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<SEC-DOCUMENT>0001104659-07-027172.txt : 20070409
<SEC-HEADER>0001104659-07-027172.hdr.sgml : 20070409
<ACCEPTANCE-DATETIME>20070409171716
ACCESSION NUMBER:		0001104659-07-027172
CONFORMED SUBMISSION TYPE:	40-17G
PUBLIC DOCUMENT COUNT:		3
FILED AS OF DATE:		20070409
DATE AS OF CHANGE:		20070409
EFFECTIVENESS DATE:		20070409

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			H&Q HEALTHCARE INVESTORS
		CENTRAL INDEX KEY:			0000805267
		IRS NUMBER:				046564285
		STATE OF INCORPORATION:			MA
		FISCAL YEAR END:			0930

	FILING VALUES:
		FORM TYPE:		40-17G
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	811-04889
		FILM NUMBER:		07756961

	BUSINESS ADDRESS:	
		STREET 1:		30 ROWES WHARF
		CITY:			BOSTON
		STATE:			MA
		ZIP:			02110
		BUSINESS PHONE:		6175740537

	MAIL ADDRESS:	
		STREET 1:		30 ROWES WHARF
		CITY:			BOSTON
		STATE:			MA
		ZIP:			02110

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			H&Q LIFE SCIENCES INVESTORS
		CENTRAL INDEX KEY:			0000884121
		IRS NUMBER:				043147016
		STATE OF INCORPORATION:			MA
		FISCAL YEAR END:			0930

	FILING VALUES:
		FORM TYPE:		40-17G
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	811-06565
		FILM NUMBER:		07756962

	BUSINESS ADDRESS:	
		STREET 1:		30 ROWES WHARF
		STREET 2:		HAMBRECHT & QUIST FOURTH FLOOR
		CITY:			BOSTON
		STATE:			MA
		ZIP:			02110
		BUSINESS PHONE:		6175740500

	MAIL ADDRESS:	
		STREET 1:		30 ROWES WHARF
		STREET 2:		HAMBRECHT & QUIST 4TH FLOOR
		CITY:			BOSTON
		STATE:			MA
		ZIP:			02110
</SEC-HEADER>
<DOCUMENT>
<TYPE>40-17G
<SEQUENCE>1
<FILENAME>a07-10207_14017g.htm
<DESCRIPTION>40-17G
<TEXT>
<html>

<head>







</head>

<body lang="EN-US">

<div style="font-family:Times New Roman;">

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

<p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Securities and Exchange
Commission</font></p>

<p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">450 Fifth Street NW</font></p>

<p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Washington, DC&#160; 20549</font></p>

<p style="margin:0pt 0pt 12.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Att:&#160; The Office of Filings and Information
Services</font></p>

<p style="font-size:10.0pt;margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">RE:&#160; </font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Electronic filing of the Fidelity Bond
Agreement under Rule 17g-1 for</p>

<p style="margin:0pt 0pt .0001pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">H&amp;Q Healthcare
Investors (SEC File Number 811-04889) and</font></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">H&amp;Q
Life Sciences Investors (SEC File Number 811-06565)</font></p>

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

<p style="margin:0pt 0pt 12.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Pursuant to Rule
17g-1 under the Investment Company Act of 1940, please find the following
attached:</font></p>

<p style="font-size:10.0pt;margin:0pt 0pt .0001pt 36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">1.</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>copy of the executed joint
insured bond,</p>

<p style="font-size:10.0pt;margin:0pt 0pt .0001pt 72.0pt;text-indent:-36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2.</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>copy
of the resolution of a majority of the board of trustees who are not &#147;interested
persons&#148; of the registered management investment company approving the amount,
type, form and coverage of the bond and the portion of the premium to be paid
by such company;</p>

<p style="font-size:10.0pt;margin:0pt 0pt .0001pt 72.0pt;text-indent:-36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">3.</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>statement
showing the amount of the single insured bond which the investment company
would have provided and maintained had it not been named as an insured under a
joint insured bond,</p>

<p style="font-size:10.0pt;margin:0pt 0pt .0001pt 72.0pt;text-indent:-36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">4.</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>a
statement as to the period for which premiums have been paid, and</p>

<p style="font-size:10.0pt;margin:0pt 0pt 12.0pt 72.0pt;text-indent:-36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">5.</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>a
copy of each agreement between the investment company and all other named insureds
entered into.</p>

<p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Should you have any
questions concerning this filing, please contact the undersigned at (617)
772-8500.</font></p>

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

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

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr style="page-break-inside:avoid;">
  <td width="15%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:15.88%;">
  <p style="font-size:10.0pt;margin:0pt 0pt .0001pt;"><!-- SET mrlNoTableShading -->/s/ Kathleen Eckert</p>
  </td>
  <td width="84%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:84.12%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="100%" colspan="2" valign="top" style="padding:0pt .7pt 0pt 0pt;width:100.0%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Kathleen Eckert</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="100%" colspan="2" valign="top" style="padding:0pt .7pt 0pt 0pt;width:100.0%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Chief Compliance
  Officer</font></p>
  </td>
 </tr>
</table>

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

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

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<br clear="all" style="page-break-before:always;">
<div>

<p style="margin:0pt 0pt .0001pt 300.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Marsh Affinity Group
Services</font></p>

<p style="margin:0pt 0pt .0001pt 300.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">A service of Seabury
&amp; Smith, Inc.</font></p>

<p style="margin:0pt 0pt .0001pt 300.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">P.O. Box 14521 </font></p>

<p style="margin:0pt 0pt 12.0pt 300.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Des Moines, IA 50306-4521</font></p>

<p style="margin:0pt 0pt 12.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">March 30, 2007</font></p>

<p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Hambrecht &amp; Quist Capital Management LLC </font></p>

<p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">30 Rowes Wharf, Ste #43 </font></p>

<p style="margin:0pt 0pt 12.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Boston, MA02110</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;font-family:Times New Roman;width:100.0%;">
 <tr style="page-break-inside:avoid;">
  <td width="4%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:4.04%;">
  <p style="font-size:10.0pt;margin:0pt 0pt .0001pt;"><!-- SET mrlNoTableShading --><b>RE:</b></p>
  </td>
  <td width="95%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:95.96%;">
  <p style="margin:0pt 0pt .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Investment Company Blanket Bond Form 41206
  (9/84)</font></b></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="4%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:4.04%;">
  <p style="margin:0pt 0pt .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="95%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:95.96%;">
  <p style="margin:0pt 0pt .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">National Union Fire Insurance Company of
  Pittsburgh, PA</font></b></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="4%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:4.04%;">
  <p style="margin:0pt 0pt .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="95%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:95.96%;">
  <p style="margin:0pt 0pt .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Named Insured: Hambrecht &amp; Quist Capital
  Management LLC</font></b></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="4%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:4.04%;">
  <p style="margin:0pt 0pt .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="95%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:95.96%;">
  <p style="margin:0pt 0pt .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Policy Number: 6214304</font></b></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="4%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:4.04%;">
  <p style="margin:0pt 0pt .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="95%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:95.96%;">
  <p style="margin:0pt 0pt .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Effective Date: 03/15/2007</font></b></p>
  </td>
 </tr>
</table>

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

<p style="margin:0pt 0pt 12.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">We are pleased to enclose
your client's Investment Company Blanket Bond with National Union Fire
Insurance Company of Pittsburgh, PA (American International Group). Please take
a minute to review the policy, including all coverage provisions, declaration
page, and attaching riders. Please call us if you have any questions or you
notice any inaccuracies.</font></p>

<p style="margin:0pt 0pt 12.0pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">If you become aware of a claim or
circumstance that could lead to the possibility of a claim, please report the
matter <i>immediately to:</i></font></b></p>

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

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

<p align="center" style="margin:0pt 0pt .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">175 Water Street</font></p>

<p align="center" style="margin:0pt 0pt .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">New York, NY 10038</font></p>

<p align="center" style="margin:0pt 0pt 12.0pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Telephone:
212-458-1050</font></p>

<p style="margin:0pt 0pt 12.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">For any substantive
changes in your client's practice, including but not limited to, major changes
in any funds, change of address, substantial increase or decrease in assets,
etc, please contact us so that we may assist you with any coverage issues.
Policy riders may be necessary to effect certain changes.</font></p>

<p style="margin:0pt 0pt 12.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Thank you for choosing
Marsh/AGS for your client's insurance needs. Please feel free to contact our
office should you have further questions or concerns regarding your coverage.</font></p>

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

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;font-family:Times New Roman;width:100.0%;">
 <tr style="page-break-inside:avoid;">
  <td width="29%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:29.7%;">
  <p style="font-size:10.0pt;margin:0pt 0pt .0001pt;"><!-- SET mrlNoTableShading -->Emily Jo Donaldson</p>
  </td>
  <td width="2%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:2.98%;">
  <p style="margin:0pt 0pt .0001pt;"><b><i><font size="2" face="Times New Roman" style="font-size:1.0pt;font-style:italic;font-weight:bold;">&nbsp;</font></i></b></p>
  </td>
  <td width="67%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:67.32%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman"><img width="163" height="57" src="g102071bc02ai001.jpg"></font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="29%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:29.7%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">MARSH Affinity Group Services</font></p>
  </td>
  <td width="2%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:2.98%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="67%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:67.32%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="29%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:29.7%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Phone: 800-375-1656</font></p>
  </td>
  <td width="2%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:2.98%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="67%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:67.32%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="29%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:29.7%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Fax: 515-365-3005</font></p>
  </td>
  <td width="2%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:2.98%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="67%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:67.32%;">
  <p style="font-size:10.0pt;margin:0pt 0pt .0001pt;"><b><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;font-weight:bold;">MWK</font></i></b><b><i style="font-weight:bold;">  </i></b>Marsh &amp; McLennan Companies</p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="29%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:29.7%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">plsdsteam@marshpm.com</font></p>
  </td>
  <td width="2%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:2.98%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="67%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:67.32%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="29%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:29.7%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:2.98%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="67%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:67.32%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="29%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:29.7%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Enclosure</font></p>
  </td>
  <td width="2%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:2.98%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="67%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:67.32%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
</table>

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

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

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<p align="center" style="margin:0pt 0pt .0001pt 16.0pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">INVESTMENT
COMPANY BLANKET BOND</font></b></p>

<p align="center" style="margin:0pt 0pt .0001pt 16.0pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">NATIONAL
UNION FIRE INSURANCE COMPANY</font></b></p>

<p align="center" style="margin:0pt 0pt 12.0pt 16.0pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">OF
PITTSBURGH, PA</font></b></p>

<p align="center" style="margin:0pt 0pt .0001pt 16.0pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(A stock Insurance
Company, herein Called the Underwriter)</font></p>

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

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;font-family:Times New Roman;width:100.0%;">
 <tr style="page-break-inside:avoid;">
  <td width="7%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:7.88%;">
  <p style="font-size:10.0pt;margin:0pt 0pt .0001pt;"><!-- SET mrlNoTableShading --><b>Item 1.</b></p>
  </td>
  <td width="16%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:16.48%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Name of Insured</font></p>
  </td>
  <td width="75%" colspan="2" valign="top" style="padding:0pt .7pt 0pt 0pt;width:75.62%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Hambrecht &amp; Quist
  Capital Management LLC</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="7%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:7.88%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="16%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:16.48%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="53%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:53.64%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="22%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:22.0%;">
  <p style="margin:0pt 0pt .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">BOND NUMBER</font></b></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="7%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:7.88%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="16%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:16.48%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Principal Address:</font></p>
  </td>
  <td width="53%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:53.64%;">
  <p style="font-size:10.0pt;margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">30 Rowes Wharf, Suite #43</font><!-- SET mrlNoTableShading --></p>
  </td>
  <td width="22%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:22.0%;">
  <p style="margin:0pt 0pt .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="7%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:7.88%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="16%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:16.48%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="53%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:53.64%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Boston MA 02110</font></p>
  </td>
  <td width="22%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:22.0%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">6214304</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="7%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:7.88%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="16%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:16.48%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="53%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:53.64%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(Herein called the Insured)</font></p>
  </td>
  <td width="22%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:22.0%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="7%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:7.88%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="16%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:16.48%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="53%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:53.64%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="22%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:22.0%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="7%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:7.88%;">
  <p style="margin:0pt 0pt .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Item 2.</font></b></p>
  </td>
  <td width="92%" colspan="3" valign="top" style="padding:0pt .7pt 0pt 0pt;width:92.12%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Bond Period from 12:01 a.m. on 03/15/2007 to 12:01
  a.m. on 03/15/2008</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="7%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:7.88%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="16%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:16.48%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="53%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:53.64%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="22%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:22.0%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="7%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:7.88%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="92%" colspan="3" valign="top" style="padding:0pt .7pt 0pt 0pt;width:92.12%;">
  <p style="margin:0pt 0pt .0001pt 10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The effective date of
  the termination or cancellation of this bond, standard time at the Principal
  Address as<b> to </b>each of the said
  dates.</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="7%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:7.88%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="16%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:16.48%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="53%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:53.64%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="22%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:22.0%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="7%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:7.88%;">
  <p style="margin:0pt 0pt .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Item 3.</font></b></p>
  </td>
  <td width="70%" colspan="2" valign="top" style="padding:0pt .7pt 0pt 0pt;width:70.12%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Limit of Liability -</font></p>
  </td>
  <td width="22%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:22.0%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="7%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:7.88%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="70%" colspan="2" valign="top" style="padding:0pt .7pt 0pt 0pt;width:70.12%;">
  <p style="margin:0pt 0pt .0001pt 20.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Subject to
  Section 9, 10, and 12 hereof:</font></p>
  </td>
  <td width="22%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:22.0%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
</table>

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

<table border="0" cellspacing="0" cellpadding="0" style="border-collapse:collapse;font-family:Times New Roman;margin-left:50.0pt;">
 <tr style="page-break-inside:avoid;">
  <td width="132" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:99.1pt;">
  <p style="font-size:8.0pt;font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><!-- SET mrlHTMLTableLeft --></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
  <td width="248" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:186.25pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
  <td width="81" colspan="2" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:60.65pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;">Limit&nbsp;of&nbsp;Liability</font></b></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
  <td width="91" colspan="2" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:68.4pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;">Deductible&nbsp;Amount</font></b></p>
  </td>
  <td width="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:1.7pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
 </tr>
 <tr bgcolor="#CCEEFF" style="page-break-inside:avoid;">
  <td width="132" valign="top" style="padding:0pt .7pt 0pt 0pt;width:99.1pt;">
  <p style="margin:0pt 0pt .0001pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Insuring
  Agreement</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="248" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:186.25pt;">
  <p align="left" style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">A -
  FIDELITY</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="7" valign="bottom" style="padding:0pt 0pt 0pt 0pt;width:5.0pt;">
  <p align="left" style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$</font></p>
  </td>
  <td width="74" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:55.65pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">1,500,000</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="7" valign="bottom" style="padding:0pt 0pt 0pt 0pt;width:5.0pt;">
  <p align="left" style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$</font></p>
  </td>
  <td width="85" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:63.4pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">0</font></p>
  </td>
  <td width="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:1.7pt;">
  <p style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="132" valign="top" style="padding:0pt .7pt 0pt 0pt;width:99.1pt;">
  <p style="margin:0pt 0pt .0001pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Insuring
  Agreement</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="248" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:186.25pt;">
  <p align="left" style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">B -
  AUDIT EXPENSE</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="7" valign="bottom" style="padding:0pt 0pt 0pt 0pt;width:5.0pt;">
  <p align="left" style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$</font></p>
  </td>
  <td width="74" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:55.65pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">25,000</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="7" valign="bottom" style="padding:0pt 0pt 0pt 0pt;width:5.0pt;">
  <p align="left" style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$</font></p>
  </td>
  <td width="85" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:63.4pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">5,000</font></p>
  </td>
  <td width="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:1.7pt;">
  <p style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr bgcolor="#CCEEFF" style="page-break-inside:avoid;">
  <td width="132" valign="top" style="padding:0pt .7pt 0pt 0pt;width:99.1pt;">
  <p style="margin:0pt 0pt .0001pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Insuring
  Agreement</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="248" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:186.25pt;">
  <p align="left" style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">C -
  ON PREMISES</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="7" valign="bottom" style="padding:0pt 0pt 0pt 0pt;width:5.0pt;">
  <p align="left" style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$</font></p>
  </td>
  <td width="74" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:55.65pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">1,500,000</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="7" valign="bottom" style="padding:0pt 0pt 0pt 0pt;width:5.0pt;">
  <p align="left" style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$</font></p>
  </td>
  <td width="85" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:63.4pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">25,000</font></p>
  </td>
  <td width="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:1.7pt;">
  <p style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="132" valign="top" style="padding:0pt .7pt 0pt 0pt;width:99.1pt;">
  <p style="margin:0pt 0pt .0001pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Insuring
  Agreement</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="248" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:186.25pt;">
  <p align="left" style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">D -
  IN TRANSIT</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="7" valign="bottom" style="padding:0pt 0pt 0pt 0pt;width:5.0pt;">
  <p align="left" style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$</font></p>
  </td>
  <td width="74" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:55.65pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">1,500,000</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="7" valign="bottom" style="padding:0pt 0pt 0pt 0pt;width:5.0pt;">
  <p align="left" style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$</font></p>
  </td>
  <td width="85" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:63.4pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">25,000</font></p>
  </td>
  <td width="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:1.7pt;">
  <p style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr bgcolor="#CCEEFF" style="page-break-inside:avoid;">
  <td width="132" valign="top" style="padding:0pt .7pt 0pt 0pt;width:99.1pt;">
  <p style="margin:0pt 0pt .0001pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Insuring
  Agreement</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="248" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:186.25pt;">
  <p align="left" style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">E -
  FORGERY OR ALTERATION</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="7" valign="bottom" style="padding:0pt 0pt 0pt 0pt;width:5.0pt;">
  <p align="left" style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$</font></p>
  </td>
  <td width="74" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:55.65pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">1,500,000</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="7" valign="bottom" style="padding:0pt 0pt 0pt 0pt;width:5.0pt;">
  <p align="left" style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$</font></p>
  </td>
  <td width="85" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:63.4pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">25,000</font></p>
  </td>
  <td width="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:1.7pt;">
  <p style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="132" valign="top" style="padding:0pt .7pt 0pt 0pt;width:99.1pt;">
  <p style="margin:0pt 0pt .0001pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Insuring
  Agreement</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="248" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:186.25pt;">
  <p align="left" style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">F -
  SECURITIES</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="7" valign="bottom" style="padding:0pt 0pt 0pt 0pt;width:5.0pt;">
  <p align="left" style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$</font></p>
  </td>
  <td width="74" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:55.65pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">1,500,000</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="7" valign="bottom" style="padding:0pt 0pt 0pt 0pt;width:5.0pt;">
  <p align="left" style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$</font></p>
  </td>
  <td width="85" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:63.4pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">25,000</font></p>
  </td>
  <td width="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:1.7pt;">
  <p style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr bgcolor="#CCEEFF" style="page-break-inside:avoid;">
  <td width="132" valign="top" style="padding:0pt .7pt 0pt 0pt;width:99.1pt;">
  <p style="margin:0pt 0pt .0001pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Insuring
  Agreement</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="248" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:186.25pt;">
  <p align="left" style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">G -
  COUNTERFEIT CURRENCY</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="7" valign="bottom" style="padding:0pt 0pt 0pt 0pt;width:5.0pt;">
  <p align="left" style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$</font></p>
  </td>
  <td width="74" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:55.65pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">1,500,000</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="7" valign="bottom" style="padding:0pt 0pt 0pt 0pt;width:5.0pt;">
  <p align="left" style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$</font></p>
  </td>
  <td width="85" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:63.4pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">25,000</font></p>
  </td>
  <td width="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:1.7pt;">
  <p style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="132" valign="top" style="padding:0pt .7pt 0pt 0pt;width:99.1pt;">
  <p style="margin:0pt 0pt .0001pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Insuring
  Agreement</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="248" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:186.25pt;">
  <p align="left" style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">H -
  STOP PAYMENT</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="7" valign="bottom" style="padding:0pt 0pt 0pt 0pt;width:5.0pt;">
  <p align="left" style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$</font></p>
  </td>
  <td width="74" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:55.65pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">25,000</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="7" valign="bottom" style="padding:0pt 0pt 0pt 0pt;width:5.0pt;">
  <p align="left" style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$</font></p>
  </td>
  <td width="85" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:63.4pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">5,000</font></p>
  </td>
  <td width="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:1.7pt;">
  <p style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr bgcolor="#CCEEFF" style="page-break-inside:avoid;">
  <td width="132" valign="top" style="padding:0pt .7pt 0pt 0pt;width:99.1pt;">
  <p style="margin:0pt 0pt .0001pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Insuring
  Agreement</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="248" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:186.25pt;">
  <p align="left" style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">I -
  UNCOLLECTIBLE ITEMS OF DEPOSIT</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="7" valign="bottom" style="padding:0pt 0pt 0pt 0pt;width:5.0pt;">
  <p align="left" style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$</font></p>
  </td>
  <td width="74" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:55.65pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">25,000</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="7" valign="bottom" style="padding:0pt 0pt 0pt 0pt;width:5.0pt;">
  <p align="left" style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$</font></p>
  </td>
  <td width="85" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:63.4pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">5,000</font></p>
  </td>
  <td width="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:1.7pt;">
  <p style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
</table>

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

<p style="margin:0pt 0pt 12.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">OPTIONAL COVERAGES ADDED
BY RIDER:</font></p>

<table border="0" cellspacing="0" cellpadding="0" style="border-collapse:collapse;font-family:Times New Roman;margin-left:50.0pt;">
 <tr bgcolor="#CCEEFF" style="page-break-inside:avoid;">
  <td width="135" valign="top" style="padding:0pt .7pt 0pt 0pt;width:101.1pt;">
  <p style="font-size:10.0pt;margin:0pt 0pt .0001pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><!-- SET mrlHTMLTableLeft -->Insuring Agreement</p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="248" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:186.25pt;">
  <p align="left" style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">J -
  COMPUTER SYSTEMS</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="7" valign="bottom" style="padding:0pt 0pt 0pt 0pt;width:5.0pt;">
  <p align="left" style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$</font></p>
  </td>
  <td width="74" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:55.65pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">1,500,000</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="7" valign="bottom" style="padding:0pt 0pt 0pt 0pt;width:5.0pt;">
  <p align="left" style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$</font></p>
  </td>
  <td width="85" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:63.4pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">25,000</font></p>
  </td>
  <td width="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:1.7pt;">
  <p style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="135" valign="top" style="padding:0pt .7pt 0pt 0pt;width:101.1pt;">
  <p style="margin:0pt 0pt .0001pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Insuring
  Agreement</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="248" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:186.25pt;">
  <p align="left" style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">K -
  UNAUTHORIZED SIGNATURES</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="7" valign="bottom" style="padding:0pt 0pt 0pt 0pt;width:5.0pt;">
  <p align="left" style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$</font></p>
  </td>
  <td width="74" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:55.65pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">1,500,000</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="7" valign="bottom" style="padding:0pt 0pt 0pt 0pt;width:5.0pt;">
  <p align="left" style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$</font></p>
  </td>
  <td width="85" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:63.4pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">25,000</font></p>
  </td>
  <td width="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:1.7pt;">
  <p style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr bgcolor="#CCEEFF" style="page-break-inside:avoid;">
  <td width="135" valign="top" style="padding:0pt .7pt 0pt 0pt;width:101.1pt;">
  <p style="margin:0pt 0pt .0001pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Insuring
  Agreement</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="248" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:186.25pt;">
  <p align="left" style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">L -
  AUTOMATED PHONE SYSTEMS</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="81" colspan="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:60.65pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Not Covered</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="91" colspan="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:68.4pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Not Covered</font></p>
  </td>
  <td width="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:1.7pt;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="135" valign="top" style="padding:0pt .7pt 0pt 0pt;width:101.1pt;">
  <p style="margin:0pt 0pt .0001pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Insuring
  Agreement</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="248" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:186.25pt;">
  <p align="left" style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">M -
  TELEFACSIMILE</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="81" colspan="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:60.65pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Not Covered</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="91" colspan="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:68.4pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Not Covered</font></p>
  </td>
  <td width="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:1.7pt;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
</table>

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

<p style="margin:0pt 0pt 12.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">If &#147;Not Covered&#148;
is inserted above opposite any specified Insuring Agreement or Coverage, such
Insuring Agreement or Coverage and any other reference thereto in this bond
shall be deemed to be deleted therefrom.</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;font-family:Times New Roman;width:100.0%;">
 <tr style="page-break-inside:avoid;">
  <td width="7%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:7.88%;">
  <p style="font-size:10.0pt;margin:0pt 0pt .0001pt;"><!-- SET mrlNoTableShading --><b>Item 4.</b></p>
  </td>
  <td width="92%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:92.12%;">
  <p style="margin:0pt 0pt .0001pt 18.0pt;text-indent:-18.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Office or
  Premises Covered - Offices acquired or established subsequent to the
  effective date of this bond are covered according to the terms of General
  Agreement A. All other Insured's offices or premises in existence at the time
  this bond becomes effective are covered under this bond except the offices or
  premises located as follows:</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="7%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:7.88%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="92%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:92.12%;">
  <p style="margin:0pt 0pt .0001pt;text-indent:18.0pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">No
  Exceptions</font></b></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="7%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:7.88%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="92%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:92.12%;">
  <p style="margin:0pt 0pt .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="7%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:7.88%;">
  <p style="font-size:10.0pt;margin:0pt 0pt .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Item</font></b><b> 5.</b></p>
  </td>
  <td width="92%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:92.12%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Liability of the Underwriter is subject to the
  terms of the following riders attached hereto: </font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="7%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:7.88%;">
  <p style="margin:0pt 0pt .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="92%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:92.12%;">
  <p style="margin:0pt 0pt .0001pt;text-indent:18.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">1-4</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="7%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:7.88%;">
  <p style="margin:0pt 0pt .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="92%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:92.12%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="7%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:7.88%;">
  <p style="margin:0pt 0pt .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Item 6.</font></b></p>
  </td>
  <td width="92%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:92.12%;">
  <p style="margin:0pt 0pt .0001pt 18.0pt;text-indent:-18.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Insured by
  the acceptance of this bond gives notice to the Underwriter terminating or
  cancelling prior bond(s) or<br>
  policy(ies) No.(s) N/A such termination or cancellation to be effective as of
  the time this bond becomes effective.</font></p>
  </td>
 </tr>
</table>

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

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;font-family:Times New Roman;width:100.0%;">
 <tr style="page-break-inside:avoid;">
  <td width="51%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:51.62%;">
  <p style="font-size:10.0pt;margin:0pt 0pt .0001pt;"><!-- SET mrlNoTableShading --></p>
  </td>
  <td width="4%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:4.64%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">By:</font></p>
  </td>
  <td width="21%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:21.52%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">/s/ Steven E. Liston</font></p>
  </td>
  <td width="22%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:22.22%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="51%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:51.62%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="4%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:4.64%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="43%" colspan="2" valign="top" style="padding:0pt .7pt 0pt 0pt;width:43.72%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Authorized Representative</font></p>
  </td>
 </tr>
</table>

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

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

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

<p align="center" style="margin:0pt 0pt .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">OF PITTSBURGH, PA</font></b></p>

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

<p style="line-height:191%;margin:0pt 170.0pt .0001pt 0pt;text-indent:35.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;line-height:191%;">To be attached to and form part of Bond No. <i>6214304 </i></font></p>

<p style="line-height:191%;margin:0pt 170.0pt .0001pt 0pt;text-indent:35.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;line-height:191%;">in favor of <i>Hambrecht
&amp; Quist Capital Management LLC </i></font></p>

<p style="line-height:191%;margin:0pt 170.0pt .0001pt 0pt;text-indent:35.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;line-height:191%;">effective as of <i>03/15/2007</i></font></p>

<p style="line-height:92%;margin:0pt 10.0pt 12.0pt 0pt;text-indent:35.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;line-height:92%;">In
consideration of the premium charged for the attached bond, it is hereby agreed
that:</font></p>

<p style="line-height:92%;margin:0pt 0pt 12.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;line-height:92%;">1.&#160;&#160;&#160; From and after the
time this rider becomes effective the Insured under the attached bond are:</font></p>

<p style="margin:0pt 0pt 12.0pt 36.0pt;"><b><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;font-weight:bold;">Hambrecht &amp;
Quist Capital Management<br>
LLC<br>
H &amp; Q Healthcare Investors<br>
H &amp; Q Life Sciences Investors<br>
Hambrecht &amp; Quist Capital Management</font></i></b></p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt;text-indent:36.0pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">2.</font></i>&#160;&#160;&#160; The first named Insured shall act for
itself and for each and all of the Insured for all the purposes of the attached
bond.</p>

<p style="margin:0pt 0pt 12.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">3.&#160;&#160;&#160; Knowledge possessed or discovery made by
the Corporate Risk Management Department, Internal Audit Department, or General
Counsel Department, of any Insured or by any partner or officer thereof shall
for all the purposes of the attached bond constitute knowledge or discovery by
all the Insured.</font></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">4.&#160;&#160; If, prior to the termination of the attached
bond in its entirety, the attached bond is terminated as to any Insured, there
shall be no liability for any loss sustained by such Insured unless discovered
before the time such termination as to such Insured becomes effective.</font></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">5.&#160;&#160; The liability of the Underwriter for loss or
losses sustained by any or all of the Insured shall not exceed the amount for
which the Underwriter would be liable had all such loss or losses been
sustained by any one of the Insured.&#160;
Payment by the Underwriter to the first named Insured of loss sustained
by any Insured shall fully release the Underwriter on account of such loss.</font></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">6.&#160;&#160; If the first named Insured ceases for any
reason to be covered under the attached bond, then the Insured next named shall
thereafter be considered as the first named Insured for all the purposes of the
attached bond.</font></p>

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

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<p style="margin:0pt 0pt 12.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">7.&#160;&#160; The attached bond shall be subject to all
its agreements, limitations and conditions except as herein expressly modified.</font></p>

<p style="margin:0pt 0pt 24.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">8.&#160;&#160;&#160; This rider shall become effective as 12:01
a.m. on 03/15/2007 Signed, Sealed and dated</font></p>

<div align="center" style="font-family:Times New Roman;">

<table border="0" cellspacing="0" cellpadding="0" style="border-collapse:collapse;">
 <tr style="page-break-inside:avoid;">
  <td width="334" valign="top" style="padding:0pt .7pt 0pt 0pt;width:250.8pt;">
  <p align="right" style="font-size:10.0pt;margin:0pt 0pt .0001pt;text-align:right;"><!-- SET mrlHTMLTableCenter -->By:<!-- SET mrlNoTableShading --></p>
  </td>
  <td width="14" valign="top" style="padding:0pt .7pt 0pt 0pt;width:10.2pt;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="162" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:121.65pt;">
  <p style="margin:0pt 0pt .0001pt 20.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">/s/ Steven E.
  Liston</font></p>
  </td>
  <td width="162" valign="top" style="padding:0pt .7pt 0pt 0pt;width:121.65pt;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="334" valign="top" style="padding:0pt .7pt 0pt 0pt;width:250.8pt;">
  <p align="right" style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="14" valign="top" style="padding:0pt .7pt 0pt 0pt;width:10.2pt;">
  <p align="right" style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="324" colspan="2" valign="top" style="padding:0pt .7pt 0pt 0pt;width:243.3pt;">
  <p style="margin:0pt 0pt .0001pt 30.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Authorized
  Representative</font></p>
  </td>
 </tr>
</table>

</div>

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

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

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<div>

<p align="center" style="line-height:normal;margin:0pt 160.0pt 12.0pt 168.0pt;text-align:center;text-autospace:none;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">NATIONAL UNION FIRE
INSURANCE COMPANY OF PITTSBURGH, PA</font></b></p>

<p align="center" style="line-height:normal;margin:0pt 160.0pt 12.0pt 168.0pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Rider No. 2</font></p>

<p align="center" style="line-height:normal;margin:0pt 160.0pt 12.0pt 168.0pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">AMENDMENT TO TERMINATION</font></p>

<p style="line-height:normal;margin:0pt 10.0pt 12.0pt 0pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">To
be attached to and form part of Investment Company Blanket Bond No. <i>6214304 </i>in favor of <i>Hambrecht &amp; Quist Capital Management LLC.</i></font></p>

<p style="line-height:normal;margin:0pt 0pt 12.0pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">It
is agreed that:</font></p>

<p style="line-height:normal;margin:0pt 0pt 12.0pt 36.0pt;text-autospace:none;text-indent:-36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">1.</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" face="Times New Roman" style="font-size:10.0pt;">The attached bond is hereby amended by
deleting Section 13., TERMINATION, in its entirety and substituting the
following:</font></p>

<p style="line-height:normal;margin:0pt 0pt 12.0pt 36.0pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The
Underwriter may terminate this bond as an entirety by furnishing written notice
specifying the termination date which cannot be prior to 90 days after the
receipt of such written notice by each Investment Company named as Insured and
the Securities and Exchange Commission, Washington, D.C.&#160; The Insured may terminate this bond as an
entirety by furnishing written notice to the Underwriter.&#160; When the Insured cancels, the Insured shall
furnish written notice to the Securities and Exchange Commission, Washington,
D.C. prior to 90 days before the effective date of the termination.&#160; The Underwriter shall notify all other
Investment Companies named as Insured of the receipt of such termination notice
and the termination cannot be effective prior to 90 days after receipt of
written notice by all other Investment Companies.&#160; Premiums are earned until the termination
date as set forth herein.</font></p>

<p style="line-height:normal;margin:0pt 0pt 12.0pt 36.0pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">This
Bond will terminate as to any one Insured, (other than a registered management
investment company), immediately upon taking over of such Insured by a receiver
or other liquidator or by State or Federal officials, or immediately upon the
filing of a petition under any State or Federal statute relative to bankruptcy
or reorganization of the Insured, or assignment for he benefit of creditors of
the Insured, or immediately upon such Insured ceasing to exist, whether through
merger into another entity, or by disposition of all of its assets.</font></p>

<p style="line-height:normal;margin:0pt 0pt 12.0pt 36.0pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">This
Bond will terminate as to any registered management investment company upon the
expiration of 90 days after written notice has been given to the Securities and
Exchange Commission, Washington, D.C.</font></p>

<p style="line-height:normal;margin:0pt 0pt 12.0pt 36.0pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The
Underwriter shall refund the unearned premium computed at short rates in
accordance with the standard short rate cancellation tables if terminated by
the Insured or pro rata terminated for any other reason.</font></p>

<p style="line-height:normal;margin:0pt 0pt 12.0pt 36.0pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">This
bond shall terminate</font></p>

<p style="line-height:normal;margin:0pt 0pt 12.0pt 108.0pt;text-autospace:none;text-indent:-36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">a.</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" face="Times New Roman" style="font-size:10.0pt;">as to any Employee as soon as any partner,
officer or supervisory Employee of the Insured, who is not in collusion with
such Employee, shall learn of any dishonest or fraudulent act(s), including
Larceny or Embezzlement on the part of such Employee without prejudice to the
loss of any Property then in transit in the custody of such Employee and upon
the expiration of ninety (90) days after written notice has been given to the
Securities and Exchange Commission, Washington, D.C. (See Section 16(d)) and to
the Insured Investment Company, or</font></p>

<p style="line-height:normal;margin:0pt 0pt 12.0pt 108.0pt;text-autospace:none;text-indent:-36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">b.</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" face="Times New Roman" style="font-size:10.0pt;">as to any Employee 90 days after receipt
by each Insured and by the Securities and Exchange Commission of a written
notice from the Underwriter of its desire to terminate this bond as to such
Employee, or</font></p>

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

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<p style="line-height:normal;margin:0pt 0pt 12.0pt 108.0pt;text-autospace:none;text-indent:-36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">c.</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" face="Times New Roman" style="font-size:10.0pt;">as to any person, who is a partner,
officer or employee of any Electronic Dada Processor covered under this bond,
from and after the time that the Insured or any partner or officer thereof not
in collusion with such person shall have knowledge or information that such
person has committed any dishonest or fraudulent act(s), including Larceny or
Embezzlement in the service of the Insured or otherwise, whether such act be
committed before or after the time this bond is effective and upon the
expiration of ninety (90) days after written notice has been given by the
Underwriter to the Securities and Exchange Commission, Washington DC and to the
insured Investment Company.</font></p>

<p style="line-height:normal;margin:0pt 0pt 12.0pt 36.0pt;text-autospace:none;text-indent:-36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2.</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" face="Times New Roman" style="font-size:10.0pt;">Nothing herein contained shall be held to
vary, alter, waive, or extend any of the terms, limitations, conditions, or
provisions of the attached bond other than as above stated.</font></p>

<p style="line-height:normal;margin:0pt 0pt 12.0pt 36.0pt;text-autospace:none;text-indent:-36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">3.</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" face="Times New Roman" style="font-size:10.0pt;">This rider is effective as of 12:01 a.m.
on<b>  <i>03/15/2007</i></b></font></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;font-family:Times New Roman;width:100.0%;">
 <tr style="page-break-inside:avoid;">
  <td width="52%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:52.38%;">
  <p style="font-size:10.0pt;margin:0pt 0pt .0001pt;"><!-- SET mrlNoTableShading --></p>
  </td>
  <td width="2%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:2.14%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="3%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:3.22%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">By:</font></p>
  </td>
  <td width="21%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:21.12%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">/s/ Steven E. Liston</font></p>
  </td>
  <td width="21%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:21.14%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="52%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:52.38%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:2.14%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="3%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:3.22%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="42%" colspan="2" valign="top" style="padding:0pt .7pt 0pt 0pt;width:42.26%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Authorized Representative</font></p>
  </td>
 </tr>
</table>

<p align="center" style="line-height:normal;margin:0pt 190.1pt 12.0pt 192.25pt;text-align:center;text-autospace:none;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">&nbsp;</font></b></p>

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

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<p align="center" style="line-height:normal;margin:0pt 190.1pt 12.0pt 192.25pt;text-align:center;text-autospace:none;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">NATIONAL UNION FIRE
INSURANCE COMPANY OF PITTSBURGH, PA</font></b></p>

<p align="center" style="line-height:normal;margin:0pt 190.0pt 12.0pt 192.0pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">RIDER N0.3</font></p>

<p align="center" style="line-height:normal;margin:0pt 190.0pt 12.0pt 192.0pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">INSURING AGREEMENT J</font></p>

<p style="line-height:normal;margin:0pt 170.0pt 12.0pt 0pt;text-autospace:none;text-indent:35.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">To be attached to and form part of Bond<b>  <i>Ho. 6214304</i></b></font></p>

<p style="line-height:normal;margin:0pt 170.0pt 12.0pt 0pt;text-autospace:none;text-indent:35.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">in favor of<b>  <i>Hambrecht &amp; Quist Capital Management LLC</i></b></font></p>

<p style="line-height:normal;margin:0pt 170.0pt 12.0pt 0pt;text-autospace:none;text-indent:35.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">It is agreed that:</font></p>

<p style="line-height:normal;margin:0pt 0pt 12.0pt 30.0pt;text-autospace:none;text-indent:-30.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">1.</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" face="Times New Roman" style="font-size:10.0pt;">The attached bond is amended by adding an
additional insuring agreement as follows:</font></p>

<p align="center" style="line-height:normal;margin:0pt 0pt 12.0pt;text-align:center;text-autospace:none;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">COMPUTER SYSTEMS</font></b></p>

<p style="line-height:normal;margin:0pt 0pt 12.0pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Loss
resulting directly from a fraudulent</font></p>

<p style="line-height:normal;margin:0pt 0pt .0001pt 36.0pt;text-autospace:none;text-indent:-35.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(1)&#160;&#160;
&#160;&#160;&#160;entry of data into, or</font></p>

<p style="line-height:normal;margin:0pt 0pt 12.0pt 36.0pt;text-autospace:none;text-indent:-35.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(2)&#160;&#160; &#160;&#160;&#160;change of data or programs within</font></p>

<p style="line-height:normal;margin:0pt 0pt 12.0pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">a
Computer System; provided the fraudulent entry or change causes</font></p>

<p style="line-height:normal;margin:0pt 0pt .0001pt 34.0pt;text-autospace:none;text-indent:-34.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(a)&#160;&#160;
&#160;&#160;&#160;Property to be transferred,
paid or delivered,</font></p>

<p style="line-height:normal;margin:0pt 0pt .0001pt 34.0pt;text-autospace:none;text-indent:-34.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(b)&#160;&#160;
&#160;&#160;&#160;an account of the Insured, or
of its customer, to be added, deleted, debited or credited:</font></p>

<p style="line-height:normal;margin:0pt 0pt 12.0pt 34.0pt;text-autospace:none;text-indent:-34.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(c)&#160;&#160; &#160;&#160;&#160;an unauthorized account of a fictitious
account to be debited or credited;</font></p>

<p style="line-height:normal;margin:0pt 10.0pt 12.0pt 36.0pt;text-autospace:none;text-indent:-35.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(3)&#160;&#160; &#160;&#160;&#160;voice instructions or advices having been
transmitted to the Insured or its agent(s) by telephone;</font></p>

<p style="line-height:normal;margin:0pt 30.0pt 12.0pt 0pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">and
provided further, the fraudulent entry or change is made or caused by an
individual acting with the intent to:</font></p>

<p style="line-height:normal;margin:0pt 0pt 12.0pt 54.0pt;text-autospace:none;text-indent:-36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(i)</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" face="Times New Roman" style="font-size:10.0pt;">cause the Insured or its agent(s) to
sustain a loss, and</font></p>

<p style="line-height:normal;margin:0pt 0pt 12.0pt 54.0pt;text-autospace:none;text-indent:-36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(ii)</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" face="Times New Roman" style="font-size:10.0pt;">obtain financial benefit for that
individual or for other persons intended by that individual to receive
financial benefit,</font></p>

<p style="line-height:normal;margin:0pt 0pt 12.0pt 54.0pt;text-autospace:none;text-indent:-36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(iii)</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" face="Times New Roman" style="font-size:10.0pt;">and further provided such voice
instruction or advices:</font></p>

<p style="line-height:normal;margin:0pt 0pt .0001pt 18.0pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;were made by a
person who purported to represent an individual authorized to make such voice
instruction or advices; and</font></p>

<p style="line-height:normal;margin:0pt 0pt 12.0pt;text-autospace:none;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;were electronically
recorded by the Insured or its agent(s).</font></p>

<p style="line-height:normal;margin:0pt 0pt 12.0pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(4)&nbsp;&nbsp;It
shall be a condition to recovery under the Computer Systems Rider that the
Insured or its agent(s) shall to the best of their ability electronically
record all voice instructions or advices received over telephone.&#160; The Insured or its agent(s) warrant that they
shall make their best efforts to maintain the electronic recording system on a
continuous basis.&#160; Nothing, however, in
this Rider shall bar the Insured from recovery where no recording is available
because of mechanical failure of the device used in making such recording, or
because of failure of the media used to record conversation from any cause, or
error or omission of any Employee(s) or agent(s) of the Insured.</font></p>

<p align="center" style="line-height:normal;margin:0pt 0pt 12.0pt 6.0pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">SCHEDULE OF SYSTEMS</font></p>

<p align="center" style="line-height:normal;margin:0pt 0pt 12.0pt 6.0pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">All computer systems utilized by the Insured</font></p>

<p style="line-height:normal;margin:0pt 0pt 12.0pt 30.0pt;text-autospace:none;text-indent:-30.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2.</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" face="Times New Roman" style="font-size:10.0pt;">As used in this Rider, Computer System
means:</font></p>

<p style="line-height:normal;margin:0pt 0pt .0001pt 18.0pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(a)&#160; &#160;&#160;&#160;computers with related peripheral
components, including storage components, wherever located,</font></p>

<p style="line-height:normal;margin:0pt 0pt .0001pt 18.0pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(b)&#160;&#160; &#160;&#160;systems and application software,</font></p>

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

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<p style="line-height:normal;margin:0pt 10.0pt .0001pt 38.0pt;text-autospace:none;text-indent:-28.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(c) &#160;&#160;&#160;&#160;terminal devices,</font></p>

<p style="line-height:normal;margin:0pt 0pt .0001pt 38.0pt;text-autospace:none;text-indent:-28.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(d)&#160;&#160;&#160;&#160;
related communications networks or customer communication systems, and</font></p>

<p style="line-height:normal;margin:0pt 0pt 12.0pt 38.0pt;text-autospace:none;text-indent:-28.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(e)&#160;&#160;&#160;&#160; related
Electronic Funds Transfer Systems,</font></p>

<p style="line-height:normal;margin:0pt 10.0pt 12.0pt 0pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">by
which data are electronically collected, transmitted, processed, stored, and
retrieved.</font></p>

<p style="line-height:normal;margin:0pt 0pt 12.0pt 30.0pt;text-autospace:none;text-indent:-30.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">3.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; In
addition to the exclusions in the attached bond, the following exclusions are
applicable to this Insuring Agreement:</font></p>

<p style="line-height:normal;margin:0pt 0pt .0001pt 36.0pt;text-autospace:none;text-indent:-33.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(a)&#160;&#160;&#160;&#160;
&#160;&#160;&#160;loss resulting directly or
indirectly from the theft of confidential information, material or data; and</font></p>

<p style="line-height:normal;margin:0pt 0pt 12.0pt 36.0pt;text-autospace:none;text-indent:-33.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(b)&#160;&#160; &#160;&#160;&#160;&#160;&#160;loss resulting directly or indirectly from
entries or changes made by an individual authorized to have access to a
Computer System who acts in good faith on instructions, unless such
instructions are given to that individual by a software contractor (or by a
partner, officer or employee thereof) authorized by the Insured to design,
develop, prepare, supply service, write or implement programs for the Insured&#146;s
Computer System.</font></p>

<p style="line-height:normal;margin:0pt 0pt 12.0pt 30.0pt;text-autospace:none;text-indent:-30.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">4.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; The
following portions of the attached bond are not applicable to this Rider:</font></p>

<p style="line-height:normal;margin:0pt 0pt .0001pt 33.0pt;text-autospace:none;text-indent:-31.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(a)&#160;&#160;
&#160;&#160;&#160;&#160;&#160;the initial paragraph of the
bond preceding the Insuring Agreements which reads &#147;...at any time but
discovered during the Bond Period.&#148;</font></p>

<p style="line-height:normal;margin:0pt 0pt .0001pt 36.0pt;text-autospace:none;text-indent:-34.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(b)&#160;&#160;
&#160;&#160;&#160;&#160;&#160;Section 9-NON-REDUCTION AND
NON-ACCUMULATION OF LIABILITY AND TOTAL LIABILITY</font></p>

<p style="line-height:normal;margin:0pt 0pt 12.0pt 36.0pt;text-autospace:none;text-indent:-34.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(c)&#160;&#160; &#160;&#160;&#160;&#160;&#160;Section 10-LIMIT OF LIABILITY</font></p>

<p style="line-height:normal;margin:0pt 0pt 12.0pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">5.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; The
Coverage afforded by this rider applies only to loss discovered by the Insured
during the period this Rider is in force.</font></p>

<p style="line-height:normal;margin:0pt 0pt 12.0pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">6.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; All
loss or series of losses involving the fraudulent activity of one individual,
or involving fraudulent activity in which one individual is implicated, whether
or not that individual is specifically identified, shall be treated as one
loss.&#160; A Series of losses involving
unidentified individuals but arising from the same method of operation may be
deemed by the Underwriter to involve the same individual and in that event
shall be treated as one loss.</font></p>

<p style="line-height:normal;margin:0pt 0pt 12.0pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">7.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; The
Limit of Liability for the coverage provided by this Rider shall be&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<b><i style="font-weight:bold;">One</i></b><i> Million Five Hundred Thousand Dollars&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</i>(<i>$1,500,000&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;)</i>, it being understood however, that
such liability shall be part of and not in addition to the Limit of Liability
stated in Item 3 of the Declarations of the attached bond.</font></p>

<p style="line-height:normal;margin:0pt 10.0pt 12.0pt 0pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">8.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; The
Underwriter shall be liable hereunder for the amount by which one loss shall be
in excess of <i>Twenty Five Thousand Dollars&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</i>( <i>$25,000&#160;&#160;&#160;&#160;&#160;&#160;&#160; )<b>,</b></i> (herein called the Deductible amount) but
not in excess of the Limit of Liability stated above.</font></p>

<p style="line-height:normal;margin:0pt 0pt 12.0pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">9.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; If
any loss is covered under this Insuring Agreement and any other Insuring
Agreement or Coverage, the maximum amount payable for such loss shall not
exceed the largest amount available under any one Insuring Agreement or
Coverage.</font></p>

<p style="line-height:normal;margin:0pt 0pt 12.0pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">10.&#160;&#160;&#160;&#160;&#160;&#160;&#160; Coverage
under this Rider shall terminate upon termination or cancellation of the bond
to which this Rider is attached.&#160;
Coverage under this rider may also be terminated or cancelled without
canceling the bond as an entirety:</font></p>

<p style="line-height:normal;margin:0pt 0pt .0001pt 38.0pt;text-autospace:none;text-indent:-34.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(a)&#160;
&#160;&#160;&#160;&#160;&#160;&#160;60 days after receipt by the Insured of written
notice from the Underwriter of its desire to terminate or cancel coverage under
this Rider, or</font></p>

<p style="line-height:normal;margin:0pt 0pt 12.0pt 38.0pt;text-autospace:none;text-indent:-34.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(b) &#160;&#160;&#160;&#160;&#160;&#160;&#160;immediately upon receipt by the Underwriter
of a written request from the Insured to terminate or cancel coverage under
this Rider.</font></p>

<p style="line-height:normal;margin:0pt 0pt 12.0pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The
Underwriter shall refund to the Insured the unearned premium for this coverage
under this Rider.&#160; The refund shall be
computed at short rates if this Rider is terminated or cancelled or reduced by
notice from, or at the instance of, the Insured.</font></p>

<p style="line-height:normal;margin:0pt 0pt 12.0pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">11.&#160;&#160;&#160;&#160;&#160;&#160;&#160; Section
4-LOSS-NOTICE-PROOF-LEGAL PROCEEDING of the Conditions and Limitations of this
bond is amended by adding the following sentence:</font></p>

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<p style="line-height:normal;margin:0pt 0pt 12.0pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;Proof
of Loss resulting from Voice Instructions or advices covered under this bond
shall include Electronic Recording of such Voice Instructions or advices.&#148;</font></p>

<p style="line-height:normal;margin:0pt 0pt 12.0pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">12.&#160;&#160;&#160;&#160;&#160;&#160;&#160; Not
withstanding the foregoing, however, coverage afforded by this Rider is not
designed to provide protection against loss covered under a separate Electronic
and Computer Crime Policy by whatever title assigned or by whatever Underwriter
written.</font></p>

<p style="line-height:normal;margin:0pt 0pt 12.0pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Any
loss which is covered under such separate Policy is excluded from coverage
under this bond; and the Insured agrees to make claim for such loss under its
separate Policy.</font></p>

<p style="line-height:normal;margin:0pt 0pt 12.0pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">13.&#160;&#160;&#160;&#160;&#160;&#160;&#160; This
rider shall become effective at 12:01 a.m. Standard time on 03/15/2007</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;font-family:Times New Roman;width:100.0%;">
 <tr style="page-break-inside:avoid;">
  <td width="41%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:41.66%;">
  <p style="font-size:10.0pt;margin:0pt 0pt .0001pt;"><!-- SET mrlNoTableShading --></p>
  </td>
  <td width="1%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:1.2%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="3%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:3.34%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">By:</font></p>
  </td>
  <td width="21%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:21.18%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">/s/ Steven E. Liston</font></p>
  </td>
  <td width="32%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:32.62%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="41%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:41.66%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:1.2%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="3%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:3.34%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="53%" colspan="2" valign="top" style="padding:0pt .7pt 0pt 0pt;width:53.82%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Authorized Representative</font></p>
  </td>
 </tr>
</table>

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

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<p align="center" style="margin:0pt 0pt .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">NATIONAL
UNION FIRE INSURANCE COMPANY</font></p>

<p align="center" style="margin:0pt 0pt 12.0pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">OF PITTSBURGH, PA</font></p>

<p align="center" style="margin:0pt 0pt .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">RIDER
NO. 4</font></p>

<p align="center" style="margin:0pt 0pt 12.0pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">INSURING AGREEMENT K</font></p>

<p style="margin:0pt 30.0pt 12.0pt 0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">To be attached to and form a part of Investment
Company Blanket Bond No. <i>6214304</i></font></p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 30.0pt 12.0pt 0pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">&#160;</font></i>in favor of <i>Hambrecht &amp; Quist Capital Management LLC.</i></p>

<p style="margin:0pt 0pt 12.0pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">It is agreed
that:</font></p>

<p style="margin:0pt 10.0pt 12.0pt 36.0pt;text-indent:-34.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(1)&#160;&#160; The attached bond is amended by adding an
additional Insuring Agreement as follows:</font></p>

<p style="margin:0pt 0pt 12.0pt 162.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">UNAUTHORIZED SIGNATURES</font></p>

<p style="margin:0pt 0pt 12.0pt 36.0pt;text-indent:-34.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(2)&#160;&#160; Loss
resulting directly from the insured having accepted, paid or cashed any check
or withdrawal order, draft, made or drawn on a customer&#146;s account which bears
the signature or endorsement of one other than a person whose name and
signature is on the application on file with the Insured as a signatory on such
account.</font></p>

<p style="margin:0pt 0pt 12.0pt 36.0pt;text-indent:-34.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(3)&#160;&#160; It shall
be a condition precedent to the Insured&#146;s right of recovery under&#146; this rider
that the Insured shall have on file signatures all persons who are authorized
signatories on such account.</font></p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt 36.0pt;text-indent:-34.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(4)&#160;&#160; </font>The Limit of Liability for the coverage provided by this rider shall be&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<i>One Million Five Hundred Thousand
Dollars&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</i>(<i>$1,500,000&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</i>)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
it being understood, however, that such liability shall be part of and not in
addition to the Limit of Liability stated in item 3. of the Declarations of the
attached bond.</p>

<p style="margin:0pt 0pt 12.0pt 36.0pt;text-indent:-34.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(5)&#160;&#160; The
Underwriter shall not be liable under the Unauthorized Signatures Rider for any
loss on account of any instrument unless the amount of such instrument shall be
excess <i>of Twenty Five Thousand Dollars&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<b>{$25,000&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;)</b></i>
(herein called Deductible Amount) and unless such loss on account of such
instrument, after deducting all recoveries on account of such instrument made
prior to the payment of such loss by the Underwriter, shall be in excess of
such Deductible Amount and then for such<b>
excess</b> only, but in no event more than the amount of the attached
bond, or the amount of coverage under the Unauthorized Signatures Rider, if the
amount of such coverage is less than the amount of the attached bond.</font></p>

<p style="margin:0pt 0pt 12.0pt 36.0pt;text-indent:-34.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(6)&#160;&#160; Nothing
herein contained shall be held to vary, alter, waive, or extend any of the
terms, limitations, conditions, or provisions of the attached bond other than
as above stated.</font></p>

<p style="margin:0pt 0pt 12.0pt 36.0pt;text-indent:-34.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(7)&#160;&#160; The rider
is effective as of 12:01 a.m. standard time on <i>15-MAR-2007&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</i>as
specified in the bond.</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;font-family:Times New Roman;width:100.0%;">
 <tr style="page-break-inside:avoid;">
  <td width="50%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:50.0%;">
  <p style="font-size:10.0pt;margin:0pt 0pt .0001pt;"><!-- SET mrlNoTableShading --></p>
  </td>
  <td width="3%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:3.06%;">
  <p style="font-size:10.0pt;margin:0pt 0pt .0001pt;"><!-- SET mrlNoTableShading -->By:</p>
  </td>
  <td width="21%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:21.3%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">/s/ Steven E.
  Liston</font></p>
  </td>
  <td width="25%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:25.66%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="50%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:50.0%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="3%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:3.06%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="46%" colspan="2" valign="top" style="padding:0pt .7pt 0pt 0pt;width:46.94%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Authorized
  Representative</font></p>
  </td>
 </tr>
</table>

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

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

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<div>

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

<p style="margin:0pt 0pt 12.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Underwriter, in
consideration of an agreed premium, and subject to the Declarations made a part
hereof, the General Agreements, Conditions and Limitations and other terms of
this bond, agrees with the Insured, in accordance with the Insuring Agreements
hereof to which an amount of insurance is applicable as set forth in Item 3<b> of</b> the Declarations and with respect to
loss sustained by the Insured at any time but discovered during the Bond
Period, to indemnify and hold harmless the Insured for:</font></p>

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

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

<p style="margin:0pt 0pt 12.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Loss resulting
from any dishonest or fraudulent act(s), including Larceny or Embezzlement
committed by an Employee, committed anywhere and whether committed alone or in
collusion with others, including loss of Property resulting from such acts of
an Employee, which Property is held by the Insured for any purpose or in any
capacity and whether so held gratuitously or not and whether or not the Insured
is liable therefor.</font></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Dishonest or
fraudulent act(s) as used in this Insuring Agreement shall mean only dishonest
or fraudulent act(s) committed by such Employee with the manifest intent:</font></p>

<p style="margin:0pt 0pt 12.0pt 42.0pt;text-indent:-25.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(a)&#160; to cause
the Insured to sustain such loss; and</font></p>

<p style="margin:0pt 0pt 12.0pt 42.0pt;text-indent:-25.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(b)&#160; to obtain
financial benefit for the Employee, or for any other person or organization
intended by the Employee to receive such benefit, other than salaries,
commissions, fees, bonuses, promotions, awards, profit sharing, pensions or
other employee benefits earned in the normal course of employment.</font></p>

<p style="margin:0pt 0pt 12.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(B) AUDIT EXPENSE</font></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Expense incurred
by the Insured for that part of the costs of audits or examinations required by
any governmental regulatory authority to be conducted either by such authority
or by an independent accountant by reason of the discovery of loss sustained by
the Insured through any dishonest or fraudulent act(s), including Larceny or
Embezzlement of any of the Employees. The total liability of the Underwriter
for such expense by reason of such acts of any Employee or in which such
Employee is concerned or implicated or with respect to any one audit or
examination is limited to the amount stated opposite Audit Expense in Item 3 of
the Declarations; it being understood, however, that such expense shall be
deemed to be a loss sustained by the Insured through any dishonest or
fraudulent act(s), including Larceny or Embezzlement of one or more of the
Employees and the liability under this paragraph shall be in addition to the
Limit of liability stated in Insuring Agreement (A) in Item 3 of the
Declarations.</font></p>

<p style="margin:0pt 0pt 12.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(C) ON PREMISES</font></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Loss of Property
(occurring with or without negligence or violence) through robbery, burglary,
Larceny, theft, holdup, or other fraudulent means, misplacement, mysterious
unexplainable disappearance, damage thereto or destruction thereof, abstraction
or removal from the possession, custody or control of the Insured, and loss of
subscription, conversion, redemption or deposit privileges through the
misplacement or loss of Property, while the Property is (or is supposed or
believed by the Insured to be) lodged or deposited within any offices or
premises located anywhere, except in an office listed in Item 4 of the
Declarations or amendment thereof or ill the mail or with a carrier for hire
other than an armored motor vehicle company, for tie purpose of transportation.</font></p>

<p align="center" style="margin:0pt 0pt 12.0pt 2.0pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Offices and Equipment</font></p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt 61.0pt;text-indent:-25.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(1)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Loss
of or damage to, furnishings, fixtures, stationery, supplies or equipment,
within any of the Insured&#146;s offices covered under this bond caused by Larceny
or theft in, or by burglary, robbery or holdup of such office, or attempt
thereat, or by vandalism or malicious mischief; or</p>

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<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt 61.0pt;text-indent:-25.0pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">(2)</font></i><i><font size="1" style="font-size:3.0pt;font-style:italic;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font></i>loss through
damage to any such office by Larceny or theft in, or by burglary, robbery <b>or</b> holdup of such office or attempt
thereat, or to the interior of any such office by vandalism or malicious
mischief provided, in any event, that the Insured is the owner of such offices,
furnishings, fixtures, stationery, supplies or equipment or is legally liable
for such loss or damage, always excepting, however, all loss<b> or </b>damage through fire.</p>

<p style="margin:0pt 0pt 12.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(D) IN TRANSIT</font></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Loss of Property
(occurring with or without negligence or violence) through robbery, Larceny,
theft, holdup, misplacement, mysterious unexplainable disappearance, being lost
or otherwise made away with, damage thereto or destruction thereof, and loss of
subscription, conversion, redemption or deposit privileges through the
misplacement or loss of Property, while the Property is in transit anywhere in
the custody of any person or persons acting as messenger, except while in the
mail or with a carrier for hire, other than an armored motor vehicle company,
for the purpose of transportation, such transit to begin immediately upon
receipt of such Property by the transporting person or persons, and to end
immediately upon delivery thereof at destination.</font></p>

<p style="margin:0pt 0pt 12.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(E) FORGERY OR ALTERATION</font></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Loss through
FORGERY or ALTERATION of, on or in any bills of exchange, checks, drafts,
acceptances, certificates of deposit, promissory notes, or other written
promises, orders or directions to pay sums certain in money,&#160; due bills, money orders, warrants, orders
upon public treasuries, letters of credit, written instructions, advices or
applications directed to the Insured, authorizing or acknowledging the
transfer, payment, delivery or receipt of funds or Property, which instructions
or advices or applications purport to have been signed or endorsed by any
customer of the Insured, shareholder or subscriber to &#147; shares, whether
certificated or uncertificated, of any Investment Company or by any financial
a- banking institution or stockbroker but which instructions, advices or
applications either bear the forged signature or endorsement or have been
altered without the knowledge and consent of such customer, Shareholder or
subscriber to shares, whether certificated or uncertificated, of an Investment
Company,&#160; financial or banking
institution or stockbroker, withdrawal orders or receipts for the withdrawal of
funds or Property, or receipts or certificates of deposit for Property and
bearing the name of the Insured as issuer, or of another Investment Company for
which the Insured acts as agent, excluding, however, any loss covered under
Insuring Agreement (F) hereof whether or not coverage for Insuring Agreement
(F) is provided for in the Declarations of this bond.</font></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Any check or draft
(a) made payable to a fictitious payee and endorsed in the name of such
fictitious payee or (b) procured in a transaction with the maker or drawer
thereof or with one acting as an agent of such maker or drawer or anyone
impersonating another and made or drawn payable to the one so impersonated and
endorsed by anyone other than the one impersonated, shall be deemed to be
forged as to such endorsement.</font></p>

<p style="margin:0pt 0pt 12.0pt 2.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Mechanically reproduced facsimile signatures are
treated the same as handwritten signatures.</font></p>

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

<p style="margin:0pt 0pt 12.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Loss sustained by
the Insured, including loss sustained by reason of a violation of the
constitution, by-laws, rules or regulations of any Self Regulatory Organization
of which the Insured is a member or which would have been imposed upon the
Insured by the constitution, by-laws, rules or regulations of any Self
Regulatory Organization if the Insured had been a member thereof,</font></p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt 60.0pt;text-indent:-18.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(1)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>through
the Insured&#146;s having, in good faith and in the course of business, whether for
its own account or for the account of others, in any representative, fiduciary,
agency or any other capacity, either gratuitously or otherwise, purchased or
otherwise acquired, accepted or received, or sold or delivered, or given any
value, extended any credit or assumed any liability, on the faith of, or
otherwise acted upon, any securities, documents or other written instruments
which prove to have been</p>

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<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt .0001pt 96.0pt;text-indent:-18.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(a)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>counterfeited, or</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt .0001pt 96.0pt;text-indent:-18.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(b)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>forged as to the
signature of any maker, drawer, issuer, endorser, assignor, lessee, transfer
agent or registrar, acceptor, surety or guarantor <b>or</b> as to the signature of any person signing in any other
capacity, or</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt 96.0pt;text-indent:-18.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(c)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>raised
or otherwise altered, or lost, or stolen, or</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt 78.0pt;text-indent:-36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(2)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>through
the Insured&#146;s having, in good faith and in the course of business, guaranteed
in writing or witnessed any signatures whether for valuable consideration or
not and whether or not such guaranteeing or witnessing is ultra vires the
Insured, upon any transfers, assignments, bills of sale, powers of attorney,
guarantees, endorsements or other obligations upon or in connection with any
securities, documents or other written instruments and which pass or purport to
pass title to such securities, documents or other written instruments;
EXCLUDING, losses caused by FORGERY or ALTERATION of, on or in those
instruments covered under Insuring Agreement (E) hereof.</p>

<p style="margin:0pt 0pt 12.0pt 78.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Securities, documents or other written instruments shall be deemed to
mean original (including original counterparts) negotiable or non-negotiable
agreements which in and of themselves represent an equitable interest,
ownership, or debt, including an assignment thereof which instruments are in
the ordinary course of business, transferable by delivery of such agreements
with any necessary endorsement or assignment.</font></p>

<p style="margin:0pt 0pt 12.0pt 78.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The word &#147;counterfeited&#148; as used in this Insuring Agreement shall be
deemed to mean any security, document or other written instrument which is
intended to deceive and to be taken for an original.</font></p>

<p style="margin:0pt 0pt 12.0pt 78.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Mechanically produced facsimile signatures are treated the same as
handwritten signatures.</font></p>

<p style="margin:0pt 0pt 12.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(G) COUNTERFEIT CURRENCY</font></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Loss through the
receipt by the Insured, in good faith, of any counterfeited money orders or
altered paper currencies or coin of the United States of America or Canada
issued or purporting to have been issued by the United States of America or
Canada or issued pursuant to a United States of America or Canadian statute for
use as currency.</font></p>

<p style="margin:0pt 0pt 12.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(H) STOP PAYMENT</font></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Loss against any
and all sums which the Insured shall become obligated to pay by reason of the
Liability imposed upon the Insured by law for damages:</font></p>

<p style="margin:0pt 0pt 12.0pt 36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">For having either complied with or failed to comply with any written
notice of any customer, shareholder or subscriber of the Insured or any
Authorized Representative of such customer, shareholder or subscriber to stop
payment of any check or draft made or drawn by such customer, shareholder or
subscriber or any Authorized Representative of such customer, shareholder or
subscriber, or</font></p>

<p style="margin:0pt 0pt 12.0pt 36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">For having refused to pay any check or draft made or drawn by any
customer, shareholder or subscriber of the Insured or any Authorized
Representative of such customer, shareholder or subscriber.</font></p>

<p style="margin:0pt 0pt 12.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(I) UNCOLLECTIBLE ITEMS
OF DEPOSIT</font></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Loss resulting
from payments of dividends or fund shares, or withdrawals permitted from any
customer&#146;s, shareholder&#146;s or subscriber&#146;s account based upon Uncollectible
Items of Deposit of a customer, shareholder or subscriber credited by the
Insured or the Insured&#146;s agent to such customer&#146;s, shareholder&#146;s or subscriber&#146;s
Mutual Fund Account;</font></p>

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

<p style="margin:0pt 0pt 12.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">loss resulting
from any Item of Deposit processed through an Automated Clearing House which is
reversed by the customer, shareholder or subscriber and deemed uncollectible by
the Insured.</font></p>

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<p style="margin:0pt 0pt 12.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Loss includes
dividends and interest accrued not to exceed 15% of the Uncollectible Items
which are deposited.</font></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">This Insuring
Agreement applies to all Mutual Funds with &#147;exchange privileges&#148; if all Fund(s)
in the exchange program are insured by a National Union Fire Insurance company
of Pittsburgh, PA for Uncollectible Items of Deposit. Regardless of the number<b>  </b>of transactions between Fund(s), the
minimum number of days of deposit within the Fund(s) before withdrawal as
declared in the Fund(s) prospectus shall begin from the date a deposit was
first credited to any Insured Fund(s).</font></p>

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

<p style="margin:0pt 10.0pt 12.0pt 36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">A . ADDITIONAL OFFICES OR EMPLOYEES-CONSOLIDATION OR
MERGER-NOTICE</font></p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt 72.0pt;text-indent:-36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">1.</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>If
the Insured shall, while this bond is in force, establish any additional office
or offices, such office or offices shall be automatically covered hereunder
from the dates of their establishment, respectively. No notice to the
Underwriter of an increase during any premium period in the number of offices
or in the number of Employees at any of the offices covered hereunder need be
given and no additional premium need be paid for the remainder of such premium
period.</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt 72.0pt;text-indent:-36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2.</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>If
an Investment Company, named as Insured herein, shall, while this bond is in
force, merge or consolidate with, or purchase the assets of another
institution, coverage for such acquisition shall apply automatically from the
date of acquisition. The Insured shall notify the Underwriter of such
acquisition within 60 days of said date, and an additional premium shall be
computed only if such acquisition involves additional offices or employees.</p>

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

<p style="margin:0pt 0pt 12.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">No statement made
by or on behalf of the Insured, whether contained in the application or
otherwise, shall be deemed to be a warranty of anything except that it is true
to the best of the knowledge and belief of the person making the statement.</font></p>

<p style="margin:0pt 0pt 12.0pt 18.0pt;text-indent:-18.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">C. COURT COSTS AND ATTORNEYS&#146; FEES (Applicable to all
Insuring Agreements or Coverages now or hereafter forming part of this bond)</font></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Underwriter
will indemnify the Insured against court costs and reasonable attorneys&#146; fees
incurred and paid by the Insured in defense, whether or not successful, whether
or not fully litigated on the merits and whether or not settled of any suit or
legal proceeding brought against the Insured to enforce the Insured&#146;s liability
or alleged liability on account of any loss, claim or damage which, if
established against the Insured, would constitute a loss sustained by the
Insured covered under the terms of this bond provided, however, that with
respect to Insuring Agreement (A) this indemnity shall apply only in the event
that</font></p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt 72.0pt;text-indent:-36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(1)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>an
Employee admits to being guilty of any dishonest or fraudulent act(s),
including Larceny or Embezzlement; or</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt 72.0pt;text-indent:-36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(2)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>an
Employee is adjudicated to be guilty of any dishonest or fraudulent act(s),
including Larceny or Embezzlement;</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt 72.0pt;text-indent:-36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(3)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>in
the absence of (1) or (2) above an arbitration panel agrees, after a review of
an agreed statement of facts, that an Employee would be found guilty of
dishonesty&#160; if such&#160; Employee&#160;
were prosecuted.</p>

<p style="margin:0pt 0pt 12.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Insured shall
promptly give notice to the Underwriter of any such suit or legal proceeding
and at the request of the Underwriter shall furnish it with copies of all
pleadings and other papers therein. At the Underwriter&#146;s election the Insured
shall permit the Underwriter to conduct the defense of such suit or legal
proceeding, in the Insured&#146;s name, through attorneys of the Underwriter&#146;s
selection. In such event, the Insured shall give all reasonable information and
assistance which the Underwriter shall deem necessary to the proper defense of
such suit or legal proceeding.</font></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">If the amount of
the Insured&#146;s liability or alleged</font></p>

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<p style="margin:0pt 0pt 12.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">liability is greater than
the amount recoverable under this bond, or if a Deductible Amount is
applicable, or both, the liability of the Underwriter under this General
Agreement is limited to the proportion of court costs and attorneys&#146; fees incurred
and paid by the Insured or by the Underwriter that the amount recoverable under
this bond bears to the total of such amount plus the amount which is not so
recoverable. Such indemnity shall be in addition to the Limit of Liability for
the applicable Insuring Agreement or Coverage.</font></p>

<p style="margin:0pt 0pt 12.0pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">D.&#160;&#160;&#160; FORMER EMPLOYEE</font></b></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Acts of an
Employee, as defined in this bond, are covered under Insuring Agreement (A)
only while the Employee is in the Insured&#146;s employ. Should loss involving a
former Employee of the Insured be discovered subsequent to the termination of
employment, coverage would still apply under Insuring Agreement (A) if the
direct proximate cause of the loss occurred while the former Employee performed
duties within the scope of his/her employment.</font></p>

<p align="center" style="margin:0pt 0pt 12.0pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">THE
FOREGOING INSURING AGREEMENTS AND<br>
GENERAL AGREEMENTS ARE SUBJECT TO THE<br>
FOLLOWING CONDITIONS AND LIMITATIONS:</font></b></p>

<p style="margin:0pt 0pt 12.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">SECTION 1. DEFINITIONS</font></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The following
terms, as used in this bond, shall have the respective meanings stated in this
Section:</font></p>

<p style="margin:0pt 0pt 12.0pt 36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(a)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; &#147;Employee&#148; means:</font></p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt 126.0pt;text-indent:-36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(1)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>any
of the Insured&#146;s officers, partners, or employees, and</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt 126.0pt;text-indent:-36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(2)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>any
of the officers or employees of any predecessor of the Insured whose principal
assets are acquired by the Insured by consolidation or merger with, or purchase
of assets or capital stock of such predecessor, and</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt 126.0pt;text-indent:-36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(3)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>attorneys
retained by the Insured to perform legal services for the Insured and the
employees of such attorneys while such attorneys or the employees of such
attorneys are performing such services for the Insured, and</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt 126.0pt;text-indent:-36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(4)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>guest
students pursuing their studies or duties in any of the Insured&#146;s offices, and</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt 126.0pt;text-indent:-36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(5)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>directors
or trustees of the Insured, the investment advisor, underwriter (distributor),
transfer agent, or shareholder accounting record keeper, or administrator
authorized by written agreement to keep financial and/or other required
records, but only while performing acts coming within the scope of the usual
duties of an officer or employee or while acting as a member of any committee
duly elected or appointed to examine or audit or have custody of or access to
the Property of the Insured, and</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt 126.0pt;text-indent:-36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(6)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>any
individual or individuals assigned to perform the usual duties of an employee
within the premises of the Insured, by contract, or by any agency furnishing
temporary personnel on a contingent or part-time basis, and</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt 126.0pt;text-indent:-36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(7)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>each
natural person, partnership or corporation authorized by written agreement with
the Insured to perform services as electronic data processor of checks or other
accounting records of the Insured, but excluding any such processor who acts as
transfer agent or in any other agency capacity in issuing checks, drafts or
securities for the Insured, unless included under Sub&#173;section (9) hereof, and</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt 126.0pt;text-indent:-36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(8)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>those
persons so designated in Section 15, Central Handling of Securities, and</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt 126.0pt;text-indent:-36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(9)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>any
officer, partner or Employee of</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt 144.0pt;page-break-after:avoid;text-indent:-18.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">a)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>an investment
advisor,</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt 144.0pt;page-break-after:avoid;text-indent:-18.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">b)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>an underwriter
(distributor),</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt 144.0pt;page-break-after:avoid;text-indent:-18.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">c)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>a transfer agent or
shareholder accounting record-keeper, or</p>

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<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt 144.0pt;page-break-after:avoid;text-indent:-18.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">d)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>an administrator
authorized by written&#160; agreement&#160; to&#160;
keep financial and/or other required &nbsp;records,</p>

<p style="margin:0pt 0pt 12.0pt 126.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">for an Investment Company named as Insured while
performing acts coming within the scope of the usual duties of an officer or
Employee of any Investment Company named as Insured herein, or while acting as
a member of any&#160; committee&#160; duly&#160; elected&#160; or appointed to examine or audit or have
custody of or access to the Property of any such Investment Company, provided
that only Employees or partners of a transfer agent, shareholder accounting
record-keeper or administrator which is an affiliated person as defined in the
Investment Company Act of 1940, of an Investment Company named as Insured or is
an affiliated person of the adviser, underwriter or administrator of such
Investment Company, and which is not a bank, shall be included within the definition
of Employee.</font></p>

<p style="margin:0pt 0pt 12.0pt 126.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Each employer of temporary personnel or processors as
set forth in Sub-Sections (6) and of Section&nbsp;l(a) and their partners,
officers and employees shall collectively be deemed to be one person for all
the purposes of this bond, excepting, however, the last paragraph of Section
13.</font></p>

<p style="margin:0pt 0pt 12.0pt 72.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Brokers, or other agents under contract or representatives of the same
general character shall not be considered Employees.</font></p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt 72.0pt;text-indent:-36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(b)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>&#147;Property&#148;
means money (i.e.. currency, coin, bank notes, Federal Reserve notes), postage
and revenue stamps, U.S. Savings Stamps, bullion, precious metals of all kinds
and in any form and articles made therefrom, jewelry, watches, necklaces,
bracelets, gems, precious and semi-precious stones, bonds, securities,
evidences of debts, debentures, scrip, certificates, interim receipts,
warrants, rights, puts, calls, straddles, spreads, transfers, coupons, drafts,
bills of exchange, acceptances, notes, checks, withdrawal orders, money orders,
warehouse receipts, bills of lading, conditional sales contracts, abstracts of
title, insurance policies, deeds, mortgages under real estate and/or chattels
and upon interests therein, and assignments of such policies, mortgages and
instruments, and other valuable papers, including books of account and other
records used by the Insured in the conduct of its business, and all other
instruments similar to or in the nature of the foregoing including Electronic
Representations of&#160; such instruments
enumerated above (but excluding all data processing records) in which the
Insured has an interest or in which the Insured acquired or should have
acquired an interest by reason of a predecessor&#146;s declared financial condition
at the time of the Insured&#146;s consolidation or merger with, or purchase of the
principal assets of, such predecessor or which are held by the Insured for any
purpose or in any capacity and whether so held by the Insured for any purpose
or in any capacity and whether so held gratuitously or not and whether or not
the Insured is liable therefor.</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt 72.0pt;text-indent:-36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(c)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>&#147;Forgery&#148;
means the signing of the name of another with intent to deceive; it does not
include the signing of one&#146;s own name with or without authority, in any
capacity, for any purpose.</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt 72.0pt;text-indent:-36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(d)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>&#147;Larceny
and Embezzlement&#148; as it applies to any named Insured means those acts as set
forth in Section 37 of the Investment Company Act of 1940.</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt 72.0pt;text-indent:-36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(e)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>&#147;Items
of Deposit&#148; means any one or more checks and drafts. Items of Deposit shall not
be deemed uncollectible until the Insured&#146;s collection procedures have failed.</p>

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

<p style="margin:0pt 0pt 12.0pt 36.0pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">THIS BOND DOES NOT COVER:</font></p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt 72.0pt;text-indent:-36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(a)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>loss
effected directly or indirectly by means of forgery or alteration of, on or in
any instrument, except when covered by Insuring Agreement (A), (E), (F) or (G).</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt 72.0pt;text-indent:-36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(b)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>loss
due to riot or civil commotion outside the United States of America and Canada;
or loss due to military, naval or usurped power, war or insurrection unless
such loss occurs in transit in the circumstances recited in Insuring Agreement
(D), and unless, when such transit was initiated, there was no knowledge of
such riot, civil commotion, military, naval or usurped power, war or
insurrection on the part of any person acting for the Insured in initiating
such transit.</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt 72.0pt;text-indent:-36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(c)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>loss,
in time of peace or war, directly or indirectly caused by or resulting from the
effects of nuclear fission or fusion or radioactivity; provided, however, that
this paragraph shall not apply to loss resulting from industrial uses of
nuclear energy.</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt 72.0pt;text-indent:-36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(d)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>loss
resulting from any wrongful act or acts of any person who is a member of the
Board of Directors of the Insured or a member of any equivalent body by
whatsoever name known unless such person is also an Employee or an elected
official, partial owner or partner of the Insured in some other capacity, nor,
in any event, loss resulting from the act or acts of any person while acting in
the capacity of a member of such Board or equivalent body.</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt 72.0pt;text-indent:-36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(e)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>loss
resulting from the complete or partial non-payment of, or default upon, any
loan or transaction in the nature of, or amounting to, a loan made by or
obtained from the Insured or any of its partners, directors or Employees,
whether authorized or unauthorized and whether procured in good faith or
through trick, artifice, fraud or false pretenses, unless such loss is covered
under Insuring Agreement (A), (E) or (F).</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt 72.0pt;text-indent:-36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(f)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>loss
resulting from any violation by the Insured or by any Employee</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt 144.0pt;text-indent:-36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(1)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>of
law regulating (a) the issuance, purchase or sale of securities, (b) securities
transactions upon Security Exchanges or over the counter market, (c) Investment
Companies, or (d) Investment Advisors, or</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt 144.0pt;text-indent:-36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(2)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>of
any rule or regulation made pursuant to any such law, unless such loss, in the
absence of such laws, rules or regulations, would be covered under Insuring
Agreements (A) or (E).</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt 144.0pt;text-indent:-36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(g)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>loss
of Property or loss of privileges through the misplacement or loss of Property
as set forth in Insuring Agreement (C) or (D) while the Property is in the
custody of any armored motor vehicle company, unless such loss shall be in
excess of the amount recovered or received by the Insured under (a) the Insured&#146;s
contract -with said armored motor vehicle company, (b) insurance carried by
said armored motor vehicle company for the benefit of users of its service, and
(c) all other insurance and indemnity in force in whatsoever form carried by or
for the benefit of users of said armored motor vehicle company&#146;s service, and
then this bond shall cover only such excess.</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt 144.0pt;text-indent:-36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(h)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>potential
income, including but not limited to interest and dividends, not realized by
the Insured because of a loss covered under this bond, except as included under
Insuring Agreement (I).</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt 144.0pt;text-indent:-36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(i)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>all
damages of any type for which the Insured is legally liable, except direct
compensatory damages arising from a loss covered under this bond.</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt 144.0pt;text-indent:-36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(j)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>loss
through the surrender of Property away from an office of the Insured as a
result of a threat</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt 180.0pt;text-indent:-36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(1)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>
to do bodily harm to any person, except loss of Property in transit in the
custody of any person acting as messenger provided that when such transit was
initiated there was no knowledge by the Insured of any such threat, or</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt 180.0pt;text-indent:-36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(2)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>to
do damage to the premises or Property of the Insured, except when </p>

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<p style="margin:0pt 0pt 12.0pt 216.0pt;text-indent:-36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">covered under Insuring Agreement (A).</font></p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt 144.0pt;text-indent:-36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(k)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>all
costs, fees and other expenses incurred by the Insured in establishing the
existence of or amount of loss covered under this bond unless such indemnity is
provided for under Insuring Agreement (B).</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt 144.0pt;text-indent:-36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(1)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>loss
resulting from payments made or withdrawals from the account of a customer of
the Insured, shareholder or subscriber to shares involving funds erroneously
credited to such account, unless such payments are made to or withdrawn by such
depositor or representative of such person, who is within the premises of the
drawee bank of the Insured or within the office of the Insured at the time of
such payment or withdrawal or unless such payment is covered under Insuring
Agreement (A).</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt 144.0pt;text-indent:-36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(m)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>any
loss resulting from Uncollectible Items of Deposit which are drawn from a
financial institution outside the fifty states of the United States of America,
District<b> of </b>Columbia, and
territories and possessions of the United States of America, and Canada.</p>

<p style="margin:0pt 0pt 12.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">SECTION 3. ASSIGNMENT OF
RIGHTS</font></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">This bond does not
afford coverage in favor of any Employers of temporary personnel or of
processors as set forth in sub-sections (6) and (7) of Section l(a) of this
bond, as aforesaid, and upon payment to the Insured by the Underwriter on
account of any loss through dishonest or fraudulent act(s) including Larceny or
Embezzlement committed by any of the partners, officers or employees of such
Employers, whether acting alone or in collusion with others, an assignment of
such of the Insured&#146;s rights and causes of action as it may have against such
Employers by reason of such acts so committed shall, to the extent of such payment,
be given by the Insured to the Underwriter, and the Insured shall execute all
papers necessary to secure to the Underwriter the rights herein provided for.</font></p>

<p style="margin:0pt 0pt 12.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">SECTION 4. LOSS -NOTICE
- -PROOF-LEGAL PROCEEDINGS</font></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">This bond is for
the use and benefit only of the Insured named in the Declarations and the
Underwriter shall not be liable hereunder for loss sustained by anyone other
than the Insured unless the Insured, in its sole discretion and at its option,
shall include such loss in the Insured&#146;s proof of loss. At the earliest
practicable moment after discovery of any loss hereunder the Insured shall give
the Underwriter written notice thereof and shall also within six months after
such discovery furnish to the Underwriter affirmative proof of loss with full
particulars. If claim is made under this bond for loss of securities or shares,
the Underwriter shall not be liable unless each of such securities or shares is
identified in such proof of loss by a certificate or bond number or, where such
securities or shares are uncertificated, by such identification means as agreed
to by the Underwriter. The Underwriter shall have thirty days after notice and
proof of loss within which to investigate the claim, but where the loss is
clear and undisputed, settlement shall be made within forty-eight hours; and
this shall apply notwithstanding the loss is made up wholly or in part of
securities of which duplicates may be obtained. Legal proceedings for recovery
of any loss hereunder shall not be brought prior to the expiration of sixty
days after such proof of loss is filed with the Underwriter nor after the
expiration of twenty-four months from the discovery of such loss, except that
any action or proceeding to recover hereunder on account of any judgment
against the Insured in any suit mentioned in General Agreement C or to recover
attorneys&#146; fees paid in any such suit, shall be begun within twenty-four months
from the date upon which the judgment in such suit shall become final. If any
limitation embodied in this bond is prohibited by any law controlling the
construction hereof, such limitation shall be deemed to be amended so as to be
equal to the minimum period of limitation permitted by such law.</font></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Discovery occurs
when the Insured</font></p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt 54.0pt;text-indent:-18.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(a)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>becomes
aware of facts, or</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt 54.0pt;text-indent:-18.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(b)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>receives
written notice of an actual or potential claim by a third party which alleges
that the Insured is liable under circumstance</p>

<p style="margin:0pt 0pt 12.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">which would cause a
reasonable person to assume that a loss covered by the bond has been or will be</font></p>

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<p style="margin:0pt 0pt 12.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">incurred even though the
exact amount or details<b>  </b>of loss
may not be then known.</font></p>

<p style="margin:0pt 0pt 12.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">SECTION 5. VALUATION OF
PROPERTY</font></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The value of any
Property, except books of accounts or other records used by the Insured in the
conduct of its business, for the loss of which a claim shall be made hereunder,
shall be determined by the average market value of such Property on the
business day next preceding the discovery of such loss; provided, however, that
the value of any Property replaced by the Insured prior to the payment of claim
therefor shall be the actual market value at the time of replacement; and
further provided that in case of a loss or misplacement of interim
certificates, warrants, rights, or other securities, the production which is
necessary to the exercise of subscription, conversion, redemption or deposit
privileges, the value thereof shall be the market value of such privileges
immediately preceding the expiration thereof if said loss or misplacement is
not discovered until after their expiration. If no market price is quoted for
such Property or for such privileges, the value shall be fixed by agreement
between the parties or by arbitration.</font></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">In case of any
loss or damage to Property consisting of books of accounts or other records
used by the Insured in the conduct of its business, the Underwriter shall be
liable under this bond only if such books or records are actually reproduced
and then for not more than the cost of blank books, blank pages or other
materials plus the cost of labor for the actual transcription or copying of
data which shall have been furnished by the Insured in order to reproduce such
books and other records.</font></p>

<p style="margin:0pt 0pt 12.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">SECTION 6. VALUATION OF
PREMISES AND FURNISHINGS</font></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">In case of damage
to any office of the Insured, or loss of or damage to the furnishings,
fixtures, stationery, supplies, equipment, safes or vaults therein, the
Underwriter shall not be liable for more than the actual cash value thereof, or
for more than the actual cost of their replacement or repair. The Underwriter
may, at its election, pay such actual cash value or make such replacement or
repair. If the Underwriter and the insured cannot agree upon such cash value or
such cost of replacement or repair, such shall be determined by arbitration.</font></p>

<p style="margin:0pt 0pt 12.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">SECTION 7. LOST
SECURITIES</font></p>

<p style="margin:0pt 0pt 12.0pt 2.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">If the Insured shall sustain a loss of securities the
total value of which is in excess of the limit stated in Item 3 of the
Declarations of this bond, the liability of the Underwriter shall be limited to
payment for, or duplication of, securities having value equal to the limit
stated in Item 3 of the Declarations of this bond.</font></p>

<p style="margin:0pt 0pt 12.0pt 2.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">If the Underwriter shall make payment to the Insured
for any loss of securities, the Insured shall thereupon assign to the
Underwriter all of the Insured&#146;s rights, title and interests in and to said
securities.</font></p>

<p style="margin:0pt 0pt 12.0pt 2.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">With respect to securities the value of which do not
exceed the Deductible Amount (at the time of the discovery of the loss) and for
which the Underwriter may at its sole discretion and option and at the request
of the Insured issue a Lost Instrument Bond or Bonds to effect replacement
thereof, the Insured will pay the usual premium charged therefor and will
indemnify the Underwriter against all loss or expense that the Underwriter may
sustain because of the issuance of such Lost Instrument Bond or Bonds.</font></p>

<p style="margin:0pt 0pt 12.0pt 2.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">With respect to securities the value of which exceeds
the Deductible Amount (at the time of discovery of the loss) and for which the
Underwriter may issue or arrange for the issuance of a Lost Instrument Bond or
Bonds to effect replacement thereof, the Insured agrees that it will pay as
premium therefor a proportion of the usual premium charged therefor, said
proportion being equal to the percentage that the Deductible Amount bears to
the value of the securities upon discovery of the loss, and that it will
indemnify the issuer of said Lost Instrument Bond or Bonds against all loss and
expense that is not recoverable from the Underwriter under the terms and
conditions of this INVESTMENT COMPANY BLANKET BOND subject to the Limit of
Liability hereunder.</font></p>

<p style="margin:0pt 0pt 12.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">SECTION 8. SALVAGE</font></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">In case of
recovery, whether made by the Insured or by the Underwriter, on account of any
loss in excess of the Limit of Liability hereunder plus the Deductible Amount
applicable to such loss from any</font></p>

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<p style="margin:0pt 0pt 12.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">source other than
suretyship, insurance, reinsurance, security or indemnity taken by or for the
benefit of the Underwriter, the net amount of such recovery, less the actual
costs and expenses of making same, shall be applied to reimburse the Insured in
full for the excess portion of such loss, and the remainder, if any, shall be
paid first in reimbursement of the Underwriter and thereafter in reimbursement
of the Insured for that part of such loss within the Deductible Amount. The
Insured shall execute all necessary papers to secure to the Underwriter the
rights provided for herein.</font></p>

<p style="margin:0pt 0pt 12.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">SECTION 9. NON-REDUCTION
AND NON-ACCUMULATION OF LIABILITY AND TOTAL LIABILITY</font></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">At all times prior
to termination hereof this bond shall continue in force for the limit stated in
the applicable sections of Item 3 of the Declarations of this bond
notwithstanding any previous loss for which the Underwriter may have paid or be
liable to pay hereunder; PROVIDED, however, that regardless of the number of
years this bond shall continue in force and the number of premiums which shall
be payable or paid, the liability of the Underwriter under this bond with
respect to all loss resulting from</font></p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt 72.0pt;text-indent:-36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(a)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>any
one act of burglary, robbery or holdup, or attempt thereat, in which no Partner
or Employee is concerned or implicated shall be deemed to be one loss, or</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt 72.0pt;text-indent:-36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(b)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>any
one unintentional or negligent act on the part of any one person resulting in
damage to or destruction or misplacement of Property, shall be deemed to be one
loss, or</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt 72.0pt;text-indent:-36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(c)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>all
wrongful acts, other than those specified in (a) above, of any one person shall
be deemed to be one loss, or</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt 72.0pt;text-indent:-36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(d)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>all
wrongful acts, other than those specified in (a) above, of one or more persons
(which dishonest act(s) or act(s) of Larceny or Embezzlement include, but are
not limited to, the failure of an Employee to report such acts of others) whose
dishonest act or acts intentionally or unintentionally, knowingly or
unknowingly, directly or indirectly, aid or aids in any way, or permits the
continuation of, the dishonest act or acts of any other person or persons shall
be deemed to be one loss with the act or acts of the persons aided, or</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt 72.0pt;text-indent:-36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(e)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>any
one casualty or event other than those specified in (a), (b), (c) or (d)
preceding, shall be deemed to be one loss, and</p>

<p style="margin:0pt 0pt 12.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">shall be limited to the
applicable Limit of Liability stated in Item 3 of the Declarations of this bond
irrespective of the total amount of such loss or losses and shall not be
cumulative in amounts from year to year or from period to period.</font></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Sub-section (c) is
not applicable to any situation to which the language of sub-section (d)
applies.</font></p>

<p style="margin:0pt 0pt 12.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">SECTION 10. LIMIT OF
LIABILITY</font></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">With respect to
any loss set forth in the PROVIDED clause of Section 9 of this bond which is
recoverable or recovered in whole or in part under any other bonds or policies
issued by the Underwriter to the Insured or to any predecessor in interest of
the Insured and terminated or cancelled or allowed to expire and in which the
period for discovery has not expired at the time any such loss thereunder is
discovered, the total liability of the Underwriter under this bond and under
other bonds or policies shall not exceed, in the aggregate, the amount carried
hereunder on such loss or the amount available to the Insured under such other
bonds or policies, as limited by the terms and conditions thereof, for any such
loss if the latter amount be the larger.</font></p>

<p style="margin:0pt 0pt 12.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">SECTION 11. OTHER
INSURANCE</font></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">If the Insured
shall hold, as indemnity against any loss covered hereunder, any valid and
enforceable insurance or suretyship, the Underwriter shall be liable hereunder
only for such amount of such loss which is in excess of the amount of such
other insurance or suretyship, not exceeding, however, the Limit of Liability
of this bond applicable to such loss.</font></p>

<p style="margin:0pt 0pt 12.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">SECTION 12. DEDUCTIBLE</font></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Underwriter
shall not be liable under any of the Insuring Agreements of this bond on
account of loss as specified, respectively, in sub-sections (a), (b), (c), (d)
and (e) of Section 9, NON-REDUCTION AND NON-ACCUMULATION OF LIABILITY AND</font></p>

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<p style="margin:0pt 0pt 12.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">TOTAL LIABILITY, unless
the amount of such loss, after deducting the net amount of all reimbursement
and/or recovery obtained or made by the Insured, other than from any bond or
policy of insurance issued by an insurance company and covering such loss, or
by the Underwriter on account thereof prior to payment by the Underwriter of
such loss, shall exceed the Deductible Amount set forth in Item 3 of the
Declarations hereof (herein called Deductible Amount) and then for such excess
only, but in no event for more than the applicable Limit of Liability stated in
Item 3 of the Declarations.</font></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Insured will
bear, in addition to the Deductible Amount, premiums on Lost Instrument Bonds
as set forth in Section 7.</font></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">There shall be no
deductible applicable to any loss under Insuring Agreement A sustained by any
Investment Company named as Insured herein.</font></p>

<p style="margin:0pt 0pt 12.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">SECTION 13. TERMINATION</font></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Underwriter
may terminate this bond as an entirety by furnishing written notice specifying
the termination date which cannot be prior to 60 days after the receipt of such
written notice by each Investment Company named as Insured and the Securities
and Exchange Commission, Washington, D.C. The Insured may terminate this bond
as an entirety by furnishing written notice to the Underwriter. When the
Insured cancels, the Insured shall furnish written notice to the Securities and
Exchange Commission, Washington. D.C. prior to 60 days before the effective
date of the termination. The Underwriter shall notify all other Investment
Companies named as Insured of the receipt of such termination notice and the
termination cannot be effective prior to 60 days after receipt of written
notice by all other Investment Companies. Premiums are earned until the
termination date as set forth herein.</font></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">This Bond will
terminate as to any one Insured immediately upon taking over of such Insured by
a receiver or other liquidator or by State or Federal officials, or immediately
upon the filing of a petition under any State or Federal statute relative to
bankruptcy or reorganization of the Insured, or assignment for the benefit of
creditors of the Insured. or immediately upon such Insured ceasing to exist,
whether through merger into another entity, or by disposition of all of its
assets.</font></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Underwriter
shall refund the unearned premium computed at short rates in accordance with
the standard short rate cancellation tables if terminated by the Insured or pro
rata if terminated for any other reason.</font></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">This Bond shall
terminate</font></p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt 72.0pt;text-indent:-36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(a)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>as
to any Employee as soon as any partner, officer or supervisory Employee of the
Insured, who is not in collusion with such Employee, shall learn of any
dishonest or fraudulent act(s), including Larceny or Embezzlement on the part
of such Employee without prejudice to the loss of any Property then in transit
in the custody of such Employee (See Section 16[d]), or</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt 72.0pt;text-indent:-36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(b)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>as
to any Employee 60 days after receipt by each Insured and by the Securities and
Exchange Commission of a written notice from the Underwriter of its desire to
terminate this bond as to such Employee, or</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt 72.0pt;text-indent:-36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(c)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>as
to any person, who is a partner, officer or employee of any Electronic Data
Processor covered under this bond, from and after the time that the Insured or
any partner or officer thereof not in collusion with such person shall have
knowledge or information&#160; that&#160; such person has committed any dishonest or
fraudulent act(s), including Larceny or Embezzlement in the service of the
Insured or otherwise, whether such act be committed before or after the time
this bond is effective.</p>

<p style="margin:0pt 0pt 12.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">SECTION 14. RIGHTS AFTER
TERMINATION OR CANCELLATION</font></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">At any time prior
to the termination or cancellation of this bond as an entirety, whether by the
Insured or the Underwriter, the Insured may give to the Underwriter notice that
it desires under this bond an additional period of 12 months within which to
discover loss sustained by the Insured prior to the</font></p>

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<p style="margin:0pt 0pt 12.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Effective date of such
termination or cancellation and shall pay an additional premium therefor.</font></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Upon receipt of
such notice from the Insured, the Underwriter shall give its written consent
thereto; provided, however, that such additional period of time shall terminate
immediately;</font></p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt 72.0pt;text-indent:-36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(a)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>on
the effective date of any other insurance obtained by the Insured, its
successor in business or any other party, replacing in whole or in part the
insurance afforded by this bond, whether or not such other insurance provides
coverage for loss sustained prior to its effective date, or</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt 72.0pt;text-indent:-36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(b)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>upon
takeover of the Insured&#146;s business by any State or Federal official or agency,
or by any receiver or liquidator, acting or appointed for this purpose</p>

<p style="margin:0pt 0pt 12.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">without the necessity of
the Underwriter giving notice of such termination. In the event that such
additional period of time is terminated, as provided above, the Underwriter
shall refund any unearned premium.</font></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The right to
purchase such additional period for the discovery of loss may not be exercised
by any State or Federal official or agency, or by any receiver or liquidator,
acting or appointed to take over the Insured&#146;s business for me operation or for
the liquidation thereof or for any other purpose.</font></p>

<p style="margin:0pt 0pt 12.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">SECTION 15. CENTRAL
HANDLING OF SECURITIES</font></p>

<p style="margin:0pt 0pt 12.0pt 4.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Securities included in the systems for the central
handling of securities established and maintained by Depository Trust Company,
Midwest Depository Trust Company, Pacific Securities Depository&#160; Trust&#160;
Company,&#160; and&#160; Philadelphia Depository Trust Company,
hereinafter called Corporations, to the extent of the Insured&#146;s interest
therein as effective by the making of appropriate entries on the books and
records of such Corporations shall be deemed to be Property.</font></p>

<p style="margin:0pt 0pt 12.0pt 4.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The words &#147;Employee&#148; and &#147;Employees&#148; shall be deemed
to include the officers, partners, clerks and other employees of the New York
Stock Exchange, Boston Stock Exchange, Midwest Stock Exchange, Pacific Stock
Ex- change and Philadelphia Stock Exchange, hereinafter called Exchanges, and
of the above named Corporations, and of any nominee in whose name is registered
any security included within the systems for central handling of securities
established and maintained by such Corporations, and any employee of any recognized
service company, while such officers, partners, clerks and other employees and
employees of service companies perform services for such Corporations in the
operation of such systems. For the purpose of the above definition a recognized
service company shall be any company providing clerks or other personnel to
said Exchanges or Corporation on a contract basis.</font></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Underwriter
shall not be liable on account of any loss(es) in connection with the central
handling of securities within the systems established and maintained by such
Corporations, unless such loss(es) shall be in excess of the amount(s)
recoverable or recovered under any bond or policy of insurance indemnifying
such Corporations, against such loss(es), and then the Underwriter shall be liable
hereunder only for the Insured&#146;s share of such excess loss(es), but in no event
for more than the Limit of Liability applicable hereunder.</font></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">For the purpose of
determining the Insured&#146;s share of excess loss(es) it shall be deemed that the
Insured has an interest in any certificate representing any security included
within such systems equivalent to the interest the Insured then has in all
certificates representing the same security included within such systems and
that such Corporations shall use their best judgement in apportioning the
amount(s) recoverable or recovered under any bond or policy of insurance
indemnifying such Corporations against such loss(es) in connection with the
central handling of securities within such systems among all those having an
interest as recorded by appropriate entries in the books and records of such
Corporations in Property involved in such loss(es) on the basis that each such
interest shall share in the amount(s) so recoverable or recovered in the ratio
that the value of each such interest bears to the total value of all such
interests and that the Insured&#146;s share of such excess loss(es) shall be the
amount of the Insured&#146;s interest in such Property in excess of the amount(s) so
apportioned to the Insured by such Corporations.</font></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">This bond does not
afford coverage in favor of such Corporations or Exchanges or any nominee in
whose name is registered any security included within the systems for the
central handling of securities established and maintained by such Corporations,
and upon payment to the Insured by the Underwriter on account of any loss(es)
within the systems, an</font></p>

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<p style="margin:0pt 0pt 12.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">assignment of such of the
Insured&#146;s rights and causes of action as it may have against such Corporations
or Exchanges shall to the extent of such payment, be given by the Insured to
the Underwriter, and the Insured shall execute all papers necessary to secure
to the Underwriter the rights provided for herein.</font></p>

<p style="margin:0pt 0pt 12.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">SECTION 16. ADDITIONAL
COMPANIES INCLUDED AS INSURED</font></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">If more than one
corporation, co-partnership or person or any combination of them be included as
the Insured herein:</font></p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt 72.0pt;text-indent:-36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(a)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>the
total liability of the Underwriter hereunder for loss or losses sustained by
any one or more or all of them shall not exceed&#160;
the limit&#160; for&#160; which&#160;
the Underwriter would be liable hereunder if all such loss were
sustained by any one of them,</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt 72.0pt;text-indent:-36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(b)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>
the one first named herein shall be deemed authorized to make, adjust and
receive and enforce payment of all claims hereunder and shall be deemed to be
the agent of the others for such purposes and for the giving or receiving of
any notice required or permitted to be given by the terms hereof, provided that
the Underwriter shall furnish each named Investment Company with a copy of the
bond and with any amendment thereto, together with a copy of each formal filing
of the settlement of each such claim prior to the execution of such settlement,</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt 72.0pt;text-indent:-36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(c<b>)</b></font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>the
Underwriter shall not be responsible for the proper application of any payment
made hereunder to said first named Insured,</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt 72.0pt;text-indent:-36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(d)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>knowledge
possessed or discovery made by any partner, officer or supervisory Employee of
any Insured shall for the purposes of Section 4 and Section 13 of this bond
constitute knowledge<b>  </b>or discovery by all the Insured, and</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt 72.0pt;text-indent:-36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(e)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>if
the first named Insured ceases for any reason to be covered under this bond,
then the Insured next named shall thereafter be considered as the first Named
Insured for the purposes of this bond.</p>

<p style="margin:0pt 0pt 12.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">SECTION 17. NOTICE AND
CHANGE OF CONTROL</font></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Upon the Insured&#146;s
obtaining knowledge of a transfer of its outstanding voting securities which
results in a change in control (as set forth in Section 2(a) (9) of the
Investment Company Act of 1940) of the Insured, the Insured shall within thirty
(30) days of such knowledge give written notice to the Underwriter setting
forth:</font></p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt 72.0pt;text-indent:-36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(a)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>the
names of the transferors and transferees (or the names of the beneficial owners
if the voting securities are requested in another name), and</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt 72.0pt;text-indent:-36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(b)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>the
total number of voting securities owned by the transferors and the transferees
(or the beneficial owners), both immediately before and after the transfer, and</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt 72.0pt;text-indent:-36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(c)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>the
total number of outstanding voting securities.</p>

<p style="margin:0pt 0pt 12.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">As used in this
section, control means the power to exercise a controlling influence over the
management or policies of the Insured.</font></p>

<p style="margin:0pt 0pt 12.0pt 2.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Failure to give the required notice shall result in
termination of coverage of this bond, effective upon the date of stock transfer
for any loss in which any transferee is concerned or implicated.</font></p>

<p style="margin:0pt 0pt 12.0pt 2.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Such notice is not required to be given in the case of
an Insured which is an Investment Company.</font></p>

<p style="margin:0pt 0pt 12.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">SECTION 18. CHANGE OR
MODIFICATION</font></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">This bond or any
instrument amending or effecting same may not be changed or modified orally. No
changes in or modification thereof shall be effective unless made by written
endorsement issued to form a part hereof over the signature of the
Underwriter&#146;s Authorized Representative. When a bond covers only one Investment
Company no change or modification which would adversely affect the rights of
the Investment Company shall be effective prior to 60 days after written
notification has been furnished to the Securities and Exchange Commission,
Washington, D.C. by the Insured or by the</font></p>

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<p style="margin:0pt 10.0pt 12.0pt 0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Underwriter.&#160; If
more than one Investment Company is named as the Insured herein, the
Underwriter shall give written notice to each Investment Company and to the
Securities and Exchange Commission, Washington, D.C. not less than 60 days
prior to the effective date of any change or modification which would adversely
affect the rights of such Investment Company.</font></p>

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


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<p align="center" style="margin:0pt 0pt .0001pt;text-align:center;"><font style="height:12px;left:0px;margin-left:-87px;margin-top:23px;position:absolute;width:11px;z-index:1;"><img width="11" height="12" src="g102071bc03i001.gif"></font><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">H&amp;Q
HEALTHCARE INVESTORS</font></b></p>

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

<p align="center" style="margin:0pt 0pt 12.0pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">H&amp;Q
LIFE SCIENCES INVESTORS</font></b></p>

<p align="center" style="margin:0pt 0pt 12.0pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Minutes of the
Meetings of the Boards of Trustees</font></p>

<p align="center" style="margin:0pt 0pt 12.0pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">February 22, 2007</font></p>

<p style="margin:0pt 0pt 12.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Pursuant
to the foregoing notice, meetings of the Boards of Trustees of H&amp;Q
Healthcare Investors (&#147;HQH&#148;) and of H&amp;Q Life Science Investors (&#147;HQL&#148;)
(each a &#147;Fund&#148; together the &#147;Funds&#148;) were held on February 22, 2007&#160; at 10:00 a.m. at the Funds&#146; offices, 30 Rowes
Wharf, Boston, Massachusetts.&#160; Although
the Boards met together for convenience in order to hear common presentations,
each took action independently of the other Board.&#160; Unless otherwise indicated, each resolution
set forth below was adopted by the Board of each Fund.</font></p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Fidelity
Bond.&#160; </font></b>Mr. Lewin stated that the next item on the
Agenda was the Approval of the Fidelity Bond.&#160;
Ms. Eckert reviewed the bond document and the Joint Agreement by and
among H&amp;Q Healthcare Investors, H&amp;Q Life Sciences Investors, and
Hambrecht &amp; Quist Capital Management, LLC, (&#147;Allocation Agreement&#148;) and
recommended approval of it.</p>

<p style="margin:0pt 0pt 12.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">After
discussion, upon motion duly made and seconded, it was unanimously approved
first by the independent Trustees, voting alone, and then by the full Board:</font></p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt 50.4pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">RESOLVED,</font></b> that upon due consideration of all relevant
factors, including but not limited to the value of the aggregate assets of the
Fund to which each &#147;Covered Person&#148; (which for the purpose of these
resolutions, shall mean each officer and employee of the Fund, and of Hambrecht
&amp; Quist Capital Management LLC, who may, singly or jointly with others,
have access to securities or funds of the Fund, either directly or through
authority to draw upon such funds or to direct generally the disposition of
such securities of the Fund), may have access, the type and terms of the Fund&#146;s
arrangements for the custody and safekeeping of assets and the nature of the
portfolio securities of the Fund, the fidelity bond in which the Fund is named
as an insured for any larceny or embezzlement committed by any Covered Person
is hereby determined to be reasonable in form and amount and its continuance
approved; and</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt .0001pt 50.4pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">FURTHER RESOLVED,</font></b> that the participation of the Fund in the Premium and Recovery
Allocation Agreement (&#147;Allocation Agreement&#148;) among the Funds and Hambrecht
&amp; Quist Capital Management, LLC (&#147;HQCM&#148;), in the form provided to the Board
for purposes of this meeting, is hereby approved and that the appropriate
officers of the Fund be, and each of them hereby is, authorized and directed to
execute the Allocation Agreement, in the form presented at this meeting and
with such changes as such officers, in consultation with Fund counsel, shall
deem necessary or desirable and proper, the execution and delivery of such
agreement to constitute conclusive evidence of the authority therefore; and</p>

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<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt 50.4pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">FURTHER RESOLVED, </font></b>that after having given due consideration to
all relevant factors, including the number of other persons named as insured,
the nature of the business activities of such persons, the amount of the
fidelity bond and the premium for such bond, the ratable allocation of the
premium among the Funds and HQCM, and the extent to which the share of the
premium allocated to the Fund is less than the premium that the Fund would have
had to pay if it had provided and maintained a single insured bond, the Board,
including all of the &#147;non-interested&#148; Trustees, hereby approves the allocation
of the premium for the bond in accordance with the provisions of the Allocation
Agreement; and</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt 50.4pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">FURTHER
RESOLVED,</font></b> that the
officers of the Fund be, and each of them hereby is, authorized and directed to
take all such actions and to execute and deliver such applications, documents
and instruments, including any changes that such officers, in consultation with
Fund counsel, shall deem necessary or desirable and proper in connection with
such bond; and</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt 50.4pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">FURTHER
RESOLVED, </font></b>that the
officers of the Fund be, and each hereby is, designated as an officer directed
to make filings and to give the notices required of the Fund by Rule 17g-1
under the Investment Company Act of 1940, as amended.</p>



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

<p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Securities and Exchange
Commission</font></p>

<p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">450 Fifth Street NW</font></p>

<p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Washington, DC&#160; 20549</font></p>

<p style="margin:0pt 0pt 12.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Att:&#160; The Office of Filings and Information
Services</font></p>

<p style="font-size:10.0pt;margin:0pt 0pt 12.0pt 36.0pt;text-indent:-36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">RE:</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Statement
of the amount of a single insured bond and period for which premiums have been
paid for H&amp;Q Healthcare Investors (SEC File Number 811-04889) and H&amp;Q
Life Sciences Investors (SEC File Number 811-06565)</p>

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

<p style="margin:0pt 0pt 12.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Pursuant to Rule
17g-1 under the Investment Company Act of 1940, please find the following statement
showing the amount of the single insured bond which the investment company
would have provided and maintained had it not been named as an insured under a
joint insured bond:</font></p>

<table border="0" cellspacing="0" cellpadding="0" style="border-collapse:collapse;">
 <tr style="page-break-inside:avoid;">
  <td width="408" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:305.85pt;">
  <p style="font-size:8.0pt;font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><!-- SET mrlHTMLTableLeft --></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
  <td width="87" colspan="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:65.35pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;">Gross&nbsp;Assets</font></b></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
  <td width="87" colspan="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:65.35pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;">Amount&nbsp;of&nbsp;Single</font></b></p>
  </td>
  <td width="6" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:4.15pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="408" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:305.85pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
  <td width="87" colspan="2" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:65.35pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;">December&nbsp;31,&nbsp;2006</font></b></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
  <td width="87" colspan="2" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:65.35pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;">Insured&nbsp;Bond</font></b></p>
  </td>
  <td width="6" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:4.15pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
 </tr>
 <tr bgcolor="#CCEEFF" style="page-break-inside:avoid;">
  <td width="408" valign="top" style="padding:0pt .7pt 0pt 0pt;width:305.85pt;">
  <p style="margin:0pt 0pt .0001pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">H&amp;Q
  Healthcare Investors</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="7" valign="bottom" style="padding:0pt 0pt 0pt 0pt;width:5.0pt;">
  <p align="left" style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$</font></p>
  </td>
  <td width="80" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:60.35pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">393,657,794</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="7" valign="bottom" style="padding:0pt 0pt 0pt 0pt;width:5.0pt;">
  <p align="left" style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$</font></p>
  </td>
  <td width="80" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:60.35pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">750,000</font></p>
  </td>
  <td width="6" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:4.15pt;">
  <p style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="408" valign="top" style="padding:0pt .7pt 0pt 0pt;width:305.85pt;">
  <p style="margin:0pt 0pt .0001pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">H&amp;Q Life
  Sciences Investors</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="7" valign="bottom" style="padding:0pt 0pt 0pt 0pt;width:5.0pt;">
  <p align="left" style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$</font></p>
  </td>
  <td width="80" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:60.35pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">276,449,144</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="7" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt 0pt 0pt 0pt;width:5.0pt;">
  <p align="left" style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$</font></p>
  </td>
  <td width="80" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:60.35pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">750,000</font></p>
  </td>
  <td width="6" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:4.15pt;">
  <p style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr bgcolor="#CCEEFF" style="page-break-inside:avoid;">
  <td width="408" valign="top" style="padding:0pt .7pt 0pt 0pt;width:305.85pt;">
  <p style="margin:0pt 0pt .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="87" colspan="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:65.35pt;">
  <p style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="7" valign="bottom" style="border:none;padding:0pt 0pt 0pt 0pt;width:5.0pt;">
  <p align="left" style="margin:0pt 0pt .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$</font></p>
  </td>
  <td width="80" valign="bottom" style="border:none;padding:0pt .7pt 0pt 0pt;width:60.35pt;">
  <p style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">1,500,000</font></p>
  </td>
  <td width="6" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:4.15pt;">
  <p style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
</table>

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

<p style="margin:0pt 0pt 24.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The premiums have
been paid for H&amp;Q Healthcare Investors and H&amp;Q Life Sciences for the
period from March 15, 2007 to March 14, 2008.</font></p>

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

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

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr style="page-break-inside:avoid;">
  <td width="15%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:15.88%;">
  <p style="font-size:10.0pt;margin:0pt 0pt .0001pt;"><!-- SET mrlNoTableShading -->/s/ Kathleen Eckert</p>
  </td>
  <td width="84%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:84.12%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="100%" colspan="2" valign="top" style="padding:0pt .7pt 0pt 0pt;width:100.0%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Kathleen Eckert</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="100%" colspan="2" valign="top" style="padding:0pt .7pt 0pt 0pt;width:100.0%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Chief Compliance Officer</font></p>
  </td>
 </tr>
</table>

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

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

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<br clear="all" style="page-break-before:always;">
<div>

<p style="margin:0pt 0pt 12.0pt;text-align:center;text-autospace:none;text-decoration:underline;"><u><font size="2" face="Times New Roman" style="font-size:10.0pt;">Fidelity
Bond Agreement</font></u></p>

<p style="margin:0pt 0pt 12.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">AGREEMENT made this 15
day of March 2007, by and among H&amp;Q Healthcare Investors, H&amp;Q Life
Sciences Investors, and Hambrecht &amp; Quist Capital Management, LLC (each an &#147;Insured&#148;
and collectively the &#147;Insureds&#148;).</font></p>

<p style="margin:0pt 0pt 12.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">WHEREAS, each of H&amp;Q
Healthcare Investors and H&amp;Q Life Sciences Investors (each a &#147;Fund&#148; and
collectively the &#147;Funds&#148;) is a management investment company registered under
the Investment Company Act of 1940, as amended (the &#147;1940 Act&#148;); and</font></p>

<p style="margin:0pt 0pt 12.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">WHEREAS, pursuant to the
requirements of Rule 17g-1 under the 1940 Act, each Fund is required to
maintain a fidelity bond against larceny and embezzlement covering certain of
its officers and employees; and</font></p>

<p style="margin:0pt 0pt 12.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">WHEREAS, Rule 17g-1
provides that a registered management investment company may obtain a joint
insured bond covering itself and one or more other registered investment
companies which are managed by the same persons and one or more other parties,
provided that each such other party is engaged in the management or
distribution of the shares of such registered investment companies; and</font></p>

<p style="margin:0pt 0pt 12.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">WHEREAS, each Fund is
managed by Hambrecht &amp; Quist Capital Management, LLC (&#147;HQCM&#148;); and</font></p>

<p style="margin:0pt 0pt 12.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">WHEREAS, the Insureds
have entered into a joint insured bond issued by [bond issuer] (the &#147;Bond&#148;);
and</font></p>

<p style="margin:0pt 0pt 12.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">WHEREAS, the Insureds
desire to provide for: (1) the method by which the amount of coverage provided
under the Bond will be determined from time to time and (2) an equitable and
proportionate allocation of any proceeds received under the Bond in the event
that one or more Insureds suffer loss and consequently are entitled to recover
under the Bond;</font></p>

<p style="margin:0pt 0pt 12.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">NOW THEREFORE, it is
hereby agreed among the parties hereto as follows:</font></p>

<p style="font-family:Times New Roman;margin:0pt 0pt 12.0pt;"><u><font size="2" face="Times New Roman" style="font-size:10.0pt;">Amount of Coverage
Maintained</font></u><font size="2" style="font-size:10.0pt;">. The
amount of fidelity coverage under the Bond shall at all times be at least equal
in the amount to the total amount of coverage which each Fund would have been
required to provide and maintain individually pursuant to the schedule set
forth in paragraph (d) of Rule 17g-1 under the 1940 Act had each Fund not been
a named insured under the Bond.</font></p>

<p style="font-family:Times New Roman;margin:0pt 0pt 12.0pt;"><u><font size="2" face="Times New Roman" style="font-size:10.0pt;">Allocation of Recovery</font></u><font size="2" style="font-size:10.0pt;">. In the event recovery is received under
the Bond as a result of loss sustained by one or more of the Funds and HQCM, each
Fund shall receive an equitable and proportionate share of the recovery which
shall be at least equal to the amount which each Fund would have received had
it provided and maintained a single insured bond with the minimum coverage
required by Rule 17g-1(d)(1).</font></p>

<p style="font-family:Times New Roman;margin:0pt 0pt 12.0pt;"><u><font size="2" face="Times New Roman" style="font-size:10.0pt;">Allocation of Premiums</font></u><font size="2" style="font-size:10.0pt;">. No premium shall be paid by a Fund under
the Bond unless such Fund&#146;s Board of Trustees, including majority of those
Trustees who are not &#147;interested persons&#148; of the Fund, as defined by Section
2(a) (19) of the 1940 Act, shall approve the portion of the premium to be paid
by such Fund.</font></p>

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

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<p style="font-family:Times New Roman;margin:0pt 0pt 12.0pt;"><u><font size="2" face="Times New Roman" style="font-size:10.0pt;">Amendment</font></u><font size="2" style="font-size:10.0pt;">. This Agreement may not be amended or
modified in any manner except by a written agreement executed by the parties.</font></p>

<p style="font-family:Times New Roman;margin:0pt 0pt 12.0pt;"><u><font size="2" face="Times New Roman" style="font-size:10.0pt;">Filing with the
Commission</font></u><font size="2" style="font-size:10.0pt;">. A
copy of this Agreement and any amendment thereto shall be filed with the
Securities and Exchange Commission within 10 days after the execution thereof.</font></p>

<p style="font-family:Times New Roman;margin:0pt 0pt 12.0pt;"><u><font size="2" face="Times New Roman" style="font-size:10.0pt;">Applicable Law</font></u><font size="2" style="font-size:10.0pt;">. This Agreement shall be construed and
the provisions thereof interpreted under and in accordance with the laws of the
Commonwealth of Massachusetts.</font></p>

<p style="font-family:Times New Roman;margin:0pt 0pt 12.0pt;"><u><font size="2" face="Times New Roman" style="font-size:10.0pt;">Limitations of Liability
of Trustees and Shareholders</font></u><font size="2" style="font-size:10.0pt;">. A copy of each Fund&#146;s Declaration of Trust is on
file with the Secretary of State of the Commonwealth of Massachusetts, and it
is hereby agreed that this Agreement is executed on behalf of the Board of
Trustees of each Fund as Trustees and not individually and that the obligations
of this Agreement are not binding upon any of the Trustees, officers or
shareholders of either Fund individually but are binding only upon the assets
and property of each Fund.</font></p>

<p style="font-family:Times New Roman;margin:0pt 0pt 12.0pt;"><u><font size="2" face="Times New Roman" style="font-size:10.0pt;">Term</font></u><font size="2" style="font-size:10.0pt;">. The term of this Agreement shall
commence on the date hereof and shall terminate upon the termination or
cancellation of the Bond.</font></p>

<p style="margin:0pt 0pt 12.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">IN WITNESS WHEREOF, each
of the parties has caused this Agreement to be executed in its name and behalf
by its authorized representative as of the day and year first above written.</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;font-family:Times New Roman;width:100.0%;">
 <tr style="page-break-inside:avoid;">
  <td width="100%" colspan="4" valign="top" style="padding:0pt .7pt 0pt 0pt;width:100.0%;">
  <p style="font-size:10.0pt;margin:0pt 0pt .0001pt;"><!-- SET mrlNoTableShading -->H&amp;Q
  Healthcare Investors</p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="100%" colspan="4" valign="top" style="padding:0pt .7pt 0pt 0pt;width:100.0%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="6%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:6.94%;">
  <p style="font-size:10.0pt;margin:0pt 0pt .0001pt;"><!-- SET mrlNoTableShading -->By:</p>
  </td>
  <td width="15%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:15.66%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">/s/ Kathleen Eckert</font></p>
  </td>
  <td width="77%" colspan="2" valign="top" style="padding:0pt .7pt 0pt 0pt;width:77.4%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="6%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:6.94%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="93%" colspan="3" valign="top" style="padding:0pt .7pt 0pt 0pt;width:93.06%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="6%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:6.94%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Name:</font></p>
  </td>
  <td width="93%" colspan="3" valign="top" style="padding:0pt .7pt 0pt 0pt;width:93.06%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Kathleen Eckert</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="6%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:6.94%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="93%" colspan="3" valign="top" style="padding:0pt .7pt 0pt 0pt;width:93.06%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="6%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:6.94%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Title:</font></p>
  </td>
  <td width="93%" colspan="3" valign="top" style="padding:0pt .7pt 0pt 0pt;width:93.06%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Chief Compliance Officer</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="6%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:6.94%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="93%" colspan="3" valign="top" style="padding:0pt .7pt 0pt 0pt;width:93.06%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="6%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:6.94%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="93%" colspan="3" valign="top" style="padding:0pt .7pt 0pt 0pt;width:93.06%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="100%" colspan="4" valign="top" style="padding:0pt .7pt 0pt 0pt;width:100.0%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">H&amp;Q Life Sciences Investors</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="100%" colspan="4" valign="top" style="padding:0pt .7pt 0pt 0pt;width:100.0%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="6%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:6.94%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">By:</font></p>
  </td>
  <td width="15%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:15.66%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">/s/ Kathleen Eckert</font></p>
  </td>
  <td width="77%" colspan="2" valign="top" style="padding:0pt .7pt 0pt 0pt;width:77.4%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="6%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:6.94%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="93%" colspan="3" valign="top" style="padding:0pt .7pt 0pt 0pt;width:93.06%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="6%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:6.94%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Name:</font></p>
  </td>
  <td width="93%" colspan="3" valign="top" style="padding:0pt .7pt 0pt 0pt;width:93.06%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Kathleen Eckert</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="6%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:6.94%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="93%" colspan="3" valign="top" style="padding:0pt .7pt 0pt 0pt;width:93.06%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="6%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:6.94%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Title:</font></p>
  </td>
  <td width="93%" colspan="3" valign="top" style="padding:0pt .7pt 0pt 0pt;width:93.06%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Chief Compliance Officer</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="6%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:6.94%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="93%" colspan="3" valign="top" style="padding:0pt .7pt 0pt 0pt;width:93.06%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
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  <td width="6%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:6.94%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="93%" colspan="3" valign="top" style="padding:0pt .7pt 0pt 0pt;width:93.06%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="100%" colspan="4" valign="top" style="padding:0pt .7pt 0pt 0pt;width:100.0%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Hambrecht &amp; Quist Capital Management, LLC</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="6%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:6.94%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="18%" colspan="2" valign="top" style="padding:0pt .7pt 0pt 0pt;width:18.04%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="75%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:75.02%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="6%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:6.94%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">By:</font></p>
  </td>
  <td width="18%" colspan="2" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:18.04%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">/s/ Daniel R. Omstead</font></p>
  </td>
  <td width="75%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:75.02%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="6%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:6.94%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="93%" colspan="3" valign="top" style="padding:0pt .7pt 0pt 0pt;width:93.06%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="6%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:6.94%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Name:</font></p>
  </td>
  <td width="93%" colspan="3" valign="top" style="padding:0pt .7pt 0pt 0pt;width:93.06%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Daniel R. Omstead</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="6%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:6.94%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="93%" colspan="3" valign="top" style="padding:0pt .7pt 0pt 0pt;width:93.06%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="6%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:6.94%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Title:</font></p>
  </td>
  <td width="93%" colspan="3" valign="top" style="padding:0pt .7pt 0pt 0pt;width:93.06%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">President</font></p>
  </td>
 </tr>
 <tr height="0">
  <td width="52" style="border:none;"></td>
  <td width="117" style="border:none;"></td>
  <td width="18" style="border:none;"></td>
  <td width="561" style="border:none;"></td>
 </tr>
</table>

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

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