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<SEC-DOCUMENT>0001104659-07-002070.txt : 20070111
<SEC-HEADER>0001104659-07-002070.hdr.sgml : 20070111
<ACCEPTANCE-DATETIME>20070111130019
ACCESSION NUMBER:		0001104659-07-002070
CONFORMED SUBMISSION TYPE:	40-17G
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20070111
DATE AS OF CHANGE:		20070111
EFFECTIVENESS DATE:		20070111

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			LIBERTY ALL STAR EQUITY FUND
		CENTRAL INDEX KEY:			0000799195
		IRS NUMBER:				042935840
		STATE OF INCORPORATION:			MA
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		40-17G
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	811-04809
		FILM NUMBER:		07525285

	BUSINESS ADDRESS:	
		STREET 1:		FEDERAL RESERVE PLZ
		CITY:			BOSTON
		STATE:			MA
		ZIP:			02210
		BUSINESS PHONE:		6177226000
</SEC-HEADER>
<DOCUMENT>
<TYPE>40-17G
<SEQUENCE>1
<FILENAME>a07-1490_14017g.htm
<DESCRIPTION>STATEMENT OF FIDELTY BOND
<TEXT>
<html>

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<body lang="EN-US">

<div style="font-family:Times New Roman;">
 <p style="margin:0pt 0pt .0001pt;text-align:center;"></p>

<p style="margin:0pt 0pt 12.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">January 9, 2007</font></p>

<p style="letter-spacing:-.25pt;line-height:normal;margin:11.0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;letter-spacing:0pt;">Securities and Exchange
Commission</font></p>

<p style="letter-spacing:-.25pt;line-height:normal;margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;letter-spacing:0pt;">Attn: Filing Desk</font></p>

<p style="letter-spacing:-.25pt;line-height:normal;margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;letter-spacing:0pt;">100 F Street, N.W.</font></p>

<p style="letter-spacing:-.25pt;line-height:normal;margin:0pt 0pt 12.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;letter-spacing:0pt;">Washington, D.C.
20549-6009</font></p>

<p style="font-size:10.0pt;margin:0pt 0pt .0001pt 36.0pt;text-indent:-36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Re:</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Liberty All-Star Equity Fund (File No.
811-4809)</p>

<p style="margin:0pt 0pt .0001pt 36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Investment Company Act of 1940&#151;Rule 17g-1(g)</font></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Bonding of Officers and
Employees</font></p>

<p style="margin:0pt 0pt 12.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">To whom it may concern:</font></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Pursuant to Rule 17g-1(g)(1) under the
Investment Company Act of 1940, enclosed herewith please find a copy of the
financial institution bond (the &#147;Bond&#148;) in favor of Liberty All-Star Equity
Fund (&#147;Fund&#148;), and resolutions relating to this Bond.</font></p>

<p style="margin:0pt 0pt 12.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">If the Fund had not been named as an insured under a
joint insured bond, the Fund would have maintained a single insured bond in the
amount of $1,250,000.&#160; The term of the
Bond is October 31, 2006 through October31, 2007, and the premium for the Bond has
been paid through October 31, 2007.</font></p>

<p style="margin:0pt 0pt 12.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Please call me at (303) 623-2577 if you have any
questions.</font></p>

<p style="margin:0pt 0pt 24.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Sincerely,</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr style="page-break-inside:avoid;">
  <td width="11%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:11.78%;">
  <p style="font-size:10.0pt;margin:0pt 0pt .0001pt;"><!-- SET mrlNoTableShading -->/s/ Tan&#233;
  Tyler</p>
  </td>
  <td width="88%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:88.22%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
</table>

<p style="line-height:1.0pt;margin:0pt 0pt 12.0pt;"><font size="1" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Tan&#233;
Tyler</font></p>

<p style="margin:0pt 0pt 12.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Secretary</font></p>

</div><br><hr size="3" width="100%" noshade color="#010101" align="center">

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<div>
 <p style="margin:0pt 0pt .0001pt;text-align:center;"></p>

<p align="center" style="margin:0pt 0pt .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0pt 0pt 12.0pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;letter-spacing:-.2pt;">ICI MUTUAL INSURANCE
COMPANY</font></b></p>

<p align="center" style="margin:0pt 0pt .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;letter-spacing:-.1pt;">P.O. Box 730</font></p>

<p align="center" style="margin:0pt 0pt 12.0pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;letter-spacing:-.1pt;">Burlington, Vermont&#160; 05402-0730</font></p>

<p align="center" style="margin:0pt 0pt .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">INVESTMENT COMPANY BLANKET BOND</font></b></p>

<br><hr size="3" width="100%" noshade color="#010101" align="center">

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 <p style="margin:0pt 0pt .0001pt;text-align:center;"></p>


<p style="margin:0pt 0pt .0001pt;"><font size="1" face="Times New Roman" style="font-size:2.0pt;">&nbsp;</font></p>

<p style="font-weight:bold;letter-spacing:-.2pt;margin:0pt 0pt 12.0pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">ICI
MUTUAL INSURANCE COMPANY</font></b></p>

<p align="center" style="margin:0pt 0pt .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;letter-spacing:-.1pt;">P.O. Box 730</font></p>

<p align="center" style="margin:0pt 0pt 12.0pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;letter-spacing:-.1pt;">Burlington,
Vermont 05402-0730</font></p>

<h1 align="center" style="font-weight:normal;margin:0pt 0pt 12.0pt;page-break-after:avoid;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">DECLARATIONS</font></b></h1>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;font-family:Times New Roman;width:100.0%;">
 <tr style="page-break-inside:avoid;">
  <td width="8%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:8.94%;">
  <p style="font-size:10.0pt;margin:0pt 0pt .0001pt;"><!-- SET mrlHTMLTableFull --><!-- SET mrlNoTableShading --><b>Item 1.</b></p>
  </td>
  <td width="78%" colspan="2" valign="top" style="padding:0pt .7pt 0pt 0pt;width:78.7%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Name of Insured (the &#147;Insured&#148;)</font></p>
  </td>
  <td width="12%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:12.36%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Bond Number</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="8%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:8.94%;">
  <p style="margin:0pt 0pt .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="78%" colspan="2" valign="top" style="padding:0pt .7pt 0pt 0pt;width:78.7%;">
  <p style="margin:0pt 0pt .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Columbia Management Advisors, LLC</font></b></p>
  </td>
  <td width="12%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:12.36%;">
  <p style="margin:0pt 0pt .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">87152106B</font></b></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="87%" colspan="3" valign="top" style="padding:0pt .7pt 0pt 0pt;width:87.64%;">
  <p style="margin:0pt 0pt .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="12%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:12.36%;">
  <p style="margin:0pt 0pt .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="8%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:8.94%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="18%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:18.86%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Principal Address:</font></p>
  </td>
  <td width="59%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:59.84%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">c/o Bank of America</font></p>
  </td>
  <td width="12%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:12.36%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="27%" colspan="2" valign="top" style="padding:0pt .7pt 0pt 0pt;width:27.8%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="59%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:59.84%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">NC1-055-10-09</font></p>
  </td>
  <td width="12%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:12.36%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="27%" colspan="2" valign="top" style="padding:0pt .7pt 0pt 0pt;width:27.8%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="59%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:59.84%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">121 W. Trade Street</font></p>
  </td>
  <td width="12%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:12.36%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="27%" colspan="2" valign="top" style="padding:0pt .7pt 0pt 0pt;width:27.8%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="59%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:59.84%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Charlotte, NC 28255-0001</font></p>
  </td>
  <td width="12%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:12.36%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="87%" colspan="3" valign="top" style="padding:0pt .7pt 0pt 0pt;width:87.64%;">
  <p style="margin:0pt 0pt .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="12%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:12.36%;">
  <p style="margin:0pt 0pt .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="8%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:8.94%;">
  <p style="margin:0pt 0pt .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Item 2.</font></b></p>
  </td>
  <td width="91%" colspan="3" valign="top" style="padding:0pt .7pt 0pt 0pt;width:91.06%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;letter-spacing:-.1pt;">Bond Period: from 12:01 a.m. on
  October 31, 2006, to 12:01 a.m. on October 31, 2007, or </font>the earlier
  effective date of the termination of this Bond, standard time at the
  Principal Address as to each of said dates.</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="8%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:8.94%;">
  <p style="margin:0pt 0pt .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="78%" colspan="2" valign="top" style="padding:0pt .7pt 0pt 0pt;width:78.7%;">
  <p style="margin:0pt 0pt .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="12%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:12.36%;">
  <p style="margin:0pt 0pt .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="8%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:8.94%;">
  <p style="margin:0pt 0pt .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Item 3.</font></b></p>
  </td>
  <td width="78%" colspan="2" valign="top" style="padding:0pt .7pt 0pt 0pt;width:78.7%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Limit of Liability&#151;</font></p>
  </td>
  <td width="12%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:12.36%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="8%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:8.94%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="78%" colspan="2" valign="top" style="padding:0pt .7pt 0pt 0pt;width:78.7%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Subject to Sections 9, 10, and 12 hereof:</font></p>
  </td>
  <td width="12%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:12.36%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
</table>

<p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<table border="0" cellspacing="0" cellpadding="0" style="border-collapse:collapse;font-family:Times New Roman;margin-left:44.0pt;">
 <tr style="page-break-inside:avoid;">
  <td width="186" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:139.6pt;">
  <p style="font-size:8.0pt;font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><!-- SET mrlHTMLTableLeft --></p>
  </td>
  <td width="253" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:189.6pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
  <td width="10" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:7.2pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
  <td width="70" colspan="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:52.2pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;">LIMIT&nbsp;OF<br>
  LIABILITY</font></b></p>
  </td>
  <td width="13" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:9.6pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
  <td width="79" colspan="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:59.35pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;">DEDUCTIBLE<br>
  AMOUNT</font></b></p>
  </td>
  <td width="3" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:1.9pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
 </tr>
 <tr bgcolor="#CCEEFF" style="page-break-inside:avoid;">
  <td width="186" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:139.6pt;">
  <p style="margin:0pt 0pt .0001pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Insuring
  Agreement A&#151; </font></p>
  </td>
  <td width="253" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:189.6pt;">
  <p style="margin:0pt 0pt .0001pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">FIDELITY</font></p>
  </td>
  <td width="10" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:7.2pt;">
  <p style="margin:0pt 0pt .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="7" valign="bottom" style="border:none;border-top:solid windowtext 1.0pt;padding:0pt 0pt 0pt 0pt;width:5.0pt;">
  <p align="left" style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$</font></p>
  </td>
  <td width="63" valign="bottom" style="border:none;border-top:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:47.2pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">75,000,000</font></p>
  </td>
  <td width="13" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:9.6pt;">
  <p style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="7" valign="bottom" style="border:none;border-top:solid windowtext 1.0pt;padding:0pt 0pt 0pt 0pt;width:5.0pt;">
  <p align="left" style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$</font></p>
  </td>
  <td width="72" valign="bottom" style="border:none;border-top:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:54.35pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">250,000</font></p>
  </td>
  <td width="3" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:1.9pt;">
  <p style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="186" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:139.6pt;">
  <p style="margin:0pt 0pt .0001pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Insuring
  Agreement B&#151; </font></p>
  </td>
  <td width="253" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:189.6pt;">
  <p style="margin:0pt 0pt .0001pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">AUDIT EXPENSE</font></p>
  </td>
  <td width="10" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:7.2pt;">
  <p style="margin:0pt 0pt .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="7" valign="bottom" style="padding:0pt 0pt 0pt 0pt;width:5.0pt;">
  <p align="left" style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$</font></p>
  </td>
  <td width="63" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:47.2pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">50,000</font></p>
  </td>
  <td width="13" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:9.6pt;">
  <p style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="7" valign="bottom" style="padding:0pt 0pt 0pt 0pt;width:5.0pt;">
  <p align="left" style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$</font></p>
  </td>
  <td width="72" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:54.35pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">10,000</font></p>
  </td>
  <td width="3" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:1.9pt;">
  <p style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr bgcolor="#CCEEFF" style="page-break-inside:avoid;">
  <td width="186" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:139.6pt;">
  <p style="margin:0pt 0pt .0001pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Insuring
  Agreement C&#151; </font></p>
  </td>
  <td width="253" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:189.6pt;">
  <p style="margin:0pt 0pt .0001pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">ON PREMISES</font></p>
  </td>
  <td width="10" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:7.2pt;">
  <p style="margin:0pt 0pt .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="7" valign="bottom" style="padding:0pt 0pt 0pt 0pt;width:5.0pt;">
  <p align="left" style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$</font></p>
  </td>
  <td width="63" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:47.2pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">75,000,000</font></p>
  </td>
  <td width="13" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:9.6pt;">
  <p style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="7" valign="bottom" style="padding:0pt 0pt 0pt 0pt;width:5.0pt;">
  <p align="left" style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$</font></p>
  </td>
  <td width="72" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:54.35pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">250,000</font></p>
  </td>
  <td width="3" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:1.9pt;">
  <p style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="186" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:139.6pt;">
  <p style="margin:0pt 0pt .0001pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Insuring Agreement
  D&#151; </font></p>
  </td>
  <td width="253" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:189.6pt;">
  <p style="margin:0pt 0pt .0001pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">IN TRANSIT</font></p>
  </td>
  <td width="10" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:7.2pt;">
  <p style="margin:0pt 0pt .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="7" valign="bottom" style="padding:0pt 0pt 0pt 0pt;width:5.0pt;">
  <p align="left" style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$</font></p>
  </td>
  <td width="63" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:47.2pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">75,000,000</font></p>
  </td>
  <td width="13" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:9.6pt;">
  <p style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="7" valign="bottom" style="padding:0pt 0pt 0pt 0pt;width:5.0pt;">
  <p align="left" style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$</font></p>
  </td>
  <td width="72" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:54.35pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">250,000</font></p>
  </td>
  <td width="3" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:1.9pt;">
  <p style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr bgcolor="#CCEEFF" style="page-break-inside:avoid;">
  <td width="186" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:139.6pt;">
  <p style="margin:0pt 0pt .0001pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Insuring
  Agreement E&#151; </font></p>
  </td>
  <td width="253" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:189.6pt;">
  <p style="margin:0pt 0pt .0001pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">FORGERY OR ALTERATION</font></p>
  </td>
  <td width="10" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:7.2pt;">
  <p style="margin:0pt 0pt .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="7" valign="bottom" style="padding:0pt 0pt 0pt 0pt;width:5.0pt;">
  <p align="left" style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$</font></p>
  </td>
  <td width="63" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:47.2pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">75,000,000</font></p>
  </td>
  <td width="13" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:9.6pt;">
  <p style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="7" valign="bottom" style="padding:0pt 0pt 0pt 0pt;width:5.0pt;">
  <p align="left" style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$</font></p>
  </td>
  <td width="72" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:54.35pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">250,000</font></p>
  </td>
  <td width="3" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:1.9pt;">
  <p style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="186" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:139.6pt;">
  <p style="margin:0pt 0pt .0001pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Insuring
  Agreement F&#151; </font></p>
  </td>
  <td width="253" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:189.6pt;">
  <p style="margin:0pt 0pt .0001pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">SECURITIES</font></p>
  </td>
  <td width="10" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:7.2pt;">
  <p style="margin:0pt 0pt .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="7" valign="bottom" style="padding:0pt 0pt 0pt 0pt;width:5.0pt;">
  <p align="left" style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$</font></p>
  </td>
  <td width="63" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:47.2pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">75,000,000</font></p>
  </td>
  <td width="13" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:9.6pt;">
  <p style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="7" valign="bottom" style="padding:0pt 0pt 0pt 0pt;width:5.0pt;">
  <p align="left" style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$</font></p>
  </td>
  <td width="72" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:54.35pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">250,000</font></p>
  </td>
  <td width="3" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:1.9pt;">
  <p style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr bgcolor="#CCEEFF" style="page-break-inside:avoid;">
  <td width="186" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:139.6pt;">
  <p style="margin:0pt 0pt .0001pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Insuring
  Agreement G&#151; </font></p>
  </td>
  <td width="253" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:189.6pt;">
  <p style="margin:0pt 0pt .0001pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">COUNTERFEIT CURRENCY</font></p>
  </td>
  <td width="10" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:7.2pt;">
  <p style="margin:0pt 0pt .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="7" valign="bottom" style="padding:0pt 0pt 0pt 0pt;width:5.0pt;">
  <p align="left" style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$</font></p>
  </td>
  <td width="63" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:47.2pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">75,000,000</font></p>
  </td>
  <td width="13" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:9.6pt;">
  <p style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="7" valign="bottom" style="padding:0pt 0pt 0pt 0pt;width:5.0pt;">
  <p align="left" style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$</font></p>
  </td>
  <td width="72" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:54.35pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">250,000</font></p>
  </td>
  <td width="3" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:1.9pt;">
  <p style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="186" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:139.6pt;">
  <p style="margin:0pt 0pt .0001pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Insuring
  Agreement H&#151; </font></p>
  </td>
  <td width="253" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:189.6pt;">
  <p style="margin:0pt 0pt .0001pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">UNCOLLECTIBLE ITEMS OF
  DEPOSIT</font></p>
  </td>
  <td width="10" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:7.2pt;">
  <p style="margin:0pt 0pt .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="7" valign="bottom" style="padding:0pt 0pt 0pt 0pt;width:5.0pt;">
  <p align="left" style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$</font></p>
  </td>
  <td width="63" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:47.2pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">25,000</font></p>
  </td>
  <td width="13" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:9.6pt;">
  <p style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="7" valign="bottom" style="padding:0pt 0pt 0pt 0pt;width:5.0pt;">
  <p align="left" style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$</font></p>
  </td>
  <td width="72" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:54.35pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">5,000</font></p>
  </td>
  <td width="3" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:1.9pt;">
  <p style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr bgcolor="#CCEEFF" style="page-break-inside:avoid;">
  <td width="186" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:139.6pt;">
  <p style="margin:0pt 0pt .0001pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Insuring
  Agreement I&#151; </font></p>
  </td>
  <td width="253" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:189.6pt;">
  <p style="margin:0pt 0pt .0001pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">PHONE/ELECTRONIC
  TRANSACTIONS</font></p>
  </td>
  <td width="10" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:7.2pt;">
  <p style="margin:0pt 0pt .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="7" valign="bottom" style="padding:0pt 0pt 0pt 0pt;width:5.0pt;">
  <p align="left" style="margin:0pt 0pt .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$</font></p>
  </td>
  <td width="63" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:47.2pt;">
  <p style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">75,000,000</font></p>
  </td>
  <td width="13" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:9.6pt;">
  <p style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="7" valign="bottom" style="padding:0pt 0pt 0pt 0pt;width:5.0pt;">
  <p align="left" style="margin:0pt 0pt .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$</font></p>
  </td>
  <td width="72" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:54.35pt;">
  <p style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">250,000</font></p>
  </td>
  <td width="3" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:1.9pt;">
  <p style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
</table>

<p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;font-family:Times New Roman;width:100.0%;">
 <tr style="page-break-inside:avoid;">
  <td width="8%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:8.94%;">
  <p style="font-size:10.0pt;margin:0pt 0pt .0001pt;"><!-- SET mrlHTMLTableFull --><!-- SET mrlNoTableShading --></p>
  </td>
  <td width="91%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:91.06%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">If &#147;Not Covered&#148; is inserted opposite any Insuring
  Agreement above, such Insuring agreement and any reference thereto shall be
  deemed to be deleted from this Bond.</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="8%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:8.94%;">
  <p style="margin:0pt 0pt .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="91%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:91.06%;">
  <p style="margin:0pt 0pt .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="8%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:8.94%;">
  <p style="margin:0pt 0pt .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="91%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:91.06%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">OPTIONAL INSURING AGREEMENTS ADDED BY RIDER:</font></p>
  </td>
 </tr>
</table>

<p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<table border="0" cellspacing="0" cellpadding="0" style="border-collapse:collapse;font-family:Times New Roman;margin-left:44.0pt;">
 <tr bgcolor="#CCEEFF" style="page-break-inside:avoid;">
  <td width="186" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:139.6pt;">
  <p style="font-size:10.0pt;margin:0pt 0pt .0001pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><!-- SET mrlHTMLTableLeft -->Insuring Agreement J&#151; </p>
  </td>
  <td width="254" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:190.2pt;">
  <p style="margin:0pt 0pt .0001pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">COMPUTER SECURITY</font></p>
  </td>
  <td width="9" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:6.6pt;">
  <p style="margin:0pt 0pt .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="7" valign="bottom" style="padding:0pt 0pt 0pt 0pt;width:5.0pt;">
  <p align="left" style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$</font></p>
  </td>
  <td width="65" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:48.4pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">75,000,000</font></p>
  </td>
  <td width="13" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:9.6pt;">
  <p style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="7" valign="bottom" style="padding:0pt 0pt 0pt 0pt;width:5.0pt;">
  <p align="left" style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$</font></p>
  </td>
  <td width="73" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:54.5pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">250,000</font></p>
  </td>
  <td width="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:1.85pt;">
  <p style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
</table>

<p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;font-family:Times New Roman;width:100.0%;">
 <tr style="page-break-inside:avoid;">
  <td width="8%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:8.94%;">
  <p style="font-size:10.0pt;margin:0pt 0pt .0001pt;"><!-- SET mrlHTMLTableFull --><!-- SET mrlNoTableShading --><b>Item 4.</b></p>
  </td>
  <td width="91%" colspan="2" valign="top" style="padding:0pt .7pt 0pt 0pt;width:91.06%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Offices or Premises Covered&#151;All the Insured&#146;s
  offices or other premises in existence at the time this Bond becomes
  effective are covered under this Bond, except the offices or other premises
  excluded by Rider. Offices or other premises acquired or established after
  the effective date of this Bond are covered subject to the terms of General
  Agreement A.</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="8%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:8.94%;">
  <p style="margin:0pt 0pt .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="91%" colspan="2" valign="top" style="padding:0pt .7pt 0pt 0pt;width:91.06%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="8%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:8.94%;">
  <p style="margin:0pt 0pt .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Item 5.</font></b></p>
  </td>
  <td width="91%" colspan="2" valign="top" style="padding:0pt .7pt 0pt 0pt;width:91.06%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The liability of ICI Mutual Insurance Company (the
  &#147;Underwriter&#148;) is subject to the terms of the following Riders attached
  hereto:</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="8%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:8.94%;">
  <p style="margin:0pt 0pt .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="91%" colspan="2" valign="top" style="padding:0pt .7pt 0pt 0pt;width:91.06%;">
  <p style="margin:0pt 0pt .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="8%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:8.94%;">
  <p style="margin:0pt 0pt .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="91%" colspan="2" valign="top" style="padding:0pt .7pt 0pt 0pt;width:91.06%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Riders: 1-2-3-4-5-6-7-8-9-10-11-12</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="8%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:8.94%;">
  <p style="margin:0pt 0pt .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="78%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:78.7%;">
  <p style="margin:0pt 0pt .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="12%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:12.36%;">
  <p style="margin:0pt 0pt .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="8%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:8.94%;">
  <p style="margin:0pt 0pt .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="78%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:78.7%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">and of all Riders applicable to this Bond issued
  during the Bond Period. </font></p>
  </td>
  <td width="12%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:12.36%;">
  <p style="margin:0pt 0pt .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
 </tr>
</table>

<p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;font-family:Times New Roman;width:100.0%;">
 <tr style="page-break-inside:avoid;">
  <td width="58%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:58.1%;">
  <p style="font-size:10.0pt;margin:0pt 0pt .0001pt;"><!-- SET mrlHTMLTableFull --><!-- SET mrlNoTableShading --></p>
  </td>
  <td width="6%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:6.3%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">By:</font></p>
  </td>
  <td width="35%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:35.6%;">
  <p align="center" style="margin:0pt 0pt .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">/S/ Maggie
  Sullivan</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="58%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:58.1%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="6%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:6.3%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="35%" valign="top" style="border:none;padding:0pt .7pt 0pt 0pt;width:35.6%;">
  <p align="center" style="margin:0pt 0pt .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Authorized Representative</font></p>
  </td>
 </tr>
</table>

<p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

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<p align="center" style="margin:0pt 0pt 12.0pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">INVESTMENT COMPANY BLANKET BOND</font></b></p>

<p style="margin:0pt 0pt 12.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;letter-spacing:-.1pt;">ICI Mutual Insurance Company (the &#147;Underwriter&#148;), in
consideration of an agreed premium, and in reliance upon the Application and
all other information furnished to the Underwriter by the Insured, and subject
to and in accordance with the Declarations, General Agreements, Provisions,
Conditions and Limitations and other terms of this bond (including all riders
hereto) (&#147;Bond&#148;), to the extent of the Limit of Liability and subject to the
Deductible Amount, agrees to indemnify the Insured for the loss, as described
in the Insuring Agreements, sustained by the Insured at any time but discovered
during the Bond Period.</font></p>

<h3 align="center" style="font-weight:normal;margin:0pt 0pt 12.0pt;page-break-after:avoid;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">INSURING AGREEMENTS</font></b></h3>

<h4 style="font-family:Times New Roman;font-size:10.0pt;font-weight:normal;margin:0pt 0pt 12.0pt;page-break-after:avoid;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">A.</font></b><b><font size="1" style="font-size:8.5pt;font-weight:bold;">&#160;&#160;&#160; </font>FIDELITY</b></h4>

<p style="letter-spacing:-.1pt;margin:0pt 0pt 12.0pt 18.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Loss (including loss of Property) caused by any Dishonest or Fraudulent
Act or Theft committed by an Employee anywhere, alone or in collusion with
other persons (whether or not Employees), during the time such Employee has the
status of an Employee as defined herein, and even if such loss is not
discovered until after he or she ceases to be an Employee, EXCLUDING loss
covered under Insuring Agreement B.</font></p>

<h4 style="font-family:Times New Roman;font-size:10.0pt;font-weight:normal;margin:0pt 0pt 12.0pt;page-break-after:avoid;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">B.</font></b><b><font size="1" style="font-size:8.5pt;font-weight:bold;">&#160;&#160;&#160; </font>AUDIT EXPENSE</b></h4>

<p style="letter-spacing:-.1pt;margin:0pt 0pt 12.0pt 18.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Expense incurred by the
Insured for that part of audits or examinations required by any governmental
regulatory authority or Self Regulatory Organization to be conducted by such
authority or Organization or by an independent accountant or other person, by
reason of the discovery of loss sustained by the Insured and covered by this
Bond.</font></p>

<h4 style="font-family:Times New Roman;font-size:10.0pt;font-weight:normal;margin:0pt 0pt 12.0pt;page-break-after:avoid;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">C.</font></b><b><font size="1" style="font-size:8.5pt;font-weight:bold;">&#160;&#160;&#160; </font>ON PREMISES</b></h4>

<p style="letter-spacing:-.1pt;margin:0pt 0pt 12.0pt 18.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Loss of Property
(including damage thereto or destruction thereof) located or reasonably
believed by the Insured to be located within the Insured&#146;s offices or premises,
caused by Theft or by any Dishonest or Fraudulent Act or through Mysterious
Disappearance, EXCLUDING loss covered under Insuring Agreement A.</font></p>

<h4 style="font-family:Times New Roman;font-size:10.0pt;font-weight:normal;margin:0pt 0pt 12.0pt;page-break-after:avoid;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">D.</font></b><b><font size="1" style="font-size:8.5pt;font-weight:bold;">&#160;&#160;&#160; </font>IN TRANSIT</b></h4>

<p style="letter-spacing:-.1pt;margin:0pt 0pt 12.0pt 18.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Loss of Property
(including damage thereto or destruction thereof) while the Property is in
transit in the custody of any person authorized by an Insured to act as a
messenger, except while in the mail or with a carrier for hire (other than a
Security Company), EXCLUDING loss covered under Insuring Agreement A.&#160; Property is &#147;in transit&#148; beginning
immediately upon receipt of such Property by the transporting person and ending
immediately upon delivery at the specified destination.</font></p>

<h4 style="font-family:Times New Roman;font-size:10.0pt;font-weight:normal;margin:0pt 0pt 12.0pt;page-break-after:avoid;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">E.</font></b><b><font size="1" style="font-size:8.5pt;font-weight:bold;">&#160;&#160;&#160; </font>FORGERY OR ALTERATION</b></h4>

<p style="margin:0pt 0pt 12.0pt 18.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;letter-spacing:-.1pt;">Loss
caused by the Forgery or Alteration of or on (1) any bills of exchange, checks,
drafts, or other written orders or directions to pay certain sums in money,
acceptances, certificates of deposit, due bills, money orders, or letters of
credit; or (2) other written instructions, requests or applications to the
Insured, authorizing or acknowledging the transfer, payment, redemption,
delivery or receipt of Property, or giving notice of any bank account, which
instructions or requests or applications purport to have been signed or
endorsed by (a) any customer of the Insured, or (b) any shareholder of or
subscriber to shares issued by any Investment Company, or (c) any financial or
banking institution or stockbroker; </font></p>

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<p style="margin:0pt 0pt 12.0pt 18.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;letter-spacing:-.1pt;">or
(3) withdrawal orders or receipts for the withdrawal of 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.</font></p>

<p style="letter-spacing:-.1pt;margin:0pt 0pt 12.0pt 18.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">This Insuring Agreement E
does not cover loss caused by Forgery or Alteration of Securities or loss
covered under Insuring Agreement A.</font></p>

<h4 style="font-family:Times New Roman;font-size:10.0pt;font-weight:normal;margin:0pt 0pt 12.0pt;page-break-after:avoid;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">F.</font></b><b><font size="1" style="font-size:8.5pt;font-weight:bold;">&#160;&#160;&#160; </font>SECURITIES</b></h4>

<p style="letter-spacing:-.1pt;margin:0pt 0pt 12.0pt 18.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Loss resulting from the
Insured, in good faith, in the ordinary course of business, and in any capacity
whatsoever, whether for its own account or for the account of others, having
acquired, accepted or received, or sold or delivered, or given any value,
extended any credit or assumed any liability on the faith of any Securities,
where such loss results from the fact that such Securities (1) were
Counterfeit, or (2) were lost or stolen, or (3) contain a Forgery or
Alteration, and notwithstanding whether or not the act of the Insured causing
such loss violated the constitution, by-laws, rules or regulations of any Self
Regulatory Organization, whether or not the Insured was a member thereof,
EXCLUDING loss covered under Insuring Agreement A.</font></p>

<h4 style="font-family:Times New Roman;font-size:10.0pt;font-weight:normal;margin:0pt 0pt 12.0pt;page-break-after:avoid;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">G.</font></b><b><font size="1" style="font-size:8.5pt;font-weight:bold;">&#160;&#160;&#160; </font>COUNTERFEIT CURRENCY</b></h4>

<p style="letter-spacing:-.1pt;margin:0pt 0pt 12.0pt 18.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Loss caused by the
Insured in good faith having received or accepted (1) any money orders which
prove to be Counterfeit or to contain an Alteration or (2) paper currencies or
coin of the United States of America or Canada which prove to be Counterfeit.</font></p>

<p style="margin:0pt 0pt 12.0pt 18.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;letter-spacing:-.1pt;">This
Insuring Agreement G does not cover loss covered under Insuring Agreement A.</font></p>

<h4 style="font-family:Times New Roman;font-size:10.0pt;font-weight:normal;margin:0pt 0pt 12.0pt;page-break-after:avoid;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">H.</font></b><b><font size="1" style="font-size:8.5pt;font-weight:bold;">&#160;&#160;&#160; </font>UNCOLLECTIBLE ITEMS OF DEPOSIT</b></h4>

<p style="letter-spacing:-.1pt;margin:3.0pt 0pt 12.0pt 18.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Loss resulting from the payment of dividends, issuance
of Fund shares or redemptions or exchanges permitted from an account with the
Fund as a consequence of</font></p>

<p style="font-family:Times New Roman;letter-spacing:-.1pt;margin:3.0pt 0pt 12.0pt 36.0pt;text-indent:-18.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(1)</font><font size="1" style="font-size:8.5pt;">&#160;&#160; </font><font size="2" style="font-size:10.0pt;">uncollectible Items of Deposit of a Fund&#146;s customer,
shareholder or subscriber credited by the Insured or its agent to such person&#146;s
Fund account, or</font></p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:3.0pt 0pt 12.0pt 36.0pt;text-indent:-18.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;letter-spacing:-.1pt;">(2)</font><font size="1" style="font-size:8.5pt;letter-spacing:-.1pt;">&#160;&#160; </font><font style="letter-spacing:-.1pt;">any Item of Deposit processed through an automated
clearing house which is reversed by a Fund&#146;s customer, shareholder or
subscriber and is deemed uncollectible by the Insured;</font></p>

<p style="letter-spacing:-.1pt;margin:0pt 0pt 12.0pt 18.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">PROVIDED, that (a) Items
of Deposit shall not be deemed uncollectible until the Insured&#146;s collection
procedures have failed, (b) exchanges of shares between Funds with exchange
privileges shall be covered hereunder only if all such Funds are insured by the
Underwriter for uncollectible Items of Deposit, and (c) the Insured Fund shall
have implemented and maintained a policy to hold Items of Deposit for the
minimum number of days stated in its Application (as amended from time to time)
before paying any dividend or permitting any withdrawal with respect to such Items
of Deposit (other than exchanges between Funds).&#160; Regardless of the number of transactions
between Funds in an exchange program, the minimum number of days an Item of
Deposit must be held shall begin from the date the Item of Deposit was first
credited to any Insured Fund.</font></p>

<p style="letter-spacing:-.1pt;margin:0pt 0pt 12.0pt 18.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">This Insuring
Agreement H does not cover loss covered under Insuring Agreement A.</font></p>

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<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">I.</font></b><b><font size="1" style="font-size:8.5pt;font-weight:bold;">&#160;&#160;&#160;&#160; </font>PHONE/ELECTRONIC TRANSACTIONS</b></p>

<p style="letter-spacing:-.1pt;margin:0pt 0pt 12.0pt 18.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Loss caused by a
Phone/Electronic Transaction, where the request for such Phone/Electronic
Transaction:</font></p>

<p style="font-family:Times New Roman;letter-spacing:-.1pt;margin:0pt 0pt 12.0pt 36.75pt;text-indent:-18.75pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(1)</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">is transmitted to the Insured or its agents by voice
over the telephone or by Electronic Transmission; and</font></p>

<p style="font-family:Times New Roman;letter-spacing:-.1pt;margin:0pt 0pt 12.0pt 36.75pt;text-indent:-18.75pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(2)</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">is made by an individual purporting to be a Fund
shareholder or subscriber or an authorized agent of a Fund shareholder or
subscriber; and</font></p>

<p style="font-family:Times New Roman;letter-spacing:-.1pt;margin:0pt 0pt 12.0pt 36.75pt;text-indent:-18.75pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(3)</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">is unauthorized or fraudulent and is made with the
manifest intent to deceive;</font></p>

<p style="letter-spacing:-.1pt;margin:0pt 0pt 12.0pt 18.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">PROVIDED, that the entity
receiving such request generally maintains and follows during the Bond Period
all Phone/Electronic Transaction Security Procedures with respect to all
Phone/Electronic Transactions; and</font></p>

<p style="letter-spacing:-.1pt;margin:0pt 0pt 12.0pt;text-indent:18.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">EXCLUDING loss resulting from:</font></p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt 36.0pt;text-indent:-18.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;letter-spacing:-.1pt;">(1)</font><font size="1" style="font-size:8.5pt;letter-spacing:-.1pt;">&#160;&#160; </font><font style="letter-spacing:-.1pt;">the failure to pay for shares attempted to be
purchased; or</font></p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt 36.0pt;text-indent:-18.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;letter-spacing:-.1pt;">(2)</font><font size="1" style="font-size:8.5pt;letter-spacing:-.1pt;">&#160;&#160; </font><font style="letter-spacing:-.1pt;">any redemption of Investment Company shares which
had been improperly credited to a shareholder&#146;s account where such shareholder
(a) did not cause, directly or indirectly, such shares to be credited to such
account, and (b) directly or indirectly received any proceeds or other benefit
from such redemption; or</font></p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt 36.0pt;text-indent:-18.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;letter-spacing:-.1pt;">(3)</font><font size="1" style="font-size:8.5pt;letter-spacing:-.1pt;">&#160;&#160; </font><font style="letter-spacing:-.1pt;">any redemption of shares issued by an Investment
Company where the proceeds of such redemption were requested to be paid or made
payable to other than (a) the Shareholder of Record, or (b) any other person or
bank account designated to receive redemption proceeds (i) in the initial
account application, or (ii) in writing (not to include Electronic
Transmission) accompanied by a signature guarantee; or</font></p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt 36.0pt;text-indent:-18.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;letter-spacing:-.1pt;">(4)</font><font size="1" style="font-size:8.5pt;letter-spacing:-.1pt;">&#160;&#160; </font><font style="letter-spacing:-.1pt;">any redemption of shares issued by an Investment
Company where the proceeds of such redemption were requested to be sent to
other than any address for such account which was designated (a) in the initial
account application, or (b) in writing (not to include Electronic
Transmission), where such writing is received at least one (1) day prior to
such redemption request, or (c) by voice over the telephone or by Electronic
Transmission at least fifteen (15) days prior to such redemption; or</font></p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt 36.0pt;text-indent:-18.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;letter-spacing:-.1pt;">(5)</font><font size="1" style="font-size:8.5pt;letter-spacing:-.1pt;">&#160;&#160; </font><font style="letter-spacing:-.1pt;">the intentional failure to adhere to one or more Phone/Electronic
Transaction Security Procedures; or</font></p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt 36.0pt;text-indent:-18.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(6)</font><font size="1" style="font-size:8.5pt;">&#160;&#160; </font><font style="letter-spacing:-.1pt;">a Phone/Electronic Transaction request transmitted
by</font> electronic mail or transmitted by any method not subject to the
Phone/Electronic Transaction Security Procedures; or</p>

<p style="letter-spacing:-.1pt;margin:3.0pt 0pt 12.0pt 36.0pt;text-indent:-18.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(7)&#160; the failure or circumvention of any physical
or electronic protection device, including any firewall, that imposes
restrictions on the flow of electronic traffic in or out of any Computer
System. </font></p>

<p style="margin:0pt 0pt 12.0pt 18.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;letter-spacing:-.1pt;">This Insuring Agreement I does not cover loss covered under Insuring
Agreement A, &#147;Fidelity&#148; or Insuring Agreement J, &#147;Computer Security&#148;.</font></p>

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<h1 align="center" style="font-weight:normal;margin:0pt 0pt 12.0pt;page-break-after:avoid;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">GENERAL
AGREEMENTS</font></b></h1>

<h4 style="font-family:Times New Roman;font-size:10.0pt;font-weight:normal;margin:0pt 0pt 12.0pt 18.0pt;page-break-after:avoid;text-indent:-18.0pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">A.</font></b><b><font size="1" style="font-size:8.5pt;font-weight:bold;">&#160;&#160;&#160; </font>ADDITIONAL OFFICES OR EMPLOYEES&#151;CONSOLIDATION
OR MERGER&#151;NOTICE</b></h4>

<p style="font-family:Times New Roman;letter-spacing:-.1pt;margin:0pt 0pt 12.0pt 36.0pt;text-indent:-18.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">1.</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">Except as provided in paragraph 2 below,
this Bond shall apply to any additional office(s) established by the Insured
during the Bond Period and to all Employees during the Bond Period, without the
need to give notice thereof or pay additional premiums to the Underwriter for
the Bond Period.</font></p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt 36.0pt;text-indent:-18.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;letter-spacing:-.1pt;">2.</font><font size="1" style="font-size:8.5pt;letter-spacing:-.1pt;">&#160;&#160;&#160;&#160; </font><font style="letter-spacing:-.1pt;">If during the Bond Period an Insured Investment
Company shall merge or consolidate with an institution in which such Insured is
the surviving entity, or purchase substantially all the assets or capital stock
of another institution, or acquire or create a separate investment portfolio,
and shall within sixty (60) days notify the Underwriter thereof, then this Bond
shall automatically apply to the Property and Employees resulting from such
merger, consolidation, acquisition or creation from the date thereof; provided,
that the Underwriter may make such coverage contingent upon the payment of an
additional premium.</font></p>

<h4 style="font-family:Times New Roman;font-size:10.0pt;font-weight:normal;margin:0pt 0pt 12.0pt;page-break-after:avoid;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">B.</font></b><b><font size="1" style="font-size:8.5pt;font-weight:bold;">&#160;&#160;&#160; </font>WARRANTY</b></h4>

<p style="letter-spacing:-.1pt;margin:0pt 0pt 12.0pt 18.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">No statement made by or
on behalf of the Insured, whether contained in the Application or otherwise,
shall be deemed to be an absolute warranty, but only a warranty that such
statement is true to the best of the knowledge of the person responsible for
such statement.</font></p>

<h4 style="font-family:Times New Roman;font-size:10.0pt;font-weight:normal;margin:0pt 0pt 12.0pt;page-break-after:avoid;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">C.</font></b><b><font size="1" style="font-size:8.5pt;font-weight:bold;">&#160;&#160;&#160; </font>COURT COSTS AND ATTORNEYS&#146;
FEES</b></h4>

<p style="margin:0pt 0pt 12.0pt 18.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;letter-spacing:-.1pt;">The
Underwriter will indemnify the Insured against court costs and reasonable
attorneys&#146; fees incurred and paid by the Insured in defense of any legal
proceeding brought against the Insured claiming that the Insured is liable for
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="font-family:Times New Roman;letter-spacing:-.1pt;margin:0pt 0pt 12.0pt 36.0pt;text-indent:-18.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">1.</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">an Employee admits to having committed or is
adjudicated to have committed a Dishonest or Fraudulent Act or Theft which
caused the loss; or</font></p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt 36.0pt;text-indent:-18.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;letter-spacing:-.1pt;">2.</font><font size="1" style="font-size:8.5pt;letter-spacing:-.1pt;">&#160;&#160;&#160;&#160; </font><font style="letter-spacing:-.1pt;">in the absence of such an admission or
adjudication, an arbitrator or arbitrators acceptable to the Insured and the
Underwriter concludes, after a review of an agreed statement of facts, that an
Employee has committed a Dishonest or Fraudulent Act or Theft which caused the
loss.</font></p>

<p style="margin:0pt 0pt 12.0pt 18.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;letter-spacing:-.1pt;">The
Insured shall promptly give notice to the Underwriter of any such legal
proceeding and upon request shall furnish the Underwriter with copies of all
pleadings and other papers therein.&#160; At
the Underwriter&#146;s election the Insured shall permit the Underwriter to conduct
the defense of such legal proceeding in the Insured&#146;s name, through attorneys
of the Underwriter&#146;s selection.&#160; In such
event, the Insured shall give all reasonable information and assistance which
the Underwriter shall deem necessary to the proper defense of such legal
proceeding.</font></p>

<p style="margin:0pt 0pt 12.0pt 18.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;letter-spacing:-.1pt;">If
the amount of the Insured&#146;s liability or alleged liability in any such legal
proceeding is greater than the amount which the Insured would be entitled to
recover under this Bond (other than pursuant to this General Agreement C), or
if a Deductible Amount is applicable, or both, the indemnity liability of the
Underwriter under this General Agreement C is limited to the proportion of
court costs and attorneys&#146; fees incurred and paid by the Insured or by the
Underwriter that the amount which the Insured would be entitled to recover
under this Bond (other than pursuant to this General Agreement C) bears to the
sum </font></p>

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<p style="margin:0pt 0pt 12.0pt 18.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;letter-spacing:-.1pt;">of
such amount plus the amount which the Insured is not entitled to recover.&#160; Such indemnity shall be in addition to the
Limit of Liability for the applicable Insuring Agreement.</font></p>

<p align="center" style="margin:0pt 0pt .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;letter-spacing:-.1pt;">THIS BOND, INCLUDING THE
FOREGOING INSURING AGREEMENTS</font></b></p>

<h4 align="center" style="font-weight:normal;margin:0pt 0pt .0001pt;page-break-after:auto;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;letter-spacing:-.1pt;">AND
GENERAL AGREEMENTS, IS SUBJECT TO THE FOLLOWING</font></b></h4>

<p align="center" style="margin:0pt 0pt 12.0pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;letter-spacing:-.1pt;">PROVISIONS, CONDITIONS AND
LIMITATIONS:</font></b></p>

<p style="margin:0pt 0pt 12.0pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;letter-spacing:-.1pt;">SECTION 1.&#160; DEFINITIONS</font></b></p>

<p style="margin:0pt 0pt 12.0pt 18.0pt;text-indent:-18.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;letter-spacing:-.1pt;">The following terms used in this Bond shall have the meanings stated in
this Section:</font></p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt 36.0pt;text-indent:-18.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;letter-spacing:-.1pt;">A.</font><font size="1" style="font-size:8.5pt;letter-spacing:-.1pt;">&#160;&#160;&#160; </font><b style="letter-spacing:-.1pt;">&#147;Alteration&#148;</b><font style="letter-spacing:-.1pt;"> means the
marking, changing or altering in a material way of the terms, meaning or legal
effect of a document with the intent to deceive.</font></p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt 36.0pt;text-indent:-18.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;letter-spacing:-.1pt;">B.</font><font size="1" style="font-size:8.5pt;letter-spacing:-.1pt;">&#160;&#160;&#160; </font><b style="letter-spacing:-.1pt;">&#147;Application&#148;</b><font style="letter-spacing:-.1pt;"> means the
Insured&#146;s application (and any attachments and materials submitted in
connection therewith) furnished to the Underwriter for this Bond.</font></p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt 36.0pt;text-indent:-18.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;letter-spacing:-.1pt;">C.</font><font size="1" style="font-size:8.5pt;letter-spacing:-.1pt;">&#160;&#160;&#160; </font><b style="letter-spacing:-.1pt;">&#147;Computer System&#148;</b><font style="letter-spacing:-.1pt;"> means
(1) computers with related peripheral components, including storage components,
(2) systems and applications software, (3) terminal devices, (4) related
communications networks or customer communication systems, and (5) related
electronic funds transfer systems; by which data or monies are electronically
collected, transmitted, processed, stored or retrieved.</font></p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt 36.0pt;text-indent:-18.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;letter-spacing:-.1pt;">D.</font><font size="1" style="font-size:8.5pt;letter-spacing:-.1pt;">&#160;&#160;&#160; </font><b style="letter-spacing:-.1pt;">&#147;Counterfeit&#148;</b><font style="letter-spacing:-.1pt;"> means, with
respect to any item, one which is false but is intended to deceive and to be
taken for the original authentic item.</font></p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt 36.0pt;text-indent:-18.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;letter-spacing:-.1pt;">E.</font><font size="1" style="font-size:8.5pt;letter-spacing:-.1pt;">&#160;&#160;&#160;&#160; </font><b style="letter-spacing:-.1pt;">&#147;Deductible Amount&#148;</b><font style="letter-spacing:-.1pt;">
means, with respect to any Insuring Agreement, the amount set forth under the
heading &#147;Deductible Amount&#148; in Item 3 of the Declarations or in any Rider for
such Insuring Agreement, applicable to each Single Loss covered by such
Insuring Agreement.</font></p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt 36.0pt;text-indent:-18.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;letter-spacing:-.1pt;">F.</font><font size="1" style="font-size:8.5pt;letter-spacing:-.1pt;">&#160;&#160;&#160;&#160; </font><b style="letter-spacing:-.1pt;">&#147;Depository&#148;</b><font style="letter-spacing:-.1pt;"> means any &#147;securities
depository&#148; (other than any foreign securities depository) in which an
Investment Company may deposit its Securities in accordance with Rule 17f-4
under the Investment Company Act of 1940.</font></p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt 36.0pt;text-indent:-18.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;letter-spacing:-.1pt;">G.</font><font size="1" style="font-size:8.5pt;letter-spacing:-.1pt;">&#160;&#160;&#160; </font><b style="letter-spacing:-.1pt;">&#147;Dishonest or Fraudulent Act&#148;</b><font style="letter-spacing:-.1pt;"> means any dishonest or fraudulent act, including &#147;larceny and
embezzlement&#148; as defined in Section 37 of the Investment Company Act of 1940,
committed with the conscious manifest intent (1) to cause the Insured to
sustain a loss and (2) to obtain financial benefit for the perpetrator or any
other person (other than salaries, commissions, fees, bonuses, awards, profit
sharing, pensions or other employee benefits). A Dishonest or Fraudulent Act
does not mean or include a reckless act, a negligent act, or a grossly
negligent act.</font></p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt 36.0pt;text-indent:-18.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;letter-spacing:-.1pt;">H.</font><font size="1" style="font-size:8.5pt;letter-spacing:-.1pt;">&#160;&#160;&#160; </font><b style="letter-spacing:-.1pt;">&#147;Electronic Transmission&#148;</b><font style="letter-spacing:-.1pt;">
means any transmission effected by electronic means, including but not limited
to a transmission effected by telephone tones, Telefacsimile, wireless device,
or over the Internet.</font></p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt 36.0pt;text-indent:-18.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;letter-spacing:-.1pt;">I .</font><font size="1" style="font-size:8.5pt;letter-spacing:-.1pt;">&#160;&#160;&#160;&#160; </font><b style="letter-spacing:-.1pt;">&#147;Employee&#148;</b><font style="letter-spacing:-.1pt;"> means:</font></p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:3.0pt 0pt 12.0pt 54.0pt;text-indent:-18.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;letter-spacing:-.1pt;">(1)</font><font size="1" style="font-size:8.5pt;letter-spacing:-.1pt;">&#160;&#160; </font><font style="letter-spacing:-.1pt;">each officer, director, trustee, partner or employee of the Insured, and</font></p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:3.0pt 0pt 12.0pt 54.0pt;text-indent:-18.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;letter-spacing:-.1pt;">(2)</font><font size="1" style="font-size:8.5pt;letter-spacing:-.1pt;">&#160;&#160; </font><font style="letter-spacing:-.1pt;">each officer, director, trustee, partner or
employee 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>

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<p style="font-family:Times New Roman;font-size:10.0pt;margin:3.0pt 0pt 12.0pt 54.0pt;text-indent:-18.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;letter-spacing:-.1pt;">(3)</font><font size="1" style="font-size:8.5pt;letter-spacing:-.1pt;">&#160;&#160; </font><font style="letter-spacing:-.1pt;">each attorney performing legal services for the
Insured and each employee of such attorney or of the law firm of such attorney
while performing services for the Insured, and</font></p>

<p style="font-family:Times New Roman;letter-spacing:-.1pt;margin:3.0pt 0pt 12.0pt 54.0pt;text-indent:-18.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(4)</font><font size="1" style="font-size:8.5pt;">&#160;&#160; </font><font size="2" style="font-size:10.0pt;">each student who is an authorized intern of the
Insured, while in any of the Insured&#146;s offices, and</font></p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:3.0pt 0pt 12.0pt 54.0pt;text-indent:-18.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;letter-spacing:-.1pt;">(5)</font><font size="1" style="font-size:8.5pt;letter-spacing:-.1pt;">&#160;&#160; </font><font style="letter-spacing:-.1pt;">each officer, director, trustee, partner or
employee of</font></p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:3.0pt 0pt 12.0pt 72.0pt;text-indent:-18.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;letter-spacing:-.1pt;">(a)</font><font size="1" style="font-size:8.5pt;letter-spacing:-.1pt;">&#160;&#160; </font><font style="letter-spacing:-.1pt;">an investment adviser,</font></p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:3.0pt 0pt 12.0pt 72.0pt;text-indent:-18.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;letter-spacing:-.1pt;">(b)</font><font size="1" style="font-size:8.5pt;letter-spacing:-.1pt;">&#160;&#160; </font><font style="letter-spacing:-.1pt;">an underwriter (distributor),</font></p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:3.0pt 0pt 12.0pt 72.0pt;text-indent:-18.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;letter-spacing:-.1pt;">(c)</font><font size="1" style="font-size:8.5pt;letter-spacing:-.1pt;">&#160;&#160; </font><font style="letter-spacing:-.1pt;">a transfer agent or shareholder accounting
recordkeeper, or</font></p>

<p style="font-family:Times New Roman;letter-spacing:-.1pt;margin:3.0pt 0pt 12.0pt 72.0pt;text-indent:-18.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(d)</font><font size="1" style="font-size:8.5pt;">&#160;&#160; </font><font size="2" style="font-size:10.0pt;">an administrator authorized by written
agreement to keep financial and/or other required records,</font></p>

<p style="letter-spacing:-.1pt;margin:3.0pt 0pt 12.0pt 54.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">for an Investment Company named as an Insured, but
only while (i) such officer, partner or employee is performing acts coming
within the scope of the usual duties of an officer or employee of an Insured,
or (ii) such officer, director, trustee, partner or employee is 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, or (iii) such director or
trustee (or anyone acting in a similar capacity) is acting outside the scope of
the usual duties of a director or trustee; provided, that the term &#147;Employee&#148;
shall not include any officer, director, trustee, partner or employee of a
transfer agent, shareholder accounting recordkeeper or administrator (x) which
is not an &#147;affiliated person&#148; (as defined in Section 2(a) of the Investment
Company Act of 1940) of an Investment Company named as Insured or of the
adviser or underwriter of such Investment Company, or (y) which is a &#147;Bank&#148; (as
defined in Section 2(a) of the Investment Company Act of 1940), and</font></p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:3.0pt 0pt 12.0pt 54.0pt;text-indent:-18.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;letter-spacing:-.1pt;">(6)</font><font size="1" style="font-size:8.5pt;letter-spacing:-.1pt;">&#160;&#160; </font><font style="letter-spacing:-.1pt;">each individual assigned, by contract or by any
agency furnishing temporary personnel, in either case on a contingent or
part-time basis, to perform the usual duties of an employee in any office of
the Insured, and</font></p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:3.0pt 0pt 12.0pt 54.0pt;text-indent:-18.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;letter-spacing:-.1pt;">(7)</font><font size="1" style="font-size:8.5pt;letter-spacing:-.1pt;">&#160;&#160; </font><font style="letter-spacing:-.1pt;">each individual assigned to perform the usual
duties of an employee or officer of any entity 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 a processor which acts as
transfer agent or in any other agency capacity for the Insured in issuing
checks, drafts or securities, unless included under subsection (5) hereof, and</font></p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt 54.0pt;text-indent:-18.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(8)</font><font size="1" style="font-size:8.5pt;">&#160;&#160; </font>each
officer, partner or employee of</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt 72.0pt;text-indent:-18.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(a)</font><font size="1" style="font-size:8.5pt;">&#160;&#160; </font>any
Depository or Exchange,</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt 72.0pt;text-indent:-18.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(b)</font><font size="1" style="font-size:8.5pt;">&#160;&#160; </font>any
nominee in whose name is registered any Security included in the systems for
the central handling of securities established and maintained by any
Depository, and</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt 72.0pt;text-indent:-18.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(c)</font><font size="1" style="font-size:8.5pt;">&#160;&#160; </font>any
recognized service company which provides clerks or other personnel to any
Depository or Exchange on a contract basis,</p>

<p style="margin:0pt 0pt 12.0pt 54.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">while such officer, partner or employee is performing services for any
Depository in the operation of systems for the central handling of securities,
and</font></p>

<p style="font-family:Times New Roman;letter-spacing:-.1pt;margin:3.0pt 0pt 12.0pt 54.0pt;text-indent:-18.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(9)</font><font size="1" style="font-size:8.5pt;">&#160;&#160; </font><font size="2" style="font-size:10.0pt;">in the case of an Insured which is an &#147;employee
benefit plan&#148; (as defined in Section 3 of the Employee Retirement Income
Security Act of 1974 (&#147;ERISA&#148;)) for officers, directors or employees of another
Insured (&#147;In-House Plan&#148;), any &#147;fiduciary&#148; or other &#147;plan official&#148; (within the
meaning of Section 412 of ERISA) of such In-House Plan, provided that such
fiduciary or other plan official is a director, partner, officer, trustee or
employee of an Insured (other than an In-House Plan).</font></p>

<p style="letter-spacing:-.1pt;margin:0pt 0pt 12.0pt 18.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Each employer of
temporary personnel and each entity referred to in subsections (6) and (7) and
their respective partners, officers and employees shall collectively be deemed
to be one person for all the purposes of this Bond.</font></p>

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<p style="letter-spacing:-.1pt;margin:0pt 0pt 12.0pt 18.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Brokers, agents,
independent contractors, or representatives of the same general character shall
not be considered Employees, except as provided in subsections (3), (6), and
(7).</font></p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt 36.0pt;text-indent:-18.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;letter-spacing:-.1pt;">J.</font><font size="1" style="font-size:8.5pt;letter-spacing:-.1pt;">&#160;&#160;&#160;&#160; </font><b style="letter-spacing:-.1pt;">&#147;Exchange&#148;</b><font style="letter-spacing:-.1pt;"> means any
national securities exchange registered under the Securities Exchange Act of
1934.</font></p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt 36.0pt;text-indent:-18.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;letter-spacing:-.1pt;">K.</font><font size="1" style="font-size:8.5pt;letter-spacing:-.1pt;">&#160;&#160;&#160; </font><b style="letter-spacing:-.1pt;">&#147;Forgery&#148;</b><font style="letter-spacing:-.1pt;"> means the
physical signing on a document of the name of another person (whether real or
fictitious) with the intent to deceive.&#160;
A Forgery may be by means of mechanically reproduced facsimile signatures
as well as handwritten signatures.&#160;
Forgery does not include the signing of an individual&#146;s own name,
regardless of such individual&#146;s authority, capacity or purpose.</font></p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt 36.0pt;text-indent:-18.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;letter-spacing:-.1pt;">L.</font><font size="1" style="font-size:8.5pt;letter-spacing:-.1pt;">&#160;&#160;&#160;&#160; </font><b style="letter-spacing:-.1pt;">&#147;Items of Deposit&#148;</b><font style="letter-spacing:-.1pt;"> means
one or more checks or drafts.</font></p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt 36.0pt;text-indent:-18.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;letter-spacing:-.1pt;">M.</font><font size="1" style="font-size:8.5pt;letter-spacing:-.1pt;">&#160;&#160; </font><b style="letter-spacing:-.1pt;">&#147;Investment Company&#148;</b><font style="letter-spacing:-.1pt;"> or <b>&#147;Fund&#148;</b> means an investment company registered under the
Investment Company Act of 1940.</font></p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt 36.0pt;text-indent:-18.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;letter-spacing:-.1pt;">N.</font><font size="1" style="font-size:8.5pt;letter-spacing:-.1pt;">&#160;&#160;&#160; </font><b style="letter-spacing:-.1pt;">&#147;Limit of Liability&#148;</b><font style="letter-spacing:-.1pt;">
means, with respect to any Insuring Agreement, the limit of liability of the
Underwriter for any Single Loss covered by such Insuring Agreement as set forth
under the heading &#147;Limit of Liability&#148; in Item 3 of the Declarations or in any
Rider for such Insuring Agreement.</font></p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt 36.0pt;text-indent:-18.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;letter-spacing:-.1pt;">O.</font><font size="1" style="font-size:8.5pt;letter-spacing:-.1pt;">&#160;&#160;&#160; </font><b style="letter-spacing:-.1pt;">&#147;Mysterious Disappearance&#148;</b><font style="letter-spacing:-.1pt;">
means any disappearance of Property which, after a reasonable investigation has
been conducted, cannot be explained.</font></p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt 36.0pt;text-indent:-18.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;letter-spacing:-.1pt;">P.</font><font size="1" style="font-size:8.5pt;letter-spacing:-.1pt;">&#160;&#160;&#160;&#160; </font><b style="letter-spacing:-.1pt;">&#147;Non-Fund&#148;</b><font style="letter-spacing:-.1pt;"> means any
corporation, business trust, partnership, trust or other entity which is not an
Investment Company.</font></p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt 36.0pt;text-indent:-18.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;letter-spacing:-.1pt;">Q.</font><font size="1" style="font-size:8.5pt;letter-spacing:-.1pt;">&#160;&#160;&#160; </font><b style="letter-spacing:-.1pt;">&#147;Phone/Electronic Transaction Security Procedures&#148;</b><font style="letter-spacing:-.1pt;"> means security procedures for Phone/Electronic
Transactions as provided in writing to the Underwriter.</font></p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt 36.0pt;text-indent:-18.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;letter-spacing:-.1pt;">R.</font><font size="1" style="font-size:8.5pt;letter-spacing:-.1pt;">&#160;&#160;&#160; </font><b style="letter-spacing:-.1pt;">&#147;Phone/Electronic Transaction&#148;</b><font style="letter-spacing:-.1pt;"> means any (1) redemption of shares issued by an
Investment Company, (2) election concerning dividend options available to Fund
shareholders, (3) 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, or (4) purchase of shares
issued by an Investment Company, which redemption, election, exchange or
purchase is requested by voice over the telephone or through an Electronic
Transmission.</font></p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt 36.0pt;text-indent:-18.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;letter-spacing:-.1pt;">S.</font><b><font size="1" style="font-size:8.5pt;font-weight:bold;letter-spacing:-.1pt;">&#160;&#160;&#160;&#160; </font><font style="letter-spacing:-.1pt;">&#147;Property&#148;</font></b><font style="letter-spacing:-.1pt;"> means the
following tangible items:&#160; money, postage
and revenue stamps, precious metals, Securities, bills of exchange,
acceptances, checks, drafts, or other written orders or directions to pay sums
certain in money, certificates of deposit, due bills, money orders, letters of
credit, financial futures contracts, conditional sales contracts, abstracts of
title, insurance policies, deeds, mortgages, and assignments of any of the
foregoing, 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 (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&#146;s
declared financial condition at the time of the Insured&#146;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.</font></p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt 36.0pt;text-indent:-18.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;letter-spacing:-.1pt;">T.</font><b><font size="1" style="font-size:8.5pt;font-weight:bold;letter-spacing:-.1pt;">&#160;&#160;&#160; </font><font style="letter-spacing:-.1pt;">&#147;Securities&#148;</font></b><font style="letter-spacing:-.1pt;"> means
original negotiable or non-negotiable agreements or instruments which represent
an equitable or legal interest, ownership or debt (including stock
certificates, bonds, promissory notes, and assignments thereof), which are in
the ordinary course of business and transferable by physical delivery with
appropriate endorsement or assignment.&#160; &#147;Securities&#148;
does </font></p>

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<p style="margin:0pt 0pt 12.0pt 36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;letter-spacing:-.1pt;">not include bills of exchange, acceptances, certificates of deposit,
checks, drafts, or other written orders or directions to pay sums certain in
money, due bills, money orders, or letters of credit.</font></p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt 36.0pt;text-indent:-18.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;letter-spacing:-.1pt;">U.</font><b><font size="1" style="font-size:8.5pt;font-weight:bold;letter-spacing:-.1pt;">&#160;&#160;&#160; </font><font style="letter-spacing:-.1pt;">&#147;Security Company&#148;</font></b><font style="letter-spacing:-.1pt;"> means
an entity which provides or purports to provide the transport of Property by
secure means, including, without limitation, by use of armored vehicles or
guards.</font></p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt 36.0pt;text-indent:-18.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;letter-spacing:-.1pt;">V.</font><b><font size="1" style="font-size:8.5pt;font-weight:bold;letter-spacing:-.1pt;">&#160;&#160;&#160; </font><font style="letter-spacing:-.1pt;">&#147;Self Regulatory Organization&#148;</font></b><font style="letter-spacing:-.1pt;"> means any association of investment advisers or securities dealers
registered under the federal securities laws, or any Exchange.</font></p>

<p style="margin:0pt 0pt 12.0pt 36.0pt;text-indent:-18.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;letter-spacing:-.1pt;">W. <b>&#147;Shareholder of Record&#148;</b>
means the record owner of shares issued by an Investment Company or, in the
case of joint ownership of such shares, all record owners, as designated (1) in
the initial account application, or (2) in writing accompanied by a signature
guarantee, or (3) pursuant to procedures as set forth in the Application.</font></p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:3.0pt 0pt 12.0pt 36.0pt;text-indent:-18.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;letter-spacing:-.1pt;">X.</font><b><font size="1" style="font-size:8.5pt;font-weight:bold;letter-spacing:-.1pt;">&#160;&#160;&#160; </font><font style="letter-spacing:-.1pt;">&#147;Single Loss&#148;</font></b><font style="letter-spacing:-.1pt;"> means:</font></p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:3.0pt 0pt 12.0pt 54.0pt;text-indent:-18.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;letter-spacing:-.1pt;">(1)</font><font size="1" style="font-size:8.5pt;letter-spacing:-.1pt;">&#160;&#160; </font><font style="letter-spacing:-.1pt;">all loss resulting from any one actual or
attempted Theft committed by one person, or</font></p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:3.0pt 0pt 12.0pt 54.0pt;text-indent:-18.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;letter-spacing:-.1pt;">(2)</font><font size="1" style="font-size:8.5pt;letter-spacing:-.1pt;">&#160;&#160; </font><font style="letter-spacing:-.1pt;">all loss caused by any one act (other than a Theft
or a Dishonest or Fraudulent Act) committed by one person, or</font></p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:3.0pt 0pt 12.0pt 54.0pt;text-indent:-18.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;letter-spacing:-.1pt;">(3)</font><font size="1" style="font-size:8.5pt;letter-spacing:-.1pt;">&#160;&#160; </font><font style="letter-spacing:-.1pt;">all loss caused by Dishonest or Fraudulent Acts
committed by one person, or</font></p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:3.0pt 0pt 12.0pt 54.0pt;text-indent:-18.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;letter-spacing:-.1pt;">(4)</font><font size="1" style="font-size:8.5pt;letter-spacing:-.1pt;">&#160;&#160; </font><font style="letter-spacing:-.1pt;">all expenses incurred with respect to any one
audit or examination, or</font></p>

<p style="font-family:Times New Roman;letter-spacing:-.1pt;margin:3.0pt 0pt 12.0pt 54.0pt;text-indent:-18.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(5)</font><font size="1" style="font-size:8.5pt;">&#160;&#160; </font><font size="2" style="font-size:10.0pt;">all loss caused by any one occurrence or event other
than those specified in subsections (1) through (4) above.</font></p>

<p style="letter-spacing:-.1pt;margin:0pt 0pt 12.0pt 31.5pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">All acts or omissions of one or more persons which
directly or indirectly aid or, by failure to report or otherwise, permit the
continuation of an act referred to in subsections (1) through (3) above of any
other person shall be deemed to be the acts of such other person for purposes
of this subsection.</font></p>

<p style="margin:0pt 0pt 12.0pt 31.5pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;letter-spacing:-.1pt;">All
acts or occurrences or events which have as a common nexus any fact,
circumstance, situation, transaction or series of facts, circumstances,
situations, or transactions shall be deemed to be one act, one occurrence, or
one event.</font></p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt 36.0pt;text-indent:-18.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;letter-spacing:-.1pt;">Y.</font><b><font size="1" style="font-size:8.5pt;font-weight:bold;letter-spacing:-.1pt;">&#160;&#160;&#160; </font><font style="letter-spacing:-.1pt;">&#147;Telefacsimile&#148;</font></b><font style="letter-spacing:-.1pt;"> means a
system of transmitting and reproducing fixed graphic material (as, for example,
printing) by means of signals transmitted over telephone lines or over the
Internet.</font></p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt 36.0pt;text-indent:-18.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;letter-spacing:-.1pt;">Z.</font><b><font size="1" style="font-size:8.5pt;font-weight:bold;letter-spacing:-.1pt;">&#160;&#160;&#160; </font><font style="letter-spacing:-.1pt;">&#147;Theft&#148;</font></b><font style="letter-spacing:-.1pt;"> means robbery,
burglary or hold-up, occurring with or without violence or the threat of
violence.</font></p>

<p style="margin:0pt 0pt 12.0pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;letter-spacing:-.1pt;">SECTION 2.&#160; EXCLUSIONS</font></b></p>

<p style="margin:0pt 0pt 12.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;letter-spacing:-.1pt;">THIS BOND DOES NOT COVER:</font></p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt 36.0pt;text-indent:-18.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;letter-spacing:-.1pt;">A.</font><font size="1" style="font-size:8.5pt;letter-spacing:-.1pt;">&#160;&#160;&#160; </font><font style="letter-spacing:-.1pt;">Loss resulting from (1) riot or civil commotion outside the United
States of America and Canada, or (2) war, revolution, insurrection, action by
armed forces, or usurped power, wherever occurring; except if such loss occurs
in transit, is otherwise covered under Insuring Agreement D, and when such
transit was initiated, the Insured or any person initiating such transit on the
Insured&#146;s behalf had no knowledge of such riot, civil commotion, war,
revolution, insurrection, action by armed forces, or usurped power.</font></p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt 36.0pt;text-indent:-18.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;letter-spacing:-.1pt;">B.</font><font size="1" style="font-size:8.5pt;letter-spacing:-.1pt;">&#160;&#160;&#160; </font><font style="letter-spacing:-.1pt;">Loss in time of peace or war resulting from nuclear fission or fusion or
radioactivity, or biological or chemical agents or hazards, or fire, smoke, or
explosion, or the effects of any of the foregoing.</font></p>

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<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt 36.0pt;text-indent:-18.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;letter-spacing:-.1pt;">C.</font><font size="1" style="font-size:8.5pt;letter-spacing:-.1pt;">&#160;&#160;&#160; </font><font style="letter-spacing:-.1pt;">Loss resulting from any Dishonest or Fraudulent Act committed by any
person while acting in the capacity of a member of the Board of Directors or
any equivalent body of the Insured or of any other entity.</font></p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt 36.0pt;text-indent:-18.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;letter-spacing:-.1pt;">D.</font><font size="1" style="font-size:8.5pt;letter-spacing:-.1pt;">&#160;&#160;&#160; </font><font style="letter-spacing:-.1pt;">Loss resulting from any nonpayment or other default of any loan or
similar transaction made by the Insured or any of its partners, directors,
officers or employees, whether or not authorized and whether procured in good
faith or through a Dishonest or Fraudulent Act, unless such loss is otherwise
covered under Insuring Agreement A, E or F.</font></p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt 36.0pt;text-indent:-18.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;letter-spacing:-.1pt;">E.</font><font size="1" style="font-size:8.5pt;letter-spacing:-.1pt;">&#160;&#160;&#160;&#160; </font><font style="letter-spacing:-.1pt;">Loss resulting from any violation by the Insured or by any Employee of
any law, or any rule or regulation pursuant thereto or adopted by a Self
Regulatory Organization, regulating the issuance, purchase or sale of
securities, securities transactions upon security exchanges or over the counter
markets, Investment Companies, or investment advisers, unless such loss, in the
absence of such law, rule or regulation, would be covered under Insuring
Agreement A, E or F.</font></p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt 36.0pt;text-indent:-18.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;letter-spacing:-.1pt;">F.</font><font size="1" style="font-size:8.5pt;letter-spacing:-.1pt;">&#160;&#160;&#160;&#160; </font><font style="letter-spacing:-.1pt;">Loss of Property while in the custody of any Security Company, unless
such loss is covered under this Bond and is in excess of the amount recovered
or received by the Insured under (1) the Insured&#146;s contract with such Security
Company, and (2) insurance or indemnity of any kind carried by such Security
Company for the benefit of, or otherwise available to, users of its service, in
which case this Bond shall cover only such excess, subject to the applicable
Limit of Liability and Deductible Amount.</font></p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt 36.0pt;text-indent:-18.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;letter-spacing:-.1pt;">G.</font><font size="1" style="font-size:8.5pt;letter-spacing:-.1pt;">&#160;&#160;&#160; </font><font style="letter-spacing:-.1pt;">Potential income, including but not limited to interest and dividends,
not realized by the Insured because of a loss covered under this Bond, except
when covered under Insuring Agreement H.</font></p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt 36.0pt;text-indent:-18.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;letter-spacing:-.1pt;">H.</font><font size="1" style="font-size:8.5pt;letter-spacing:-.1pt;">&#160;&#160;&#160; </font><font style="letter-spacing:-.1pt;">Loss in the form of (1) damages of any type for which the Insured is
legally liable, except direct compensatory damages, or (2) taxes, fines, or penalties,
including without limitation two-thirds of treble damage awards pursuant to
judgments under any statute or regulation.</font></p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:3.0pt 0pt 12.0pt 36.0pt;text-indent:-18.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;letter-spacing:-.1pt;">I.</font><font size="1" style="font-size:8.5pt;letter-spacing:-.1pt;">&#160;&#160;&#160;&#160;&#160; </font><font style="letter-spacing:-.1pt;">Loss resulting from the surrender of Property away from an office of the
Insured as a result of a threat</font></p>

<p style="font-family:Times New Roman;letter-spacing:-.1pt;margin:3.0pt 0pt 12.0pt 54.0pt;text-indent:-18.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(1)</font><font size="1" style="font-size:8.5pt;">&#160;&#160; </font><font size="2" style="font-size:10.0pt;">to do bodily harm to any person, except loss of
Property in transit in the custody of any person acting as messenger as a
result of a threat to do bodily harm to such person, if the Insured had no
knowledge of such threat at the time such transit was initiated, or</font></p>

<p style="font-family:Times New Roman;letter-spacing:-.1pt;margin:3.0pt 0pt 12.0pt 54.0pt;text-indent:-18.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(2)</font><font size="1" style="font-size:8.5pt;">&#160;&#160; </font><font size="2" style="font-size:10.0pt;">to do damage to the premises or Property of the
Insured, unless such loss is otherwise covered under Insuring <br>
Agreement A.</font></p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt 36.0pt;text-indent:-18.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;letter-spacing:-.1pt;">J.</font><font size="1" style="font-size:8.5pt;letter-spacing:-.1pt;">&#160;&#160;&#160;&#160; </font><font style="letter-spacing:-.1pt;">All costs, fees and other expenses incurred by the Insured in
establishing the existence of or amount of loss covered under this Bond, except
to the extent certain audit expenses are covered under Insuring Agreement B.</font></p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt 36.0pt;text-indent:-18.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;letter-spacing:-.1pt;">K.</font><font size="1" style="font-size:8.5pt;letter-spacing:-.1pt;">&#160;&#160;&#160; </font><font style="letter-spacing:-.1pt;">Loss resulting from payments made to or withdrawals from any account,
involving funds erroneously credited to such account, unless such loss is
otherwise covered under Insuring Agreement A.</font></p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt 36.0pt;text-indent:-18.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;letter-spacing:-.1pt;">L.</font><font size="1" style="font-size:8.5pt;letter-spacing:-.1pt;">&#160;&#160;&#160;&#160; </font><font style="letter-spacing:-.1pt;">Loss resulting from uncollectible Items of Deposit which are drawn upon
a financial institution outside the United States of America, its territories
and possessions, or Canada.</font></p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt 36.0pt;text-indent:-18.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;letter-spacing:-.1pt;">M.</font><font size="1" style="font-size:8.5pt;letter-spacing:-.1pt;">&#160;&#160; </font><font style="letter-spacing:-.1pt;">Loss resulting from the Dishonest or Fraudulent Acts, Theft, or other
acts or omissions of an Employee primarily engaged in the sale of shares issued
by an Investment Company to persons </font></p>

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<p style="margin:0pt 0pt 12.0pt 36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;letter-spacing:-.1pt;">other than (1) a person registered as a broker under the Securities
Exchange Act of 1934 or (2) an &#147;accredited investor&#148; as defined in Rule 501(a)
of Regulation D under the Securities Act of 1933, which is not an individual.</font></p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt 36.0pt;text-indent:-18.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;letter-spacing:-.1pt;">N.</font><font size="1" style="font-size:8.5pt;letter-spacing:-.1pt;">&#160;&#160;&#160; </font><font style="letter-spacing:-.1pt;">Loss resulting from the use of credit, debit, charge, access,
convenience, identification, cash management or other cards, whether such cards
were issued or purport to have been issued by the Insured or by anyone else,
unless such loss is otherwise covered under Insuring Agreement A.</font></p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt 36.0pt;text-indent:-18.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;letter-spacing:-.1pt;">O.</font><font size="1" style="font-size:8.5pt;letter-spacing:-.1pt;">&#160;&#160;&#160; </font><font style="letter-spacing:-.1pt;">Loss resulting from any purchase, redemption or exchange of securities
issued by an Investment Company or other Insured, or any other instruction,
request, acknowledgement, notice or transaction involving securities issued by
an Investment Company or other Insured or the dividends in respect thereof,
when any of the foregoing is requested, authorized or directed or purported to
be requested, authorized or directed by voice over the telephone or by
Electronic Transmission, unless such loss is otherwise covered under Insuring
Agreement A or Insuring Agreement I.</font></p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt 36.0pt;text-indent:-18.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;letter-spacing:-.1pt;">P.</font><font size="1" style="font-size:8.5pt;letter-spacing:-.1pt;">&#160;&#160;&#160;&#160; </font><font style="letter-spacing:-.1pt;">Loss resulting from any Dishonest or Fraudulent Act or Theft committed
by an Employee as defined in Section 1.I(2), unless such loss (1) could not
have been reasonably discovered by the due diligence of the Insured at or prior
to the time of acquisition by the Insured of the assets acquired from a
predecessor, and (2) arose out of a lawsuit or valid claim brought against the
Insured by a person unaffiliated with the Insured or with any person affiliated
with the Insured.</font></p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt 36.0pt;text-indent:-18.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;letter-spacing:-.1pt;">Q.</font><font size="1" style="font-size:8.5pt;letter-spacing:-.1pt;">&#160;&#160;&#160; </font><font style="letter-spacing:-.1pt;">Loss resulting from the unauthorized entry of data into, or the deletion
or destruction of data in, or the change of data elements or programs within,
any Computer System, unless such loss is otherwise covered under Insuring
Agreement A.</font></p>

<p style="margin:0pt 0pt 12.0pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;letter-spacing:-.1pt;">SECTION 3.&#160; ASSIGNMENT OF RIGHTS</font></b></p>

<p style="letter-spacing:-.1pt;margin:0pt 0pt 12.0pt 18.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Upon payment to the Insured hereunder for any loss, the Underwriter
shall be subrogated to the extent of such payment to all of the Insured&#146;s
rights and claims in connection with such loss; provided, however, that the
Underwriter shall not be subrogated to any such rights or claims one named
Insured under this Bond may have against another named Insured under this
Bond.&#160; At the request of the Underwriter,
the Insured shall execute all assignments or other documents and take such
action as the Underwriter may deem necessary or desirable to secure and perfect
such rights and claims, including the execution of documents necessary to
enable the Underwriter to bring suit in the name of the Insured.</font></p>

<p style="margin:0pt 0pt 12.0pt 18.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;letter-spacing:-.1pt;">Assignment
of any rights or claims under this Bond shall not bind the Underwriter without
the Underwriter&#146;s written consent.</font></p>

<p style="margin:0pt 0pt 12.0pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;letter-spacing:-.1pt;">SECTION 4.&#160; LOSS&#151;NOTICE&#151;PROOF&#151;LEGAL PROCEEDINGS</font></b></p>

<p style="letter-spacing:-.1pt;margin:0pt 0pt 12.0pt 18.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">This Bond is for the use and benefit only of the Insured and the
Underwriter shall not be liable hereunder for loss sustained by anyone other
than the Insured, except that if the Insured includes such other loss in the Insured&#146;s
proof of loss, the Underwriter shall consider its liability therefor.&#160; As soon as practicable and not more than
sixty (60) days after discovery of any loss covered hereunder, the Insured
shall give the Underwriter written notice thereof and, as soon as practicable
and within one year after such discovery, shall also furnish to the Underwriter
affirmative proof of loss with full particulars.&#160; The Underwriter may extend the sixty day
notice period or the one year proof of loss period if the Insured requests an
extension and shows good cause therefor.</font></p>

<p style="margin:0pt 0pt 12.0pt 18.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;letter-spacing:-.1pt;">See also General Agreement C (Court Costs and Attorneys&#146; Fees).</font></p>

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<p style="margin:0pt 0pt 12.0pt 18.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;letter-spacing:-.1pt;">The Underwriter shall not be liable hereunder for loss of Securities
unless each of the Securities is identified in such proof of loss by a certificate
or bond number or by such identification means as the Underwriter may
require.&#160; The Underwriter shall have a
reasonable period after receipt of a proper affirmative proof of loss within
which to investigate the claim, but where the loss is of Securities and is
clear and undisputed, settlement shall be made within forty-eight (48) hours
even if the loss involves Securities of which duplicates may be obtained.</font></p>

<p style="margin:0pt 0pt 12.0pt 18.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;letter-spacing:-.1pt;">The
Insured shall not bring legal proceedings against the Underwriter to recover
any loss hereunder prior to sixty (60) days after filing such proof of loss or
subsequent to twenty-four (24) months after the discovery of such loss or, in
the case of a legal proceeding to recover hereunder on account of any judgment
against the Insured in or settlement of any suit mentioned in General Agreement
C or to recover court costs or attorneys&#146; fees paid in any such suit,
twenty-four (24) months after the date of the final judgment in or settlement
of such suit.&#160; If any limitation in this
Bond is prohibited by any applicable law, such limitation shall be deemed to be
amended to be equal to the minimum period of limitation permitted by such law.</font></p>

<p style="margin:0pt 0pt 12.0pt 18.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;letter-spacing:-.1pt;">Notice
hereunder shall be given to Manager, Professional Liability Claims, ICI Mutual
Insurance Company, P.O. Box 730, Burlington, Vermont 05402-0730.</font></p>

<p style="margin:3.0pt 0pt 12.0pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;letter-spacing:-.1pt;">SECTION 5.&#160; DISCOVERY</font></b></p>

<p style="margin:0pt 0pt 12.0pt 18.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;letter-spacing:-.1pt;">For
all purposes under this Bond, a loss is discovered, and discovery of a loss
occurs, when the Insured</font></p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:3.0pt 0pt 12.0pt 36.0pt;text-indent:-18.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;letter-spacing:-.1pt;">(1)</font><font size="1" style="font-size:8.5pt;letter-spacing:-.1pt;">&#160;&#160; </font><font style="letter-spacing:-.1pt;">becomes aware of facts, or</font></p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:3.0pt 0pt 12.0pt 36.0pt;text-indent:-18.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;letter-spacing:-.1pt;">(2)</font><font size="1" style="font-size:8.5pt;letter-spacing:-.1pt;">&#160;&#160; </font><font style="letter-spacing:-.1pt;">receives notice of an actual or potential claim by
a third party which alleges that the Insured is liable under circumstances,</font></p>

<p style="margin:3.0pt 0pt 12.0pt 18.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;letter-spacing:-.1pt;">which
would cause a reasonable person to assume that loss covered by this Bond has
been or is likely to be incurred even though the exact amount or details of
loss may not be known.</font></p>

<p style="margin:0pt 0pt 12.0pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;letter-spacing:-.1pt;">SECTION 6.&#160; VALUATION OF PROPERTY</font></b></p>

<p style="letter-spacing:-.1pt;margin:0pt 0pt 12.0pt 18.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">For the purpose of determining the amount of any loss hereunder, the
value of any Property shall be the market value of such Property at the close
of business on the first business day before the discovery of such loss; except
that</font></p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:3.0pt 0pt 12.0pt 36.0pt;text-indent:-18.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;letter-spacing:-.1pt;">(1)</font><font size="1" style="font-size:8.5pt;letter-spacing:-.1pt;">&#160;&#160; </font><font style="letter-spacing:-.1pt;">the value of any Property replaced by the Insured prior to the payment
of a claim therefor shall be the actual market value of such Property at the
time of replacement, but not in excess of the market value of such Property on
the first business day before the discovery of the loss of such Property;</font></p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:3.0pt 0pt 12.0pt 36.0pt;text-indent:-18.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;letter-spacing:-.1pt;">(2)</font><font size="1" style="font-size:8.5pt;letter-spacing:-.1pt;">&#160;&#160; </font><font style="letter-spacing:-.1pt;">the value of Securities which must be produced to exercise subscription,
conversion, redemption or deposit privileges shall be the market value of such
privileges immediately preceding the expiration thereof if the loss of such
Securities is not discovered until after such expiration, but if there is no
quoted or other ascertainable market price for such Property or privileges
referred to in clauses (1) and (2), their value shall be fixed by agreement
between the parties or by arbitration before an arbitrator or arbitrators
acceptable to the parties; and</font></p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:3.0pt 0pt 12.0pt 36.0pt;text-indent:-18.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;letter-spacing:-.1pt;">(3)</font><font size="1" style="font-size:8.5pt;letter-spacing:-.1pt;">&#160;&#160; </font><font style="letter-spacing:-.1pt;">the value of books of accounts or other records used by the Insured in
the conduct of its business shall be limited to the actual cost of blank books,
blank pages or other materials if the books or records are reproduced plus the
cost of labor for the transcription or copying of data furnished by the Insured
for reproduction.</font></p>

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<p style="margin:0pt 0pt 12.0pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;letter-spacing:-.1pt;">SECTION 7.&#160; LOST SECURITIES</font></b></p>

<p style="letter-spacing:-.1pt;margin:0pt 0pt 12.0pt 18.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The maximum liability of the Underwriter hereunder for lost Securities
shall be the payment for, or replacement of, such Securities having an
aggregate value not to exceed the applicable Limit of Liability.&#160; If the Underwriter shall make payment to the
Insured for any loss of securities, the Insured shall assign to the Underwriter
all of the Insured&#146;s right, title and interest in and to such Securities.&#160; In lieu of such payment, the Underwriter may,
at its option, replace such lost Securities, and in such case the Insured shall
cooperate to effect such replacement.&#160; To
effect the replacement of lost Securities, the Underwriter may issue or arrange
for the issuance of a lost instrument bond.&#160;
If the value of such Securities does not exceed the applicable
Deductible Amount (at the time of the discovery of the loss), the Insured will
pay the usual premium charged for the lost instrument bond and will indemnify
the issuer of such bond against all loss and expense that it may sustain
because of the issuance of such bond.</font></p>

<p style="margin:0pt 0pt 12.0pt 18.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;letter-spacing:-.1pt;">If
the value of such Securities exceeds the applicable Deductible Amount (at the
time of discovery of the loss), the Insured will pay a proportion of the usual
premium charged for the lost instrument bond, equal to the percentage that the
applicable Deductible Amount bears to the value of such Securities upon
discovery of the loss, and will indemnify the issuer of such bond against all
loss and expense that</font></p>

<p style="margin:0pt 0pt 12.0pt 18.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;letter-spacing:-.1pt;">is
not recovered from the Underwriter under the terms and conditions of this Bond,
subject to the applicable Limit of Liability.</font></p>

<p style="margin:0pt 0pt 12.0pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;letter-spacing:-.1pt;">SECTION 8.&#160; SALVAGE</font></b></p>

<p style="letter-spacing:-.1pt;margin:0pt 0pt 12.0pt 18.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">If any recovery is made, whether by the Insured or the Underwriter, on
account of any loss within the applicable Limit of Liability hereunder, the
Underwriter shall be entitled to the full amount of such recovery to reimburse
the Underwriter for all amounts paid hereunder with respect to such loss.&#160; If any recovery is made, whether by the
Insured or the Underwriter, on account of any loss in excess of the applicable
Limit of Liability hereunder plus the Deductible Amount applicable to such loss
from any source other than suretyship, insurance, reinsurance, security or
indemnity taken by or for the benefit of the Underwriter, the amount of such
recovery, net of the actual costs and expenses of recovery, shall be applied to
reimburse the Insured in full for the portion of such loss in excess of such
Limit of Liability, and the remainder, if any, shall be paid first to reimburse
the Underwriter for all amounts paid hereunder with respect to such loss and
then to the Insured to the extent of the portion of such loss within the
Deductible Amount.&#160; The Insured shall
execute all documents which the Underwriter deems necessary or desirable to
secure to the Underwriter the rights provided for herein.</font></p>

<p style="margin:0pt 0pt 12.0pt 72.0pt;text-indent:-72.0pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;letter-spacing:-.1pt;">SECTION 9.&#160; NON-REDUCTION AND NON-ACCUMULATION OF LIABILITY
AND TOTAL LIABILITY</font></b></p>

<p style="letter-spacing:-.1pt;margin:0pt 0pt 12.0pt 18.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Prior to its termination, this Bond shall continue in force up to the
Limit of Liability for each Insuring Agreement for each Single Loss,
notwithstanding any previous loss (other than such Single 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 any Single Loss shall be limited to
the applicable Limit of Liability irrespective of the total amount of such
Single Loss and shall not be cumulative in amounts from year to year or from
period to period.</font></p>

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<h6 style="font-weight:normal;margin:0pt 0pt 12.0pt;page-break-after:avoid;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">SECTION
10.&#160; MAXIMUM LIABILITY OF UNDERWRITER;
OTHER BONDS OR POLICIES</font></b></h6>

<p style="letter-spacing:-.1pt;margin:0pt 0pt 12.0pt 18.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The maximum liability of the Underwriter for any Single Loss covered by
any Insuring Agreement under this Bond shall be the Limit of Liability
applicable to such Insuring Agreement, subject to the applicable Deductible
Amount and the other provisions of this Bond.&#160;
Recovery for any Single Loss may not be made under more than one
Insuring Agreement.&#160; If any Single Loss
covered under this Bond is recoverable or recovered in whole or in part because
of an unexpired discovery period under any other bonds or policies issued by
the Underwriter to the Insured or to any predecessor in interest of the
Insured, the maximum liability of the Underwriter shall be the greater of
either (1) the applicable Limit of Liability under this Bond, or (2) the
maximum liability of the Underwriter under such other bonds or policies.</font></p>

<p style="margin:0pt 0pt 12.0pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;letter-spacing:-.1pt;">SECTION 11.&#160; OTHER INSURANCE</font></b></p>

<p style="letter-spacing:-.1pt;margin:0pt 0pt 12.0pt 18.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Notwithstanding anything to the contrary herein, if any loss covered by
this Bond shall also be covered by other insurance or suretyship for the benefit
of the Insured, the Underwriter shall be liable hereunder only for the portion
of such loss in excess of the amount recoverable under such other insurance or
suretyship, but not exceeding the applicable Limit of Liability of this Bond.</font></p>

<p style="margin:0pt 0pt 12.0pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;letter-spacing:-.1pt;">SECTION 12.&#160; DEDUCTIBLE AMOUNT</font></b></p>

<p style="letter-spacing:-.1pt;margin:0pt 0pt 12.0pt 18.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Underwriter shall not be liable under any Insuring Agreement unless
the amount of the loss covered thereunder, after deducting the net amount of
all reimbursement and/or recovery received by the Insured with respect to such
loss (other than from any other bond, suretyship or insurance policy or as an
advance by the Underwriter hereunder) shall exceed the applicable Deductible
Amount; in such case the Underwriter shall be liable only for such excess,
subject to the applicable Limit of Liability and the other terms of this Bond.</font></p>

<p style="margin:0pt 0pt 12.0pt 18.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;letter-spacing:-.1pt;">No
Deductible Amount shall apply to any loss covered under Insuring Agreement A
sustained by any Investment Company named as an Insured.</font></p>

<p style="margin:0pt 0pt 12.0pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;letter-spacing:-.1pt;">SECTION 13.&#160; TERMINATION</font></b></p>

<p style="letter-spacing:-.1pt;margin:0pt 0pt 12.0pt 18.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Underwriter may terminate this Bond as to any Insured or all
Insureds only by written notice to such Insured or Insureds and, if this Bond
is terminated as to any Investment Company, to each such Investment Company
terminated thereby and to the Securities and Exchange Commission, Washington,
D.C., in all cases not less than sixty (60) days prior to the effective date of
termination specified in such notice.</font></p>

<p style="margin:0pt 0pt 12.0pt 18.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;letter-spacing:-.1pt;">The
Insured may terminate this Bond only by written notice to the Underwriter not
less than sixty (60) days prior to the effective date of the termination
specified in such notice.&#160;
Notwithstanding the foregoing, when the Insured terminates this Bond as
to any Investment Company, the effective date of termination shall be not less
than sixty (60) days from the date the Underwriter provides written notice of
the termination to each such Investment Company terminated thereby and to the
Securities and Exchange Commission, Washington, D.C.</font></p>

<p style="letter-spacing:-.1pt;margin:0pt 0pt 12.0pt 18.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">This Bond will terminate as to any Insured that is a Non-Fund
immediately and without notice upon (1) the takeover of such Insured&#146;s business
by any State or Federal official or agency, or by any receiver or liquidator,
or (2) 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.</font></p>

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<p style="margin:0pt 0pt 12.0pt 18.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;letter-spacing:-.1pt;">Premiums
are earned until the effective date of termination.&#160; The Underwriter shall refund the unearned
premium computed at short rates in accordance with the Underwriter&#146;s standard
short rate cancellation tables if this Bond is terminated by the Insured or pro
rata if this Bond is terminated by the Underwriter.</font></p>

<p style="margin:0pt 0pt 12.0pt 18.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;letter-spacing:-.1pt;">Upon
the detection by any Insured that an Employee has committed any Dishonest or
Fraudulent Act(s) or Theft, the Insured shall immediately remove such Employee
from a position that may enable such Employee to cause the Insured to suffer a
loss by any subsequent Dishonest or Fraudulent Act(s) or Theft.&#160; The Insured, within two (2) business days of
such detection, shall notify the Underwriter with full and complete particulars
of the detected Dishonest or Fraudulent Act(s) or Theft.</font></p>

<p style="margin:0pt 0pt 12.0pt 18.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;letter-spacing:-.1pt;">For
purposes of this section, detection occurs when any partner, officer, or
supervisory employee of any Insured, who is not in collusion with such
Employee, becomes aware that the Employee has committed any Dishonest or
Fraudulent Act(s) or Theft.</font></p>

<p style="margin:0pt 0pt 12.0pt 18.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;letter-spacing:-.1pt;">This
Bond shall terminate as to any Employee by written notice from the Underwriter
to each Insured and, if such Employee is an Employee of an Insured Investment
Company, to the Securities and Exchange Commission, in all cases not less than
sixty (60) days prior to the effective date of termination specified in such
notice.</font></p>

<p style="margin:0pt 0pt 12.0pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;letter-spacing:-.1pt;">SECTION 14.&#160; RIGHTS AFTER TERMINATION</font></b></p>

<p style="margin:0pt 0pt 12.0pt 18.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;letter-spacing:-.1pt;">At
any time prior to the effective date of termination of this Bond as to any
Insured, such Insured may, by written notice to the Underwriter, elect to
purchase the right under this Bond to an additional period of twelve (12)
months within which to discover loss sustained by such Insured prior to the
effective date of such termination and shall pay an additional premium therefor
as the Underwriter may require.</font></p>

<p style="letter-spacing:-.1pt;margin:0pt 0pt 12.0pt 18.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Such additional discovery period shall terminate immediately and
without notice upon the takeover of such Insured&#146;s business by any State or
Federal official or agency, or by any receiver or liquidator.&#160; Promptly after such termination the
Underwriter shall refund to the Insured any unearned premium.</font></p>

<p style="margin:0pt 0pt 12.0pt 18.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;letter-spacing:-.1pt;">The
right to purchase such additional discovery period 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&#146;s business.</font></p>

<p style="margin:0pt 0pt 12.0pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;letter-spacing:-.1pt;">SECTION 15.&#160; CENTRAL HANDLING OF SECURITIES</font></b></p>

<p style="letter-spacing:-.1pt;margin:0pt 0pt 12.0pt 18.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Underwriter shall not be liable for loss in connection with the
central handling of securities within the systems established and maintained by
any Depository (&#147;Systems&#148;), unless the amount of such loss exceeds the amount
recoverable or recovered under any bond or policy or participants&#146; fund
insuring the Depository against such loss (the &#147;Depository&#146;s Recovery&#148;); in
such case the Underwriter shall be liable hereunder only for the Insured&#146;s
share of such excess loss, subject to the applicable Limit of Liability, the
Deductible Amount and the other terms of this Bond.</font></p>

<p style="margin:0pt 0pt 12.0pt 18.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;letter-spacing:-.1pt;">For
determining the Insured&#146;s share of such excess loss, (1) the Insured shall be
deemed to have an interest in any certificate representing any security
included within the Systems equivalent to the interest the Insured then has in
all certificates representing the same security included within the Systems;
(2) the Depository shall have reasonably and fairly apportioned the Depository&#146;s
Recovery among all those having an interest as recorded by appropriate entries
in the books and records of the Depository in Property involved in such loss,
so that each such interest shall share in the Depository&#146;s Recovery in the
ratio that the value of each such interest bears to the total value of all such
interests; and </font></p>

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<p style="margin:0pt 0pt 12.0pt 18.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;letter-spacing:-.1pt;">(3)
the Insured&#146;s share of such excess loss shall be the amount of the Insured&#146;s
interest in such Property in excess of the amount(s) so apportioned to the
Insured by the Depository.</font></p>

<p style="margin:0pt 0pt 12.0pt 18.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;letter-spacing:-.1pt;">This
Bond does not afford coverage in favor of any Depository or Exchange or any
nominee in whose name is registered any security included within the Systems.</font></p>

<p style="margin:0pt 0pt 12.0pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;letter-spacing:-.1pt;">SECTION 16.&#160; ADDITIONAL COMPANIES INCLUDED AS INSURED</font></b></p>

<p style="letter-spacing:-.1pt;margin:0pt 0pt 12.0pt 18.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">If more than one entity is named as the Insured:</font></p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt 36.0pt;text-indent:-18.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;letter-spacing:-.1pt;">A.</font><font size="1" style="font-size:8.5pt;letter-spacing:-.1pt;">&#160;&#160;&#160; </font><font style="letter-spacing:-.1pt;">the total liability of the Underwriter hereunder for each Single Loss
shall not exceed the Limit of Liability which would be applicable if there were
only one named Insured, regardless of the number of Insured entities which
sustain loss as a result of such Single Loss,</font></p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt 36.0pt;text-indent:-18.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;letter-spacing:-.1pt;">B.</font><font size="1" style="font-size:8.5pt;letter-spacing:-.1pt;">&#160;&#160;&#160; </font><font style="letter-spacing:-.1pt;">the Insured first named in Item 1 of the Declarations shall be deemed
authorized to make, adjust, and settle, and receive and enforce payment of, all
claims hereunder as the agent of each other Insured for such purposes and for
the giving or receiving of any notice required or permitted to be given
hereunder; provided, that the Underwriter shall promptly furnish each named
Insured Investment Company with (1) a copy of this Bond and any amendments
thereto, (2) a copy of each formal filing of a claim hereunder by any other
Insured, and (3) notification of the terms of the settlement of each such claim
prior to the execution of such settlement,</font></p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt 36.0pt;text-indent:-18.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;letter-spacing:-.1pt;">C.</font><font size="1" style="font-size:8.5pt;letter-spacing:-.1pt;">&#160;&#160;&#160; </font><font style="letter-spacing:-.1pt;">the Underwriter shall not be responsible or have any liability for the
proper application by the Insured first named in Item 1 of the Declarations of
any payment made hereunder to the first named Insured,</font></p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt 36.0pt;text-indent:-18.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;letter-spacing:-.1pt;">D.</font><font size="1" style="font-size:8.5pt;letter-spacing:-.1pt;">&#160;&#160;&#160; </font><font style="letter-spacing:-.1pt;">for the purposes of Sections 4 and 13, knowledge possessed or discovery
made by any partner, officer or supervisory Employee of any Insured shall
constitute knowledge or discovery by every named Insured,</font></p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt 36.0pt;text-indent:-18.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;letter-spacing:-.1pt;">E.</font><font size="1" style="font-size:8.5pt;letter-spacing:-.1pt;">&#160;&#160;&#160;&#160; </font><font style="letter-spacing:-.1pt;">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, and</font></p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt 36.0pt;text-indent:-18.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;letter-spacing:-.1pt;">F.</font><font size="1" style="font-size:8.5pt;letter-spacing:-.1pt;">&#160;&#160;&#160;&#160; </font><font style="letter-spacing:-.1pt;">each named Insured shall constitute &#147;the Insured&#148; for all purposes of
this Bond.</font></p>

<p style="margin:0pt 0pt 12.0pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;letter-spacing:-.1pt;">SECTION 17.&#160; NOTICE AND CHANGE OF CONTROL</font></b></p>

<p style="letter-spacing:-.1pt;margin:0pt 0pt 12.0pt 18.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Within thirty (30) days after learning that there has been a change in
control of an Insured by transfer of its outstanding voting securities the
Insured shall give written notice to the Underwriter of:</font></p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt 36.0pt;text-indent:-18.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;letter-spacing:-.1pt;">A.</font><font size="1" style="font-size:8.5pt;letter-spacing:-.1pt;">&#160;&#160;&#160; </font><font style="letter-spacing:-.1pt;">the names of the transferors and transferees (or the names of the
beneficial owners if the voting securities are registered in another name), and</font></p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt 36.0pt;text-indent:-18.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;letter-spacing:-.1pt;">B.</font><font size="1" style="font-size:8.5pt;letter-spacing:-.1pt;">&#160;&#160;&#160; </font><font style="letter-spacing:-.1pt;">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="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt 36.0pt;text-indent:-18.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;letter-spacing:-.1pt;">C.</font><font size="1" style="font-size:8.5pt;letter-spacing:-.1pt;">&#160;&#160;&#160; </font><font style="letter-spacing:-.1pt;">the total number of outstanding voting securities.</font></p>

<p style="letter-spacing:-.1pt;margin:0pt 0pt 12.0pt 18.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">As used in this Section, &#147;control&#148; means the power to exercise a
controlling influence over the management or policies of the Insured.</font></p>

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<p style="margin:0pt 0pt 12.0pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;letter-spacing:-.1pt;">SECTION 18.&#160; CHANGE OR MODIFICATION</font></b></p>

<p style="margin:0pt 0pt 12.0pt 18.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;letter-spacing:-.1pt;">This
Bond may only be modified by written Rider forming a part hereof over the signature
of the Underwriter&#146;s authorized representative.&#160;
Any Rider which modifies the coverage provided by Insuring Agreement A,
Fidelity, in a manner which adversely affects the rights of an Insured
Investment Company shall not become effective until at least sixty (60) days
after the Underwriter has given written notice thereof to the Securities and
Exchange Commission, Washington, D.C., and to each Insured Investment Company
affected thereby.</font></p>

<p style="letter-spacing:-.1pt;margin:0pt 0pt 12.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">IN WITNESS
WHEREOF, the Underwriter has caused this Bond to be executed on the
Declarations Page.</font></p>

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<p align="center" style="margin:0pt 0pt 12.0pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">ICI MUTUAL INSURANCE COMPANY</font></b></p>

<h3 align="center" style="font-weight:normal;margin:0pt 0pt 12.0pt;page-break-after:avoid;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">INVESTMENT COMPANY BLANKET BOND</font></b></h3>

<p align="center" style="margin:0pt 0pt 12.0pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;letter-spacing:-.15pt;">RIDER NO. 1</font></b></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;font-family:Times New Roman;width:100.0%;">
 <tr style="page-break-inside:avoid;">
  <td width="82%" colspan="4" valign="top" style="padding:0pt .7pt 0pt 0pt;width:82.4%;">
  <p style="font-size:10.0pt;margin:0pt 0pt .0001pt;"><!-- SET mrlNoTableShading --><b>INSURED</b></p>
  </td>
  <td width="17%" colspan="2" valign="top" style="padding:0pt .7pt 0pt 0pt;width:17.6%;">
  <p style="margin:0pt 0pt .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">BOND NUMBER</font></b></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="82%" colspan="4" valign="top" style="padding:0pt .7pt 0pt 0pt;width:82.4%;">
  <p style="margin:0pt 0pt .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="17%" colspan="2" valign="top" style="padding:0pt .7pt 0pt 0pt;width:17.6%;">
  <p style="margin:0pt 0pt .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="82%" colspan="4" valign="top" style="padding:0pt .7pt 0pt 0pt;width:82.4%;">
  <p style="margin:0pt 0pt .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Columbia Management Advisors, LLC</font></b></p>
  </td>
  <td width="17%" colspan="2" valign="top" style="padding:0pt .7pt 0pt 0pt;width:17.6%;">
  <p style="margin:0pt 0pt .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">87152106B</font></b></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="82%" colspan="4" valign="top" style="padding:0pt .7pt 0pt 0pt;width:82.4%;">
  <p style="margin:0pt 0pt .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="17%" colspan="2" valign="top" style="padding:0pt .7pt 0pt 0pt;width:17.6%;">
  <p style="margin:0pt 0pt .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="34%" colspan="2" valign="top" style="padding:0pt .7pt 0pt 0pt;width:34.96%;">
  <p style="margin:0pt 0pt .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">EFFECTIVE DATE</font></b></p>
  </td>
  <td width="31%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:31.5%;">
  <p style="margin:0pt 0pt .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">BOND PERIOD</font></b></p>
  </td>
  <td width="33%" colspan="3" valign="top" style="padding:0pt .7pt 0pt 0pt;width:33.54%;">
  <p style="margin:0pt 0pt .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">AUTHORIZED REPRESENTATIVE</font></b></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="100%" colspan="6" valign="top" style="padding:0pt .7pt 0pt 0pt;width:100.0%;">
  <p style="margin:0pt 0pt .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="25%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:25.82%;">
  <p style="margin:0pt 0pt .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">October 31, 2006</font></b></p>
  </td>
  <td width="40%" colspan="2" valign="top" style="padding:0pt .7pt 0pt 0pt;width:40.64%;">
  <p style="margin:0pt 0pt .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">October 31, 2006 to October 31, 2007</font></b></p>
  </td>
  <td width="17%" colspan="2" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:17.42%;">
  <p style="margin:0pt 0pt .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">/S/ Maggie Sullivan</font></b></p>
  </td>
  <td width="16%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:16.12%;">
  <p style="margin:0pt 0pt .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
 </tr>
 <tr height="0">
  <td width="193" style="border:none;"></td>
  <td width="68" style="border:none;"></td>
  <td width="236" style="border:none;"></td>
  <td width="119" style="border:none;"></td>
  <td width="11" style="border:none;"></td>
  <td width="121" style="border:none;"></td>
 </tr>
</table>

<p style="line-height:1.0pt;margin:0pt 0pt 12.0pt;"><font size="1" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0pt 0pt 12.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">In consideration of the
premium charged for this Bond, it is hereby understood and agreed that Item 1
of the Declarations, Name of Insured, shall include the following:</font></p>

<p style="margin:0pt 0pt .0001pt 72.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Columbia Management Distributor, Inc.</font></p>

<p style="letter-spacing:-.1pt;margin:0pt 0pt .0001pt 72.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Columbia
Management Services, Inc.</font></p>

<p style="letter-spacing:-.1pt;margin:0pt 0pt .0001pt 72.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Banc of America
Investment Advisors, Inc.</font></p>

<p style="margin:0pt 0pt .0001pt 72.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Columbia
Funds Series Trust I</font></p>

<p style="margin:0pt 0pt .0001pt 72.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Columbia
Funds Institutional Trust</font></p>

<p style="margin:0pt 0pt .0001pt 72.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Colonial
High Income Municipal Trust</font></p>

<p style="margin:0pt 0pt .0001pt 72.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Colonial
InterMarket Income Trust I</font></p>

<p style="margin:0pt 0pt .0001pt 72.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Colonial
Intermediate High Income Fund</font></p>

<p style="margin:0pt 0pt .0001pt 72.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Colonial
Investment Grade Municipal Trust</font></p>

<p style="margin:0pt 0pt .0001pt 72.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Colonial
Municipal Income Trust</font></p>

<p style="margin:0pt 0pt .0001pt 72.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Colonial
Insured Municipal Fund</font></p>

<p style="margin:0pt 0pt .0001pt 72.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Colonial
California Insured Municipal Fund</font></p>

<p style="letter-spacing:-.1pt;margin:0pt 0pt .0001pt 72.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Columbia Funds
Variable Insurance Trust</font></p>

<p style="letter-spacing:-.1pt;margin:0pt 0pt .0001pt 72.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Columbia Funds
Series Trust</font></p>

<p style="letter-spacing:-.1pt;margin:0pt 0pt .0001pt 72.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Columbia Funds
Master Investment Trust</font></p>

<p style="letter-spacing:-.1pt;margin:0pt 0pt .0001pt 72.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Columbia Funds
Variable Insurance Trust I</font></p>

<p style="letter-spacing:-.1pt;margin:0pt 0pt .0001pt 72.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Banc of America
Funds Trust</font></p>

<p style="letter-spacing:-.1pt;margin:0pt 0pt .0001pt 72.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">BACAP Alternative
Multi-Strategy Fund, LLC</font></p>

<p style="margin:0pt 0pt .0001pt 72.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Columbia
Management Multi-Strategy Hedge Fund, LLC</font></p>

<p style="margin:0pt 0pt .0001pt 72.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Liberty
All Star Equity Fund</font></p>

<p style="margin:0pt 0pt 12.0pt 72.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Liberty All Star Growth Fund</font></p>

<p style="margin:0pt 0pt 12.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Except as above stated, nothing herein shall be held to alter, waive or
extend any of the terms of this Bond.</font></p>

<br><hr size="3" width="100%" noshade color="#010101" align="center">

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<p align="center" style="margin:0pt 0pt 12.0pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">ICI MUTUAL INSURANCE COMPANY</font></b></p>

<h3 align="center" style="font-weight:normal;margin:0pt 0pt 12.0pt;page-break-after:avoid;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">INVESTMENT COMPANY BLANKET BOND</font></b></h3>

<p align="center" style="margin:0pt 0pt 12.0pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;letter-spacing:-.15pt;">RIDER NO. 2</font></b></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;font-family:Times New Roman;width:100.0%;">
 <tr style="page-break-inside:avoid;">
  <td width="82%" colspan="4" valign="top" style="padding:0pt .7pt 0pt 0pt;width:82.4%;">
  <p style="font-size:10.0pt;margin:0pt 0pt .0001pt;"><!-- SET mrlNoTableShading --><b>INSURED</b></p>
  </td>
  <td width="17%" colspan="2" valign="top" style="padding:0pt .7pt 0pt 0pt;width:17.6%;">
  <p style="margin:0pt 0pt .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">BOND NUMBER</font></b></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="82%" colspan="4" valign="top" style="padding:0pt .7pt 0pt 0pt;width:82.4%;">
  <p style="margin:0pt 0pt .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="17%" colspan="2" valign="top" style="padding:0pt .7pt 0pt 0pt;width:17.6%;">
  <p style="margin:0pt 0pt .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="82%" colspan="4" valign="top" style="padding:0pt .7pt 0pt 0pt;width:82.4%;">
  <p style="margin:0pt 0pt .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Columbia Management Advisors, LLC</font></b></p>
  </td>
  <td width="17%" colspan="2" valign="top" style="padding:0pt .7pt 0pt 0pt;width:17.6%;">
  <p style="margin:0pt 0pt .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">87152106B</font></b></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="82%" colspan="4" valign="top" style="padding:0pt .7pt 0pt 0pt;width:82.4%;">
  <p style="margin:0pt 0pt .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="17%" colspan="2" valign="top" style="padding:0pt .7pt 0pt 0pt;width:17.6%;">
  <p style="margin:0pt 0pt .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="34%" colspan="2" valign="top" style="padding:0pt .7pt 0pt 0pt;width:34.96%;">
  <p style="margin:0pt 0pt .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">EFFECTIVE DATE</font></b></p>
  </td>
  <td width="31%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:31.5%;">
  <p style="margin:0pt 0pt .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">BOND PERIOD</font></b></p>
  </td>
  <td width="33%" colspan="3" valign="top" style="padding:0pt .7pt 0pt 0pt;width:33.54%;">
  <p style="margin:0pt 0pt .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">AUTHORIZED REPRESENTATIVE</font></b></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="100%" colspan="6" valign="top" style="padding:0pt .7pt 0pt 0pt;width:100.0%;">
  <p style="margin:0pt 0pt .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="25%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:25.82%;">
  <p style="margin:0pt 0pt .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">October 31, 2006</font></b></p>
  </td>
  <td width="40%" colspan="2" valign="top" style="padding:0pt .7pt 0pt 0pt;width:40.64%;">
  <p style="margin:0pt 0pt .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">October 31, 2006 to October 31, 2007</font></b></p>
  </td>
  <td width="17%" colspan="2" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:17.3%;">
  <p style="margin:0pt 0pt .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">/S/ Maggie Sullivan</font></b></p>
  </td>
  <td width="16%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:16.24%;">
  <p style="margin:0pt 0pt .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
 </tr>
 <tr height="0">
  <td width="193" style="border:none;"></td>
  <td width="68" style="border:none;"></td>
  <td width="236" style="border:none;"></td>
  <td width="119" style="border:none;"></td>
  <td width="10" style="border:none;"></td>
  <td width="121" style="border:none;"></td>
 </tr>
</table>

<p style="line-height:1.0pt;margin:0pt 0pt 12.0pt;"><font size="1" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0pt 0pt 12.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;letter-spacing:-.1pt;">In consideration of the premium
charged for this Bond, it is hereby understood and agreed that this Bond (other
than Insuring Agreements C and D) does not cover loss resulting from or in
connection with any business, activities, or acts or omissions of (including
services rendered by) any Insured which is <u>not</u> an Insured Fund (&#147;Non-Fund&#148;)
or any Employee of a Non-Fund, <u>except</u> loss, otherwise covered by the
terms of this Bond, resulting from or in connection with (1) services rendered
by a Non-Fund to an Insured Fund, or to shareholders of such Fund in connection
with the issuance, transfer, or redemption of their Fund shares, or (2) in the
case of a Non-Fund substantially all of whose business is rendering the
services described in (1) above, the general business, activities or operations
of such Non-Fund, <u>excluding</u> (a) the rendering of services (other than
those described in (1) above) to any person, or (b) the sale of goods or
property of any kind.</font></p>

<p style="margin:0pt 0pt 12.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;letter-spacing:-.1pt;">It is further understood and
agreed that with respect to any Non-Fund, Insuring Agreements C and D only
cover loss of Property which a Non-Fund uses or holds, or in which a Non-Fund
has an interest, in each case wholly or partially in connection with the
rendering of services by a Non-Fund to an Insured Fund, or to shareholders of
such Fund in connection with the issuance, transfer, or redemption of their
Fund shares.</font></p>

<p style="margin:0pt 0pt 12.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;letter-spacing:-.1pt;">Except as above stated, nothing
herein shall be held to alter, waive or extend any of the terms of this Bond.</font></p>

<br><hr size="3" width="100%" noshade color="#010101" align="center">

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<p align="center" style="margin:0pt 0pt 12.0pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">ICI MUTUAL INSURANCE COMPANY</font></b></p>

<h3 align="center" style="font-weight:normal;margin:0pt 0pt 12.0pt;page-break-after:avoid;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">INVESTMENT COMPANY BLANKET BOND</font></b></h3>

<p align="center" style="margin:0pt 0pt 12.0pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;letter-spacing:-.15pt;">RIDER NO. 3</font></b></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;font-family:Times New Roman;width:100.0%;">
 <tr style="page-break-inside:avoid;">
  <td width="82%" colspan="4" valign="top" style="padding:0pt .7pt 0pt 0pt;width:82.4%;">
  <p style="font-size:10.0pt;margin:0pt 0pt .0001pt;"><!-- SET mrlNoTableShading --><b>INSURED</b></p>
  </td>
  <td width="17%" colspan="2" valign="top" style="padding:0pt .7pt 0pt 0pt;width:17.6%;">
  <p style="margin:0pt 0pt .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">BOND NUMBER</font></b></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="82%" colspan="4" valign="top" style="padding:0pt .7pt 0pt 0pt;width:82.4%;">
  <p style="margin:0pt 0pt .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="17%" colspan="2" valign="top" style="padding:0pt .7pt 0pt 0pt;width:17.6%;">
  <p style="margin:0pt 0pt .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="82%" colspan="4" valign="top" style="padding:0pt .7pt 0pt 0pt;width:82.4%;">
  <p style="margin:0pt 0pt .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Columbia Management Advisors, LLC</font></b></p>
  </td>
  <td width="17%" colspan="2" valign="top" style="padding:0pt .7pt 0pt 0pt;width:17.6%;">
  <p style="margin:0pt 0pt .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">87152106B</font></b></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="82%" colspan="4" valign="top" style="padding:0pt .7pt 0pt 0pt;width:82.4%;">
  <p style="margin:0pt 0pt .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="17%" colspan="2" valign="top" style="padding:0pt .7pt 0pt 0pt;width:17.6%;">
  <p style="margin:0pt 0pt .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="34%" colspan="2" valign="top" style="padding:0pt .7pt 0pt 0pt;width:34.96%;">
  <p style="margin:0pt 0pt .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">EFFECTIVE DATE</font></b></p>
  </td>
  <td width="31%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:31.5%;">
  <p style="margin:0pt 0pt .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">BOND PERIOD</font></b></p>
  </td>
  <td width="33%" colspan="3" valign="top" style="padding:0pt .7pt 0pt 0pt;width:33.54%;">
  <p style="margin:0pt 0pt .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">AUTHORIZED REPRESENTATIVE</font></b></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="100%" colspan="6" valign="top" style="padding:0pt .7pt 0pt 0pt;width:100.0%;">
  <p style="margin:0pt 0pt .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="25%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:25.82%;">
  <p style="margin:0pt 0pt .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">October 31, 2006</font></b></p>
  </td>
  <td width="40%" colspan="2" valign="top" style="padding:0pt .7pt 0pt 0pt;width:40.64%;">
  <p style="margin:0pt 0pt .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">October 31, 2006 to October 31, 2007</font></b></p>
  </td>
  <td width="17%" colspan="2" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:17.42%;">
  <p style="margin:0pt 0pt .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">/S/ Maggie Sullivan</font></b></p>
  </td>
  <td width="16%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:16.12%;">
  <p style="margin:0pt 0pt .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
 </tr>
 <tr height="0">
  <td width="193" style="border:none;"></td>
  <td width="68" style="border:none;"></td>
  <td width="236" style="border:none;"></td>
  <td width="119" style="border:none;"></td>
  <td width="11" style="border:none;"></td>
  <td width="121" style="border:none;"></td>
 </tr>
</table>

<p style="line-height:1.0pt;margin:0pt 0pt 12.0pt;"><font size="1" face="Times New Roman">&nbsp;</font></p>

<p style="letter-spacing:-.1pt;margin:0pt 0pt 12.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">In consideration of the
premium charged for this Bond, it is hereby understood and agreed that
notwithstanding Section 2.Q of this Bond, this Bond is amended by adding an
additional Insuring Agreement J as follows:</font></p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt 18.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;letter-spacing:-.1pt;">J.</font><font size="1" style="font-size:8.5pt;letter-spacing:-.1pt;">&#160;&#160;&#160;&#160; </font><font style="letter-spacing:-.1pt;">COMPUTER SECURITY</font></p>

<p style="margin:0pt 0pt 12.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;letter-spacing:-.1pt;">Loss (including loss of Property) resulting directly from
Computer Fraud; <u>provided</u>, that the Insured has adopted in writing and
generally maintains and follows during the Bond Period all Computer Security
Procedures.&#160; The isolated failure of the
Insured to maintain and follow a particular Computer Security Procedure in a
particular instance will not preclude coverage under this Insuring Agreement,
subject to the specific exclusions herein and in the Bond.</font></p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt 36.0pt;text-indent:-18.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;letter-spacing:-.1pt;">1.</font><font size="1" style="font-size:8.5pt;letter-spacing:-.1pt;">&#160;&#160;&#160;&#160; </font><u style="letter-spacing:-.1pt;">Definitions</u><font style="letter-spacing:-.1pt;">.&#160; The following terms used in
this Insuring Agreement shall have the following meanings:</font></p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt 54.0pt;text-indent:-18.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">a.</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160; </font>&#147;Authorized User&#148; means any
person or entity designated by the Insured (through contract, assignment of
User Identification, or otherwise) as authorized to use a Covered Computer
System, or any part thereof.&#160; An
individual who invests in an Insured Fund shall not be considered to be an
Authorized User solely by virtue of being an investor.</p>

<p style="font-family:Times New Roman;letter-spacing:-.1pt;margin:0pt 0pt 12.0pt 54.0pt;text-indent:-18.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">b.</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">&#147;Computer Fraud&#148; means the
unauthorized entry of data into, or the deletion or destruction of data in, or
change of data elements or programs within, a Covered Computer System which:</font></p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt 72.0pt;text-indent:-18.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;letter-spacing:-.1pt;">(1)</font><font size="1" style="font-size:8.5pt;letter-spacing:-.1pt;">&#160;&#160; </font><font style="letter-spacing:-.1pt;">is committed by any Unauthorized Third Party
anywhere, alone or in collusion with other Unauthorized Third Parties; <u>and</u></font></p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt 72.0pt;text-indent:-18.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;letter-spacing:-.1pt;">(2)</font><font size="1" style="font-size:8.5pt;letter-spacing:-.1pt;">&#160;&#160; </font><font style="letter-spacing:-.1pt;">is committed with the conscious manifest intent
(a) to cause the Insured to sustain a loss, <u>and</u> (b) to obtain financial
benefit for the perpetrator or any other person; <u>and</u></font></p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt 72.0pt;text-indent:-18.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;letter-spacing:-.1pt;">(3)</font><font size="1" style="font-size:8.5pt;letter-spacing:-.1pt;">&#160;&#160; </font><font style="letter-spacing:-.1pt;">causes (x) Property to be transferred, paid or
delivered; <u>or</u> (y) an account of the Insured, or of its customer, to be
added, deleted, debited or credited; <u>or</u> (z) an unauthorized or
fictitious account to be debited or credited.</font></p>

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<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt 54.0pt;text-indent:-18.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;letter-spacing:-.1pt;">c.</font><font size="1" style="font-size:8.5pt;letter-spacing:-.1pt;">&#160;&#160;&#160;&#160; </font><font style="letter-spacing:-.1pt;">&#147;Computer Security Procedures&#148; means procedures for prevention of
unauthorized computer access and use and administration of computer access and
use as provided in writing to the Underwriter.</font></p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt 54.0pt;text-indent:-18.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;letter-spacing:-.1pt;">d.</font><font size="1" style="font-size:8.5pt;letter-spacing:-.1pt;">&#160;&#160;&#160;&#160; </font><font style="letter-spacing:-.1pt;">&#147;Covered Computer System&#148; means any Computer System as to which the
Insured has possession, custody and control.</font></p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt 54.0pt;text-indent:-18.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;letter-spacing:-.1pt;">e.</font><font size="1" style="font-size:8.5pt;letter-spacing:-.1pt;">&#160;&#160;&#160;&#160; </font><font style="letter-spacing:-.1pt;">&#147;Unauthorized Third Party&#148; means any person or entity that, at the time
of the Computer Fraud, is not an Authorized User.</font></p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt 54.0pt;text-indent:-18.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;letter-spacing:-.1pt;">f.</font><font size="1" style="font-size:8.5pt;letter-spacing:-.1pt;">&#160;&#160;&#160;&#160;&#160; </font><font style="letter-spacing:-.1pt;">&#147;User Identification&#148; means any unique user name (<i>i.e.</i>, a series of characters) that is
assigned to a person or entity by the Insured.</font></p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt 36.0pt;text-indent:-18.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;letter-spacing:-.1pt;">2.</font><font size="1" style="font-size:8.5pt;letter-spacing:-.1pt;">&#160;&#160;&#160;&#160; </font><u style="letter-spacing:-.1pt;">Exclusions</u><font style="letter-spacing:-.1pt;">.&#160; It is further understood and
agreed that this Insuring Agreement J shall not cover:</font></p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt 54.0pt;text-indent:-18.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;letter-spacing:-.1pt;">a.</font><font size="1" style="font-size:8.5pt;letter-spacing:-.1pt;">&#160;&#160;&#160;&#160; </font><font style="letter-spacing:-.1pt;">Any loss covered under Insuring Agreement A, &#147;Fidelity,&#148; of this Bond; <u>and</u></font></p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt 54.0pt;text-indent:-18.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;letter-spacing:-.1pt;">b.</font><font size="1" style="font-size:8.5pt;letter-spacing:-.1pt;">&#160;&#160;&#160;&#160; </font><font style="letter-spacing:-.1pt;">Any loss resulting directly or indirectly from Theft or misappropriation
of confidential or proprietary information, material or data (including but not
limited to trade secrets, computer programs or customer information); <u>and</u></font></p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt 54.0pt;text-indent:-18.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;letter-spacing:-.1pt;">c.</font><font size="1" style="font-size:8.5pt;letter-spacing:-.1pt;">&#160;&#160;&#160;&#160; </font><font style="letter-spacing:-.1pt;">Any loss resulting from the intentional failure to adhere to one or more
Computer Security Procedures; <u>and</u></font></p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt 54.0pt;text-indent:-18.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;letter-spacing:-.1pt;">d.</font><font size="1" style="font-size:8.5pt;letter-spacing:-.1pt;">&#160;&#160;&#160;&#160; </font><font style="letter-spacing:-.1pt;">Any loss resulting from a Computer Fraud committed by or in collusion
with:</font></p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 36.0pt 12.0pt 81.0pt;text-indent:-27.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;letter-spacing:-.1pt;">(1)</font><font size="1" style="font-size:8.5pt;letter-spacing:-.1pt;">&#160;&#160;&#160;&#160;&#160;&#160; </font><font style="letter-spacing:-.1pt;">any Authorized User (whether a natural person or an entity); <u>or</u></font></p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 36.0pt 12.0pt 81.0pt;text-indent:-27.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;letter-spacing:-.1pt;">(2)</font><font size="1" style="font-size:8.5pt;letter-spacing:-.1pt;">&#160;&#160;&#160;&#160;&#160;&#160; </font><font style="letter-spacing:-.1pt;">in the case of any Authorized User which is an entity, (a) any director,
officer, partner, employee or agent of such Authorized User, or (b) any entity
which controls, is controlled by, or is under common control with such
Authorized User (&#147;Related Entity&#148;), or (c) any director, officer, partner,
employee or agent of such Related Entity; <u>or</u></font></p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 36.0pt 12.0pt 81.0pt;text-indent:-27.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;letter-spacing:-.1pt;">(3)</font><font size="1" style="font-size:8.5pt;letter-spacing:-.1pt;">&#160;&#160;&#160;&#160;&#160;&#160; </font><font style="letter-spacing:-.1pt;">in the case of any Authorized User who is a natural person, (a) any
entity for which such Authorized User is a director, officer, partner, employee
or agent (&#147;Employer Entity&#148;), or (b) any director, officer, partner, employee
or agent of such Employer Entity, or (c) any entity which controls, is
controlled by, or is under common control with such Employer Entity (&#147;Employer-Related
Entity&#148;), or (d) any director, officer, partner, employee or agent of such
Employer-Related Entity;</font></p>

<p style="margin:0pt 0pt 12.0pt 54.0pt;"><u><font size="2" face="Times New Roman" style="font-size:10.0pt;letter-spacing:-.1pt;">and</font></u></p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt 54.0pt;text-indent:-18.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;letter-spacing:-.1pt;">e.</font><font size="1" style="font-size:8.5pt;letter-spacing:-.1pt;">&#160;&#160;&#160;&#160; </font><font style="letter-spacing:-.1pt;">Any loss resulting from physical damage to or destruction of any Covered
Computer System, or any part thereof, or any data, data elements or media
associated therewith; <u>and</u></font>  </p>

<br><hr size="3" width="100%" noshade color="#010101" align="center">

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<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt 54.0pt;text-indent:-18.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;letter-spacing:-.1pt;">f.</font><font size="1" style="font-size:8.5pt;letter-spacing:-.1pt;">&#160;&#160;&#160;&#160;&#160; </font><font style="letter-spacing:-.1pt;">Any loss resulting from Computer Fraud committed by means of wireless
access to any Covered Computer System, or any part thereof, or any data, data
elements or media associated therewith; <u>and</u></font></p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt 54.0pt;text-indent:-18.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;letter-spacing:-.1pt;">g.</font><font size="1" style="font-size:8.5pt;letter-spacing:-.1pt;">&#160;&#160;&#160;&#160; </font><font style="letter-spacing:-.1pt;">Any loss not directly and proximately caused by Computer Fraud
(including, without limitation, disruption of business and extra expense); <u>and</u></font></p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt 54.0pt;text-indent:-18.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;letter-spacing:-.1pt;">h.</font><font size="1" style="font-size:8.5pt;letter-spacing:-.1pt;">&#160;&#160;&#160;&#160; </font><font style="letter-spacing:-.1pt;">Payments made to any person(s) who has threatened to deny or has denied
authorized access to a Covered Computer System or otherwise has threatened to
disrupt the business of the Insured.</font></p>

<p style="margin:0pt 0pt 12.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;letter-spacing:-.1pt;">For purposes of this Insuring Agreement, &#147;Single Loss,&#148;
as defined in Section 1.X of this Bond, shall also include all loss caused by
Computer Fraud(s) committed by one person, or in which one person is
implicated, whether or not that person is specifically identified.&#160; A series of losses involving unidentified
individuals, but arising from the same method of operation, may be deemed by
the Underwriter to involve the same individual and in that event shall be
treated as a Single Loss.</font></p>

<p style="margin:0pt 0pt 12.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;letter-spacing:-.1pt;">It is further understood and agreed that nothing in this
Rider shall affect the exclusion set forth in Section 2.0 of this Bond.</font></p>

<p style="margin:0pt 0pt 12.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;letter-spacing:-.1pt;">Coverage under this Insuring Agreement shall terminate
upon termination of this Bond.&#160; Coverage
under this Insuring Agreement may also be terminated without terminating this
Bond as an entirety:</font></p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt 63.0pt;text-indent:-27.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;letter-spacing:-.1pt;">(a)</font><font size="1" style="font-size:8.5pt;letter-spacing:-.1pt;">&#160;&#160;&#160;&#160;&#160;&#160; </font><font style="letter-spacing:-.1pt;">by written notice from the Underwriter not less than sixty (60) days
prior to the effective date of termination specified in such notice; or</font></p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt 63.0pt;text-indent:-27.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;letter-spacing:-.1pt;">(b)</font><font size="1" style="font-size:8.5pt;letter-spacing:-.1pt;">&#160;&#160;&#160;&#160;&#160;&#160; </font><font style="letter-spacing:-.1pt;">immediately by written notice from the Insured to the Underwriter.</font></p>

<p style="margin:0pt 0pt 12.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Except as above stated,
nothing herein shall be held to alter, waive or extend any of the terms of this
Bond.</font></p>

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<p align="center" style="margin:0pt 0pt 12.0pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">ICI
MUTUAL INSURANCE COMPANY</font></b></p>

<h3 align="center" style="font-weight:normal;margin:0pt 0pt 12.0pt;page-break-after:avoid;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">INVESTMENT COMPANY BLANKET BOND</font></b></h3>

<p align="center" style="margin:0pt 0pt 12.0pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;letter-spacing:-.15pt;">RIDER NO. 4</font></b></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;font-family:Times New Roman;width:100.0%;">
 <tr style="page-break-inside:avoid;">
  <td width="82%" colspan="4" valign="top" style="padding:0pt .7pt 0pt 0pt;width:82.4%;">
  <p style="font-size:10.0pt;margin:0pt 0pt .0001pt;"><!-- SET mrlNoTableShading --><b>INSURED</b></p>
  </td>
  <td width="17%" colspan="2" valign="top" style="padding:0pt .7pt 0pt 0pt;width:17.6%;">
  <p style="margin:0pt 0pt .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">BOND NUMBER</font></b></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="82%" colspan="4" valign="top" style="padding:0pt .7pt 0pt 0pt;width:82.4%;">
  <p style="margin:0pt 0pt .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="17%" colspan="2" valign="top" style="padding:0pt .7pt 0pt 0pt;width:17.6%;">
  <p style="margin:0pt 0pt .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="82%" colspan="4" valign="top" style="padding:0pt .7pt 0pt 0pt;width:82.4%;">
  <p style="margin:0pt 0pt .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Columbia Management Advisors, LLC</font></b></p>
  </td>
  <td width="17%" colspan="2" valign="top" style="padding:0pt .7pt 0pt 0pt;width:17.6%;">
  <p style="margin:0pt 0pt .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">87152106B</font></b></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="82%" colspan="4" valign="top" style="padding:0pt .7pt 0pt 0pt;width:82.4%;">
  <p style="margin:0pt 0pt .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="17%" colspan="2" valign="top" style="padding:0pt .7pt 0pt 0pt;width:17.6%;">
  <p style="margin:0pt 0pt .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="34%" colspan="2" valign="top" style="padding:0pt .7pt 0pt 0pt;width:34.96%;">
  <p style="margin:0pt 0pt .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">EFFECTIVE DATE</font></b></p>
  </td>
  <td width="31%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:31.5%;">
  <p style="margin:0pt 0pt .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">BOND PERIOD</font></b></p>
  </td>
  <td width="33%" colspan="3" valign="top" style="padding:0pt .7pt 0pt 0pt;width:33.54%;">
  <p style="margin:0pt 0pt .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">AUTHORIZED REPRESENTATIVE</font></b></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="100%" colspan="6" valign="top" style="padding:0pt .7pt 0pt 0pt;width:100.0%;">
  <p style="margin:0pt 0pt .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="25%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:25.82%;">
  <p style="margin:0pt 0pt .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">October 31, 2006</font></b></p>
  </td>
  <td width="40%" colspan="2" valign="top" style="padding:0pt .7pt 0pt 0pt;width:40.64%;">
  <p style="margin:0pt 0pt .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">October 31, 2006 to October 31, 2007</font></b></p>
  </td>
  <td width="17%" colspan="2" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:17.42%;">
  <p style="margin:0pt 0pt .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">/S/ Maggie Sullivan</font></b></p>
  </td>
  <td width="16%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:16.12%;">
  <p style="margin:0pt 0pt .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
 </tr>
 <tr height="0">
  <td width="193" style="border:none;"></td>
  <td width="68" style="border:none;"></td>
  <td width="236" style="border:none;"></td>
  <td width="119" style="border:none;"></td>
  <td width="11" style="border:none;"></td>
  <td width="121" style="border:none;"></td>
 </tr>
</table>

<p style="line-height:1.0pt;margin:0pt 0pt 12.0pt;"><font size="1" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0pt 0pt 12.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">In consideration of the premium charged for this Bond,
it is hereby understood and agreed that not withstanding Section 9,
Non-Reduction and Non Accumulation of Liability and Total Liability, or any
other provision of this Bond, the liability of the Underwriter under this Bond
with respect to any and all loss or losses, under Insuring Agreement H,
Uncollectible Items of Deposit, shall be limited to an aggregate of One Million
Dollars ($1,000,000) for the Bond Period, irrespective of the total amount of
any such loss or losses.</font></p>

<p style="margin:0pt 0pt 12.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Except as above stated, nothing herein shall be held
to alter, waive or extend any of the terms of this Bond.</font></p>

<br><hr size="3" width="100%" noshade color="#010101" align="center">

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<p align="center" style="margin:0pt 0pt 12.0pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">ICI MUTUAL INSURANCE COMPANY</font></b></p>

<h3 align="center" style="font-weight:normal;margin:0pt 0pt 12.0pt;page-break-after:avoid;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">INVESTMENT COMPANY BLANKET BOND</font></b></h3>

<p align="center" style="margin:0pt 0pt 12.0pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;letter-spacing:-.15pt;">RIDER NO. 5</font></b></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;font-family:Times New Roman;width:100.0%;">
 <tr style="page-break-inside:avoid;">
  <td width="82%" colspan="4" valign="top" style="padding:0pt .7pt 0pt 0pt;width:82.4%;">
  <p style="font-size:10.0pt;margin:0pt 0pt .0001pt;"><!-- SET mrlNoTableShading --><b>INSURED</b></p>
  </td>
  <td width="17%" colspan="2" valign="top" style="padding:0pt .7pt 0pt 0pt;width:17.6%;">
  <p style="margin:0pt 0pt .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">BOND NUMBER</font></b></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="82%" colspan="4" valign="top" style="padding:0pt .7pt 0pt 0pt;width:82.4%;">
  <p style="margin:0pt 0pt .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="17%" colspan="2" valign="top" style="padding:0pt .7pt 0pt 0pt;width:17.6%;">
  <p style="margin:0pt 0pt .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="82%" colspan="4" valign="top" style="padding:0pt .7pt 0pt 0pt;width:82.4%;">
  <p style="margin:0pt 0pt .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Columbia Management Advisors, LLC</font></b></p>
  </td>
  <td width="17%" colspan="2" valign="top" style="padding:0pt .7pt 0pt 0pt;width:17.6%;">
  <p style="margin:0pt 0pt .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">87152106B</font></b></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="82%" colspan="4" valign="top" style="padding:0pt .7pt 0pt 0pt;width:82.4%;">
  <p style="margin:0pt 0pt .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="17%" colspan="2" valign="top" style="padding:0pt .7pt 0pt 0pt;width:17.6%;">
  <p style="margin:0pt 0pt .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="34%" colspan="2" valign="top" style="padding:0pt .7pt 0pt 0pt;width:34.96%;">
  <p style="margin:0pt 0pt .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">EFFECTIVE DATE</font></b></p>
  </td>
  <td width="31%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:31.5%;">
  <p style="margin:0pt 0pt .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">BOND PERIOD</font></b></p>
  </td>
  <td width="33%" colspan="3" valign="top" style="padding:0pt .7pt 0pt 0pt;width:33.54%;">
  <p style="margin:0pt 0pt .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">AUTHORIZED REPRESENTATIVE</font></b></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="100%" colspan="6" valign="top" style="padding:0pt .7pt 0pt 0pt;width:100.0%;">
  <p style="margin:0pt 0pt .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="25%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:25.82%;">
  <p style="margin:0pt 0pt .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">October 31, 2006</font></b></p>
  </td>
  <td width="40%" colspan="2" valign="top" style="padding:0pt .7pt 0pt 0pt;width:40.64%;">
  <p style="margin:0pt 0pt .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">October 31, 2006 to October 31, 2007</font></b></p>
  </td>
  <td width="17%" colspan="2" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:17.42%;">
  <p style="margin:0pt 0pt .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">/S/ Maggie Sullivan</font></b></p>
  </td>
  <td width="16%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:16.12%;">
  <p style="margin:0pt 0pt .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
 </tr>
 <tr height="0">
  <td width="193" style="border:none;"></td>
  <td width="68" style="border:none;"></td>
  <td width="236" style="border:none;"></td>
  <td width="119" style="border:none;"></td>
  <td width="11" style="border:none;"></td>
  <td width="121" style="border:none;"></td>
 </tr>
</table>

<p style="line-height:1.0pt;margin:0pt 0pt 12.0pt;"><font size="1" face="Times New Roman">&nbsp;</font></p>

<p style="letter-spacing:-.15pt;margin:0pt 0pt 12.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;letter-spacing:0pt;">In consideration of the premium charged for this Bond, it is hereby
understood and agreed that the Underwriter will use its best efforts to notify
the National Association of Securities Dealers, Inc. within 30 days in the
event the Bond is substantially modified, terminated or canceled.</font></p>

<p style="margin:0pt 0pt 12.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Except as above stated,
nothing herein shall be held to alter, waive or extend any of the terms of this
Bond.</font></p>

<br><hr size="3" width="100%" noshade color="#010101" align="center">

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 <p style="margin:0pt 0pt .0001pt;text-align:center;"></p>


<p align="center" style="margin:0pt 0pt 12.0pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">ICI
MUTUAL INSURANCE COMPANY</font></b></p>

<h3 align="center" style="font-weight:normal;margin:0pt 0pt 12.0pt;page-break-after:avoid;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">INVESTMENT COMPANY BLANKET BOND</font></b></h3>

<p align="center" style="margin:0pt 0pt 12.0pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;letter-spacing:-.15pt;">RIDER NO. 6</font></b></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;font-family:Times New Roman;width:100.0%;">
 <tr style="page-break-inside:avoid;">
  <td width="82%" colspan="4" valign="top" style="padding:0pt .7pt 0pt 0pt;width:82.4%;">
  <p style="font-size:10.0pt;margin:0pt 0pt .0001pt;"><!-- SET mrlNoTableShading --><b>INSURED</b></p>
  </td>
  <td width="17%" colspan="2" valign="top" style="padding:0pt .7pt 0pt 0pt;width:17.6%;">
  <p style="margin:0pt 0pt .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">BOND NUMBER</font></b></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="82%" colspan="4" valign="top" style="padding:0pt .7pt 0pt 0pt;width:82.4%;">
  <p style="margin:0pt 0pt .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="17%" colspan="2" valign="top" style="padding:0pt .7pt 0pt 0pt;width:17.6%;">
  <p style="margin:0pt 0pt .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="82%" colspan="4" valign="top" style="padding:0pt .7pt 0pt 0pt;width:82.4%;">
  <p style="margin:0pt 0pt .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Columbia Management Advisors, LLC</font></b></p>
  </td>
  <td width="17%" colspan="2" valign="top" style="padding:0pt .7pt 0pt 0pt;width:17.6%;">
  <p style="margin:0pt 0pt .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">87152106B</font></b></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="82%" colspan="4" valign="top" style="padding:0pt .7pt 0pt 0pt;width:82.4%;">
  <p style="margin:0pt 0pt .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="17%" colspan="2" valign="top" style="padding:0pt .7pt 0pt 0pt;width:17.6%;">
  <p style="margin:0pt 0pt .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="34%" colspan="2" valign="top" style="padding:0pt .7pt 0pt 0pt;width:34.96%;">
  <p style="margin:0pt 0pt .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">EFFECTIVE DATE</font></b></p>
  </td>
  <td width="31%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:31.5%;">
  <p style="margin:0pt 0pt .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">BOND PERIOD</font></b></p>
  </td>
  <td width="33%" colspan="3" valign="top" style="padding:0pt .7pt 0pt 0pt;width:33.54%;">
  <p style="margin:0pt 0pt .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">AUTHORIZED REPRESENTATIVE</font></b></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="100%" colspan="6" valign="top" style="padding:0pt .7pt 0pt 0pt;width:100.0%;">
  <p style="margin:0pt 0pt .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="25%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:25.82%;">
  <p style="margin:0pt 0pt .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">October 31, 2006</font></b></p>
  </td>
  <td width="40%" colspan="2" valign="top" style="padding:0pt .7pt 0pt 0pt;width:40.64%;">
  <p style="margin:0pt 0pt .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">October 31, 2006 to October 31, 2007</font></b></p>
  </td>
  <td width="17%" colspan="2" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:17.42%;">
  <p style="margin:0pt 0pt .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">/S/ Maggie Sullivan</font></b></p>
  </td>
  <td width="16%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:16.12%;">
  <p style="margin:0pt 0pt .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
 </tr>
 <tr height="0">
  <td width="193" style="border:none;"></td>
  <td width="68" style="border:none;"></td>
  <td width="236" style="border:none;"></td>
  <td width="119" style="border:none;"></td>
  <td width="11" style="border:none;"></td>
  <td width="121" style="border:none;"></td>
 </tr>
</table>

<p style="line-height:1.0pt;margin:0pt 0pt 12.0pt;"><font size="1" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0pt 0pt 12.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;letter-spacing:-.1pt;">In consideration of the premium charged for this Bond, it
is hereby understood and agreed that the Deductible Amount for Insuring
Agreement E, Forgery or Alteration, and Insuring Agreement F, Securities, shall
not apply with respect to loss through Forgery of a signature on the following
documents:</font></p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 18.0pt 12.0pt 49.5pt;text-indent:-36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(1)</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>letter requesting
redemption of $100,000 or less payable by check to the shareholder of record
and addressed to the address of record; or,</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 18.0pt 12.0pt 49.5pt;text-indent:-36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(2)</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>letter requesting
redemption of $100,000 or less by wire transfer to the record shareholder&#146;s
bank account of record; or</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 18.0pt 12.0pt 49.5pt;text-indent:-36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;letter-spacing:-.1pt;">(3)</font><font size="1" style="font-size:8.5pt;letter-spacing:-.1pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font style="letter-spacing:-.1pt;">written request to a trustee or custodian for a Designated Retirement
Account (&#147;DRA&#148;) which holds shares of an Insured Fund, where such request (a)
purports to be from or at the instruction of the Owner of such DRA, and (b)
directs such trustee or custodian to transfer $100,000 or less from such DRA to
a trustee or custodian for another DRA established for the benefit of such
Owner;</font></p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt;"><u><font size="2" face="Times New Roman" style="font-size:10.0pt;letter-spacing:-.1pt;">provided</font></u><font style="letter-spacing:-.1pt;">, that the Limit of Liability for a Single Loss as described above shall
be $100,000 and that the Insured shall bear 20% of each such loss.&#160; This Rider shall not apply in the case of any
such Single Loss which exceeds $100,000; in such case the Deductible Amounts
and Limits of Liability set forth in Item 3 of the Declarations shall control.</font></p>

<p style="margin:0pt 0pt 12.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;letter-spacing:-.1pt;">For purposes of this Rider:</font></p>

<p style="font-family:Times New Roman;letter-spacing:-.1pt;margin:0pt 18.0pt 12.0pt 49.5pt;text-indent:-27.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(A)</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">&#147;Designated Retirement
Account&#148; means any retirement plan or account described or qualified under the
Internal Revenue Code of 1986, as amended, or a subaccount thereof.</font></p>

<p style="font-family:Times New Roman;letter-spacing:-.1pt;margin:0pt 18.0pt 12.0pt 49.5pt;text-indent:-27.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(B)</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">&#147;Owner&#148; means the individual
for whose benefit the DRA, or a subaccount thereof, is established.</font></p>

<p style="letter-spacing:-.1pt;margin:0pt 0pt 12.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Except as above stated,
nothing herein shall be held to alter, waive or extend any of the terms of this
Bond.</font></p>

<br><hr size="3" width="100%" noshade color="#010101" align="center">

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<p align="center" style="margin:0pt 0pt 12.0pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">ICI MUTUAL INSURANCE COMPANY</font></b></p>

<h3 align="center" style="font-weight:normal;margin:0pt 0pt 12.0pt;page-break-after:avoid;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">INVESTMENT COMPANY BLANKET BOND</font></b></h3>

<p align="center" style="margin:0pt 0pt 12.0pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;letter-spacing:-.15pt;">RIDER NO. 7</font></b></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;font-family:Times New Roman;width:100.0%;">
 <tr style="page-break-inside:avoid;">
  <td width="82%" colspan="4" valign="top" style="padding:0pt .7pt 0pt 0pt;width:82.4%;">
  <p style="font-size:10.0pt;margin:0pt 0pt .0001pt;"><!-- SET mrlNoTableShading --><b>INSURED</b></p>
  </td>
  <td width="17%" colspan="2" valign="top" style="padding:0pt .7pt 0pt 0pt;width:17.6%;">
  <p style="margin:0pt 0pt .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">BOND NUMBER</font></b></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="82%" colspan="4" valign="top" style="padding:0pt .7pt 0pt 0pt;width:82.4%;">
  <p style="margin:0pt 0pt .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="17%" colspan="2" valign="top" style="padding:0pt .7pt 0pt 0pt;width:17.6%;">
  <p style="margin:0pt 0pt .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="82%" colspan="4" valign="top" style="padding:0pt .7pt 0pt 0pt;width:82.4%;">
  <p style="margin:0pt 0pt .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Columbia Management Advisors, LLC</font></b></p>
  </td>
  <td width="17%" colspan="2" valign="top" style="padding:0pt .7pt 0pt 0pt;width:17.6%;">
  <p style="margin:0pt 0pt .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">87152106B</font></b></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="82%" colspan="4" valign="top" style="padding:0pt .7pt 0pt 0pt;width:82.4%;">
  <p style="margin:0pt 0pt .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="17%" colspan="2" valign="top" style="padding:0pt .7pt 0pt 0pt;width:17.6%;">
  <p style="margin:0pt 0pt .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="34%" colspan="2" valign="top" style="padding:0pt .7pt 0pt 0pt;width:34.96%;">
  <p style="margin:0pt 0pt .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">EFFECTIVE DATE</font></b></p>
  </td>
  <td width="31%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:31.5%;">
  <p style="margin:0pt 0pt .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">BOND PERIOD</font></b></p>
  </td>
  <td width="33%" colspan="3" valign="top" style="padding:0pt .7pt 0pt 0pt;width:33.54%;">
  <p style="margin:0pt 0pt .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">AUTHORIZED REPRESENTATIVE</font></b></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="100%" colspan="6" valign="top" style="padding:0pt .7pt 0pt 0pt;width:100.0%;">
  <p style="margin:0pt 0pt .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="25%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:25.82%;">
  <p style="margin:0pt 0pt .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">October 31, 2006</font></b></p>
  </td>
  <td width="40%" colspan="2" valign="top" style="padding:0pt .7pt 0pt 0pt;width:40.64%;">
  <p style="margin:0pt 0pt .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">October 31, 2006 to October 31, 2007</font></b></p>
  </td>
  <td width="17%" colspan="2" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:17.42%;">
  <p style="margin:0pt 0pt .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">/S/ Maggie Sullivan</font></b></p>
  </td>
  <td width="16%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:16.12%;">
  <p style="margin:0pt 0pt .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
 </tr>
 <tr height="0">
  <td width="193" style="border:none;"></td>
  <td width="68" style="border:none;"></td>
  <td width="236" style="border:none;"></td>
  <td width="119" style="border:none;"></td>
  <td width="11" style="border:none;"></td>
  <td width="121" style="border:none;"></td>
 </tr>
</table>

<p style="line-height:1.0pt;margin:0pt 0pt 12.0pt;"><font size="1" face="Times New Roman">&nbsp;</font></p>

<p style="letter-spacing:-.1pt;margin:0pt 0pt 12.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">In consideration of the
premium charged for this Bond, it is hereby understood and agreed that this
Bond does not cover any loss resulting from or in connection with the
acceptance of any Third Party Check, unless</font></p>

<p style="font-family:Times New Roman;letter-spacing:-.1pt;margin:0pt 18.0pt 12.0pt 45.0pt;text-indent:-27.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(1)</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">such Third
Party Check is used to open or increase an account which is registered in the
name of one or more of the payees on such Third Party Check, and</font></p>

<p style="font-family:Times New Roman;letter-spacing:-.1pt;margin:0pt 18.0pt 12.0pt 45.0pt;text-indent:-27.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(2)</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">reasonable
efforts are made by the Insured, or by the entity receiving Third Party Checks
on behalf of the Insured, to verify all endorsements on all Third Party Checks
made payable in amounts greater than $100,000 (provided, however, that the
isolated failure to make such efforts in a particular instance will not
preclude coverage, subject to the exclusions herein and in the Bond),</font></p>

<p style="margin:0pt 0pt 12.0pt 72.0pt;text-indent:-72.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;letter-spacing:-.1pt;">and then only to the extent such loss is otherwise covered under this
Bond.</font></p>

<p style="margin:0pt 0pt 12.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;letter-spacing:-.1pt;">For purposes of this Rider, &#147;Third Party Check&#148; means a
check made payable to one or more parties and offered as payment to one or more
other parties.</font></p>

<p style="letter-spacing:-.1pt;margin:0pt 0pt 12.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">It is further understood
and agreed that notwithstanding anything to the contrary above or elsewhere in
the Bond, this Bond does not cover any loss resulting from or in connection
with the acceptance of a Third Party Check where:</font></p>

<p style="font-family:Times New Roman;letter-spacing:-.1pt;margin:0pt 18.0pt 12.0pt 45.0pt;text-indent:-27.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(1)</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">any payee on
such Third Party Check reasonably appears to be a corporation or other entity;
or</font></p>

<p style="font-family:Times New Roman;letter-spacing:-.1pt;margin:0pt 18.0pt 12.0pt 45.0pt;text-indent:-27.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(2)</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">such Third Party Check is made payable in an amount
greater than $100,000 and does not include the purported endorsements of all
payees on such Third Party Check.</font></p>

<p style="margin:0pt 0pt 12.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;letter-spacing:-.1pt;">It is further understood and agreed that this Rider shall
not apply with respect to any coverage that may be available under Insuring
Agreement A, &#147;Fidelity.&#148;</font></p>

<p style="letter-spacing:-.1pt;margin:0pt 0pt 12.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Except as above stated,
nothing herein shall be held to alter, waive or extend any of the terms of this
Bond.</font></p>

<br><hr size="3" width="100%" noshade color="#010101" align="center">

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<p align="center" style="margin:0pt 0pt 12.0pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">ICI
MUTUAL INSURANCE COMPANY</font></b></p>

<h3 align="center" style="font-weight:normal;margin:0pt 0pt 12.0pt;page-break-after:avoid;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">INVESTMENT COMPANY BLANKET BOND</font></b></h3>

<p align="center" style="margin:0pt 0pt 12.0pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;letter-spacing:-.15pt;">RIDER NO. 8</font></b></p>

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  <p style="font-size:10.0pt;margin:0pt 0pt .0001pt;"><!-- SET mrlNoTableShading --><b>INSURED</b></p>
  </td>
  <td width="17%" colspan="2" valign="top" style="padding:0pt .7pt 0pt 0pt;width:17.6%;">
  <p style="margin:0pt 0pt .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">BOND NUMBER</font></b></p>
  </td>
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  <p style="margin:0pt 0pt .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="17%" colspan="2" valign="top" style="padding:0pt .7pt 0pt 0pt;width:17.6%;">
  <p style="margin:0pt 0pt .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
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  <td width="82%" colspan="4" valign="top" style="padding:0pt .7pt 0pt 0pt;width:82.4%;">
  <p style="margin:0pt 0pt .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Columbia Management Advisors, LLC</font></b></p>
  </td>
  <td width="17%" colspan="2" valign="top" style="padding:0pt .7pt 0pt 0pt;width:17.6%;">
  <p style="margin:0pt 0pt .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">87152106B</font></b></p>
  </td>
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  <td width="82%" colspan="4" valign="top" style="padding:0pt .7pt 0pt 0pt;width:82.4%;">
  <p style="margin:0pt 0pt .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="17%" colspan="2" valign="top" style="padding:0pt .7pt 0pt 0pt;width:17.6%;">
  <p style="margin:0pt 0pt .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
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  <td width="34%" colspan="2" valign="top" style="padding:0pt .7pt 0pt 0pt;width:34.96%;">
  <p style="margin:0pt 0pt .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">EFFECTIVE DATE</font></b></p>
  </td>
  <td width="31%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:31.5%;">
  <p style="margin:0pt 0pt .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">BOND PERIOD</font></b></p>
  </td>
  <td width="33%" colspan="3" valign="top" style="padding:0pt .7pt 0pt 0pt;width:33.54%;">
  <p style="margin:0pt 0pt .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">AUTHORIZED REPRESENTATIVE</font></b></p>
  </td>
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  <td width="100%" colspan="6" valign="top" style="padding:0pt .7pt 0pt 0pt;width:100.0%;">
  <p style="margin:0pt 0pt .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
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  <td width="25%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:25.82%;">
  <p style="margin:0pt 0pt .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">October 31, 2006</font></b></p>
  </td>
  <td width="40%" colspan="2" valign="top" style="padding:0pt .7pt 0pt 0pt;width:40.64%;">
  <p style="margin:0pt 0pt .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">October 31, 2006 to October 31, 2007</font></b></p>
  </td>
  <td width="17%" colspan="2" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:17.42%;">
  <p style="margin:0pt 0pt .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">/S/ Maggie Sullivan</font></b></p>
  </td>
  <td width="16%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:16.12%;">
  <p style="margin:0pt 0pt .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
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<p style="line-height:1.0pt;margin:0pt 0pt 12.0pt;"><font size="1" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0pt 0pt 12.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;letter-spacing:-.1pt;">In consideration of the premium charged for this Bond, it
is hereby understood and agreed that, notwithstanding anything to the contrary
in General Agreement A of this Bond, Item 1 of the Declarations shall include
any Newly Created Investment Company provided that the Insured shall submit to
the Underwriter at least annually, a list of all Newly Created Investment
Companies, the estimated annual assets of each Newly Created Investment
Company, and copies of any prospectuses and statements of additional
information relating to such Newly Created Investment Companies.</font></p>

<p style="margin:0pt 0pt 12.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">For
purposes of this Rider, Newly Created Investment Company shall mean any
Investment Company (1) for which registration with the SEC has been declared
effective after the inception of the Policy Period, <u>and</u> (2) all of whose
directors (or trustees) are identical to the directors (or trustees) of another
Insured which is a Fund (and is not itself a Newly Created Investment Company).</font></p>

<p style="margin:0pt 0pt 12.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;letter-spacing:-.1pt;">Except as above stated, nothing herein shall be held to
alter, waive or extend any of the terms of this Bond.</font></p>

<br><hr size="3" width="100%" noshade color="#010101" align="center">

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<p align="center" style="margin:0pt 0pt 12.0pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">ICI MUTUAL INSURANCE COMPANY</font></b></p>

<h3 align="center" style="font-weight:normal;margin:0pt 0pt 12.0pt;page-break-after:avoid;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">INVESTMENT COMPANY BLANKET BOND</font></b></h3>

<p align="center" style="margin:0pt 0pt 12.0pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;letter-spacing:-.15pt;">RIDER NO. 9</font></b></p>

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  <p style="font-size:10.0pt;margin:0pt 0pt .0001pt;"><!-- SET mrlNoTableShading --><b>INSURED</b></p>
  </td>
  <td width="17%" colspan="2" valign="top" style="padding:0pt .7pt 0pt 0pt;width:17.6%;">
  <p style="margin:0pt 0pt .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">BOND NUMBER</font></b></p>
  </td>
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  <td width="82%" colspan="4" valign="top" style="padding:0pt .7pt 0pt 0pt;width:82.4%;">
  <p style="margin:0pt 0pt .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="17%" colspan="2" valign="top" style="padding:0pt .7pt 0pt 0pt;width:17.6%;">
  <p style="margin:0pt 0pt .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
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  <td width="82%" colspan="4" valign="top" style="padding:0pt .7pt 0pt 0pt;width:82.4%;">
  <p style="margin:0pt 0pt .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Columbia Management Advisors, LLC</font></b></p>
  </td>
  <td width="17%" colspan="2" valign="top" style="padding:0pt .7pt 0pt 0pt;width:17.6%;">
  <p style="margin:0pt 0pt .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">87152106B</font></b></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="82%" colspan="4" valign="top" style="padding:0pt .7pt 0pt 0pt;width:82.4%;">
  <p style="margin:0pt 0pt .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="17%" colspan="2" valign="top" style="padding:0pt .7pt 0pt 0pt;width:17.6%;">
  <p style="margin:0pt 0pt .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
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  <td width="34%" colspan="2" valign="top" style="padding:0pt .7pt 0pt 0pt;width:34.96%;">
  <p style="margin:0pt 0pt .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">EFFECTIVE DATE</font></b></p>
  </td>
  <td width="31%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:31.5%;">
  <p style="margin:0pt 0pt .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">BOND PERIOD</font></b></p>
  </td>
  <td width="33%" colspan="3" valign="top" style="padding:0pt .7pt 0pt 0pt;width:33.54%;">
  <p style="margin:0pt 0pt .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">AUTHORIZED REPRESENTATIVE</font></b></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="100%" colspan="6" valign="top" style="padding:0pt .7pt 0pt 0pt;width:100.0%;">
  <p style="margin:0pt 0pt .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
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 <tr style="page-break-inside:avoid;">
  <td width="25%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:25.82%;">
  <p style="margin:0pt 0pt .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">October 31, 2006</font></b></p>
  </td>
  <td width="40%" colspan="2" valign="top" style="padding:0pt .7pt 0pt 0pt;width:40.64%;">
  <p style="margin:0pt 0pt .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">October 31, 2006 to October 31, 2007</font></b></p>
  </td>
  <td width="17%" colspan="2" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:17.42%;">
  <p style="margin:0pt 0pt .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">/S/ Maggie Sullivan</font></b></p>
  </td>
  <td width="16%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:16.12%;">
  <p style="margin:0pt 0pt .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
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  <td width="193" style="border:none;"></td>
  <td width="68" style="border:none;"></td>
  <td width="236" style="border:none;"></td>
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<p style="line-height:1.0pt;margin:0pt 0pt 12.0pt;"><font size="1" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0pt 0pt 12.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">In consideration
for the premium charged for this Bond, it is hereby understood and agreed that
notwithstanding anything to the contrary in this Bond (including Insuring
Agreement I), this Bond does not cover any loss resulting from any On-Line
Redemption(s) or On-Line Purchase(s) involving an aggregate amount in excess of
$250,000 per shareholder account per day, unless before such redemption(s) or
purchase(s), in a procedure initiated by the Insured or by the entity receiving
the request for such On-Line Redemption(s) or On-Line Purchase(s):</font></p>

<p style="margin:0pt 36.0pt 12.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(i)&#160; the Shareholder of Record verifies, by some
method other than an Electronic Transmission effected by computer-to-computer
over the Internet or utilizing modem or similar connections, that each such
redemption or purchase has been authorized, and (ii) if such redemption or
purchase is to be effected by wire to or from a particular bank account, a duly
authorized employee of the bank verifies the account number to or from which
funds are being transferred, and that the name on the account is the same as
the name of the intended recipient of the proceeds.</font></p>

<p style="margin:0pt 0pt 12.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">It is further
understood and agreed that, notwithstanding the Limit of Liability set forth
herein or any other provision of this Bond, the Limit of Liability with respect
to any Single Loss caused by an On-Line Transaction shall be Ten Million
Dollars ($10,000,000) and the On-Line Deductible with respect to Insuring
Agreement I is Fifty Thousand Dollars ($50,000).</font></p>

<p style="margin:0pt 0pt 12.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">It is further
understood and agreed that notwithstanding Section 8, Non-Reduction and
Non-Accumulation of Liability and Total Liability, or any other provision of
this Bond, the Aggregate Limit of Liability of the Underwriter under this Bond
with respect to any and all loss or losses caused by On-Line Transactions shall
be an aggregate of Ten Million Dollars ($10,000,000) for the Bond Period,
irrespective of the total amount of such loss or losses.</font></p>

<p style="margin:0pt 0pt 12.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">For purposes of
this Rider, the following terms shall have the following meanings:</font></p>

<p style="margin:0pt 0pt 12.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;On-Line Purchase&#148;
means any purchase of shares issued by an Investment Company, which purchase is
requested by computer-to-computer transmissions over the Internet (including
any connected or associated intranet or extranet) or utilizing modem or similar
connections.</font></p>

<br><hr size="3" width="100%" noshade color="#010101" align="center">

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<p style="margin:0pt 0pt 12.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;On-Line
Redemption&#148; means any redemption of shares issued by an Investment Company,
which redemption is requested by computer-to computer transmissions over the
Internet (including any connected or associated intranet or extranet) or
utilizing modem or similar connections.</font></p>

<p style="margin:0pt 0pt 12.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;On-Line
Transaction&#148; means any Phone/Electronic Transaction requested by
computer-to-computer transmissions over the Internet (including any connected
or associated intranet or extranet) or utilizing modem or similar connections.</font></p>

<p style="margin:0pt 0pt 12.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Except as above
stated, nothing herein shall be held to alter, waive or extend any of the terms
of this Bond.</font></p>

<br><hr size="3" width="100%" noshade color="#010101" align="center">

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<p align="center" style="margin:0pt 0pt 12.0pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">ICI MUTUAL INSURANCE COMPANY</font></b></p>

<h3 align="center" style="font-weight:normal;margin:0pt 0pt 12.0pt;page-break-after:avoid;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">INVESTMENT COMPANY BLANKET BOND</font></b></h3>

<p align="center" style="margin:0pt 0pt 12.0pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;letter-spacing:-.15pt;">RIDER NO. 10</font></b></p>

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  <p style="font-size:10.0pt;margin:0pt 0pt .0001pt;"><!-- SET mrlNoTableShading --><b>INSURED</b></p>
  </td>
  <td width="17%" colspan="2" valign="top" style="padding:0pt .7pt 0pt 0pt;width:17.6%;">
  <p style="margin:0pt 0pt .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">BOND NUMBER</font></b></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="82%" colspan="4" valign="top" style="padding:0pt .7pt 0pt 0pt;width:82.4%;">
  <p style="margin:0pt 0pt .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="17%" colspan="2" valign="top" style="padding:0pt .7pt 0pt 0pt;width:17.6%;">
  <p style="margin:0pt 0pt .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="82%" colspan="4" valign="top" style="padding:0pt .7pt 0pt 0pt;width:82.4%;">
  <p style="margin:0pt 0pt .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Columbia Management Advisors, LLC</font></b></p>
  </td>
  <td width="17%" colspan="2" valign="top" style="padding:0pt .7pt 0pt 0pt;width:17.6%;">
  <p style="margin:0pt 0pt .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">87152106B</font></b></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="82%" colspan="4" valign="top" style="padding:0pt .7pt 0pt 0pt;width:82.4%;">
  <p style="margin:0pt 0pt .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="17%" colspan="2" valign="top" style="padding:0pt .7pt 0pt 0pt;width:17.6%;">
  <p style="margin:0pt 0pt .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
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 <tr style="page-break-inside:avoid;">
  <td width="34%" colspan="2" valign="top" style="padding:0pt .7pt 0pt 0pt;width:34.96%;">
  <p style="margin:0pt 0pt .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">EFFECTIVE DATE</font></b></p>
  </td>
  <td width="31%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:31.5%;">
  <p style="margin:0pt 0pt .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">BOND PERIOD</font></b></p>
  </td>
  <td width="33%" colspan="3" valign="top" style="padding:0pt .7pt 0pt 0pt;width:33.54%;">
  <p style="margin:0pt 0pt .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">AUTHORIZED REPRESENTATIVE</font></b></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="100%" colspan="6" valign="top" style="padding:0pt .7pt 0pt 0pt;width:100.0%;">
  <p style="margin:0pt 0pt .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="25%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:25.82%;">
  <p style="margin:0pt 0pt .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">October 31, 2006</font></b></p>
  </td>
  <td width="40%" colspan="2" valign="top" style="padding:0pt .7pt 0pt 0pt;width:40.64%;">
  <p style="margin:0pt 0pt .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">October 31, 2006 to October 31, 2007</font></b></p>
  </td>
  <td width="17%" colspan="2" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:17.42%;">
  <p style="margin:0pt 0pt .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">/S/ Maggie Sullivan</font></b></p>
  </td>
  <td width="16%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:16.12%;">
  <p style="margin:0pt 0pt .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
 </tr>
 <tr height="0">
  <td width="193" style="border:none;"></td>
  <td width="68" style="border:none;"></td>
  <td width="236" style="border:none;"></td>
  <td width="119" style="border:none;"></td>
  <td width="11" style="border:none;"></td>
  <td width="121" style="border:none;"></td>
 </tr>
</table>

<p style="line-height:1.0pt;margin:0pt 0pt 12.0pt;"><font size="1" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0pt 0pt 12.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">In consideration
for the premium charged for this Bond, it is hereby understood and agreed that,
with respect to Insuring Agreement I only, the Deductible Amount set forth in
Item 3 of the Declarations (&#147;Phone/Electronic Deductible&#148;) shall not apply with
respect to a Single Loss, otherwise covered by Insuring Agreement I, caused by:</font></p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt 36.0pt;text-indent:-18.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(1)</font><font size="1" style="font-size:8.5pt;">&#160;&#160; </font>a Phone/Electronic Redemption
requested to be paid or made payable by check to the Shareholder of Record at
the address of record; or</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt 36.0pt;text-indent:-18.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(2)</font><font size="1" style="font-size:8.5pt;">&#160;&#160; </font>a Phone/Electronic Redemption
requested to be paid or made payable by wire transfer to the Shareholder of
Record&#146;s bank account of record,</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt;"><u><font size="2" face="Times New Roman" style="font-size:10.0pt;">provided</font></u>,
that the Limit of Liability for a Single Loss as described in (1) or (2) above
shall be the lesser of 80% of such loss or $80,000 and that the Insured shall
bear the remainder of each such Loss.&#160;
This Rider shall not apply if the application of the Phone/Electronic
Deductible to the Single Loss would result in coverage of greater than $80,000
or more; in such case the Phone-initiated Deductible and Limit of Liability set
forth in Item 3 of the Declarations shall control.</p>

<p style="margin:0pt 0pt 12.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">For purposes of
this Rider, &#147;Phone/Electronic Redemption&#148; means any redemption of shares issued
by an Investment Company, which redemption is requested (a) by voice over the
telephone, (b) through an automated telephone tone or voice response system,
(c) by Telefacsimile, or (d) by transmission over the Internet (including any
connected or associated intranet or extranet) or utilizing modem or similar
connections.</font></p>

<p style="margin:0pt 0pt 12.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Except as above
stated, nothing herein shall be held to alter, waive or extend any of the terms
of this Bond.</font></p>

<br><hr size="3" width="100%" noshade color="#010101" align="center">

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<p align="center" style="margin:0pt 0pt 12.0pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">ICI MUTUAL INSURANCE COMPANY</font></b></p>

<h3 align="center" style="font-weight:normal;margin:0pt 0pt 12.0pt;page-break-after:avoid;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">INVESTMENT COMPANY BLANKET BOND</font></b></h3>

<p align="center" style="margin:0pt 0pt 12.0pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;letter-spacing:-.15pt;">RIDER NO. 11</font></b></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;font-family:Times New Roman;width:100.0%;">
 <tr style="page-break-inside:avoid;">
  <td width="82%" colspan="4" valign="top" style="padding:0pt .7pt 0pt 0pt;width:82.4%;">
  <p style="font-size:10.0pt;margin:0pt 0pt .0001pt;"><!-- SET mrlNoTableShading --><b>INSURED</b></p>
  </td>
  <td width="17%" colspan="2" valign="top" style="padding:0pt .7pt 0pt 0pt;width:17.6%;">
  <p style="margin:0pt 0pt .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">BOND NUMBER</font></b></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="82%" colspan="4" valign="top" style="padding:0pt .7pt 0pt 0pt;width:82.4%;">
  <p style="margin:0pt 0pt .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="17%" colspan="2" valign="top" style="padding:0pt .7pt 0pt 0pt;width:17.6%;">
  <p style="margin:0pt 0pt .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="82%" colspan="4" valign="top" style="padding:0pt .7pt 0pt 0pt;width:82.4%;">
  <p style="margin:0pt 0pt .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Columbia Management Advisors, LLC</font></b></p>
  </td>
  <td width="17%" colspan="2" valign="top" style="padding:0pt .7pt 0pt 0pt;width:17.6%;">
  <p style="margin:0pt 0pt .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">87152106B</font></b></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="82%" colspan="4" valign="top" style="padding:0pt .7pt 0pt 0pt;width:82.4%;">
  <p style="margin:0pt 0pt .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="17%" colspan="2" valign="top" style="padding:0pt .7pt 0pt 0pt;width:17.6%;">
  <p style="margin:0pt 0pt .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="34%" colspan="2" valign="top" style="padding:0pt .7pt 0pt 0pt;width:34.96%;">
  <p style="margin:0pt 0pt .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">EFFECTIVE DATE</font></b></p>
  </td>
  <td width="31%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:31.5%;">
  <p style="margin:0pt 0pt .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">BOND PERIOD</font></b></p>
  </td>
  <td width="33%" colspan="3" valign="top" style="padding:0pt .7pt 0pt 0pt;width:33.54%;">
  <p style="margin:0pt 0pt .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">AUTHORIZED REPRESENTATIVE</font></b></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="100%" colspan="6" valign="top" style="padding:0pt .7pt 0pt 0pt;width:100.0%;">
  <p style="margin:0pt 0pt .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="25%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:25.82%;">
  <p style="margin:0pt 0pt .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">October 31, 2006</font></b></p>
  </td>
  <td width="40%" colspan="2" valign="top" style="padding:0pt .7pt 0pt 0pt;width:40.64%;">
  <p style="margin:0pt 0pt .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">October 31, 2006 to October 31, 2007</font></b></p>
  </td>
  <td width="17%" colspan="2" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:17.54%;">
  <p style="margin:0pt 0pt .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">/S/ Maggie Sullivan</font></b></p>
  </td>
  <td width="16%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:16.0%;">
  <p style="margin:0pt 0pt .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
 </tr>
 <tr height="0">
  <td width="193" style="border:none;"></td>
  <td width="68" style="border:none;"></td>
  <td width="236" style="border:none;"></td>
  <td width="119" style="border:none;"></td>
  <td width="12" style="border:none;"></td>
  <td width="120" style="border:none;"></td>
 </tr>
</table>

<p style="line-height:1.0pt;margin:0pt 0pt 12.0pt;"><font size="1" face="Times New Roman">&nbsp;</font></p>

<p style="letter-spacing:-.15pt;margin:0pt 0pt 12.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">In consideration
of the premium charged for this Bond, it is hereby understood and agreed that
notwithstanding anything to the contrary in this Bond (including Insuring
Agreement I), this Bond does not cover loss caused by a Phone/Electronic
Transaction requested:</font></p>

<p style="background:white;font-family:Times New Roman;letter-spacing:-.1pt;margin:3.0pt 0pt 12.0pt 49.5pt;text-indent:-13.5pt;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">by wireless device
transmissions over the Internet (including any connected or associated intranet
or extranet),</font></p>

<p style="margin:0pt 0pt 12.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">except insofar as such
loss is covered under Insuring Agreement A &#147;Fidelity&#148; of this Bond.</font></p>

<p style="margin:0pt 0pt 12.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Except as above stated,
nothing herein shall be held to alter, waive or extend any of the terms of this
Bond.</font></p>

<br><hr size="3" width="100%" noshade color="#010101" align="center">

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<p align="center" style="margin:0pt 0pt 12.0pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">ICI MUTUAL INSURANCE COMPANY</font></b></p>

<h3 align="center" style="font-weight:normal;margin:0pt 0pt 12.0pt;page-break-after:avoid;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">INVESTMENT COMPANY BLANKET BOND</font></b></h3>

<p align="center" style="margin:0pt 0pt 12.0pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;letter-spacing:-.15pt;">RIDER NO. 12</font></b></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;font-family:Times New Roman;width:100.0%;">
 <tr style="page-break-inside:avoid;">
  <td width="82%" colspan="4" valign="top" style="padding:0pt .7pt 0pt 0pt;width:82.4%;">
  <p style="font-size:10.0pt;margin:0pt 0pt .0001pt;"><!-- SET mrlNoTableShading --><b>INSURED</b></p>
  </td>
  <td width="17%" colspan="2" valign="top" style="padding:0pt .7pt 0pt 0pt;width:17.6%;">
  <p style="margin:0pt 0pt .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">BOND NUMBER</font></b></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="82%" colspan="4" valign="top" style="padding:0pt .7pt 0pt 0pt;width:82.4%;">
  <p style="margin:0pt 0pt .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="17%" colspan="2" valign="top" style="padding:0pt .7pt 0pt 0pt;width:17.6%;">
  <p style="margin:0pt 0pt .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="82%" colspan="4" valign="top" style="padding:0pt .7pt 0pt 0pt;width:82.4%;">
  <p style="margin:0pt 0pt .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Columbia Management Advisors, LLC</font></b></p>
  </td>
  <td width="17%" colspan="2" valign="top" style="padding:0pt .7pt 0pt 0pt;width:17.6%;">
  <p style="margin:0pt 0pt .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">87152106B</font></b></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="82%" colspan="4" valign="top" style="padding:0pt .7pt 0pt 0pt;width:82.4%;">
  <p style="margin:0pt 0pt .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="17%" colspan="2" valign="top" style="padding:0pt .7pt 0pt 0pt;width:17.6%;">
  <p style="margin:0pt 0pt .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="34%" colspan="2" valign="top" style="padding:0pt .7pt 0pt 0pt;width:34.96%;">
  <p style="margin:0pt 0pt .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">EFFECTIVE DATE</font></b></p>
  </td>
  <td width="31%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:31.5%;">
  <p style="margin:0pt 0pt .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">BOND PERIOD</font></b></p>
  </td>
  <td width="33%" colspan="3" valign="top" style="padding:0pt .7pt 0pt 0pt;width:33.54%;">
  <p style="margin:0pt 0pt .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">AUTHORIZED REPRESENTATIVE</font></b></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="100%" colspan="6" valign="top" style="padding:0pt .7pt 0pt 0pt;width:100.0%;">
  <p style="margin:0pt 0pt .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="25%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:25.82%;">
  <p style="margin:0pt 0pt .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">October 31, 2006</font></b></p>
  </td>
  <td width="40%" colspan="2" valign="top" style="padding:0pt .7pt 0pt 0pt;width:40.64%;">
  <p style="margin:0pt 0pt .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">October 31, 2006 to October 31, 2007</font></b></p>
  </td>
  <td width="17%" colspan="2" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:17.3%;">
  <p style="margin:0pt 0pt .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">/S/ Maggie Sullivan</font></b></p>
  </td>
  <td width="16%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:16.24%;">
  <p style="margin:0pt 0pt .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
 </tr>
 <tr height="0">
  <td width="193" style="border:none;"></td>
  <td width="68" style="border:none;"></td>
  <td width="236" style="border:none;"></td>
  <td width="119" style="border:none;"></td>
  <td width="10" style="border:none;"></td>
  <td width="121" style="border:none;"></td>
 </tr>
</table>

<p style="line-height:1.0pt;margin:0pt 0pt 12.0pt;"><font size="1" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0pt 0pt 12.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Most property and
casualty insurers, including ICI Mutual Insurance Company (&#147;ICI Mutual&#148;), are
subject to the requirements of the Terrorism Risk Insurance Act of 2002 (the &#147;Act&#148;).&#160; The Act establishes a Federal insurance
backstop under which ICI Mutual and these other insurers will be partially
reimbursed for future <b>&#147;insured losses&#148;</b>
resulting from certified<b> &#147;acts of terrorism.&#148;</b>&#160; (Each of these <b>bolded terms </b>is defined by the Act.)&#160; The Act also places certain disclosure and
other obligations on ICI Mutual and these other insurers.</font></p>

<p style="margin:0pt 0pt 12.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Pursuant to the
Act, any future losses to ICI Mutual caused by certified <b>&#147;acts of terrorism&#148;</b> will be partially
reimbursed by the United States government under a formula established by the
Act.&#160; Under this formula, the United
States government will reimburse ICI Mutual for 90% of ICI Mutual&#146;s <b>&#147;insured losses&#148;</b> in excess of a statutorily
established deductible until total insured losses of all participating insurers
reach $100 billion.&#160; If total &#147;insured
losses&#148; of all property and casualty insurers reach $100 billion during any
applicable period, the Act provides that the insurers will not be liable under
their policies for their portions of such losses that exceed such amount.&#160; Amounts otherwise payable under this bond may
be reduced as a result.</font></p>

<p style="margin:0pt 0pt 12.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">This bond has no express exclusion for <b>&#147;acts of terrorism.&#148;</b>&#160;&#160; However, coverage under this bond remains
subject to all applicable terms, conditions and limitations of the bond&#160; (including exclusions) that are permissible
under the Act.&#160; The portion of the premium
that is attributable to any coverage potentially available under the bond for <b>&#147;acts of terrorism&#148;</b> is one percent (1%).</font></p>

</div><br><hr size="3" width="100%" noshade color="#010101" align="center">

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<div>
 <p style="margin:0pt 0pt .0001pt;text-align:center;"></p>

<p align="center" style="margin:0pt 0pt 12.0pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">JOINT
FIDELITY BOND AGREEMENT</font></b></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">WHEREAS, Columbia
Funds Series Trust (&#147;CFST&#148;) is an open-end management investment company
registered as such under the Investment Company Act of 1940, as amended (&#147;1940
Act&#148;), currently consisting of 49 investment portfolios, but which may from
time to time consist of a greater or lesser number of investment portfolios;</font></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">WHEREAS, Columbia
Funds Variable Insurance Trust I (&#147;CFVIT I&#148;) is an open-end management
investment company registered as such under the 1940 Act, currently consisting
of 6 investment portfolios, but which may from time to time consist of a
greater or lesser number of investment portfolios;</font></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">WHEREAS, Columbia
Funds Master Investment Trust (the &#147;CFMIT&#148;) is an open-end management
investment company registered as such under the 1940 Act, currently consisting
of 6 investment portfolios, but which may from time to time consist of a
greater or lesser number of investment portfolios;</font></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">WHEREAS, Banc of
America Funds Trust (&#147;BAFT&#148;) is an open-end management investment company
registered as such under the 1940 Act, currently consisting of 8 investment
portfolios, but which may from time to time consist of a greater or lesser
number of investment portfolios;</font></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">WHEREAS, Columbia
Funds Series Trust I (&#147;CFST I&#148;) is an open-end management investment company
registered as such under the 1940 Act, currently consisting of 39 investment
portfolios, but which may from time to time consist of a greater or lesser
number of investment portfolios;</font></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">WHEREAS, Columbia
Funds Variable Insurance Trust (&#147;CFVIT&#148;) is an open-end management investment
company registered as such under the 1940 Act, currently consisting of 11 investment
portfolios, but which may from time to time consist of a greater or lesser
number of investment portfolios;</font></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">WHEREAS, Columbia
Funds Institutional Trust (&#147;CFIT&#148;) is an open-end management investment company
registered as such under the 1940 Act, currently consisting of 18 investment
portfolios, but which may from time to time consist of a greater or lesser
number of investment portfolios;</font></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">WHEREAS, Colonial
Intermarket Income Trust I (&#147;CIIT I&#148;) is a closed-end management investment
company registered as such under the 1940 Act;</font></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">WHEREAS, Colonial
Intermediate High Income Fund (&#147;CIHIF&#148;) is a closed-end management investment
company registered as such under the 1940 Act;</font></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">WHEREAS, Colonial
California Insured Municipal Fund (&#147;CCIMF&#148;) is a closed-end management
investment company registered as such under the 1940 Act;</font></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">WHEREAS, Colonial
High Income Municipal Trust (&#147;CHIMT&#148;) is a closed-end management investment
company registered as such under the 1940 Act;</font></p>


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<p style="margin:0pt 0pt 12.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">WHEREAS, Colonial
Insured Municipal Fund (&#147;CIMF&#148;) is a closed-end management investment company
registered as such under the 1940 Act;</font></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">WHEREAS, Colonial
Investment Grade Municipal Trust (&#147;CIGMT&#148;) is a closed-end management
investment company registered as such under the 1940 Act;</font></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">WHEREAS, Colonial
Municipal Income Trust (&#147;CMIT&#148;) is a closed-end management investment company
registered as such under the 1940 Act;</font></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">WHEREAS, BACAP
Alternative Multi-Strategy Fund, LLC (&#147;BAMS&#148;) is a closed-end management
investment company registered as such under the 1940 Act;</font></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">WHEREAS, Columbia
Management Multi-Strategy Hedge Fund, LLC (&#147;CMMSHF&#148;) is a closed-end management
investment company registered as such under the 1940 Act;</font></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">WHEREAS, Liberty
All Star Equity Fund (&#147;LASEF&#148;) is a closed-end management investment company
registered as such under the 1940 Act;</font></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">WHEREAS, Liberty
All Star Growth Fund (&#147;LASGF&#148;) is a closed-end management investment company
registered as such under the 1940 Act;</font></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">WHEREAS, Columbia
Management Advisors, LLC (&#147;CMA&#148;) is an investment adviser registered as such
under the Investment Advisers Act of 1940 (the &#147;Advisers Act&#148;);</font></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">WHEREAS, Columbia
Management Distributor, Inc. (&#147;CMDI&#148;) is a broker-dealer registered as such
under the Securities Exchange Act of 1934;</font></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">WHEREAS, Columbia
Management Services, Inc. (&#147;CMSI&#148;) is a transfer agent registered as such under
the Securities Exchange Act of 1934;</font></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">WHEREAS, Banc of
America Investment Advisors, Inc. (&#147;BAIA&#148;) is an investment adviser registered
as such under the Advisers Act;</font></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">WHEREAS, CFST,
CFVIT I, CFMIT, BAST, CFST I, CFVIT, CFIT, CIIT I, CIHIF, CCIMF, CHIMT, CIMF,
CIGMT, CMIT, BAMS, CMMSHF, LASEF and LASGF are required to provide and maintain
a fidelity bond pursuant to Rule 17g-1 under the 1940 Act;</font></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">WHEREAS, Rule
17g-1(b) provides that the fidelity bond may be in the form of a joint insured
bond covering each of the parties hereto; and</font></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">WHEREAS, the
Directors or Trustees of CFST, CFVIT I, CFMIT, BAST, CFST I, CFVIT, CFIT, CIIT
I, CIHIF, CCIMF, CHIMT, CIMF, CIGMT, CMIT, BAMS, CMMSHF, LASEF and LASGF, including
a majority of such Directors or Trustees who are not &#147;interested persons&#148; (as
that term is defined in the 1940 Act) of CFST, CFVIT I, CFMIT, BAST, CFST I,
CFVIT, CFIT, CIIT I, CIHIF, CCIMF, CHIMT, CIMF, CIGMT, CMIT, BAMS, CMMSHF,
LASEF or LASGF, as applicable, have made the </font></p>


 <p style="font-size:10.0pt;margin:24.0pt 0pt .0001pt;text-align:center;"><font face="Times New Roman">2</font></p> <br><hr size="3" width="100%" noshade color="#010101" align="center">

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<p style="margin:0pt 0pt 12.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">determinations required
by Rule 17g-1, including those provisions specifically applicable to a joint
insured bond;</font></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">NOW, THEREFORE, the
parties<b> </b>hereto hereby agree as follows:</font></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">1.&#160;&#160;&#160;&#160; CMA, CMDI, CMSI and BAIA will each pay a
pro rata portion of forty percent of the premiums for the joint insured bond
and CFST, CFVIT I, CFMIT, BAST, CFST I, CFVIT, CFIT, CIIT I, CIHIF, CCIMF, CHIMT,
CIMF, CIGMT, CMIT, BAMS, CMMSHF, LASEF, and LASGF will each pay a pro rata portion
of sixty percent of the premiums for the joint insured fidelity bond which is
allocated according to the percentage each of their net assets as of August 31,
2006 bear to the aggregate net assets of all such parties.</font></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2.&#160;&#160;&#160;&#160; In the event recovery is received under the
joint insured bond as a result of a loss sustained by two or more of the
insured parties, the proceeds of the joint insured bond shall be allocated
among the insured parties having sustained losses in proportion to, and, in any
event, at least equal to, the amount which each such party would have received
had it provided and maintained a single insured bond with the minimum coverage
required by paragraph (d)(1) of Rule 17g-1 under the 1940 Act.</font></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">3.&#160; The parties hereby agree that any newly-formed
investment company advised by CMA or BAIA may become an insured under the joint
insured bond and a party to this Agreement by executing this Agreement and by
paying its share of additional premiums, if any, resulting from adding it to
the joint insured bond.</font></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">On behalf of each
party that is organized as a Massachusetts business trust or a series thereof,
notice is hereby given that a copy of the Agreement and Declaration of Trust of
such party is on file with the Secretary of State of The Commonwealth of
Massachusetts, and that this Agreement is executed by an officer of such party,
as an officer and not individually, on behalf of the trustees of such party, as
trustees and not individually, and that the obligations of this Agreement with
respect to a series of such party shall be binding upon the assets and
properties of such series only and shall not be binding upon any of the
Trustees, officers, employees, agents or shareholders of such party or such
party individually or on the assets and properties of any other series of such
party.</font></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">This Agreement may
be executed simultaneously in two or more counterparts, each of which shall be
deemed an original, but all of which taken together shall constitute one and
the same instrument.</font></p>

<p align="center" style="margin:0pt 0pt 12.0pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">[Signature
pages follow]</font></p>


 <p style="font-size:10.0pt;margin:24.0pt 0pt .0001pt;text-align:center;"><font face="Times New Roman">3</font></p> <br><hr size="3" width="100%" noshade color="#010101" align="center">

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<p style="margin:0pt 0pt .0001pt;"><font size="1" face="Times New Roman" style="font-size:2.0pt;">&nbsp;</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;font-family:Times New Roman;width:100.0%;">
 <tr style="page-break-inside:avoid;">
  <td width="53%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:53.54%;">
  <p style="font-size:10.0pt;margin:0pt 0pt .0001pt;"><!-- SET mrlNoTableShading -->Dated: As of October 31,
  2006</p>
  </td>
  <td width="46%" colspan="3" valign="top" style="padding:0pt .7pt 0pt 0pt;width:46.46%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">COLUMBIA FUNDS SERIES TRUST</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="53%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:53.54%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="46%" colspan="3" valign="top" style="padding:0pt .7pt 0pt 0pt;width:46.46%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="53%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:53.54%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="3%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:3.96%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">By:</font></p>
  </td>
  <td width="20%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:20.82%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">/s/ Christopher L. Wilson</font></p>
  </td>
  <td width="21%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:21.66%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="53%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:53.54%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="46%" colspan="3" valign="top" style="padding:0pt .7pt 0pt 0pt;width:46.46%;">
  <p style="margin:0pt 0pt .0001pt 40.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Name: Christopher L. Wilson</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="53%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:53.54%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="46%" colspan="3" valign="top" style="padding:0pt .7pt 0pt 0pt;width:46.46%;">
  <p style="margin:0pt 0pt .0001pt 40.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Title: President</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="53%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:53.54%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="46%" colspan="3" valign="top" style="padding:0pt .7pt 0pt 0pt;width:46.46%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="53%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:53.54%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="46%" colspan="3" valign="top" style="padding:0pt .7pt 0pt 0pt;width:46.46%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">COLUMBIA FUNDS VARIABLE INSURANCE </font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="53%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:53.54%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="46%" colspan="3" valign="top" style="padding:0pt .7pt 0pt 0pt;width:46.46%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">TRUST I</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="53%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:53.54%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="46%" colspan="3" valign="top" style="padding:0pt .7pt 0pt 0pt;width:46.46%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="53%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:53.54%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="3%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:3.96%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">By:</font></p>
  </td>
  <td width="20%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:20.82%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">/s/ Christopher L. Wilson</font></p>
  </td>
  <td width="21%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:21.66%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="53%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:53.54%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="46%" colspan="3" valign="top" style="padding:0pt .7pt 0pt 0pt;width:46.46%;">
  <p style="margin:0pt 0pt .0001pt 40.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Name: Christopher L. Wilson</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="53%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:53.54%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="46%" colspan="3" valign="top" style="padding:0pt .7pt 0pt 0pt;width:46.46%;">
  <p style="margin:0pt 0pt .0001pt 40.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Title: President</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="53%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:53.54%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="46%" colspan="3" valign="top" style="padding:0pt .7pt 0pt 0pt;width:46.46%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="53%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:53.54%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="46%" colspan="3" valign="top" style="padding:0pt .7pt 0pt 0pt;width:46.46%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="53%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:53.54%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="46%" colspan="3" valign="top" style="padding:0pt .7pt 0pt 0pt;width:46.46%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">COLUMBIA FUNDS MASTER INVESTMENT</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="53%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:53.54%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="46%" colspan="3" valign="top" style="padding:0pt .7pt 0pt 0pt;width:46.46%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">TRUST</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="53%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:53.54%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="46%" colspan="3" valign="top" style="padding:0pt .7pt 0pt 0pt;width:46.46%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="53%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:53.54%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="3%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:3.96%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">By:</font></p>
  </td>
  <td width="20%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:20.82%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">/s/ Christopher L. Wilson</font></p>
  </td>
  <td width="21%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:21.66%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="53%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:53.54%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="46%" colspan="3" valign="top" style="padding:0pt .7pt 0pt 0pt;width:46.46%;">
  <p style="margin:0pt 0pt .0001pt 40.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Name: Christopher L. Wilson</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="53%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:53.54%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="46%" colspan="3" valign="top" style="padding:0pt .7pt 0pt 0pt;width:46.46%;">
  <p style="margin:0pt 0pt .0001pt 40.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Title: President</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
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  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
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  <td width="46%" colspan="3" valign="top" style="padding:0pt .7pt 0pt 0pt;width:46.46%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
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  <td width="53%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:53.54%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="46%" colspan="3" valign="top" style="padding:0pt .7pt 0pt 0pt;width:46.46%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">BANC OF AMERICA FUNDS TRUST</font></p>
  </td>
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  <td width="53%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:53.54%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="46%" colspan="3" valign="top" style="padding:0pt .7pt 0pt 0pt;width:46.46%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
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  <td width="53%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:53.54%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="3%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:3.96%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">By:</font></p>
  </td>
  <td width="20%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:20.82%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">/s/ Christopher L. Wilson</font></p>
  </td>
  <td width="21%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:21.66%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
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  <td width="53%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:53.54%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="46%" colspan="3" valign="top" style="padding:0pt .7pt 0pt 0pt;width:46.46%;">
  <p style="margin:0pt 0pt .0001pt 40.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Name: Christopher L. Wilson</font></p>
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  <td width="53%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:53.54%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="46%" colspan="3" valign="top" style="padding:0pt .7pt 0pt 0pt;width:46.46%;">
  <p style="margin:0pt 0pt .0001pt 40.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Title: President</font></p>
  </td>
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  <td width="53%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:53.54%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
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  <td width="46%" colspan="3" valign="top" style="padding:0pt .7pt 0pt 0pt;width:46.46%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
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  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="46%" colspan="3" valign="top" style="padding:0pt .7pt 0pt 0pt;width:46.46%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">COLUMBIA FUNDS SERIES TRUST I</font></p>
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  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
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  <td width="46%" colspan="3" valign="top" style="padding:0pt .7pt 0pt 0pt;width:46.46%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
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  <td width="53%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:53.54%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
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  <td width="3%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:3.96%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">By:</font></p>
  </td>
  <td width="20%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:20.82%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">/s/ Christopher L. Wilson</font></p>
  </td>
  <td width="21%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:21.66%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
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  <td width="53%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:53.54%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="46%" colspan="3" valign="top" style="padding:0pt .7pt 0pt 0pt;width:46.46%;">
  <p style="margin:0pt 0pt .0001pt 40.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Name: Christopher L. Wilson</font></p>
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 <tr style="page-break-inside:avoid;">
  <td width="53%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:53.54%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="46%" colspan="3" valign="top" style="padding:0pt .7pt 0pt 0pt;width:46.46%;">
  <p style="margin:0pt 0pt .0001pt 40.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Title: President</font></p>
  </td>
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 <tr style="page-break-inside:avoid;">
  <td width="53%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:53.54%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="46%" colspan="3" valign="top" style="padding:0pt .7pt 0pt 0pt;width:46.46%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
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 <tr style="page-break-inside:avoid;">
  <td width="53%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:53.54%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="46%" colspan="3" valign="top" style="padding:0pt .7pt 0pt 0pt;width:46.46%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">COLUMBIA FUNDS VARIABLE INSURANCE</font></p>
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  <td width="53%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:53.54%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="46%" colspan="3" valign="top" style="padding:0pt .7pt 0pt 0pt;width:46.46%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">TRUST</font></p>
  </td>
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  <td width="53%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:53.54%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="46%" colspan="3" valign="top" style="padding:0pt .7pt 0pt 0pt;width:46.46%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
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 <tr style="page-break-inside:avoid;">
  <td width="53%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:53.54%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="3%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:3.96%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">By:</font></p>
  </td>
  <td width="20%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:20.82%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">/s/ Christopher L. Wilson</font></p>
  </td>
  <td width="21%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:21.66%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
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  <td width="53%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:53.54%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="46%" colspan="3" valign="top" style="padding:0pt .7pt 0pt 0pt;width:46.46%;">
  <p style="margin:0pt 0pt .0001pt 40.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Name: Christopher L. Wilson</font></p>
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 <tr style="page-break-inside:avoid;">
  <td width="53%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:53.54%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="46%" colspan="3" valign="top" style="padding:0pt .7pt 0pt 0pt;width:46.46%;">
  <p style="margin:0pt 0pt .0001pt 40.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Title: President</font></p>
  </td>
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 <tr style="page-break-inside:avoid;">
  <td width="53%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:53.54%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="46%" colspan="3" valign="top" style="padding:0pt .7pt 0pt 0pt;width:46.46%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
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 <tr style="page-break-inside:avoid;">
  <td width="53%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:53.54%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="46%" colspan="3" valign="top" style="padding:0pt .7pt 0pt 0pt;width:46.46%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">COLUMBIA FUNDS INSTITUTIONAL TRUST</font></p>
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  <td width="53%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:53.54%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="46%" colspan="3" valign="top" style="padding:0pt .7pt 0pt 0pt;width:46.46%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
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 <tr style="page-break-inside:avoid;">
  <td width="53%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:53.54%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="3%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:3.96%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">By:</font></p>
  </td>
  <td width="20%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:20.82%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">/s/ Christopher L. Wilson</font></p>
  </td>
  <td width="21%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:21.66%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
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  <td width="53%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:53.54%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="46%" colspan="3" valign="top" style="padding:0pt .7pt 0pt 0pt;width:46.46%;">
  <p style="margin:0pt 0pt .0001pt 40.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Name: Christopher L. Wilson</font></p>
  </td>
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  <td width="53%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:53.54%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="46%" colspan="3" valign="top" style="padding:0pt .7pt 0pt 0pt;width:46.46%;">
  <p style="margin:0pt 0pt .0001pt 40.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Title: President</font></p>
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<p style="line-height:1.0pt;margin:0pt 0pt 12.0pt;"><font size="1" face="Times New Roman">&nbsp;</font></p>


 <p style="font-size:10.0pt;margin:24.0pt 0pt .0001pt;text-align:center;"><font face="Times New Roman">4</font></p> <br><hr size="3" width="100%" noshade color="#010101" align="center">

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<p style="margin:0pt 0pt .0001pt;"><font size="1" face="Times New Roman" style="font-size:2.0pt;">&nbsp;</font></p>

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  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">COLONIAL INTERMARKET INCOME TRUST I</font></p>
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  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">By:</font></p>
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  <td width="20%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:20.82%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">/s/ Christopher L. Wilson</font></p>
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  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
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  <td width="46%" colspan="3" valign="top" style="padding:0pt .7pt 0pt 0pt;width:46.46%;">
  <p style="margin:0pt 0pt .0001pt 40.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Name: Christopher L. Wilson</font></p>
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  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
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  <p style="margin:0pt 0pt .0001pt 40.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Title: President</font></p>
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  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
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  <td width="46%" colspan="3" valign="top" style="padding:0pt .7pt 0pt 0pt;width:46.46%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">COLONIAL INTERMEDIATE HIGH INCOME </font></p>
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  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">FUND</font></p>
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  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
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  <td width="53%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:53.54%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="3%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:3.96%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">By:</font></p>
  </td>
  <td width="20%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:20.82%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">/s/ Christopher L. Wilson</font></p>
  </td>
  <td width="21%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:21.66%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="53%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:53.54%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="46%" colspan="3" valign="top" style="padding:0pt .7pt 0pt 0pt;width:46.46%;">
  <p style="margin:0pt 0pt .0001pt 40.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Name: Christopher L. Wilson</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="53%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:53.54%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="46%" colspan="3" valign="top" style="padding:0pt .7pt 0pt 0pt;width:46.46%;">
  <p style="margin:0pt 0pt .0001pt 40.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Title: President</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="53%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:53.54%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="46%" colspan="3" valign="top" style="padding:0pt .7pt 0pt 0pt;width:46.46%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="53%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:53.54%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="46%" colspan="3" valign="top" style="padding:0pt .7pt 0pt 0pt;width:46.46%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">COLONIAL CALIFORNIA INSURED </font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="53%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:53.54%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="46%" colspan="3" valign="top" style="padding:0pt .7pt 0pt 0pt;width:46.46%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">MUNICIPAL FUND</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="53%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:53.54%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="46%" colspan="3" valign="top" style="padding:0pt .7pt 0pt 0pt;width:46.46%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="53%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:53.54%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="3%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:3.96%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">By:</font></p>
  </td>
  <td width="20%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:20.82%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">/s/ Christopher L. Wilson</font></p>
  </td>
  <td width="21%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:21.66%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="53%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:53.54%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="46%" colspan="3" valign="top" style="padding:0pt .7pt 0pt 0pt;width:46.46%;">
  <p style="margin:0pt 0pt .0001pt 40.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Name: Christopher L. Wilson</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="53%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:53.54%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="46%" colspan="3" valign="top" style="padding:0pt .7pt 0pt 0pt;width:46.46%;">
  <p style="margin:0pt 0pt .0001pt 40.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Title: President</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="53%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:53.54%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="46%" colspan="3" valign="top" style="padding:0pt .7pt 0pt 0pt;width:46.46%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="53%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:53.54%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="46%" colspan="3" valign="top" style="padding:0pt .7pt 0pt 0pt;width:46.46%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">COLONIAL HIGH INCOME MUNICIPAL </font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="53%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:53.54%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="46%" colspan="3" valign="top" style="padding:0pt .7pt 0pt 0pt;width:46.46%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">TRUST</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="53%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:53.54%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="46%" colspan="3" valign="top" style="padding:0pt .7pt 0pt 0pt;width:46.46%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="53%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:53.54%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="3%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:3.96%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">By:</font></p>
  </td>
  <td width="20%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:20.82%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">/s/ Christopher L. Wilson</font></p>
  </td>
  <td width="21%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:21.66%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="53%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:53.54%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="46%" colspan="3" valign="top" style="padding:0pt .7pt 0pt 0pt;width:46.46%;">
  <p style="margin:0pt 0pt .0001pt 40.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Name: Christopher L. Wilson</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="53%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:53.54%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="46%" colspan="3" valign="top" style="padding:0pt .7pt 0pt 0pt;width:46.46%;">
  <p style="margin:0pt 0pt .0001pt 40.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Title: President</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="53%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:53.54%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="46%" colspan="3" valign="top" style="padding:0pt .7pt 0pt 0pt;width:46.46%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="53%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:53.54%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="46%" colspan="3" valign="top" style="padding:0pt .7pt 0pt 0pt;width:46.46%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">COLONIAL INSURED MUNICIPAL FUND</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="53%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:53.54%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="46%" colspan="3" valign="top" style="padding:0pt .7pt 0pt 0pt;width:46.46%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="53%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:53.54%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="3%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:3.96%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">By:</font></p>
  </td>
  <td width="20%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:20.82%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">/s/ Christopher L. Wilson</font></p>
  </td>
  <td width="21%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:21.66%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="53%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:53.54%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="46%" colspan="3" valign="top" style="padding:0pt .7pt 0pt 0pt;width:46.46%;">
  <p style="margin:0pt 0pt .0001pt 40.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Name: Christopher L. Wilson</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="53%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:53.54%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="46%" colspan="3" valign="top" style="padding:0pt .7pt 0pt 0pt;width:46.46%;">
  <p style="margin:0pt 0pt .0001pt 40.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Title: President</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="53%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:53.54%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="46%" colspan="3" valign="top" style="padding:0pt .7pt 0pt 0pt;width:46.46%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="53%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:53.54%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="46%" colspan="3" valign="top" style="padding:0pt .7pt 0pt 0pt;width:46.46%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">COLONIAL INVESTMENT GRADE </font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="53%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:53.54%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="46%" colspan="3" valign="top" style="padding:0pt .7pt 0pt 0pt;width:46.46%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">MUNICIPAL TRUST</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="53%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:53.54%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="46%" colspan="3" valign="top" style="padding:0pt .7pt 0pt 0pt;width:46.46%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="53%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:53.54%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="3%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:3.96%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">By:</font></p>
  </td>
  <td width="20%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:20.82%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">/s/ Christopher L. Wilson</font></p>
  </td>
  <td width="21%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:21.66%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="53%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:53.54%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="46%" colspan="3" valign="top" style="padding:0pt .7pt 0pt 0pt;width:46.46%;">
  <p style="margin:0pt 0pt .0001pt 40.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Name: Christopher L. Wilson</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="53%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:53.54%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="46%" colspan="3" valign="top" style="padding:0pt .7pt 0pt 0pt;width:46.46%;">
  <p style="margin:0pt 0pt .0001pt 40.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Title: President</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="53%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:53.54%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="46%" colspan="3" valign="top" style="padding:0pt .7pt 0pt 0pt;width:46.46%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="53%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:53.54%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="46%" colspan="3" valign="top" style="padding:0pt .7pt 0pt 0pt;width:46.46%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">COLONIAL MUNICIPAL INCOME TRUST</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="53%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:53.54%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="46%" colspan="3" valign="top" style="padding:0pt .7pt 0pt 0pt;width:46.46%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="53%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:53.54%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="3%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:3.96%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">By:</font></p>
  </td>
  <td width="20%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:20.82%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">/s/ Christopher L. Wilson</font></p>
  </td>
  <td width="21%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:21.66%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="53%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:53.54%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="46%" colspan="3" valign="top" style="padding:0pt .7pt 0pt 0pt;width:46.46%;">
  <p style="margin:0pt 0pt .0001pt 40.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Name: Christopher L. Wilson</font></p>
  </td>
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  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
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  <td width="46%" colspan="3" valign="top" style="padding:0pt .7pt 0pt 0pt;width:46.46%;">
  <p style="margin:0pt 0pt .0001pt 40.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Title: President</font></p>
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<p style="line-height:1.0pt;margin:0pt 0pt 12.0pt;"><font size="1" face="Times New Roman">&nbsp;</font></p>


 <p style="font-size:10.0pt;margin:24.0pt 0pt .0001pt;text-align:center;"><font face="Times New Roman">5</font></p> <br><hr size="3" width="100%" noshade color="#010101" align="center">

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<p style="margin:0pt 0pt .0001pt;"><font size="1" face="Times New Roman" style="font-size:2.0pt;">&nbsp;</font></p>

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  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">BACAP ALTERNATIVE MULTI-STRATEGY </font></p>
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  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
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  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">FUND, LLC</font></p>
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  <p style="margin:0pt 0pt .0001pt;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">&nbsp;</font></p>
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  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
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  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">By:</font></p>
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  <td width="15%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:15.86%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">/s/ David Hohmann</font></p>
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  <td width="26%" colspan="5" valign="top" style="padding:0pt .7pt 0pt 0pt;width:26.62%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
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  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
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  <td width="46%" colspan="7" valign="top" style="padding:0pt .7pt 0pt 0pt;width:46.46%;">
  <p style="margin:0pt 0pt .0001pt 40.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Name: David Hohmann</font></p>
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  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
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  <td width="46%" colspan="7" valign="top" style="padding:0pt .7pt 0pt 0pt;width:46.46%;">
  <p style="margin:0pt 0pt .0001pt 40.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Title: Treasurer and Senior Vice President</font></p>
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  <p style="margin:0pt 0pt .0001pt;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">&nbsp;</font></p>
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  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
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  <td width="46%" colspan="7" valign="top" style="padding:0pt .7pt 0pt 0pt;width:46.46%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">COLUMBIA MANAGEMENT MULTI-</font></p>
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  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
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  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">STRATEGY HEDGE FUND, LLC</font></p>
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  <p style="margin:0pt 0pt .0001pt;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">&nbsp;</font></p>
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  <td width="46%" colspan="7" valign="top" style="padding:0pt .7pt 0pt 0pt;width:46.46%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">&nbsp;</font></p>
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  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
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  <td width="3%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:3.96%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">By:</font></p>
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  <td width="15%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:15.86%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">/s/ David Hohmann</font></p>
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  <td width="26%" colspan="5" valign="top" style="padding:0pt .7pt 0pt 0pt;width:26.62%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
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  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
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  <td width="46%" colspan="7" valign="top" style="padding:0pt .7pt 0pt 0pt;width:46.46%;">
  <p style="margin:0pt 0pt .0001pt 40.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Name: David Hohmann</font></p>
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  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
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  <td width="46%" colspan="7" valign="top" style="padding:0pt .7pt 0pt 0pt;width:46.46%;">
  <p style="margin:0pt 0pt .0001pt 40.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Title: Treasurer and Senior Vice President</font></p>
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  <p style="margin:0pt 0pt .0001pt;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">&nbsp;</font></p>
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  <td width="46%" colspan="7" valign="top" style="padding:0pt .7pt 0pt 0pt;width:46.46%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">&nbsp;</font></p>
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  <p style="margin:0pt 0pt .0001pt;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">&nbsp;</font></p>
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  <td width="46%" colspan="7" valign="top" style="padding:0pt .7pt 0pt 0pt;width:46.46%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">&nbsp;</font></p>
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  <td width="46%" colspan="7" valign="top" style="padding:0pt .7pt 0pt 0pt;width:46.46%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">LIBERTY ALL STAR EQUITY FUND</font></p>
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  <td width="53%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:53.54%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">&nbsp;</font></p>
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  <td width="46%" colspan="7" valign="top" style="padding:0pt .7pt 0pt 0pt;width:46.46%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">&nbsp;</font></p>
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  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
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  <td width="3%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:3.96%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">By:</font></p>
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  <td width="20%" colspan="3" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:20.82%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">/s/ William R. Parmentier</font></p>
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  <td width="21%" colspan="3" valign="top" style="padding:0pt .7pt 0pt 0pt;width:21.66%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
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  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
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  <td width="46%" colspan="7" valign="top" style="padding:0pt .7pt 0pt 0pt;width:46.46%;">
  <p style="margin:0pt 0pt .0001pt 40.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Name: William R. Parmentier</font></p>
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  <td width="53%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:53.54%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
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  <td width="46%" colspan="7" valign="top" style="padding:0pt .7pt 0pt 0pt;width:46.46%;">
  <p style="margin:0pt 0pt .0001pt 40.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Title: President</font></p>
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  <td width="53%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:53.54%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">&nbsp;</font></p>
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  <td width="46%" colspan="7" valign="top" style="padding:0pt .7pt 0pt 0pt;width:46.46%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">&nbsp;</font></p>
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  <td width="53%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:53.54%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
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  <td width="46%" colspan="7" valign="top" style="padding:0pt .7pt 0pt 0pt;width:46.46%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">LIBERTY ALL STAR GROWTH FUND</font></p>
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  <p style="margin:0pt 0pt .0001pt;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">&nbsp;</font></p>
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  <td width="46%" colspan="7" valign="top" style="padding:0pt .7pt 0pt 0pt;width:46.46%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">&nbsp;</font></p>
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  <td width="53%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:53.54%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
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  <td width="3%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:3.96%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">By:</font></p>
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  <td width="20%" colspan="3" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:20.82%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">/s/ William R. Parmentier</font></p>
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  <td width="21%" colspan="3" valign="top" style="padding:0pt .7pt 0pt 0pt;width:21.66%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
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  <td width="53%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:53.54%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
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  <td width="46%" colspan="7" valign="top" style="padding:0pt .7pt 0pt 0pt;width:46.46%;">
  <p style="margin:0pt 0pt .0001pt 40.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Name: William R. Parmentier</font></p>
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  <td width="53%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:53.54%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
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  <td width="46%" colspan="7" valign="top" style="padding:0pt .7pt 0pt 0pt;width:46.46%;">
  <p style="margin:0pt 0pt .0001pt 40.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Title: President</font></p>
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  <p style="margin:0pt 0pt .0001pt;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">&nbsp;</font></p>
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  <td width="46%" colspan="7" valign="top" style="padding:0pt .7pt 0pt 0pt;width:46.46%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">&nbsp;</font></p>
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  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
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  <td width="46%" colspan="7" valign="top" style="padding:0pt .7pt 0pt 0pt;width:46.46%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">COLUMBIA MANAGEMENT ADVISORS, LLC</font></p>
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  <p style="margin:0pt 0pt .0001pt;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">&nbsp;</font></p>
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  <p style="margin:0pt 0pt .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
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  <td width="3%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:3.96%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">By:</font></p>
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  <td width="21%" colspan="5" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:21.38%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">/s/ Christopher L. Wilson</font></p>
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  <td width="21%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:21.12%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
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  <td width="53%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:53.54%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
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  <td width="46%" colspan="7" valign="top" style="padding:0pt .7pt 0pt 0pt;width:46.46%;">
  <p style="margin:0pt 0pt .0001pt 40.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Name: Christopher L. Wilson</font></p>
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  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
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  <td width="46%" colspan="7" valign="top" style="padding:0pt .7pt 0pt 0pt;width:46.46%;">
  <p style="margin:0pt 0pt .0001pt 40.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Title: President</font></p>
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  <p style="margin:0pt 0pt .0001pt;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">&nbsp;</font></p>
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  <td width="53%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:53.54%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="46%" colspan="7" valign="top" style="padding:0pt .7pt 0pt 0pt;width:46.46%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">BANC OF AMERICA INVESTMENT </font></p>
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  <td width="53%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:53.54%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="46%" colspan="7" valign="top" style="padding:0pt .7pt 0pt 0pt;width:46.46%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">ADVISORS, INC.</font></p>
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  <td width="53%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:53.54%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">&nbsp;</font></p>
  </td>
  <td width="46%" colspan="7" valign="top" style="padding:0pt .7pt 0pt 0pt;width:46.46%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">&nbsp;</font></p>
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  <td width="53%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:53.54%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="3%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:3.96%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">By:</font></p>
  </td>
  <td width="19%" colspan="2" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:19.84%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">/s/ Daniel S. McNamara</font></p>
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  <td width="22%" colspan="4" valign="top" style="padding:0pt .7pt 0pt 0pt;width:22.66%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
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  <td width="53%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:53.54%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="46%" colspan="7" valign="top" style="padding:0pt .7pt 0pt 0pt;width:46.46%;">
  <p style="margin:0pt 0pt .0001pt 40.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Name: Daniel S. McNamara</font></p>
  </td>
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  <td width="53%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:53.54%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="46%" colspan="7" valign="top" style="padding:0pt .7pt 0pt 0pt;width:46.46%;">
  <p style="margin:0pt 0pt .0001pt 40.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Title: President</font></p>
  </td>
 </tr>
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  <td width="53%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:53.54%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="46%" colspan="7" valign="top" style="padding:0pt .7pt 0pt 0pt;width:46.46%;">
  <p style="margin:0pt 0pt .0001pt 40.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
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  <td width="46%" colspan="7" valign="top" style="padding:0pt .7pt 0pt 0pt;width:46.46%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">COLUMBIA MANAGEMENT DISTRIBUTOR, </font></p>
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  <td width="53%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:53.54%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="46%" colspan="7" valign="top" style="padding:0pt .7pt 0pt 0pt;width:46.46%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">INC.</font></p>
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  <td width="53%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:53.54%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">&nbsp;</font></p>
  </td>
  <td width="46%" colspan="7" valign="top" style="padding:0pt .7pt 0pt 0pt;width:46.46%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">&nbsp;</font></p>
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  <td width="53%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:53.54%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="3%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:3.96%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">By:</font></p>
  </td>
  <td width="21%" colspan="4" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:21.24%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">/s/ Michael A. Jones</font></p>
  </td>
  <td width="21%" colspan="2" valign="top" style="padding:0pt .7pt 0pt 0pt;width:21.24%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
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  <td width="53%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:53.54%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="46%" colspan="7" valign="top" style="padding:0pt .7pt 0pt 0pt;width:46.46%;">
  <p style="margin:0pt 0pt .0001pt 30.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Name: Michael A. Jones</font></p>
  </td>
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  <td width="53%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:53.54%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="46%" colspan="7" valign="top" style="padding:0pt .7pt 0pt 0pt;width:46.46%;">
  <p style="margin:0pt 0pt .0001pt 30.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Title: President</font></p>
  </td>
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  <td width="53%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:53.54%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">&nbsp;</font></p>
  </td>
  <td width="46%" colspan="7" valign="top" style="padding:0pt .7pt 0pt 0pt;width:46.46%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">&nbsp;</font></p>
  </td>
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  <td width="53%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:53.54%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="46%" colspan="7" valign="top" style="padding:0pt .7pt 0pt 0pt;width:46.46%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">COLUMBIA MANAGEMENT SERVICES, INC.</font></p>
  </td>
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  <td width="53%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:53.54%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="46%" colspan="7" valign="top" style="padding:0pt .7pt 0pt 0pt;width:46.46%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
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  <td width="53%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:53.54%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="3%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:3.96%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">By:</font></p>
  </td>
  <td width="21%" colspan="4" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:21.24%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">/s/ Stephen T. Welsh</font></p>
  </td>
  <td width="21%" colspan="2" valign="top" style="padding:0pt .7pt 0pt 0pt;width:21.24%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
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  <td width="53%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:53.54%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
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  <td width="46%" colspan="7" valign="top" style="padding:0pt .7pt 0pt 0pt;width:46.46%;">
  <p style="margin:0pt 0pt .0001pt 30.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Name: Stephen T. Welsh</font></p>
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 <tr style="page-break-inside:avoid;">
  <td width="53%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:53.54%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="46%" colspan="7" valign="top" style="padding:0pt .7pt 0pt 0pt;width:46.46%;">
  <p style="margin:0pt 0pt .0001pt 30.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Title: President</font></p>
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