONT size=2 face=sans-serif>e.</FONT>&nbsp;<FONT size=2 face=sans-serif>&nbsp;&nbsp;</FONT><FONT size=2 face=sans-serif>immediately on exhausting the AGGREGATE LIMIT OF LIABILITY, or</FONT>&nbsp;</TD>

   <TD width="17%" noWrap align=left><FONT size=2 face=sans-serif></FONT></TD></TR>

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   <TD width="43%" noWrap align=left>&nbsp;</TD>

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   <TD width="43%" noWrap align=left>&nbsp;</TD>

   <TD width="5%" noWrap align=left>&nbsp;</TD>

   <TD width="34%" colSpan=2 noWrap align=left><FONT size=2 face=sans-serif>f.</FONT>&nbsp;<FONT size=2 face=sans-serif>&nbsp;&nbsp;</FONT> <FONT size=2 face=sans-serif>immediately on expiration of the BOND PERIOD, or</FONT>&nbsp;</TD>

   <TD width="17%" noWrap align=right><FONT size=2 face=sans-serif></FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="43%" noWrap align=left>&nbsp;</TD>

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<TR vAlign=bottom>

   <TD width="43%" noWrap align=left>&nbsp;</TD>

   <TD width="5%" noWrap align=left>&nbsp;</TD>

   <TD width="34%" colSpan=2 noWrap align=left><FONT size=2 face=sans-serif>g.</FONT><FONT size=2 face=sans-serif>&nbsp;&nbsp;<FONT size=2 face=sans-serif>&nbsp;&nbsp;</FONT></FONT><FONT size=2 face=sans-serif>immediately on cancellation, termination or recision of the </FONT><B><FONT size=2 face=sans-serif>Primary Bond</FONT></B><FONT size=2 face=sans-serif>.</FONT>&nbsp;</TD>

   <TD width="17%" noWrap align=right><FONT size=2 face=sans-serif></FONT></TD></TR>

<TR>

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<TR>

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   <TD width="43%" noWrap align=left><I><FONT size=2 face=sans-serif>Conformity</FONT></I>&nbsp;</TD>

   <TD width="5%" noWrap align=left><FONT size=2 face=sans-serif>7.</FONT>&nbsp;</TD>

   <TD width="34%" colSpan=2 noWrap align=left><FONT size=2 face=sans-serif>If any limitation within this bond is prohibited by any law controlling this bond&#8217;s</FONT>&nbsp;</TD>

   <TD width="17%" noWrap align=left><FONT size=2 face=sans-serif></FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="43%" noWrap align=left>&nbsp;</TD>

   <TD width="5%" noWrap align=left>&nbsp;</TD>

   <TD width="34%" colSpan=2 noWrap align=left><FONT size=2 face=sans-serif>construction, such limitation shall be deemed to be amended so as to equal the</FONT>&nbsp;</TD>

   <TD width="17%" noWrap align=left><FONT size=2 face=sans-serif></FONT></TD></TR>

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   <TD width="43%" noWrap align=left>&nbsp;</TD>

   <TD width="5%" noWrap align=left>&nbsp;</TD>

   <TD width="34%" colSpan=2 noWrap align=left><FONT size=2 face=sans-serif>minimum period of limitation provided by such law.</FONT>&nbsp;</TD>

   <TD width="17%" noWrap align=left><FONT size=2 face=sans-serif></FONT></TD></TR></TABLE></DIV>

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<P style="TEXT-ALIGN: left"><B><I><FONT size=3 face=sans-serif>Conditions And</FONT></I></B><BR><B><I><FONT size=3 face=sans-serif>Limitations</FONT></I></B><BR><I><FONT size=2 face=sans-serif>(continued)</FONT></I></P>

<DIV align=left>

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<TR>

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   <TD width="43%" noWrap align=left><I><FONT size=2 face=sans-serif>Change Or Modification</FONT></I>&nbsp;</TD>

   <TD width="5%" noWrap align=left><FONT size=2 face=sans-serif>8.</FONT>&nbsp;</TD>

   <TD width="34%" noWrap align=left><FONT size=2 face=sans-serif>This bond or any instrument amending or affecting this bond may not be changed</FONT>&nbsp;</TD>

   <TD width="17%" noWrap align=left><FONT size=2 face=sans-serif></FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="43%" noWrap align=left><I><FONT size=2 face=sans-serif>Of This Bond</FONT></I>&nbsp;</TD>

   <TD width="5%" noWrap align=left>&nbsp;</TD>

   <TD width="34%" noWrap align=left><FONT size=2 face=sans-serif>or modified orally. No change in or modification of this bond shall be effective</FONT>&nbsp;</TD>

   <TD width="17%" noWrap align=left><FONT size=2 face=sans-serif></FONT></TD></TR>

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   <TD width="43%" noWrap align=left>&nbsp;</TD>

   <TD width="5%" noWrap align=left>&nbsp;</TD>

   <TD width="34%" noWrap align=left><FONT size=2 face=sans-serif>except when made by written endorsement to this bond signed by an Authorized</FONT>&nbsp;</TD>

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   <TD width="43%" noWrap align=left>&nbsp;</TD>

   <TD width="5%" noWrap align=left>&nbsp;</TD>

   <TD width="34%" noWrap align=left><FONT size=2 face=sans-serif>Representative of the COMPANY.</FONT>&nbsp;</TD>

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   <TD width="33%" noWrap align=left><B><FONT size=2 face=sans-serif>ENDORSEMENT/RIDER</FONT></B>&nbsp;</TD></TR>

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   <TD width="33%" noWrap align=left><FONT size=2 face=sans-serif>&nbsp;</FONT></TD>

   <TD width="33%" noWrap align=left></TD>

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   <TD width="33%" noWrap align=left><FONT size=2 face=sans-serif>Effective date of</FONT>&nbsp;</TD>

   <TD width="33%" noWrap align=left>&nbsp;</TD>

   <TD width="33%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="33%" noWrap align=left><FONT size=2 face=sans-serif>this endorsement/rider: December 1, 2012</FONT>&nbsp;</TD>

   <TD width="66%" colSpan=2 noWrap align=left><B><FONT size=2 face=sans-serif>FEDERAL INSURANCE COMPANY</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="33%" noWrap align=left>&nbsp;</TD>

   <TD width="66%" colSpan=2 noWrap align=left><FONT size=2 face=sans-serif></FONT></TD></TR>

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   <TD width="33%" noWrap align=left>&nbsp;</TD>

   <TD width="66%" colSpan=2 noWrap align=left><FONT size=2 face=sans-serif>Endorsement/Rider No.</FONT> <FONT size=2 face=sans-serif>1</FONT>&nbsp;</TD></TR>

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   <TD width="33%" noWrap align=left>&nbsp;</TD>

   <TD width="33%" noWrap align=left><FONT size=2 face=sans-serif></FONT></TD>

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   <TD width="33%" noWrap align=left>&nbsp;</TD>

   <TD width="33%" noWrap align=left><FONT size=2 face=sans-serif>To be attached to and</FONT>&nbsp;</TD>

   <TD width="33%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="33%" noWrap align=left>&nbsp;</TD>

   <TD width="66%" colSpan=2 noWrap align=left><FONT size=2 face=sans-serif>form a part of Bond No.</FONT> <FONT size=2 face=sans-serif>82179301</FONT>&nbsp;</TD></TR>

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   <TD width="33%" noWrap align=left><FONT size=2 face=sans-serif>&nbsp;</FONT></TD>

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   <TD width="33%" noWrap align=left><FONT size=2 face=sans-serif>Issued to: THE GEORGE PUTNAM FUNDS</FONT>&nbsp;</TD>

   <TD width="33%" noWrap align=left>&nbsp;</TD>

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<TR vAlign=bottom>

   <TD width="33%" noWrap align=left><FONT size=2 face=sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C/O PUTNAM INVESTMENTS, LLC</FONT>&nbsp;</TD>

   <TD width="33%" noWrap align=left>&nbsp;</TD>

   <TD width="33%" noWrap align=left>&nbsp;</TD></TR></TABLE></DIV>

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   <TD noWrap align=center><B><FONT size=2 face=sans-serif>COMPLIANCE WITH APPLICABLE TRADE SANCTION LAWS</FONT></B>&nbsp;</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>It is agreed that this insurance does not apply to the extent that trade or economic sanctions or other similar laws or regulations prohibit the coverage provided by this insurance.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>The title and any headings in this endorsement/rider are solely for convenience and form no part of the terms and conditions of coverage.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>All other terms, conditions and limitations of this Bond shall remain unchanged.</FONT></P>

<P style="TEXT-ALIGN: left">&nbsp;</P>

<P align=center>
<IMG border=0 src="threexschubbx9x1.jpg"> </P>

<P align=center>&nbsp;</P>

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   <TD width="33%" noWrap align=left><FONT size=2 face=sans-serif>14-02-9228 (02/2010)</FONT>&nbsp;</TD>

   <TD width="33%" noWrap align=center><FONT size=2 face=sans-serif>Page 1</FONT>&nbsp;</TD>

   <TD width="33%" noWrap align=left><FONT size=2 face=sans-serif></FONT></TD></TR></TABLE></DIV>

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   <TD noWrap align=center><B><FONT size=4 face=sans-serif>IMPORTANT NOTICE TO POLICYHOLDERS</FONT></B>&nbsp;</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>All of the members of the Chubb Group of Insurance companies doing business in the United States (hereinafter &#8220;Chubb&#8221;) distribute their products through licensed insurance brokers and agents (&#8220;producers&#8221;). Detailed information regarding the types of compensation paid by Chubb to producers on US insurance transactions is available under the Producer Compensation link located at the bottom of the page at www.chubb.com, or by calling 1-866-588-9478. Additional information may be available from your producer.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>Thank you for choosing Chubb.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>10-02-1295 (ed. 6/2007)</FONT></P></DIV>

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   <TD align=center><B><FONT size=5 face=sans-serif>POLICYHOLDER</FONT></B></TD></TR>

<TR vAlign=bottom>

   <TD align=center><B><FONT size=5 face=sans-serif>DISCLOSURE NOTICE OF</FONT></B></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=center><B><FONT size=5 face=sans-serif>TERRORISM INSURANCE COVERAGE</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=center><B><FONT size=3 face=sans-serif>(for policies with no terrorism exclusion or sublimit)</FONT></B>&nbsp;</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P>

<P style="TEXT-ALIGN: left"><FONT size=3 face=sans-serif>You are hereby notified that, under the Terrorism Risk Insurance Act (the &#8220;Act&#8221;), effective December 26, 2007, this policy makes available to you insurance for losses arising out of certain acts of 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 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 style="TEXT-ALIGN: left"><FONT size=3 face=sans-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 85% of covered terrorism losses that exceed the statutorily established deductible to be paid by the insurance company providing the coverage.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=3 face=sans-serif>However, if aggregate insured losses attributable to terrorist acts certified under the Act exceed $100 billion in a Program Year (January 1 through December 31), the Treasury shall not make any payment for any portion of the amount of such losses that exceeds $100 billion.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>10-02-1281 (Ed. 1/2003)</FONT></P></DIV>

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<FONT size=3 face="sans-serif">If aggregate insured losses attributable to terrorist acts certified under the Act exceed &#36;100 billion in a Program Year (January 1 through December 31) and we have met our insurer deductible under the Act, we shall not be liable for the payment of any portion of the amount of such losses that exceeds &#36;100 billion, and in such case insured losses up to that amount are subject to pro rata allocation in accordance with procedures established by the Secretary of the Treasury.</FONT></P>
<P style="text-align: left;">
<FONT size=3 face="sans-serif">The portion of your policy&#146;s annual premium that is attributable to insurance for such acts of terrorism is: &#36; </FONT><B><FONT size=3 face="sans-serif">-0-.</FONT></B></P>
<P style="text-align: left;">
<FONT size=3 face="sans-serif">If you have any questions about this notice, please contact your agent or broker.</FONT></P>
<P style="text-align: left;">
<FONT size=2 face="sans-serif">10-02-1281 (Ed. 1/2003)</FONT></P>
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<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>trn INSURED 001-NEW BUSINESS </FONT><FONT size=2 face=sans-serif>bmk 40724 1990-12-01 005 (F) Delivery Invoice </FONT><FONT size=2 face=sans-serif>40724 Ed. 12-90 </FONT><FONT size=2 face=sans-serif>1990 The Travelers Indemnity Company. All rights reserved. Page 1</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>DELIVERY INVOICE</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>Company:</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>INSUR</FONT><FONT size=2 face=sans-serif>ED</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>Policy Inception/Effective Date:</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>Agency Number:</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>Transaction Type:</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>Transaction number:</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>Processing date:</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>Policy Number:</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>AGEN</FONT><FONT size=2 face=sans-serif>T</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>Policy Surtax/</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>Number Description Amount Surcharge</FONT></P></DIV>

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<P style="text-align: left;">
<FONT size=2 face="sans-serif">40724 Ed. 12-90</FONT></P>
<P style="text-align: left;">
<FONT size=2 face="sans-serif">Page 2 1990 The Travelers Indemnity Company. All rights reserved.</FONT></P>
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<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>bmk ND044 2008-01-01 000 (T) Important Notice Regarding Independent Agent And Broker</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>ND044 Rev. 1-08 Page 1 of 1</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>IMPORTANT NOTICE - INDEPENDENT AGENT AND BROKER </FONT><FONT size=2 face=sans-serif>COMPENSATION</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>NO COVERAGE IS PROVIDED BY THIS NOTICE. THIS NOTICE DOES NOT AMEND ANY PROVISION OF YOUR POLICY. YOU SHOULD REVIEW YOUR ENTIRE POLICY CAREFULLY FOR COMPLETE INFORMATION ON THE COVERAGES PROVIDED AND TO DETERMINE YOUR RIGHTS AND DUTIES UNDER YOUR POLICY. PLEASE CONTACT YOUR AGENT OR BROKER IF YOU HAVE ANY QUESTIONS ABOUT THIS NOTICE OR ITS CONTENTS. IF THERE IS ANY CONFLICT BETWEEN YOUR POLICY AND THIS NOTICE, THE PROVISIONS OF YOUR POLICY PREVAIL.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>For information about how Travelers compensates independent agents and brokers, please visit www.travelers.com, call our toll-free telephone number, 1-866-904-8348, or you may request a written copy from Marketing at One Tower Square, 2GSA, Hartford, CT 06183.</FONT></P></DIV>

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<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>bmk ND059 2011-11-01 000 (T) How To Report Losses, Claims, Or Potential Claims To ND059 Rev. 11-11 -1-2012 The Travelers Indemnity Company. All rights reserved.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>HOW TO REPORT LOSSES, CLAIMS, OR POTENTIAL CLAIMS TO TRAVELERS</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>Reporting new losses, claims, or potential claims promptly can be critical. It helps to </FONT><FONT size=2 face=sans-serif>resolve covered losses or claims as quickly as possible and often reduces the overall cost.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>Prompt reporting:</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>better protects the interests of all parties;</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>helps Travelers to try to resolve losses or claims more quickly; and often reduces the overall cost of a loss or claim - losses or claims reported more than five days after they happen cost on average 35% more than those reported earlier.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>Report losses, claims, or potential claims to Travelers easily and quickly by fax, US mail, or email.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>FAX</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>Use this number to report a loss, claim, or potential claim by fax toll free.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>1-888-460-6622</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>US MAIL</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>Use this address to report a loss, claim, or potential claim by US Mail.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>Bond-FPS Claims Department</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>Travelers</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>Mail Code NB08F</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>385 Washington Street</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>Saint Paul, Minnesota 55102</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>EMAIL</FONT></P></DIV>

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<P style="text-align: left;">
<FONT size=2 face="sans-serif">Use this address to report a loss, claim, or potential claim by email.</FONT></P>
<P style="text-align: left;">
<FONT size=2 face="sans-serif">bfpclaims@travelers.com</FONT></P>
<P style="text-align: left;">
<FONT size=2 face="sans-serif">This is a general description of how to report a loss, claim, or potential claim under this policy or bond. This description does not replace or add to the terms of this policy or bond. The policy or bond alone determines the scope of coverage. Please read it carefully for complete information on coverage. Contact your agent or broker if you have any questions about coverage.</FONT></P>
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<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>bmk RMIA 2008-06-01 000 (T) Risk Management Plus+ Online Investment Advisers Registration</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>RM-IA Ed. 6-08 Page 1 of 2</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>RE: Risk Management PLUS+ Online from Travelers Bond &amp; Financial Products</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>(www.rmplusonline.com)</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>Thank you for choosing Travelers Bond &amp; Financial Products for your insurance needs.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>Travelers is a market leader in providing management liability coverage that is in-synch with your business. As your risks evolve, so do we through our ability to provide you with responsive risk management services.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>Travelers Bond &amp; Financial Products is pleased to provide you with Risk Management PLUS+ Online, the industry&#8217;s most comprehensive program for mitigating your management liability exposures. The site includes risk management tools for the following coverage related exposures:</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>Employment Practices Liability</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>Fiduciary Liability</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>Directors &amp; Officers Liability</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>Crime</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>Kidnap and Ransom</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>Identity Fraud Expense Reimbursement</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>Risk Management PLUS+ Online is a flexible, comprehensive loss prevention program specifically designed for Travelers Bond &amp; Financial Products customers and is available to you at no additional cost. Included in the site is a library of articles, checklists and training on relevant risk mitigation topics for the management liability areas mentioned above.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>Highlights of Risk Management PLUS+ Online services include:</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>Web-based risk management training</FONT></P></DIV>

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<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>Weekly articles on current issues</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>Model policies and forms for downloading or printing that cover major risks associated </FONT><FONT size=2 face=sans-serif>with the workplace</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>The attached Risk Management PLUS+ Online Registration Instructions contain easy, step-bystep instructions to register for this valuable tool. For more information, call 1-888-712-7667 and ask for your Risk Management PLUS+ Online representative. It&#8217;s that simple.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>We strongly encourage you to take full advantage of this program. Once again, thank you </FONT><FONT size=2 face=sans-serif>for choosing Travelers Bond &amp; Financial Products.</FONT></P></DIV>

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<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>RM-IA Ed. 6-08 Page 2 of 2</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>Instructions for Registration &amp; Orientation to Risk Management PLUS+ Online </FONT><FONT size=2 face=sans-serif>Registration for Site Administrators:</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>The Site Administrator is the person in your organization who will oversee Risk Management PLUS+ Online for the organization. The Site Administrator is typically a person who leads human resources and/or financial functions or is responsible for legal matters pertaining to personnel. The Site Administrator may add other Site Administrators later to assist with their responsibilities. To register:</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>1. Go to www.rmplusonline.com.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>2. In the Sign-In box, click Register.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>3. Enter the password/passcode: TRVP300300 (Please note there are 4 letters followed by 6 </FONT><FONT size=2 face=sans-serif>numbers in the code)</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>4. Fill in the Registration Information and click Submit.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>5. Your organization is registered, and you are registered as Site Administrator.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>Learning to Navigate the Site:</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>1. Go to www.rmplusonline.com. On each page, you will see a box outlined in blue that </FONT><FONT size=2 face=sans-serif>contains the instructions for use of that page.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>2. If you have any questions, just click on Contact Us on the front page. Enter your question in the form provided, and the System Administrator will get back to you quickly with the answer.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>3. You can also schedule a live walk-through of the site by sending a request for a walkthrough </FONT><FONT size=2 face=sans-serif>via the contact link on the front page.</FONT></P></DIV>

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<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>A Capital Stock Company</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>EXCESS FOLLOW FORM</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>TRAVELERS FORM</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>DECLARATIONS: Excess Follow Form Number:</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>The Company designated above (herein called Underwriter) issues this Excess Follow Form to:</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>Item 1. Named Insured:</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>(herein called Insured).</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>Item 2. Excess Follow Form Period: The Excess Follow Form Period shall be effective at 12:01 A.M. <BR>on</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>and expire at 12:01 A.M. on</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>local time as to each of </FONT><FONT size=2 face=sans-serif>said dates, subject to Section 5. of the Terms, Conditions and Limitations of this Excess Follow Form.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>Item 3. Single Loss Limit of Liability:</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>Item 4. Aggregate Limit of Liability:</FONT></P></DIV>

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<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>Item 5. Schedule of Underlying Insurance:</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>(A) 1. Underlying Insurer:</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>2.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>Bond or Policy Number:</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>3.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>Bond or Policy Period:</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>4.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>Limit of Liability:</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>Single Loss Limit of Liability</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>Aggregate Limit of Liability</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>5.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>Single Loss Deductible:</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>(B) 1. Underlying Insurer:</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>2.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>Bond or Policy Number:</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>3.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>Bond or Policy Period:</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>4.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>Limit of Liability:</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>Single Loss Limit of Liability</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>Aggregate Limit of Liability</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>(C) 1. Underlying Insurer:</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>2.</FONT></P></DIV>

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<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>Bond or Policy Number:</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>3.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>Bond or Policy Period:</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>4.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>Limit of Liability:</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>Single Loss Limit of Liability</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>Aggregate Limit of Liability</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>From: To:</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>From: To:</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>From: To:</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>XS100 Ed. 5-05</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>2005 The Travelers Companies, Inc.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>Page 1 of 5</FONT></P></DIV>

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<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>(D) (D) .</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>Underlying Insurer:</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>2.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>Bond or Policy Number:</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>3.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>Bond or Policy Period:</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>4.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>Limit of Liability:</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>Single Loss Limit of Liability</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>Aggregate Limit of Liability</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>Item 6.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>Total amount of Underlying Single Loss Limit of Liability</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>The total amount of Underlying Single Loss Limit of Liability is </FONT><FONT size=2 face=sans-serif>plus any Single Loss</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>Deductible under the Bond or Policy identified in Item 5. (A) of the Declarations of this Excess Follow </FONT><FONT size=2 face=sans-serif>Form.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>Item 7.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>Total amount of Underlying Aggregate Limit of Liability each Excess Follow Form Period</FONT></P></DIV>

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<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>The total amount of Underlying Aggregate Limit of Liability each Excess Follow Form Period is plus any Single Loss Deductible under the Bond or Policy identified in Item 5. (A) of of this Excess Follow Form.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>Item 8.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>Subject to the Declarations, Insuring Clause, Terms, Conditions and Limitations and Endorsements of </FONT><FONT size=2 face=sans-serif>this Excess Follow Form and as excepted below, this Excess Follow Form follows the form of:</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>Insurer&#8217;s Name:</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>From: To:</FONT><BR><BR><FONT size=2 face=sans-serif>the Declarations</FONT><BR><BR><FONT size=2 face=sans-serif>Bond or Policy Number:</FONT><BR><BR><FONT size=2 face=sans-serif>Effective Date:</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>Except as provided below:</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>Item 9.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>The Insured, by acceptance of this Excess Follow Form, gives notice to the Underwriter terminating or </FONT><FONT size=2 face=sans-serif>canceling prior Bond or Policy Numbers</FONT></P></DIV>

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<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>such termination or cancellation to be effective as of the time this Excess Follow Form becomes </FONT><FONT size=2 face=sans-serif>effective.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>Item 10.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>The liability of the Underwriter is subject to the terms of the following endorsements attached hereto:</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>Executed this</FONT><BR><BR><FONT size=2 face=sans-serif>XS100 Ed. 5-05</FONT><BR><BR><FONT size=2 face=sans-serif>Page 2 of 5</FONT><BR><BR><FONT size=2 face=sans-serif>day of , 20 .Countersigned</FONT><BR><BR><FONT size=2 face=sans-serif>2005 The Travelers Companies, Inc.</FONT><BR><BR><FONT size=2 face=sans-serif>Secretary</FONT></P></DIV>

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<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>EXCESS FOLLOW FORM</FONT><BR><BR><FONT size=2 face=sans-serif>Travelers Form</FONT><BR><BR><FONT size=2 face=sans-serif>INSURING CLAUSE</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>In consideration of the payment of the premium, and in reliance upon completeness and accuracy of the statements and disclosures made to the Underwriter and any issuer of Underlying Insurance by application, including all attachments, subject to the Declarations, Insuring Clause, Terms, Conditions and Limitations and Endorsements of this Excess Follow Form, this Excess Follow Form is subject to the same Insuring Clause(s), Terms, Conditions and Limitations and Endorsements as provided by the Bond or Policy identified in Item 8. of the Declarations of this Excess Follow Form. In no event shall this Excess Follow Form provide broader coverage than would be provided by the most restrictive Underlying Insurance.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>This Excess Follow Form is not subject to the same </FONT><FONT size=2 face=sans-serif>premium or the Limit of Liability of the Bond or Policy</FONT></P></DIV>

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<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>identified in Item 8. of the Declarations.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>TERMS, CONDITIONS AND LIMITATIONS</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>Section 1. Underlying Coverage</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>A.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>The Insured(s) shall notify the Underwriter in writing, as soon as practicable, of a failure to maintain in full force and effect, without alteration, the coverage and provisions of the Bond(s) or Policy(ies) identified in Item 5. of the Declarations.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>B.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>In the event there is no recovery available to the Insured as a result of the insolvency of any Underlying Insurer or the Insured&#8217;s failure to comply with the maintenance of any Underlying Insurance, the coverage hereunder shall apply as excess of the amount of all Underlying Insurance plus the amount of any applicable deductible to the same extent as if the Underlying Insurance were maintained in full force and effect.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>C.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>If the coverage and provisions of the Bond or Policy </FONT><FONT size=2 face=sans-serif>identified in Item 8. of the Declarations are altered,</FONT></P></DIV>

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<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>the Insured shall, as soon as practicable, give the Underwriter written notice of such alteration(s); and upon receipt of written consent to such alteration(s) from the Underwriter, the Insured shall pay any additional premium required by the Underwriter.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>This Excess Follow Form shall not follow the form of any alteration(s) to the Bond or Policy identified in Item 8. of the Declarations unless such written notice thereof is given by the Insured(s) to the Underwriter, the Underwriter gives written consent to such alteration(s) and the Insured(s) pay(s) any additional premium required by the Underwriter.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>D.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>Except as provided in Sections 2.D. and 2.E. below, in no event shall the Underwriter be liable to pay loss under this Excess Follow Form until the total amount of the Underlying Single Loss Limit of Liability as stated in Item 6. of the Declarations has been exhausted solely by reason of the payment of loss by the Underlying Insurer(s) as covered loss under the applicable Underlying Insurance.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>E.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>Any claim, loss or coverage that is subject to a </FONT><FONT size=2 face=sans-serif>Sublimit in any Underlying Insurance shall not be</FONT></P></DIV>

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<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>considered covered loss under this Excess Follow Form, but shall, for purposes of this Excess Follow Form, reduce or exhaust the Underlying Limit of Liability to the extent such payment reduces or exhausts the aggregate limit(s) of liability of such Underlying Insurance.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>Section 2. Limit of Liability</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>A.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>Payment by the Underwriter of loss covered under this Excess Follow Form shall reduce the Aggregate Limit of Liability of this Excess Follow Form set forth in Item 4. of the Declarations. In the event of exhaustion of the Aggregate Limit of Liability of this Excess Follow Form set forth in Item 4. of the Declarations, the Underwriter shall be relieved of all further liability under this Excess Follow Form.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>B.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>The Underwriter&#8217;s maximum liability for a Single Loss covered under this Excess Follow Form shall not exceed the amount of the Single Loss Limit of Liability stated in Item 3. of the Declarations.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>Also, the Underwriter&#8217;s maximum liability for all loss(es) in the aggregate covered under this Excess Follow Form shall not exceed the amount of the</FONT></P></DIV>

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<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>Aggregate Limit of Liability stated in Item 4. of the Declarations, which shall be the maximum liability of the Underwriter in the Excess Follow Form Period stated in Item 2. of the Declarations.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>C.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>Except as provided in Sections 2.D. and 2.E. below, the Underwriter shall only be liable to make payment for a Single Loss covered under this Excess Follow Form after the total amount of the Underlying Single Loss Limit of Liability as stated in Item 6. of the Declarations has been paid solely by reason of the payment of loss by the Underlying Insurer(s) as covered loss under the applicable Underlying Insurance.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>XS100 Ed. 5-05</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>2005 The Travelers Companies, Inc.</FONT></P>

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<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>D.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>In the event the total amount of the Underlying Aggregate Limit of Liability as stated in Item 7. of the Declarations is reduced solely by reason of the payment of covered loss by any Underlying Insurer to an amount less than the total amount of the Underlying Single Loss Limit of Liability as stated in Item 6. of the Declarations, this Excess Follow Form shall pay covered loss excess of the reduced total amount of Underlying Aggregate Limit of Liability, but not to exceed the amount of the Single Loss Limit of Liability stated in Item 3. of the Declarations, and subject always to the remaining Aggregate Limit of Liability of this Excess Follow Form.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>E.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>In the event of exhaustion of the total amount of Underlying Aggregate Limit of Liability as set forth in Item 7. of the Declarations, solely by reason of the payment of covered loss by the Underlying Insurer(s), this Excess Follow Form shall continue in force as primary insurance, provided always that this policy shall only pay covered loss excess over</FONT></P></DIV>

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<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>any retention or deductible amount otherwise applicable under the Underlying Insurance scheduled in Item 5. (A) of the Declarations, such amount not to exceed the Single Loss Limit of Liability stated in Item 3. of the Declarations and subject always to the remaining Aggregate Limit of Liability of this Excess Follow Form.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>Section 3. Joint Insureds</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>If two or more Insureds are covered under this Excess Follow Form, the first named Insured shall act for all Insureds. Payment by the Underwriter to the first named Insured or to any named Insured of loss covered under this Excess Follow Form shall fully release the Underwriter on account of such loss. The liability of the Underwriter for loss(es) sustained by all Insureds shall not exceed the amount for which the Underwriter would have been liable had all such loss(es) been sustained by one Insured.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>Section 4. Notice / Proof of Loss -Legal Proceedings</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>Against Underwriter</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>A.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>The Insured(s) shall, within the time and manner</FONT></P></DIV>

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<FONT size=2 face="sans-serif">prescribed in the Bond or Policy identified in Item 8. of the Declarations, give the Underwriter notice of any loss of the kind covered by this Excess Follow Form, whether or not the Underwriter is liable therefor in whole or in part, and upon request of the Underwriter, the Insured(s) shall file with the Underwriter a written statement of such loss and a copy of all correspondence between the Insured(s) and any Insurer identified in Item 5. of the Declarations. Notice given to any Insurer identified in Item 5. of the Declarations of this Excess Follow Form shall not constitute notice as required under Section 4. of the Terms, Conditions and Limitations of this Excess Follow Form.</FONT></P>
<P style="text-align: left;">
<FONT size=2 face="sans-serif">B.</FONT></P>
<P style="text-align: left;">
<FONT size=2 face="sans-serif">The Insured(s) shall, within the time and manner prescribed in the Bond or Policy identified in Item 8. of the Declarations, file with the Underwriter a proof of loss for any loss of the kind covered by this Excess Follow Form, whether or not the Underwriter is liable therefore in whole or in part, and upon request of the Underwriter the Insured(s) shall furnish a copy of all documents provided to or made available to any Insurer identified in Item 5.</FONT></P>
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<FONT size=2 face="sans-serif">of the Declarations in support of any proof of loss filed with such Insurer. Filing of a proof of loss with any Insurer identified in Item 5. of the Declarations shall not constitute filing a proof of loss with the Underwriter as required in Section 4. of the Terms, Conditions and Limitations of this Excess Follow Form.</FONT></P>
<P style="text-align: left;">
<FONT size=2 face="sans-serif">C.</FONT></P>
<P style="text-align: left;">
<FONT size=2 face="sans-serif">Legal proceedings against the Underwriter shall be commenced within the time prescribed in the Bond or Policy identified in Item 8. of the Declarations and only after complying with all the Terms, Conditions and Limitations of this Excess Follow Form.</FONT></P>
<P style="text-align: left;">
<FONT size=2 face="sans-serif">D.</FONT></P>
<P style="text-align: left;">
<FONT size=2 face="sans-serif">Notice and proof of loss under this Excess Follow Form shall be given to the Professional E&amp;O Claim Unit, Mail Code 508F, 385 Washington Street, St. Paul, MN 55102.</FONT></P>
<P style="text-align: left;">
<FONT size=2 face="sans-serif">Section 5. Excess Follow Form Period</FONT></P>
<P style="text-align: left;">
<FONT size=2 face="sans-serif">A.</FONT></P>
<P style="text-align: left;">
<FONT size=2 face="sans-serif">The term Excess Follow Form Period as used in this Excess Follow Form shall mean the lesser of the period stated in Item 2. of the Declarations or</FONT></P>
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<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>the time between the effective date and the </FONT><FONT size=2 face=sans-serif>termination date of this Excess Follow Form.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>B.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>The Aggregate Limit of Liability set forth in Item. 4. of the Declarations shall not be cumulated regardless of the number of Excess Follow Form Periods this Excess Follow Form has been in force; the number of renewals of this Excess Follow Form by the Underwriter; any extensions of the Excess Follow Form Period of this Excess Follow Form by the Underwriter; the number of and amount of premiums paid by the Insured, or the number of Excess Follow Form Periods of this Excess Follow Form in which the acts giving rise to a loss(es) were committed or occurred.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>XS100 Ed. 5-05</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>Page 4of5</FONT></P>

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<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>Section 6. Single Loss Defined</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>Section 6. Single Loss Defined</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>Section 7. Cancellation of this Excess Follow Form</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>by the Underwriter or the Insured</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>This Excess Follow Form terminates as an entirety upon occurrence of any of the following: (a) after the receipt by the Insured of a written notice from the </FONT><FONT size=2 face=sans-serif>Underwriter of its desire to cancel this Excess Follow Form in accordance with the conditions and limitations of any Bond or Policy identified in Item 5. of the Declarations, (b) immediately upon the receipt by the Underwriter of a written notice from the Insured of its desire to cancel this Excess Follow Form, or (c) immediately upon cancellation, termination or nonrenewal of the Underlying Bond or Policy identified in Item 8. of the Declarations, whether by the Insured or the applicable Underwriter.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>In witness whereof, the Underwriter has caused this Excess Follow Form to be executed on the Declarations page.</FONT></P></DIV>

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<FONT size=2 face="sans-serif">XS100 Ed. 5-05</FONT></P>
<P style="text-align: left;">
<FONT size=2 face="sans-serif">2005 The Travelers Companies, Inc. Page 5 of 5</FONT></P>
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<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>December 7, 2012</FONT><BR><BR><FONT size=2 face=sans-serif>Philip Sblendorio</FONT><BR><FONT size=2 face=sans-serif>Marsh USA Inc.</FONT><BR><FONT size=2 face=sans-serif>1166 Avenue of the Americas, 37th Floor</FONT><BR><FONT size=2 face=sans-serif>New York, NY 10036</FONT></P>

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   <TD width="3%" noWrap align=left><FONT size=2 face=sans-serif>Re:</FONT>&nbsp;</TD>

   <TD width="97%" noWrap align=left><FONT size=2 face=sans-serif>The George Putnam Fund of Boston d/b/a George Putnam Balanced Fund</FONT>&nbsp;</TD></TR>

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   <TD width="3%" noWrap align=left>&nbsp;</TD>

   <TD width="97%" noWrap align=left><FONT size=2 face=sans-serif>Policy # BFI-71001037-12</FONT>&nbsp;</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>Dear Philip,</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>Thank you for insuring your account with Berkley Asset Protection. Attached please find a copy of the policy for the above referenced account. In the event of loss, please contact:</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>Mr. Gregory Smith</FONT><BR><FONT size=2 face=sans-serif>Executive Vice President</FONT><BR><FONT size=2 face=sans-serif>317 Madison Avenue, Suite 1104</FONT><BR><FONT size=2 face=sans-serif>New York, NY 10017</FONT><BR><FONT size=2 face=sans-serif>Phone: (212) 922-0659</FONT><BR><FONT size=2 face=sans-serif>Fax: (866) 735-9073</FONT><BR><FONT size=2 face=sans-serif>E-Mail: </FONT><U><FONT size=2 face=sans-serif>GSmith@BerkleyAssetPro.com</FONT></U></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>Please feel free to contact me with any additional questions.</FONT></P>
<IMG border=0 src="berkeleyx1x2.jpg"> <BR>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>Matthew McNamara</FONT><BR><FONT size=2 face=sans-serif>Senior Underwriter</FONT><BR><U><FONT size=2 face=sans-serif>mmcnamara@berkleyassetpro.com</FONT></U></P>

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   <TD noWrap align=center><FONT size=2 face=sans-serif>317 Madison Avenue, Suite 1104, New York, NY 10017 (212) 922-0659</FONT>&nbsp;</TD></TR></TABLE></DIV>

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   <TD width="99%" colSpan=3 noWrap align=center><B><FONT size=4 face=sans-serif>FINANCIAL INSTITUTION EXCESS FOLLOW FORM CERTIFICATE</FONT></B>&nbsp;</TD></TR>

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   <TD width="99%" colSpan=3>&nbsp;</TD></TR>

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   <TD width="33%" noWrap align=left><B><FONT size=2 face=sans-serif>BOND NUMBER:</FONT></B>&nbsp;</TD>

   <TD width="33%" noWrap align=left><FONT size=2 face=sans-serif>BFI-71001037-12</FONT>&nbsp;</TD>

   <TD width="33%" noWrap align=left><B><FONT size=2 face=sans-serif>PRIOR BOND NUMBER: </FONT></B><FONT size=2 face=sans-serif>N/A</FONT>&nbsp;</TD></TR>

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   <TD width="33%" noWrap align=left><B><FONT size=2 face=sans-serif>NAMED INSURED:</FONT></B>&nbsp;</TD>

   <TD width="66%" colSpan=2 noWrap align=left><FONT size=2 face=sans-serif>The George Putnam Fund of Boston d/b/a George Putnam Balanced Fund</FONT>&nbsp;</TD></TR>

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   <TD width="33%" noWrap align=left>&nbsp;</TD>

   <TD width="66%" colSpan=2 noWrap align=left><FONT size=2 face=sans-serif>(Also list any Employee Benefit Plan(s) included as Insureds)</FONT>&nbsp;</TD></TR>

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   <TD width="99%" colSpan=3>&nbsp;</TD></TR>

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   <TD width="33%" noWrap align=left><B><FONT size=2 face=sans-serif>MAILING ADDRESS:</FONT></B>&nbsp;</TD>

   <TD width="66%" colSpan=2 noWrap align=left><FONT size=2 face=sans-serif>One Post Office Square</FONT>&nbsp;</TD></TR>

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   <TD width="33%" noWrap align=left>&nbsp;</TD>

   <TD width="33%" noWrap align=left><FONT size=2 face=sans-serif>Boston, MA 02109</FONT>&nbsp;</TD>

   <TD width="33%" noWrap align=left>&nbsp;</TD></TR>

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   <TD width="33%" noWrap align=left><B><FONT size=2 face=sans-serif>BOND PERIOD:</FONT></B>&nbsp;</TD>

   <TD width="66%" colSpan=2 noWrap align=left><FONT size=2 face=sans-serif>12/1/2012 to 12/1/2013</FONT>&nbsp;</TD></TR>

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   <TD width="33%" noWrap align=left>&nbsp;</TD>

   <TD width="66%" colSpan=2 noWrap align=left><FONT size=2 face=sans-serif>(12:01 A.M. at your Mailing Address shown above)</FONT>&nbsp;</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px; PADDING-LEFT: 0%; PADDING-RIGHT: 0%">&nbsp;</P>

<P style="TEXT-ALIGN: left; PADDING-LEFT: 0%; PADDING-RIGHT: 0%"><B><FONT size=2 face=sans-serif>TERMS AND CONDITIONS:</FONT></B></P>

<P style="TEXT-ALIGN: left; PADDING-LEFT: 0%; PADDING-RIGHT: 0%"><FONT size=2 face=sans-serif>In consideration of the premium charged and in reliance upon the statements and information furnished to the COMPANY by the Insured and subject to the terms and conditions of the UNDERLYING COVERAGE scheduled below, the COMPANY agrees to pay the Insured, as excess and not contributing insurance, for loss which:</FONT></P>

<P style="TEXT-ALIGN: left; PADDING-LEFT: 0%; PADDING-RIGHT: 0%"><FONT size=2 face=sans-serif>(a) would have been paid under the underlying Carrier(s) in the UNDERLYING COVERAGE schedule below but for the fact that such loss exceeds the Single Loss Limit of Liability of the underlying Carrier(s), and</FONT></P>

<P style="TEXT-ALIGN: left; PADDING-LEFT: 0%; PADDING-RIGHT: 0%"><FONT size=2 face=sans-serif>(b) for which the underlying Carrier(s) has made payment and the Insured has collected the full amount of the underlying Carrier&#8217;s expressed Single Loss Limit of Liability.</FONT></P>

<P style="TEXT-ALIGN: left; PADDING-LEFT: 0%; PADDING-RIGHT: 0%"><FONT size=2 face=sans-serif>This bond does not provide coverage in excess of any sub-limited coverage in the underlying policy which is below the underlying Carrier's expressed Single Loss Limit of Liability in the UNDERLYING COVERAGE schedule below.</FONT></P>

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   <TD width="66%" colSpan=2 noWrap align=left><B><FONT size=2 face=sans-serif>

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</FONT></B></TD>

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   <TD width="33%" noWrap align=left><B><FONT size=2 face=sans-serif>UNDERLYING COVERAGE:</FONT></B>&nbsp;</TD>

   <TD width="33%" noWrap align=left>&nbsp;</TD>

   <TD width="33%" noWrap align=left></TD></TR>

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</TD>

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   <TD width="33%" noWrap align=left><FONT size=2 face=sans-serif>Carrier:</FONT>&nbsp;</TD>

   <TD width="33%" noWrap align=left><FONT size=2 face=sans-serif>National Union Fire Insurance Company of Pittsburgh, PA</FONT>&nbsp;</TD>

   <TD width="33%" noWrap align=left><FONT size=2 face=sans-serif></FONT></TD></TR>

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   <TD width="33%" noWrap align=left><FONT size=2 face=sans-serif>Single Loss Limit of Liability:</FONT>&nbsp;</TD>

   <TD width="33%" noWrap align=left><FONT size=2 face=sans-serif>$10,000,000</FONT>&nbsp;</TD>

   <TD width="33%" noWrap align=left><FONT size=2 face=sans-serif></FONT></TD></TR>

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   <TD width="33%" noWrap align=left><FONT size=2 face=sans-serif>Single Loss Deductible:</FONT>&nbsp;</TD>

   <TD width="33%" noWrap align=left><FONT size=2 face=sans-serif>$150,000</FONT>&nbsp;</TD>

   <TD width="33%" noWrap align=left><FONT size=2 face=sans-serif></FONT></TD></TR>

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   <TD width="33%" noWrap align=left><FONT size=2 face=sans-serif>Aggregate Limit:</FONT>&nbsp;</TD>

   <TD width="33%" noWrap align=left><FONT size=2 face=sans-serif>$0</FONT>&nbsp;</TD>

   <TD width="33%" noWrap align=left><FONT size=2 face=sans-serif></FONT></TD></TR>

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   <TD width="33%" noWrap align=left><FONT size=2 face=sans-serif>Bond Number:</FONT>&nbsp;</TD>

   <TD width="33%" noWrap align=left><FONT size=2 face=sans-serif>01-421-23-39</FONT>&nbsp;</TD>

   <TD width="33%" noWrap align=left><FONT size=2 face=sans-serif></FONT></TD></TR>

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   <TD width="33%" noWrap align=left><FONT size=2 face=sans-serif>Bond or Form Name:</FONT>&nbsp;</TD>

   <TD width="33%" noWrap align=left><FONT size=2 face=sans-serif>INVESTMENT COMPANY BLANKET BOND</FONT>&nbsp;</TD>

   <TD width="33%" noWrap align=left><FONT size=2 face=sans-serif></FONT></TD></TR>

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   <TD width="33%" noWrap align=left><FONT size=2 face=sans-serif>Bond Period:</FONT>&nbsp;</TD>

   <TD width="33%" noWrap align=left><FONT size=2 face=sans-serif>12/1/2012 to 12/1/2013</FONT>&nbsp;</TD>

   <TD width="33%" noWrap align=left><FONT size=2 face=sans-serif></FONT></TD></TR>

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</TD>

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   <TD width="33%" noWrap align=left><FONT size=2 face=sans-serif>Carrier:</FONT>&nbsp;</TD>

   <TD width="33%" noWrap align=left><FONT size=2 face=sans-serif>Westchester Fire Insurance Company</FONT>&nbsp;</TD>

   <TD width="33%" noWrap align=left><FONT size=2 face=sans-serif></FONT></TD></TR>

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   <TD width="33%" noWrap align=left><FONT size=2 face=sans-serif>Single Loss Limit of Liability:</FONT>&nbsp;</TD>

   <TD width="33%" noWrap align=left><FONT size=2 face=sans-serif>$10,000,000 excess of $10,000,000 plus deductible</FONT>&nbsp;</TD>

   <TD width="33%" noWrap align=left><FONT size=2 face=sans-serif></FONT></TD></TR>

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   <TD width="33%" noWrap align=left><FONT size=2 face=sans-serif>Aggregate Limit:</FONT>&nbsp;</TD>

   <TD width="33%" noWrap align=left><FONT size=2 face=sans-serif>$0</FONT>&nbsp;</TD>

   <TD width="33%" noWrap align=left><FONT size=2 face=sans-serif></FONT></TD></TR>

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   <TD width="33%" noWrap align=left><FONT size=2 face=sans-serif>Bond Number:</FONT>&nbsp;</TD>

   <TD width="33%" noWrap align=left><FONT size=2 face=sans-serif>DON G21666300 009</FONT>&nbsp;</TD>

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   <TD width="33%" noWrap align=left><FONT size=2 face=sans-serif>Bond Period:</FONT>&nbsp;</TD>

   <TD width="33%" noWrap align=left><FONT size=2 face=sans-serif>12/1/2012 to 12/1/2013</FONT>&nbsp;</TD>

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   <TD width="33%"></TD></TR>

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   <TD width="66%" colSpan=2>

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   <TD width="33%" noWrap align=left><FONT size=2 face=sans-serif>Carrier:</FONT>&nbsp;</TD>

   <TD width="33%" noWrap align=left><FONT size=2 face=sans-serif>Great American Insurance Company</FONT>&nbsp;</TD>

   <TD width="33%" noWrap align=left><FONT size=2 face=sans-serif></FONT></TD></TR>

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   <TD width="33%" noWrap align=left><FONT size=2 face=sans-serif>Single Loss Limit of Liability:</FONT>&nbsp;</TD>

   <TD width="33%" noWrap align=left><FONT size=2 face=sans-serif>$10,000,000 excess of $20,000,000 plus deductible</FONT>&nbsp;</TD>

   <TD width="33%" noWrap align=left><FONT size=2 face=sans-serif></FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="33%" noWrap align=left><FONT size=2 face=sans-serif>Aggregate Limit:</FONT>&nbsp;</TD>

   <TD width="33%" noWrap align=left><FONT size=2 face=sans-serif>$0</FONT>&nbsp;</TD>

   <TD width="33%" noWrap align=left><FONT size=2 face=sans-serif></FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="33%" noWrap align=left><FONT size=2 face=sans-serif>Bond Number:</FONT>&nbsp;</TD>

   <TD width="33%" noWrap align=left><FONT size=2 face=sans-serif>FS-554-47-44-09</FONT>&nbsp;</TD>

   <TD width="33%" noWrap align=left><FONT size=2 face=sans-serif></FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="33%" noWrap align=left><FONT size=2 face=sans-serif>Bond Period:</FONT>&nbsp;</TD>

   <TD width="33%" noWrap align=left><FONT size=2 face=sans-serif>12/1/2012 to 12/1/2013</FONT>&nbsp;</TD>

   <TD width="33%" noWrap align=left><FONT size=2 face=sans-serif></FONT></TD></TR>

<TR>

   <TD width="66%" colSpan=2>

   <HR SIZE=1 noShade>

</TD>

   <TD width="33%"></TD></TR>

<TR>

   <TD width="66%" colSpan=2>

   <HR SIZE=1 noShade>

</TD>

   <TD width="33%"></TD></TR>

<TR vAlign=bottom>

   <TD width="33%" noWrap align=left><FONT size=2 face=sans-serif>Carrier:</FONT>&nbsp;</TD>

   <TD width="33%" noWrap align=left><FONT size=2 face=sans-serif>Federal Insurance Company</FONT>&nbsp;</TD>

   <TD width="33%" noWrap align=left><FONT size=2 face=sans-serif></FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="33%" noWrap align=left><FONT size=2 face=sans-serif>Single Loss Limit of Liability:</FONT>&nbsp;</TD>

   <TD width="33%" noWrap align=left><FONT size=2 face=sans-serif>$10,000,000 excess of $30,000,000 plus deductible</FONT>&nbsp;</TD>

   <TD width="33%" noWrap align=left><FONT size=2 face=sans-serif></FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="33%" noWrap align=left><FONT size=2 face=sans-serif>Aggregate Limit:</FONT>&nbsp;</TD>

   <TD width="33%" noWrap align=left><FONT size=2 face=sans-serif>$0</FONT>&nbsp;</TD>

   <TD width="33%" noWrap align=left><FONT size=2 face=sans-serif></FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="33%" noWrap align=left><FONT size=2 face=sans-serif>Bond Number:</FONT>&nbsp;</TD>

   <TD width="33%" noWrap align=left><FONT size=2 face=sans-serif>82179301</FONT>&nbsp;</TD>

   <TD width="33%" noWrap align=left><FONT size=2 face=sans-serif></FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="33%" noWrap align=left><FONT size=2 face=sans-serif>Bond Period:</FONT>&nbsp;</TD>

   <TD width="33%" noWrap align=left><FONT size=2 face=sans-serif>12/1/2012 to 12/1/2013</FONT>&nbsp;</TD>

   <TD width="33%" noWrap align=left><FONT size=2 face=sans-serif></FONT></TD></TR>

<TR>

   <TD width="66%" colSpan=2>

   <HR SIZE=1 noShade>

</TD>

   <TD width="33%"></TD></TR></TABLE></DIV>

<P style="MARGIN: 0px; PADDING-LEFT: 0%; PADDING-RIGHT: 0%">&nbsp;</P>

<DIV style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%" align=left>

<TABLE style="WIDTH: 80%" border=0 cellSpacing=0>



<TR>

   <TD width="85%"></TD>

   <TD width="15%"></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><FONT size=2 face=sans-serif>BAP 39 01 01 09</FONT>&nbsp;</TD>

   <TD noWrap align=right><FONT size=2 face=sans-serif>Page 1 of 2</FONT>&nbsp;</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px; PADDING-LEFT: 0%; PADDING-RIGHT: 0%">&nbsp;</P>

<HR align=center SIZE=2 width="100%" noShade>



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<DIV style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%" align=left>

<TABLE style="WIDTH: 80%" border=0 cellSpacing=0>



<TR>

   <TD width="33%"></TD>

   <TD width="33%"></TD>

   <TD width="33%"></TD></TR>

<TR vAlign=bottom>

   <TD width="66%" colSpan=2 noWrap align=left><FONT size=2 face=sans-serif>

   <HR SIZE=2>

</FONT><FONT size=2 face=sans-serif></FONT></TD>

   <TD width="33%" noWrap align=left><FONT size=2 face=sans-serif></FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="33%" noWrap align=left><FONT size=2 face=sans-serif>Carrier:</FONT>&nbsp;</TD>

   <TD width="33%" noWrap align=left><FONT size=2 face=sans-serif>Travelers Casualty and Surety Company of America</FONT>&nbsp;</TD>

   <TD width="33%" noWrap align=left><FONT size=2 face=sans-serif></FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="33%" noWrap align=left><FONT size=2 face=sans-serif>Single Loss Limit of Liability:</FONT>&nbsp;</TD>

   <TD width="33%" noWrap align=left><FONT size=2 face=sans-serif>$10,000,000 excess of $40,000,000 plus deductible</FONT>&nbsp;</TD>

   <TD width="33%" noWrap align=left><FONT size=2 face=sans-serif></FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="33%" noWrap align=left><FONT size=2 face=sans-serif>Aggregate Limit:</FONT>&nbsp;</TD>

   <TD width="33%" noWrap align=left><FONT size=2 face=sans-serif>$0</FONT>&nbsp;</TD>

   <TD width="33%" noWrap align=left><FONT size=2 face=sans-serif></FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="33%" noWrap align=left><FONT size=2 face=sans-serif>Bond Number:</FONT>&nbsp;</TD>

   <TD width="33%" noWrap align=left><FONT size=2 face=sans-serif>ZBN-I4T4353A-12-N2</FONT>&nbsp;</TD>

   <TD width="33%" noWrap align=left><FONT size=2 face=sans-serif></FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="33%" noWrap align=left><FONT size=2 face=sans-serif>Bond Period:</FONT>&nbsp;</TD>

   <TD width="33%" noWrap align=left><FONT size=2 face=sans-serif>12/1/2012 to 12/1/2013</FONT>&nbsp;</TD>

   <TD width="33%" noWrap align=left><FONT size=2 face=sans-serif></FONT></TD></TR>

<TR>

   <TD width="66%" colSpan=2>

   <HR SIZE=2>

&nbsp;</TD>

   <TD width="33%"></HR></TD></TR>

<TR>

   <TD width="66%" colSpan=2>

   <HR SIZE=2>

</TD>

   <TD width="33%"></TD></TR>

<TR vAlign=bottom>

   <TD width="33%" noWrap align=left><B><FONT size=2 face=sans-serif>Lead Carrier for Layer:</FONT></B>&nbsp;</TD>

   <TD width="33%" noWrap align=left><FONT size=2 face=sans-serif>Berkley Regional Insurance Company</FONT>&nbsp;</TD>

   <TD width="33%" noWrap align=left><FONT size=2 face=sans-serif></FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="33%" noWrap align=left><B><FONT size=2 face=sans-serif>Single Loss Limit of Liability: </FONT></B></TD>

   <TD width="33%" noWrap align=left><FONT size=2 face=sans-serif>$10,000,000 excess of $50,000,000 plus deductible</FONT>&nbsp;</TD>

   <TD width="33%" noWrap align=left><B><FONT size=2 face=sans-serif></FONT></B></TD></TR>

<TR vAlign=bottom>

   <TD width="33%" noWrap align=left><B><FONT size=2 face=sans-serif>Aggregate Limit:</FONT></B>&nbsp;</TD>

   <TD width="33%" noWrap align=left><FONT size=2 face=sans-serif>$0</FONT>&nbsp;</TD>

   <TD width="33%" noWrap align=left><FONT size=2 face=sans-serif></FONT></TD></TR>

<TR>

   <TD width="66%" colSpan=2>

   <HR SIZE=2>

&nbsp;</TD>

   <TD width="33%"></TD></TR>

<TR>

   <TD width="66%" colSpan=2>

   <HR SIZE=2>

&nbsp;</TD>

   <TD width="33%"></TD></TR>

<TR vAlign=bottom>

   <TD width="33%" noWrap align=left><B><FONT size=2 face=sans-serif>ANNUAL PREMIUM:</FONT></B>&nbsp;</TD>

   <TD width="33%" noWrap align=left><FONT size=2 face=sans-serif>$16,850</FONT>&nbsp;</TD>

   <TD width="33%" noWrap align=left><FONT size=2 face=sans-serif></FONT></TD></TR>

<TR>

   <TD width="66%" colSpan=2>

   <HR SIZE=2>

&nbsp;</TD>

   <TD width="33%"></TD></TR>

<TR vAlign=bottom>

   <TD width="66%" colSpan=2 noWrap align=left><FONT size=2 face=sans-serif>Forms and Riders Forming Part of this Bond When Issued:</FONT>&nbsp;</TD>

   <TD width="33%" noWrap align=left><FONT size=2 face=sans-serif></FONT></TD></TR>

<TR>

   <TD width="66%" colSpan=2>

   <HR SIZE=1 noShade>

</TD>

   <TD width="33%"></TD></TR>

<TR vAlign=bottom>

   <TD width="33%" noWrap align=center><FONT size=2 face=sans-serif>Form Number</FONT>&nbsp;</TD>

   <TD width="33%" noWrap align=left><FONT size=2 face=sans-serif>Description of Form or Rider:</FONT>&nbsp;</TD>

   <TD width="33%" noWrap align=left><FONT size=2 face=sans-serif></FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="33%" noWrap align=center><FONT size=2 face=sans-serif>and Edition Date</FONT>&nbsp;</TD>

   <TD width="33%" noWrap align=left>&nbsp;</TD>

   <TD width="33%" noWrap align=left></TD></TR>

<TR>

   <TD width="66%" colSpan=2>

   <HR SIZE=1 noShade>

</TD>

   <TD width="33%"></TD></TR>

<TR vAlign=bottom>

   <TD width="33%" noWrap align=left><FONT size=2 face=sans-serif>BAP 39 01 01 09</FONT>&nbsp;</TD>

   <TD width="33%" noWrap align=left><FONT size=2 face=sans-serif>Financial Institution Excess Follow Form Certificate</FONT>&nbsp;</TD>

   <TD width="33%" noWrap align=left><FONT size=2 face=sans-serif></FONT></TD></TR>

<TR>

   <TD width="66%" colSpan=2>

   <HR SIZE=1 noShade>

</TD>

   <TD width="33%"></TD></TR>

<TR vAlign=bottom>

   <TD width="33%" noWrap align=left><FONT size=2 face=sans-serif>BAP 30 00 01 09</FONT>&nbsp;</TD>

   <TD width="33%" noWrap align=left><FONT size=2 face=sans-serif>Forms Index</FONT>&nbsp;</TD>

   <TD width="33%" noWrap align=left><FONT size=2 face=sans-serif></FONT></TD></TR>

<TR>

   <TD width="66%" colSpan=2>

   <HR SIZE=1 noShade>

</TD>

   <TD width="33%"></TD></TR>

<TR vAlign=bottom>

   <TD width="33%" noWrap align=left><FONT size=2 face=sans-serif>BAP 30 01 01 09</FONT>&nbsp;</TD>

   <TD width="33%" noWrap align=left><FONT size=2 face=sans-serif>Premium Rider</FONT>&nbsp;</TD>

   <TD width="33%" noWrap align=left><FONT size=2 face=sans-serif></FONT></TD></TR>

<TR>

   <TD width="66%" colSpan=2>

   <HR SIZE=1 noShade>

</TD>

   <TD width="33%"></TD></TR>

<TR>

   <TD width="66%" colSpan=2></TD>

   <TD width="33%"></TD></TR>

<TR>

   <TD width="66%" colSpan=2></TD>

   <TD width="33%"></TD></TR>

<TR>

   <TD width="66%" colSpan=2>&nbsp;</TD>

   <TD width="33%"></TD></TR>

<TR>

   <TD width="66%" colSpan=2>

   <HR SIZE=1 noShade>

</TD>

   <TD width="33%"></TD></TR>

<TR>

   <TD width="66%" colSpan=2><FONT size=2 face=sans-serif>Cancellation of Prior Insurance Issued by Us:</FONT></TD>

   <TD width="33%"></TD></TR>

<TR>

   <TD width="66%" colSpan=2>

   <HR SIZE=1 noShade>

</TD>

   <TD width="33%"></TD></TR>

<TR>

   <TD width="66%" colSpan=2><FONT size=2 face=sans-serif>By acceptance of this Bond you give us notice canceling prior policy Numbers: N/A</FONT></TD>

   <TD width="33%"></TD></TR>

<TR>

   <TD width="66%" colSpan=2><FONT size=2 face=sans-serif>the cancellation to be effective at the time this Bond becomes effective.</FONT></TD>

   <TD width="33%"></TD></TR>

<TR>

   <TD width="66%" colSpan=2>

   <HR SIZE=1 noShade>

</TD>

   <TD width="33%"></TD></TR></TABLE></DIV>

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<P style="TEXT-ALIGN: left; PADDING-LEFT: 0%; PADDING-RIGHT: 0%"><BR>&nbsp;</P>

<P style="TEXT-ALIGN: left; PADDING-LEFT: 0%; PADDING-RIGHT: 0%"><FONT size=2 face=sans-serif>IN WITNESS WHEREOF, Berkley Regional Insurance Company designated herein has executed and attested these presents.</FONT></P>

<DIV style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%">
<IMG border=0 src="berkeleyx4x1.jpg"> </DIV>

<DIV style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%"><BR>&nbsp;</DIV>

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<TABLE style="WIDTH: 80%" border=0 cellSpacing=0>



<TR>

   <TD width="85%"></TD>

   <TD width="15%"></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><FONT size=2 face=sans-serif>BAP 39 01 01 09</FONT>&nbsp;</TD>

   <TD noWrap align=right><FONT size=2 face=sans-serif>Page 2 of 2</FONT>&nbsp;</TD></TR></TABLE></DIV>

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<TABLE style="WIDTH: 80%" border=0 cellSpacing=0>



<TR>

   <TD width="33%"></TD>

   <TD width="33%"></TD>

   <TD width="33%"></TD></TR>

<TR vAlign=bottom>

   <TD width="66%" colSpan=2 noWrap align=left><FONT size=2 face=sans-serif>BOND NUMBER: BFI-71001037-12</FONT>&nbsp;</TD>

   <TD width="33%" noWrap align=right><B><FONT size=2 face=sans-serif>BAP 30 00 01 09</FONT></B>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=3>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=3>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="99%" colSpan=3 align=center><B><FONT size=3 face=sans-serif>THIS RIDER CHANGES THE BOND. PLEASE READ IT CAREFULLY.</FONT></B></TD></TR>

<TR>

   <TD width="99%" colSpan=3>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=3>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="99%" colSpan=3 align=center><B><U><FONT size=5 face=sans-serif>FORMS INDEX</FONT></U></B></TD></TR>

<TR>

   <TD width="99%" colSpan=3></TD></TR>

<TR>

   <TD width="99%" colSpan=3>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=3>

   <HR SIZE=1 noShade>

&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="66%" colSpan=2 noWrap align=left><FONT size=2 face=sans-serif>Forms and Riders Forming Part of this Bond When Issued:</FONT>&nbsp;</TD>

   <TD width="33%" noWrap align=left>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=3>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="33%" noWrap align=left>

   <P><FONT size=2 face=sans-serif>Form Number and </FONT></SUP></P></TD>

   <TD width="33%" noWrap align=left><FONT size=2 face=sans-serif>Description of Form or Rider:</FONT></TD>

   <TD width="33%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="33%" noWrap align=left><FONT size=2 face=sans-serif>&nbsp;&nbsp;&nbsp;&nbsp; Edition Date</FONT>&nbsp;</TD>

   <TD width="33%" noWrap align=left>&nbsp;</TD>

   <TD width="33%" noWrap align=left>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=3>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="33%" noWrap align=left><FONT size=2 face=sans-serif>BAP 39 01 01 09</FONT>&nbsp;</TD>

   <TD width="33%" noWrap align=left><FONT size=2 face=sans-serif>Financial Institution Excess Follow Form Certificate</FONT>&nbsp;</TD>

   <TD width="33%" noWrap align=left>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=3>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="33%" noWrap align=left><FONT size=2 face=sans-serif>BAP 30 00 01 09</FONT>&nbsp;</TD>

   <TD width="33%" noWrap align=left><FONT size=2 face=sans-serif>Forms Index</FONT>&nbsp;</TD>

   <TD width="33%" noWrap align=left>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=3>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="33%" noWrap align=left><FONT size=2 face=sans-serif>BAP 30 01 01 09</FONT>&nbsp;</TD>

   <TD width="33%" noWrap align=left><FONT size=2 face=sans-serif>Premium Rider</FONT>&nbsp;</TD>

   <TD width="33%" noWrap align=left>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=3>

   <HR SIZE=1 noShade>

</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P>

<DIV align=left>

<TABLE style="WIDTH: 80%" border=0 cellSpacing=0>



<TR>

   <TD width="85%"></TD>

   <TD width="15%"></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><B><FONT size=2 face=sans-serif>BAP 30 00 01 09</FONT></B>&nbsp;</TD>

   <TD noWrap align=right><B><FONT size=2 face=sans-serif>Page 1 of 1</FONT></B>&nbsp;</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P></DIV>

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<TR>

   <TD width="85%"></TD>

   <TD width="15%"></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><FONT size=2 face=sans-serif>BOND NUMBER: BFI-71001037-12</FONT>&nbsp;</TD>

   <TD noWrap align=right><B><FONT size=2 face=sans-serif>BAP 30 01 01 09</FONT></B>&nbsp;</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P>

<DIV align=left>

<TABLE style="WIDTH: 80%" border=0 cellSpacing=0>



<TR>

   <TD width="100%"></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=center><B><FONT size=3 face=sans-serif>THIS RIDER CHANGES THE BOND. PLEASE READ IT CAREFULLY.</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=center><B><U><FONT size=5 face=sans-serif>PREMIUM RIDER</FONT></U></B></TD></TR>

<TR>

   <TD></TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>For the period from 12:01 A.M. on </FONT><FONT size=2 face=sans-serif><U>12/1/2012</U> </FONT><FONT size=2 face=sans-serif>to 12:01 A.M. on </FONT><FONT size=2 face=sans-serif><U>12/1/2013</U> </FONT><FONT size=2 face=sans-serif>the premium for the attached bond is </FONT><U><FONT size=2 face=sans-serif>$16,850</FONT></U></P>

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<TR>

   <TD width="85%"></TD>

   <TD width="15%"></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><B><FONT size=2 face=sans-serif>BAP 30 01 01 09</FONT></B>&nbsp;</TD>

   <TD noWrap align=right><B><FONT size=2 face=sans-serif>Page 1 of 1</FONT></B>&nbsp;</TD></TR></TABLE></DIV>

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<P style="text-align: left;">
<FONT size=2 face="serif">Exhibit 2</FONT></P>
<P style="text-align: left;">
<U><FONT size=3 face="serif">Resolutions adopted by the Board of Trustees of the Putnam Funds on November 9, 2012</FONT></U></P>
<P style="text-align: left;">
<FONT size=3 face="serif">VOTED: That the proposed premium for the joint liability insurance policies described above as allocated to each Fund is fair and reasonable to the Fund, it being understood that each Fund has been advised that the premium allocation among the Putnam Funds themselves and between the Funds, Putnam and certain other investment vehicles managed by Putnam as proposed in the preceding votes is reasonable and consistent with Rule 17d-1(d)(7) under the Investment Company Act of 1940, as amended.</FONT></P>
<P style="text-align: left;">
<FONT size=3 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 Investor Services, Inc., Putnam Fiduciary Trust Company and certain of their affiliates in joint Registered Management Investment Company fidelity bonds covering larceny and embezzlement and certain other acts in the total amount of &#36;60 million, is approved, it being the understanding of each Fund that the cost of the bonds to the Fund will be the Fund&#146;s ratable share of the premium for the bonds for the 12-month period ending November 30, 2013, 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 the bonds.</FONT></P>
<P style="text-align: left;">
<FONT size=3 face="serif">VOTED: That each 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 style="text-align: left;">
<FONT size=3 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 number of other parties to the bond and the nature of the business activities of such parties, the amount of the premium, 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.</FONT></P>
<P style="text-align: left;">
<FONT size=3 face="serif">VOTED: To approve the portion of the premium to be paid by each Fund on the bonds referred to in the preceding votes, after consideration of all relevant factors, including the number of the other parties named as insureds, the nature of the business activities of such other parties, the amount of the joint insured bond, the amount of the premium of such bond, the ratable allocation of the premium among all parties named as insureds and the extent to which the share of the premium allocated to the Fund is less than the premium the Fund would have had to pay if it had obtained a single insured bond.</FONT></P>
</DIV>

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<P style="text-align: left;">
<FONT size=3 face="serif">VOTED: That pursuant to Rule 17g-1(g) under the Investment Company Act of 1940, as amended, each of James P. Pappas and any other Vice President of the Funds is designated as agent for each Fund to make the filings and give the notices required by Rule 17g-1.</FONT></P>
<P style="text-align: left;">
<FONT size=3 face="serif">VOTED: That Ms. Baxter and Mr. Patterson are authorized to approve the final terms of the bonds referred to above.</FONT></P>
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<P style="TEXT-ALIGN: left"><FONT size=3 face=serif>Exhibit 3</FONT></P>

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<TR>

   <TD width="100%"></TD></TR>

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   <TD noWrap align=center><B><FONT size=3 face=serif>AGREEMENT</FONT></B>&nbsp;</TD></TR></TABLE></DIV>

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<P style="TEXT-ALIGN: left"><FONT size=3 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 &#8220;Act&#8221;); and</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=3 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 a loss sustained by the registered management investment company and one or more of the other named insureds.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=3 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 style="TEXT-ALIGN: left"><FONT size=3 face=serif>1. In the event recovery is received under the policy as a result of a loss sustained by one of the registered management investment companies listed on </FONT><U><FONT size=3 face=serif>Exhibit A</FONT></U><FONT size=3 face=serif>, as revised from time to time, 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 style="TEXT-ALIGN: left"><FONT size=3 face=serif>2. The list of registered management investment companies in Exhibit A may be revised by adding, removing or renaming funds to reflect the creation, termination or renaming, respectively, of the registered management investment companies, or any series thereof, of the Putnam Funds, effective upon the execution of such revised Exhibit A by any officer of the Putnam Funds. Re-execution of this Agreement by other parties to this Agreement shall not be required for such a revision to Exhibit A to become effective.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=3 face=serif>3. This Agreement shall be governed by and construed in accordance with the laws of The Commonwealth of Massachusetts.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=3 face=serif>4. A copy of the Declaration of Trust of each of the registered management investment companies listed on Exhibit A, as revised from time to time, 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 such 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 style="TEXT-ALIGN: left"><FONT size=3 face=serif>IN WITNESS WHEREOF, each of the undersigned registered management investment companies and other named insureds has caused this Agreement to be executed by a duly authorized officer as of November 1, 2009.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=3 face=serif>THE PUTNAM FUNDS LISTED ON EXHIBIT A (as the same may be revised from time to time)</FONT></P>

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<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>IN&nbsp;</FONT><FONT size=2 face=sans-serif>WITNESS </FONT><FONT size=2><FONT face=sans-serif><FONT size=2></FONT>WHEREOF</FONT>, </FONT><FONT size=2 face=sans-serif>each </FONT><FONT size=2><FONT face=sans-serif>of </FONT><FONT face=sans-serif>the </FONT><FONT face=sans-serif>undersigned </FONT><FONT face=sans-serif>registered </FONT><FONT face=sans-serif>management </FONT><FONT face=sans-serif>investment </FONT><FONT face=sans-serif>companies </FONT><FONT face=sans-serif>and </FONT><FONT face=sans-serif>other </FONT><FONT face=sans-serif>named </FONT><FONT face=sans-serif>insureds </FONT><FONT face=sans-serif>has </FONT><FONT face=sans-serif>caused </FONT><FONT face=sans-serif>this </FONT><FONT face=sans-serif>Agreement </FONT><FONT face=sans-serif>to </FONT><FONT face=sans-serif>be </FONT><FONT face=sans-serif>executed </FONT><FONT face=sans-serif>by </FONT><FONT face=sans-serif>a </FONT><FONT face=sans-serif>duly </FONT><FONT face=sans-serif>authorized </FONT><FONT face=sans-serif>officer </FONT><FONT face=sans-serif>as </FONT><FONT face=sans-serif>of </FONT><FONT face=sans-serif>November </FONT><FONT face=sans-serif>1, </FONT><FONT face=sans-serif>2009.</FONT></FONT></P><FONT size=2>

<P style="TEXT-ALIGN: left"><FONT face=sans-serif>THE </FONT><FONT face=sans-serif>PUTNAM </FONT><FONT face=sans-serif>FUNDS </FONT><FONT face=sans-serif>LISTED </FONT><FONT face=sans-serif>ON </FONT><FONT face=sans-serif>EXHIBIT </FONT><FONT face=sans-serif>A </FONT><FONT face=sans-serif>(as </FONT><FONT face=sans-serif>the </FONT><FONT face=sans-serif>same </FONT><FONT face=sans-serif>may </FONT><FONT face=sans-serif>be </FONT><FONT face=sans-serif>revised </FONT><FONT face=sans-serif>from </FONT><FONT face=sans-serif>time </FONT><FONT face=sans-serif>to </FONT><FONT face=sans-serif>time)</FONT></P></FONT>

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   <TD noWrap align=left><FONT face=sans-serif size=1>Exhibit A</FONT>&nbsp;</TD>

   <TD noWrap align=left>&nbsp;</TD></TR>

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   <TD noWrap align=center colSpan=2><FONT face=sans-serif size=3>PUTNAM </FONT><FONT size=3><FONT face=sans-serif>FUNDS</FONT>&nbsp;</FONT></TD></TR></TABLE></DIV>

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   <TD noWrap align=left width="1%"><FONT face=sans-serif size=2>Putnam American Government Income Fund</FONT><FONT size=2>&nbsp;</FONT></TD></TR>

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   <TD noWrap align=left width="1%"><FONT face=sans-serif size=2>Putnam Arizona Tax Exempt Income Fund</FONT><FONT size=2>&nbsp;</FONT></TD></TR>

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   <TD noWrap align=left width="1%"><FONT face=sans-serif size=2>Putnam California Tax Exempt Income Fund</FONT><FONT size=2>&nbsp;</FONT></TD></TR>

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   <TD noWrap align=left width="1%"><FONT face=sans-serif size=2>Putnam Convertible Securities Fund</FONT><FONT size=2>&nbsp;</FONT></TD></TR>

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   <TD noWrap align=left width="1%"><FONT face=sans-serif size=2>Putnam </FONT><FONT size=2><FONT face=sans-serif>Diversified </FONT><FONT face=sans-serif>Income Trust</FONT>&nbsp;</FONT></TD></TR>

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   <TD noWrap align=left width="1%"><FONT face=sans-serif size=2>Putnam Asset Allocation Funds</FONT><FONT size=2>&nbsp;</FONT></TD></TR>

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   <TD style="TEXT-INDENT: 45px" noWrap align=left width="1%"><FONT face=sans-serif size=2>-Putnam Dynamic Asset </FONT><FONT size=2><FONT face=sans-serif>Allocation </FONT><FONT face=sans-serif>Balanced Fund</FONT>&nbsp;</FONT></TD></TR>

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   <TD style="TEXT-INDENT: 45px" noWrap align=left width="1%"><FONT face=sans-serif size=2>-Putnam Dynamic Asset </FONT><FONT size=2><FONT face=sans-serif>Allocation </FONT><FONT face=sans-serif>Conservative Fund</FONT>&nbsp;</FONT></TD></TR>

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   <TD style="TEXT-INDENT: 45px" align=left width="1%"><FONT face=sans-serif size=2>-Putnam Dynamic Asset </FONT><FONT size=2><FONT face=sans-serif>Allocation </FONT><FONT face=sans-serif>Growth Fund</FONT></FONT></TD></TR>

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   <TD noWrap align=left width="1%"><FONT face=sans-serif size=2>Putnam </FONT><FONT size=2><FONT face=sans-serif>Equity </FONT><FONT face=sans-serif>Income Fund</FONT>&nbsp;</FONT></TD></TR>

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   <TD noWrap align=left width="1%"><FONT face=sans-serif size=2>Putnam Europe Equity Fund</FONT><FONT size=2>&nbsp;</FONT></TD></TR>

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   <TD noWrap align=left width="1%"><FONT face=sans-serif size=2>Putnam Funds Trust</FONT><FONT size=2>&nbsp;</FONT></TD></TR>

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   <TD style="TEXT-INDENT: 45px" noWrap align=left width="1%"><FONT face=sans-serif size=2>- </FONT><FONT size=2><FONT face=sans-serif>Putnam Absolute Return 100 Fund</FONT>&nbsp;</FONT></TD></TR>

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   <TD style="TEXT-INDENT: 45px" noWrap align=left width="1%"><FONT face=sans-serif size=2>- Putnam Absolute Return 300 Fund</FONT><FONT size=2>&nbsp;</FONT></TD></TR>

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   <TD style="TEXT-INDENT: 45px" noWrap align=left width="1%"><FONT face=sans-serif size=2>- </FONT><FONT size=2><FONT face=sans-serif>Putnam Absolute Return 500 Fund</FONT>&nbsp;</FONT></TD></TR>

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   <TD style="TEXT-INDENT: 45px" noWrap align=left width="1%"><FONT face=sans-serif size=2>- </FONT><FONT size=2><FONT face=sans-serif>Putnam Absolute Return 700 Fund</FONT>&nbsp;</FONT></TD></TR>

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   <TD style="TEXT-INDENT: 45px" noWrap align=left width="1%"><FONT face=sans-serif size=2>- Putnam Asia Pacific Equity Fund</FONT><FONT size=2>&nbsp;</FONT></TD></TR>

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   <TD style="TEXT-INDENT: 45px" noWrap align=left width="1%"><FONT face=sans-serif size=2>- </FONT><FONT size=2><FONT face=sans-serif>Putnam Capital Spectrum Fund</FONT>&nbsp;</FONT></TD></TR>

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   <TD style="TEXT-INDENT: 45px" align=left width="1%"><FONT face=sans-serif size=2>- </FONT><FONT size=2><FONT face=sans-serif>Putnam Dynamic Asset </FONT><FONT face=sans-serif>Allocation </FONT><FONT face=sans-serif>Equity Fund</FONT></FONT></TD></TR>

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   <TD style="TEXT-INDENT: 45px" noWrap align=left width="1%"><FONT face=sans-serif size=2>- Putnam Dynamic Risk </FONT><FONT size=2><FONT face=sans-serif>Allocation </FONT><FONT face=sans-serif>Fund</FONT>&nbsp;</FONT></TD></TR>

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   <TD style="TEXT-INDENT: 45px" noWrap align=left width="1%"><FONT face=sans-serif size=2>- </FONT><FONT size=2><FONT face=sans-serif>Putnam Emerging Markets Equity Fund</FONT>&nbsp;</FONT></TD></TR>

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   <TD style="TEXT-INDENT: 45px" noWrap align=left width="1%"><FONT face=sans-serif size=2>- </FONT><FONT size=2><FONT face=sans-serif>Putnam Emerging Markets Income Fund</FONT>&nbsp;</FONT></TD></TR>

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   <TD style="TEXT-INDENT: 45px" noWrap align=left width="1%"><FONT face=sans-serif size=2>- Putnam Equity Spectrum Fund</FONT><FONT size=2>&nbsp;</FONT></TD></TR>

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   <TD style="TEXT-INDENT: 45px" noWrap align=left width="1%"><FONT face=sans-serif size=2>- </FONT><FONT size=2><FONT face=sans-serif>Putnam Floating Rate Income Fund</FONT>&nbsp;</FONT></TD></TR>

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   <TD style="TEXT-INDENT: 45px" noWrap align=left width="1%"><FONT face=sans-serif size=2>- </FONT><FONT size=2><FONT face=sans-serif>Putnam Global Consumer Fund</FONT>&nbsp;</FONT></TD></TR>

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   <TD style="TEXT-INDENT: 45px" noWrap align=left width="1%"><FONT face=sans-serif size=2>- Putnam Global Dividend Fund</FONT><FONT size=2>&nbsp;</FONT></TD></TR>

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   <TD style="TEXT-INDENT: 45px" noWrap align=left width="1%"><FONT face=sans-serif size=2>- </FONT><FONT size=2><FONT face=sans-serif>Putnam Global Energy Fund</FONT>&nbsp;</FONT></TD></TR>

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   <TD style="TEXT-INDENT: 45px" noWrap align=left width="1%"><FONT face=sans-serif size=2>- </FONT><FONT size=2><FONT face=sans-serif>Putnam Global Financials Fund</FONT>&nbsp;</FONT></TD></TR>

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   <TD style="TEXT-INDENT: 45px" noWrap align=left width="1%"><FONT face=sans-serif size=2>- Putnam Global Industrials Fund</FONT><FONT size=2>&nbsp;</FONT></TD></TR>

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   <TD style="TEXT-INDENT: 45px" noWrap align=left width="1%"><FONT face=sans-serif size=2>- </FONT><FONT size=2><FONT face=sans-serif>Putnam Global Sector Fund</FONT>&nbsp;</FONT></TD></TR>

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   <TD style="TEXT-INDENT: 45px" noWrap align=left width="1%"><FONT face=sans-serif size=2>- </FONT><FONT size=2><FONT face=sans-serif>Putnam Global Technology Fund</FONT>&nbsp;</FONT></TD></TR>

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   <TD style="TEXT-INDENT: 45px" noWrap align=left width="1%"><FONT face=sans-serif size=2>- Putnam Global Telecommunications Fund</FONT><FONT size=2>&nbsp;</FONT></TD></TR>

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   <TD style="TEXT-INDENT: 45px" noWrap align=left width="1%"><FONT face=sans-serif size=2>- </FONT><FONT size=2><FONT face=sans-serif>Putnam Intermediate-Term </FONT><FONT face=sans-serif>Municipal </FONT><FONT face=sans-serif>Income Fund</FONT>&nbsp;</FONT></TD></TR>

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   <TD style="TEXT-INDENT: 45px" noWrap align=left width="1%"><FONT face=sans-serif size=2>- </FONT><FONT size=2><FONT face=sans-serif>Putnam International Value Fund</FONT>&nbsp;</FONT></TD></TR>

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   <TD style="TEXT-INDENT: 45px" noWrap align=left width="1%"><FONT face=sans-serif size=2>- Putnam Low </FONT><FONT size=2><FONT face=sans-serif>Volatility </FONT><FONT face=sans-serif>Equity Fund</FONT>&nbsp;</FONT></TD></TR>

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   <TD style="TEXT-INDENT: 45px" noWrap align=left width="1%"><FONT face=sans-serif size=2>- </FONT><FONT size=2><FONT face=sans-serif>Putnam Money Market </FONT><FONT face=sans-serif>Liquidity </FONT><FONT face=sans-serif>Fund</FONT>&nbsp;</FONT></TD></TR>

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   <TD style="TEXT-INDENT: 45px" noWrap align=left width="1%"><FONT face=sans-serif size=2>- </FONT><FONT size=2><FONT face=sans-serif>Putnam Multi-Cap Core Fund</FONT>&nbsp;</FONT></TD></TR>

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   <TD style="TEXT-INDENT: 45px" noWrap align=left width="1%"><FONT face=sans-serif size=2>- Putnam Retirement Income Fund </FONT><FONT size=2><FONT face=sans-serif>Lifestyle </FONT><FONT face=sans-serif>2</FONT>&nbsp;</FONT></TD></TR>

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   <TD style="TEXT-INDENT: 45px" noWrap align=left width="1%"><FONT face=sans-serif size=2>- </FONT><FONT size=2><FONT face=sans-serif>Putnam Retirement Income Fund </FONT><FONT face=sans-serif>Lifestyle </FONT><FONT face=sans-serif>3</FONT>&nbsp;</FONT></TD></TR>

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   <TD style="TEXT-INDENT: 45px" noWrap align=left width="1%"><FONT face=sans-serif size=2>- </FONT><FONT size=2><FONT face=sans-serif>Putnam Short Duration Income Fund</FONT>&nbsp;</FONT></TD></TR>

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   <TD style="TEXT-INDENT: 45px" noWrap align=left width="1%"><FONT face=sans-serif size=2>- Putnam Short Term Investment Fund</FONT><FONT size=2>&nbsp;</FONT></TD></TR>

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   <TD style="TEXT-INDENT: 45px" noWrap align=left width="1%"><FONT face=sans-serif size=2>- </FONT><FONT size=2><FONT face=sans-serif>Putnam Short-Term </FONT><FONT face=sans-serif>Municipal </FONT><FONT face=sans-serif>Income Fund</FONT>&nbsp;</FONT></TD></TR>

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   <TD style="TEXT-INDENT: 45px" noWrap align=left width="1%"><FONT face=sans-serif size=2>- </FONT><FONT size=2><FONT face=sans-serif>Putnam Small Cap Growth Fund</FONT>&nbsp;</FONT></TD></TR>

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   <TD style="TEXT-INDENT: 45px" noWrap align=left width="1%"><FONT face=sans-serif size=2>- Putnam Strategic </FONT><FONT size=2><FONT face=sans-serif>Volatility Equity </FONT><FONT face=sans-serif>Fund</FONT>&nbsp;</FONT></TD></TR></TABLE></DIV>

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   <TD noWrap align=left><FONT face=sans-serif size=1>Exhibit A</FONT>&nbsp;</TD></TR></TABLE></DIV>

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   <TD noWrap align=left width="1%"><FONT face=sans-serif size=2>The George Putnam Fund </FONT><FONT size=2><FONT face=sans-serif>of </FONT><FONT face=sans-serif>Boston d/b/a George Putnam Balanced Fund</FONT>&nbsp;</FONT></TD></TR>

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   <TD noWrap align=left width="1%"><FONT face=sans-serif size=2>Putnam Global Equity Fund</FONT><FONT size=2>&nbsp;</FONT></TD></TR>

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   <TD noWrap align=left width="1%"><FONT face=sans-serif size=2>Putnam Global Health Care Fund</FONT><FONT size=2>&nbsp;</FONT></TD></TR>

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   <TD noWrap align=left width="1%"><FONT face=sans-serif size=2>Putnam Global Income Trust</FONT><FONT size=2>&nbsp;</FONT></TD></TR>

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   <TD noWrap align=left width="1%"><FONT face=sans-serif size=2>Putnam Global Natural Resources Fund</FONT><FONT size=2>&nbsp;</FONT></TD></TR>

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   <TD noWrap align=left width="1%"><FONT face=sans-serif size=2>Putnam Global </FONT><FONT size=2><FONT face=sans-serif>Utilities </FONT><FONT face=sans-serif>Fund</FONT>&nbsp;</FONT></TD></TR>

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   <TD noWrap align=left width="1%"><FONT face=sans-serif size=2>The Putnam Fund for Growth and Income</FONT><FONT size=2>&nbsp;</FONT></TD></TR>

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   <TD noWrap align=left width="1%"><FONT face=sans-serif size=2>Putnam High Income Securities Fund</FONT><FONT size=2>&nbsp;</FONT></TD></TR>

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   <TD noWrap align=left width="1%"><FONT face=sans-serif size=2>Putnam High </FONT><FONT size=2><FONT face=sans-serif>Yield </FONT><FONT face=sans-serif>Advantage Fund</FONT>&nbsp;</FONT></TD></TR>

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   <TD noWrap align=left width="1%"><FONT face=sans-serif size=2>Putnam High </FONT><FONT size=2><FONT face=sans-serif>Yield </FONT><FONT face=sans-serif>Trust</FONT>&nbsp;</FONT></TD></TR>

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   <TD noWrap align=left width="1%"><FONT face=sans-serif size=2>Putnam Income Fund</FONT><FONT size=2>&nbsp;</FONT></TD></TR>

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   <TD noWrap align=left width="1%"><FONT face=sans-serif size=2>Putnam International Equity Fund</FONT><FONT size=2>&nbsp;</FONT></TD></TR>

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   <TD noWrap align=left width="1%"><FONT face=sans-serif size=2>Putnam Investment Funds</FONT><FONT size=2>&nbsp;</FONT></TD></TR>

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   <TD style="TEXT-INDENT: 45px" noWrap align=left width="1%"><FONT face=sans-serif size=2>-Putnam Capital Opportunities Fund</FONT><FONT size=2>&nbsp;</FONT></TD></TR>

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   <TD style="TEXT-INDENT: 45px" noWrap align=left width="1%"><FONT face=sans-serif size=2>-Putnam Growth Opportunities Fund</FONT><FONT size=2>&nbsp;</FONT></TD></TR>

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   <TD style="TEXT-INDENT: 45px" noWrap align=left width="1%"><FONT face=sans-serif size=2>-Putnam International Capital Opportunities Fund</FONT><FONT size=2>&nbsp;</FONT></TD></TR>

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   <TD style="TEXT-INDENT: 45px" noWrap align=left width="1%"><FONT face=sans-serif size=2>-Putnam International Growth Fund</FONT><FONT size=2>&nbsp;</FONT></TD></TR>

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   <TD style="TEXT-INDENT: 45px" noWrap align=left width="1%"><FONT face=sans-serif size=2>-Putnam </FONT><FONT size=2><FONT face=sans-serif>Multi-Cap </FONT><FONT face=sans-serif>Value Fund</FONT>&nbsp;</FONT></TD></TR>

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   <TD style="TEXT-INDENT: 45px" noWrap align=left width="1%"><FONT face=sans-serif size=2>-Putnam Research Fund</FONT><FONT size=2>&nbsp;</FONT></TD></TR>

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   <TD style="TEXT-INDENT: 45px" noWrap align=left width="1%"><FONT face=sans-serif size=2>-Putnam Small Cap Value Fund</FONT><FONT size=2>&nbsp;</FONT></TD></TR>

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   <TD noWrap align=left width="1%"><FONT face=sans-serif size=2>Putnam Investors Fund</FONT><FONT size=2>&nbsp;</FONT></TD></TR>

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   <TD noWrap align=left width="1%"><FONT face=sans-serif size=2>Putnam Managed </FONT><FONT size=2><FONT face=sans-serif>Municipal </FONT><FONT face=sans-serif>Income Trust</FONT>&nbsp;</FONT></TD></TR>

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   <TD noWrap align=left width="1%"><FONT face=sans-serif size=2>Putnam Massachusetts Tax Exempt Income Fund</FONT><FONT size=2>&nbsp;</FONT></TD></TR>

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   <TD noWrap align=left width="1%"><FONT face=sans-serif size=2>Putnam Master Intermediate Income Trust</FONT><FONT size=2>&nbsp;</FONT></TD></TR>

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   <TD noWrap align=left width="1%"><FONT face=sans-serif size=2>Putnam Michigan Tax Exempt Income Fund</FONT><FONT size=2>&nbsp;</FONT></TD></TR>

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   <TD noWrap align=left width="1%"><FONT face=sans-serif size=2>Putnam Minnesota Tax Exempt Income Fund</FONT><FONT size=2>&nbsp;</FONT></TD></TR>

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   <TD noWrap align=left width="1%"><FONT face=sans-serif size=2>Putnam Money Market Fund</FONT><FONT size=2>&nbsp;</FONT></TD></TR>

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   <TD noWrap align=left width="1%"><FONT face=sans-serif size=2>Putnam Mortgage Recovery Fund</FONT><FONT size=2>&nbsp;</FONT></TD></TR>

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   <TD noWrap align=left width="1%"><FONT face=sans-serif size=2>Putnam Multi-Cap Growth Fund</FONT><FONT size=2>&nbsp;</FONT></TD></TR>

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   <TD noWrap align=left width="1%"><FONT face=sans-serif size=2>Putnam Municipal Opportunities Trust</FONT><FONT size=2>&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="1%"><FONT face=sans-serif size=2>Putnam New Jersey Tax Exempt Income Fund</FONT><FONT size=2>&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="1%"><FONT face=sans-serif size=2>Putnam New </FONT><FONT size=2><FONT face=sans-serif>York </FONT><FONT face=sans-serif>Tax Exempt Income Fund</FONT>&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="1%"><FONT face=sans-serif size=2>Putnam Ohio Tax Exempt Income Fund</FONT><FONT size=2>&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="1%"><FONT face=sans-serif size=2>Putnam Pennsylvania Tax Exempt Income Fund</FONT><FONT size=2>&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="1%"><FONT face=sans-serif size=2>Putnam Premier Income Trust</FONT><FONT size=2>&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="1%"><FONT face=sans-serif size=2>Putnam RetirementReady<SUP>&#174;</SUP> Funds</FONT><FONT size=2>&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 45px" noWrap align=left width="1%"><FONT face=sans-serif size=2>-Putnam Retirement Income Fund Lifestyle </FONT><FONT size=2><FONT face=sans-serif>1</FONT>&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 45px" noWrap align=left width="1%"><FONT face=sans-serif size=2>-Putnam RetirementReady 2055 Fund</FONT><FONT size=2>&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 45px" noWrap align=left width="1%"><FONT face=sans-serif size=2>-Putnam RetirementReady 2050 Fund</FONT><FONT size=2>&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 45px" noWrap align=left width="1%"><FONT face=sans-serif size=2>-Putnam RetirementReady 2045 Fund</FONT><FONT size=2>&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 45px" noWrap align=left width="1%"><FONT face=sans-serif size=2>-Putnam RetirementReady 2040 Fund</FONT><FONT size=2>&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 45px" noWrap align=left width="1%"><FONT face=sans-serif size=2>-Putnam RetirementReady 2035 Fund</FONT><FONT size=2>&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 45px" noWrap align=left width="1%"><FONT face=sans-serif size=2>-Putnam RetirementReady 2030 Fund</FONT><FONT size=2>&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 45px" noWrap align=left width="1%"><FONT face=sans-serif size=2>-Putnam RetirementReady 2025 Fund</FONT><FONT size=2>&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 45px" noWrap align=left width="1%"><FONT face=sans-serif size=2>-Putnam RetirementReady 2020 Fund</FONT><FONT size=2>&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 45px" noWrap align=left width="1%"><FONT face=sans-serif size=2>-Putnam RetirementReady 2015 Fund</FONT><FONT size=2>&nbsp;</FONT></TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P></DIV>

<HR align=center width="100%" noShade SIZE=2>



<!--$$/page=--><A name="page_3"></A><BR>

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<DIV align=left>

<TABLE style="WIDTH: 80%" cellSpacing=0 border=0>



<TR>

   <TD width="100%"></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><FONT face=sans-serif size=1>Exhibit A</FONT>&nbsp;</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P>

<DIV align=left>

<TABLE style="WIDTH: 80%" cellSpacing=0 border=0>



<TR>

   <TD width="1%"></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="1%"><FONT face=sans-serif size=2>Putnam Tax Exempt </FONT><FONT size=2><FONT face=sans-serif>Income </FONT><FONT face=sans-serif>Fund</FONT>&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="1%"><FONT face=sans-serif size=2>Putnam Tax Exempt Money Market Fund</FONT><FONT size=2>&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="1%"><FONT face=sans-serif size=2>Putnam Tax-Free Income Trust</FONT><FONT size=2>&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 45px" noWrap align=left width="1%"><FONT face=sans-serif size=2>-Putnam AMT-Free Municipal Fund</FONT><FONT size=2>&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 45px" noWrap align=left width="1%"><FONT face=sans-serif size=2>-Putnam Tax-Free High </FONT><FONT size=2><FONT face=sans-serif>Yield </FONT><FONT face=sans-serif>Fund</FONT>&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="1%"><FONT face=sans-serif size=2>Putnam U.S. Government Income Trust</FONT><FONT size=2>&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="1%"><FONT face=sans-serif size=2>Putnam Variable Trust</FONT><FONT size=2>&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 45px" align=left width="1%"><FONT face=sans-serif size=2>-Putnam </FONT><FONT size=2><FONT face=sans-serif>VT </FONT><FONT face=sans-serif>Absolute Return 500 Fund</FONT></FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 45px" noWrap align=left width="1%"><FONT face=sans-serif size=2>-Putnam </FONT><FONT size=2><FONT face=sans-serif>VT </FONT><FONT face=sans-serif>American Government Income Fund</FONT>&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 45px" align=left width="1%"><FONT face=sans-serif size=2>-Putnam </FONT><FONT size=2><FONT face=sans-serif>VT </FONT><FONT face=sans-serif>Capital Opportunities Fund</FONT></FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 45px" noWrap align=left width="1%"><FONT face=sans-serif size=2>-Putnam </FONT><FONT size=2><FONT face=sans-serif>VT </FONT><FONT face=sans-serif>Diversified Income Fund</FONT>&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 45px" noWrap align=left width="1%"><FONT face=sans-serif size=2>-Putnam </FONT><FONT size=2><FONT face=sans-serif>VT </FONT><FONT face=sans-serif>Equity Income Fund</FONT>&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 45px" noWrap align=left width="1%"><FONT face=sans-serif size=2>-Putnam </FONT><FONT size=2><FONT face=sans-serif>VT </FONT><FONT face=sans-serif>George Putnam Balanced Fund</FONT>&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 45px" align=left width="1%"><FONT face=sans-serif size=2>-Putnam </FONT><FONT size=2><FONT face=sans-serif>VT </FONT><FONT face=sans-serif>Global Asset </FONT><FONT face=sans-serif>Allocation </FONT><FONT face=sans-serif>Fund</FONT></FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 45px" noWrap align=left width="1%"><FONT face=sans-serif size=2>-Putnam </FONT><FONT size=2><FONT face=sans-serif>VT </FONT><FONT face=sans-serif>Global Equity Fund</FONT>&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 45px" noWrap align=left width="1%"><FONT face=sans-serif size=2>-Putnam </FONT><FONT size=2><FONT face=sans-serif>VT </FONT><FONT face=sans-serif>Global Health Care Fund</FONT>&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 45px" noWrap align=left width="1%"><FONT face=sans-serif size=2>-Putnam </FONT><FONT size=2><FONT face=sans-serif>VT </FONT><FONT face=sans-serif>Global </FONT><FONT face=sans-serif>Utilities </FONT><FONT face=sans-serif>Fund</FONT>&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 45px" noWrap align=left width="1%"><FONT face=sans-serif size=2>-Putnam </FONT><FONT size=2><FONT face=sans-serif>VT </FONT><FONT face=sans-serif>Growth and Income Fund</FONT>&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 45px" align=left width="1%"><FONT face=sans-serif size=2>-Putnam </FONT><FONT size=2><FONT face=sans-serif>VT </FONT><FONT face=sans-serif>Growth Opportunities Fund</FONT></FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 45px" noWrap align=left width="1%"><FONT face=sans-serif size=2>-Putnam </FONT><FONT size=2><FONT face=sans-serif>VT </FONT><FONT face=sans-serif>High </FONT><FONT face=sans-serif>Yield </FONT><FONT face=sans-serif>Fund</FONT>&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 45px" noWrap align=left width="1%"><FONT face=sans-serif size=2>-Putnam </FONT><FONT size=2><FONT face=sans-serif>VT </FONT><FONT face=sans-serif>Income Fund</FONT>&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 45px" noWrap align=left width="1%"><FONT face=sans-serif size=2>-Putnam </FONT><FONT size=2><FONT face=sans-serif>VT </FONT><FONT face=sans-serif>International Equity Fund</FONT>&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 45px" noWrap align=left width="1%"><FONT face=sans-serif size=2>-Putnam </FONT><FONT size=2><FONT face=sans-serif>VT </FONT><FONT face=sans-serif>International Growth Fund</FONT>&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 45px" noWrap align=left width="1%"><FONT face=sans-serif size=2>-Putnam </FONT><FONT size=2><FONT face=sans-serif>VT </FONT><FONT face=sans-serif>International Value Fund</FONT>&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 45px" noWrap align=left width="1%"><FONT face=sans-serif size=2>-Putnam </FONT><FONT size=2><FONT face=sans-serif>VT </FONT><FONT face=sans-serif>Investors Fund</FONT>&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 45px" noWrap align=left width="1%"><FONT face=sans-serif size=2>-Putnam </FONT><FONT size=2><FONT face=sans-serif>VT </FONT><FONT face=sans-serif>Money Market Fund</FONT>&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 45px" noWrap align=left width="1%"><FONT face=sans-serif size=2>-Putnam </FONT><FONT size=2><FONT face=sans-serif>VT Multi-Cap </FONT><FONT face=sans-serif>Growth Fund</FONT>&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 45px" noWrap align=left width="1%"><FONT face=sans-serif size=2>-Putnam </FONT><FONT size=2><FONT face=sans-serif>VT Multi-Cap </FONT><FONT face=sans-serif>Value Fund</FONT>&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 45px" noWrap align=left width="1%"><FONT face=sans-serif size=2>-Putnam </FONT><FONT size=2><FONT face=sans-serif>VT </FONT><FONT face=sans-serif>Research Fund</FONT>&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 45px" noWrap align=left width="1%"><FONT face=sans-serif size=2>-Putnam </FONT><FONT size=2><FONT face=sans-serif>VT </FONT><FONT face=sans-serif>Small Cap Value Fund</FONT>&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 45px" noWrap align=left width="1%"><FONT face=sans-serif size=2>-Putnam </FONT><FONT size=2><FONT face=sans-serif>VT </FONT><FONT face=sans-serif>Voyager Fund</FONT>&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 0px" noWrap align=left width="1%"><FONT face=sans-serif size=2>Putnam Voyager Fund</FONT><FONT size=2>&nbsp;</FONT></TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P>
<IMG src="exhibita12signedx3x1.jpg" border=0> <BR></DIV>




























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