<SEC-DOCUMENT>0001782524-22-000110.txt : 20221031
<SEC-HEADER>0001782524-22-000110.hdr.sgml : 20221031
<ACCEPTANCE-DATETIME>20221031161415
ACCESSION NUMBER:		0001782524-22-000110
CONFORMED SUBMISSION TYPE:	40-17G
PUBLIC DOCUMENT COUNT:		6
FILED AS OF DATE:		20221031
DATE AS OF CHANGE:		20221031
EFFECTIVENESS DATE:		20221031

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Morgan Stanley Direct Lending Fund
		CENTRAL INDEX KEY:			0001782524
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		40-17G
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	814-01332
		FILM NUMBER:		221346149

	BUSINESS ADDRESS:	
		STREET 1:		1585 BROADWAY
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10036
		BUSINESS PHONE:		212 761 0380

	MAIL ADDRESS:	
		STREET 1:		1585 BROADWAY
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10036

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	Morgan Stanley Direct Lending Fund LLC
		DATE OF NAME CHANGE:	20190923

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	Morgan Stanley BDC LLC
		DATE OF NAME CHANGE:	20190715
</SEC-HEADER>
<DOCUMENT>
<TYPE>40-17G
<SEQUENCE>1
<FILENAME>msdlfcoverletter2022.htm
<DESCRIPTION>40-17G
<TEXT>
<!DOCTYPE html PUBLIC "-//W3C//DTD HTML 4.01 Transitional//EN" "http://www.w3.org/TR/html4/loose.dtd"><html><head>
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<title>Document</title></head><body><div id="i3a2554fcd81e428999312019f0ac43ed_33"></div><div style="min-height:72pt;width:100%"><div><font><br></font></div></div><div><font><br></font></div><div><font><br></font></div><div style="text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:112%">MORGAN STANLEY DIRECT LENDING FUND</font></div><div style="text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:112%">1585 BROADWAY</font></div><div style="text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:112%">NEW YORK, NY 10036</font></div><div><font><br></font></div><div style="text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:112%">October 31, 2022</font></div><div><font><br></font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:112%">VIA EDGAR</font></div><div><font><br></font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:112%">Securities and Exchange Commission</font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:112%">100 F Street, N.E.</font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:112%">Washington, DC 20549</font></div><div><font><br></font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:112%">Re&#58; Morgan Stanley Direct Lending Fund</font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:112%">Rule 17g-1(g) Fidelity Bond Filing</font></div><div><font><br></font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:112%">Ladies and Gentlemen&#58;</font></div><div><font><br></font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:112%">Pursuant to Rule 17g-1 under the Investment Company Act of 1940, as amended (the &#8220;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:700;line-height:112%">1940 Act</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:112%">&#8221;), Morgan Stanley Direct Lending Fund, a Delaware corporation (the &#8220;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:700;line-height:112%">Company</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:112%">&#8221;), has today filed the following documents&#58;</font></div><div><font><br></font></div><div style="padding-left:36pt;text-indent:-18pt"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:12pt;font-weight:400;line-height:112%">1.</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:112%;padding-left:8pt">a copy of the Company&#8217;s fidelity bond (the &#8220;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:700;line-height:112%">Bond</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:112%">&#8221;), which includes a statement as to the period for which the premium has been paid (attached as </font><font style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:112%;text-decoration:underline"><a href="p82631419_2022.htm" style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:112%;text-decoration:underline">Exhibit A</a></font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:112%">)&#59; and</font></div><div><font><br></font></div><div style="padding-left:36pt;text-indent:-18pt"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:12pt;font-weight:400;line-height:112%">1.</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:112%;padding-left:8pt">a certificate of the Secretary of the Company containing the resolutions of the Board of Directors of the Company, including a majority of directors who are not &#8220;interested persons&#8221; of the Company, as defined in Section 2(a)(19) of the 1940 Act, approving the form, type, coverage and amount of the Bond and a statement as to the period for which premiums have been paid (attached as </font><font style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:112%;text-decoration:underline"><a href="exhibitbfidelitybondfiling.htm" style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:112%;text-decoration:underline">Exhibit B</a></font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:112%">).</font></div><div><font><br></font></div><div style="text-indent:180pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:112%">Very truly yours,</font></div><div><font><br></font></div><div style="text-indent:180pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:112%">MORGAN STANLEY DIRECT LENDING FUND </font></div><div><font><br></font></div><div style="text-indent:180pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:112%">By&#58;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:112%">       </font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:112%;text-decoration:underline">&#47;s&#47; Orit Mizrachi</font></div><div style="text-indent:180pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:112%">Name&#58;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:112%">  </font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:112%">Orit Mizrachi</font></div><div style="text-indent:180pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:112%">Title&#58;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:112%">    </font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:112%">Chief Operating Officer and Secretary</font></div><div><font><br></font></div><div><font><br></font></div><div><font><br></font></div><div style="height:72pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div><font><br></font></div></div></div></body></html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.A
<SEQUENCE>2
<FILENAME>p82631419_2022.htm
<DESCRIPTION>EX-99.A
<TEXT>

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   <TITLE>p82631419_2022.htm - Generated by SEC Publisher for SEC Filing</TITLE>
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   <TD colSpan=3 align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>AON PRIVATE RISK MANAGEMENT INSURANCE AGENCY, INC.</FONT></TD></TR>

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   <TD align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>ATTN:</FONT></TD>

   <TD colSpan=2 align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>Joseph McGoldrick</FONT></TD></TR>

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   <TD colSpan=3 align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>707 Wilshire Blvd #2600</FONT></TD></TR>

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   <TD colSpan=3 align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>Los Angeles, CA 90017</FONT></TD></TR>

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   <TD colSpan=2 align=left><B><I><FONT size=3 face=Arial-BoldItalicMT,Arial,Helvetica,sans-serif>INSURED:</FONT></I></B></TD>

   <TD align=left><FONT size=2 face="Times New Roman,Arial,Helvetica,sans-serif">MORGAN STANLEY DIRECT LENDING FUND</FONT></TD></TR>

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   <TD colSpan=2 align=left><B><I><FONT size=3 face=Arial-BoldItalicMT,Arial,Helvetica,sans-serif>PRODUCT:</FONT></I></B></TD>

   <TD align=left><B><I><FONT size=3 face=Arial-BoldItalicMT,Arial,Helvetica,sans-serif>DFIBond</FONT></I></B></TD></TR>

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   <TD colSpan=2 align=left><B><I><FONT size=3 face=Arial-BoldItalicMT,Arial,Helvetica,sans-serif>POLICY NO:</FONT></I></B></TD>

   <TD align=left><FONT size=2 face="Times New Roman,Arial,Helvetica,sans-serif">82631419</FONT></TD></TR>

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   <TD colSpan=2 align=left><B><I><FONT size=3 face=Arial-BoldItalicMT,Arial,Helvetica,sans-serif>TRANSACTION:</FONT></I></B></TD>

   <TD align=left><FONT size=2 face="Times New Roman,Arial,Helvetica,sans-serif">NL</FONT></TD></TR></TABLE></DIV>

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   <TD colSpan=5 align=left><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Chubb Group of Insurance Companies</FONT></B></TD>

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   <TD style="TEXT-INDENT: 71.119pt" colSpan=3 align=left><B><FONT size=3 face=Arial-BoldMT,Arial,Helvetica,sans-serif>DECLARATIONS</FONT></B></TD></TR>

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   <TD colSpan=4 align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>202</FONT><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>B Hall&#8217;s Mill Road</FONT></TD>

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   <TD style="TEXT-INDENT: 71.119pt" colSpan=3 align=left><B><FONT size=3 face=Arial-BoldMT,Arial,Helvetica,sans-serif>FINANCIAL INSTITUTION INVESTMENT</FONT></B></TD></TR>

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   <TD colSpan=4 align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>Whitehouse Station, NJ 08889</FONT></TD>

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   <TD style="TEXT-INDENT: 71.119pt" colSpan=3 align=left><B><FONT size=3 face=Arial-BoldMT,Arial,Helvetica,sans-serif>COMPANY ASSET PROTECTION BOND</FONT></B></TD></TR>

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   <TD colSpan=5 align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>NAME OF ASSURED (including its </FONT><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Subsidiaries</FONT></B><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>):</FONT></TD>

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   <TD style="TEXT-INDENT: 71.119pt" align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>Bond Number:</FONT></TD>

   <TD style="TEXT-INDENT: 1.74pt" colSpan=2 align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>82631419</FONT></TD></TR>

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   <TD colSpan=5 align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>MORGAN STANLEY DIRECT LENDING FUND</FONT></TD>

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   <TD colSpan=4 align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>1585 BROADWAY</FONT></TD>

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   <TD style="TEXT-INDENT: 71.119pt" colSpan=3 align=left><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>FEDERAL INSURANCE COMPANY</FONT></B></TD></TR>

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   <TD colSpan=2 align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>NEW YORK, NY</FONT></TD>

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   <TD align=center><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>100368200</FONT></TD>

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   <TD style="TEXT-INDENT: 71.119pt" colSpan=3 align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>Incorporated under the laws of Indiana</FONT></TD></TR>

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   <TD style="TEXT-INDENT: 71.119pt" colSpan=3 align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>a stock insurance company herein called the COMPANY</FONT></TD></TR>

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   <TD style="TEXT-INDENT: 71.119pt" colSpan=3 align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>Capital Center, 251 North Illinois, Suite 1100</FONT></TD></TR>

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   <TD style="BORDER-BOTTOM: #000000 1px solid; TEXT-INDENT: 71.119pt" colSpan=3 align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>Indianapolis, IN 46204-1927</FONT></TD></TR>

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   <TD align=left><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>ITEM 1.</FONT></B></TD>

   <TD colSpan=3 align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>BOND PERIOD: from</FONT></TD>

   <TD align=right><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>12:01 a.m. on</FONT></TD>

   <TD style="TEXT-INDENT: 3.599pt" colSpan=2 align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>October 25, 2022</FONT></TD>

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   <TD align=right><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>12:01 a.m. on</FONT></TD>

   <TD style="TEXT-INDENT: 3.599pt" colSpan=2 align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>October 25, 2023</FONT></TD>

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   <TD align=left><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>ITEM 2.</FONT></B></TD>

   <TD colSpan=6 align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>LIMITS OF LIABILITY--DEDUCTIBLE AMOUNTS:</FONT></TD>

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   <TD colSpan=8 align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>If &#8220;Not Covered&#8221; is inse</FONT><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>rted below opposite any specified INSURING CLAUSE, such INSURING CLAUSE and</FONT></TD></TR>

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   <TD colSpan=8 align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>any other reference shall be deemed to be deleted. </FONT><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>There shall be no deductible applicable to any loss</FONT></B></TD></TR>

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   <TD colSpan=6 align=left><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>under INSURING CLAUSE 1. sustained by any Investment Company.</FONT></B></TD>

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   <TD colSpan=2 align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>SINGLE LOSS</FONT></TD>

   <TD colSpan=2 align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>DEDUCTIBLE</FONT></TD></TR>

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   <TD style="BORDER-BOTTOM: #000000 1px solid; TEXT-INDENT: 5.399pt" colSpan=3 align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>INSURING CLAUSE</FONT></TD>

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   <TD style="BORDER-BOTTOM: #000000 1px solid" colSpan=2 align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>LIMIT OF LIABILITY</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" colSpan=2 align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>AMOUNT</FONT></TD></TR>

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   <TD align=right><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>1</FONT></TD>

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   <TD style="TEXT-INDENT: 6.9pt" align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>Employee</FONT></TD>

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   <TD align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>$</FONT></TD>

   <TD align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>5,000,000</FONT></TD>

   <TD align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>$</FONT></TD>

   <TD align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>0</FONT></TD></TR>

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   <TD align=right><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>2</FONT></TD>

   <TD align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>.</FONT></TD>

   <TD style="TEXT-INDENT: 6.9pt" align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>On Premises</FONT></TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>$</FONT></TD>

   <TD align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>5,000,000</FONT></TD>

   <TD align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>$</FONT></TD>

   <TD align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>25,000</FONT></TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=right><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>3</FONT></TD>

   <TD align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>.</FONT></TD>

   <TD style="TEXT-INDENT: 6.9pt" align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>In Transit</FONT></TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>$</FONT></TD>

   <TD align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>5,000,000</FONT></TD>

   <TD align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>$</FONT></TD>

   <TD align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>25,000</FONT></TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=right><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>4</FONT></TD>

   <TD align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>.</FONT></TD>

   <TD style="TEXT-INDENT: 6.9pt" colSpan=2 align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>Forgery or Alteration</FONT></TD>

   <TD align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>$</FONT></TD>

   <TD align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>5,000,000</FONT></TD>

   <TD align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>$</FONT></TD>

   <TD align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>25,000</FONT></TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=right><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>5</FONT></TD>

   <TD align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>.</FONT></TD>

   <TD style="TEXT-INDENT: 6.9pt" colSpan=2 align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>Extended Forgery</FONT></TD>

   <TD align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>$</FONT></TD>

   <TD align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>5,000,000</FONT></TD>

   <TD align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>$</FONT></TD>

   <TD align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>25,000</FONT></TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=right><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>6</FONT></TD>

   <TD align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>.</FONT></TD>

   <TD style="TEXT-INDENT: 6.9pt" colSpan=2 align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>Counterfeit Money</FONT></TD>

   <TD align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>$</FONT></TD>

   <TD align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>5,000,000</FONT></TD>

   <TD align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>$</FONT></TD>

   <TD align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>25,000</FONT></TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=right><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>7</FONT></TD>

   <TD align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>.</FONT></TD>

   <TD style="TEXT-INDENT: 6.9pt" colSpan=2 align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>Threats to Person</FONT></TD>

   <TD align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>$</FONT></TD>

   <TD align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>Not Covered</FONT></TD>

   <TD align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>$</FONT></TD>

   <TD align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>N/A</FONT></TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=right><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>8</FONT></TD>

   <TD align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>.</FONT></TD>

   <TD style="TEXT-INDENT: 6.9pt" colSpan=2 align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>Computer System</FONT></TD>

   <TD align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>$</FONT></TD>

   <TD align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>5,000,000</FONT></TD>

   <TD align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>$</FONT></TD>

   <TD align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>25,000</FONT></TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=right><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>9</FONT></TD>

   <TD align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>.</FONT></TD>

   <TD style="TEXT-INDENT: 6.9pt" colSpan=2 align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>Voice Initiated Funds</FONT></TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD style="TEXT-INDENT: 6.9pt" colSpan=2 align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>Transfer Instruction</FONT></TD>

   <TD align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>$</FONT></TD>

   <TD align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>5,000,000</FONT></TD>

   <TD align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>$</FONT></TD>

   <TD align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>25,000</FONT></TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=right><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>10</FONT></TD>

   <TD align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>.</FONT></TD>

   <TD style="TEXT-INDENT: 6.9pt" colSpan=2 align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>Uncollectible Items of Deposit</FONT></TD>

   <TD align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>$</FONT></TD>

   <TD align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>1,000,000</FONT></TD>

   <TD align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>$</FONT></TD>

   <TD align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>25,000</FONT></TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=right><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>11</FONT></TD>

   <TD align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>.</FONT></TD>

   <TD style="TEXT-INDENT: 6.9pt" align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>Audit Expense</FONT></TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>$</FONT></TD>

   <TD align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>25,000</FONT></TD>

   <TD align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>$</FONT></TD>

   <TD align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>0</FONT></TD></TR>

<TR>

   <TD colSpan=9>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>ITEM 3.</FONT></B></TD>

   <TD colSpan=8 align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>THE LIABILITY OF THE COMPANY IS ALSO SUBJECT TO THE TERMS OF THE FOLLOWING</FONT></TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD colSpan=6 align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>ENDORSEMENTS EXECUTED SIMULTANEOUSLY HEREWITH:</FONT></TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR>

   <TD colSpan=9>&nbsp;</TD></TR>

<TR>

   <TD colSpan=9>&nbsp;</TD></TR>

<TR>

   <TD colSpan=9>&nbsp;</TD></TR>

<TR>

   <TD colSpan=9>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD colSpan=9 align=left><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>IN WITNESS WHEREOF, THE COMPANY </FONT></B><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>has caused this Bond to be signed by its authorized officers, but it shall not be</FONT></TD></TR>

<TR vAlign=bottom>

   <TD colSpan=7 align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>valid unless also signed by an authorized representative of the Company.</FONT></TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P>
<IMG border=0 src="p82631419_2022x2x1.jpg"> <BR></DIV>

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



<DIV style="PAGE-BREAK-BEFORE: always">&nbsp;</DIV>

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

<a name="_bclPageBorder3"></a><DIV style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%">

<DIV align=left>

<TABLE cellSpacing=0 border=0>



<TR>

   <TD width="21%"></TD>

   <TD width="7%"></TD>

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

   <TD width="3%"></TD>

   <TD width="4%"></TD>

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

   <TD width="57%"></TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD colSpan=6 align=right><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>The COMPANY, in consideration of payment of the required premium, and in reliance</FONT></TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD colSpan=6 align=right><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>on the APPLICATION and all other statements made and information furnished to the</FONT></TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD colSpan=6 align=right><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>COMPANY by the ASSURED, and subject to the DECLARATIONS made a part of this</FONT></TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD colSpan=6 align=right><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>Bond and to all other terms and conditions of this Bond, agrees to pay the ASSURED</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>for:</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD></TR>

<TR>

   <TD colSpan=7>&nbsp;</TD></TR>

<TR>

   <TD colSpan=7>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><B><I><FONT size=3 face=Arial-BoldItalicMT,Arial,Helvetica,sans-serif>Insuring Clauses</FONT></I></B></TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR>

   <TD colSpan=7>&nbsp;</TD></TR>

<TR>

   <TD colSpan=7>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><I><FONT size=2 face=Arial-ItalicMT,Arial,Helvetica,sans-serif>Employee</FONT></I></TD>

   <TD align=right><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>1</FONT></TD>

   <TD align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>.</FONT></TD>

   <TD colSpan=4 align=right><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>Loss resulting directly from </FONT><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Larceny </FONT></B><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>or </FONT><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Embezzlement </FONT></B><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>committed by any</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" colSpan=7 align=center><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Employee</FONT></B><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>, alone or in collusion with others.</FONT></TD></TR>

<TR>

   <TD colSpan=7>

   <HR SIZE=1 noShade>

</TD></TR>

<TR>

   <TD colSpan=7>&nbsp;</TD></TR>

<TR>

   <TD colSpan=7>&nbsp;</TD></TR>

<TR>

   <TD colSpan=7>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><I><FONT size=2 face=Arial-ItalicMT,Arial,Helvetica,sans-serif>On Premises</FONT></I></TD>

   <TD align=right><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>2</FONT></TD>

   <TD align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>.</FONT></TD>

   <TD colSpan=4 align=right><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>Loss of </FONT><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Property </FONT></B><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>resulting directly from robbery, burglary, false pretenses,</FONT></TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD colSpan=4 align=right><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>common law or statutory larceny, misplacement, mysterious unexplainable</FONT></TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD colSpan=4 align=right><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>disappearance, damage, destruction or removal, from the possession, custody or</FONT></TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD colSpan=4 align=right><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>control of the ASSURED, while such </FONT><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Property </FONT></B><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>is lodged or deposited at premises</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" colSpan=4 align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>located anywhere.</FONT></TD></TR>

<TR>

   <TD colSpan=7>&nbsp;</TD></TR>

<TR>

   <TD colSpan=7>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><I><FONT size=2 face=Arial-ItalicMT,Arial,Helvetica,sans-serif>In Transit</FONT></I></TD>

   <TD align=right><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>3</FONT></TD>

   <TD align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>.</FONT></TD>

   <TD colSpan=4 align=right><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>Loss of </FONT><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Property </FONT></B><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>resulting directly from common law or statutory larceny,</FONT></TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD colSpan=4 align=right><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>misplacement, mysterious unexplainable disappearance, damage or destruction,</FONT></TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD colSpan=4 align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>while the </FONT><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Property </FONT></B><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>is in transit anywhere:</FONT></TD></TR>

<TR>

   <TD colSpan=7>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>a.</FONT></TD>

   <TD colSpan=3 align=right><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>in an armored motor vehicle, including loading and unloading thereof,</FONT></TD></TR>

<TR>

   <TD colSpan=7>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>b.</FONT></TD>

   <TD colSpan=3 align=right><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>in the custody of a natural person acting as a messenger of the ASSURED,</FONT></TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=right><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>or</FONT></TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR>

   <TD colSpan=7>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>c.</FONT></TD>

   <TD colSpan=3 align=right><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>in the custody of a </FONT><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Transportation Company </FONT></B><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>and being transported in a</FONT></TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD colSpan=3 align=right><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>conveyance other than an armored motor vehicle provided, however, that</FONT></TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD colSpan=3 align=center><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>covered </FONT><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Property </FONT></B><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>transported in such manner is limited to the following:</FONT></TD></TR>

<TR>

   <TD colSpan=7>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=right><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>(1</FONT></TD>

   <TD align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>)</FONT></TD>

   <TD align=right><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>written records,</FONT></TD></TR>

<TR>

   <TD colSpan=7>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=right><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>(2</FONT></TD>

   <TD align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>)</FONT></TD>

   <TD align=right><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>securities issued in registered form, which are not endorsed or are</FONT></TD></TR>

<TR vAlign=bottom>

   <TD colSpan=7 align=center><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>restrictively endorsed, or</FONT></TD></TR>

<TR>

   <TD colSpan=7>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=right><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>(3</FONT></TD>

   <TD align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>)</FONT></TD>

   <TD align=right><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>negotiable instruments not payable to bearer, which are not endorsed</FONT></TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=right><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>or are restrictively endorsed.</FONT></TD></TR>

<TR>

   <TD colSpan=7>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD colSpan=4 align=right><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>Coverage under this INSURING CLAUSE begins immediately on the receipt of</FONT></TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD colSpan=4 align=right><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>such </FONT><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Property </FONT></B><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>by the natural person or </FONT><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Transportation Company </FONT></B><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>and ends</FONT></TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD colSpan=4 align=right><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>immediately on delivery to the premises of the addressee or to any representative</FONT></TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD colSpan=4 align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>of the addressee located anywhere.</FONT></TD></TR></TABLE></DIV>

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   <TD align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>ICAP Bond (5-98)</FONT></TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>Form 17-02-1421 (Ed. 5-98)</FONT></TD>

   <TD align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>Page 1 of 19</FONT></TD></TR></TABLE></DIV>

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   <TD align=left><B><I><FONT size=3 face=Arial-BoldItalicMT,Arial,Helvetica,sans-serif>Insuring Clauses</FONT></I></B></TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><I><FONT size=2 face=Arial-ItalicMT,Arial,Helvetica,sans-serif>(continued)</FONT></I></TD>

   <TD align=left>&nbsp;</TD>

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<TR>

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<TR>

   <TD colSpan=6>&nbsp;</TD></TR>

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   <TD align=left><I><FONT size=2 face=Arial-ItalicMT,Arial,Helvetica,sans-serif>Forgery Or Alteration</FONT></I></TD>

   <TD align=right><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>4</FONT></TD>

   <TD align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>.</FONT></TD>

   <TD colSpan=3 align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>Loss resulting directly from:</FONT></TD></TR>

<TR>

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   <TD align=left>&nbsp;</TD>

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   <TD align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>a.</FONT></TD>

   <TD colSpan=2 align=right><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Forgery </FONT></B><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>on, or fraudulent material alteration of, any bills of exchange,</FONT></TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD colSpan=2 align=right><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>checks, drafts, acceptances, certificates of deposits, promissory notes, due</FONT></TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD colSpan=2 align=right><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>bills, money orders, orders upon public treasuries, letters of credit, other</FONT></TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD colSpan=2 align=right><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>written promises, orders or directions to pay sums certain in money, or</FONT></TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD colSpan=2 align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>receipts for the withdrawal of </FONT><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Property</FONT></B><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>, or</FONT></TD></TR>

<TR>

   <TD colSpan=6>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>b.</FONT></TD>

   <TD colSpan=2 align=right><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>transferring, paying or delivering any funds or other </FONT><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Property</FONT></B><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>, or establishing</FONT></TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD colSpan=2 align=right><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>any credit or giving any value in reliance on any written instructions, advices</FONT></TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD colSpan=2 align=right><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>or applications directed to the ASSURED authorizing or acknowledging the</FONT></TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD colSpan=2 align=right><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>transfer, payment, delivery or receipt of funds or other </FONT><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Property</FONT></B><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>, which</FONT></TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD colSpan=2 align=right><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>instructions, advices or applications fraudulently purport to bear the</FONT></TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD colSpan=2 align=right><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>handwritten signature of any customer of the ASSURED, or shareholder or</FONT></TD></TR>

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   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD colSpan=2 align=right><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>subscriber to shares of an </FONT><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Investment Company</FONT></B><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>, or of any financial</FONT></TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD colSpan=2 align=right><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>institution or </FONT><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Employee </FONT></B><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>but which instructions, advices or applications either</FONT></TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD colSpan=2 align=right><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>bear a </FONT><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Forgery </FONT></B><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>or have been fraudulently materially altered without the</FONT></TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD colSpan=2 align=right><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>knowledge and consent of such customer, shareholder, subscriber, financial</FONT></TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD colSpan=2 align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>institution or </FONT><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Employee</FONT></B><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>;</FONT></TD></TR>

<TR>

   <TD colSpan=6>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

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   <TD colSpan=3 align=right><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>excluding, however, under this INSURING CLAUSE any loss covered under</FONT></TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

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   <TD align=left>&nbsp;</TD>

   <TD colSpan=3 align=right><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>INSURING CLAUSE 5. of this Bond, whether or not coverage for INSURING</FONT></TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD colSpan=3 align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>CLAUSE 5. is provided for in the DECLARATIONS of this Bond.</FONT></TD></TR>

<TR>

   <TD colSpan=6>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD colSpan=3 align=right><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>For the purpose of this INSURING CLAUSE, a mechanically reproduced facsimile</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" colSpan=3 align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>signature is treated the same as a handwritten signature.</FONT></TD></TR>

<TR>

   <TD colSpan=6>&nbsp;</TD></TR>

<TR>

   <TD colSpan=6>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><I><FONT size=2 face=Arial-ItalicMT,Arial,Helvetica,sans-serif>Extended Forgery</FONT></I></TD>

   <TD align=right><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>5</FONT></TD>

   <TD align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>.</FONT></TD>

   <TD colSpan=3 align=right><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>Loss resulting directly from the ASSURED having, in good faith, and in the</FONT></TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD colSpan=3 align=right><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>ordinary course of business, for its own account or the account of others in any</FONT></TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD colSpan=2 align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>capacity:</FONT></TD>

   <TD align=left>&nbsp;</TD></TR>

<TR>

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<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

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   <TD align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>a.</FONT></TD>

   <TD colSpan=2 align=right><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>acquired, accepted or received, sold or delivered, or given value, extended</FONT></TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD colSpan=2 align=right><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>credit or assumed liability, in reliance on any original </FONT><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Securities,</FONT></B></TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD colSpan=2 align=left><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>documents or other written instruments </FONT></B><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>which prove to:</FONT></TD></TR>

<TR>

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   <TD align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>(1)</FONT></TD>

   <TD align=right><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>bear a </FONT><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Forgery </FONT></B><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>or a fraudulently material alteration,</FONT></TD></TR>

<TR>

   <TD colSpan=6>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>(2)</FONT></TD>

   <TD align=right><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>have been lost or stolen, or</FONT></TD></TR>

<TR>

   <TD colSpan=6>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>(3)</FONT></TD>

   <TD align=right><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>be </FONT><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Counterfeit</FONT></B><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>, or</FONT></TD></TR>

<TR>

   <TD colSpan=6>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>b.</FONT></TD>

   <TD colSpan=2 align=right><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>guaranteed in writing or witnessed any signatures on any transfer,</FONT></TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD colSpan=2 align=right><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>assignment, bill of sale, power of attorney, guarantee, endorsement or other</FONT></TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD colSpan=2 align=right><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>obligation upon or in connection with any </FONT><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Securities, documents or other</FONT></B></TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD colSpan=2 align=left><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>written instruments</FONT></B><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>.</FONT></TD></TR>

<TR>

   <TD colSpan=6>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD colSpan=3 align=right><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>Actual physical possession, and continued actual physical possession if taken as</FONT></TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD colSpan=3 align=right><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>collateral, of such </FONT><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Securities, documents or other written instruments </FONT></B><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>by an</FONT></TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD colSpan=3 align=right><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Employee, Custodian</FONT></B><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>, or a Federal or State chartered deposit institution of the</FONT></TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD colSpan=3 align=right><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>ASSURED is a condition precedent to the ASSURED having relied on such items.</FONT></TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD colSpan=3 align=right><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>Release or return of such collateral is an acknowledgment by the ASSURED that it</FONT></TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD colSpan=3 align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>no longer relies on such collateral.</FONT></TD></TR></TABLE></DIV>

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   <TD align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>ICAP Bond (5-98)</FONT></TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>Form 17-02-1421 (Ed. 5-98)</FONT></TD>

   <TD align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>Page 2 of 19</FONT></TD></TR></TABLE></DIV>

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   <TD align=left><B><I><FONT size=3 face=Arial-BoldItalicMT,Arial,Helvetica,sans-serif>Insuring Clauses</FONT></I></B></TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR>

   <TD colSpan=7>&nbsp;</TD></TR>

<TR>

   <TD colSpan=7>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><I><FONT size=2 face=Arial-ItalicMT,Arial,Helvetica,sans-serif>Extended Forgery</FONT></I></TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD colSpan=4 align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>For the purpose of this INSURING CLAUSE, a mechanically reproduced facsimile</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><I><FONT size=2 face=Arial-ItalicMT,Arial,Helvetica,sans-serif>(continued)</FONT></I></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" colSpan=4 align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>signature is treated the same as a handwritten signature.</FONT></TD></TR>

<TR>

   <TD colSpan=7>&nbsp;</TD></TR>

<TR>

   <TD colSpan=7>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><I><FONT size=2 face=Arial-ItalicMT,Arial,Helvetica,sans-serif>Counterfeit Money</FONT></I></TD>

   <TD align=right><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>6</FONT></TD>

   <TD align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>.</FONT></TD>

   <TD colSpan=4 align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>Loss resulting directly from the receipt by the ASSURED in good faith of any</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" colSpan=4 align=left><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Counterfeit </FONT></B><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>money.</FONT></TD></TR>

<TR>

   <TD colSpan=7>&nbsp;</TD></TR>

<TR>

   <TD colSpan=7>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><I><FONT size=2 face=Arial-ItalicMT,Arial,Helvetica,sans-serif>Threats To Person</FONT></I></TD>

   <TD align=right><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>7</FONT></TD>

   <TD align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>.</FONT></TD>

   <TD colSpan=4 align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>Loss resulting directly from surrender of </FONT><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Property </FONT></B><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>away from an office of the</FONT></TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD colSpan=4 align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>ASSURED as a result of a threat communicated to the ASSURED to do bodily</FONT></TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD colSpan=4 align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>harm to an </FONT><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Employee </FONT></B><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>as defined in SECTION 1.e. (1), (2) and (5), a </FONT><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Relative </FONT></B><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>or</FONT></TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD colSpan=4 align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>invitee of such </FONT><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Employee</FONT></B><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>, or a resident of the household of such </FONT><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Employee</FONT></B><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>, who</FONT></TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD colSpan=4 align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>is, or allegedly is, being held captive provided, however, that prior to the surrender</FONT></TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD colSpan=4 align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>of such </FONT><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Property</FONT></B><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>:</FONT></TD></TR>

<TR>

   <TD colSpan=7>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>a.</FONT></TD>

   <TD colSpan=3 align=right><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>the </FONT><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Employee </FONT></B><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>who receives the threat has made a reasonable effort to</FONT></TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD colSpan=3 align=center><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>notify an officer of the ASSURED who is not involved in such threat, and</FONT></TD></TR>

<TR>

   <TD colSpan=7>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>b.</FONT></TD>

   <TD colSpan=3 align=right><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>the ASSURED has made a reasonable effort to notify the Federal Bureau of</FONT></TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD colSpan=3 align=right><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>Investigation and local law enforcement authorities concerning such threat.</FONT></TD></TR>

<TR>

   <TD colSpan=7>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD colSpan=4 align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>It is agreed that for purposes of this INSURING CLAUSE, any </FONT><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Employee </FONT></B><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>of the</FONT></TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD colSpan=4 align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>ASSURED, as set forth in the preceding paragraph, shall be deemed to be an</FONT></TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD colSpan=4 align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>ASSURED hereunder, but only with respect to the surrender of money, securities</FONT></TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD colSpan=4 align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>and other tangible personal property in which such </FONT><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Employee </FONT></B><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>has a legal or</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" colSpan=4 align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>equitable interest.</FONT></TD></TR>

<TR>

   <TD colSpan=7>&nbsp;</TD></TR>

<TR>

   <TD colSpan=7>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><I><FONT size=2 face=Arial-ItalicMT,Arial,Helvetica,sans-serif>Computer System</FONT></I></TD>

   <TD align=right><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>8</FONT></TD>

   <TD align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>.</FONT></TD>

   <TD colSpan=4 align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>Loss resulting directly from fraudulent:</FONT></TD></TR>

<TR>

   <TD colSpan=7>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>a.</FONT></TD>

   <TD colSpan=3 align=right><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>entries of data into, or</FONT></TD></TR>

<TR>

   <TD colSpan=7>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>b.</FONT></TD>

   <TD colSpan=3 align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>changes of data elements or programs within,</FONT></TD></TR>

<TR>

   <TD colSpan=7>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD colSpan=4 align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>a </FONT><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Computer System</FONT></B><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>, provided the fraudulent entry or change causes:</FONT></TD></TR>

<TR>

   <TD colSpan=7>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=right><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>(1</FONT></TD>

   <TD align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>)</FONT></TD>

   <TD align=center><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>funds or other property to be transferred, paid or delivered,</FONT></TD></TR>

<TR>

   <TD colSpan=7>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=right><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>(2</FONT></TD>

   <TD align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>)</FONT></TD>

   <TD align=right><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>an account of the ASSURED or of its customer to be added, deleted,</FONT></TD></TR>

<TR vAlign=bottom>

   <TD colSpan=7 align=center><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>debited or credited, or</FONT></TD></TR>

<TR>

   <TD colSpan=7>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=right><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>(3</FONT></TD>

   <TD align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>)</FONT></TD>

   <TD align=right><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>an unauthorized account or a fictitious account to be debited or</FONT></TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=right><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>credited.</FONT></TD></TR></TABLE></DIV>

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

<DIV align=left>

<TABLE cellSpacing=0 border=0>



<TR>

   <TD width="55%"></TD>

   <TD width="44%"></TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>ICAP Bond (5-98)</FONT></TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>Form 17-02-1421 (Ed. 5-98)</FONT></TD>

   <TD align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>Page 3 of 19</FONT></TD></TR></TABLE></DIV>

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

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<TABLE cellSpacing=0 border=0>



<TR>

   <TD width="22%"></TD>

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   <TD width="64%"></TD></TR>

<TR vAlign=bottom>

   <TD align=left><B><I><FONT size=3 face=Arial-BoldItalicMT,Arial,Helvetica,sans-serif>Insuring Clauses</FONT></I></B></TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><I><FONT size=2 face=Arial-ItalicMT,Arial,Helvetica,sans-serif>(continued)</FONT></I></TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR>

   <TD colSpan=5>&nbsp;</TD></TR>

<TR>

   <TD colSpan=5>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><I><FONT size=2 face=Arial-ItalicMT,Arial,Helvetica,sans-serif>Voice Initiated Funds</FONT></I></TD>

   <TD align=right><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>9</FONT></TD>

   <TD align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>.</FONT></TD>

   <TD colSpan=2 align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>Loss resulting directly from </FONT><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Voice Initiated Funds Transfer Instruction </FONT></B><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>directed</FONT></TD></TR>

<TR vAlign=bottom>

   <TD align=left><I><FONT size=2 face=Arial-ItalicMT,Arial,Helvetica,sans-serif>Transfer Instruction</FONT></I></TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD colSpan=2 align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>to the ASSURED authorizing the transfer of dividends or redemption proceeds of</FONT></TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD colSpan=2 align=left><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Investment Company </FONT></B><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>shares from a </FONT><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Customer's </FONT></B><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>account, provided such </FONT><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Voice</FONT></B></TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD colSpan=2 align=left><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Initiated Funds Transfer Instruction </FONT></B><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>was:</FONT></TD></TR>

<TR>

   <TD colSpan=5>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>a.</FONT></TD>

   <TD align=right><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>received at the ASSURED'S offices by those </FONT><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Employees </FONT></B><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>of the ASSURED</FONT></TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=right><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>specifically authorized to receive the </FONT><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Voice Initiated Funds Transfer</FONT></B></TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=right><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Instruction</FONT></B><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>,</FONT></TD></TR>

<TR>

   <TD colSpan=5>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>b.</FONT></TD>

   <TD align=right><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>made by a person purporting to be a </FONT><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Customer</FONT></B><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>, and</FONT></TD></TR>

<TR>

   <TD colSpan=5>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>c.</FONT></TD>

   <TD align=right><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>made by said person for the purpose of causing the ASSURED or </FONT><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Customer</FONT></B></TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=right><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>to sustain a loss or making an improper personal financial gain for such</FONT></TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=right><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>person or any other person.</FONT></TD></TR>

<TR>

   <TD colSpan=5>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD colSpan=2 align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>In order for coverage to apply under this INSURING CLAUSE, all </FONT><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Voice Initiated</FONT></B></TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD colSpan=2 align=left><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Funds Transfer Instructions </FONT></B><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>must be received and processed in accordance with</FONT></TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD colSpan=2 align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>the Designated Procedures outlined in the APPLICATION furnished to the</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" colSpan=2 align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>COMPANY.</FONT></TD></TR>

<TR>

   <TD colSpan=5>&nbsp;</TD></TR>

<TR>

   <TD colSpan=5>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><I><FONT size=2 face=Arial-ItalicMT,Arial,Helvetica,sans-serif>Uncollectible Items of</FONT></I></TD>

   <TD align=right><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>10</FONT></TD>

   <TD align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>.</FONT></TD>

   <TD colSpan=2 align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>Loss resulting directly from the ASSURED having credited an account of a</FONT></TD></TR>

<TR vAlign=bottom>

   <TD align=left><I><FONT size=2 face=Arial-ItalicMT,Arial,Helvetica,sans-serif>Deposit</FONT></I></TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD colSpan=2 align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>customer, shareholder or subscriber on the faith of any </FONT><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Items of Deposit </FONT></B><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>which</FONT></TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD colSpan=2 align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>prove to be uncollectible, provided that the crediting of such account causes:</FONT></TD></TR>

<TR>

   <TD colSpan=5>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>a.</FONT></TD>

   <TD align=right><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>redemptions or withdrawals to be permitted,</FONT></TD></TR>

<TR>

   <TD colSpan=5>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>b.</FONT></TD>

   <TD align=right><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>shares to be issued, or</FONT></TD></TR>

<TR>

   <TD colSpan=5>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>c.</FONT></TD>

   <TD align=right><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>dividends to be paid,</FONT></TD></TR>

<TR>

   <TD colSpan=5>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD colSpan=5 align=center><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>from an account of an </FONT><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Investment Company</FONT></B><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>.</FONT></TD></TR>

<TR>

   <TD colSpan=5>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD colSpan=2 align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>In order for coverage to apply under this INSURING CLAUSE, the ASSURED</FONT></TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD colSpan=2 align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>must hold </FONT><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Items of Deposit </FONT></B><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>for the minimum number of days stated in the</FONT></TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD colSpan=2 align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>APPLICATION before permitting any redemptions or withdrawals, issuing any</FONT></TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD colSpan=2 align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>shares or paying any dividends with respect to such </FONT><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Items of Deposit</FONT></B><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>.</FONT></TD></TR>

<TR>

   <TD colSpan=5>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD colSpan=2 align=left><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Items of Deposit </FONT></B><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>shall not be deemed uncollectible until the ASSURED'S</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" colSpan=2 align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>standard collection procedures have failed.</FONT></TD></TR>

<TR>

   <TD colSpan=5>&nbsp;</TD></TR>

<TR>

   <TD colSpan=5>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><I><FONT size=2 face=Arial-ItalicMT,Arial,Helvetica,sans-serif>Audit Expense</FONT></I></TD>

   <TD align=right><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>11</FONT></TD>

   <TD align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>.</FONT></TD>

   <TD colSpan=2 align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>Expense incurred by the ASSURED for that part of the cost of audits or</FONT></TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD colSpan=2 align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>examinations required by any governmental regulatory authority or self-regulatory</FONT></TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD colSpan=2 align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>organization to be conducted by such authority, organization or their appointee by</FONT></TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD colSpan=2 align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>reason of the discovery of loss sustained by the ASSURED and covered by this</FONT></TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD colSpan=2 align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>Bond.</FONT></TD></TR></TABLE></DIV>

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<TABLE cellSpacing=0 border=0>



<TR>

   <TD width="55%"></TD>

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<TR vAlign=bottom>

   <TD align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>ICAP Bond (5-98)</FONT></TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>Form 17-02-1421 (Ed. 5-98)</FONT></TD>

   <TD align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>Page 4 of 19</FONT></TD></TR></TABLE></DIV>

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   <TD width="4%"></TD>

   <TD width="4%"></TD>

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

   <TD width="63%"></TD></TR>

<TR vAlign=bottom>

   <TD align=left><B><I><FONT size=3 face=Arial-BoldItalicMT,Arial,Helvetica,sans-serif>General Agreements</FONT></I></B></TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR>

   <TD colSpan=5>&nbsp;</TD></TR>

<TR>

   <TD colSpan=5>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><I><FONT size=2 face=Arial-ItalicMT,Arial,Helvetica,sans-serif>Additional Companies</FONT></I></TD>

   <TD align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>A.</FONT></TD>

   <TD colSpan=3 align=right><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>If more than one corporation, or </FONT><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Investment Company</FONT></B><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>, or any combination of</FONT></TD></TR>

<TR vAlign=bottom>

   <TD align=left><I><FONT size=2 face=Arial-ItalicMT,Arial,Helvetica,sans-serif>Included As Assured</FONT></I></TD>

   <TD align=left>&nbsp;</TD>

   <TD colSpan=3 align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>them is included as the ASSURED herein:</FONT></TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=right><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>(1</FONT></TD>

   <TD align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>)</FONT></TD>

   <TD align=right><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>The total liability of the COMPANY under this Bond for loss or losses</FONT></TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=right><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>sustained by any one or more or all of them shall not exceed the limit for</FONT></TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=right><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>which the COMPANY would be liable under this Bond if all such loss were</FONT></TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>sustained by any one of them.</FONT></TD></TR>

<TR>

   <TD colSpan=5>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=right><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>(2</FONT></TD>

   <TD align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>)</FONT></TD>

   <TD align=right><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>Only the first named ASSURED shall be deemed to be the sole agent of the</FONT></TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=right><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>others for all purposes under this Bond, including but not limited to the giving</FONT></TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=right><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>or receiving of any notice or proof required to be given and for the purpose of</FONT></TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=right><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>effecting or accepting any amendments to or termination of this Bond. The</FONT></TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=right><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>COMPANY shall furnish each </FONT><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Investment Company </FONT></B><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>with a copy of the</FONT></TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=right><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>Bond and with any amendment thereto, together with a copy of each formal</FONT></TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=right><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>filing of claim by any other named ASSURED and notification of the terms of</FONT></TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=right><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>the settlement of each such claim prior to the execution of such settlement.</FONT></TD></TR>

<TR>

   <TD colSpan=5>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=right><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>(3</FONT></TD>

   <TD align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>)</FONT></TD>

   <TD align=right><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>The COMPANY shall not be responsible for the proper application of any</FONT></TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=right><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>payment made hereunder to the first named ASSURED.</FONT></TD></TR>

<TR>

   <TD colSpan=5>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=right><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>(4</FONT></TD>

   <TD align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>)</FONT></TD>

   <TD align=right><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>Knowledge possessed or discovery made by any partner, director, trustee,</FONT></TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=right><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>officer or supervisory employee of any ASSURED shall constitute knowledge</FONT></TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=right><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>or discovery by all the ASSUREDS for the purposes of this Bond.</FONT></TD></TR>

<TR>

   <TD colSpan=5>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=right><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>(5</FONT></TD>

   <TD align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>)</FONT></TD>

   <TD align=right><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>If the first named ASSURED ceases for any reason to be covered under this</FONT></TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=right><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>Bond, then the ASSURED next named on the APPLICATION shall thereafter</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>be considered as the first named ASSURED for the purposes of this Bond.</FONT></TD></TR>

<TR>

   <TD colSpan=5>&nbsp;</TD></TR>

<TR>

   <TD colSpan=5>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><I><FONT size=2 face=Arial-ItalicMT,Arial,Helvetica,sans-serif>Representation Made By</FONT></I></TD>

   <TD align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>B.</FONT></TD>

   <TD colSpan=3 align=right><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>The ASSURED represents that all information it has furnished in the</FONT></TD></TR>

<TR vAlign=bottom>

   <TD align=left><I><FONT size=2 face=Arial-ItalicMT,Arial,Helvetica,sans-serif>Assured</FONT></I></TD>

   <TD align=left>&nbsp;</TD>

   <TD colSpan=3 align=right><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>APPLICATION for this Bond or otherwise is complete, true and correct. Such</FONT></TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD colSpan=3 align=right><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>APPLICATION and other information constitute part of this Bond.</FONT></TD></TR>

<TR>

   <TD colSpan=5>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD colSpan=3 align=right><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>The ASSURED must promptly notify the COMPANY of any change in any fact or</FONT></TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD colSpan=3 align=right><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>circumstance which materially affects the risk assumed by the COMPANY under</FONT></TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD colSpan=3 align=right><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>this Bond.</FONT></TD></TR>

<TR>

   <TD colSpan=5>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD colSpan=3 align=right><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>Any intentional misrepresentation, omission, concealment or incorrect statement of</FONT></TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD colSpan=3 align=right><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>a material fact, in the APPLICATION or otherwise, shall be grounds for recision of</FONT></TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD colSpan=3 align=right><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>this Bond.</FONT></TD></TR></TABLE></DIV>

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<TR>

   <TD width="55%"></TD>

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   <TD align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>ICAP Bond (5-98)</FONT></TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>Form 17-02-1421 (Ed. 5-98)</FONT></TD>

   <TD align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>Page 5 of 19</FONT></TD></TR></TABLE></DIV>

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   <TD align=left><B><I><FONT size=3 face=Arial-BoldItalicMT,Arial,Helvetica,sans-serif>General Agreements</FONT></I></B></TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

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   <TD align=left><I><FONT size=2 face=Arial-ItalicMT,Arial,Helvetica,sans-serif>(continued)</FONT></I></TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR>

   <TD colSpan=5>&nbsp;</TD></TR>

<TR>

   <TD colSpan=5>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><I><FONT size=2 face=Arial-ItalicMT,Arial,Helvetica,sans-serif>Additional Offices Or</FONT></I></TD>

   <TD align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>C.</FONT></TD>

   <TD colSpan=3 align=right><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>If the ASSURED, other than an </FONT><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Investment Company</FONT></B><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>, while this Bond is in force,</FONT></TD></TR>

<TR vAlign=bottom>

   <TD align=left><I><FONT size=2 face=Arial-ItalicMT,Arial,Helvetica,sans-serif>Employees - Consolidation,</FONT></I></TD>

   <TD align=left>&nbsp;</TD>

   <TD colSpan=3 align=right><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>merges or consolidates with, or purchases or acquires assets or liabilities of</FONT></TD></TR>

<TR vAlign=bottom>

   <TD align=left><I><FONT size=2 face=Arial-ItalicMT,Arial,Helvetica,sans-serif>Merger Or Purchase Or</FONT></I></TD>

   <TD align=left>&nbsp;</TD>

   <TD colSpan=3 align=right><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>another institution, the ASSURED shall not have the coverage afforded under this</FONT></TD></TR>

<TR vAlign=bottom>

   <TD align=left><I><FONT size=2 face=Arial-ItalicMT,Arial,Helvetica,sans-serif>Acquisition Of Assets Or</FONT></I></TD>

   <TD align=left>&nbsp;</TD>

   <TD colSpan=3 align=right><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>Bond for loss which has:</FONT></TD></TR>

<TR vAlign=bottom>

   <TD align=left><I><FONT size=2 face=Arial-ItalicMT,Arial,Helvetica,sans-serif>Liabilities - Notice To</FONT></I></TD>

   <TD align=left>&nbsp;</TD>

   <TD align=right><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>(1</FONT></TD>

   <TD align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>)</FONT></TD>

   <TD align=right><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>occurred or will occur on premises, or</FONT></TD></TR>

<TR vAlign=bottom>

   <TD align=left><I><FONT size=2 face=Arial-ItalicMT,Arial,Helvetica,sans-serif>Company</FONT></I></TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=right><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>(2</FONT></TD>

   <TD align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>)</FONT></TD>

   <TD align=right><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>been caused or will be caused by an employee, or</FONT></TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=right><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>(3</FONT></TD>

   <TD align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>)</FONT></TD>

   <TD align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>arisen or will arise out of the assets or liabilities,</FONT></TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD colSpan=3 align=right><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>of such institution, unless the ASSURED:</FONT></TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=right><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>a.</FONT></TD>

   <TD align=left>&nbsp;</TD>

   <TD align=right><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>gives the COMPANY written notice of the proposed consolidation, merger or</FONT></TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=right><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>purchase or acquisition of assets or liabilities prior to the proposed effective</FONT></TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=right><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>date of such action, and</FONT></TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=right><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>b.</FONT></TD>

   <TD align=left>&nbsp;</TD>

   <TD align=right><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>obtains the written consent of the COMPANY to extend some or all of the</FONT></TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=right><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>coverage provided by this Bond to such additional exposure, and</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>c.</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>on obtaining such consent, pays to the COMPANY an additional premium.</FONT></TD></TR>

<TR>

   <TD colSpan=5>&nbsp;</TD></TR>

<TR>

   <TD colSpan=5>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><I><FONT size=2 face=Arial-ItalicMT,Arial,Helvetica,sans-serif>Change Of Control -</FONT></I></TD>

   <TD align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>D.</FONT></TD>

   <TD colSpan=3 align=right><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>When the ASSURED learns of a change in control (other than in an </FONT><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Investment</FONT></B></TD></TR>

<TR vAlign=bottom>

   <TD align=left><I><FONT size=2 face=Arial-ItalicMT,Arial,Helvetica,sans-serif>Notice To Company</FONT></I></TD>

   <TD align=left>&nbsp;</TD>

   <TD colSpan=3 align=right><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Company</FONT></B><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>), as set forth in Section 2(a) (9) of the Investment Company Act of</FONT></TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=right><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>1940,</FONT></TD>

   <TD align=left>&nbsp;</TD>

   <TD align=right><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>the ASSURED shall within sixty (60) days give written notice to the</FONT></TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD colSpan=3 align=right><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>COMPANY setting forth:</FONT></TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=right><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>(1</FONT></TD>

   <TD align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>)</FONT></TD>

   <TD align=right><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>the names of the transferors and transferees (or the names of the beneficial</FONT></TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=right><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>owners if the voting securities are registered in another name),</FONT></TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=right><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>(2</FONT></TD>

   <TD align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>)</FONT></TD>

   <TD align=right><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>the total number of voting securities owned by the transferors and the</FONT></TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=right><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>transferees (or the beneficial owners), both immediately before and after the</FONT></TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>transfer, and</FONT></TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=right><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>(3</FONT></TD>

   <TD align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>)</FONT></TD>

   <TD align=right><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>the total number of outstanding voting securities.</FONT></TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD colSpan=3 align=right><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>Failure to give the required notice shall result in termination of coverage for any</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" colSpan=3 align=right><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>loss involving a transferee, to be effective on the date of such change in control.</FONT></TD></TR>

<TR>

   <TD colSpan=5>&nbsp;</TD></TR>

<TR>

   <TD colSpan=5>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><I><FONT size=2 face=Arial-ItalicMT,Arial,Helvetica,sans-serif>Court Costs And</FONT></I></TD>

   <TD align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>E.</FONT></TD>

   <TD colSpan=3 align=right><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>The COMPANY will indemnify the ASSURED for court costs and reasonable</FONT></TD></TR>

<TR vAlign=bottom>

   <TD align=left><I><FONT size=2 face=Arial-ItalicMT,Arial,Helvetica,sans-serif>Attorneys&#8217; Fees</FONT></I></TD>

   <TD align=left>&nbsp;</TD>

   <TD colSpan=3 align=right><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>attorneys' fees incurred and paid by the ASSURED in defense, whether or not</FONT></TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD colSpan=3 align=right><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>successful, whether or not fully litigated on the merits and whether or not settled,</FONT></TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD colSpan=3 align=right><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>of any claim, suit or legal proceeding with respect to which the ASSURED would</FONT></TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD colSpan=3 align=right><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>be entitled to recovery under this Bond. However, with respect to INSURING</FONT></TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD colSpan=3 align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>CLAUSE 1., this Section shall only apply in the event that:</FONT></TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=right><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>(1</FONT></TD>

   <TD align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>)</FONT></TD>

   <TD align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>an </FONT><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Employee </FONT></B><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>admits to being guilty of </FONT><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Larceny or Embezzlement</FONT></B><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>,</FONT></TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=right><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>(2</FONT></TD>

   <TD align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>)</FONT></TD>

   <TD align=right><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>an </FONT><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Employee </FONT></B><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>is adjudicated to be guilty of </FONT><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Larceny or Embezzlement</FONT></B><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>, or</FONT></TD></TR></TABLE></DIV>

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   <TD align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>ICAP Bond (5-98)</FONT></TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>Form 17-02-1421 (Ed. 5-98)</FONT></TD>

   <TD align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>Page 6 of 19</FONT></TD></TR></TABLE></DIV>

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<TR>

   <TD width="26%"></TD>

   <TD width="7%"></TD>

   <TD width="66%"></TD></TR>

<TR vAlign=bottom>

   <TD align=left><B><I><FONT size=3 face=Arial-BoldItalicMT,Arial,Helvetica,sans-serif>General Agreements</FONT></I></B></TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR>

   <TD colSpan=3>&nbsp;</TD></TR>

<TR>

   <TD colSpan=3>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><I><FONT size=2 face=Arial-ItalicMT,Arial,Helvetica,sans-serif>Court Costs And</FONT></I></TD>

   <TD align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>(3)</FONT></TD>

   <TD align=right><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>in the absence of 1 or 2 above, an arbitration panel agrees, after a review of</FONT></TD></TR>

<TR vAlign=bottom>

   <TD align=left><I><FONT size=2 face=Arial-ItalicMT,Arial,Helvetica,sans-serif>Attorneys&#8217; Fees</FONT></I></TD>

   <TD align=left>&nbsp;</TD>

   <TD align=right><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>an agreed statement of facts between the COMPANY and the ASSURED,</FONT></TD></TR>

<TR vAlign=bottom>

   <TD align=left><I><FONT size=2 face=Arial-ItalicMT,Arial,Helvetica,sans-serif>(continued)</FONT></I></TD>

   <TD align=left>&nbsp;</TD>

   <TD align=right><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>that an </FONT><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Employee </FONT></B><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>would be found guilty of </FONT><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Larceny or Embezzlement </FONT></B><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>if</FONT></TD></TR>

<TR vAlign=bottom>

   <TD colSpan=3 align=center><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>such </FONT><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Employee </FONT></B><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>were prosecuted.</FONT></TD></TR>

<TR>

   <TD colSpan=3>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD colSpan=2 align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>The ASSURED shall promptly give notice to the COMPANY of any such suit or</FONT></TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD colSpan=2 align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>legal proceeding and at the request of the COMPANY shall furnish copies of all</FONT></TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD colSpan=2 align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>pleadings and pertinent papers to the COMPANY. The COMPANY may, at its</FONT></TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD colSpan=2 align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>sole option, elect to conduct the defense of all or part of such legal proceeding.</FONT></TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD colSpan=2 align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>The defense by the COMPANY shall be in the name of the ASSURED through</FONT></TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD colSpan=2 align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>attorneys selected by the COMPANY. The ASSURED shall provide all reasonable</FONT></TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD colSpan=2 align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>information and assistance as required by the COMPANY for such defense.</FONT></TD></TR>

<TR>

   <TD colSpan=3>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD colSpan=2 align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>If the COMPANY declines to defend the ASSURED, no settlement without the</FONT></TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD colSpan=2 align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>prior written consent of the COMPANY nor judgment against the ASSURED shall</FONT></TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD colSpan=2 align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>determine the existence, extent or amount of coverage under this Bond.</FONT></TD></TR>

<TR>

   <TD colSpan=3>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD colSpan=2 align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>If the amount demanded in any such suit or legal proceeding is within the</FONT></TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD colSpan=2 align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>DEDUCTIBLE AMOUNT, if any, the COMPANY shall have no liability for court</FONT></TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD colSpan=2 align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>costs and attorney's fees incurred in defending all or part of such suit or legal</FONT></TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD colSpan=2 align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>proceeding.</FONT></TD></TR>

<TR>

   <TD colSpan=3>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD colSpan=2 align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>If the amount demanded in any such suit or legal proceeding is in excess of the</FONT></TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD colSpan=2 align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>LIMIT OF LIABILITY stated in ITEM 2. of the DECLARATIONS for the applicable</FONT></TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD colSpan=2 align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>INSURING CLAUSE, the COMPANY'S liability for court costs and attorney's fees</FONT></TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD colSpan=2 align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>incurred in defending all or part of such suit or legal proceedings is limited to the</FONT></TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD colSpan=2 align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>proportion of such court costs and attorney's fees incurred that the LIMIT OF</FONT></TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD colSpan=2 align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>LIABILITY stated in ITEM 2. of the DECLARATIONS for the applicable INSURING</FONT></TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD colSpan=2 align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>CLAUSE bears to the total of the amount demanded in such suit or legal</FONT></TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD colSpan=2 align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>proceeding.</FONT></TD></TR>

<TR>

   <TD colSpan=3>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD colSpan=2 align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>If the amount demanded is any such suit or legal proceeding is in excess of the</FONT></TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD colSpan=2 align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>DEDUCTIBLE AMOUNT, if any, but within the LIMIT OF LIABILITY stated in ITEM</FONT></TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>2.</FONT></TD>

   <TD align=right><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>of the DECLARATIONS for the applicable INSURING CLAUSE, the</FONT></TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD colSpan=2 align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>COMPANY'S liability for court costs and attorney's fees incurred in defending all or</FONT></TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD colSpan=2 align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>part of such suit or legal proceedings shall be limited to the proportion of such</FONT></TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD colSpan=2 align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>court costs or attorney's fees that the amount demanded that would be payable</FONT></TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD colSpan=2 align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>under this Bond after application of the DEDUCTIBLE AMOUNT, bears to the total</FONT></TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD colSpan=2 align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>amount demanded.</FONT></TD></TR>

<TR>

   <TD colSpan=3>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD colSpan=2 align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>Amounts paid by the COMPANY for court costs and attorneys' fees shall be in</FONT></TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD colSpan=2 align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>addition to the LIMIT OF LIABILITY stated in ITEM 2. of the DECLARATIONS.</FONT></TD></TR></TABLE></DIV>

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   <TD align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>ICAP Bond (5-98)</FONT></TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>Form 17-02-1421 (Ed. 5-98)</FONT></TD>

   <TD align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>Page 7 of 19</FONT></TD></TR></TABLE></DIV>

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   <TD align=left><B><I><FONT size=3 face=Arial-BoldItalicMT,Arial,Helvetica,sans-serif>Conditions and</FONT></I></B></TD>

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   <TD align=left><B><I><FONT size=3 face=Arial-BoldItalicMT,Arial,Helvetica,sans-serif>Limitations</FONT></I></B></TD>

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   <TD align=left><I><FONT size=2 face=Arial-ItalicMT,Arial,Helvetica,sans-serif>Definitions</FONT></I></TD>

   <TD align=right><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>1</FONT></TD>

   <TD align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>.</FONT></TD>

   <TD colSpan=4 align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>As used in this Bond:</FONT></TD></TR>

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   <TD align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>a.</FONT></TD>

   <TD colSpan=3 align=right><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Computer System </FONT></B><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>means a computer and all input, output, processing,</FONT></TD></TR>

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   <TD colSpan=3 align=right><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>storage, off-line media libraries, and communication facilities which are</FONT></TD></TR>

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   <TD colSpan=3 align=right><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>connected to the computer and which are under the control and supervision</FONT></TD></TR>

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   <TD colSpan=3 align=right><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>of the operating system(s) or application(s) software used by the ASSURED.</FONT></TD></TR>

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   <TD align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>b.</FONT></TD>

   <TD colSpan=3 align=right><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Counterfeit </FONT></B><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>means an imitation of an actual valid original which is intended</FONT></TD></TR>

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   <TD colSpan=3 align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>to deceive and be taken as the original.</FONT></TD></TR>

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   <TD align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>c.</FONT></TD>

   <TD colSpan=3 align=right><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Custodian </FONT></B><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>means the institution designated by an </FONT><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Investment Company </FONT></B><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>to</FONT></TD></TR>

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   <TD colSpan=3 align=right><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>maintain possession and control of its assets.</FONT></TD></TR>

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   <TD align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>d.</FONT></TD>

   <TD colSpan=3 align=right><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Customer </FONT></B><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>means an individual, corporate, partnership, trust customer,</FONT></TD></TR>

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   <TD colSpan=3 align=right><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>shareholder or subscriber of an </FONT><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Investment Company </FONT></B><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>which has a written</FONT></TD></TR>

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   <TD colSpan=3 align=right><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>agreement with the ASSURED for </FONT><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Voice Initiated Funds Transfer</FONT></B></TD></TR>

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   <TD colSpan=3 align=right><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Instruction</FONT></B><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>.</FONT></TD></TR>

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   <TD align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>e.</FONT></TD>

   <TD colSpan=3 align=left><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Employee </FONT></B><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>means:</FONT></TD></TR>

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   <TD align=right><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>(1</FONT></TD>

   <TD align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>)</FONT></TD>

   <TD align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>an officer of the ASSURED,</FONT></TD></TR>

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   <TD align=right><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>(2</FONT></TD>

   <TD align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>)</FONT></TD>

   <TD align=right><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>a natural person while in the regular service of the ASSURED at any of</FONT></TD></TR>

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   <TD align=right><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>the ASSURED'S premises and compensated directly by the ASSURED</FONT></TD></TR>

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   <TD align=right><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>through its payroll system and subject to the United States Internal</FONT></TD></TR>

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   <TD align=right><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>Revenue Service Form W-2 or equivalent income reporting plans of</FONT></TD></TR>

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   <TD align=right><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>other countries, and whom the ASSURED has the right to control and</FONT></TD></TR>

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   <TD align=right><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>direct both as to the result to be accomplished and details and means</FONT></TD></TR>

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   <TD align=right><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>by which such result is accomplished in the performance of such</FONT></TD></TR>

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   <TD align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>service,</FONT></TD></TR>

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   <TD align=right><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>(3</FONT></TD>

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   <TD align=right><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>a guest student pursuing studies or performing duties in any of the</FONT></TD></TR>

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   <TD colSpan=7 align=center><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>ASSURED'S premises,</FONT></TD></TR>

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   <TD align=right><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>(4</FONT></TD>

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   <TD align=right><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>an attorney retained by the ASSURED and an employee of such</FONT></TD></TR>

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   <TD align=right><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>attorney while either is performing legal services for the ASSURED,</FONT></TD></TR>

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   <TD align=right><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>(5</FONT></TD>

   <TD align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>)</FONT></TD>

   <TD align=right><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>a natural person provided by an employment contractor to perform</FONT></TD></TR>

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   <TD align=right><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>employee duties for the ASSURED under the ASSURED'S supervision</FONT></TD></TR>

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   <TD align=right><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>at any of the ASSURED'S premises,</FONT></TD></TR>

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   <TD align=right><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>(6</FONT></TD>

   <TD align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>)</FONT></TD>

   <TD align=right><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>an employee of an institution merged or consolidated with the</FONT></TD></TR>

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   <TD align=right><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>ASSURED prior to the effective date of this Bond,</FONT></TD></TR>

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   <TD align=right><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>(7</FONT></TD>

   <TD align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>)</FONT></TD>

   <TD align=right><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>a director or trustee of the ASSURED, but only while performing acts</FONT></TD></TR>

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   <TD align=right><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>within the scope of the customary and usual duties of any officer or</FONT></TD></TR>

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   <TD align=right><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>other employee of the ASSURED or while acting as a member of any</FONT></TD></TR>

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   <TD align=right><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>committee duly elected or appointed to examine or audit or have</FONT></TD></TR>

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   <TD align=right><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>custody of or access to </FONT><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Property </FONT></B><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>of the ASSURED, or</FONT></TD></TR></TABLE></DIV>

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   <TD align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>ICAP Bond (5-98)</FONT></TD>

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   <TD align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>Form 17-02-1421 (Ed. 5-98)</FONT></TD>

   <TD align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>Page 8 of 19</FONT></TD></TR></TABLE></DIV>

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   <TD align=left><B><I><FONT size=3 face=Arial-BoldItalicMT,Arial,Helvetica,sans-serif>Conditions and</FONT></I></B></TD>

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   <TD align=left><B><I><FONT size=3 face=Arial-BoldItalicMT,Arial,Helvetica,sans-serif>Limitations</FONT></I></B></TD>

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   <TD align=left><I><FONT size=2 face=Arial-ItalicMT,Arial,Helvetica,sans-serif>Definitions</FONT></I></TD>

   <TD align=right><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>(8</FONT></TD>

   <TD align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>)</FONT></TD>

   <TD colSpan=2 align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>each natural person, partnership or corporation authorized by written</FONT></TD></TR>

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   <TD align=left><I><FONT size=2 face=Arial-ItalicMT,Arial,Helvetica,sans-serif>(continued)</FONT></I></TD>

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   <TD colSpan=2 align=right><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>agreement with the ASSURED to perform services as electronic data</FONT></TD></TR>

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   <TD colSpan=2 align=right><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>processor of checks or other accounting records related to such checks but</FONT></TD></TR>

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   <TD colSpan=2 align=right><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>only while such person, partnership or corporation is actually performing</FONT></TD></TR>

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   <TD colSpan=2 align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>such services and not:</FONT></TD></TR>

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   <TD align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>a.</FONT></TD>

   <TD align=right><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>creating, preparing, modifying or maintaining the ASSURED'S</FONT></TD></TR>

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   <TD align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>computer software or programs, or</FONT></TD></TR>

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   <TD align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>b.</FONT></TD>

   <TD align=right><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>acting as transfer agent or in any other agency capacity in issuing</FONT></TD></TR>

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   <TD align=right><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>checks, drafts or securities for the ASSURED,</FONT></TD></TR>

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<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=right><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>(9</FONT></TD>

   <TD align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>)</FONT></TD>

   <TD colSpan=2 align=right><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>any partner, officer or employee of an investment advisor, an underwriter</FONT></TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD colSpan=2 align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>(distributor), a transfer agent or shareholder accounting recordkeeper, or an</FONT></TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD colSpan=2 align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>administrator, for an </FONT><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Investment Company </FONT></B><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>while performing acts coming</FONT></TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD colSpan=2 align=right><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>within the scope of the customary and usual duties of an officer or employee</FONT></TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD colSpan=2 align=right><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>of an </FONT><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Investment Company </FONT></B><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>or acting as a member of any committee duly</FONT></TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD colSpan=2 align=right><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>elected or appointed to examine, audit or have custody of or access to</FONT></TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD colSpan=2 align=left><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Property </FONT></B><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>of </FONT><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>an Investment Company</FONT></B><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>.</FONT></TD></TR>

<TR>

   <TD colSpan=5>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD colSpan=2 align=right><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>The term </FONT><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Employee </FONT></B><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>shall not include any partner, officer or employee of a</FONT></TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD colSpan=2 align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>transfer agent, shareholder accounting recordkeeper or administrator:</FONT></TD></TR>

<TR>

   <TD colSpan=5>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>a.</FONT></TD>

   <TD align=right><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>which is not an "affiliated person" (as defined in Section 2(a) of the</FONT></TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=right><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>Investment Company Act of 1940) of an </FONT><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Investment Company </FONT></B><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>or of</FONT></TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=right><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>the investment advisor or underwriter (distributor) of such </FONT><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Investment</FONT></B></TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=right><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Company</FONT></B><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>, or</FONT></TD></TR>

<TR>

   <TD colSpan=5>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>b.</FONT></TD>

   <TD align=right><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>which is a "bank" (as defined in Section 2(a) of the Investment</FONT></TD></TR>

<TR vAlign=bottom>

   <TD colSpan=5 align=center><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>Company Act of 1940).</FONT></TD></TR>

<TR>

   <TD colSpan=5>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=right><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>This Bond does not afford coverage in favor of the employers of</FONT></TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=right><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>persons as set forth in e. (4), (5) and (8) above, and upon payment to</FONT></TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=right><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>the ASSURED by the COMPANY resulting directly from </FONT><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Larceny or</FONT></B></TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=right><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Embezzlement </FONT></B><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>committed by any of the partners, officers or</FONT></TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=right><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>employees of such employers, whether acting alone or in collusion with</FONT></TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=right><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>others, an assignment of such of the ASSURED'S rights and causes of</FONT></TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=right><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>action as it may have against such employers by reason of such acts</FONT></TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=right><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>so committed shall, to the extent of such payment, be given by the</FONT></TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=right><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>ASSURED to the COMPANY, and the ASSURED shall execute all</FONT></TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=right><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>papers necessary to secure to the COMPANY the rights provided for</FONT></TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=right><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>herein.</FONT></TD></TR>

<TR>

   <TD colSpan=5>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD colSpan=2 align=right><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>Each employer of persons as set forth in e.(4), (5) and (8) above and the</FONT></TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD colSpan=2 align=right><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>partners, officers and other employees of such employers shall collectively</FONT></TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD colSpan=2 align=right><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>be deemed to be one person for all the purposes of this Bond; excepting,</FONT></TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD colSpan=2 align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>however, the fifth paragraph of Section 13.</FONT></TD></TR>

<TR>

   <TD colSpan=5>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD colSpan=2 align=right><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>Independent contractors not specified in e.(4), (5) or (8) above,</FONT></TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD colSpan=2 align=right><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>intermediaries, agents, brokers or other representatives of the same general</FONT></TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD colSpan=2 align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>character shall not be considered </FONT><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Employees</FONT></B><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>.</FONT></TD></TR></TABLE></DIV>

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

<DIV align=left>

<TABLE cellSpacing=0 border=0>



<TR>

   <TD width="55%"></TD>

   <TD width="44%"></TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>ICAP Bond (5-98)</FONT></TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>Form 17-02-1421 (Ed. 5-98)</FONT></TD>

   <TD align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>Page 9 of 19</FONT></TD></TR></TABLE></DIV>

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

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<TR>

   <TD width="23%"></TD>

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

   <TD width="65%"></TD></TR>

<TR vAlign=bottom>

   <TD align=left><B><I><FONT size=3 face=Arial-BoldItalicMT,Arial,Helvetica,sans-serif>Conditions and</FONT></I></B></TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><B><I><FONT size=3 face=Arial-BoldItalicMT,Arial,Helvetica,sans-serif>Limitations</FONT></I></B></TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR>

   <TD colSpan=3>&nbsp;</TD></TR>

<TR>

   <TD colSpan=3>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><I><FONT size=2 face=Arial-ItalicMT,Arial,Helvetica,sans-serif>Definitions</FONT></I></TD>

   <TD align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>f.</FONT></TD>

   <TD align=left><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Forgery </FONT></B><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>means the signing of the name of another natural person with the</FONT></TD></TR>

<TR vAlign=bottom>

   <TD align=left><I><FONT size=2 face=Arial-ItalicMT,Arial,Helvetica,sans-serif>(continued)</FONT></I></TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>intent to deceive but does not mean a signature which consists in whole or in</FONT></TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>part of one's own name, with or without authority, in any capacity for any</FONT></TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>purpose.</FONT></TD></TR>

<TR>

   <TD colSpan=3>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>g.</FONT></TD>

   <TD align=left><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Investment Company </FONT></B><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>means any investment company registered under the</FONT></TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>Investment Company Act of 1940 and listed under the NAME OF ASSURED</FONT></TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>on the DECLARATIONS.</FONT></TD></TR>

<TR>

   <TD colSpan=3>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>h.</FONT></TD>

   <TD align=left><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Items of Deposit </FONT></B><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>means one or more checks or drafts drawn upon a</FONT></TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>financial institution in the United States of America.</FONT></TD></TR>

<TR>

   <TD colSpan=3>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>i.</FONT></TD>

   <TD align=left><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Larceny or Embezzlement </FONT></B><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>means larceny or embezzlement as defined in</FONT></TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>Section 37 of the Investment Company Act of 1940.</FONT></TD></TR>

<TR>

   <TD colSpan=3>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>j.</FONT></TD>

   <TD align=left><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Property </FONT></B><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>means money, revenue and other stamps; securities; including any</FONT></TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>note, stock, treasury stock, bond, debenture, evidence of indebtedness,</FONT></TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>certificate of deposit, certificate of interest or participation in any profit-</FONT></TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>sharing agreement, collateral trust certificate, preorganization certificate or</FONT></TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>subscription, transferable share, investment contract, voting trust certificate,</FONT></TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>certificate of deposit for a security, fractional undivided interest in oil, gas, or</FONT></TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>other mineral rights, any interest or instruments commonly known as a</FONT></TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>security under the Investment Company Act of 1940, any other certificate of</FONT></TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>interest or participation in, temporary or interim certificate for, receipt for,</FONT></TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>guarantee of, or warrant or right to subscribe to or purchase any of the</FONT></TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>foregoing; bills of exchange; acceptances; checks; withdrawal orders; money</FONT></TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>orders; travelers' letters of credit; bills of lading; abstracts of title; insurance</FONT></TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>policies, deeds, mortgages on real estate and/or upon chattels and interests</FONT></TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>therein; assignments of such policies, deeds or mortgages; other valuable</FONT></TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>papers, including books of accounts and other records used by the</FONT></TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>ASSURED in the conduct of its business (but excluding all electronic data</FONT></TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>processing records); and, all other instruments similar to or in the nature of</FONT></TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>the foregoing in which the ASSURED acquired an interest at the time of the</FONT></TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>ASSURED'S consolidation or merger with, or purchase of the principal</FONT></TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>assets of, a predecessor or which are held by the ASSURED for any</FONT></TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>purpose or in any capacity and whether so held gratuitously or not and</FONT></TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>whether or not the ASSURED is liable therefor.</FONT></TD></TR>

<TR>

   <TD colSpan=3>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>k.</FONT></TD>

   <TD align=left><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Relative </FONT></B><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>means the spouse of an </FONT><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Employee </FONT></B><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>or partner of the ASSURED</FONT></TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>and any unmarried child supported wholly by, or living in the home of, such</FONT></TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Employee </FONT></B><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>or partner and being related to them by blood, marriage or legal</FONT></TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>guardianship.</FONT></TD></TR>

<TR>

   <TD colSpan=3>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>l.</FONT></TD>

   <TD align=left><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Securities, documents or other written instruments </FONT></B><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>means original</FONT></TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>(including original counterparts) negotiable or non-negotiable instruments, or</FONT></TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>assignments thereof, which in and of themselves represent an equitable</FONT></TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>interest, ownership, or debt and which are in the ordinary course of business</FONT></TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>transferable by delivery of such instruments with any necessary</FONT></TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>endorsements or assignments.</FONT></TD></TR></TABLE></DIV>

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   <TD align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>ICAP Bond (5-98)</FONT></TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>Form 17-02-1421 (Ed. 5-98)</FONT></TD>

   <TD align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>Page 10 of 19</FONT></TD></TR></TABLE></DIV>

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   <TD align=left><B><I><FONT size=3 face=Arial-BoldItalicMT,Arial,Helvetica,sans-serif>Conditions and</FONT></I></B></TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><B><I><FONT size=3 face=Arial-BoldItalicMT,Arial,Helvetica,sans-serif>Limitations</FONT></I></B></TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR>

   <TD colSpan=5>&nbsp;</TD></TR>

<TR>

   <TD colSpan=5>&nbsp;</TD></TR>

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   <TD align=left><I><FONT size=2 face=Arial-ItalicMT,Arial,Helvetica,sans-serif>Definitions</FONT></I></TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>m.</FONT></TD>

   <TD align=left><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Subsidiary </FONT></B><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>means any organization that, at the inception date of this Bond,</FONT></TD></TR>

<TR vAlign=bottom>

   <TD align=left><I><FONT size=2 face=Arial-ItalicMT,Arial,Helvetica,sans-serif>(continued)</FONT></I></TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>is named in the APPLICATION or is created during the BOND PERIOD and</FONT></TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>of which more than fifty percent (50%) of the outstanding securities or voting</FONT></TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>rights representing the present right to vote for election of directors is owned</FONT></TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>or controlled by the ASSURED either directly or through one or more of its</FONT></TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>subsidiaries.</FONT></TD></TR>

<TR>

   <TD colSpan=5>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>n.</FONT></TD>

   <TD align=left><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Transportation Company </FONT></B><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>means any organization which provides its own</FONT></TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>or its leased vehicles for transportation or which provides freight forwarding</FONT></TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>or air express services.</FONT></TD></TR>

<TR>

   <TD colSpan=5>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>o.</FONT></TD>

   <TD align=left><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Voice Initiated Election </FONT></B><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>means any election concerning dividend options</FONT></TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>available to </FONT><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Investment Company </FONT></B><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>shareholders or subscribers which is</FONT></TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>requested by voice over the telephone.</FONT></TD></TR>

<TR>

   <TD colSpan=5>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>p.</FONT></TD>

   <TD align=left><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Voice Initiated Redemption </FONT></B><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>means any redemption of shares issued by an</FONT></TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Investment Company </FONT></B><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>which is requested by voice over the telephone.</FONT></TD></TR>

<TR>

   <TD colSpan=5>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>q.</FONT></TD>

   <TD align=left><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Voice Initiated Funds Transfer Instruction </FONT></B><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>means any </FONT><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Voice Initiated</FONT></B></TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Redemption </FONT></B><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>or </FONT><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Voice Initiated Election</FONT></B><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>.</FONT></TD></TR>

<TR>

   <TD colSpan=5>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD colSpan=2 align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>For the purposes of these definitions, the singular includes the plural and the</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" colSpan=2 align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>plural includes the singular, unless otherwise indicated.</FONT></TD></TR>

<TR>

   <TD colSpan=5>&nbsp;</TD></TR>

<TR>

   <TD colSpan=5>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><I><FONT size=2 face=Arial-ItalicMT,Arial,Helvetica,sans-serif>General Exclusions -</FONT></I></TD>

   <TD align=right><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>2</FONT></TD>

   <TD align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>.</FONT></TD>

   <TD colSpan=2 align=left><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>This bond does not directly or indirectly cover:</FONT></B></TD></TR>

<TR>

   <TD colSpan=5>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><I><FONT size=2 face=Arial-ItalicMT,Arial,Helvetica,sans-serif>Applicable to All Insuring</FONT></I></TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>a.</FONT></TD>

   <TD align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>loss not reported to the COMPANY in writing within sixty (60) days after</FONT></TD></TR>

<TR vAlign=bottom>

   <TD align=left><I><FONT size=2 face=Arial-ItalicMT,Arial,Helvetica,sans-serif>Clauses</FONT></I></TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>termination of this Bond as an entirety;</FONT></TD></TR>

<TR>

   <TD colSpan=5>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>b.</FONT></TD>

   <TD align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>loss due to riot or civil commotion outside the United States of America and</FONT></TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>Canada, or any loss due to military, naval or usurped power, war or</FONT></TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>insurrection. This Section 2.b., however, shall not apply to loss which occurs</FONT></TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>in transit in the circumstances recited in INSURING CLAUSE 3., provided</FONT></TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>that when such transit was initiated there was no knowledge on the part of</FONT></TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>any person acting for the ASSURED of such riot, civil commotion, military,</FONT></TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>naval or usurped power, war or insurrection;</FONT></TD></TR>

<TR>

   <TD colSpan=5>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>c.</FONT></TD>

   <TD align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>loss resulting from the effects of nuclear fission or fusion or radioactivity;</FONT></TD></TR>

<TR>

   <TD colSpan=5>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>d.</FONT></TD>

   <TD align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>loss of potential income including, but not limited to, interest and dividends</FONT></TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>not realized by the ASSURED or by any customer of the ASSURED;</FONT></TD></TR>

<TR>

   <TD colSpan=5>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>e.</FONT></TD>

   <TD align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>damages of any type for which the ASSURED is legally liable, except</FONT></TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>compensatory damages, but not multiples thereof, arising from a loss</FONT></TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>covered under this Bond;</FONT></TD></TR>

<TR>

   <TD colSpan=5>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>f.</FONT></TD>

   <TD align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>costs, fees and expenses incurred by the ASSURED in establishing the</FONT></TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>existence of or amount of loss under this Bond, except to the extent covered</FONT></TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>under INSURING CLAUSE 11.;</FONT></TD></TR>

<TR>

   <TD colSpan=5>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>g.</FONT></TD>

   <TD align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>loss resulting from indirect or consequential loss of any nature;</FONT></TD></TR></TABLE></DIV>

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<TR>

   <TD width="54%"></TD>

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   <TD align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>ICAP Bond (5-98)</FONT></TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>Form 17-02-1421 (Ed. 5-98)</FONT></TD>

   <TD align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>Page 11 of 19</FONT></TD></TR></TABLE></DIV>

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<B><I><FONT size=3 face="Arial-BoldItalicMT,Arial,Helvetica,sans-serif">Conditions and</FONT></I></B></TD>
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<B><I><FONT size=3 face="Arial-BoldItalicMT,Arial,Helvetica,sans-serif">Limitations</FONT></I></B></TD>
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<I><FONT size=2 face="Arial-ItalicMT,Arial,Helvetica,sans-serif">General Exclusions -</FONT></I></TD>
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&nbsp;</TD>
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<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">h.</FONT></TD>
	<TD align=right colspan=4>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">loss resulting from dishonest acts by any member of the Board of Directors</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<I><FONT size=2 face="Arial-ItalicMT,Arial,Helvetica,sans-serif">Applicable to All Insuring</FONT></I></TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=right colspan=4>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">or Board of Trustees of the ASSURED who is not an </FONT><B><FONT size=2 face="Arial-BoldMT,Arial,Helvetica,sans-serif">Employee</FONT></B><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">, acting</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<I><FONT size=2 face="Arial-ItalicMT,Arial,Helvetica,sans-serif">Clauses</FONT></I></TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=right colspan=4>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">alone or in collusion with others;</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<I><FONT size=2 face="Arial-ItalicMT,Arial,Helvetica,sans-serif">(continued)</FONT></I></TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">i.</FONT></TD>
	<TD align=right colspan=4>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">loss, or that part of any loss, resulting solely from any violation by the</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=center colspan=8>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">ASSURED or by any </FONT><B><FONT size=2 face="Arial-BoldMT,Arial,Helvetica,sans-serif">Employee</FONT></B><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">:</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=right>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">(1</FONT></TD>
	<TD align=left>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">)</FONT></TD>
	<TD align=left colspan=2>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">of any law regulating:</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">a.</FONT></TD>
	<TD align=right>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">the issuance, purchase or sale of securities,</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">b.</FONT></TD>
	<TD align=right>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">securities transactions on security or commodity exchanges or</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=right>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">the over the counter market,</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">c.</FONT></TD>
	<TD align=right>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">investment companies,</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">d.</FONT></TD>
	<TD align=right>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">investment advisors, or</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=right>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">(2</FONT></TD>
	<TD align=left>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">)</FONT></TD>
	<TD align=left colspan=2>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">of any rule or regulation made pursuant to any such law; or</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">j.</FONT></TD>
	<TD align=right colspan=4>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">loss of confidential information, material or data;</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">k.</FONT></TD>
	<TD align=right colspan=4>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">loss resulting from voice requests or instructions received over the</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=right colspan=4>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">telephone, provided however, this Section 2.k. shall not apply to INSURING</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left style="border-bottom:1px solid #000000;">
&nbsp;</TD>
	<TD align=left style="border-bottom:1px solid #000000;">
&nbsp;</TD>
	<TD align=left style="border-bottom:1px solid #000000;">
&nbsp;</TD>
	<TD align=left style="border-bottom:1px solid #000000;">
&nbsp;</TD>
	<TD align=right colspan=4 style="border-bottom:1px solid #000000;">
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">CLAUSE 7. or 9.</FONT></TD>
</TR>
<TR>
	<TD colspan=8>
&nbsp;</TD>
</TR>
<TR>
	<TD colspan=8>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<I><FONT size=2 face="Arial-ItalicMT,Arial,Helvetica,sans-serif">Specific Exclusions -</FONT></I></TD>
	<TD align=right>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">3</FONT></TD>
	<TD align=left>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">.</FONT></TD>
	<TD align=left colspan=5>
<B><FONT size=2 face="Arial-BoldMT,Arial,Helvetica,sans-serif">This Bond does not directly or indirectly cover:</FONT></B></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<I><FONT size=2 face="Arial-ItalicMT,Arial,Helvetica,sans-serif">Applicable To All Insuring</FONT></I></TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">a.</FONT></TD>
	<TD align=right colspan=4>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">loss caused by an </FONT><B><FONT size=2 face="Arial-BoldMT,Arial,Helvetica,sans-serif">Employee</FONT></B><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">, provided, however, this Section 3.a. shall not</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<I><FONT size=2 face="Arial-ItalicMT,Arial,Helvetica,sans-serif">Clauses Except Insuring</FONT></I></TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=right colspan=4>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">apply to loss covered under INSURING CLAUSE 2. or 3. which results</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<I><FONT size=2 face="Arial-ItalicMT,Arial,Helvetica,sans-serif">Clause 1.</FONT></I></TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=right colspan=4>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">directly from misplacement, mysterious unexplainable disappearance, or</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=center colspan=8>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">damage or destruction of </FONT><B><FONT size=2 face="Arial-BoldMT,Arial,Helvetica,sans-serif">Property</FONT></B><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">;</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">b.</FONT></TD>
	<TD align=right colspan=4>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">loss through the surrender of property away from premises of the ASSURED</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=right colspan=4>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">as a result of a threat:</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=right>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">(1</FONT></TD>
	<TD align=left>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">)</FONT></TD>
	<TD align=right colspan=2>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">to do bodily harm to any natural person, except loss of </FONT><B><FONT size=2 face="Arial-BoldMT,Arial,Helvetica,sans-serif">Property </FONT></B><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">in</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=right colspan=2>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">transit in the custody of any person acting as messenger of the</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=right colspan=2>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">ASSURED, provided that when such transit was initiated there was no</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=right colspan=2>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">knowledge by the ASSURED of any such threat, and provided further</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left colspan=2>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">that this Section 3.b. shall not apply to INSURING CLAUSE 7., or</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=right>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">(2</FONT></TD>
	<TD align=left>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">)</FONT></TD>
	<TD align=left colspan=2>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">to do damage to the premises or </FONT><B><FONT size=2 face="Arial-BoldMT,Arial,Helvetica,sans-serif">Property </FONT></B><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">of the ASSURED;</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">c.</FONT></TD>
	<TD align=right colspan=4>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">loss resulting from payments made or withdrawals from any account</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=right colspan=4>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">involving erroneous credits to such account;</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">d.</FONT></TD>
	<TD align=right colspan=4>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">loss involving </FONT><B><FONT size=2 face="Arial-BoldMT,Arial,Helvetica,sans-serif">Items of Deposit </FONT></B><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">which are not finally paid for any reason</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=right colspan=4>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">provided however, that this Section 3.d. shall not apply to INSURING</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=right colspan=4>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">CLAUSE 10.;</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">e.</FONT></TD>
	<TD align=right colspan=4>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">loss of property while in the mail;</FONT></TD>
</TR>
</TABLE>
</DIV>
<P style="MARGIN:0px">&nbsp;</P>
<DIV align="left">
<TABLE border=0 cellspacing=0>
<TR>
     <TD width=54%></TD>
     <TD width=45%></TD></TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">ICAP Bond (5-98)</FONT></TD>
	<TD align=left>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">Form 17-02-1421 (Ed. 5-98)</FONT></TD>
	<TD align=left>
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">Page 12 of 19</FONT></TD>
</TR>
</TABLE>
</DIV>
<P style="MARGIN:0px">&nbsp;</P>
</DIV>

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<TABLE border=0 cellspacing=0>
<TR>
     <TD width=24%></TD>
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<TR valign="bottom">
	<TD align=left>
<B><I><FONT size=3 face="Arial-BoldItalicMT,Arial,Helvetica,sans-serif">Conditions and</FONT></I></B></TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<B><I><FONT size=3 face="Arial-BoldItalicMT,Arial,Helvetica,sans-serif">Limitations</FONT></I></B></TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
</TR>
<TR>
	<TD colspan=9>
&nbsp;</TD>
</TR>
<TR>
	<TD colspan=9>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<I><FONT size=2 face="Arial-ItalicMT,Arial,Helvetica,sans-serif">Specific Exclusions -</FONT></I></TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">f.</FONT></TD>
	<TD align=left colspan=5>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">loss resulting from the failure for any reason of a financial or depository</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<I><FONT size=2 face="Arial-ItalicMT,Arial,Helvetica,sans-serif">Applicable To All Insuring</FONT></I></TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left colspan=5>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">institution, its receiver or other liquidator to pay or deliver funds or other</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<I><FONT size=2 face="Arial-ItalicMT,Arial,Helvetica,sans-serif">Clauses Except Insuring</FONT></I></TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left colspan=5>
<B><FONT size=2 face="Arial-BoldMT,Arial,Helvetica,sans-serif">Property </FONT></B><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">to the ASSURED provided further that this Section 3.f. shall not</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<I><FONT size=2 face="Arial-ItalicMT,Arial,Helvetica,sans-serif">Clause 1.</FONT></I></TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left colspan=5>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">apply to loss of </FONT><B><FONT size=2 face="Arial-BoldMT,Arial,Helvetica,sans-serif">Property </FONT></B><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">resulting directly from robbery, burglary,</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<I><FONT size=2 face="Arial-ItalicMT,Arial,Helvetica,sans-serif">(continued)</FONT></I></TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">misplacement,</FONT></TD>
	<TD align=left>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">mysterious</FONT></TD>
	<TD align=center>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">unexplainable</FONT></TD>
	<TD align=left>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">disappearance,</FONT></TD>
	<TD align=right>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">damage,</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left colspan=5>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">destruction or removal from the possession, custody or control of the</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">ASSURED.</FONT></TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
</TR>
<TR>
	<TD colspan=9>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">g.</FONT></TD>
	<TD align=left colspan=5>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">loss of </FONT><B><FONT size=2 face="Arial-BoldMT,Arial,Helvetica,sans-serif">Property </FONT></B><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">while in the custody of a </FONT><B><FONT size=2 face="Arial-BoldMT,Arial,Helvetica,sans-serif">Transportation Company</FONT></B><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">,</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left colspan=5>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">provided however, that this Section 3.g. shall not apply to INSURING</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">CLAUSE 3.;</FONT></TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
</TR>
<TR>
	<TD colspan=9>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">h.</FONT></TD>
	<TD align=left colspan=5>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">loss resulting from entries or changes made by a natural person with</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left colspan=5>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">authorized access to a </FONT><B><FONT size=2 face="Arial-BoldMT,Arial,Helvetica,sans-serif">Computer System </FONT></B><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">who acts in good faith on</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left colspan=5>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">instructions, unless such instructions are given to that person by a software</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left colspan=5>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">contractor or its partner, officer, or employee authorized by the ASSURED to</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left colspan=5>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">design, develop, prepare, supply, service, write or implement programs for</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left colspan=3>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">the ASSURED's </FONT><B><FONT size=2 face="Arial-BoldMT,Arial,Helvetica,sans-serif">Computer System</FONT></B><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">; or</FONT></TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
</TR>
<TR>
	<TD colspan=9>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">i.</FONT></TD>
	<TD align=left colspan=5>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">loss resulting directly or indirectly from the input of data into a </FONT><B><FONT size=2 face="Arial-BoldMT,Arial,Helvetica,sans-serif">Computer</FONT></B></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left colspan=5>
<B><FONT size=2 face="Arial-BoldMT,Arial,Helvetica,sans-serif">System </FONT></B><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">terminal, either on the premises of the customer of the ASSURED</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left colspan=5>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">or under the control of such a customer, by a customer or other person who</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left style="border-bottom:1px solid #000000;">
&nbsp;</TD>
	<TD align=left style="border-bottom:1px solid #000000;">
&nbsp;</TD>
	<TD align=left style="border-bottom:1px solid #000000;">
&nbsp;</TD>
	<TD align=left style="border-bottom:1px solid #000000;">
&nbsp;</TD>
	<TD align=left colspan=5 style="border-bottom:1px solid #000000;">
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">had authorized access to the customer's authentication mechanism.</FONT></TD>
</TR>
<TR>
	<TD colspan=9>
&nbsp;</TD>
</TR>
<TR>
	<TD colspan=9>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<I><FONT size=2 face="Arial-ItalicMT,Arial,Helvetica,sans-serif">Specific Exclusions -</FONT></I></TD>
	<TD align=right>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">4</FONT></TD>
	<TD align=left>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">.</FONT></TD>
	<TD align=left colspan=4>
<B><FONT size=2 face="Arial-BoldMT,Arial,Helvetica,sans-serif">This bond does not directly or indirectly cover:</FONT></B></TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
</TR>
<TR>
	<TD colspan=9>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<I><FONT size=2 face="Arial-ItalicMT,Arial,Helvetica,sans-serif">Applicable To All Insuring</FONT></I></TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">a.</FONT></TD>
	<TD align=left colspan=5>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">loss resulting from the complete or partial non-payment of or default on any</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<I><FONT size=2 face="Arial-ItalicMT,Arial,Helvetica,sans-serif">Clauses Except Insuring</FONT></I></TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left colspan=5>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">loan whether such loan was procured in good faith or through trick, artifice,</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<I><FONT size=2 face="Arial-ItalicMT,Arial,Helvetica,sans-serif">Clauses 1., 4., And 5.</FONT></I></TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left colspan=5>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">fraud or false pretenses; provided, however, this Section 4.a. shall not apply</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left colspan=2>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">to INSURING CLAUSE 8.;</FONT></TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
</TR>
<TR>
	<TD colspan=9>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">b.</FONT></TD>
	<TD align=left colspan=3>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">loss resulting from forgery or any alteration;</FONT></TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
</TR>
<TR>
	<TD colspan=9>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">c.</FONT></TD>
	<TD align=left colspan=5>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">loss involving a counterfeit provided, however, this Section 4.c. shall not</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left style="border-bottom:1px solid #000000;">
&nbsp;</TD>
	<TD align=left style="border-bottom:1px solid #000000;">
&nbsp;</TD>
	<TD align=left style="border-bottom:1px solid #000000;">
&nbsp;</TD>
	<TD align=left style="border-bottom:1px solid #000000;">
&nbsp;</TD>
	<TD align=left colspan=3 style="border-bottom:1px solid #000000;">
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">apply to INSURING CLAUSE 5. or 6.</FONT></TD>
	<TD align=left style="border-bottom:1px solid #000000;">
&nbsp;</TD>
	<TD align=left style="border-bottom:1px solid #000000;">
&nbsp;</TD>
</TR>
<TR>
	<TD colspan=9>
&nbsp;</TD>
</TR>
<TR>
	<TD colspan=9>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<I><FONT size=2 face="Arial-ItalicMT,Arial,Helvetica,sans-serif">Limit Of Liability/Non-</FONT></I></TD>
	<TD align=right>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">5</FONT></TD>
	<TD align=left>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">.</FONT></TD>
	<TD align=right colspan=6>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">At all times prior to termination of this Bond, this Bond shall continue in force for</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<I><FONT size=2 face="Arial-ItalicMT,Arial,Helvetica,sans-serif">Reduction And Non-</FONT></I></TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=right colspan=6>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">the limit stated in the applicable sections of ITEM 2. of the DECLARATIONS,</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<I><FONT size=2 face="Arial-ItalicMT,Arial,Helvetica,sans-serif">Accumulation Of Liability</FONT></I></TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=right colspan=6>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">notwithstanding any previous loss for which the COMPANY may have paid or be</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=right colspan=6>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">liable to pay under this Bond provided, however, that the liability of the COMPANY</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left colspan=5>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">under this Bond with respect to all loss resulting from:</FONT></TD>
	<TD align=left>
&nbsp;</TD>
</TR>
<TR>
	<TD colspan=9>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">a.</FONT></TD>
	<TD align=left colspan=5>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">any one act of burglary, robbery or hold-up, or attempt thereat, in which no</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left colspan=3>
<B><FONT size=2 face="Arial-BoldMT,Arial,Helvetica,sans-serif">Employee </FONT></B><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">is concerned or implicated, or</FONT></TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
</TR>
<TR>
	<TD colspan=9>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">b.</FONT></TD>
	<TD align=left colspan=5>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">any one unintentional or negligent act on the part of any one person</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left colspan=5>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">resulting in damage to or destruction or misplacement of </FONT><B><FONT size=2 face="Arial-BoldMT,Arial,Helvetica,sans-serif">Property</FONT></B><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">, or</FONT></TD>
</TR>
<TR>
	<TD colspan=9>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">c.</FONT></TD>
	<TD align=left colspan=5>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">all acts, other than those specified in a. above, of any one person, or</FONT></TD>
</TR>
</TABLE>
</DIV>
<P style="MARGIN:0px">&nbsp;</P>
<DIV align="left">
<TABLE border=0 cellspacing=0>
<TR>
     <TD width=54%></TD>
     <TD width=45%></TD></TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">ICAP Bond (5-98)</FONT></TD>
	<TD align=left>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">Form 17-02-1421 (Ed. 5-98)</FONT></TD>
	<TD align=left>
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">Page 13 of 19</FONT></TD>
</TR>
</TABLE>
</DIV>
<P style="MARGIN:0px">&nbsp;</P>
</DIV>

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<DIV align="left">
<TABLE border=0 cellspacing=0>
<TR>
     <TD width=24%></TD>
     <TD width=4%></TD>
     <TD width=2%></TD>
     <TD width=4%></TD>
     <TD width=64%></TD></TR>
<TR valign="bottom">
	<TD align=left>
<B><I><FONT size=3 face="Arial-BoldItalicMT,Arial,Helvetica,sans-serif">Conditions and</FONT></I></B></TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<B><I><FONT size=3 face="Arial-BoldItalicMT,Arial,Helvetica,sans-serif">Limitations</FONT></I></B></TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
</TR>
<TR>
	<TD colspan=5>
&nbsp;</TD>
</TR>
<TR>
	<TD colspan=5>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<I><FONT size=2 face="Arial-ItalicMT,Arial,Helvetica,sans-serif">Limit Of Liability/Non-</FONT></I></TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">d.</FONT></TD>
	<TD align=left>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">any one casualty or event other than those specified in a., b., or c. above,</FONT></TD>
</TR>
<TR>
	<TD colspan=5>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<I><FONT size=2 face="Arial-ItalicMT,Arial,Helvetica,sans-serif">Reduction And Non-</FONT></I></TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left colspan=2>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">shall be deemed to be one loss and shall be limited to the applicable LIMIT OF</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<I><FONT size=2 face="Arial-ItalicMT,Arial,Helvetica,sans-serif">Accumulation Of Liability</FONT></I></TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left colspan=2>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">LIABILITY stated in ITEM 2. of the DECLARATIONS of this Bond irrespective of</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<I><FONT size=2 face="Arial-ItalicMT,Arial,Helvetica,sans-serif">(continued)</FONT></I></TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left colspan=2>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">the total amount of such loss or losses and shall not be cumulative in amounts</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left colspan=2>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">from year to year or from period to period.</FONT></TD>
</TR>
<TR>
	<TD colspan=5>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left colspan=2>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">All acts, as specified in c. above, of any one person which</FONT></TD>
</TR>
<TR>
	<TD colspan=5>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">i.</FONT></TD>
	<TD align=left>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">directly or indirectly aid in any way wrongful acts of any other person or</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">persons, or</FONT></TD>
</TR>
<TR>
	<TD colspan=5>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">ii.</FONT></TD>
	<TD align=left>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">permit the continuation of wrongful acts of any other person or persons</FONT></TD>
</TR>
<TR>
	<TD colspan=5>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left colspan=2>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">whether such acts are committed with or without the knowledge of the wrongful</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left colspan=2>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">acts of the person so aided, and whether such acts are committed with or without</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left colspan=2>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">the intent to aid such other person, shall be deemed to be one loss with the</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left style="border-bottom:1px solid #000000;">
&nbsp;</TD>
	<TD align=left style="border-bottom:1px solid #000000;">
&nbsp;</TD>
	<TD align=left style="border-bottom:1px solid #000000;">
&nbsp;</TD>
	<TD align=left colspan=2 style="border-bottom:1px solid #000000;">
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">wrongful acts of all persons so aided.</FONT></TD>
</TR>
<TR>
	<TD colspan=5>
&nbsp;</TD>
</TR>
<TR>
	<TD colspan=5>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<I><FONT size=2 face="Arial-ItalicMT,Arial,Helvetica,sans-serif">Discovery</FONT></I></TD>
	<TD align=right>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">6</FONT></TD>
	<TD align=left>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">.</FONT></TD>
	<TD align=left colspan=2>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">This Bond applies only to loss first discovered by an officer of the ASSURED</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left colspan=2>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">during the BOND PERIOD. Discovery occurs at the earlier of an officer of the</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left colspan=2>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">ASSURED being aware of:</FONT></TD>
</TR>
<TR>
	<TD colspan=5>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">a.</FONT></TD>
	<TD align=left>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">facts which may subsequently result in a loss of a type covered by this Bond,</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">or</FONT></TD>
</TR>
<TR>
	<TD colspan=5>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">b.</FONT></TD>
	<TD align=left>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">an actual or potential claim in which it is alleged that the ASSURED is liable</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">to a third party,</FONT></TD>
</TR>
<TR>
	<TD colspan=5>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left colspan=2>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">regardless of when the act or acts causing or contributing to such loss occurred,</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left colspan=2>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">even though the amount of loss does not exceed the applicable DEDUCTIBLE</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left style="border-bottom:1px solid #000000;">
&nbsp;</TD>
	<TD align=left style="border-bottom:1px solid #000000;">
&nbsp;</TD>
	<TD align=left style="border-bottom:1px solid #000000;">
&nbsp;</TD>
	<TD align=left colspan=2 style="border-bottom:1px solid #000000;">
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">AMOUNT, or the exact amount or details of loss may not then be known.</FONT></TD>
</TR>
<TR>
	<TD colspan=5>
&nbsp;</TD>
</TR>
<TR>
	<TD colspan=5>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<I><FONT size=2 face="Arial-ItalicMT,Arial,Helvetica,sans-serif">Notice To Company -</FONT></I></TD>
	<TD align=right>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">7</FONT></TD>
	<TD align=left>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">.</FONT></TD>
	<TD align=left>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">a.</FONT></TD>
	<TD align=left>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">The ASSURED shall give the COMPANY notice thereof at the earliest</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<I><FONT size=2 face="Arial-ItalicMT,Arial,Helvetica,sans-serif">Proof - Legal Proceedings</FONT></I></TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">practicable moment, not to exceed sixty (60) days after discovery of loss, in</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<I><FONT size=2 face="Arial-ItalicMT,Arial,Helvetica,sans-serif">Against Company</FONT></I></TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">an amount that is in excess of 50% of the applicable DEDUCTIBLE</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">AMOUNT, as stated in ITEM 2. of the DECLARATIONS.</FONT></TD>
</TR>
<TR>
	<TD colspan=5>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">b.</FONT></TD>
	<TD align=left>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">The ASSURED shall furnish to the COMPANY proof of loss, duly sworn to,</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">with full particulars within six (6) months after such discovery.</FONT></TD>
</TR>
<TR>
	<TD colspan=5>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">c.</FONT></TD>
	<TD align=left>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">Securities listed in a proof of loss shall be identified by certificate or bond</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">numbers, if issued with them.</FONT></TD>
</TR>
<TR>
	<TD colspan=5>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">d.</FONT></TD>
	<TD align=left>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">Legal proceedings for the recovery of any loss under this Bond shall not be</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">brought prior to the expiration of sixty (60) days after the proof of loss is filed</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">with the COMPANY or after the expiration of twenty-four (24) months from</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">the discovery of such loss.</FONT></TD>
</TR>
<TR>
	<TD colspan=5>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">e.</FONT></TD>
	<TD align=left>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">This Bond affords coverage only in favor of the ASSURED. No claim, suit,</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">action or legal proceedings shall be brought under this Bond by anyone</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">other than the ASSURED.</FONT></TD>
</TR>
</TABLE>
</DIV>
<P style="MARGIN:0px">&nbsp;</P>
<DIV align="left">
<TABLE border=0 cellspacing=0>
<TR>
     <TD width=54%></TD>
     <TD width=45%></TD></TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">ICAP Bond (5-98)</FONT></TD>
	<TD align=left>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">Form 17-02-1421 (Ed. 5-98)</FONT></TD>
	<TD align=left>
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">Page 14 of 19</FONT></TD>
</TR>
</TABLE>
</DIV>
<P style="MARGIN:0px">&nbsp;</P>
</DIV>

<HR noshade align="center" width="100%" size=2><DIV STYLE="page-break-before: always">&nbsp;</DIV>



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<A name="page_17"></A><BR>

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<DIV align="left">
<TABLE border=0 cellspacing=0>
<TR>
     <TD width=24%></TD>
     <TD width=4%></TD>
     <TD width=2%></TD>
     <TD width=4%></TD>
     <TD width=64%></TD></TR>
<TR valign="bottom">
	<TD align=left>
<B><I><FONT size=3 face="Arial-BoldItalicMT,Arial,Helvetica,sans-serif">Conditions and</FONT></I></B></TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<B><I><FONT size=3 face="Arial-BoldItalicMT,Arial,Helvetica,sans-serif">Limitations</FONT></I></B></TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
</TR>
<TR>
	<TD colspan=5>
&nbsp;</TD>
</TR>
<TR>
	<TD colspan=5>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<I><FONT size=2 face="Arial-ItalicMT,Arial,Helvetica,sans-serif">Notice To Company -</FONT></I></TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">f.</FONT></TD>
	<TD align=right>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">Proof of loss involving </FONT><B><FONT size=2 face="Arial-BoldMT,Arial,Helvetica,sans-serif">Voice Initiated Funds Transfer Instruction </FONT></B><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">shall</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<I><FONT size=2 face="Arial-ItalicMT,Arial,Helvetica,sans-serif">Proof - Legal Proceedings</FONT></I></TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=right>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">include electronic recordings of such instructions.</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<I><FONT size=2 face="Arial-ItalicMT,Arial,Helvetica,sans-serif">Against Company</FONT></I></TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left style="border-bottom:1px solid #000000;">
<I><FONT size=2 face="Arial-ItalicMT,Arial,Helvetica,sans-serif">(continued)</FONT></I></TD>
	<TD align=left style="border-bottom:1px solid #000000;">
&nbsp;</TD>
	<TD align=left style="border-bottom:1px solid #000000;">
&nbsp;</TD>
	<TD align=left style="border-bottom:1px solid #000000;">
&nbsp;</TD>
	<TD align=left style="border-bottom:1px solid #000000;">
&nbsp;</TD>
</TR>
<TR>
	<TD colspan=5>
&nbsp;</TD>
</TR>
<TR>
	<TD colspan=5>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<I><FONT size=2 face="Arial-ItalicMT,Arial,Helvetica,sans-serif">Deductible Amount</FONT></I></TD>
	<TD align=right>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">8</FONT></TD>
	<TD align=left>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">.</FONT></TD>
	<TD align=left colspan=2>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">The COMPANY shall not be liable under any INSURING CLAUSES of this Bond</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left colspan=2>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">on account of loss unless the amount of such loss, after deducting the net amount</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left colspan=2>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">of all reimbursement and/or recovery obtained or made by the ASSURED, other</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left colspan=2>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">than from any Bond or policy of insurance issued by an insurance company and</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left colspan=2>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">covering such loss, or by the COMPANY on account thereof prior to payment by</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left colspan=2>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">the COMPANY of such loss, shall exceed the DEDUCTIBLE AMOUNT set forth in</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left colspan=2>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">ITEM 3. of the DECLARATIONS, and then for such excess only, but in no event</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left colspan=2>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">for more than the applicable LIMITS OF LIABILITY stated in ITEM 2. of the</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left colspan=2>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">DECLARATIONS.</FONT></TD>
</TR>
<TR>
	<TD colspan=5>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left colspan=2>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">There shall be no deductible applicable to any loss under INSURING CLAUSE 1.</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left style="border-bottom:1px solid #000000;">
&nbsp;</TD>
	<TD align=left style="border-bottom:1px solid #000000;">
&nbsp;</TD>
	<TD align=left style="border-bottom:1px solid #000000;">
&nbsp;</TD>
	<TD align=left colspan=2 style="border-bottom:1px solid #000000;">
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">sustained by any </FONT><B><FONT size=2 face="Arial-BoldMT,Arial,Helvetica,sans-serif">Investment Company</FONT></B><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">.</FONT></TD>
</TR>
<TR>
	<TD colspan=5>
&nbsp;</TD>
</TR>
<TR>
	<TD colspan=5>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<I><FONT size=2 face="Arial-ItalicMT,Arial,Helvetica,sans-serif">Valuation</FONT></I></TD>
	<TD align=right>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">9</FONT></TD>
	<TD align=left>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">.</FONT></TD>
	<TD align=left colspan=2>
<B><FONT size=2 face="Arial-BoldMT,Arial,Helvetica,sans-serif">BOOKS OF ACCOUNT OR OTHER RECORDS</FONT></B></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left colspan=2>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">The value of any loss of </FONT><B><FONT size=2 face="Arial-BoldMT,Arial,Helvetica,sans-serif">Property </FONT></B><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">consisting of books of account or other records</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left colspan=2>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">used by the ASSURED in the conduct of its business shall be the amount paid by</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left colspan=2>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">the ASSURED for blank books, blank pages, or other materials which replace the</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left colspan=2>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">lost books of account or other records, plus the cost of labor paid by the</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left colspan=2>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">ASSURED for the actual transcription or copying of data to reproduce such books</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left colspan=2>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">of account or other records.</FONT></TD>
</TR>
<TR>
	<TD colspan=5>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left colspan=2>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">The value of any loss of </FONT><B><FONT size=2 face="Arial-BoldMT,Arial,Helvetica,sans-serif">Property </FONT></B><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">other than books of account or other records</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left colspan=2>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">used by the ASSURED in the conduct of its business, for which a claim is made</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left colspan=2>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">shall be determined by the average market value of such </FONT><B><FONT size=2 face="Arial-BoldMT,Arial,Helvetica,sans-serif">Property </FONT></B><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">on the</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left colspan=2>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">business day immediately preceding discovery of such loss provided, however,</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left colspan=2>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">that the value of any </FONT><B><FONT size=2 face="Arial-BoldMT,Arial,Helvetica,sans-serif">Property </FONT></B><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">replaced by the ASSURED with the consent of the</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left colspan=2>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">COMPANY and prior to the settlement of any claim for such </FONT><B><FONT size=2 face="Arial-BoldMT,Arial,Helvetica,sans-serif">Property </FONT></B><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">shall be the</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=center colspan=5>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">actual market value at the time of replacement.</FONT></TD>
</TR>
<TR>
	<TD colspan=5>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left colspan=2>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">In the case of a loss of interim certificates, warrants, rights or other securities, the</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left colspan=2>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">production of which is necessary to the exercise of subscription, conversion,</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left colspan=2>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">redemption or deposit privileges, the value of them shall be the market value of</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left colspan=2>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">such privileges immediately preceding their expiration if said loss is not discovered</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left colspan=2>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">until after their expiration. If no market price is quoted for such </FONT><B><FONT size=2 face="Arial-BoldMT,Arial,Helvetica,sans-serif">Property </FONT></B><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">or for</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left colspan=2>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">such privileges, the value shall be fixed by agreement between the parties.</FONT></TD>
</TR>
<TR>
	<TD colspan=5>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left colspan=2>
<B><FONT size=2 face="Arial-BoldMT,Arial,Helvetica,sans-serif">OTHER PROPERTY</FONT></B></TD>
</TR>
<TR>
	<TD colspan=5>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left colspan=2>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">The value of any loss of </FONT><B><FONT size=2 face="Arial-BoldMT,Arial,Helvetica,sans-serif">Property</FONT></B><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">, other than as stated above, shall be the actual</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left colspan=2>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">cash value or the cost of repairing or replacing such </FONT><B><FONT size=2 face="Arial-BoldMT,Arial,Helvetica,sans-serif">Property </FONT></B><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">with </FONT><B><FONT size=2 face="Arial-BoldMT,Arial,Helvetica,sans-serif">Property </FONT></B><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">of</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left colspan=2>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">like quality and value, whichever is less.</FONT></TD>
</TR>
</TABLE>
</DIV>
<P style="MARGIN:0px">&nbsp;</P>
<DIV align="left">
<TABLE border=0 cellspacing=0>
<TR>
     <TD width=54%></TD>
     <TD width=45%></TD></TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">ICAP Bond (5-98)</FONT></TD>
	<TD align=left>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">Form 17-02-1421 (Ed. 5-98)</FONT></TD>
	<TD align=left>
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">Page 15 of 19</FONT></TD>
</TR>
</TABLE>
</DIV>
<P style="MARGIN:0px">&nbsp;</P>
</DIV>

<HR noshade align="center" width="100%" size=2><DIV STYLE="page-break-before: always">&nbsp;</DIV>



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<DIV align="left">
<TABLE border=0 cellspacing=0>
<TR>
     <TD width=22%></TD>
     <TD width=6%></TD>
     <TD width=2%></TD>
     <TD width=4%></TD>
     <TD width=64%></TD></TR>
<TR valign="bottom">
	<TD align=left>
<B><I><FONT size=3 face="Arial-BoldItalicMT,Arial,Helvetica,sans-serif">Conditions and</FONT></I></B></TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<B><I><FONT size=3 face="Arial-BoldItalicMT,Arial,Helvetica,sans-serif">Limitations</FONT></I></B></TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<I><FONT size=2 face="Arial-ItalicMT,Arial,Helvetica,sans-serif">(continued)</FONT></I></TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
</TR>
<TR>
	<TD colspan=5>
&nbsp;</TD>
</TR>
<TR>
	<TD colspan=5>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<I><FONT size=2 face="Arial-ItalicMT,Arial,Helvetica,sans-serif">Securities Settlement</FONT></I></TD>
	<TD align=right>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">10</FONT></TD>
	<TD align=left>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">.</FONT></TD>
	<TD align=left colspan=2>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">In the event of a loss of securities covered under this Bond, the COMPANY may,</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left colspan=2>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">at its sole discretion, purchase replacement securities, tender the value of the</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left colspan=2>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">securities in money, or issue its indemnity to effect replacement securities.</FONT></TD>
</TR>
<TR>
	<TD colspan=5>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left colspan=2>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">The indemnity required from the ASSURED under the terms of this Section</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left colspan=2>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">against all loss, cost or expense arising from the replacement of securities by the</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left colspan=2>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">COMPANY'S indemnity shall be:</FONT></TD>
</TR>
<TR>
	<TD colspan=5>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">a.</FONT></TD>
	<TD align=right>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">for securities having a value less than or equal to the applicable</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=right>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">DEDUCTIBLE AMOUNT - one hundred (100%) percent;</FONT></TD>
</TR>
<TR>
	<TD colspan=5>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">b.</FONT></TD>
	<TD align=right>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">for securities having a value in excess of the DEDUCTIBLE AMOUNT but</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=right>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">within the applicable LIMIT OF LIABILITY - the percentage that the</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=right>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">DEDUCTIBLE AMOUNT bears to the value of the securities;</FONT></TD>
</TR>
<TR>
	<TD colspan=5>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">c.</FONT></TD>
	<TD align=right>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">for securities having a value greater than the applicable LIMIT OF LIABILITY</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=right>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">- the percentage that the DEDUCTIBLE AMOUNT and portion in excess of</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=center>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">the applicable LIMIT OF LIABILITY bears to the value of the securities.</FONT></TD>
</TR>
<TR>
	<TD colspan=5>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left colspan=2>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">The value referred to in Section 10.a., b., and c. is the value in accordance with</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left colspan=2>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">Section 9, Valuation, regardless of the value of such securities at the time the loss</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=center colspan=5>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">under the COMPANY'S indemnity is sustained.</FONT></TD>
</TR>
<TR>
	<TD colspan=5>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left colspan=2>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">The COMPANY is not required to issue its indemnity for any portion of a loss of</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left colspan=2>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">securities which is not covered by this Bond; however, the COMPANY may do so</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left colspan=2>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">as a courtesy to the ASSURED and at its sole discretion.</FONT></TD>
</TR>
<TR>
	<TD colspan=5>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left colspan=2>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">The ASSURED shall pay the proportion of the Company's premium charge for the</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left colspan=2>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">Company's indemnity as set forth in Section 10.a., b., and c. No portion of the</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left colspan=2>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">LIMIT OF LIABILITY shall be used as payment of premium for any indemnity</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left style="border-bottom:1px solid #000000;">
&nbsp;</TD>
	<TD align=left style="border-bottom:1px solid #000000;">
&nbsp;</TD>
	<TD align=left style="border-bottom:1px solid #000000;">
&nbsp;</TD>
	<TD align=left colspan=2 style="border-bottom:1px solid #000000;">
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">purchased by the ASSURED to obtain replacement securities.</FONT></TD>
</TR>
<TR>
	<TD colspan=5>
&nbsp;</TD>
</TR>
<TR>
	<TD colspan=5>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left colspan=2>
<I><FONT size=2 face="Arial-ItalicMT,Arial,Helvetica,sans-serif">Subrogation - Assignment </FONT></I><I><FONT size=2 face="Arial-ItalicMT,Arial,Helvetica,sans-serif">&#150; </FONT></I><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">11.</FONT></TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left colspan=2>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">In the event of a payment under this Bond, the COMPANY shall be subrogated to</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<I><FONT size=2 face="Arial-ItalicMT,Arial,Helvetica,sans-serif">Recovery</FONT></I></TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left colspan=2>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">all of the ASSURED'S rights of recovery against any person or entity to the extent</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left colspan=2>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">of such payment. On request, the ASSURED shall deliver to the COMPANY an</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left colspan=2>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">assignment of the ASSURED'S rights, title and interest and causes of action</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left colspan=2>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">against any person or entity to the extent of such payment.</FONT></TD>
</TR>
<TR>
	<TD colspan=5>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left colspan=2>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">Recoveries, whether effected by the COMPANY or by the ASSURED, shall be</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left colspan=2>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">applied net of the expense of such recovery in the following order:</FONT></TD>
</TR>
<TR>
	<TD colspan=5>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">a.</FONT></TD>
	<TD align=right>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">first, to the satisfaction of the ASSURED'S loss which would otherwise have</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=right>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">been paid but for the fact that it is in excess of the applicable LIMIT OF</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=right>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">LIABILITY,</FONT></TD>
</TR>
<TR>
	<TD colspan=5>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">b.</FONT></TD>
	<TD align=right>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">second, to the COMPANY in satisfaction of amounts paid in settlement of</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=right>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">the ASSURED'S claim,</FONT></TD>
</TR>
<TR>
	<TD colspan=5>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">c.</FONT></TD>
	<TD align=right>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">third, to the ASSURED in satisfaction of the applicable DEDUCTIBLE</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=right>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">AMOUNT, and</FONT></TD>
</TR>
</TABLE>
</DIV>
<P style="MARGIN:0px">&nbsp;</P>
<DIV align="left">
<TABLE border=0 cellspacing=0>
<TR>
     <TD width=54%></TD>
     <TD width=45%></TD></TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">ICAP Bond (5-98)</FONT></TD>
	<TD align=left>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">Form 17-02-1421 (Ed. 5-98)</FONT></TD>
	<TD align=left>
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">Page 16 of 19</FONT></TD>
</TR>
</TABLE>
</DIV>
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<A name="page_19"></A><BR>

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<DIV align="left">
<TABLE border=0 cellspacing=0>
<TR>
     <TD width=25%></TD>
     <TD width=3%></TD>
     <TD width=2%></TD>
     <TD width=4%></TD>
     <TD width=64%></TD></TR>
<TR valign="bottom">
	<TD align=left>
<B><I><FONT size=3 face="Arial-BoldItalicMT,Arial,Helvetica,sans-serif">Conditions and</FONT></I></B></TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<B><I><FONT size=3 face="Arial-BoldItalicMT,Arial,Helvetica,sans-serif">Limitations</FONT></I></B></TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
</TR>
<TR>
	<TD colspan=5>
&nbsp;</TD>
</TR>
<TR>
	<TD colspan=5>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<I><FONT size=2 face="Arial-ItalicMT,Arial,Helvetica,sans-serif">Subrogation - Assignment </FONT></I><I><FONT size=2 face="Arial-ItalicMT,Arial,Helvetica,sans-serif">&#150;</FONT></I></TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">d.</FONT></TD>
	<TD align=right>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">fourth, to the ASSURED in satisfaction of any loss suffered by the</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<I><FONT size=2 face="Arial-ItalicMT,Arial,Helvetica,sans-serif">Recovery</FONT></I></TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=right>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">ASSURED which was not covered under this Bond.</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<I><FONT size=2 face="Arial-ItalicMT,Arial,Helvetica,sans-serif">(continued)</FONT></I></TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left colspan=2>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">Recovery from reinsurance or indemnity of the COMPANY shall not be deemed a</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left style="border-bottom:1px solid #000000;">
&nbsp;</TD>
	<TD align=left style="border-bottom:1px solid #000000;">
&nbsp;</TD>
	<TD align=left style="border-bottom:1px solid #000000;">
&nbsp;</TD>
	<TD align=left colspan=2 style="border-bottom:1px solid #000000;">
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">recovery under this section.</FONT></TD>
</TR>
<TR>
	<TD colspan=5>
&nbsp;</TD>
</TR>
<TR>
	<TD colspan=5>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<I><FONT size=2 face="Arial-ItalicMT,Arial,Helvetica,sans-serif">Cooperation Of Assured</FONT></I></TD>
	<TD align=right>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">12</FONT></TD>
	<TD align=left>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">.</FONT></TD>
	<TD align=left colspan=2>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">At the COMPANY'S request and at reasonable times and places designated by</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left colspan=2>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">the COMPANY, the ASSURED shall:</FONT></TD>
</TR>
<TR>
	<TD colspan=5>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">a.</FONT></TD>
	<TD align=right>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">submit to examination by the COMPANY and subscribe to the same under</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=right>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">oath,</FONT></TD>
</TR>
<TR>
	<TD colspan=5>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">b.</FONT></TD>
	<TD align=right>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">produce for the COMPANY'S examination all pertinent records, and</FONT></TD>
</TR>
<TR>
	<TD colspan=5>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">c.</FONT></TD>
	<TD align=right>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">cooperate with the COMPANY in all matters pertaining to the loss.</FONT></TD>
</TR>
<TR>
	<TD colspan=5>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left colspan=2>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">The ASSURED shall execute all papers and render assistance to secure to the</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left colspan=2>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">COMPANY the rights and causes of action provided for under this Bond. The</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left style="border-bottom:1px solid #000000;">
&nbsp;</TD>
	<TD align=left style="border-bottom:1px solid #000000;">
&nbsp;</TD>
	<TD align=left style="border-bottom:1px solid #000000;">
&nbsp;</TD>
	<TD align=left colspan=2 style="border-bottom:1px solid #000000;">
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">ASSURED shall do nothing after loss to prejudice such rights or causes of action.</FONT></TD>
</TR>
<TR>
	<TD colspan=5>
&nbsp;</TD>
</TR>
<TR>
	<TD colspan=5>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<I><FONT size=2 face="Arial-ItalicMT,Arial,Helvetica,sans-serif">Termination</FONT></I></TD>
	<TD align=right>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">13</FONT></TD>
	<TD align=left>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">.</FONT></TD>
	<TD align=left colspan=2>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">If the Bond is for a sole ASSURED, it shall not be terminated unless written notice</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left colspan=2>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">shall have been given by the acting party to the affected party and to the</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left colspan=2>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">Securities and Exchange Commission, Washington, D.C., not less than sixty (60)</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left colspan=2>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">days prior to the effective date of such termination.</FONT></TD>
</TR>
<TR>
	<TD colspan=5>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left colspan=2>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">If the Bond is for a joint ASSURED, it shall not be terminated unless written notice</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left colspan=2>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">shall have been given by the acting party to the affected party, and by the</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left colspan=2>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">COMPANY to all ASSURED </FONT><B><FONT size=2 face="Arial-BoldMT,Arial,Helvetica,sans-serif">Investment Companies </FONT></B><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">and to the Securities and</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left colspan=2>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">Exchange Commission, Washington, D.C., not less than sixty (60) days prior to</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left colspan=2>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">the effective date of such termination.</FONT></TD>
</TR>
<TR>
	<TD colspan=5>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left colspan=2>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">This Bond will terminate as to any one ASSURED, other than an </FONT><B><FONT size=2 face="Arial-BoldMT,Arial,Helvetica,sans-serif">Investment</FONT></B></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left colspan=2>
<B><FONT size=2 face="Arial-BoldMT,Arial,Helvetica,sans-serif">Company</FONT></B><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">:</FONT></TD>
</TR>
<TR>
	<TD colspan=5>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">a.</FONT></TD>
	<TD align=right>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">immediately on the taking over of such ASSURED by a receiver or other</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=right>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">liquidator or by State or Federal officials, or</FONT></TD>
</TR>
<TR>
	<TD colspan=5>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">b.</FONT></TD>
	<TD align=right>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">immediately on the filing of a petition under any State or Federal statute</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=right>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">relative to bankruptcy or reorganization of the ASSURED, or assignment for</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=right>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">the benefit of creditors of the ASSURED, or</FONT></TD>
</TR>
<TR>
	<TD colspan=5>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">c.</FONT></TD>
	<TD align=right>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">immediately upon such ASSURED ceasing to exist, whether through merger</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=right>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">into another entity, disposition of all of its assets or otherwise.</FONT></TD>
</TR>
<TR>
	<TD colspan=5>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left colspan=2>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">The COMPANY shall refund the unearned premium computed at short rates in</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left colspan=2>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">accordance with the standard short rate cancellation tables if terminated by the</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left colspan=2>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">ASSURED or pro rata if terminated for any other reason.</FONT></TD>
</TR>
</TABLE>
</DIV>
<P style="MARGIN:0px">&nbsp;</P>
<DIV align="left">
<TABLE border=0 cellspacing=0>
<TR>
     <TD width=54%></TD>
     <TD width=45%></TD></TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">ICAP Bond (5-98)</FONT></TD>
	<TD align=left>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">Form 17-02-1421 (Ed. 5-98)</FONT></TD>
	<TD align=left>
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">Page 17 of 19</FONT></TD>
</TR>
</TABLE>
</DIV>
<P style="MARGIN:0px">&nbsp;</P>
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<TABLE border=0 cellspacing=0>
<TR>
     <TD width=23%></TD>
     <TD width=5%></TD>
     <TD width=2%></TD>
     <TD width=4%></TD>
     <TD width=64%></TD></TR>
<TR valign="bottom">
	<TD align=left>
<B><I><FONT size=3 face="Arial-BoldItalicMT,Arial,Helvetica,sans-serif">Conditions and</FONT></I></B></TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<B><I><FONT size=3 face="Arial-BoldItalicMT,Arial,Helvetica,sans-serif">Limitations</FONT></I></B></TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
</TR>
<TR>
	<TD colspan=5>
&nbsp;</TD>
</TR>
<TR>
	<TD colspan=5>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<I><FONT size=2 face="Arial-ItalicMT,Arial,Helvetica,sans-serif">Termination</FONT></I></TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left colspan=2>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">If any partner, director, trustee, or officer or supervisory employee of an</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<I><FONT size=2 face="Arial-ItalicMT,Arial,Helvetica,sans-serif">(continued)</FONT></I></TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left colspan=2>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">ASSURED not acting in collusion with an </FONT><B><FONT size=2 face="Arial-BoldMT,Arial,Helvetica,sans-serif">Employee </FONT></B><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">learns of any dishonest act</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left colspan=2>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">committed by such </FONT><B><FONT size=2 face="Arial-BoldMT,Arial,Helvetica,sans-serif">Employee </FONT></B><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">at any time, whether in the employment of the</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left colspan=2>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">ASSURED or otherwise, whether or not such act is of the type covered under this</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left colspan=2>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">Bond, and whether against the ASSURED or any other person or entity, the</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left colspan=2>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">ASSURED:</FONT></TD>
</TR>
<TR>
	<TD colspan=5>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">a.</FONT></TD>
	<TD align=right>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">shall immediately remove such </FONT><B><FONT size=2 face="Arial-BoldMT,Arial,Helvetica,sans-serif">Employee </FONT></B><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">from a position that would enable</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=right>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">such </FONT><B><FONT size=2 face="Arial-BoldMT,Arial,Helvetica,sans-serif">Employee </FONT></B><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">to cause the ASSURED to suffer a loss covered by this</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=right>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">Bond; and</FONT></TD>
</TR>
<TR>
	<TD colspan=5>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">b.</FONT></TD>
	<TD align=right>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">within forty-eight (48) hours of learning that an </FONT><B><FONT size=2 face="Arial-BoldMT,Arial,Helvetica,sans-serif">Employee </FONT></B><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">has committed</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=right>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">any dishonest act, shall notify the COMPANY, of such action and provide full</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=center colspan=5>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">particulars of such dishonest act.</FONT></TD>
</TR>
<TR>
	<TD colspan=5>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left colspan=2>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">The COMPANY may terminate coverage as respects any </FONT><B><FONT size=2 face="Arial-BoldMT,Arial,Helvetica,sans-serif">Employee </FONT></B><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">sixty (60)</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left colspan=2>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">days after written notice is received by each ASSURED </FONT><B><FONT size=2 face="Arial-BoldMT,Arial,Helvetica,sans-serif">Investment Company</FONT></B></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left colspan=2>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">and the Securities and Exchange Commission, Washington, D.C. of its desire to</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left style="border-bottom:1px solid #000000;">
&nbsp;</TD>
	<TD align=left style="border-bottom:1px solid #000000;">
&nbsp;</TD>
	<TD align=left style="border-bottom:1px solid #000000;">
&nbsp;</TD>
	<TD align=left colspan=2 style="border-bottom:1px solid #000000;">
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">terminate this Bond as to such </FONT><B><FONT size=2 face="Arial-BoldMT,Arial,Helvetica,sans-serif">Employee</FONT></B><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">.</FONT></TD>
</TR>
<TR>
	<TD colspan=5>
&nbsp;</TD>
</TR>
<TR>
	<TD colspan=5>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<I><FONT size=2 face="Arial-ItalicMT,Arial,Helvetica,sans-serif">Other Insurance</FONT></I></TD>
	<TD align=right>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">14</FONT></TD>
	<TD align=left>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">.</FONT></TD>
	<TD align=left colspan=2>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">Coverage under this Bond shall apply only as excess over any valid and collectible</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left colspan=2>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">insurance, indemnity or suretyship obtained by or on behalf of:</FONT></TD>
</TR>
<TR>
	<TD colspan=5>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">a.</FONT></TD>
	<TD align=right>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">the ASSURED,</FONT></TD>
</TR>
<TR>
	<TD colspan=5>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">b.</FONT></TD>
	<TD align=left>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">a </FONT><B><FONT size=2 face="Arial-BoldMT,Arial,Helvetica,sans-serif">Transportation Company</FONT></B><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">, or</FONT></TD>
</TR>
<TR>
	<TD colspan=5>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">c.</FONT></TD>
	<TD align=right>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">another entity on whose premises the loss occurred or which employed the</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=right>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">person causing the loss or engaged the messenger conveying the </FONT><B><FONT size=2 face="Arial-BoldMT,Arial,Helvetica,sans-serif">Property</FONT></B></TD>
</TR>
<TR valign="bottom">
	<TD align=left style="border-bottom:1px solid #000000;">
&nbsp;</TD>
	<TD align=left style="border-bottom:1px solid #000000;">
&nbsp;</TD>
	<TD align=left style="border-bottom:1px solid #000000;">
&nbsp;</TD>
	<TD align=left style="border-bottom:1px solid #000000;">
&nbsp;</TD>
	<TD align=right style="border-bottom:1px solid #000000;">
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">involved.</FONT></TD>
</TR>
<TR>
	<TD colspan=5>
&nbsp;</TD>
</TR>
<TR>
	<TD colspan=5>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<I><FONT size=2 face="Arial-ItalicMT,Arial,Helvetica,sans-serif">Conformity</FONT></I></TD>
	<TD align=right>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">15</FONT></TD>
	<TD align=left>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">.</FONT></TD>
	<TD align=left colspan=2>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">If any limitation within this Bond is prohibited by any law controlling this Bond's</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left colspan=2>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">construction, such limitation shall be deemed to be amended so as to equal the</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left style="border-bottom:1px solid #000000;">
&nbsp;</TD>
	<TD align=left style="border-bottom:1px solid #000000;">
&nbsp;</TD>
	<TD align=left style="border-bottom:1px solid #000000;">
&nbsp;</TD>
	<TD align=left colspan=2 style="border-bottom:1px solid #000000;">
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">minimum period of limitation provided by such law.</FONT></TD>
</TR>
<TR>
	<TD colspan=5>
&nbsp;</TD>
</TR>
<TR>
	<TD colspan=5>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<I><FONT size=2 face="Arial-ItalicMT,Arial,Helvetica,sans-serif">Change or Modification</FONT></I></TD>
	<TD align=right>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">16</FONT></TD>
	<TD align=left>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">.</FONT></TD>
	<TD align=left colspan=2>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">This Bond or any instrument amending or affecting this Bond may not be changed</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left colspan=2>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">or modified orally. No change in or modification of this Bond shall be effective</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left colspan=2>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">except when made by written endorsement to this Bond signed by an authorized</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left colspan=2>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">representative of the COMPANY.</FONT></TD>
</TR>
<TR>
	<TD colspan=5>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left colspan=2>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">If this Bond is for a sole ASSURED, no change or modification which would</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left colspan=2>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">adversely affect the rights of the ASSURED shall be effective prior to sixty (60)</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left colspan=2>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">days after written notice has been furnished to the Securities and Exchange</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left colspan=2>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">Commission, Washington, D.C., by the acting party.</FONT></TD>
</TR>
</TABLE>
</DIV>
<P style="MARGIN:0px">&nbsp;</P>
<DIV align="left">
<TABLE border=0 cellspacing=0>
<TR>
     <TD width=54%></TD>
     <TD width=45%></TD></TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">ICAP Bond (5-98)</FONT></TD>
	<TD align=left>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">Form 17-02-1421 (Ed. 5-98)</FONT></TD>
	<TD align=left>
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">Page 18 of 19</FONT></TD>
</TR>
</TABLE>
</DIV>
<P style="MARGIN:0px">&nbsp;</P>
</DIV>

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<DIV align="left">
<TABLE border=0 cellspacing=0>
<TR>
     <TD width=26%></TD>
     <TD width=73%></TD></TR>
<TR valign="bottom">
	<TD align=left>
<B><I><FONT size=3 face="Arial-BoldItalicMT,Arial,Helvetica,sans-serif">Conditions And</FONT></I></B></TD>
	<TD align=left>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<B><I><FONT size=3 face="Arial-BoldItalicMT,Arial,Helvetica,sans-serif">Limitations</FONT></I></B></TD>
	<TD align=left>
&nbsp;</TD>
</TR>
<TR>
	<TD colspan=2>
&nbsp;</TD>
</TR>
<TR>
	<TD colspan=2>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<I><FONT size=2 face="Arial-ItalicMT,Arial,Helvetica,sans-serif">Change or Modification</FONT></I></TD>
	<TD align=left>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">If this Bond is for a joint ASSURED, no charge or modification which would</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<I><FONT size=2 face="Arial-ItalicMT,Arial,Helvetica,sans-serif">(continued)</FONT></I></TD>
	<TD align=left>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">adversely affect the rights of the ASSURED shall be effective prior to sixty (60)</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">days after written notice has been furnished to all insured </FONT><B><FONT size=2 face="Arial-BoldMT,Arial,Helvetica,sans-serif">Investment Companies</FONT></B></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">and to the Securities and Exchange Commission, Washington, D.C., by the</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">COMPANY.</FONT></TD>
</TR>
</TABLE>
</DIV>
<P style="MARGIN:0px">&nbsp;</P>
<DIV align="left">
<TABLE border=0 cellspacing=0>
<TR>
     <TD width=54%></TD>
     <TD width=45%></TD></TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">ICAP Bond (5-98)</FONT></TD>
	<TD align=left>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">Form 17-02-1421 (Ed. 5-98)</FONT></TD>
	<TD align=left>
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">Page 19 of 19</FONT></TD>
</TR>
</TABLE>
</DIV>
<P style="MARGIN:0px">&nbsp;</P>
</DIV>

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     <TD width=100%></TD></TR>
<TR valign="bottom">
	<TD align=center>
<B><FONT size=4 face="Arial-BoldMT,Arial,Helvetica,sans-serif">IMPORTANT NOTICE TO POLICYHOLDERS</FONT></B></TD>
</TR>
<TR>
	<TD>
&nbsp;</TD>
</TR>
<TR>
	<TD>
&nbsp;</TD>
</TR>
<TR>
	<TD>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:36.020004pt">
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">All of the members of the Chubb Group of Insurance companies doing business in the United</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">States (hereinafter &#147;Chubb&#148;) distribute their products through licensed insurance brokers and agents</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">(&#147;producers&#148;). Detailed i</FONT><FONT size=2 face="Arial,Arial,Helvetica,sans-serif">nformation regarding the types of compensation paid by Chubb to producers on</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">US insurance transactions is available under the Producer Compensation link located at the bottom of the</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">page at www.chubb.com, or by calling 1-866-588-9478. Additional information may be available from</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">your producer.</FONT></TD>
</TR>
<TR>
	<TD>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:36.020004pt">
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">Thank you for choosing Chubb.</FONT></TD>
</TR>
</TABLE>
</DIV>
<P style="MARGIN:0px">&nbsp;</P>
<P style="text-align: left;">
<FONT size=2 face="Arial,Arial,Helvetica,sans-serif">10-02-1295 (ed. 6/2007)</FONT></P>
</DIV>

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<TR>

   <TD width="40%"></TD>

   <TD width="26%"></TD>

   <TD width="33%"></TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD style="TEXT-INDENT: 55.139pt" align=left><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>ENDORSEMENT/RIDER</FONT></B></TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>Effective date of</FONT></TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>this endorsement/rider: October 25, 2022</FONT></TD>

   <TD colSpan=2 align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>FEDERAL INSURANCE COMPANY</FONT></TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>Endorsement/Rider No.</FONT></TD>

   <TD align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>1</FONT></TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>To be attached to and</FONT></TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>form a part of Policy No.</FONT></TD>

   <TD style="TEXT-INDENT: 2.759pt" align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>82631419</FONT></TD></TR>

<TR>

   <TD colSpan=3>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" colSpan=2 align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>Issued to: MORGAN STANLEY DIRECT LENDING FUND</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD colSpan=3 align=center><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>ADDRESS CHANGE ENDORSEMENT</FONT></TD></TR>

<TR>

   <TD colSpan=3>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD colSpan=2 align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>Effective October 1, 2016, the address of your insurance company is changing.</FONT></TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD colSpan=3 align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>The address of 15 Mountain View Road, Warren, NJ 07059, wherever it appears, is changed to:</FONT></TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>202B Hall&#8217;s Mill Road</FONT></TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>Whitehouse Station, NJ 08889</FONT></TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR>

   <TD colSpan=3>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD colSpan=3 align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>The title and any headings in this endorsement/rider are solely for convenience and form no part of the terms and</FONT></TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>conditions of coverage.</FONT></TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD colSpan=2 align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>All other terms, conditions and limitations of this Policy shall remain unchanged.</FONT></TD>

   <TD align=left>&nbsp;</TD></TR></TABLE></DIV>

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

<P align=center>
<IMG border=0 src="p82631419_2022x23x1.jpg" align=middle> </P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>10-02-2543 (08/2016)</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>Page 1</FONT></P></DIV>

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   <TD align=center><B><I><FONT size=2 face=Arial-BoldItalicMT,Arial,Helvetica,sans-serif>Important Notice:</FONT></I></B></TD></TR>

<TR>

   <TD>&nbsp;</TD></TR>

<TR>

   <TD>&nbsp;</TD></TR>

<TR>

   <TD>&nbsp;</TD></TR>

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   <TD align=left><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>The SEC Requires Proof of Your Fidelity Insurance Policy</FONT></B></TD></TR>

<TR>

   <TD>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>Your company is now required to file an electronic copy of your fidelity insurance coverage</FONT></TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>(Chubb&#8217;s ICAP Bond policy) to the Securities and Exchange Commission (SEC), accordin</FONT><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>g to</FONT></TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>rules adopted by the SEC on June 12, 2006.</FONT></TD></TR>

<TR>

   <TD>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>Chubb is in the process of providing your agent/broker with an electronic copy of your insurance</FONT></TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>policy as well as instructions on how to submit this proof of fidelity insurance coverage to the</FONT></TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>SEC. You can expect to receive this information from your agent/broker shortly.</FONT></TD></TR>

<TR>

   <TD>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>The electronic copy of your policy is provided by Chubb solely as a convenience and does not</FONT></TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>affect the terms and conditions of coverage as set forth in the paper policy you receive by mail.</FONT></TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>The terms and conditions of the policy mailed to you, which are the same as those set forth in</FONT></TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>the electronic copy, constitute the entire agreement between your company and Chubb.</FONT></TD></TR>

<TR>

   <TD>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>If you have any questions, please contact your agent or broker.</FONT></TD></TR></TABLE></DIV>

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

<P style="TEXT-ALIGN: left"><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>Form 14-02-12160 (ed. 7/2006)</FONT></P></DIV>

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   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=right><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>ENDORSEMENT/RIDER</FONT></B></TD></TR>

<TR vAlign=bottom>

   <TD colSpan=4 align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>Effective date of</FONT></TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD colSpan=4 align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>this endorsement/rider: October 25, 2022</FONT></TD>

   <TD colSpan=2 align=left><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>FEDERAL INSURANCE COMPANY</FONT></B></TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>Endorsement/Rider No.</FONT></TD>

   <TD align=right><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>2</FONT></TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>To be attached to and</FONT></TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>form a part of Bond No.</FONT></TD>

   <TD align=right><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>82631419</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" colSpan=3 align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>Issued to:</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" colSpan=2 align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>MORGAN STANLEY DIRECT LENDING FUND</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD></TR>

<TR>

   <TD colSpan=6>&nbsp;</TD></TR>

<TR>

   <TD colSpan=6>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD colSpan=3 align=right><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>NEW YORK AMENDATORY ENDORSEMENT </FONT><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>&#8211; </FONT><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>LATE NOTICE</FONT></TD></TR>

<TR vAlign=bottom>

   <TD colSpan=5 align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>In consideration of the premium charged, it is agreed that:</FONT></TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=right><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>(1</FONT></TD>

   <TD align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>)</FONT></TD>

   <TD colSpan=4 align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>Subject to the terms and conditions of this insurance, failure to provide notice of a </FONT><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Claim </FONT></B><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>pursuant to</FONT></TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD colSpan=4 align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>the reporting and/or notice provisions of this policy shall not invalidate any coverage that would have</FONT></TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD colSpan=4 align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>otherwise been available unless the failure to provide such timely notice has prejudiced the Company;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD colSpan=3 align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>except as provided in paragraph (2) below.</FONT></TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=right><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>(2</FONT></TD>

   <TD align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>)</FONT></TD>

   <TD colSpan=4 align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>Failure to provide notice of a </FONT><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Claim </FONT></B><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>pursuant to the reporting and/or notice provisions of this policy</FONT></TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD colSpan=4 align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>shall not invalidate any coverage if it is shown that it was not reasonably possible to give such notice</FONT></TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD colSpan=4 align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>within the prescribed time, and that such notice was given as soon as reasonably possible thereafter.</FONT></TD></TR>

<TR vAlign=bottom>

   <TD align=right><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>(3</FONT></TD>

   <TD align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>)</FONT></TD>

   <TD colSpan=4 align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>The burden of proving prejudice for failure to provide timely notice shall be on:</FONT></TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>(a)</FONT></TD>

   <TD style="TEXT-INDENT: 8.1pt" colSpan=3 align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>the Company if the notice was provided within two (2) years of the time required under this policy;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD style="TEXT-INDENT: 10.8pt" align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>or</FONT></TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>(b)</FONT></TD>

   <TD style="TEXT-INDENT: 8.1pt" colSpan=3 align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>the </FONT><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Insured, </FONT></B><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>injured person, or claimant if the notice was provided more than two (2) years after</FONT></TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD style="TEXT-INDENT: 10.8pt" align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>the time required under this policy.</FONT></TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=right><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>(4</FONT></TD>

   <TD align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>)</FONT></TD>

   <TD colSpan=4 align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>Notwithstanding the above paragraph, an irrebuttable presumption of prejudice shall apply if, prior to</FONT></TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD colSpan=2 align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>notice:</FONT></TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>(a)</FONT></TD>

   <TD style="TEXT-INDENT: 8.1pt" colSpan=3 align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>the </FONT><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Insured&#8217;s </FONT></B><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>liability has been determined by a court of competent jurisdiction or by binding</FONT></TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD style="TEXT-INDENT: 10.8pt" align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>arbitration; or</FONT></TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>(b)</FONT></TD>

   <TD style="TEXT-INDENT: 8.1pt" colSpan=3 align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>the </FONT><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Insured </FONT></B><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>has entered into any settlement or other compromise.</FONT></TD></TR>

<TR vAlign=bottom>

   <TD align=right><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>(5</FONT></TD>

   <TD align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>)</FONT></TD>

   <TD colSpan=4 align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>Except as expressly set forth in this endorsement, nothing herein shall be construed:</FONT></TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>(a)</FONT></TD>

   <TD style="TEXT-INDENT: 8.1pt" colSpan=3 align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>to amend provisions in the policy stating that claims shall be made during the </FONT><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Policy Period</FONT></B><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>, any</FONT></TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD style="TEXT-INDENT: 10.8pt" colSpan=2 align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>renewal thereof, or any extended reporting period; or</FONT></TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>(b)</FONT></TD>

   <TD style="TEXT-INDENT: 8.1pt" colSpan=2 align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>to duplicate coverage under multiple policy periods.</FONT></TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD colSpan=6 align=right><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>The title and any headings in this endorsement/rider are solely for convenience and form no part of the terms</FONT></TD></TR>

<TR vAlign=bottom>

   <TD colSpan=4 align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>and conditions of coverage.</FONT></TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD colSpan=6 align=right><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>All other terms, conditions and limitations of this Bond shall remain unchanged.</FONT></TD></TR></TABLE></DIV>

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

<P align=center>
<IMG border=0 src="p82631419_2022x23x1.jpg" align=middle> </P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>14-02-14839 (2/2009)</FONT></P>

<P style="TEXT-ALIGN: center"><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>Page 1</FONT></P></DIV>

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   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD style="TEXT-INDENT: 6.36pt" align=left><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>ENDORSEMENT/RIDER</FONT></B></TD></TR>

<TR vAlign=bottom>

   <TD colSpan=3 align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>Effective date of</FONT></TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD colSpan=3 align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>this endorsement/rider: October 25, 2022</FONT></TD>

   <TD colSpan=2 align=left><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>FEDERAL INSURANCE COMPANY</FONT></B></TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>Endorsement/Rider No.</FONT></TD>

   <TD align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>3</FONT></TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>To be attached to and</FONT></TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>form a part of Bond No.</FONT></TD>

   <TD align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>82631419</FONT></TD></TR>

<TR>

   <TD colSpan=5>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" colSpan=4 align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>Issued to: MORGAN STANLEY DIRECT LENDING FUND</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD colSpan=5 align=center><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>NEW YORK AMENDATORY ENDORSEMENT</FONT></TD></TR>

<TR>

   <TD colSpan=5>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD colSpan=4 align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>In consideration of the premium charged, it is agreed that:</FONT></TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=right><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>1</FONT></TD>

   <TD align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>.</FONT></TD>

   <TD style="TEXT-INDENT: 2.699pt" colSpan=3 align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>Any reference in the policy to the Superintendent of Insurance is hereby deleted and replaced with</FONT></TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>the Superintendent of Financial Services.</FONT></TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=right><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>2</FONT></TD>

   <TD align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>.</FONT></TD>

   <TD style="TEXT-INDENT: 2.699pt" colSpan=3 align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>Any reference in the policy to the Insurance Department is hereby deleted and replaced with the</FONT></TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>Department of Financial Services.</FONT></TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR>

   <TD colSpan=5>&nbsp;</TD></TR>

<TR>

   <TD colSpan=5>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD colSpan=5 align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>The title and any headings in this endorsement/rider are solely for convenience and form no part of the</FONT></TD></TR>

<TR vAlign=bottom>

   <TD colSpan=3 align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>terms and conditions of coverage.</FONT></TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD colSpan=4 align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>All other terms, conditions and limitations of this Bond shall remain unchanged.</FONT></TD>

   <TD align=left>&nbsp;</TD></TR></TABLE></DIV>

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<IMG border=0 src="p82631419_2022x23x1.jpg" align=middle> </P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>14-02-19952 (05/2013)</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>Page 1</FONT></P></DIV>

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   <TD align=right><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>ENDORSEMENT/RIDER</FONT></B></TD></TR>

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   <TD colSpan=3 align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>Effective date of</FONT></TD>

   <TD align=left>&nbsp;</TD>

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   <TD colSpan=3 align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>this endorsement/rider: October 25, 2022</FONT></TD>

   <TD style="TEXT-INDENT: 37.98pt" colSpan=2 align=left><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>FEDERAL INSURANCE COMPANY</FONT></B></TD></TR>

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   <TD style="TEXT-INDENT: 37.98pt" align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>Endorsement/Rider No.</FONT></TD>

   <TD align=right><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>4</FONT></TD></TR>

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   <TD align=left>&nbsp;</TD>

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   <TD style="TEXT-INDENT: 37.98pt" align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>To be attached to and</FONT></TD>

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   <TD align=left>&nbsp;</TD>

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   <TD style="TEXT-INDENT: 37.98pt" align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>form a part of Bond No.</FONT></TD>

   <TD align=right><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>82631419</FONT></TD></TR>

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   <TD colSpan=5>&nbsp;</TD></TR>

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   <TD style="BORDER-BOTTOM: #000000 1px solid" colSpan=4 align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>Issued to: MORGAN STANLEY DIRECT LENDING FUND</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD></TR>

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   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD style="TEXT-INDENT: 2.1pt" colSpan=3 align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>DELETING VALUATION-OTHER PROPERTY AND AMENDING CHANGE OR MODIFICATION</FONT></TD></TR>

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   <TD colSpan=5 align=center><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>ENDORSEMENT</FONT></TD></TR>

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   <TD colSpan=5 align=right><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>In consideration of the premium charged, it is agreed that this Bond is amended as follows:</FONT></TD></TR>

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   <TD align=right><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>1</FONT></TD>

   <TD align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>.</FONT></TD>

   <TD colSpan=3 align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>The paragraph titled Other Property in Section 9, Valuation, is deleted in its entirety.</FONT></TD></TR>

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   <TD align=right><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>2</FONT></TD>

   <TD align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>.</FONT></TD>

   <TD colSpan=3 align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>The third paragraph in Section 16, Change or Modification, is deleted in its entirety and replaced</FONT></TD></TR>

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   <TD align=left>&nbsp;</TD>

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   <TD align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>with the following:</FONT></TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

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   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD colSpan=3 align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>If this Bond is for a joint ASSURED, no change or modification which would adversely affect the</FONT></TD></TR>

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   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD colSpan=3 align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>rights of the ASSURED shall be effective prior to sixty (60) days after written notice has been</FONT></TD></TR>

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   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD colSpan=3 align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>furnished to all insured </FONT><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Investment Companies </FONT></B><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>and the Securities and Exchange Commission,</FONT></TD></TR>

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   <TD align=left>&nbsp;</TD>

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   <TD align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>Washington, D.C., by the COMPANY.</FONT></TD>

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<TR>

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   <TD colSpan=5 align=right><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>The title and any headings in this endorsement/rider are solely for convenience and form no part of the</FONT></TD></TR>

<TR vAlign=bottom>

   <TD colSpan=3 align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>terms and conditions of coverage.</FONT></TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD colSpan=4 align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>All other terms, conditions and limitations of this Bond shall remain unchanged.</FONT></TD>

   <TD align=left>&nbsp;</TD></TR></TABLE></DIV>

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<P align=center>
<IMG border=0 src="p82631419_2022x23x1.jpg" align=middle> </P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>17-02-2437 (12/2006) rev.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>Page 1</FONT></P></DIV>

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   <TD style="TEXT-INDENT: 219.619pt" colSpan=2 align=left><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>FEDERAL INSURANCE COMPANY</FONT></B></TD></TR>

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   <TD style="TEXT-INDENT: 219.619pt" colSpan=2 align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>Endorsement No.: 5</FONT></TD></TR>

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   <TD style="TEXT-INDENT: 219.619pt" align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>Bond Number:</FONT></TD>

   <TD align=right><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>82631419</FONT></TD></TR>

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   <TD style="BORDER-BOTTOM: #000000 1px solid" colSpan=5 align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>NAME OF ASSURED: MORGAN STANLEY DIRECT LENDING FUND</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD></TR>

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   <TD colSpan=6 align=center><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>NEW YORK AMENDATORY ENDORSEMENT</FONT></B></TD></TR>

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   <TD colSpan=5 align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>It is agreed that this Bond is amended as follows:</FONT></TD>

   <TD align=left>&nbsp;</TD></TR>

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   <TD align=right><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>1</FONT></TD>

   <TD align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>.</FONT></TD>

   <TD colSpan=3 align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>By adding to Section 13, Termination, the following:</FONT></TD>

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   <TD colSpan=3 align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>Bonds In Effect Sixty (60) Days Or Less</FONT></TD>

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   <TD align=left>&nbsp;</TD>

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   <TD colSpan=4 align=right><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>If this Bond has been in effect for less than sixty (60) days and if it is not a renewal Bond, the</FONT></TD></TR>

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   <TD align=left>&nbsp;</TD>

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   <TD colSpan=4 align=right><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>COMPANY may terminate it for any reason by mailing or delivering to the ASSURED and to the</FONT></TD></TR>

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   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD colSpan=4 align=right><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>authorized agent or broker, if any, written notice of termination at least sixty (60) days before the</FONT></TD></TR>

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   <TD align=left>&nbsp;</TD>

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   <TD colSpan=3 align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>effective date of termination.</FONT></TD>

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   <TD colSpan=3 align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>Bonds In Effect More Than Sixty (60) Days</FONT></TD>

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   <TD align=left>&nbsp;</TD>

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   <TD colSpan=4 align=right><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>If this Bond has been in effect for sixty (60) days or more, or if it is a renewal of a Bond issued by the</FONT></TD></TR>

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   <TD align=left>&nbsp;</TD>

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   <TD colSpan=4 align=right><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>COMPANY, it may be terminated by the COMPANY by mailing or delivering to the ASSURED and to</FONT></TD></TR>

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   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD colSpan=4 align=right><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>the authorized agent or broker, if any, written notice of termination at least sixty (60) days before the</FONT></TD></TR>

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   <TD align=left>&nbsp;</TD>

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   <TD colSpan=4 align=right><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>effective date of termination. Furthermore, when the Bond is a renewal or has been in effect for sixty</FONT></TD></TR>

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   <TD colSpan=4 align=right><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>(60) days or more, the COMPANY may terminate only for one or more of the reasons stated in 1-7</FONT></TD></TR>

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   <TD colSpan=3 align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>below.</FONT></TD>

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   <TD align=right><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>1</FONT></TD>

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   <TD align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>Nonpayment of premium;</FONT></TD>

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   <TD align=right><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>2</FONT></TD>

   <TD align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>.</FONT></TD>

   <TD colSpan=2 align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>Conviction of a crime arising out of acts increasing the hazard insured against ;</FONT></TD></TR>

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   <TD align=left>&nbsp;</TD>

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   <TD align=right><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>3</FONT></TD>

   <TD align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>.</FONT></TD>

   <TD colSpan=2 align=right><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>Discovery of fraud or material misrepresentation in the obtaining of this Bond or in the</FONT></TD></TR>

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   <TD align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>presentation of a claim thereunder;</FONT></TD>

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   <TD align=right><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>4</FONT></TD>

   <TD align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>.</FONT></TD>

   <TD colSpan=2 align=right><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>Violation of any provision of this Bond that substantially and materially increases the hazard</FONT></TD></TR>

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   <TD colSpan=2 align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>insured against, and which occurred subsequent to inception of the current BOND PERIOD;</FONT></TD></TR>

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   <TD align=left>&nbsp;</TD>

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   <TD align=right><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>5</FONT></TD>

   <TD align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>.</FONT></TD>

   <TD colSpan=2 align=right><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>If applicable, material physical change in the property insured, occurring after issuance or last</FONT></TD></TR>

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   <TD align=left>&nbsp;</TD>

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   <TD colSpan=2 align=right><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>annual renewal anniversary date of this Bond, which results in the property becoming uninsurable</FONT></TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

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   <TD align=left>&nbsp;</TD>

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   <TD colSpan=2 align=right><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>in accordance with the COMPANY's objective, uniformly applied underwriting standards in effect</FONT></TD></TR>

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   <TD align=left>&nbsp;</TD>

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   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD colSpan=2 align=right><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>at the time this Bond was issued or last renewed; or material change in the nature or extent of this</FONT></TD></TR>

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   <TD align=left>&nbsp;</TD>

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   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD colSpan=2 align=right><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>Bond occurring after issuance or last annual renewal anniversary date of this Bond, which causes</FONT></TD></TR>

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   <TD align=left>&nbsp;</TD>

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   <TD align=left>&nbsp;</TD>

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   <TD colSpan=2 align=right><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>the risk of loss to be substantially and materially increased beyond that contemplated at the time</FONT></TD></TR>

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   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>this Bond was issued or last renewed;</FONT></TD>

   <TD align=left>&nbsp;</TD></TR></TABLE></DIV>

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   <TD align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>ICAP Bond - New York</FONT></TD>

   <TD align=left>&nbsp;</TD></TR>

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   <TD align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>Form 17-02-2863 (Rev. 7-03)</FONT></TD>

   <TD align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>Page 1</FONT></TD></TR></TABLE></DIV>

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   <TD align=right><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>6</FONT></TD>

   <TD align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>.</FONT></TD>

   <TD colSpan=2 align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>A determination by the Superintendent of Insurance that continuation of the present premium</FONT></TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD colSpan=2 align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>volume of the COMPANY would jeopardize the COMPANY's policyholders, creditors or the public,</FONT></TD></TR>

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   <TD align=left>&nbsp;</TD>

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   <TD align=left>&nbsp;</TD>

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   <TD colSpan=2 align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>or continuing the Bond itself would place the COMPANY in violation of any provision of the New</FONT></TD></TR>

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   <TD align=left>&nbsp;</TD>

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   <TD colSpan=2 align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>York Insurance Code; or</FONT></TD></TR>

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   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=right><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>7</FONT></TD>

   <TD align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>.</FONT></TD>

   <TD colSpan=2 align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>Where the COMPANY has reason to believe, in good faith and with sufficient cause, that there is</FONT></TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

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   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD colSpan=2 align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>a probable risk or danger that the </FONT><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Property </FONT></B><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>will be destroyed by the ASSURED for the purpose of</FONT></TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD colSpan=2 align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>collecting the insurance proceeds.</FONT></TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD colSpan=4 align=right><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>Notice Of Termination</FONT></TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD colSpan=4 align=right><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>Notice of termination under this SECTION shall be mailed to the ASSURED and to the authorized agent</FONT></TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD colSpan=4 align=right><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>or broker, if any, at the address shown on the DECLARATIONS of this Bond. The COMPANY,</FONT></TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD colSpan=4 align=right><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>however, may deliver any notice instead of mailing it.</FONT></TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD colSpan=4 align=right><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>Return Premium Calculations</FONT></TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD colSpan=4 align=right><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>The COMPANY shall refund the unearned premium computed pro rata if this Bond is terminated by the</FONT></TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD colSpan=4 align=right><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>COMPANY."</FONT></TD></TR>

<TR vAlign=bottom>

   <TD align=right><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>2</FONT></TD>

   <TD align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>.</FONT></TD>

   <TD colSpan=4 align=right><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>By adding a new Section reading as follows:</FONT></TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD colSpan=3 align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>"Section</FONT></TD>

   <TD align=right><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>. Election To Conditionally Renew / Nonrenew This Bond</FONT></TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD colSpan=4 align=right><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>Conditional Renewal</FONT></TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD colSpan=4 align=right><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>If the COMPANY conditionally renews this Bond subject to:</FONT></TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=right><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>1</FONT></TD>

   <TD align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>.</FONT></TD>

   <TD colSpan=2 align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>Change of limits of liability ;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=right><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>2</FONT></TD>

   <TD align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>.</FONT></TD>

   <TD colSpan=2 align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>Change in type of coverage;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=right><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>3</FONT></TD>

   <TD align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>.</FONT></TD>

   <TD colSpan=2 align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>Reduction of coverage;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=right><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>4</FONT></TD>

   <TD align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>.</FONT></TD>

   <TD colSpan=2 align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>Increased deductible;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=right><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>5</FONT></TD>

   <TD align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>.</FONT></TD>

   <TD colSpan=2 align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>Addition of exclusion; or</FONT></TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=right><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>6</FONT></TD>

   <TD align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>.</FONT></TD>

   <TD colSpan=2 align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>Increased premiums in excess of 10%, exclusive of any premium increase due to and</FONT></TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD colSpan=2 align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>commensurate with insured value added; or as a result of experience rating, retrospective rating</FONT></TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD colSpan=2 align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>or audit; the COMPANY shall send notice as provided in Notices Of Nonrenewal And Conditional</FONT></TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD colSpan=2 align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>Renewal immediately below.</FONT></TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD colSpan=4 align=right><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>Notices Of Nonrenewal And Conditional Renewal</FONT></TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=right><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>1</FONT></TD>

   <TD align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>.</FONT></TD>

   <TD colSpan=2 align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>If the COMPANY elects not to renew this Bond, or to conditionally renew this Bond as provided</FONT></TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD colSpan=2 align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>herein, the COMPANY shall mail or deliver written notice to the ASSURED at least sixty (60) but</FONT></TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD colSpan=2 align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>not more than one hundred twenty (120) days before:</FONT></TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>a.</FONT></TD>

   <TD align=right><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>The expiration date; or</FONT></TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>b.</FONT></TD>

   <TD align=right><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>The anniversary date if this Bond has been written for a term of more than one year.</FONT></TD></TR></TABLE></DIV>

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

<DIV align=left>

<TABLE cellSpacing=0 border=0>



<TR>

   <TD width="61%"></TD>

   <TD width="38%"></TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>ICAP Bond - New York</FONT></TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>Form 17-02-2863 (Rev. 7-03)</FONT></TD>

   <TD align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>Page 2</FONT></TD></TR></TABLE></DIV>

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

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<DIV style="PAGE-BREAK-BEFORE: always">&nbsp;</DIV>

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<DIV align=left>

<TABLE cellSpacing=0 border=0>



<TR>

   <TD width="3%"></TD>

   <TD width="3%"></TD>

   <TD width="5%"></TD>

   <TD width="3%"></TD>

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

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=right><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>2</FONT></TD>

   <TD align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>.</FONT></TD>

   <TD align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>Notice shall be mailed or delivered to the ASSURED at the address shown on the</FONT></TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>DECLARATIONS of this Bond and the authorized agent or broker, if any. If notice is mailed, proof</FONT></TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>of mailing shall be sufficient proof of notice.</FONT></TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=right><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>3</FONT></TD>

   <TD align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>.</FONT></TD>

   <TD align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>Paragraphs 1. and 2. immediately above shall not apply when the ASSURED, authorized agent or</FONT></TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>broker, or another insurer has mailed or delivered written notice to the COMPANY that the Bond</FONT></TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>has been replaced or is no longer desired.</FONT></TD></TR>

<TR vAlign=bottom>

   <TD align=right><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>3</FONT></TD>

   <TD align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>.</FONT></TD>

   <TD colSpan=3 align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>By adding to General Agreement B., Representations Made By Assured, the following:</FONT></TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD colSpan=3 align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>No misrepresentation shall be deemed material unless knowledge by the COMPANY would have lead</FONT></TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD colSpan=3 align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>to the COMPANY'S refusal to write this Bond.</FONT></TD></TR>

<TR>

   <TD colSpan=5>&nbsp;</TD></TR>

<TR>

   <TD colSpan=5>&nbsp;</TD></TR>

<TR>

   <TD colSpan=5>&nbsp;</TD></TR>

<TR>

   <TD colSpan=5>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD colSpan=5 align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>This Endorsement applies to loss discovered after 12:01 a.m. on October 25, 2022.</FONT></TD></TR>

<TR>

   <TD colSpan=5>&nbsp;</TD></TR>

<TR>

   <TD colSpan=5>&nbsp;</TD></TR>

<TR>

   <TD colSpan=5>&nbsp;</TD></TR>

<TR>

   <TD colSpan=5>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD colSpan=5 align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>ALL OTHER TERMS AND CONDITIONS OF THIS BOND REMAIN UNCHANGED.</FONT></TD></TR></TABLE></DIV>

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

<P style="TEXT-ALIGN: left"><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>Date: October 28, 2022</FONT></P>

<P align=center>
<IMG border=0 src="p82631419_2022x30x1.jpg"></P><BR>

<DIV align=left>

<TABLE cellSpacing=0 border=0>



<TR>

   <TD width="61%"></TD>

   <TD width="38%"></TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>ICAP Bond - New York</FONT></TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>Form 17-02-2863 (Rev. 7-03)</FONT></TD>

   <TD align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>Page 3</FONT></TD></TR></TABLE></DIV>

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   <TD width="41%"></TD>

   <TD width="58%"></TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD style="TEXT-INDENT: 147.199pt" align=left><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>ENDORSEMENT/RIDER</FONT></B></TD></TR>

<TR>

   <TD colSpan=2>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>Effective date of</FONT></TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>this endorsement/rider: October 25, 2022</FONT></TD>

   <TD align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>FEDERAL INSURANCE COMPANY</FONT></TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>Endorsement/Rider No. 6</FONT></TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>To be attached to and</FONT></TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>form a part of Policy No. 82631419</FONT></TD></TR>

<TR>

   <TD colSpan=2>&nbsp;</TD></TR>

<TR>

   <TD colSpan=2>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" colSpan=2 align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>Issued to: MORGAN STANLEY DIRECT LENDING FUND</FONT></TD></TR>

<TR vAlign=bottom>

   <TD colSpan=2 align=center><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>COMPLIANCE WITH APPLICABLE TRADE SANCTION LAWS</FONT></B></TD></TR>

<TR vAlign=bottom>

   <TD colSpan=2 align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>It is agreed that this insurance does not apply to the extent that trade or economic sanctions or other similar laws or</FONT></TD></TR>

<TR vAlign=bottom>

   <TD colSpan=2 align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>regulations prohibit the coverage provided by this insurance.</FONT></TD></TR>

<TR>

   <TD colSpan=2>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD colSpan=2 align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>The title and any headings in this endorsement/rider are solely for convenience and form no part of the terms and</FONT></TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>conditions of coverage.</FONT></TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD colSpan=2 align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>All other terms, conditions and limitations of this Policy shall remain unchanged.</FONT></TD></TR></TABLE></DIV>

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

<P align=center>
<IMG border=0 src="p82631419_2022x23x1.jpg" align=middle> </P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>14-02-9228 (2/2010)</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>Page 1</FONT></P></DIV>

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   <TD width="30%"></TD></TR>

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   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=right><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>ENDORSEMENT/RIDER</FONT></B></TD></TR>

<TR vAlign=bottom>

   <TD colSpan=2 align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>Effective date of</FONT></TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD colSpan=2 align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>this endorsement/rider: October 25, 2022</FONT></TD>

   <TD colSpan=2 align=left><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>FEDERAL INSURANCE COMPANY</FONT></B></TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>Endorsement/Rider No.</FONT></TD>

   <TD align=right><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>7</FONT></TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>To be attached to and</FONT></TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>form a part of Bond No.</FONT></TD>

   <TD align=right><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>82631419</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" colSpan=2 align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>Issued to: Morgan Stanley Direct Lending Fund</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD></TR>

<TR>

   <TD colSpan=4>&nbsp;</TD></TR>

<TR>

   <TD colSpan=4>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD colSpan=4 align=center><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>AUTOMATIC INCREASE IN LIMITS ENDORSEMENT</FONT></TD></TR>

<TR vAlign=bottom>

   <TD colSpan=4 align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>In consideration of the premium charged, it is agreed that GENERAL AGREEMENTS, Section C. Additional</FONT></TD></TR>

<TR vAlign=bottom>

   <TD colSpan=4 align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>Offices Or Employees-Consolidation, Merger Or Purchase Or Acquisition Of Assets Or Liabilities-Notice To</FONT></TD></TR>

<TR vAlign=bottom>

   <TD colSpan=3 align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>Company, is amended by adding the following subsection:</FONT></TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD colSpan=3 align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>Automatic Increase in Limits for Investment Companies</FONT></TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD colSpan=4 align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>If an increase in bonding limits is required pursuant to rule 17g-1 of the Investment Company Act of 1940</FONT></TD></TR>

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   <TD colSpan=2 align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>(&#8220;the Act&#8221;), due to:</FONT></TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

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   <TD align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>(i)</FONT></TD>

   <TD colSpan=3 align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>the creation of a new </FONT><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Investment Company</FONT></B><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>, other than by consolidation or merger with, or purchase or</FONT></TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD colSpan=2 align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>acquisition of assets or liabilities of, another institution; or</FONT></TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>(ii)</FONT></TD>

   <TD colSpan=3 align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>an increase in asset size of current </FONT><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Investment Companies </FONT></B><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>covered under this Bond,</FONT></TD></TR>

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   <TD colSpan=4 align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>then the minimum required increase in limits shall take place automatically without payment of additional</FONT></TD></TR>

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   <TD colSpan=3 align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>premium for the remainder of the BOND PERIOD.</FONT></TD>

   <TD align=left>&nbsp;</TD></TR>

<TR>

   <TD colSpan=4>&nbsp;</TD></TR>

<TR>

   <TD colSpan=4>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD colSpan=4 align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>The title and any headings in this endorsement/rider are solely for convenience and form no part of the terms</FONT></TD></TR>

<TR vAlign=bottom>

   <TD colSpan=2 align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>and conditions of coverage.</FONT></TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR>

   <TD colSpan=4>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD colSpan=4 align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>All other terms, conditions and limitations of this Bond shall remain unchanged.</FONT></TD></TR></TABLE></DIV>

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<P align=center>
<IMG border=0 src="p82631419_2022x23x1.jpg" align=middle> </P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>14-02-14098 (04/2008)</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>Page 1</FONT></P></DIV>

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   <TD style="TEXT-INDENT: 18.299pt" colSpan=3 align=left><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>FEDERAL INSURANCE COMPANY</FONT></B></TD></TR>

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   <TD align=right><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>Endorsement No.</FONT></TD>

   <TD align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>8</FONT></TD>

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   <TD align=right><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>Bond Number:</FONT></TD>

   <TD style="TEXT-INDENT: 0.539pt" align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>82631419</FONT></TD>

   <TD align=left>&nbsp;</TD></TR>

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   <TD style="BORDER-BOTTOM: #000000 1px solid" colSpan=5 align=right><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>NAME OF ASSURED: MORGAN STANLEY DIRECT LENDING FUND</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD></TR>

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   <TD colSpan=7 align=center><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>REVISE ITEM 2. ENDORSEMENT</FONT></B></TD></TR>

<TR>

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   <TD colSpan=7 align=right><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>It is agreed that this Bond is amended by deleting ITEM 2. in its entirety on the DECLARATIONS and</FONT></TD></TR>

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   <TD style="TEXT-INDENT: 4.5pt" colSpan=3 align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>substituting the following:</FONT></TD>

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   <TD style="TEXT-INDENT: 4.5pt" colSpan=3 align=left><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>ITEM 2. </FONT></B><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>LIMITS OF LIABILITY-DEDUCTIBLE AMOUNTS:</FONT></TD>

   <TD align=left>&nbsp;</TD>

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<TR>

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   <TD colSpan=7 align=right><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>If "Not Covered" is inserted below opposite any specified INSURING CLAUSE, such INSURING CLAUSE</FONT></TD></TR>

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   <TD colSpan=7 align=right><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>and any other reference to such INSURING CLAUSE in this Bond shall be deemed to be deleted. </FONT><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>There</FONT></B></TD></TR>

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   <TD colSpan=7 align=right><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>shall be no deductible applicable to any loss under INSURING CLAUSE 1 sustained by any</FONT></B></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 4.5pt" colSpan=3 align=left><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Investment Company</FONT></B><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>.</FONT></TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

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<TR>

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<TR vAlign=bottom>

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   <TD colSpan=2 align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>SINGLE LOSS</FONT></TD>

   <TD style="TEXT-INDENT: 27.539pt" colSpan=2 align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>DEDUCTIBLE</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid; TEXT-INDENT: 4.5pt" colSpan=3 align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>INSURING CLAUSE</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" colSpan=2 align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>LIMIT OF LIABILITY</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; TEXT-INDENT: 27.539pt" colSpan=2 align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>AMOUNT</FONT></TD></TR>

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   <TD align=right><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>1</FONT></TD>

   <TD align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>.</FONT></TD>

   <TD align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>Employee</FONT></TD>

   <TD align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>$</FONT></TD>

   <TD align=right><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>5,000,000</FONT></TD>

   <TD style="TEXT-INDENT: 27.539pt" align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>$</FONT></TD>

   <TD align=right><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>0</FONT></TD></TR>

<TR vAlign=bottom>

   <TD align=right><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>2</FONT></TD>

   <TD align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>.</FONT></TD>

   <TD align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>On Premises</FONT></TD>

   <TD align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>$</FONT></TD>

   <TD align=right><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>5,000,000</FONT></TD>

   <TD style="TEXT-INDENT: 27.539pt" align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>$</FONT></TD>

   <TD align=right><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>25,000</FONT></TD></TR>

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   <TD align=right><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>3</FONT></TD>

   <TD align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>.</FONT></TD>

   <TD align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>In Transit</FONT></TD>

   <TD align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>$</FONT></TD>

   <TD align=right><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>5,000,000</FONT></TD>

   <TD style="TEXT-INDENT: 27.539pt" align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>$</FONT></TD>

   <TD align=right><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>25,000</FONT></TD></TR>

<TR vAlign=bottom>

   <TD align=right><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>4</FONT></TD>

   <TD align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>.</FONT></TD>

   <TD align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>Forgery or Alteration</FONT></TD>

   <TD align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>$</FONT></TD>

   <TD align=right><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>5,000,000</FONT></TD>

   <TD style="TEXT-INDENT: 27.539pt" align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>$</FONT></TD>

   <TD align=right><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>25,000</FONT></TD></TR>

<TR vAlign=bottom>

   <TD align=right><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>5</FONT></TD>

   <TD align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>.</FONT></TD>

   <TD align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>Extended Forgery</FONT></TD>

   <TD align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>$</FONT></TD>

   <TD align=right><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>5,000,000</FONT></TD>

   <TD style="TEXT-INDENT: 27.539pt" align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>$</FONT></TD>

   <TD align=right><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>25,000</FONT></TD></TR>

<TR vAlign=bottom>

   <TD align=right><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>6</FONT></TD>

   <TD align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>.</FONT></TD>

   <TD align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>Counterfeit Money</FONT></TD>

   <TD align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>$</FONT></TD>

   <TD align=right><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>5,000,000</FONT></TD>

   <TD style="TEXT-INDENT: 27.539pt" align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>$</FONT></TD>

   <TD align=right><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>25,000</FONT></TD></TR>

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   <TD align=right><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>7</FONT></TD>

   <TD align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>.</FONT></TD>

   <TD align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>Threats to Person</FONT></TD>

   <TD align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>$</FONT></TD>

   <TD align=right><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>Not Covered</FONT></TD>

   <TD style="TEXT-INDENT: 27.539pt" align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>$</FONT></TD>

   <TD align=right><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>N/A</FONT></TD></TR>

<TR vAlign=bottom>

   <TD align=right><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>8</FONT></TD>

   <TD align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>.</FONT></TD>

   <TD align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>Computer System</FONT></TD>

   <TD align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>$</FONT></TD>

   <TD align=right><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>5,000,000</FONT></TD>

   <TD style="TEXT-INDENT: 27.539pt" align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>$</FONT></TD>

   <TD align=right><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>25,000</FONT></TD></TR>

<TR vAlign=bottom>

   <TD align=right><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>9</FONT></TD>

   <TD align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>.</FONT></TD>

   <TD style="TEXT-INDENT: 0.378pt" align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>Voice Initiated Funds Transfer Instruction</FONT></TD>

   <TD align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>$</FONT></TD>

   <TD align=right><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>5,000,000</FONT></TD>

   <TD style="TEXT-INDENT: 27.539pt" align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>$</FONT></TD>

   <TD align=right><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>25,000</FONT></TD></TR>

<TR vAlign=bottom>

   <TD align=right><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>10</FONT></TD>

   <TD align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>.</FONT></TD>

   <TD style="TEXT-INDENT: 0.918pt" align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>Uncollectible Items of Deposit</FONT></TD>

   <TD align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>$</FONT></TD>

   <TD align=right><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>1,000,000</FONT></TD>

   <TD style="TEXT-INDENT: 27.539pt" align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>$</FONT></TD>

   <TD align=right><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>25,000</FONT></TD></TR>

<TR vAlign=bottom>

   <TD align=right><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>11</FONT></TD>

   <TD align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>.</FONT></TD>

   <TD style="TEXT-INDENT: 0.918pt" align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>Audit Expense</FONT></TD>

   <TD align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>$</FONT></TD>

   <TD align=right><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>25,000</FONT></TD>

   <TD style="TEXT-INDENT: 27.539pt" align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>$</FONT></TD>

   <TD align=right><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>0</FONT></TD></TR>

<TR vAlign=bottom>

   <TD align=right><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>12</FONT></TD>

   <TD align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>.</FONT></TD>

   <TD style="TEXT-INDENT: 0.9pt" align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>Stop Payment</FONT></TD>

   <TD align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>$</FONT></TD>

   <TD align=right><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>100,000</FONT></TD>

   <TD style="TEXT-INDENT: 27.539pt" align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>$</FONT></TD>

   <TD align=right><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>10,000</FONT></TD></TR>

<TR vAlign=bottom>

   <TD align=right><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>13</FONT></TD>

   <TD align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>.</FONT></TD>

   <TD style="TEXT-INDENT: 0.9pt" align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>Unauthorized Signature</FONT></TD>

   <TD align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>$</FONT></TD>

   <TD align=right><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>100,000</FONT></TD>

   <TD style="TEXT-INDENT: 27.539pt" align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>$</FONT></TD>

   <TD align=right><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>10,000</FONT></TD></TR>

<TR vAlign=bottom>

   <TD align=right><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>14</FONT></TD>

   <TD align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>.</FONT></TD>

   <TD style="TEXT-INDENT: 0.9pt" align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>Claims Expense</FONT></TD>

   <TD align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>$</FONT></TD>

   <TD align=right><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>25,000</FONT></TD>

   <TD style="TEXT-INDENT: 27.539pt" align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>$</FONT></TD>

   <TD align=right><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>0</FONT></TD></TR>

<TR vAlign=bottom>

   <TD align=right><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>15</FONT></TD>

   <TD align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>.</FONT></TD>

   <TD style="TEXT-INDENT: 0.9pt" align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>Fraudulent Transfer Instructions</FONT></TD>

   <TD align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>$</FONT></TD>

   <TD align=right><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>5,000,000</FONT></TD>

   <TD style="TEXT-INDENT: 27.539pt" align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>$</FONT></TD>

   <TD align=right><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>25,000</FONT></TD></TR>

<TR>

   <TD colSpan=7>&nbsp;</TD></TR>

<TR>

   <TD colSpan=7>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD colSpan=5 align=right><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>This Endorsement applies to loss discovered after 12:01 a.m. on October 25, 2022.</FONT></TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR>

   <TD colSpan=7>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD colSpan=5 align=right><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>ALL OTHER TERMS AND CONDITIONS OF THIS BOND REMAIN UNCHANGED.</FONT></TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR></TABLE></DIV>

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

<P style="TEXT-ALIGN: left"><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>Date: October 28, 2022</FONT></P>

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   <TD style="TEXT-INDENT: 194.719pt" colSpan=2 align=left><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>FEDERAL INSURANCE COMPANY</FONT></B></TD></TR>

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   <TD style="TEXT-INDENT: 194.719pt" align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>Endorsement No.:</FONT></TD>

   <TD align=right><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>9</FONT></TD></TR>

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   <TD style="TEXT-INDENT: 194.719pt" align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>Bond Number:</FONT></TD>

   <TD align=right><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>82631419</FONT></TD></TR>

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   <TD style="BORDER-BOTTOM: #000000 1px solid" colSpan=6 align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>NAME OF ASSURED: MORGAN STANLEY DIRECT LENDING FUND</FONT></TD>

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   <TD colSpan=7 align=center><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>STOP PAYMENT ORDER OR REFUSAL TO PAY CHECK ENDORSEMENT</FONT></B></TD></TR>

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   <TD colSpan=6 align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>It is agreed that this Bond is amended as follows:</FONT></TD>

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   <TD align=right><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>1</FONT></TD>

   <TD align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>.</FONT></TD>

   <TD colSpan=4 align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>By adding the following INSURING CLAUSE:</FONT></TD>

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   <TD align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>&#8220;</FONT></TD>

   <TD colSpan=3 align=right><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>. Stop Payment Order or Refusal to Pay Check</FONT></TD>

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   <TD colSpan=4 align=right><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>Loss resulting directly from the ASSURED being legally liable to pay compensatory damages</FONT></TD></TR>

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   <TD align=right><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>for:</FONT></TD>

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   <TD align=right><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>a.</FONT></TD>

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   <TD style="TEXT-INDENT: 9.299pt" colSpan=2 align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>complying or failing to comply with notice from any customer of the ASSURED or any</FONT></TD></TR>

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   <TD style="TEXT-INDENT: 9.299pt" colSpan=2 align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>authorized representative of such customer, to stop payment on any check or draft made or</FONT></TD></TR>

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   <TD style="TEXT-INDENT: 9.299pt" colSpan=2 align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>drawn upon or against the ASSURED by such customer or by any authorized</FONT></TD></TR>

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   <TD style="TEXT-INDENT: 9.299pt" align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>representative of such customer, or</FONT></TD>

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   <TD align=right><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>b.</FONT></TD>

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   <TD style="TEXT-INDENT: 9.299pt" colSpan=2 align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>refusing to pay any check or draft made or drawn upon or against the ASSURED by any</FONT></TD></TR>

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   <TD style="TEXT-INDENT: 9.299pt" colSpan=2 align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>customer of the ASSURED or </FONT><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>by any authorized representative of such customer.&#8221;</FONT></TD></TR>

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   <TD align=right><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>2</FONT></TD>

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   <TD colSpan=4 align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>By adding the following Specific Exclusion:</FONT></TD>

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   <TD colSpan=4 align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>&#8220;Section 4.A. Specific Exclusions &#8211; </FONT><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>Applicable to INSURING CLAUSE</FONT></TD>

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   <TD colSpan=4 align=left><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>This Bond does not directly or indirectly cover:</FONT></B></TD>

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   <TD align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>a.</FONT></TD>

   <TD colSpan=4 align=right><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>liability assumed by the ASSURED by agreement under any contract, unless such liability would</FONT></TD></TR>

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   <TD colSpan=4 align=right><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>have attached to the ASSURED even in the absence of such agreement,</FONT></TD></TR>

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   <TD align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>b.</FONT></TD>

   <TD style="TEXT-INDENT: 5.819pt" colSpan=3 align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>loss arising out of:</FONT></TD>

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   <TD align=right><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>(1</FONT></TD>

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   <TD style="TEXT-INDENT: 9.299pt" colSpan=2 align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>libel, slander, wrongful entry, eviction, defamation, false arrest, false imprisonment,</FONT></TD></TR>

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   <TD style="TEXT-INDENT: 9.299pt" align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>malicious prosecution, assault or battery,</FONT></TD>

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   <TD align=right><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>(2</FONT></TD>

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   <TD style="TEXT-INDENT: 9.299pt" colSpan=2 align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>sickness, disease, physical bodily harm, mental or emotional distress or anguish, or death of</FONT></TD></TR>

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   <TD style="TEXT-INDENT: 9.299pt" align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>any person, or</FONT></TD>

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   <TD align=right><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>(3</FONT></TD>

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   <TD style="TEXT-INDENT: 9.299pt" align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>discrimination.&#8221;</FONT></TD>

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   <TD colSpan=7 align=right><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>This Endorsement applies to loss discovered after 12:01 a.m. on October 25, 2022.</FONT></TD></TR>

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   <TD colSpan=7 align=right><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>ALL OTHER TERMS AND CONDITIONS OF THIS BOND REMAIN UNCHANGED.</FONT></TD></TR></TABLE></DIV>

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<P style="TEXT-ALIGN: left"><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>Date: October 28, 2022</FONT></P>

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<P style="TEXT-ALIGN: left"><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>ICAP Bond</FONT><BR><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>Form 17-02-2365 (Ed. 10-00)</FONT></P></DIV>

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   <TD colSpan=2 align=right><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>FEDERAL INSURANCE COMPANY</FONT></B></TD></TR>

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   <TD colSpan=2 align=right><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>Endorsement No.: 10</FONT></TD></TR>

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   <TD style="TEXT-INDENT: 194.419pt" align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>Bond Number:</FONT></TD>

   <TD align=right><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>82631419</FONT></TD></TR>

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   <TD style="BORDER-BOTTOM: #000000 1px solid" colSpan=6 align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>NAME OF ASSURED: MORGAN STANLEY DIRECT LENDING FUND</FONT></TD>

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   <TD colSpan=7 align=center><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>UNAUTHORIZED SIGNATURE ENDORSEMENT</FONT></B></TD></TR>

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   <TD colSpan=6 align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>It is agreed that this Bond is amended as follows:</FONT></TD>

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   <TD align=right><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>1</FONT></TD>

   <TD align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>.</FONT></TD>

   <TD colSpan=4 align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>By adding the following INSURING CLAUSE:</FONT></TD>

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   <TD style="TEXT-INDENT: 16.4pt" align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>.</FONT></TD>

   <TD colSpan=3 align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>Unauthorized Signature</FONT></TD>

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   <TD colSpan=4 align=right><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>Loss resulting directly from the ASSURED having accepted, paid or cashed any check or</FONT></TD></TR>

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   <TD colSpan=4 align=right><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Withdrawal Order </FONT></B><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>made or drawn on or against the account of the ASSURED&#8217;S customer which</FONT></TD></TR>

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   <TD colSpan=4 align=right><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>bears the signature or endorsement of one other than a person whose name and signature is on</FONT></TD></TR>

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   <TD colSpan=3 align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>file with the ASSURED as a signatory on such account.</FONT></TD>

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   <TD colSpan=4 align=right><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>It shall be a condition precedent to the ASSURED'S right of recovery under this INSURING</FONT></TD></TR>

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   <TD colSpan=4 align=right><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>CLAUSE that the ASSURED shall have on file signatures of all the persons who are signatories</FONT></TD></TR>

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   <TD colSpan=3 align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>on such account.</FONT></TD>

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   <TD align=right><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>2</FONT></TD>

   <TD align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>.</FONT></TD>

   <TD colSpan=4 align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>By adding to Section 1., Definitions, the following:</FONT></TD>

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   <TD colSpan=4 align=right><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Instruction </FONT></B><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>means a written order to the issuer of an </FONT><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Uncertificated Security </FONT></B><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>requesting that the</FONT></TD></TR>

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   <TD colSpan=4 align=right><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>transfer, pledge or release from pledge of the specified </FONT><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Uncertificated Security </FONT></B><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>be registered.</FONT></TD></TR>

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   <TD style="TEXT-INDENT: 10.82pt" align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>.</FONT></TD>

   <TD colSpan=4 align=right><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Uncertificated Security </FONT></B><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>means a share, participation or other interest in property of or an</FONT></TD></TR>

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   <TD colSpan=3 align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>enterprise of the issuer or an obligation of the issuer, which is:</FONT></TD>

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   <TD align=right><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>(1</FONT></TD>

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   <TD colSpan=2 align=right><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>not represented by an instrument and the transfer of which is registered on books</FONT></TD></TR>

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   <TD align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>maintained for that purpose by or on behalf of the issuer, and</FONT></TD>

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   <TD align=right><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>(2</FONT></TD>

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   <TD colSpan=2 align=right><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>of a type commonly dealt in on securities exchanges or markets, and</FONT></TD></TR>

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   <TD align=right><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>(3</FONT></TD>

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   <TD colSpan=2 align=right><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>either one of a class or series or by its terms divisible into a class or series of shares,</FONT></TD></TR>

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   <TD align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>participations, interests or obligations.</FONT></TD>

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   <TD align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>Form 17-02-5602 (Ed. 10-03)</FONT></TD>

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   <TD style="TEXT-INDENT: 36.02pt" align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>.</FONT></TD>

   <TD align=left><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Withdrawal Order </FONT></B><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>means a non-negotiable instrument, other than an </FONT><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Instruction</FONT></B><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>, signed by a</FONT></TD></TR>

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   <TD align=left>&nbsp;</TD>

   <TD align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>customer of the ASSURED authorizing the ASSURED to debit the customer&#8217;s account in the</FONT></TD></TR>

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   <TD align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>amount of funds stated therein.</FONT></TD></TR>

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   <TD colSpan=2 align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>This Endorsement applies to loss discovered after 12:01 a.m. on October 25, 2022.</FONT></TD></TR>

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   <TD colSpan=2 align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>ALL OTHER TERMS AND CONDITIONS OF THIS BOND REMAIN UNCHANGED.</FONT></TD></TR></TABLE></DIV>

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<P style="TEXT-ALIGN: left"><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>Date: October 28, 2022</FONT></P>

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   <TD align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>ICAP Bond</FONT></TD>

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   <TD align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>Form 17-02-5602 (Ed. 10-03)</FONT></TD>

   <TD align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>Page 2</FONT></TD></TR></TABLE></DIV>

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   <TD style="TEXT-INDENT: 185.419pt" colSpan=2 align=left><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>FEDERAL INSURANCE COMPANY</FONT></B></TD></TR>

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   <TD style="TEXT-INDENT: 185.419pt" align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>Endorsement No.:</FONT></TD>

   <TD align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>11</FONT></TD></TR>

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   <TD style="TEXT-INDENT: 185.419pt" align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>Bond Number:</FONT></TD>

   <TD align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>82631419</FONT></TD></TR>

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   <TD style="BORDER-BOTTOM: #000000 1px solid" colSpan=5 align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>NAME OF ASSURED: MORGAN STANLEY DIRECT LENDING FUND</FONT></TD>

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   <TD colSpan=6 align=center><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>CLAIMS EXPENSE ENDORSEMENT</FONT></B></TD></TR>

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   <TD colSpan=5 align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>It is agreed that this Bond is amended as follows:</FONT></TD>

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   <TD align=right><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>1</FONT></TD>

   <TD align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>.</FONT></TD>

   <TD colSpan=3 align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>By adding the following INSURING CLAUSE:</FONT></TD>

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   <TD style="TEXT-INDENT: 16.22pt" colSpan=3 align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>. Claims Expense</FONT></TD>

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   <TD style="TEXT-INDENT: 25.22pt" colSpan=4 align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>Reasonable expense incurred by the ASSURED, solely for independent firms or individuals to</FONT></TD></TR>

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   <TD style="TEXT-INDENT: 25.22pt" colSpan=3 align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>determine the amount of loss where:</FONT></TD>

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   <TD align=right><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>(1</FONT></TD>

   <TD align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>)</FONT></TD>

   <TD align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>the loss is covered under the Bond, and</FONT></TD>

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   <TD align=right><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>(2</FONT></TD>

   <TD align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>)</FONT></TD>

   <TD align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>the loss is in excess of the applicable DEDUCTIBLE AMOUNT.</FONT></TD>

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   <TD align=right><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>2</FONT></TD>

   <TD align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>.</FONT></TD>

   <TD colSpan=4 align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>Under General Exclusions-Applicable To All Insuring Clauses, Section 2.f. does not apply to loss</FONT></TD></TR>

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   <TD align=left>&nbsp;</TD>

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   <TD colSpan=3 align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>covered under this INSURING CLAUSE.</FONT></TD>

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   <TD colSpan=6 align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>This Endorsement applies to loss discovered after 12:01 a.m. on October 25, 2022.</FONT></TD></TR>

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   <TD colSpan=6 align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>ALL OTHER TERMS AND CONDITIONS OF THIS BOND REMAIN UNCHANGED.</FONT></TD></TR></TABLE></DIV>

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<P style="TEXT-ALIGN: left"><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>Date: October 28, 2022</FONT></P>

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<P style="TEXT-ALIGN: left"><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>ICAP Bond</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>Form 17-02-6282 (Ed. 11-04)</FONT></P></DIV>

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   <TD align=right><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>ENDORSEMENT/RIDER</FONT></B></TD></TR>

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   <TD colSpan=6 align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>Effective date of</FONT></TD>

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   <TD colSpan=6 align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>this endorsement/rider: October 25, 2022</FONT></TD>

   <TD colSpan=2 align=right><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>FEDERAL INSURANCE COMPANY</FONT></TD></TR>

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   <TD align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>Endorsement/Rider No.</FONT></TD>

   <TD align=right><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>12</FONT></TD></TR>

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   <TD align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>To be attached to and</FONT></TD>

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   <TD align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>form a part of Bond No.</FONT></TD>

   <TD align=right><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>82631419</FONT></TD></TR>

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   <TD style="BORDER-BOTTOM: #000000 1px solid" colSpan=7 align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>Issued to: MORGAN STANLEY DIRECT LENDING FUND</FONT></TD>

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   <TD colSpan=8 align=center><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>FRAUDULENT TRANSFER INSTRUCTIONS ENDORSEMENT</FONT></TD></TR>

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   <TD colSpan=8 align=center><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>(For use with the ICAP bond)</FONT></TD></TR>

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   <TD colSpan=8 align=right><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>In consideration of the premium charged, it is agreed that this bond is amended as follows:</FONT></TD></TR>

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   <TD align=right><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>(1</FONT></TD>

   <TD align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>)</FONT></TD>

   <TD colSpan=4 align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>The following Insuring Clause is added:</FONT></TD>

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   <TD colSpan=4 align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>FRAUDULENT TRANSFER INSTRUCTIONS</FONT></TD>

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   <TD colSpan=6 align=right><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>Loss resulting directly from the ASSURED having, in good faith, transferred money on deposit in a</FONT></TD></TR>

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   <TD colSpan=6 align=right><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Customer&#8217;s </FONT></B><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>account, or a </FONT><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Customer&#8217;s </FONT></B><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Certificated Security </FONT></B><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>or </FONT><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Uncertificated Security</FONT></B><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>, in reliance upon a</FONT></TD></TR>

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   <TD colSpan=6 align=right><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>fraudulent instruction transmitted to the ASSURED via telefacsimile, telephone or electronic mail; provided,</FONT></TD></TR>

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   <TD colSpan=4 align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>however, that:</FONT></TD>

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   <TD align=right><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>A.</FONT></TD>

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   <TD colSpan=4 align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>the fraudulent instruction purports, and reasonably appears, to have originated from:</FONT></TD></TR>

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   <TD align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>i.</FONT></TD>

   <TD align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>such </FONT><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Customer</FONT></B><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>, or</FONT></TD>

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   <TD align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>ii.</FONT></TD>

   <TD colSpan=2 align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>an </FONT><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Employee </FONT></B><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>acting on instructions of such </FONT><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Customer</FONT></B><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>, or</FONT></TD>

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   <TD align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>iii.</FONT></TD>

   <TD colSpan=3 align=right><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>another financial institution acting on behalf of such </FONT><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Customer </FONT></B><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>with authority to make such</FONT></TD></TR>

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   <TD align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>instructions; and</FONT></TD>

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   <TD align=right><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>B.</FONT></TD>

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   <TD colSpan=4 align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>the sender of the fraudulent instruction verified the instruction with the password, PIN, or other security</FONT></TD></TR>

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   <TD colSpan=2 align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>code of such </FONT><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Customer</FONT></B><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>; and</FONT></TD>

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   <TD align=right><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>C.</FONT></TD>

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   <TD colSpan=4 align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>the sender was not, in fact, such </FONT><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Customer</FONT></B><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>, was not authorized to act on behalf of such </FONT><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Customer</FONT></B><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>, and</FONT></TD></TR>

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   <TD colSpan=2 align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>was not an </FONT><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Employee</FONT></B><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>; and</FONT></TD>

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   <TD align=right><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>D.</FONT></TD>

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   <TD colSpan=4 align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>the instruction was received by an </FONT><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Employee </FONT></B><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>specifically authorized by the ASSURED to receive and act</FONT></TD></TR>

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   <TD colSpan=2 align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>upon such instructions; and</FONT></TD>

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   <TD align=right><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>E.</FONT></TD>

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   <TD colSpan=4 align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>for any transfer exceeding the amount set forth in paragraph (8) of this endorsement, the ASSURED</FONT></TD></TR>

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   <TD colSpan=4 align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>verified the instructions via a call back to a predetermined telephone number set forth in the ASSURED&#8217;</FONT><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>s</FONT></TD></TR>

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   <TD colSpan=4 align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>written agreement with such </FONT><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Customer </FONT></B><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>or other verification procedure approved in writing by the</FONT></TD></TR>

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   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD colSpan=2 align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>COMPANY; and</FONT></TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=right><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>F.</FONT></TD>

   <TD align=left>&nbsp;</TD>

   <TD colSpan=4 align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>the ASSURED preserved a contemporaneous record of the call back, if any, and the instruction which</FONT></TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD colSpan=4 align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>verifies use of the authorized password, PIN or other security code of the </FONT><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Customer</FONT></B><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>.</FONT></TD></TR>

<TR vAlign=bottom>

   <TD align=right><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>(2</FONT></TD>

   <TD align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>)</FONT></TD>

   <TD colSpan=6 align=right><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>For the purposes of the coverage afforded by this endorsement, the following terms shall have the following</FONT></TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD colSpan=4 align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>meanings:</FONT></TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD colSpan=6 align=right><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Certificated Security </FONT></B><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>means a share, participation or other interest in property of, or an enterprise of, the</FONT></TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD colSpan=4 align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>issuer or an obligation of the issuer, which is:</FONT></TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=right><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>(1</FONT></TD>

   <TD align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>)</FONT></TD>

   <TD colSpan=3 align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>represented by an instrument issued in bearer or registered form, and</FONT></TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=right><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>(2</FONT></TD>

   <TD align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>)</FONT></TD>

   <TD colSpan=4 align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>of a type commonly dealt in on securities exchanges or markets or commonly recognized in any area in</FONT></TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD colSpan=3 align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>which it is issued or dealt in as a medium for investment, and</FONT></TD>

   <TD align=left>&nbsp;</TD></TR></TABLE></DIV>

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

<P style="TEXT-ALIGN: left"><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>14-02-21330 (10/2014)</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>Page 1 of 3</FONT></P></DIV>

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<DIV style="PAGE-BREAK-BEFORE: always">&nbsp;</DIV>

<!--$$/page=--><A name="page_39"></A><BR>

<a name="_bclPageBorder39"></a><DIV style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%">

<DIV align=left>

<TABLE cellSpacing=0 border=0>



<TR>

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

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

   <TD width="3%"></TD>

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

   <TD width="3%"></TD>

   <TD width="84%"></TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=right><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>(3</FONT></TD>

   <TD align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>)</FONT></TD>

   <TD colSpan=2 align=right><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>either one of a class or series or by its terms divisible into a class or series of shares, participations,</FONT></TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD colSpan=2 align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>interests or obligations.</FONT></TD></TR>

<TR>

   <TD colSpan=6>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD colSpan=4 align=right><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Customer </FONT></B><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>means any individual, corporate partnership, proprietor, trust customer, shareholder or subscriber</FONT></TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD colSpan=4 align=right><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>of an </FONT><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Investment Company </FONT></B><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>which has a written agreement with the ASSURED authorizing the ASSURED to</FONT></TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD colSpan=4 align=right><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>transfer </FONT><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Money </FONT></B><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>on deposit in an account or </FONT><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Certificated Security </FONT></B><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>or </FONT><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Uncertificated Security </FONT></B><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>in reliance</FONT></TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD colSpan=4 align=right><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>upon instructions transmitted to the ASSURED via telefacsimile, telephone or electronic mail to transmit the</FONT></TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD colSpan=4 align=right><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>fraudulent instruction.</FONT></TD></TR>

<TR>

   <TD colSpan=6>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD colSpan=4 align=right><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Uncertificated Security </FONT></B><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>means a share, participation or other interest in property of or an enterprise of the</FONT></TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD colSpan=4 align=right><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>issuer or an obligation of the issuer, which is:</FONT></TD></TR>

<TR>

   <TD colSpan=6>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=right><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>(1</FONT></TD>

   <TD align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>)</FONT></TD>

   <TD colSpan=2 align=right><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>not represented by an instrument and the transfer of which is registered on books maintained for that</FONT></TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD colSpan=2 align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>purpose by or on behalf of the issuer, and</FONT></TD></TR>

<TR>

   <TD colSpan=6>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=right><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>(2</FONT></TD>

   <TD align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>)</FONT></TD>

   <TD colSpan=2 align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>of a type commonly dealt in on securities exchanges or markets, and</FONT></TD></TR>

<TR>

   <TD colSpan=6>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=right><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>(3</FONT></TD>

   <TD align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>)</FONT></TD>

   <TD colSpan=2 align=right><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>either one of a class or series or by its terms divisible into a class or series of shares, participations,</FONT></TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD colSpan=2 align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>interests or obligations.</FONT></TD></TR>

<TR>

   <TD colSpan=6>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=right><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>(3</FONT></TD>

   <TD align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>)</FONT></TD>

   <TD colSpan=4 align=right><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>It shall be a condition precedent to coverage under this Insuring Clause that the ASSURED assert any</FONT></TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD colSpan=4 align=right><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>available claims, offsets or defenses against such </FONT><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Customer</FONT></B><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>, any financial institution or any other party to the</FONT></TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD colSpan=4 align=right><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>transaction.</FONT></TD></TR>

<TR>

   <TD colSpan=6>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=right><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>(4</FONT></TD>

   <TD align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>)</FONT></TD>

   <TD colSpan=4 align=right><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>Solely with respect to the Fraudulent Transfer Instruction Insuring Clause, the following Exclusions are added:</FONT></TD></TR>

<TR>

   <TD colSpan=6>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=right><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>A.</FONT></TD>

   <TD align=left>&nbsp;</TD>

   <TD colSpan=2 align=right><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>Loss resulting directly or indirectly from a fraudulent instruction if the sender, or anyone acting in collusion</FONT></TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD colSpan=2 align=right><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>with the sender, ever had authorized access to such </FONT><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Customer&#8217;s </FONT></B><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>password, PIN or other security code;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>and</FONT></TD>

   <TD align=left>&nbsp;</TD></TR>

<TR>

   <TD colSpan=6>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=right><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>B.</FONT></TD>

   <TD align=left>&nbsp;</TD>

   <TD colSpan=2 align=right><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>Loss resulting directly or indirectly from the fraudulent alteration of an instruction to initiate an automated</FONT></TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD colSpan=2 align=right><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>clearing house (ACH) entry, or group of ACH entries, transmitted as an electronic message, or as an</FONT></TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD colSpan=2 align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>attachment to an electronic message, sent via the internet, unless:</FONT></TD></TR>

<TR>

   <TD colSpan=6>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>i.</FONT></TD>

   <TD align=right><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>each ACH entry was individually verified via the call back procedure without regard to the amount of</FONT></TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>the entry; or</FONT></TD></TR>

<TR>

   <TD colSpan=6>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>ii.</FONT></TD>

   <TD align=right><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>the instruction was formatted, encoded or encrypted so that any altercation in the ACH entry or group</FONT></TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=right><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>of ACH entries would be apparent to the ASSURED.</FONT></TD></TR>

<TR>

   <TD colSpan=6>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=right><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>(5</FONT></TD>

   <TD align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>)</FONT></TD>

   <TD colSpan=4 align=right><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>Solely with respect to the Fraudulent Transfer Instruction Insuring Clause, Exclusion 2.k. is deleted and</FONT></TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD colSpan=4 align=right><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>replaced with the following:</FONT></TD></TR>

<TR>

   <TD colSpan=6>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=right><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>k.</FONT></TD>

   <TD align=left>&nbsp;</TD>

   <TD colSpan=2 align=right><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>loss resulting from voice requests or instructions received over the telephone, provided however, this</FONT></TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD colSpan=2 align=right><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>Section 2.k. shall not apply to INSURING CLAUSE 7. or 9. or the Fraudulent Transfer Instruction Insuring</FONT></TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD colSpan=2 align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>Clause.</FONT></TD></TR>

<TR>

   <TD colSpan=6>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=right><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>(6</FONT></TD>

   <TD align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>)</FONT></TD>

   <TD colSpan=4 align=right><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>For the purposes of the Fraudulent Transfer Instruction Insuring Clause, all loss or losses involving one</FONT></TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD colSpan=4 align=right><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>natural person or entity, or one group of natural persons or entities acting together, shall be a Single Loss</FONT></TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD colSpan=4 align=right><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>without regard to the number of transfers or the number of instructions involved.</FONT></TD></TR>

<TR>

   <TD colSpan=6>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=right><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>(7</FONT></TD>

   <TD align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>)</FONT></TD>

   <TD colSpan=4 align=right><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>For the purposes of the Fraudulent Transfer Instruction Insuring Clause, the Single Loss Limit of Liability shall</FONT></TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD colSpan=4 align=right><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>be $ 5,000,000. The Deductible Amount shall be $ 25,000.</FONT></TD></TR>

<TR>

   <TD colSpan=6>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=right><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>(8</FONT></TD>

   <TD align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>)</FONT></TD>

   <TD colSpan=4 align=right><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>The amount of any single transfer for which verification via call back will be required is: $ 25,000.</FONT></TD></TR></TABLE></DIV>

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

<P style="TEXT-ALIGN: left"><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>14-02-21330 (10/2014)</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>Page 2 of 3</FONT></P></DIV>

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<DIV style="PAGE-BREAK-BEFORE: always">&nbsp;</DIV>

<A name="page_40"></A><BR>

<a name="_bclPageBorder40"></a><DIV style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%">

<DIV align=left>

<TABLE cellSpacing=0 border=0>



<TR>

   <TD width="100%"></TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>The title and any headings in this endorsement/rider are solely for convenience and form no part of the terms and</FONT></TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>conditions of coverage.</FONT></TD></TR>

<TR>

   <TD>&nbsp;</TD></TR>

<TR>

   <TD>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>All other terms, conditions and limitations of this Policy shall remain unchanged.</FONT></TD></TR></TABLE></DIV>

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

<P align=center>
<IMG border=0 src="p82631419_2022x23x1.jpg" align=middle> </P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>14-02-21330 (10/2014)</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>Page 3 of 3</FONT></P></DIV>

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<DOCUMENT>
<TYPE>EX-99.B
<SEQUENCE>6
<FILENAME>exhibitbfidelitybondfiling.htm
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<TEXT>
<!DOCTYPE html PUBLIC "-//W3C//DTD HTML 4.01 Transitional//EN" "http://www.w3.org/TR/html4/loose.dtd"><html><head>
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<title>Document</title></head><body><div id="idbf4ed7b1af24c12a3f95cdd313129f0_33"></div><div style="min-height:72pt;width:100%"><div><font><br></font></div></div><div style="text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:700;line-height:112%;text-decoration:underline">Exhibit B</font></div><div><font><br></font></div><div style="text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:700;line-height:112%">CERTIFICATE OF THE SECRETARY OF</font></div><div><font><br></font></div><div style="text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:700;line-height:112%">MORGAN STANLEY DIRECT LENDING FUND</font></div><div><font><br></font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:700;line-height:112%">THE UNDERSIGNED</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:112%">, Orit Mizrachi, the duly appointed Chief Operating Officer and Secretary of Morgan Stanley Direct Lending Fund (the &#8220;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:700;line-height:112%">Company</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:112%">&#8221;), a non-diversified, closed-end management investment company that has elected to be treated as a business development company under the Investment Company Act of 1940, as amended (the &#8220;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:700;line-height:112%">1940 Act</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:112%">&#8221;), does hereby certify that&#58;</font></div><div><font><br></font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:112%">1. This certificate is being delivered to the Securities and Exchange Commission (the &#8220;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:700;line-height:112%">SEC</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:112%">&#8221;) in connection with the filing of the Company&#8217;s fidelity bond (the &#8220;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:700;line-height:112%">Bond</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:112%">&#8221;) pursuant to Rule 17g-1 under the 1940 Act, and the SEC is entitled to rely on this certificate for purposes of the filing.</font></div><div><font><br></font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:112%">2. The undersigned is the duly elected, qualified and acting Chief Operating Officer and Secretary of the Company, and has custody of the corporate records of the Company and is a proper officer to make this certification.</font></div><div><font><br></font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:112%">3. Attached hereto as </font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:112%;text-decoration:underline">Annex A</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:112%"> is a copy of the resolutions approved by the Board of Directors of the Company, including a majority of the directors of the Company who are not &#8220;interested persons&#8221; of the Company, as such term is defined in the 1940 Act, approving the amount, type, form and coverage of the Bond.</font></div><div><font><br></font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:112%">4. Premiums have been paid for the period October 25, 2022 to October 25, 2023.</font></div><div><font><br></font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:700;line-height:112%">IN WITNESS WHEREOF</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:112%">, the undersigned has caused this certificate to be executed this 31st day of October, 2022.</font></div><div><font><br></font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:112%">By&#58;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:112%">       </font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:112%;text-decoration:underline">&#47;s&#47; Orit Mizrachi</font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:112%">Name&#58;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:112%">  </font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:112%">Orit Mizrachi </font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:112%">Title&#58;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:112%">    </font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:112%">Chief Operating Officer and Secretary</font></div><div><font><br></font></div><div><font><br></font></div><div style="height:72pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div><font><br></font></div></div></div><hr style="page-break-after:always"><div style="min-height:72pt;width:100%"><div><font><br></font></div></div><div><font><br></font></div><div><font><br></font></div><div style="text-align:right"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-style:italic;font-weight:400;line-height:112%;text-decoration:underline">Annex A</font></div><div><font><br></font></div><div style="text-align:justify;text-indent:72pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:112%">RESOLVED, that, having considered all factors deemed relevant by the Board of Directors (the &#8220;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:700;line-height:112%">Board</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:112%">&#8221;) of Morgan Stanley Direct Lending Fund (the &#8220;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:700;line-height:112%">Company</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:112%">&#8221;), including, but not limited to&#58; (i) the expected aggregate value of the securities and funds of the Company to which officers or employees may have access (either directly or through authority to draw upon such funds or to direct generally the disposition of such securities)&#59; (ii) the type and terms of the arrangements made for the custody of such securities and funds&#59; (iii) the nature of securities and other investments to be held by the Company&#59; (iv) the accounting procedures and controls of the Company&#59; (v) the nature and method of conducting the operations of the Company and (vi) the requirements of Section 17(g) of the Investment Company Act of 1940, as amended (the &#8220;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:700;line-height:112%">1940 Act</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:112%">&#8221;) and Rule 17g-1 thereunder, the Board, including a majority of the directors of the Company who are not &#8220;interested persons&#8221; of the Company, as such term is defined in the 1940 Act, hereby determines that the amount, type, form, portion of the premium to be paid by the Company and coverage of the fidelity bond, in substantially the form discussed at the meeting, covering, among others, the officers and employees of the Company and insuring the Company against loss from fraudulent or dishonest acts, including larceny and embezzlement, is fair and reasonable, and the fidelity bond, in substantially the form discussed at the meeting, be, and it hereby is, approved&#59; and it is further</font></div><div style="text-align:justify;text-indent:72pt"><font><br></font></div><div style="text-align:justify;text-indent:72pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:112%">RESOLVED, that the officers of the Company be, and each hereby is, authorized and empowered to negotiate and enter into such fidelity bond or bonds in at least the amount of coverage discussed at the meeting, that name the Company as an insured under such bond in substantially the form discussed at the meeting with such modifications as the officer executing such bond, with the advice of counsel, deems necessary or advisable, or as may be required to conform with the requirements of applicable law, including the 1940 Act, such determination to be conclusively evidenced by the execution and delivery thereof&#59; and it is further</font></div><div style="text-align:justify;text-indent:72pt"><font><br></font></div><div style="text-align:justify;text-indent:72pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:112%">RESOLVED, that the Chief Operating Officer of the Company be, and hereby is, designated as the party responsible for making the necessary filings and giving the notices with respect to such bond required by paragraph (g) of Rule 17g-1 under the 1940 Act.</font></div><div><font><br></font></div><div><font><br></font></div><div><font><br></font></div><div><font><br></font></div><div style="height:72pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div><font><br></font></div></div></div></body></html>
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