<SEC-DOCUMENT>0001010521-12-000100.txt : 20120127
<SEC-HEADER>0001010521-12-000100.hdr.sgml : 20120127
<ACCEPTANCE-DATETIME>20120127172554
ACCESSION NUMBER:		0001010521-12-000100
CONFORMED SUBMISSION TYPE:	40-17G
PUBLIC DOCUMENT COUNT:		17
FILED AS OF DATE:		20120127
DATE AS OF CHANGE:		20120127
EFFECTIVENESS DATE:		20120127

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			JOHN HANCOCK BANK & THRIFT OPPORTUNITY FUND
		CENTRAL INDEX KEY:			0000925683
		IRS NUMBER:				043241844
		STATE OF INCORPORATION:			MA

	FILING VALUES:
		FORM TYPE:		40-17G
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	811-08568
		FILM NUMBER:		12552818

	BUSINESS ADDRESS:	
		STREET 1:		C/O JOHN HANCOCK FUNDS
		STREET 2:		601 CONGRESS STREET
		CITY:			BOSTON
		STATE:			MA
		ZIP:			02210
		BUSINESS PHONE:		617-663-3000

	MAIL ADDRESS:	
		STREET 1:		C/O JOHN HANCOCK FUNDS
		STREET 2:		601 CONGRESS STREET
		CITY:			BOSTON
		STATE:			MA
		ZIP:			02210

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	HANCOCK JOHN BANK & THRIFT OPPORTUNITY FUND
		DATE OF NAME CHANGE:	19940728

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	HANCOCK JOHN REGIONAL BANK & THRIFT FUND
		DATE OF NAME CHANGE:	19940620
</SEC-HEADER>
<DOCUMENT>
<TYPE>40-17G
<SEQUENCE>1
<FILENAME>ga_jhfjhfiiinew.htm
<DESCRIPTION>JOHN HANCOCK BANK & THRIFT OPPORTUNITY FUND
<TEXT>

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<P style="text-align: left;">
<FONT size=1 face="ArialMT,Arial,Helvetica,sans-serif">601 Congress Street</FONT><BR>
<FONT size=1 face="ArialMT,Arial,Helvetica,sans-serif">Boston, Massachusetts 02210-2805</FONT><BR>
<BR>
<B><FONT size=2 face="Tahoma-Bold,Arial,Helvetica,sans-serif">January 27, 2012</FONT></B></P>
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<P style="text-align: left;">
<FONT size=2 face="Tahoma,Arial,Helvetica,sans-serif">Securities and Exchange Commission</FONT><BR>
<FONT size=2 face="Tahoma,Arial,Helvetica,sans-serif">Washington, DC 20549</FONT></P>
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<FONT size=2 face="Tahoma,Arial,Helvetica,sans-serif">RE:</FONT></TD>
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<FONT size=2 face="Tahoma,Arial,Helvetica,sans-serif">John Hancock Bank and Thrift Opportunity Fund (File No. 811-08568)</FONT></TD>
</TR>
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	<TD align=left>
&nbsp;</TD>
	<TD align=left>
<FONT size=2 face="Tahoma,Arial,Helvetica,sans-serif">John Hancock Bond Trust (File No. 811-03006)</FONT></TD>
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	<TD align=left>
&nbsp;</TD>
	<TD align=left>
<FONT size=2 face="Tahoma,Arial,Helvetica,sans-serif">John Hancock California Tax-Free Income Fund (File No. 811-05979)</FONT></TD>
</TR>
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	<TD align=left>
&nbsp;</TD>
	<TD align=left>
<FONT size=2 face="Tahoma,Arial,Helvetica,sans-serif">John Hancock Capital Series (File No. 811-01677)</FONT></TD>
</TR>
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	<TD align=left>
&nbsp;</TD>
	<TD align=left>
<FONT size=2 face="Tahoma,Arial,Helvetica,sans-serif">John Hancock Current Interest (File No. 811-02485)</FONT></TD>
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	<TD align=left>
&nbsp;</TD>
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<FONT size=2 face="Tahoma,Arial,Helvetica,sans-serif">John Hancock Emerging Markets Income Fund (File No. 811-22586)</FONT></TD>
</TR>
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	<TD align=left>
&nbsp;</TD>
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<FONT size=2 face="Tahoma,Arial,Helvetica,sans-serif">John Hancock Flexible Income Opportunities Fund (File No. 811-22587)</FONT></TD>
</TR>
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&nbsp;</TD>
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<FONT size=2 face="Tahoma,Arial,Helvetica,sans-serif">John Hancock Funds II (File No. 811-21779)</FONT></TD>
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&nbsp;</TD>
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<FONT size=2 face="Tahoma,Arial,Helvetica,sans-serif">John Hancock Funds III (File No. 811-21777)</FONT></TD>
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	<TD align=left>
&nbsp;</TD>
	<TD align=left>
<FONT size=2 face="Tahoma,Arial,Helvetica,sans-serif">John Hancock Hedged Equity &amp; Income Fund (File No. 811-22441)</FONT></TD>
</TR>
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&nbsp;</TD>
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<FONT size=2 face="Tahoma,Arial,Helvetica,sans-serif">John Hancock Income Securities Trust (File No. 811-04186)</FONT></TD>
</TR>
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&nbsp;</TD>
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<FONT size=2 face="Tahoma,Arial,Helvetica,sans-serif">John Hancock Investment Trust (File No. 811-00560)</FONT></TD>
</TR>
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	<TD align=left>
&nbsp;</TD>
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<FONT size=2 face="Tahoma,Arial,Helvetica,sans-serif">John Hancock Investment Trust II (File No. 811-03999)</FONT></TD>
</TR>
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	<TD align=left>
&nbsp;</TD>
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<FONT size=2 face="Tahoma,Arial,Helvetica,sans-serif">John Hancock Investment Trust III (File No. 811-04630)</FONT></TD>
</TR>
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	<TD align=left>
&nbsp;</TD>
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<FONT size=2 face="Tahoma,Arial,Helvetica,sans-serif">John Hancock Investors Trust (File No. 811-04173)</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
<FONT size=2 face="Tahoma,Arial,Helvetica,sans-serif">John Hancock Municipal Securities Trust (File No. 811-05968)</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
<FONT size=2 face="Tahoma,Arial,Helvetica,sans-serif">John Hancock Preferred Income Fund (File No. 811-21131)</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
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<FONT size=2 face="Tahoma,Arial,Helvetica,sans-serif">John Hancock Preferred Income Fund II (File No. 811-21202)</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
<FONT size=2 face="Tahoma,Arial,Helvetica,sans-serif">John Hancock Preferred Income Fund III (File No. 811-21287)</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
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<FONT size=2 face="Tahoma,Arial,Helvetica,sans-serif">John Hancock Premium Dividend Fund (File No. 811-05908)</FONT></TD>
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&nbsp;</TD>
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<FONT size=2 face="Tahoma,Arial,Helvetica,sans-serif">John Hancock Series Trust (File No. 811-03392)</FONT></TD>
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&nbsp;</TD>
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<FONT size=2 face="Tahoma,Arial,Helvetica,sans-serif">John Hancock Sovereign Bond Fund (File No. 811-02402)</FONT></TD>
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	<TD align=left>
&nbsp;</TD>
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<FONT size=2 face="Tahoma,Arial,Helvetica,sans-serif">John Hancock Strategic Series (File No. 811-04651)</FONT></TD>
</TR>
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	<TD align=left>
&nbsp;</TD>
	<TD align=left>
<FONT size=2 face="Tahoma,Arial,Helvetica,sans-serif">John Hancock Tax-Advantaged Dividend Income Fund (File No. 811-21416)</FONT></TD>
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<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
<FONT size=2 face="Tahoma,Arial,Helvetica,sans-serif">John Hancock Tax-Advantaged Global Shareholder Yield Fund (File No. 811-22056)</FONT></TD>
</TR>
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&nbsp;</TD>
	<TD align=left>
<FONT size=2 face="Tahoma,Arial,Helvetica,sans-serif">John Hancock Tax-Exempt Series Fund (File No. 811-05079)</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
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<FONT size=2 face="Tahoma,Arial,Helvetica,sans-serif">John Hancock Variable Insurance Trust (File No. 811-04146)</FONT></TD>
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</TABLE>
</DIV>
<P style="MARGIN:0px">&nbsp;</P>
<P style="text-align: left;">
<FONT size=2 face="Tahoma,Arial,Helvetica,sans-serif">Dear Sir/Madam:</FONT></P>
<P style="text-align: left;">
<FONT size=2 face="Tahoma,Arial,Helvetica,sans-serif">On behalf of the Registrants, enclosed for filing, pursuant to Rule 17g-1 under the Investment Company Act of 1940, as amended (the &#147;1940 Act&#148;), are the following documents:</FONT></P>
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<TR>
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<FONT size=2 face="Tahoma,Arial,Helvetica,sans-serif">1.</FONT>&nbsp; &nbsp; &nbsp; 	</TD>
	<TD width="98%">
<FONT size=2 face="Tahoma,Arial,Helvetica,sans-serif">A copy of the joint insured fidelity bond no. </FONT><B><FONT size=2 face="Tahoma-Bold,Arial,Helvetica,sans-serif">81906724 </FONT></B><FONT size=2 face="Tahoma,Arial,Helvetica,sans-serif">issued by Chubb Group of Insurance Companies.</FONT>	</TD>
</TR>
<TR>
	<TD nowrap valign=top width="2%">
<FONT size=2 face="Tahoma,Arial,Helvetica,sans-serif">2.</FONT>&nbsp; &nbsp; &nbsp; 	</TD>
	<TD width="98%">
<FONT size=2 face="Tahoma,Arial,Helvetica,sans-serif">A copy of Endorsement / Rider No. 1 to the Registrants&#146; joint bond no. </FONT><B><FONT size=2 face="Tahoma-Bold,Arial,Helvetica,sans-serif">81906724 </FONT></B><FONT size=2 face="Tahoma,Arial,Helvetica,sans-serif">regarding compliance with applicable trade sanction laws.</FONT>	</TD>
</TR>
<TR>
	<TD nowrap valign=top width="2%">
<FONT size=2 face="Tahoma,Arial,Helvetica,sans-serif">3.</FONT>&nbsp; &nbsp; &nbsp; 	</TD>
	<TD width="98%">
<FONT size=2 face="Tahoma,Arial,Helvetica,sans-serif">A copy of Endorsement No. 2 to the Registrants&#146; joint bond no. </FONT><B><FONT size=2 face="Tahoma-Bold,Arial,Helvetica,sans-serif">81906724 </FONT></B><FONT size=2 face="Tahoma,Arial,Helvetica,sans-serif">amending Section 13 relating to terminations, non-renewals and notices.</FONT>	</TD>
</TR>
<TR>
	<TD nowrap valign=top width="2%">
<FONT size=2 face="Tahoma,Arial,Helvetica,sans-serif">4.</FONT>&nbsp; &nbsp; &nbsp; 	</TD>
	<TD width="98%">
<FONT size=2 face="Tahoma,Arial,Helvetica,sans-serif">A copy of Endorsement No. 3 to the Registrants&#146; joint bond no. </FONT><B><FONT size=2 face="Tahoma-Bold,Arial,Helvetica,sans-serif">81906724 </FONT></B><FONT size=2 face="Tahoma,Arial,Helvetica,sans-serif">regarding unauthorized signatures.</FONT>	</TD>
</TR>
<TR>
	<TD nowrap valign=top width="2%">
<FONT size=2 face="Tahoma,Arial,Helvetica,sans-serif">5.</FONT>&nbsp; &nbsp; &nbsp; 	</TD>
	<TD width="98%">
<FONT size=2 face="Tahoma,Arial,Helvetica,sans-serif">A copy of Endorsement No. 4 to the Registrants&#146; joint bond no. </FONT><B><FONT size=2 face="Tahoma-Bold,Arial,Helvetica,sans-serif">81906724 </FONT></B><FONT size=2 face="Tahoma,Arial,Helvetica,sans-serif">regarding automated telephone transactions.</FONT>	</TD>
</TR>
<TR>
	<TD nowrap valign=top width="2%">
<FONT size=2 face="Tahoma,Arial,Helvetica,sans-serif">6.</FONT>&nbsp; &nbsp; &nbsp; 	</TD>
	<TD width="98%">
<FONT size=2 face="Tahoma,Arial,Helvetica,sans-serif">A copy of Endorsement No. 5 to the Registrants&#146; joint bond no</FONT><B><FONT size=2 face="Tahoma-Bold,Arial,Helvetica,sans-serif">. 81906724 </FONT></B><FONT size=2 face="Tahoma,Arial,Helvetica,sans-serif">regarding telefacsimile instructions.</FONT>	</TD>
</TR>
<TR>
	<TD nowrap valign=top width="2%">
<FONT size=2 face="Tahoma,Arial,Helvetica,sans-serif">7.</FONT>&nbsp; &nbsp; &nbsp; 	</TD>
	<TD width="98%">
<FONT size=2 face="Tahoma,Arial,Helvetica,sans-serif">A copy of Endorsement No. 6 to the Registrants&#146; joint bond no. </FONT><B><FONT size=2 face="Tahoma-Bold,Arial,Helvetica,sans-serif">81906724 </FONT></B><FONT size=2 face="Tahoma,Arial,Helvetica,sans-serif">regarding stop payment orders.</FONT>	</TD>
</TR>
</TABLE>

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<P style="text-align: left;">
<FONT size=1 face="ArialMT,Arial,Helvetica,sans-serif">601 Congress Street</FONT><BR>
<FONT size=1 face="ArialMT,Arial,Helvetica,sans-serif">Boston, Massachusetts 02210-2805</FONT></P>
<P align="right">
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</P>
<TABLE border=0 cellspacing=0>
<TR>
	<TD nowrap valign=top width="2%">
<FONT size=2 face="Tahoma,Arial,Helvetica,sans-serif">8.</FONT>&nbsp; &nbsp; &nbsp; 	</TD>
	<TD width="98%">
<FONT size=2 face="Tahoma,Arial,Helvetica,sans-serif">A copy of Endorsement No. 7 to the Registrants&#146; joint bond no. </FONT><B><FONT size=2 face="Tahoma-Bold,Arial,Helvetica,sans-serif">81906724 </FONT></B><FONT size=2 face="Tahoma,Arial,Helvetica,sans-serif">regarding extended computer systems&#146; electronic data, media, instructions, communications and transmissions.</FONT>	</TD>
</TR>
<TR>
	<TD nowrap valign=top width="2%">
<FONT size=2 face="Tahoma,Arial,Helvetica,sans-serif">9.</FONT>&nbsp; &nbsp; &nbsp; 	</TD>
	<TD width="98%">
<FONT size=2 face="Tahoma,Arial,Helvetica,sans-serif">A copy of Endorsement / Rider No. 8 to the Registrants&#146; joint bond no. </FONT><B><FONT size=2 face="Tahoma-Bold,Arial,Helvetica,sans-serif">81906724 </FONT></B><FONT size=2 face="Tahoma,Arial,Helvetica,sans-serif">regarding automatic increase in limits.</FONT>	</TD>
</TR>
<TR>
	<TD nowrap valign=top width="2%">
<FONT size=2 face="Tahoma,Arial,Helvetica,sans-serif">10.</FONT>&nbsp; &nbsp; &nbsp; 	</TD>
	<TD width="98%">
<FONT size=2 face="Tahoma,Arial,Helvetica,sans-serif">A copy of Endorsement / Rider No. 9 to the Registrants&#146; joint bond no. </FONT><B><FONT size=2 face="Tahoma-Bold,Arial,Helvetica,sans-serif">81906724 </FONT></B><FONT size=2 face="Tahoma,Arial,Helvetica,sans-serif">regarding definition of employee.</FONT>	</TD>
</TR>
<TR>
	<TD nowrap valign=top width="2%">
<FONT size=2 face="Tahoma,Arial,Helvetica,sans-serif">11.</FONT>&nbsp; &nbsp; &nbsp; 	</TD>
	<TD width="98%">
<FONT size=2 face="Tahoma,Arial,Helvetica,sans-serif">A copy of Endorsement / Rider No. 10 to the Registrants&#146; joint bond no. </FONT><B><FONT size=2 face="Tahoma-Bold,Arial,Helvetica,sans-serif">81906724 </FONT></B><FONT size=2 face="Tahoma,Arial,Helvetica,sans-serif">regarding deleting valuation, other property and amending change or modification.</FONT>	</TD>
</TR>
<TR>
	<TD nowrap valign=top width="2%">
<FONT size=2 face="Tahoma,Arial,Helvetica,sans-serif">12.</FONT>&nbsp; &nbsp; &nbsp; 	</TD>
	<TD width="98%">
<FONT size=2 face="Tahoma,Arial,Helvetica,sans-serif">A copy of Endorsement No. 11 to the Registrant&#146;s joint bond no. </FONT><B><FONT size=2 face="Tahoma-Bold,Arial,Helvetica,sans-serif">81906724 </FONT></B><FONT size=2 face="Tahoma,Arial,Helvetica,sans-serif">regarding the name of the Assured.</FONT>	</TD>
</TR>
<TR>
	<TD nowrap valign=top width="2%">
<FONT size=2 face="Tahoma,Arial,Helvetica,sans-serif">13.</FONT>&nbsp; &nbsp; &nbsp; 	</TD>
	<TD width="98%">
<FONT size=2 face="Tahoma,Arial,Helvetica,sans-serif">A copy of Endorsement / Rider No. 12 to the Registrants&#146; joint bond no. </FONT><B><FONT size=2 face="Tahoma-Bold,Arial,Helvetica,sans-serif">81906724 </FONT></B><FONT size=2 face="Tahoma,Arial,Helvetica,sans-serif">regarding amending the name of the Assured relating to new funds.</FONT>	</TD>
</TR>
<TR>
	<TD nowrap valign=top width="2%">
<FONT size=2 face="Tahoma,Arial,Helvetica,sans-serif">14.</FONT>&nbsp; &nbsp; &nbsp; 	</TD>
	<TD width="98%">
<FONT size=2 face="Tahoma,Arial,Helvetica,sans-serif">A copy of Endorsement / Rider No. 13 to the Registrants&#146; joint bond no. </FONT><B><FONT size=2 face="Tahoma-Bold,Arial,Helvetica,sans-serif">81906724 </FONT></B><FONT size=2 face="Tahoma,Arial,Helvetica,sans-serif">regarding amending discovery and notice.</FONT>	</TD>
</TR>
<TR>
	<TD nowrap valign=top width="2%">
<FONT size=2 face="Tahoma,Arial,Helvetica,sans-serif">15.</FONT>&nbsp; &nbsp; &nbsp; 	</TD>
	<TD width="98%">
<FONT size=2 face="Tahoma,Arial,Helvetica,sans-serif">A copy of the excess joint insured fidelity bond no. </FONT><B><FONT size=2 face="Tahoma-Bold,Arial,Helvetica,sans-serif">87142111B </FONT></B><FONT size=2 face="Tahoma,Arial,Helvetica,sans-serif">issued by ICI Mutual Insurance Company.</FONT>	</TD>
</TR>
<TR>
	<TD nowrap valign=top width="2%">
<FONT size=2 face="Tahoma,Arial,Helvetica,sans-serif">16.</FONT>&nbsp; &nbsp; &nbsp; 	</TD>
	<TD width="98%">
<FONT size=2 face="Tahoma,Arial,Helvetica,sans-serif">A copy of Rider No. 1 to the Registrant&#146;s joint bond no. </FONT><B><FONT size=2 face="Tahoma-Bold,Arial,Helvetica,sans-serif">87142111B </FONT></B><FONT size=2 face="Tahoma,Arial,Helvetica,sans-serif">regarding requirements of the Terrorism Risk Insurance Act of 2002, as amended (&#147;the Act&#148;).</FONT>	</TD>
</TR>
<TR>
	<TD nowrap valign=top width="2%">
<FONT size=2 face="Tahoma,Arial,Helvetica,sans-serif">17.</FONT>&nbsp; &nbsp; &nbsp; 	</TD>
	<TD width="98%">
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">A copy of the resolutions of the Board of Trustees approving the bonds.</FONT>	</TD>
</TR>
<TR>
	<TD nowrap valign=top width="2%">
<FONT size=2 face="Tahoma,Arial,Helvetica,sans-serif">18.</FONT>&nbsp; &nbsp; &nbsp; 	</TD>
	<TD width="98%">
<FONT size=2 face="Tahoma,Arial,Helvetica,sans-serif">A copy of the agreement among the investment companies entered into pursuant to paragraph (f) of Regulation 17g-1.</FONT>	</TD>
</TR>
<TR>
	<TD nowrap valign=top width="2%">
<FONT size=2 face="Tahoma,Arial,Helvetica,sans-serif">19.</FONT>&nbsp; &nbsp; &nbsp; 	</TD>
	<TD width="98%">
<FONT size=2 face="Tahoma,Arial,Helvetica,sans-serif">A statement showing the single bond amount (if the investment company had not been named as an insured under this joint insured bond).</FONT>	</TD>
</TR>
<TR>
	<TD nowrap valign=top width="2%">
<FONT size=2 face="Tahoma,Arial,Helvetica,sans-serif">20.</FONT>&nbsp; &nbsp; &nbsp; 	</TD>
	<TD width="98%">
<FONT size=2 face="Tahoma,Arial,Helvetica,sans-serif">A statement showing that premiums have been paid for the period </FONT><B><FONT size=2 face="Tahoma-Bold,Arial,Helvetica,sans-serif">December 31, 2011 </FONT></B><FONT size=2 face="Tahoma,Arial,Helvetica,sans-serif">to</FONT>	</TD>
</TR>
<TR>
<TD width="10%">&nbsp;</TD>	<TD width="90%">
<B><FONT size=2 face="Tahoma-Bold,Arial,Helvetica,sans-serif">December 31, 2012.</FONT></B>	</TD>
</TR>
</TABLE>
<P style="text-align: left;">
<FONT size=2 face="Tahoma,Arial,Helvetica,sans-serif">Sincerely,</FONT></P>
<P style="text-align: left;">
<U><FONT size=2 face="Tahoma,Arial,Helvetica,sans-serif">/s/ Betsy Anne Seel</FONT></U><BR>
<FONT size=2 face="Tahoma,Arial,Helvetica,sans-serif">Betsy Anne Seel</FONT><BR>
<FONT size=2 face="Tahoma,Arial,Helvetica,sans-serif">Assistant Secretary</FONT></P>

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&nbsp;</TD>
	<TD align=left colspan=3 style="TEXT-INDENT:4.000000px">
<B><FONT size=2 face="Arial-BoldMT,Arial,Helvetica,sans-serif">Chubb Group of Insurance Companies</FONT></B></TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left colspan=2>
<B><FONT size=3 face="Arial-BoldMT,Arial,Helvetica,sans-serif">DECLARATIONS</FONT></B></TD>
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&nbsp;</TD>
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&nbsp;</TD>
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&nbsp;</TD>
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<B><FONT size=3 face="Arial-BoldMT,Arial,Helvetica,sans-serif">FINANCIAL INSTITUTION INVESTMENT</FONT></B></TD>
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&nbsp;</TD>
	<TD align=left colspan=4 style="TEXT-INDENT:4.000000px">
<FONT size=1 face="ArialMT,Arial,Helvetica,sans-serif">15 Mountain View Road, Warren, New Jersey 07059</FONT></TD>
	<TD align=left colspan=2>
<B><FONT size=3 face="Arial-BoldMT,Arial,Helvetica,sans-serif">COMPANY ASSET PROTECTION BOND</FONT></B></TD>
</TR>
<TR>
	<TD colspan=7>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left colspan=4>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">NAME OF ASSURED (including its </FONT><B><FONT size=2 face="Arial-BoldMT,Arial,Helvetica,sans-serif">Subsidiaries</FONT></B><FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">):</FONT></TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left colspan=2>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">Bond Number: 81906724</FONT></TD>
</TR>
<TR>
	<TD colspan=7>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left colspan=5>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">JOHN HANCOCK FUNDS; JOHN HANCOCK FUNDS II; JOHN</FONT></TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left colspan=6>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">HANCOCK FUNDS III; JOHN HANCOCK VARIABLE INSURANCE TRUST</FONT></TD>
	<TD align=right>
<B><FONT size=2 face="Arial-BoldMT,Arial,Helvetica,sans-serif">FEDERAL INSURANCE COMPANY</FONT></B></TD>
</TR>
<TR>
	<TD colspan=7>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left colspan=2>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">601 CONGRESS STREET</FONT></TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left colspan=2>
<FONT size=1 face="ArialMT,Arial,Helvetica,sans-serif">Incorporated under the laws of Indiana</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left colspan=2>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">BOSTON, MA 02210</FONT></TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left colspan=2>
<FONT size=1 face="ArialMT,Arial,Helvetica,sans-serif">a stock insurance company herein called the COMPANY</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left colspan=2>
<FONT size=1 face="ArialMT,Arial,Helvetica,sans-serif">Capital Center, 251 North Illinois, Suite 1100</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left style="border-bottom:1px solid #000000;">
&nbsp;</TD>
	<TD align=left style="border-bottom:1px solid #000000;">
&nbsp;</TD>
	<TD align=left style="border-bottom:1px solid #000000;">
&nbsp;</TD>
	<TD align=left style="border-bottom:1px solid #000000;">
&nbsp;</TD>
	<TD align=left style="border-bottom:1px solid #000000;">
&nbsp;</TD>
	<TD align=left colspan=2 style="border-bottom:1px solid #000000;">
<FONT size=1 face="ArialMT,Arial,Helvetica,sans-serif">Indianapolis, IN 46204-1927</FONT></TD>
</TR>
<TR>
	<TD colspan=7>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<B><FONT size=2 face="Arial-BoldMT,Arial,Helvetica,sans-serif">ITEM 1.</FONT></B></TD>
	<TD align=left>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">BOND PERIOD:</FONT></TD>
	<TD align=right>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">from</FONT></TD>
	<TD align=right>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">12:01 a.m. on</FONT></TD>
	<TD align=left colspan=2>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">December 31, 2011</FONT></TD>
	<TD align=left>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=center>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">to</FONT></TD>
	<TD align=right>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">12:01 a.m. on</FONT></TD>
	<TD align=left colspan=2>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">December 31, 2012</FONT></TD>
	<TD align=left>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<B><FONT size=2 face="Arial-BoldMT,Arial,Helvetica,sans-serif">ITEM 2.</FONT></B></TD>
	<TD align=left colspan=4>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">LIMITS OF LIABILITY--DEDUCTIBLE AMOUNTS:</FONT></TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
</TR>
</TABLE>
</DIV>
<P style="MARGIN:0px">&nbsp;</P>
<P style="text-align: left;">
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">If &#147;Not Covered&#148; is inserted below opposite any specified INSURING CLAUSE, such INSURING CLAUSE and any other reference shall be deemed to be deleted. </FONT><B><FONT size=2 face="Arial-BoldMT,Arial,Helvetica,sans-serif">There shall be no deductible applicable to any loss under INSURING CLAUSE 1. sustained by any Investment Company.</FONT></B></P>
<DIV align="left">
<TABLE border=0 cellspacing=0>
<TR>
     <TD width=4%></TD>
     <TD width=3%></TD>
     <TD width=47%></TD>
     <TD width=10%></TD>
     <TD width=18%></TD>
     <TD width=3%></TD>
     <TD width=12%></TD></TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=right>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">DEDUCTIBLE</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left colspan=3 style="border-bottom:1px solid #000000;" style="TEXT-INDENT:1.000000px">
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">INSURING CLAUSE</FONT></TD>
	<TD align=left style="border-bottom:1px solid #000000;">
&nbsp;</TD>
	<TD align=center style="border-bottom:1px solid #000000;">
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">LIMIT OF LIABILITY</FONT></TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=center style="border-bottom:1px solid #000000;">
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">AMOUNT</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=right>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">1</FONT></TD>
	<TD align=left>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">.</FONT></TD>
	<TD align=left>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">Employee</FONT></TD>
	<TD align=left>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">&#36;</FONT></TD>
	<TD align=right>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">15,000,000</FONT></TD>
	<TD align=left>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">&#36;</FONT></TD>
	<TD align=right>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">0</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=right>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">2</FONT></TD>
	<TD align=left>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">.</FONT></TD>
	<TD align=left>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">On Premises</FONT></TD>
	<TD align=left>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">&#36;</FONT></TD>
	<TD align=right>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">15,000,000</FONT></TD>
	<TD align=left>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">&#36;</FONT></TD>
	<TD align=right>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">150,000</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=right>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">3</FONT></TD>
	<TD align=left>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">.</FONT></TD>
	<TD align=left>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">In Transit</FONT></TD>
	<TD align=left>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">&#36;</FONT></TD>
	<TD align=right>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">15,000,000</FONT></TD>
	<TD align=left>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">&#36;</FONT></TD>
	<TD align=right>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">150,000</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=right>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">4</FONT></TD>
	<TD align=left>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">.</FONT></TD>
	<TD align=left>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">Forgery or Alteration</FONT></TD>
	<TD align=left>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">&#36;</FONT></TD>
	<TD align=right>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">15,000,000</FONT></TD>
	<TD align=left>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">&#36;</FONT></TD>
	<TD align=right>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">150,000</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=right>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">5</FONT></TD>
	<TD align=left>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">.</FONT></TD>
	<TD align=left>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">Extended Forgery</FONT></TD>
	<TD align=left>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">&#36;</FONT></TD>
	<TD align=right>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">15,000,000</FONT></TD>
	<TD align=left>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">&#36;</FONT></TD>
	<TD align=right>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">150,000</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=right>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">6</FONT></TD>
	<TD align=left>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">.</FONT></TD>
	<TD align=left>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">Counterfeit Money</FONT></TD>
	<TD align=left>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">&#36;</FONT></TD>
	<TD align=right>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">15,000,000</FONT></TD>
	<TD align=left>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">&#36;</FONT></TD>
	<TD align=right>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">150,000</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=right>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">7</FONT></TD>
	<TD align=left>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">.</FONT></TD>
	<TD align=left>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">Threats to Person</FONT></TD>
	<TD align=left>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">&#36;</FONT></TD>
	<TD align=right>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">15,000,000</FONT></TD>
	<TD align=left>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">&#36;</FONT></TD>
	<TD align=right>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">150,000</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=right>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">8</FONT></TD>
	<TD align=left>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">.</FONT></TD>
	<TD align=left>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">Computer System</FONT></TD>
	<TD align=left>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">&#36;</FONT></TD>
	<TD align=right>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">15,000,000</FONT></TD>
	<TD align=left>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">&#36;</FONT></TD>
	<TD align=right>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">150,000</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=right>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">9</FONT></TD>
	<TD align=left>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">.</FONT></TD>
	<TD align=left>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">Voice Initiated Funds Transfer Instruction</FONT></TD>
	<TD align=left>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">&#36;</FONT></TD>
	<TD align=right>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">15,000,000</FONT></TD>
	<TD align=left>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">&#36;</FONT></TD>
	<TD align=right>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">150,000</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=right>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">10</FONT></TD>
	<TD align=left>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">.</FONT></TD>
	<TD align=left>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">Uncollectible Items of Deposit</FONT></TD>
	<TD align=left>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">&#36;</FONT></TD>
	<TD align=right>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">15,000,000</FONT></TD>
	<TD align=left>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">&#36;</FONT></TD>
	<TD align=right>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">150,000</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=right>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">11</FONT></TD>
	<TD align=left>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">.</FONT></TD>
	<TD align=left>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">Audit Expense</FONT></TD>
	<TD align=left>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">&#36;</FONT></TD>
	<TD align=right>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">150,000</FONT></TD>
	<TD align=left>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">&#36;</FONT></TD>
	<TD align=right>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">0</FONT></TD>
</TR>
</TABLE>
</DIV>
<P style="MARGIN:0px">&nbsp;</P>
<DIV align="left">
<TABLE border=0 cellspacing=0>
<TR>
     <TD width=9%></TD>
     <TD width=90%></TD></TR>
<TR valign="bottom">
	<TD align=left>
<B><FONT size=2 face="Arial-BoldMT,Arial,Helvetica,sans-serif">ITEM 3.</FONT></B></TD>
	<TD align=left>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">THE LIABILITY OF THE COMPANY IS ALSO SUBJECT TO THE TERMS OF THE FOLLOWING</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">ENDORSEMENTS EXECUTED SIMULTANEOUSLY HEREWITH:</FONT></TD>
</TR>
<TR>
	<TD colspan=2>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">1 - 13</FONT></TD>
</TR>
</TABLE>
</DIV>
<P style="MARGIN:0px">&nbsp;</P>
<P style="text-align: left;">
<B><FONT size=2 face="Arial-BoldMT,Arial,Helvetica,sans-serif">IN WITNESS WHEREOF, THE COMPANY </FONT></B><FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">has caused this Bond to be signed by its authorized officers, but it shall not be valid unless also signed by an authorized representative of the Company.</FONT></P>
<IMG src="ga_jhfjhfiiinewx3x1.jpg" border=0>
<BR>
<DIV align="left">
<TABLE border=0 cellspacing=0>
<TR>
     <TD width=55%></TD>
     <TD width=44%></TD></TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=1 face="ArialMT,Arial,Helvetica,sans-serif">ICAP Bond (5-98) - Federal</FONT></TD>
	<TD align=left>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=1 face="ArialMT,Arial,Helvetica,sans-serif">Form 17-02-1421 (Ed. 5-98)</FONT></TD>
	<TD align=left>
<FONT size=1 face="ArialMT,Arial,Helvetica,sans-serif">Page 1 of 1</FONT></TD>
</TR>
</TABLE>
</DIV>
<P style="MARGIN:0px">&nbsp;</P>

<HR noshade align="center" width="100%" size=2><DIV STYLE="page-break-before: always">&nbsp;</div>



<!--$$/page=-->
<A name="page_4"></A><BR>

<DIV align="left">
<TABLE border=0 cellspacing=0>
<TR>
     <TD width=20%></TD>
     <TD width=7%></TD>
     <TD width=2%></TD>
     <TD width=3%></TD>
     <TD width=4%></TD>
     <TD width=2%></TD>
     <TD width=57%></TD></TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=right colspan=6>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">The COMPANY, in consideration of payment of the required premium, and in reliance</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=right colspan=6>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">on the APPLICATION and all other statements made and information furnished to the</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=right colspan=6>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">COMPANY by the ASSURED, and subject to the DECLARATIONS made a part of this</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=right colspan=6>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">Bond and to all other terms and conditions of this Bond, agrees to pay the ASSURED</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left style="border-bottom:1px solid #000000;">
&nbsp;</TD>
	<TD align=right style="border-bottom:1px solid #000000;">
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">for:</FONT></TD>
	<TD align=left style="border-bottom:1px solid #000000;">
&nbsp;</TD>
	<TD align=left style="border-bottom:1px solid #000000;">
&nbsp;</TD>
	<TD align=left style="border-bottom:1px solid #000000;">
&nbsp;</TD>
	<TD align=left style="border-bottom:1px solid #000000;">
&nbsp;</TD>
	<TD align=left style="border-bottom:1px solid #000000;">
&nbsp;</TD>
</TR>
<TR>
	<TD colspan=7>
&nbsp;</TD>
</TR>
<TR>
	<TD colspan=7>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<B><I><FONT size=3 face="Arial-BoldItalicMT,Arial,Helvetica,sans-serif">Insuring Clauses</FONT></I></B></TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
</TR>
<TR>
	<TD colspan=7>
&nbsp;</TD>
</TR>
<TR>
	<TD colspan=7>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<I><FONT size=2 face="Arial-ItalicMT,Arial,Helvetica,sans-serif">Employee</FONT></I></TD>
	<TD align=right>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">1</FONT></TD>
	<TD align=left>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">.</FONT></TD>
	<TD align=left colspan=4>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">Loss resulting directly from </FONT><B><FONT size=2 face="Arial-BoldMT,Arial,Helvetica,sans-serif">Larceny </FONT></B><FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">or </FONT><B><FONT size=2 face="Arial-BoldMT,Arial,Helvetica,sans-serif">Embezzlement </FONT></B><FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">committed by any</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=center colspan=7 style="border-bottom:1px solid #000000;">
<B><FONT size=2 face="Arial-BoldMT,Arial,Helvetica,sans-serif">Employee</FONT></B><FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">, alone or in collusion with others.</FONT></TD>
</TR>
<TR>
	<TD colspan=7><HR noshade size=1></TD></TR>
<TR>
	<TD colspan=7>
&nbsp;</TD>
</TR>
<TR>
	<TD colspan=7>
&nbsp;</TD>
</TR>
<TR>
	<TD colspan=7>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<I><FONT size=2 face="Arial-ItalicMT,Arial,Helvetica,sans-serif">On Premises</FONT></I></TD>
	<TD align=right>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">2</FONT></TD>
	<TD align=left>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">.</FONT></TD>
	<TD align=right colspan=4>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">Loss of </FONT><B><FONT size=2 face="Arial-BoldMT,Arial,Helvetica,sans-serif">Property </FONT></B><FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">resulting directly from robbery, burglary, false pretenses,</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=right colspan=4>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">common law or statutory larceny, misplacement, mysterious unexplainable</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=right colspan=4>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">disappearance, damage, destruction or removal, from the possession, custody or</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=right colspan=4>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">control of the ASSURED, while such </FONT><B><FONT size=2 face="Arial-BoldMT,Arial,Helvetica,sans-serif">Property </FONT></B><FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">is lodged or deposited at premises</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left style="border-bottom:1px solid #000000;">
&nbsp;</TD>
	<TD align=left style="border-bottom:1px solid #000000;">
&nbsp;</TD>
	<TD align=left style="border-bottom:1px solid #000000;">
&nbsp;</TD>
	<TD align=left colspan=4 style="border-bottom:1px solid #000000;">
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">located anywhere.</FONT></TD>
</TR>
<TR>
	<TD colspan=7>
&nbsp;</TD>
</TR>
<TR>
	<TD colspan=7>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<I><FONT size=2 face="Arial-ItalicMT,Arial,Helvetica,sans-serif">In Transit</FONT></I></TD>
	<TD align=right>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">3</FONT></TD>
	<TD align=left>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">.</FONT></TD>
	<TD align=right colspan=4>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">Loss of </FONT><B><FONT size=2 face="Arial-BoldMT,Arial,Helvetica,sans-serif">Property </FONT></B><FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">resulting directly from common law or statutory larceny,</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=right colspan=4>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">misplacement, mysterious unexplainable disappearance, damage or destruction,</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left colspan=4>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">while the </FONT><B><FONT size=2 face="Arial-BoldMT,Arial,Helvetica,sans-serif">Property </FONT></B><FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">is in transit anywhere:</FONT></TD>
</TR>
<TR>
	<TD colspan=7>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">a.</FONT></TD>
	<TD align=right colspan=3>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">in an armored motor vehicle, including loading and unloading thereof,</FONT></TD>
</TR>
<TR>
	<TD colspan=7>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">b.</FONT></TD>
	<TD align=right colspan=3>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">in the custody of a natural person acting as a messenger of the ASSURED,</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=right>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">or</FONT></TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
</TR>
<TR>
	<TD colspan=7>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">c.</FONT></TD>
	<TD align=right colspan=3>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">in the custody of a </FONT><B><FONT size=2 face="Arial-BoldMT,Arial,Helvetica,sans-serif">Transportation Company </FONT></B><FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">and being transported in a</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=right colspan=3>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">conveyance other than an armored motor vehicle provided, however, that</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=center colspan=3>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">covered </FONT><B><FONT size=2 face="Arial-BoldMT,Arial,Helvetica,sans-serif">Property </FONT></B><FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">transported in such manner is limited to the following:</FONT></TD>
</TR>
<TR>
	<TD colspan=7>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=right>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">(1</FONT></TD>
	<TD align=left>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">)</FONT></TD>
	<TD align=right>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">written records,</FONT></TD>
</TR>
<TR>
	<TD colspan=7>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=right>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">(2</FONT></TD>
	<TD align=left>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">)</FONT></TD>
	<TD align=right>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">securities issued in registered form, which are not endorsed or are</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=center colspan=7>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">restrictively endorsed, or</FONT></TD>
</TR>
<TR>
	<TD colspan=7>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=right>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">(3</FONT></TD>
	<TD align=left>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">)</FONT></TD>
	<TD align=right>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">negotiable instruments not payable to bearer, which are not endorsed</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=right>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">or are restrictively endorsed.</FONT></TD>
</TR>
<TR>
	<TD colspan=7>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=right colspan=4>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">Coverage under this INSURING CLAUSE begins immediately on the receipt of</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=right colspan=4>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">such </FONT><B><FONT size=2 face="Arial-BoldMT,Arial,Helvetica,sans-serif">Property </FONT></B><FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">by the natural person or </FONT><B><FONT size=2 face="Arial-BoldMT,Arial,Helvetica,sans-serif">Transportation Company </FONT></B><FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">and ends</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=right colspan=4>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">immediately on delivery to the premises of the addressee or to any representative</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left colspan=4>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">of the addressee located anywhere.</FONT></TD>
</TR>
</TABLE>
</DIV>
<P style="MARGIN:0px">&nbsp;</P>
<DIV align="left">
<TABLE border=0 cellspacing=0>
<TR>
     <TD width=55%></TD>
     <TD width=44%></TD></TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=1 face="ArialMT,Arial,Helvetica,sans-serif">ICAP Bond (5-98)</FONT></TD>
	<TD align=left>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=1 face="ArialMT,Arial,Helvetica,sans-serif">Form 17-02-1421 (Ed. 5-98)</FONT></TD>
	<TD align=left>
<FONT size=1 face="ArialMT,Arial,Helvetica,sans-serif">Page 1 of 19</FONT></TD>
</TR>
</TABLE>
</DIV>
<P style="MARGIN:0px">&nbsp;</P>

<HR noshade align="center" width="100%" size=2><DIV STYLE="page-break-before: always">&nbsp;</div>



<!--$$/page=-->
<A name="page_5"></A><BR>

<P style="text-align: left;">
<B><I><FONT size=3 face="Arial-BoldItalicMT,Arial,Helvetica,sans-serif">Insuring Clauses</FONT></I></B><BR>
<I><FONT size=2 face="Arial-ItalicMT,Arial,Helvetica,sans-serif">(continued)</FONT></I></P>
<DIV align="left">
<TABLE border=0 cellspacing=0>
<TR>
     <TD width=21%></TD>
     <TD width=6%></TD>
     <TD width=2%></TD>
     <TD width=4%></TD>
     <TD width=5%></TD>
     <TD width=59%></TD></TR>
<TR valign="bottom">
	<TD align=left>
<I><FONT size=2 face="Arial-ItalicMT,Arial,Helvetica,sans-serif">Forgery Or Alteration</FONT></I></TD>
	<TD align=right>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">4</FONT></TD>
	<TD align=left>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">.</FONT></TD>
	<TD align=left colspan=3>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">Loss resulting directly from:</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">a.</FONT></TD>
	<TD align=right colspan=2>
<B><FONT size=2 face="Arial-BoldMT,Arial,Helvetica,sans-serif">Forgery </FONT></B><FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">on, or fraudulent material alteration of, any bills of exchange,</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=right colspan=2>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">checks, drafts, acceptances, certificates of deposits, promissory notes, due</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=right colspan=2>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">bills, money orders, orders upon public treasuries, letters of credit, other</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=right colspan=2>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">written promises, orders or directions to pay sums certain in money, or</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left colspan=2>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">receipts for the withdrawal of </FONT><B><FONT size=2 face="Arial-BoldMT,Arial,Helvetica,sans-serif">Property</FONT></B><FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">, or</FONT></TD>
</TR>
<TR>
	<TD colspan=6>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">b.</FONT></TD>
	<TD align=right colspan=2>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">transferring, paying or delivering any funds or other </FONT><B><FONT size=2 face="Arial-BoldMT,Arial,Helvetica,sans-serif">Property</FONT></B><FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">, or establishing</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=right colspan=2>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">any credit or giving any value in reliance on any written instructions, advices</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=right colspan=2>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">or applications directed to the ASSURED authorizing or acknowledging the</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=right colspan=2>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">transfer, payment, delivery or receipt of funds or other </FONT><B><FONT size=2 face="Arial-BoldMT,Arial,Helvetica,sans-serif">Property</FONT></B><FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">, which</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=right colspan=2>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">instructions, advices or applications fraudulently purport to bear the</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=right colspan=2>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">handwritten signature of any customer of the ASSURED, or shareholder or</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=right colspan=2>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">subscriber to shares of an </FONT><B><FONT size=2 face="Arial-BoldMT,Arial,Helvetica,sans-serif">Investment Company</FONT></B><FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">, or of any financial</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=right colspan=2>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">institution or </FONT><B><FONT size=2 face="Arial-BoldMT,Arial,Helvetica,sans-serif">Employee </FONT></B><FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">but which instructions, advices or applications either</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=right colspan=2>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">bear a </FONT><B><FONT size=2 face="Arial-BoldMT,Arial,Helvetica,sans-serif">Forgery </FONT></B><FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">or have been fraudulently materially altered without the</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=right colspan=2>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">knowledge and consent of such customer, shareholder, subscriber, financial</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left colspan=2>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">institution or </FONT><B><FONT size=2 face="Arial-BoldMT,Arial,Helvetica,sans-serif">Employee</FONT></B><FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">;</FONT></TD>
</TR>
<TR>
	<TD colspan=6>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=right colspan=3>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">excluding, however, under this INSURING CLAUSE any loss covered under</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=right colspan=3>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">INSURING CLAUSE 5. of this Bond, whether or not coverage for INSURING</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left colspan=3>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">CLAUSE 5. is provided for in the DECLARATIONS of this Bond.</FONT></TD>
</TR>
<TR>
	<TD colspan=6>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=right colspan=3>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">For the purpose of this INSURING CLAUSE, a mechanically reproduced facsimile</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left style="border-bottom:1px solid #000000;">
&nbsp;</TD>
	<TD align=left style="border-bottom:1px solid #000000;">
&nbsp;</TD>
	<TD align=left style="border-bottom:1px solid #000000;">
&nbsp;</TD>
	<TD align=left colspan=3 style="border-bottom:1px solid #000000;">
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">signature is treated the same as a handwritten signature.</FONT></TD>
</TR>
<TR>
	<TD colspan=6>
&nbsp;</TD>
</TR>
<TR>
	<TD colspan=6>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<I><FONT size=2 face="Arial-ItalicMT,Arial,Helvetica,sans-serif">Extended Forgery</FONT></I></TD>
	<TD align=right>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">5</FONT></TD>
	<TD align=left>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">.</FONT></TD>
	<TD align=right colspan=3>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">Loss resulting directly from the ASSURED having, in good faith, and in the</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=right colspan=3>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">ordinary course of business, for its own account or the account of others in any</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left colspan=2>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">capacity:</FONT></TD>
	<TD align=left>
&nbsp;</TD>
</TR>
<TR>
	<TD colspan=6>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">a.</FONT></TD>
	<TD align=right colspan=2>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">acquired, accepted or received, accepted or received, sold or delivered, or</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=right colspan=2>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">given value, extended credit or assumed liability, in reliance on any original</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left colspan=2>
<B><FONT size=2 face="Arial-BoldMT,Arial,Helvetica,sans-serif">Securities, documents or other written instruments </FONT></B><FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">which prove to:</FONT></TD>
</TR>
<TR>
	<TD colspan=6>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">(1)</FONT></TD>
	<TD align=right>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">bear a </FONT><B><FONT size=2 face="Arial-BoldMT,Arial,Helvetica,sans-serif">Forgery </FONT></B><FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">or a fraudulently material alteration,</FONT></TD>
</TR>
<TR>
	<TD colspan=6>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">(2)</FONT></TD>
	<TD align=right>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">have been lost or stolen, or</FONT></TD>
</TR>
<TR>
	<TD colspan=6>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">(3)</FONT></TD>
	<TD align=right>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">be </FONT><B><FONT size=2 face="Arial-BoldMT,Arial,Helvetica,sans-serif">Counterfeit</FONT></B><FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">, or</FONT></TD>
</TR>
<TR>
	<TD colspan=6>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">b.</FONT></TD>
	<TD align=right colspan=2>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">guaranteed in writing or witnessed any signatures on any transfer,</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=right colspan=2>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">assignment, bill of sale, power of attorney, guarantee, endorsement or other</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=right colspan=2>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">obligation upon or in connection with any </FONT><B><FONT size=2 face="Arial-BoldMT,Arial,Helvetica,sans-serif">Securities, documents or other</FONT></B></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left colspan=2>
<B><FONT size=2 face="Arial-BoldMT,Arial,Helvetica,sans-serif">written instruments</FONT></B><FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">.</FONT></TD>
</TR>
<TR>
	<TD colspan=6>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=right colspan=3>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">Actual physical possession, and continued actual physical possession if taken as</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=right colspan=3>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">collateral, of such </FONT><B><FONT size=2 face="Arial-BoldMT,Arial,Helvetica,sans-serif">Securities, documents or other written instruments </FONT></B><FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">by an</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=right colspan=3>
<B><FONT size=2 face="Arial-BoldMT,Arial,Helvetica,sans-serif">Employee, Custodian</FONT></B><FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">, or a Federal or State chartered deposit institution of the</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=right colspan=3>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">ASSURED is a condition precedent to the ASSURED having relied on such items.</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=right colspan=3>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">Release or return of such collateral is an acknowledgment by the ASSURED that it</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left colspan=3>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">no longer relies on such collateral.</FONT></TD>
</TR>
</TABLE>
</DIV>
<P style="MARGIN:0px">&nbsp;</P>
<DIV align="left">
<TABLE border=0 cellspacing=0>
<TR>
     <TD width=55%></TD>
     <TD width=44%></TD></TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=1 face="ArialMT,Arial,Helvetica,sans-serif">ICAP Bond (5-98)</FONT></TD>
	<TD align=left>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=1 face="ArialMT,Arial,Helvetica,sans-serif">Form 17-02-1421 (Ed. 5-98)</FONT></TD>
	<TD align=left>
<FONT size=1 face="ArialMT,Arial,Helvetica,sans-serif">Page 2 of 19</FONT></TD>
</TR>
</TABLE>
</DIV>
<P style="MARGIN:0px">&nbsp;</P>

<HR noshade align="center" width="100%" size=2><DIV STYLE="page-break-before: always">&nbsp;</div>



<!--$$/page=-->
<A name="page_6"></A><BR>

<DIV align="left">
<TABLE border=0 cellspacing=0>
<TR>
     <TD width=20%></TD>
     <TD width=6%></TD>
     <TD width=2%></TD>
     <TD width=4%></TD>
     <TD width=4%></TD>
     <TD width=2%></TD>
     <TD width=57%></TD></TR>
<TR valign="bottom">
	<TD align=left>
<B><I><FONT size=3 face="Arial-BoldItalicMT,Arial,Helvetica,sans-serif">Insuring Clauses</FONT></I></B></TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
</TR>
<TR>
	<TD colspan=7>
&nbsp;</TD>
</TR>
<TR>
	<TD colspan=7>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<I><FONT size=2 face="Arial-ItalicMT,Arial,Helvetica,sans-serif">Extended Forgery</FONT></I></TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left colspan=4>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">For the purpose of this INSURING CLAUSE, a mechanically reproduced facsimile</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left style="border-bottom:1px solid #000000;">
<I><FONT size=2 face="Arial-ItalicMT,Arial,Helvetica,sans-serif">(continued)</FONT></I></TD>
	<TD align=left style="border-bottom:1px solid #000000;">
&nbsp;</TD>
	<TD align=left style="border-bottom:1px solid #000000;">
&nbsp;</TD>
	<TD align=left colspan=4 style="border-bottom:1px solid #000000;">
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">signature is treated the same as a handwritten signature.</FONT></TD>
</TR>
<TR>
	<TD colspan=7>
&nbsp;</TD>
</TR>
<TR>
	<TD colspan=7>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<I><FONT size=2 face="Arial-ItalicMT,Arial,Helvetica,sans-serif">Counterfeit Money</FONT></I></TD>
	<TD align=right>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">6</FONT></TD>
	<TD align=left>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">.</FONT></TD>
	<TD align=left colspan=4>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">Loss resulting directly from the receipt by the ASSURED in good faith of any</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left style="border-bottom:1px solid #000000;">
&nbsp;</TD>
	<TD align=left style="border-bottom:1px solid #000000;">
&nbsp;</TD>
	<TD align=left style="border-bottom:1px solid #000000;">
&nbsp;</TD>
	<TD align=left colspan=4 style="border-bottom:1px solid #000000;">
<B><FONT size=2 face="Arial-BoldMT,Arial,Helvetica,sans-serif">Counterfeit </FONT></B><FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">money.</FONT></TD>
</TR>
<TR>
	<TD colspan=7>
&nbsp;</TD>
</TR>
<TR>
	<TD colspan=7>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<I><FONT size=2 face="Arial-ItalicMT,Arial,Helvetica,sans-serif">Threats To Person</FONT></I></TD>
	<TD align=right>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">7</FONT></TD>
	<TD align=left>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">.</FONT></TD>
	<TD align=left colspan=4>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">Loss resulting directly from surrender of </FONT><B><FONT size=2 face="Arial-BoldMT,Arial,Helvetica,sans-serif">Property </FONT></B><FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">away from an office of the</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left colspan=4>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">ASSURED as a result of a threat communicated to the ASSURED to do bodily</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left colspan=4>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">harm to an </FONT><B><FONT size=2 face="Arial-BoldMT,Arial,Helvetica,sans-serif">Employee </FONT></B><FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">as defined in Section 1.e. (1), (2) and (5), a </FONT><B><FONT size=2 face="Arial-BoldMT,Arial,Helvetica,sans-serif">Relative </FONT></B><FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">or</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left colspan=4>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">invitee of such </FONT><B><FONT size=2 face="Arial-BoldMT,Arial,Helvetica,sans-serif">Employee</FONT></B><FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">, or a resident of the household of such </FONT><B><FONT size=2 face="Arial-BoldMT,Arial,Helvetica,sans-serif">Employee</FONT></B><FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">, who</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left colspan=4>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">is, or allegedly is, being held captive provided, however, that prior to the surrender</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left colspan=4>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">of such </FONT><B><FONT size=2 face="Arial-BoldMT,Arial,Helvetica,sans-serif">Property</FONT></B><FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">:</FONT></TD>
</TR>
<TR>
	<TD colspan=7>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">a.</FONT></TD>
	<TD align=left colspan=3>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">the </FONT><B><FONT size=2 face="Arial-BoldMT,Arial,Helvetica,sans-serif">Employee </FONT></B><FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">who receives the threat has made a reasonable effort to</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=center colspan=3>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">notify an officer of the ASSURED who is not involved in such threat, and</FONT></TD>
</TR>
<TR>
	<TD colspan=7>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">b.</FONT></TD>
	<TD align=right colspan=3>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">the ASSURED has made a reasonable effort to notify the Federal Bureau of</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left colspan=3>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">Investigation and local law enforcement authorities concerning such threat.</FONT></TD>
</TR>
<TR>
	<TD colspan=7>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left colspan=4>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">It is agreed that for purposes of this INSURING CLAUSE, any </FONT><B><FONT size=2 face="Arial-BoldMT,Arial,Helvetica,sans-serif">Employee </FONT></B><FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">of the</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left colspan=4>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">ASSURED, as set forth in the preceding paragraph, shall be deemed to be an</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left colspan=4>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">ASSURED hereunder, but only with respect to the surrender of money, securities</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left colspan=4>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">and other tangible personal property in which such </FONT><B><FONT size=2 face="Arial-BoldMT,Arial,Helvetica,sans-serif">Employee </FONT></B><FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">has a legal or</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left style="border-bottom:1px solid #000000;">
&nbsp;</TD>
	<TD align=left style="border-bottom:1px solid #000000;">
&nbsp;</TD>
	<TD align=left style="border-bottom:1px solid #000000;">
&nbsp;</TD>
	<TD align=left colspan=4 style="border-bottom:1px solid #000000;">
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">equitable interest.</FONT></TD>
</TR>
<TR>
	<TD colspan=7>
&nbsp;</TD>
</TR>
<TR>
	<TD colspan=7>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<I><FONT size=2 face="Arial-ItalicMT,Arial,Helvetica,sans-serif">Computer System</FONT></I></TD>
	<TD align=right>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">8</FONT></TD>
	<TD align=left>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">.</FONT></TD>
	<TD align=left colspan=4>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">Loss resulting directly from fraudulent:</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">a.</FONT></TD>
	<TD align=left colspan=3>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">entries of data into, or</FONT></TD>
</TR>
<TR>
	<TD colspan=7>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">b.</FONT></TD>
	<TD align=left colspan=3>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">changes of data elements or programs within,</FONT></TD>
</TR>
<TR>
	<TD colspan=7>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left colspan=4>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">a </FONT><B><FONT size=2 face="Arial-BoldMT,Arial,Helvetica,sans-serif">Computer System</FONT></B><FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">, provided the fraudulent entry or change causes:</FONT></TD>
</TR>
<TR>
	<TD colspan=7>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=right>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">(1</FONT></TD>
	<TD align=left>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">)</FONT></TD>
	<TD align=left>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">funds or other property to be transferred, paid or delivered,</FONT></TD>
</TR>
<TR>
	<TD colspan=7>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=right>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">(2</FONT></TD>
	<TD align=left>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">)</FONT></TD>
	<TD align=right>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">an account of the ASSURED or of its customer to be added, deleted,</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=center colspan=7>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">debited or credited, or</FONT></TD>
</TR>
<TR>
	<TD colspan=7>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=right>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">(3</FONT></TD>
	<TD align=left>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">)</FONT></TD>
	<TD align=right>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">an unauthorized account or a fictitious account to be debited or</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">credited.</FONT></TD>
</TR>
</TABLE>
</DIV>
<P style="MARGIN:0px">&nbsp;</P>
<DIV align="left">
<TABLE border=0 cellspacing=0>
<TR>
     <TD width=55%></TD>
     <TD width=44%></TD></TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=1 face="ArialMT,Arial,Helvetica,sans-serif">ICAP Bond (5-98)</FONT></TD>
	<TD align=left>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=1 face="ArialMT,Arial,Helvetica,sans-serif">Form 17-02-1421 (Ed. 5-98)</FONT></TD>
	<TD align=left>
<FONT size=1 face="ArialMT,Arial,Helvetica,sans-serif">Page 3 of 19</FONT></TD>
</TR>
</TABLE>
</DIV>
<P style="MARGIN:0px">&nbsp;</P>

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<A name="page_7"></A><BR>

<P style="text-align: left;">
<B><I><FONT size=3 face="Arial-BoldItalicMT,Arial,Helvetica,sans-serif">Insuring Clauses</FONT></I></B><BR>
<I><FONT size=2 face="Arial-ItalicMT,Arial,Helvetica,sans-serif">(continued)</FONT></I></P>
<DIV align="left">
<TABLE border=0 cellspacing=0>
<TR>
     <TD width=22%></TD>
     <TD width=6%></TD>
     <TD width=2%></TD>
     <TD width=4%></TD>
     <TD width=64%></TD></TR>
<TR valign="bottom">
	<TD align=left>
<I><FONT size=2 face="Arial-ItalicMT,Arial,Helvetica,sans-serif">Voice Initiated Funds</FONT></I></TD>
	<TD align=right>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">9</FONT></TD>
	<TD align=left>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">.</FONT></TD>
	<TD align=left colspan=2>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">Loss resulting directly from </FONT><B><FONT size=2 face="Arial-BoldMT,Arial,Helvetica,sans-serif">Voice Initiated Funds Transfer Instruction </FONT></B><FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">directed</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<I><FONT size=2 face="Arial-ItalicMT,Arial,Helvetica,sans-serif">Transfer Instruction</FONT></I></TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left colspan=2>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">to the ASSURED authorizing the transfer of dividends or redemption proceeds of</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left colspan=2>
<B><FONT size=2 face="Arial-BoldMT,Arial,Helvetica,sans-serif">Investment Company </FONT></B><FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">shares from a </FONT><B><FONT size=2 face="Arial-BoldMT,Arial,Helvetica,sans-serif">Customer's </FONT></B><FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">account, provided such </FONT><B><FONT size=2 face="Arial-BoldMT,Arial,Helvetica,sans-serif">Voice</FONT></B></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left colspan=2>
<B><FONT size=2 face="Arial-BoldMT,Arial,Helvetica,sans-serif">Initiated Funds Transfer Instruction </FONT></B><FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">was:</FONT></TD>
</TR>
<TR>
	<TD colspan=5>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">a.</FONT></TD>
	<TD align=right>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">received at the ASSURED'S offices by those </FONT><B><FONT size=2 face="Arial-BoldMT,Arial,Helvetica,sans-serif">Employees </FONT></B><FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">of the ASSURED</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=right>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">specifically authorized to receive the </FONT><B><FONT size=2 face="Arial-BoldMT,Arial,Helvetica,sans-serif">Voice Initiated Funds Transfer</FONT></B></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=right>
<B><FONT size=2 face="Arial-BoldMT,Arial,Helvetica,sans-serif">Instruction</FONT></B><FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">,</FONT></TD>
</TR>
<TR>
	<TD colspan=5>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">b.</FONT></TD>
	<TD align=right>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">made by a person purporting to be a </FONT><B><FONT size=2 face="Arial-BoldMT,Arial,Helvetica,sans-serif">Customer</FONT></B><FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">, and</FONT></TD>
</TR>
<TR>
	<TD colspan=5>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">c.</FONT></TD>
	<TD align=right>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">made by said person for the purpose of causing the ASSURED or </FONT><B><FONT size=2 face="Arial-BoldMT,Arial,Helvetica,sans-serif">Customer</FONT></B></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=right>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">to sustain a loss or making an improper personal financial gain for such</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=right>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">person or any other person.</FONT></TD>
</TR>
<TR>
	<TD colspan=5>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left colspan=2>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">In order for coverage to apply under this INSURING CLAUSE, all </FONT><B><FONT size=2 face="Arial-BoldMT,Arial,Helvetica,sans-serif">Voice Initiated</FONT></B></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left colspan=2>
<B><FONT size=2 face="Arial-BoldMT,Arial,Helvetica,sans-serif">Funds Transfer Instructions </FONT></B><FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">must be received and processed in accordance with</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left colspan=2>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">the Designated Procedures outlined in the APPLICATION furnished to the</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left style="border-bottom:1px solid #000000;">
&nbsp;</TD>
	<TD align=left style="border-bottom:1px solid #000000;">
&nbsp;</TD>
	<TD align=left style="border-bottom:1px solid #000000;">
&nbsp;</TD>
	<TD align=left colspan=2 style="border-bottom:1px solid #000000;">
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">COMPANY.</FONT></TD>
</TR>
<TR>
	<TD colspan=5>
&nbsp;</TD>
</TR>
<TR>
	<TD colspan=5>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<I><FONT size=2 face="Arial-ItalicMT,Arial,Helvetica,sans-serif">Uncollectible Items of</FONT></I></TD>
	<TD align=right>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">10</FONT></TD>
	<TD align=left>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">.</FONT></TD>
	<TD align=left colspan=2>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">Loss resulting directly from the ASSURED having credited an account of a</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<I><FONT size=2 face="Arial-ItalicMT,Arial,Helvetica,sans-serif">Deposit</FONT></I></TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left colspan=2>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">customer, shareholder or subscriber on the faith of any </FONT><B><FONT size=2 face="Arial-BoldMT,Arial,Helvetica,sans-serif">Items of Deposit </FONT></B><FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">which</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left colspan=2>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">prove to be uncollectible, provided that the crediting of such account causes:</FONT></TD>
</TR>
<TR>
	<TD colspan=5>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">a.</FONT></TD>
	<TD align=right>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">redemptions or withdrawals to be permitted,</FONT></TD>
</TR>
<TR>
	<TD colspan=5>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">b.</FONT></TD>
	<TD align=right>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">shares to be issued, or</FONT></TD>
</TR>
<TR>
	<TD colspan=5>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">c.</FONT></TD>
	<TD align=right>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">dividends to be paid,</FONT></TD>
</TR>
<TR>
	<TD colspan=5>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=center colspan=5>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">from an account of an </FONT><B><FONT size=2 face="Arial-BoldMT,Arial,Helvetica,sans-serif">Investment Company</FONT></B><FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">.</FONT></TD>
</TR>
<TR>
	<TD colspan=5>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left colspan=2>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">In order for coverage to apply under this INSURING CLAUSE, the ASSURED</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left colspan=2>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">must hold </FONT><B><FONT size=2 face="Arial-BoldMT,Arial,Helvetica,sans-serif">Items of Deposit </FONT></B><FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">for the minimum number of days stated in the</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left colspan=2>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">APPLICATION before permitting any redemptions or withdrawals, issuing any</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left colspan=2>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">shares or paying any dividends with respect to such </FONT><B><FONT size=2 face="Arial-BoldMT,Arial,Helvetica,sans-serif">Items of Deposit</FONT></B><FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">.</FONT></TD>
</TR>
<TR>
	<TD colspan=5>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left colspan=2>
<B><FONT size=2 face="Arial-BoldMT,Arial,Helvetica,sans-serif">Items of Deposit </FONT></B><FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">shall not be deemed uncollectible until the ASSURED'S</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left style="border-bottom:1px solid #000000;">
&nbsp;</TD>
	<TD align=left style="border-bottom:1px solid #000000;">
&nbsp;</TD>
	<TD align=left style="border-bottom:1px solid #000000;">
&nbsp;</TD>
	<TD align=left colspan=2 style="border-bottom:1px solid #000000;">
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">standard collection procedures have failed.</FONT></TD>
</TR>
<TR>
	<TD colspan=5>
&nbsp;</TD>
</TR>
<TR>
	<TD colspan=5>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<I><FONT size=2 face="Arial-ItalicMT,Arial,Helvetica,sans-serif">Audit Expense</FONT></I></TD>
	<TD align=right>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">11</FONT></TD>
	<TD align=left>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">.</FONT></TD>
	<TD align=right colspan=2>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">Expense incurred by the ASSURED for that part of the cost of audits or</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left colspan=2>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">examinations required by any governmental regulatory authority or self-regulatory</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left colspan=2>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">organization to be conducted by such authority, organization or their appointee by</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left colspan=2>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">reason of the discovery of loss sustained by the ASSURED and covered by this</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left colspan=2>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">Bond.</FONT></TD>
</TR>
</TABLE>
</DIV>
<P style="MARGIN:0px">&nbsp;</P>
<DIV align="left">
<TABLE border=0 cellspacing=0>
<TR>
     <TD width=55%></TD>
     <TD width=44%></TD></TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=1 face="ArialMT,Arial,Helvetica,sans-serif">ICAP Bond (5-98)</FONT></TD>
	<TD align=left>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=1 face="ArialMT,Arial,Helvetica,sans-serif">Form 17-02-1421 (Ed. 5-98)</FONT></TD>
	<TD align=left>
<FONT size=1 face="ArialMT,Arial,Helvetica,sans-serif">Page 4 of 19</FONT></TD>
</TR>
</TABLE>
</DIV>
<P style="MARGIN:0px">&nbsp;</P>

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<A name="page_8"></A><BR>

<DIV align="left">
<TABLE border=0 cellspacing=0>
<TR>
     <TD width=23%></TD>
     <TD width=4%></TD>
     <TD width=4%></TD>
     <TD width=2%></TD>
     <TD width=64%></TD></TR>
<TR valign="bottom">
	<TD align=left>
<B><I><FONT size=3 face="Arial-BoldItalicMT,Arial,Helvetica,sans-serif">General Agreements</FONT></I></B></TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
</TR>
<TR>
	<TD colspan=5>
&nbsp;</TD>
</TR>
<TR>
	<TD colspan=5>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<I><FONT size=2 face="Arial-ItalicMT,Arial,Helvetica,sans-serif">Additional Companies</FONT></I></TD>
	<TD align=right>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">A.</FONT></TD>
	<TD align=right colspan=3>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">If more than one corporation, or </FONT><B><FONT size=2 face="Arial-BoldMT,Arial,Helvetica,sans-serif">Investment Company</FONT></B><FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">, or any combination of</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<I><FONT size=2 face="Arial-ItalicMT,Arial,Helvetica,sans-serif">Included As Assured</FONT></I></TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left colspan=3>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">them is included as the ASSURED herein:</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=right>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">(1</FONT></TD>
	<TD align=left>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">)</FONT></TD>
	<TD align=right>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">The total liability of the COMPANY under this Bond for loss or losses</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=right>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">sustained by any one or more or all of them shall not exceed the limit for</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=right>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">which the COMPANY would be liable under this Bond if all such loss were</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">sustained by any one of them.</FONT></TD>
</TR>
<TR>
	<TD colspan=5>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=right>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">(2</FONT></TD>
	<TD align=left>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">)</FONT></TD>
	<TD align=right>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">Only the first named ASSURED shall be deemed to be the sole agent of the</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=right>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">others for all purposes under this Bond, including but not limited to the giving</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=right>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">or receiving of any notice or proof required to be given and for the purpose of</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=right>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">effecting or accepting any amendments to or termination of this Bond. The</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=right>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">COMPANY shall furnish each </FONT><B><FONT size=2 face="Arial-BoldMT,Arial,Helvetica,sans-serif">Investment Company </FONT></B><FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">with a copy of the</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=right>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">Bond and with any amendment thereto, together with a copy of each formal</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=right>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">filing of claim by any other named ASSURED and notification of the terms of</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=right>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">the settlement of each such claim prior to the execution of such settlement.</FONT></TD>
</TR>
<TR>
	<TD colspan=5>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=right>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">(3</FONT></TD>
	<TD align=left>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">)</FONT></TD>
	<TD align=right>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">The COMPANY shall not be responsible for the proper application of any</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=right>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">payment made hereunder to the first named ASSURED.</FONT></TD>
</TR>
<TR>
	<TD colspan=5>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=right>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">(4</FONT></TD>
	<TD align=left>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">)</FONT></TD>
	<TD align=right>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">Knowledge possessed or discovery made by any partner, director, trustee,</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=right>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">officer or supervisory employee of any ASSURED shall constitute knowledge</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=right>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">or discovery by all the ASSUREDS for the purposes of this Bond.</FONT></TD>
</TR>
<TR>
	<TD colspan=5>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=right>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">(5</FONT></TD>
	<TD align=left>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">)</FONT></TD>
	<TD align=right>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">If the first named ASSURED ceases for any reason to be covered under this</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=right>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">Bond, then the ASSURED next named on the APPLICATION shall thereafter</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left style="border-bottom:1px solid #000000;">
&nbsp;</TD>
	<TD align=left style="border-bottom:1px solid #000000;">
&nbsp;</TD>
	<TD align=left style="border-bottom:1px solid #000000;">
&nbsp;</TD>
	<TD align=left style="border-bottom:1px solid #000000;">
&nbsp;</TD>
	<TD align=right style="border-bottom:1px solid #000000;">
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">be considered as the first named ASSURED for the purposes of this Bond.</FONT></TD>
</TR>
<TR>
	<TD colspan=5>
&nbsp;</TD>
</TR>
<TR>
	<TD colspan=5>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<I><FONT size=2 face="Arial-ItalicMT,Arial,Helvetica,sans-serif">Representation Made By</FONT></I></TD>
	<TD align=right>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">B.</FONT></TD>
	<TD align=right colspan=3>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">The ASSURED represents that all information it has furnished in the</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<I><FONT size=2 face="Arial-ItalicMT,Arial,Helvetica,sans-serif">Assured</FONT></I></TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=right colspan=3>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">APPLICATION for this Bond or otherwise is complete, true and correct. Such</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=right colspan=3>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">APPLICATION and other information constitute part of this Bond.</FONT></TD>
</TR>
<TR>
	<TD colspan=5>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=right colspan=3>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">The ASSURED must promptly notify the COMPANY of any change in any fact or</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=right colspan=3>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">circumstance which materially affects the risk assumed by the COMPANY under</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=right colspan=3>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">this Bond.</FONT></TD>
</TR>
<TR>
	<TD colspan=5>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=right colspan=3>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">Any intentional misrepresentation, omission, concealment or incorrect statement of</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=right colspan=3>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">a material fact, in the APPLICATION or otherwise, shall be grounds for recision of</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=right colspan=3>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">this Bond.</FONT></TD>
</TR>
</TABLE>
</DIV>
<P style="MARGIN:0px">&nbsp;</P>
<DIV align="left">
<TABLE border=0 cellspacing=0>
<TR>
     <TD width=55%></TD>
     <TD width=44%></TD></TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=1 face="ArialMT,Arial,Helvetica,sans-serif">ICAP Bond (5-98)</FONT></TD>
	<TD align=left>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=1 face="ArialMT,Arial,Helvetica,sans-serif">Form 17-02-1421 (Ed. 5-98)</FONT></TD>
	<TD align=left>
<FONT size=1 face="ArialMT,Arial,Helvetica,sans-serif">Page 5 of 19</FONT></TD>
</TR>
</TABLE>
</DIV>
<P style="MARGIN:0px">&nbsp;</P>

<HR noshade align="center" width="100%" size=2><DIV STYLE="page-break-before: always">&nbsp;</div>



<!--$$/page=-->
<A name="page_9"></A><BR>

<P style="text-align: left;">
<B><I><FONT size=3 face="Arial-BoldItalicMT,Arial,Helvetica,sans-serif">General Agreements</FONT></I></B><BR>
<I><FONT size=2 face="Arial-ItalicMT,Arial,Helvetica,sans-serif">(continued)</FONT></I></P>
<DIV align="left">
<TABLE border=0 cellspacing=0>
<TR>
     <TD width=24%></TD>
     <TD width=3%></TD>
     <TD width=4%></TD>
     <TD width=2%></TD>
     <TD width=64%></TD></TR>
<TR valign="bottom">
	<TD align=left>
<I><FONT size=2 face="Arial-ItalicMT,Arial,Helvetica,sans-serif">Additional Offices Or</FONT></I></TD>
	<TD align=left>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">C.</FONT></TD>
	<TD align=left colspan=3>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">If the ASSURED, other than an </FONT><B><FONT size=2 face="Arial-BoldMT,Arial,Helvetica,sans-serif">Investment Company</FONT></B><FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">, while this Bond is in force,</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<I><FONT size=2 face="Arial-ItalicMT,Arial,Helvetica,sans-serif">Employees - Consolidation,</FONT></I></TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left colspan=3>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">merges or consolidates with, or purchases or acquires assets or liabilities of</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<I><FONT size=2 face="Arial-ItalicMT,Arial,Helvetica,sans-serif">Merger Or Purchase Or</FONT></I></TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left colspan=3>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">another institution, the ASSURED shall not have the coverage afforded under this</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<I><FONT size=2 face="Arial-ItalicMT,Arial,Helvetica,sans-serif">Acquisition Of Assets Or</FONT></I></TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left colspan=3>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">Bond for loss which has:</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<I><FONT size=2 face="Arial-ItalicMT,Arial,Helvetica,sans-serif">Liabilities - Notice To</FONT></I></TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=right>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">(1</FONT></TD>
	<TD align=left>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">)</FONT></TD>
	<TD align=left>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">occurred or will occur on premises, or</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<I><FONT size=2 face="Arial-ItalicMT,Arial,Helvetica,sans-serif">Company</FONT></I></TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=right>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">(2</FONT></TD>
	<TD align=left>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">)</FONT></TD>
	<TD align=left>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">been caused or will be caused by an employee, or</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=right>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">(3</FONT></TD>
	<TD align=left>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">)</FONT></TD>
	<TD align=left>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">arisen or will arise out of the assets or liabilities,</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left colspan=3>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">of such institution, unless the ASSURED:</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=right>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">a.</FONT></TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">gives the COMPANY written notice of the proposed consolidation, merger or</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">purchase or acquisition of assets or liabilities prior to the proposed effective</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">date of such action, and</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=right>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">b.</FONT></TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">obtains the written consent of the COMPANY to extend some or all of the</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">coverage provided by this Bond to such additional exposure, and</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left style="border-bottom:1px solid #000000;">
&nbsp;</TD>
	<TD align=left style="border-bottom:1px solid #000000;">
&nbsp;</TD>
	<TD align=right style="border-bottom:1px solid #000000;">
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">c.</FONT></TD>
	<TD align=left style="border-bottom:1px solid #000000;">
&nbsp;</TD>
	<TD align=left style="border-bottom:1px solid #000000;">
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">on obtaining such consent, pays to the COMPANY an additional premium.</FONT></TD>
</TR>
<TR>
	<TD colspan=5>
&nbsp;</TD>
</TR>
<TR>
	<TD colspan=5>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<I><FONT size=2 face="Arial-ItalicMT,Arial,Helvetica,sans-serif">Change Of Control -</FONT></I></TD>
	<TD align=left>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">D.</FONT></TD>
	<TD align=left colspan=3>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">When the ASSURED learns of a change in control (other than in an </FONT><B><FONT size=2 face="Arial-BoldMT,Arial,Helvetica,sans-serif">Investment</FONT></B></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<I><FONT size=2 face="Arial-ItalicMT,Arial,Helvetica,sans-serif">Notice To Company</FONT></I></TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left colspan=3>
<B><FONT size=2 face="Arial-BoldMT,Arial,Helvetica,sans-serif">Company</FONT></B><FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">), as set forth in Section 2(a) (9) of the Investment Company Act of</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left colspan=3>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">1940, the ASSURED shall within sixty (60) days give written notice to the</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left colspan=3>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">COMPANY setting forth:</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=right>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">(1</FONT></TD>
	<TD align=left>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">)</FONT></TD>
	<TD align=left>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">the names of the transferors and transferees (or the names of the beneficial</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">owners if the voting securities are registered in another name),</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=right>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">(2</FONT></TD>
	<TD align=left>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">)</FONT></TD>
	<TD align=left>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">the total number of voting securities owned by the transferors and the</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">transferees (or the beneficial owners), both immediately before and after the</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">transfer, and</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=right>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">(3</FONT></TD>
	<TD align=left>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">)</FONT></TD>
	<TD align=left>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">the total number of outstanding voting securities.</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left colspan=3>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">Failure to give the required notice shall result in termination of coverage for any</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left style="border-bottom:1px solid #000000;">
&nbsp;</TD>
	<TD align=left style="border-bottom:1px solid #000000;">
&nbsp;</TD>
	<TD align=left colspan=3 style="border-bottom:1px solid #000000;">
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">loss involving a transferee, to be effective on the date of such change in control.</FONT></TD>
</TR>
<TR>
	<TD colspan=5>
&nbsp;</TD>
</TR>
<TR>
	<TD colspan=5>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<I><FONT size=2 face="Arial-ItalicMT,Arial,Helvetica,sans-serif">Court Costs And</FONT></I></TD>
	<TD align=left>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">E.</FONT></TD>
	<TD align=left colspan=3>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">The COMPANY will indemnify the ASSURED for court costs and reasonable</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<I><FONT size=2 face="Arial-ItalicMT,Arial,Helvetica,sans-serif">Attorneys&#146; Fees</FONT></I></TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left colspan=3>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">attorneys' fees incurred and paid by the ASSURED in defense, whether or not</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left colspan=3>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">successful, whether or not fully litigated on the merits and whether or not settled,</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left colspan=3>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">of any claim, suit or legal proceeding with respect to which the ASSURED would</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left colspan=3>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">be entitled to recovery under this Bond. However, with respect to INSURING</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left colspan=3>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">CLAUSE 1., this Section shall only apply in the event that:</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=right>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">(1</FONT></TD>
	<TD align=left>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">)</FONT></TD>
	<TD align=left>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">an </FONT><B><FONT size=2 face="Arial-BoldMT,Arial,Helvetica,sans-serif">Employee </FONT></B><FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">admits to being guilty of </FONT><B><FONT size=2 face="Arial-BoldMT,Arial,Helvetica,sans-serif">Larceny or Embezzlement</FONT></B><FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">,</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=right>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">(2</FONT></TD>
	<TD align=left>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">)</FONT></TD>
	<TD align=left>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">an </FONT><B><FONT size=2 face="Arial-BoldMT,Arial,Helvetica,sans-serif">Employee </FONT></B><FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">is adjudicated to be guilty of </FONT><B><FONT size=2 face="Arial-BoldMT,Arial,Helvetica,sans-serif">Larceny or Embezzlement</FONT></B><FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">, or</FONT></TD>
</TR>
</TABLE>
</DIV>
<P style="MARGIN:0px">&nbsp;</P>
<DIV align="left">
<TABLE border=0 cellspacing=0>
<TR>
     <TD width=55%></TD>
     <TD width=44%></TD></TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=1 face="ArialMT,Arial,Helvetica,sans-serif">ICAP Bond (5-98)</FONT></TD>
	<TD align=left>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=1 face="ArialMT,Arial,Helvetica,sans-serif">Form 17-02-1421 (Ed. 5-98)</FONT></TD>
	<TD align=left>
<FONT size=1 face="ArialMT,Arial,Helvetica,sans-serif">Page 6 of 19</FONT></TD>
</TR>
</TABLE>
</DIV>
<P style="MARGIN:0px">&nbsp;</P>

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<DIV align="left">
<TABLE border=0 cellspacing=0>
<TR>
     <TD width=26%></TD>
     <TD width=7%></TD>
     <TD width=66%></TD></TR>
<TR valign="bottom">
	<TD align=left>
<B><I><FONT size=3 face="Arial-BoldItalicMT,Arial,Helvetica,sans-serif">General Agreements</FONT></I></B></TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
</TR>
<TR>
	<TD colspan=3>
&nbsp;</TD>
</TR>
<TR>
	<TD colspan=3>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<I><FONT size=2 face="Arial-ItalicMT,Arial,Helvetica,sans-serif">Court Costs And</FONT></I></TD>
	<TD align=left>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">(3)</FONT></TD>
	<TD align=right>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">in the absence of 1 or 2 above, an arbitration panel agrees, after a review of</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<I><FONT size=2 face="Arial-ItalicMT,Arial,Helvetica,sans-serif">Attorneys&#146; Fees</FONT></I></TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=right>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">an agreed statement of facts between the COMPANY and the ASSURED,</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<I><FONT size=2 face="Arial-ItalicMT,Arial,Helvetica,sans-serif">(continued)</FONT></I></TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=right>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">that an </FONT><B><FONT size=2 face="Arial-BoldMT,Arial,Helvetica,sans-serif">Employee </FONT></B><FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">would be found guilty of </FONT><B><FONT size=2 face="Arial-BoldMT,Arial,Helvetica,sans-serif">Larceny or Embezzlement </FONT></B><FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">if</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=center colspan=3>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">such </FONT><B><FONT size=2 face="Arial-BoldMT,Arial,Helvetica,sans-serif">Employee </FONT></B><FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">were prosecuted.</FONT></TD>
</TR>
<TR>
	<TD colspan=3>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left colspan=2>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">The ASSURED shall promptly give notice to the COMPANY of any such suit or</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left colspan=2>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">legal proceeding and at the request of the COMPANY shall furnish copies of all</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left colspan=2>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">pleadings and pertinent papers to the COMPANY. The COMPANY may, at its</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left colspan=2>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">sole option, elect to conduct the defense of all or part of such legal proceeding.</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left colspan=2>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">The defense by the COMPANY shall be in the name of the ASSURED through</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left colspan=2>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">attorneys selected by the COMPANY. The ASSURED shall provide all reasonable</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left colspan=2>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">information and assistance as required by the COMPANY for such defense.</FONT></TD>
</TR>
<TR>
	<TD colspan=3>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left colspan=2>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">If the COMPANY declines to defend the ASSURED, no settlement without the</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left colspan=2>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">prior written consent of the COMPANY nor judgment against the ASSURED shall</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left colspan=2>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">determine the existence, extent or amount of coverage under this Bond.</FONT></TD>
</TR>
<TR>
	<TD colspan=3>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left colspan=2>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">If the amount demanded in any such suit or legal proceeding is within the</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left colspan=2>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">DEDUCTIBLE AMOUNT, if any, the COMPANY shall have no liability for court</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left colspan=2>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">costs and attorney's fees incurred in defending all or part of such suit or legal</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left colspan=2>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">proceeding.</FONT></TD>
</TR>
<TR>
	<TD colspan=3>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left colspan=2>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">If the amount demanded in any such suit or legal proceeding is in excess of the</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left colspan=2>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">LIMIT OF LIABILITY stated in ITEM 2. of the DECLARATIONS for the applicable</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left colspan=2>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">INSURING CLAUSE, the COMPANY'S liability for court costs and attorney's fees</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left colspan=2>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">incurred in defending all or part of such suit or legal proceedings is limited to the</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left colspan=2>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">proportion of such court costs and attorney's fees incurred that the LIMIT OF</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left colspan=2>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">LIABILITY stated in ITEM 2. of the DECLARATIONS for the applicable INSURING</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left colspan=2>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">CLAUSE bears to the total of the amount demanded in such suit or legal</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left colspan=2>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">proceeding.</FONT></TD>
</TR>
<TR>
	<TD colspan=3>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left colspan=2>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">If the amount demanded is any such suit or legal proceeding is in excess of the</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left colspan=2>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">DEDUCTIBLE AMOUNT, if any, but within the LIMIT OF LIABILITY stated in ITEM</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">2.</FONT></TD>
	<TD align=right>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">of the DECLARATIONS for the applicable INSURING CLAUSE, the</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left colspan=2>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">COMPANY'S liability for court costs and attorney's fees incurred in defending all or</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left colspan=2>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">part of such suit or legal proceedings shall be limited to the proportion of such</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left colspan=2>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">court costs or attorney's fees that the amount demanded that would be payable</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left colspan=2>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">under this Bond after application of the DEDUCTIBLE AMOUNT, bears to the total</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left colspan=2>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">amount demanded.</FONT></TD>
</TR>
<TR>
	<TD colspan=3>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left colspan=2>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">Amounts paid by the COMPANY for court costs and attorneys' fees shall be in</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left colspan=2>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">addition to the LIMIT OF LIABILITY stated in ITEM 2. of the DECLARATIONS.</FONT></TD>
</TR>
</TABLE>
</DIV>
<P style="MARGIN:0px">&nbsp;</P>
<DIV align="left">
<TABLE border=0 cellspacing=0>
<TR>
     <TD width=55%></TD>
     <TD width=44%></TD></TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=1 face="ArialMT,Arial,Helvetica,sans-serif">ICAP Bond (5-98)</FONT></TD>
	<TD align=left>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=1 face="ArialMT,Arial,Helvetica,sans-serif">Form 17-02-1421 (Ed. 5-98)</FONT></TD>
	<TD align=left>
<FONT size=1 face="ArialMT,Arial,Helvetica,sans-serif">Page 7 of 19</FONT></TD>
</TR>
</TABLE>
</DIV>
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<DIV align="left">
<TABLE border=0 cellspacing=0>
<TR>
     <TD width=20%></TD>
     <TD width=7%></TD>
     <TD width=2%></TD>
     <TD width=4%></TD>
     <TD width=4%></TD>
     <TD width=2%></TD>
     <TD width=57%></TD></TR>
<TR valign="bottom">
	<TD align=left>
<B><I><FONT size=3 face="Arial-BoldItalicMT,Arial,Helvetica,sans-serif">Conditions And</FONT></I></B></TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<B><I><FONT size=3 face="Arial-BoldItalicMT,Arial,Helvetica,sans-serif">Limitations</FONT></I></B></TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
</TR>
<TR>
	<TD colspan=7>
&nbsp;</TD>
</TR>
<TR>
	<TD colspan=7>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<I><FONT size=2 face="Arial-ItalicMT,Arial,Helvetica,sans-serif">Definitions</FONT></I></TD>
	<TD align=right>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">1</FONT></TD>
	<TD align=left>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">.</FONT></TD>
	<TD align=left colspan=4>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">As used in this Bond:</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">a.</FONT></TD>
	<TD align=left colspan=3>
<B><FONT size=2 face="Arial-BoldMT,Arial,Helvetica,sans-serif">Computer System </FONT></B><FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">means a computer and all input, output, processing,</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left colspan=3>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">storage, off-line media libraries, and communication facilities which are</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=right colspan=3>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">connected to the computer and which are under the control and supervision</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left colspan=3>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">of the operating system(s) or application(s) software used by the ASSURED.</FONT></TD>
</TR>
<TR>
	<TD colspan=7>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">b.</FONT></TD>
	<TD align=right colspan=3>
<B><FONT size=2 face="Arial-BoldMT,Arial,Helvetica,sans-serif">Counterfeit </FONT></B><FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">means an imitation of an actual valid original which is intended</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left colspan=3>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">to deceive and be taken as the original.</FONT></TD>
</TR>
<TR>
	<TD colspan=7>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">c.</FONT></TD>
	<TD align=left colspan=3>
<B><FONT size=2 face="Arial-BoldMT,Arial,Helvetica,sans-serif">Custodian </FONT></B><FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">means the institution designated by an </FONT><B><FONT size=2 face="Arial-BoldMT,Arial,Helvetica,sans-serif">Investment Company </FONT></B><FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">to</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left colspan=3>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">maintain possession and control of its assets.</FONT></TD>
</TR>
<TR>
	<TD colspan=7>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">d.</FONT></TD>
	<TD align=right colspan=3>
<B><FONT size=2 face="Arial-BoldMT,Arial,Helvetica,sans-serif">Customer </FONT></B><FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">means an individual, corporate, partnership, trust customer,</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left colspan=3>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">shareholder or subscriber of an </FONT><B><FONT size=2 face="Arial-BoldMT,Arial,Helvetica,sans-serif">Investment Company </FONT></B><FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">which has a written</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left colspan=3>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">agreement with the ASSURED for </FONT><B><FONT size=2 face="Arial-BoldMT,Arial,Helvetica,sans-serif">Voice Initiated Funds Transfer</FONT></B></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left colspan=3>
<B><FONT size=2 face="Arial-BoldMT,Arial,Helvetica,sans-serif">Instruction</FONT></B><FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">.</FONT></TD>
</TR>
<TR>
	<TD colspan=7>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">e.</FONT></TD>
	<TD align=left colspan=3>
<B><FONT size=2 face="Arial-BoldMT,Arial,Helvetica,sans-serif">Employee </FONT></B><FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">means:</FONT></TD>
</TR>
<TR>
	<TD colspan=7>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=right>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">(1</FONT></TD>
	<TD align=left>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">)</FONT></TD>
	<TD align=left>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">an officer of the ASSURED,</FONT></TD>
</TR>
<TR>
	<TD colspan=7>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=right>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">(2</FONT></TD>
	<TD align=left>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">)</FONT></TD>
	<TD align=left>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">a natural person while in the regular service of the ASSURED at any of</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">the ASSURED'S premises and compensated directly by the ASSURED</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">through its payroll system and subject to the United States Internal</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">Revenue Service Form W-2 or equivalent income reporting plans of</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">other countries, and whom the ASSURED has the right to control and</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">direct both as to the result to be accomplished and details and means</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">by which such result is accomplished in the performance of such</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">service,</FONT></TD>
</TR>
<TR>
	<TD colspan=7>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=right>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">(3</FONT></TD>
	<TD align=left>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">)</FONT></TD>
	<TD align=left>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">a guest student pursuing studies or performing duties in any of the</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=center colspan=7>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">ASSURED'S premises,</FONT></TD>
</TR>
<TR>
	<TD colspan=7>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=right>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">(4</FONT></TD>
	<TD align=left>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">)</FONT></TD>
	<TD align=left>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">an attorney retained by the ASSURED and an employee of such</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">attorney while either is performing legal services for the ASSURED,</FONT></TD>
</TR>
<TR>
	<TD colspan=7>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=right>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">(5</FONT></TD>
	<TD align=left>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">)</FONT></TD>
	<TD align=left>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">a natural person provided by an employment contractor to perform</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">employee duties for the ASSURED under the ASSURED'S supervision</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">at any of the ASSURED'S premises,</FONT></TD>
</TR>
<TR>
	<TD colspan=7>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=right>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">(6</FONT></TD>
	<TD align=left>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">)</FONT></TD>
	<TD align=left>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">an employee of an institution merged or consolidated with the</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">ASSURED prior to the effective date of this Bond,</FONT></TD>
</TR>
<TR>
	<TD colspan=7>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=right>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">(7</FONT></TD>
	<TD align=left>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">)</FONT></TD>
	<TD align=left>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">a director or trustee of the ASSURED, but only while performing acts</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">within the scope of the customary and usual duties of any officer or</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">other employee of the ASSURED or while acting as a member of any</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">committee duly elected or appointed to examine or audit or have</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">custody of or access to </FONT><B><FONT size=2 face="Arial-BoldMT,Arial,Helvetica,sans-serif">Property </FONT></B><FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">of the ASSURED, or</FONT></TD>
</TR>
</TABLE>
</DIV>
<P style="MARGIN:0px">&nbsp;</P>
<DIV align="left">
<TABLE border=0 cellspacing=0>
<TR>
     <TD width=55%></TD>
     <TD width=44%></TD></TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=1 face="ArialMT,Arial,Helvetica,sans-serif">ICAP Bond (5-98)</FONT></TD>
	<TD align=left>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=1 face="ArialMT,Arial,Helvetica,sans-serif">Form 17-02-1421 (Ed. 5-98)</FONT></TD>
	<TD align=left>
<FONT size=1 face="ArialMT,Arial,Helvetica,sans-serif">Page 8 of 19</FONT></TD>
</TR>
</TABLE>
</DIV>
<P style="MARGIN:0px">&nbsp;</P>

<HR noshade align="center" width="100%" size=2><DIV STYLE="page-break-before: always">&nbsp;</div>



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<DIV align="left">
<TABLE border=0 cellspacing=0>
<TR>
     <TD width=23%></TD>
     <TD width=10%></TD>
     <TD width=2%></TD>
     <TD width=4%></TD>
     <TD width=59%></TD></TR>
<TR valign="bottom">
	<TD align=left>
<B><I><FONT size=3 face="Arial-BoldItalicMT,Arial,Helvetica,sans-serif">Conditions And</FONT></I></B></TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<B><I><FONT size=3 face="Arial-BoldItalicMT,Arial,Helvetica,sans-serif">Limitations</FONT></I></B></TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
</TR>
<TR>
	<TD colspan=5>
&nbsp;</TD>
</TR>
<TR>
	<TD colspan=5>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<I><FONT size=2 face="Arial-ItalicMT,Arial,Helvetica,sans-serif">Definitions</FONT></I></TD>
	<TD align=right>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">(8</FONT></TD>
	<TD align=left>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">)</FONT></TD>
	<TD align=right colspan=2>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">each natural person, partnership or corporation authorized by written</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<I><FONT size=2 face="Arial-ItalicMT,Arial,Helvetica,sans-serif">(continued)</FONT></I></TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=right colspan=2>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">agreement with the ASSURED to perform services as electronic data</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left colspan=2>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">processor of checks or other accounting records related to such checks but</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=right colspan=2>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">only while such person, partnership or corporation is actually performing</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left colspan=2>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">such services and not:</FONT></TD>
</TR>
<TR>
	<TD colspan=5>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">a.</FONT></TD>
	<TD align=right>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">creating, preparing, modifying or maintaining the ASSURED'S</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">computer software or programs, or</FONT></TD>
</TR>
<TR>
	<TD colspan=5>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">b.</FONT></TD>
	<TD align=right>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">acting as transfer agent or in any other agency capacity in issuing</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=right>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">checks, drafts or securities for the ASSURED,</FONT></TD>
</TR>
<TR>
	<TD colspan=5>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=right>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">(9</FONT></TD>
	<TD align=left>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">)</FONT></TD>
	<TD align=right colspan=2>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">any partner, officer or employee of an investment advisor, an underwriter</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=right colspan=2>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">(distributor), a transfer agent or shareholder accounting recordkeeper, or an</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=right colspan=2>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">administrator, for an </FONT><B><FONT size=2 face="Arial-BoldMT,Arial,Helvetica,sans-serif">Investment Company </FONT></B><FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">while performing acts coming</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=right colspan=2>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">within the scope of the customary and usual duties of an officer or employee</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left colspan=2>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">of an </FONT><B><FONT size=2 face="Arial-BoldMT,Arial,Helvetica,sans-serif">Investment Company </FONT></B><FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">or acting as a member of any committee duly</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=right colspan=2>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">elected or appointed to examine, audit or have custody of or access to</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left colspan=2>
<B><FONT size=2 face="Arial-BoldMT,Arial,Helvetica,sans-serif">Property </FONT></B><FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">of </FONT><B><FONT size=2 face="Arial-BoldMT,Arial,Helvetica,sans-serif">an Investment Company</FONT></B><FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">.</FONT></TD>
</TR>
<TR>
	<TD colspan=5>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left colspan=2>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">The term </FONT><B><FONT size=2 face="Arial-BoldMT,Arial,Helvetica,sans-serif">Employee </FONT></B><FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">shall not include any partner, officer or employee of a</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left colspan=2>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">transfer agent, shareholder accounting recordkeeper or administrator:</FONT></TD>
</TR>
<TR>
	<TD colspan=5>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">a.</FONT></TD>
	<TD align=right>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">which is not an "affiliated person" (as defined in Section 2(a) of the</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=right>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">Investment Company Act of 1940) of an </FONT><B><FONT size=2 face="Arial-BoldMT,Arial,Helvetica,sans-serif">Investment Company </FONT></B><FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">or of</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=right>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">the investment advisor or underwriter (distributor) of such </FONT><B><FONT size=2 face="Arial-BoldMT,Arial,Helvetica,sans-serif">Investment</FONT></B></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=right>
<B><FONT size=2 face="Arial-BoldMT,Arial,Helvetica,sans-serif">Company</FONT></B><FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">, or</FONT></TD>
</TR>
<TR>
	<TD colspan=5>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">b.</FONT></TD>
	<TD align=right>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">which is a "bank" (as defined in Section 2(a) of the Investment</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=center colspan=5>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">Company Act of 1940).</FONT></TD>
</TR>
<TR>
	<TD colspan=5>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=right>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">This Bond does not afford coverage in favor of the employers of</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=right>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">persons as set forth in e. (4), (5) and (8) above, and upon payment to</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=right>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">the ASSURED by the COMPANY resulting directly from </FONT><B><FONT size=2 face="Arial-BoldMT,Arial,Helvetica,sans-serif">Larceny or</FONT></B></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=right>
<B><FONT size=2 face="Arial-BoldMT,Arial,Helvetica,sans-serif">Embezzlement </FONT></B><FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">committed by any of the partners, officers or</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=right>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">employees of such employers, whether acting alone or in collusion with</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=right>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">others, an assignment of such of the ASSURED'S rights and causes of</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=right>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">action as it may have against such employers by reason of such acts</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=right>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">so committed shall, to the extent of such payment, be given by the</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=right>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">ASSURED to the COMPANY, and the ASSURED shall execute all</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=right>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">papers necessary to secure to the COMPANY the rights provided for</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=right>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">herein.</FONT></TD>
</TR>
<TR>
	<TD colspan=5>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=right colspan=2>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">Each employer of persons as set forth in e.(4), (5) and (8) above and the</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=right colspan=2>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">partners, officers and other employees of such employers shall collectively</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=right colspan=2>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">be deemed to be one person for all the purposes of this Bond; excepting,</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left colspan=2>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">however, the fifth paragraph of Section 13.</FONT></TD>
</TR>
<TR>
	<TD colspan=5>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=right colspan=2>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">Independent contractors not specified in e.(4), (5) or (8) above,</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left colspan=2>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">intermediaries, agents, brokers or other representatives of the same general</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left colspan=2>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">character shall not be considered </FONT><B><FONT size=2 face="Arial-BoldMT,Arial,Helvetica,sans-serif">Employees</FONT></B><FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">.</FONT></TD>
</TR>
</TABLE>
</DIV>
<P style="MARGIN:0px">&nbsp;</P>
<DIV align="left">
<TABLE border=0 cellspacing=0>
<TR>
     <TD width=55%></TD>
     <TD width=44%></TD></TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=1 face="ArialMT,Arial,Helvetica,sans-serif">ICAP Bond (5-98)</FONT></TD>
	<TD align=left>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=1 face="ArialMT,Arial,Helvetica,sans-serif">Form 17-02-1421 (Ed. 5-98)</FONT></TD>
	<TD align=left>
<FONT size=1 face="ArialMT,Arial,Helvetica,sans-serif">Page 9 of 19</FONT></TD>
</TR>
</TABLE>
</DIV>
<P style="MARGIN:0px">&nbsp;</P>

<HR noshade align="center" width="100%" size=2><DIV STYLE="page-break-before: always">&nbsp;</div>



<!--$$/page=-->
<A name="page_13"></A><BR>

<DIV align="left">
<TABLE border=0 cellspacing=0>
<TR>
     <TD width=23%></TD>
     <TD width=10%></TD>
     <TD width=66%></TD></TR>
<TR valign="bottom">
	<TD align=left>
<B><I><FONT size=3 face="Arial-BoldItalicMT,Arial,Helvetica,sans-serif">Conditions And</FONT></I></B></TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<B><I><FONT size=3 face="Arial-BoldItalicMT,Arial,Helvetica,sans-serif">Limitations</FONT></I></B></TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
</TR>
<TR>
	<TD colspan=3>
&nbsp;</TD>
</TR>
<TR>
	<TD colspan=3>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<I><FONT size=2 face="Arial-ItalicMT,Arial,Helvetica,sans-serif">Definitions</FONT></I></TD>
	<TD align=left>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">f.</FONT></TD>
	<TD align=left>
<B><FONT size=2 face="Arial-BoldMT,Arial,Helvetica,sans-serif">Forgery </FONT></B><FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">means the signing of the name of another natural person with the</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<I><FONT size=2 face="Arial-ItalicMT,Arial,Helvetica,sans-serif">(continued)</FONT></I></TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">intent to deceive but does not mean a signature which consists in whole or in</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">part of one's own name, with or without authority, in any capacity for any</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">purpose.</FONT></TD>
</TR>
<TR>
	<TD colspan=3>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">g.</FONT></TD>
	<TD align=left>
<B><FONT size=2 face="Arial-BoldMT,Arial,Helvetica,sans-serif">Investment Company </FONT></B><FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">means any investment company registered under the</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">Investment Company Act of 1940 and listed under the NAME OF ASSURED</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">on the DECLARATIONS.</FONT></TD>
</TR>
<TR>
	<TD colspan=3>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">h.</FONT></TD>
	<TD align=left>
<B><FONT size=2 face="Arial-BoldMT,Arial,Helvetica,sans-serif">Items of Deposit </FONT></B><FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">means one or more checks or drafts drawn upon a</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">financial institution in the United States of America.</FONT></TD>
</TR>
<TR>
	<TD colspan=3>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">i.</FONT></TD>
	<TD align=left>
<B><FONT size=2 face="Arial-BoldMT,Arial,Helvetica,sans-serif">Larceny or Embezzlement </FONT></B><FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">means larceny or embezzlement as defined in</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">Section 37 of the Investment Company Act of 1940.</FONT></TD>
</TR>
<TR>
	<TD colspan=3>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">j.</FONT></TD>
	<TD align=left>
<B><FONT size=2 face="Arial-BoldMT,Arial,Helvetica,sans-serif">Property </FONT></B><FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">means money, revenue and other stamps; securities; including any</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">note, stock, treasury stock, bond, debenture, evidence of indebtedness,</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">certificate of deposit, certificate of interest or participation in any profit-</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">sharing agreement, collateral trust certificate, preorganization certificate or</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">subscription, transferable share, investment contract, voting trust certificate,</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">certificate of deposit for a security, fractional undivided interest in oil, gas, or</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">other mineral rights, any interest or instruments commonly known as a</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">security under the Investment Company Act of 1940, any other certificate of</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">interest or participation in, temporary or interim certificate for, receipt for,</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">guarantee of, or warrant or right to subscribe to or purchase any of the</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">foregoing; bills of exchange; acceptances; checks; withdrawal orders; money</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">orders; travelers' letters of credit; bills of lading; abstracts of title; insurance</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">policies, deeds, mortgages on real estate and/or upon chattels and interests</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">therein; assignments of such policies, deeds or mortgages; other valuable</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">papers, including books of accounts and other records used by the</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">ASSURED in the conduct of its business (but excluding all electronic data</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">processing records); and, all other instruments similar to or in the nature of</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">the foregoing in which the ASSURED acquired an interest at the time of the</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">ASSURED'S consolidation or merger with, or purchase of the principal</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">assets of, a predecessor or which are held by the ASSURED for any</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">purpose or in any capacity and whether so held gratuitously or not and</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">whether or not the ASSURED is liable therefor.</FONT></TD>
</TR>
<TR>
	<TD colspan=3>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">k.</FONT></TD>
	<TD align=left>
<B><FONT size=2 face="Arial-BoldMT,Arial,Helvetica,sans-serif">Relative </FONT></B><FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">means the spouse of an </FONT><B><FONT size=2 face="Arial-BoldMT,Arial,Helvetica,sans-serif">Employee </FONT></B><FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">or partner of the ASSURED</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">and any unmarried child supported wholly by, or living in the home of, such</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
<B><FONT size=2 face="Arial-BoldMT,Arial,Helvetica,sans-serif">Employee </FONT></B><FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">or partner and being related to them by blood, marriage or legal</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">guardianship.</FONT></TD>
</TR>
<TR>
	<TD colspan=3>
&nbsp;</TD>
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<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">l.</FONT></TD>
	<TD align=left>
<B><FONT size=2 face="Arial-BoldMT,Arial,Helvetica,sans-serif">Securities, documents or other written instruments </FONT></B><FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">means original</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">(including original counterparts) negotiable or non-negotiable instruments, or</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">assignments thereof, which in and of themselves represent an equitable</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">interest, ownership, or debt and which are in the ordinary course of business</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">transferable by delivery of such instruments with any necessary</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">endorsements or assignments.</FONT></TD>
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</DIV>
<P style="MARGIN:0px">&nbsp;</P>
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<FONT size=1 face="ArialMT,Arial,Helvetica,sans-serif">ICAP Bond (5-98)</FONT></TD>
	<TD align=left>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=1 face="ArialMT,Arial,Helvetica,sans-serif">Form 17-02-1421 (Ed. 5-98)</FONT></TD>
	<TD align=left>
<FONT size=1 face="ArialMT,Arial,Helvetica,sans-serif">Page 10 of 19</FONT></TD>
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<P style="MARGIN:0px">&nbsp;</P>

<HR noshade align="center" width="100%" size=2><DIV STYLE="page-break-before: always">&nbsp;</div>



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<A name="page_14"></A><BR>

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	<TD align=left>
<B><I><FONT size=3 face="Arial-BoldItalicMT,Arial,Helvetica,sans-serif">Conditions And</FONT></I></B></TD>
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&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
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<B><I><FONT size=3 face="Arial-BoldItalicMT,Arial,Helvetica,sans-serif">Limitations</FONT></I></B></TD>
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&nbsp;</TD>
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&nbsp;</TD>
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&nbsp;</TD>
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&nbsp;</TD>
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&nbsp;</TD>
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&nbsp;</TD>
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	<TD align=left>
<I><FONT size=2 face="Arial-ItalicMT,Arial,Helvetica,sans-serif">Definitions</FONT></I></TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">m.</FONT></TD>
	<TD align=left>
<B><FONT size=2 face="Arial-BoldMT,Arial,Helvetica,sans-serif">Subsidiary </FONT></B><FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">means any organization that, at the inception date of this Bond,</FONT></TD>
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	<TD align=left>
<I><FONT size=2 face="Arial-ItalicMT,Arial,Helvetica,sans-serif">(continued)</FONT></I></TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">is named in the APPLICATION or is created during the BOND PERIOD and</FONT></TD>
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<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">of which more than fifty percent (50%) of the outstanding securities or voting</FONT></TD>
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<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">rights representing the present right to vote for election of directors is owned</FONT></TD>
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<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">or controlled by the ASSURED either directly or through one or more of its</FONT></TD>
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<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">subsidiaries.</FONT></TD>
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<TR>
	<TD colspan=5>
&nbsp;</TD>
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	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">n.</FONT></TD>
	<TD align=left>
<B><FONT size=2 face="Arial-BoldMT,Arial,Helvetica,sans-serif">Transportation Company </FONT></B><FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">means any organization which provides its own</FONT></TD>
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<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">or its leased vehicles for transportation or which provides freight forwarding</FONT></TD>
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<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">or air express services.</FONT></TD>
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<TR>
	<TD colspan=5>
&nbsp;</TD>
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<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">o.</FONT></TD>
	<TD align=left>
<B><FONT size=2 face="Arial-BoldMT,Arial,Helvetica,sans-serif">Voice Initiated Election </FONT></B><FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">means any election concerning dividend options</FONT></TD>
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	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">available to </FONT><B><FONT size=2 face="Arial-BoldMT,Arial,Helvetica,sans-serif">Investment Company </FONT></B><FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">shareholders or subscribers which is</FONT></TD>
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<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">requested by voice over the telephone.</FONT></TD>
</TR>
<TR>
	<TD colspan=5>
&nbsp;</TD>
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<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">p.</FONT></TD>
	<TD align=left>
<B><FONT size=2 face="Arial-BoldMT,Arial,Helvetica,sans-serif">Voice Initiated Redemption </FONT></B><FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">means any redemption of shares issued by an</FONT></TD>
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<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
<B><FONT size=2 face="Arial-BoldMT,Arial,Helvetica,sans-serif">Investment Company </FONT></B><FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">which is requested by voice over the telephone.</FONT></TD>
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	<TD colspan=5>
&nbsp;</TD>
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	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">q.</FONT></TD>
	<TD align=left>
<B><FONT size=2 face="Arial-BoldMT,Arial,Helvetica,sans-serif">Voice Initiated Funds Transfer Instruction </FONT></B><FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">means any </FONT><B><FONT size=2 face="Arial-BoldMT,Arial,Helvetica,sans-serif">Voice Initiated</FONT></B></TD>
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	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
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&nbsp;</TD>
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&nbsp;</TD>
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<B><FONT size=2 face="Arial-BoldMT,Arial,Helvetica,sans-serif">Redemption </FONT></B><FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">or </FONT><B><FONT size=2 face="Arial-BoldMT,Arial,Helvetica,sans-serif">Voice Initiated Election</FONT></B><FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">.</FONT></TD>
</TR>
<TR>
	<TD colspan=5>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left colspan=2>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">For the purposes of these definitions, the singular includes the plural and the</FONT></TD>
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	<TD align=left style="border-bottom:1px solid #000000;">
&nbsp;</TD>
	<TD align=left style="border-bottom:1px solid #000000;">
&nbsp;</TD>
	<TD align=left style="border-bottom:1px solid #000000;">
&nbsp;</TD>
	<TD align=left colspan=2 style="border-bottom:1px solid #000000;">
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">plural includes the singular, unless otherwise indicated.</FONT></TD>
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	<TD colspan=5>
&nbsp;</TD>
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	<TD colspan=5>
&nbsp;</TD>
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	<TD align=left>
<I><FONT size=2 face="Arial-ItalicMT,Arial,Helvetica,sans-serif">General Exclusions -</FONT></I></TD>
	<TD align=right>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">2</FONT></TD>
	<TD align=left>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">.</FONT></TD>
	<TD align=left colspan=2>
<B><FONT size=2 face="Arial-BoldMT,Arial,Helvetica,sans-serif">This bond does not directly or indirectly cover:</FONT></B></TD>
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	<TD align=left>
<I><FONT size=2 face="Arial-ItalicMT,Arial,Helvetica,sans-serif">Applicable to All Insuring</FONT></I></TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">a.</FONT></TD>
	<TD align=left>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">loss not reported to the COMPANY in writing within sixty (60) days after</FONT></TD>
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<TR valign="bottom">
	<TD align=left>
<I><FONT size=2 face="Arial-ItalicMT,Arial,Helvetica,sans-serif">Clauses</FONT></I></TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">termination of this Bond as an entirety;</FONT></TD>
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<TR>
	<TD colspan=5>
&nbsp;</TD>
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&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">b.</FONT></TD>
	<TD align=left>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">loss due to riot or civil commotion outside the United States of America and</FONT></TD>
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<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">Canada, or any loss due to military, naval or usurped power, war or</FONT></TD>
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<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">insurrection. This Section 2.b., however, shall not apply to loss which occurs</FONT></TD>
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	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">in transit in the circumstances recited in INSURING CLAUSE 3., provided</FONT></TD>
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	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">that when such transit was initiated there was no knowledge on the part of</FONT></TD>
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	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">any person acting for the ASSURED of such riot, civil commotion, military,</FONT></TD>
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<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">naval or usurped power, war or insurrection;</FONT></TD>
</TR>
<TR>
	<TD colspan=5>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">c.</FONT></TD>
	<TD align=left>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">loss resulting from the effects of nuclear fission or fusion or radioactivity;</FONT></TD>
</TR>
<TR>
	<TD colspan=5>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">d.</FONT></TD>
	<TD align=left>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">loss of potential income including, but not limited to, interest and dividends</FONT></TD>
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<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">not realized by the ASSURED or by any customer of the ASSURED;</FONT></TD>
</TR>
<TR>
	<TD colspan=5>
&nbsp;</TD>
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<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">e.</FONT></TD>
	<TD align=left>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">damages of any type for which the ASSURED is legally liable, except</FONT></TD>
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<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">compensatory damages, but not multiples thereof, arising from a loss</FONT></TD>
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<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">covered under this Bond;</FONT></TD>
</TR>
<TR>
	<TD colspan=5>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">f.</FONT></TD>
	<TD align=left>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">costs, fees and expenses incurred by the ASSURED in establishing the</FONT></TD>
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<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">existence of or amount of loss under this Bond, except to the extent covered</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">under INSURING CLAUSE 11.;</FONT></TD>
</TR>
<TR>
	<TD colspan=5>
&nbsp;</TD>
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<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">g.</FONT></TD>
	<TD align=left>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">loss resulting from indirect or consequential loss of any nature;</FONT></TD>
</TR>
</TABLE>
</DIV>
<P style="MARGIN:0px">&nbsp;</P>
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     <TD width=45%></TD></TR>
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	<TD align=left>
<FONT size=1 face="ArialMT,Arial,Helvetica,sans-serif">ICAP Bond (5-98)</FONT></TD>
	<TD align=left>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=1 face="ArialMT,Arial,Helvetica,sans-serif">Form 17-02-1421 (Ed. 5-98)</FONT></TD>
	<TD align=left>
<FONT size=1 face="ArialMT,Arial,Helvetica,sans-serif">Page 11 of 19</FONT></TD>
</TR>
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<A name="page_15"></A><BR>

<P style="text-align: left;">
<B><I><FONT size=3 face="Arial-BoldItalicMT,Arial,Helvetica,sans-serif">Conditions And Limitations</FONT></I></B></P>
<P style="text-align: left;">
<I><FONT size=2 face="Arial-ItalicMT,Arial,Helvetica,sans-serif">General Exclusions -Applicable to All Insuring Clauses </FONT></I><I><FONT size=2 face="Arial-ItalicMT,Arial,Helvetica,sans-serif">(continued)</FONT></I></P>
<TABLE border=0 cellspacing=0>
<TR>
	<TD nowrap valign=top width="2%">
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">h.</FONT>&nbsp; &nbsp; &nbsp; 	</TD>
	<TD width="98%" colspan=3>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">loss resulting from dishonest acts by any member of the Board of Directors</FONT>	</TD>
</TR>
<TR>
<TD width="2%">&nbsp;</TD>	<TD nowrap valign=top width="2%">
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">or</FONT>&nbsp; &nbsp; &nbsp; 	</TD>
	<TD width="96%" colspan=2>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">Board of Trustees of the ASSURED who is not an </FONT><B><FONT size=2 face="Arial-BoldMT,Arial,Helvetica,sans-serif">Employee</FONT></B><FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">, acting</FONT>	</TD>
</TR>
<TR>
<TD width="2%">&nbsp;</TD>	<TD nowrap valign=top width="2%">
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">alone</FONT>&nbsp; &nbsp; &nbsp; 	</TD>
	<TD width="96%" colspan=2>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">or in collusion with others;</FONT>	</TD>
</TR>
<TR>
	<TD nowrap valign=top width="2%">
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">i.</FONT>&nbsp; &nbsp; &nbsp; 	</TD>
	<TD width="98%" colspan=3>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">loss, or that part of any loss, resulting solely from any violation by the</FONT>	</TD>
</TR>
<TR>
<TD width="2%">&nbsp;</TD>	<TD nowrap valign=top width="2%">
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">ASSURED</FONT>&nbsp; &nbsp; &nbsp; 	</TD>
	<TD width="96%" colspan=2>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">or by any </FONT><B><FONT size=2 face="Arial-BoldMT,Arial,Helvetica,sans-serif">Employee</FONT></B><FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">:</FONT>	</TD>
</TR>
<TR>
<TD width="2%">&nbsp;</TD>	<TD nowrap valign=top width="2%">
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">(1)</FONT>&nbsp; &nbsp; &nbsp; 	</TD>
	<TD width="96%" colspan=2>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">of any law regulating:</FONT>	</TD>
</TR>
<TR>
<TD width="2%">&nbsp;</TD><TD width="2%">&nbsp;</TD>	<TD nowrap valign=top width="2%">
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">a.</FONT>&nbsp; &nbsp; &nbsp; 	</TD>
	<TD width="94%">
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">the issuance, purchase or sale of securities,</FONT>	</TD>
</TR>
<TR>
<TD width="2%">&nbsp;</TD><TD width="2%">&nbsp;</TD>	<TD nowrap valign=top width="2%">
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">b.</FONT>&nbsp; &nbsp; &nbsp; 	</TD>
	<TD width="94%">
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">securities transactions on security or commodity exchanges or the over the counter market,</FONT>	</TD>
</TR>
<TR>
<TD width="2%">&nbsp;</TD><TD width="2%">&nbsp;</TD>	<TD nowrap valign=top width="2%">
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">c.</FONT>&nbsp; &nbsp; &nbsp; 	</TD>
	<TD width="94%">
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">investment companies,</FONT>	</TD>
</TR>
<TR>
<TD width="2%">&nbsp;</TD><TD width="2%">&nbsp;</TD>	<TD nowrap valign=top width="2%">
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">d.</FONT>&nbsp; &nbsp; &nbsp; 	</TD>
	<TD width="94%">
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">investment advisors, or</FONT>	</TD>
</TR>
<TR>
<TD width="2%">&nbsp;</TD>	<TD nowrap valign=top width="2%">
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">(2)</FONT>&nbsp; &nbsp; &nbsp; 	</TD>
	<TD width="96%" colspan=2>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">of any rule or regulation made pursuant to any such law; or</FONT>	</TD>
</TR>
<TR>
	<TD nowrap valign=top width="2%">
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">j.</FONT>&nbsp; &nbsp; &nbsp; 	</TD>
	<TD width="98%" colspan=3>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">loss of confidential information, material or data;</FONT>	</TD>
</TR>
<TR>
	<TD nowrap valign=top width="2%">
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">k.</FONT>&nbsp; &nbsp; &nbsp; 	</TD>
	<TD width="98%" colspan=3>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">loss resulting from voice requests or instructions received over the</FONT>	</TD>
</TR>
<TR>
<TD width="2%">&nbsp;</TD>	<TD nowrap valign=top width="2%">
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">telephone,</FONT>&nbsp; &nbsp; &nbsp; 	</TD>
	<TD width="96%" colspan=2>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">provided however, this Section 2.k. shall not apply to INSURING</FONT>	</TD>
</TR>
<TR>
<TD width="2%">&nbsp;</TD>	<TD nowrap valign=top width="2%">
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">CLAUSE</FONT>&nbsp; &nbsp; &nbsp; 	</TD>
	<TD width="96%" colspan=2>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">7. or 9.</FONT>	</TD>
</TR>
</TABLE>
<P style="text-align: left;">
<I><FONT size=2 face="Arial-ItalicMT,Arial,Helvetica,sans-serif">Specific Exclusions -Applicable To All Insuring Clauses Except Insuring Clause 1.</FONT></I></P>
<TABLE border=0 cellspacing=0>
<TR>
	<TD nowrap valign=top width="2%">
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">3.</FONT>&nbsp; &nbsp; &nbsp; 	</TD>
	<TD width="98%" colspan=3>
<B><FONT size=2 face="Arial-BoldMT,Arial,Helvetica,sans-serif">This Bond does not directly or indirectly cover:</FONT></B>	</TD>
</TR>
<TR>
<TD width="2%">&nbsp;</TD>	<TD nowrap valign=top width="2%">
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">a.</FONT>&nbsp; &nbsp; &nbsp; 	</TD>
	<TD width="96%" colspan=2>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">loss caused by an </FONT><B><FONT size=2 face="Arial-BoldMT,Arial,Helvetica,sans-serif">Employee</FONT></B><FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">, provided, however, this Section 3.a. shall not</FONT>	</TD>
</TR>
<TR>
<TD width="2%">&nbsp;</TD><TD width="2%">&nbsp;</TD>	<TD nowrap valign=top width="2%">
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">apply</FONT>&nbsp; &nbsp; &nbsp; 	</TD>
	<TD width="94%">
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">to loss covered under INSURING CLAUSE 2. or 3. which results</FONT>	</TD>
</TR>
<TR>
<TD width="2%">&nbsp;</TD><TD width="2%">&nbsp;</TD>	<TD nowrap valign=top width="2%">
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">directly</FONT>&nbsp; &nbsp; &nbsp; 	</TD>
	<TD width="94%">
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">from misplacement, mysterious unexplainable disappearance, or</FONT>	</TD>
</TR>
<TR>
<TD width="2%">&nbsp;</TD><TD width="2%">&nbsp;</TD>	<TD nowrap valign=top width="2%">
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">damage</FONT>&nbsp; &nbsp; &nbsp; 	</TD>
	<TD width="94%">
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">or destruction of </FONT><B><FONT size=2 face="Arial-BoldMT,Arial,Helvetica,sans-serif">Property</FONT></B><FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">;</FONT>	</TD>
</TR>
<TR>
<TD width="2%">&nbsp;</TD>	<TD nowrap valign=top width="2%">
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">b.</FONT>&nbsp; &nbsp; &nbsp; 	</TD>
	<TD width="96%" colspan=2>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">loss through the surrender of property away from premises of the ASSURED</FONT>	</TD>
</TR>
<TR>
<TD width="2%">&nbsp;</TD><TD width="2%">&nbsp;</TD>	<TD nowrap valign=top width="2%">
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">as</FONT>&nbsp; &nbsp; &nbsp; 	</TD>
	<TD width="94%">
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">a result of a threat:</FONT>	</TD>
</TR>
<TR>
<TD width="2%">&nbsp;</TD><TD width="2%">&nbsp;</TD>	<TD nowrap valign=top width="2%">
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">(1)</FONT>&nbsp; &nbsp; &nbsp; 	</TD>
	<TD width="94%">
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">to do bodily harm to any natural person, except loss of </FONT><B><FONT size=2 face="Arial-BoldMT,Arial,Helvetica,sans-serif">Property </FONT></B><FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">in transit in the custody of any person acting as messenger of the ASSURED, provided that when such transit was initiated there was no knowledge by the ASSURED of any such threat, and provided further that this Section 3.b. shall not apply to INSURING CLAUSE 7., or</FONT>	</TD>
</TR>
<TR>
<TD width="2%">&nbsp;</TD><TD width="2%">&nbsp;</TD>	<TD nowrap valign=top width="2%">
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">(2)</FONT>&nbsp; &nbsp; &nbsp; 	</TD>
	<TD width="94%">
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">to do damage to the premises or </FONT><B><FONT size=2 face="Arial-BoldMT,Arial,Helvetica,sans-serif">Property </FONT></B><FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">of the ASSURED;</FONT>	</TD>
</TR>
<TR>
<TD width="2%">&nbsp;</TD>	<TD nowrap valign=top width="2%">
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">c.</FONT>&nbsp; &nbsp; &nbsp; 	</TD>
	<TD width="96%" colspan=2>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">loss resulting from payments made or withdrawals from any account</FONT>	</TD>
</TR>
<TR>
<TD width="2%">&nbsp;</TD><TD width="2%">&nbsp;</TD>	<TD nowrap valign=top width="2%">
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">involving</FONT>&nbsp; &nbsp; &nbsp; 	</TD>
	<TD width="94%">
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">erroneous credits to such account;</FONT>	</TD>
</TR>
<TR>
<TD width="2%">&nbsp;</TD>	<TD nowrap valign=top width="2%">
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">d.</FONT>&nbsp; &nbsp; &nbsp; 	</TD>
	<TD width="96%" colspan=2>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">loss involving </FONT><B><FONT size=2 face="Arial-BoldMT,Arial,Helvetica,sans-serif">Items of Deposit </FONT></B><FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">which are not finally paid for any reason</FONT>	</TD>
</TR>
<TR>
<TD width="2%">&nbsp;</TD><TD width="2%">&nbsp;</TD>	<TD nowrap valign=top width="2%">
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">provided</FONT>&nbsp; &nbsp; &nbsp; 	</TD>
	<TD width="94%">
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">however, that this Section 3.d. shall not apply to INSURING</FONT>	</TD>
</TR>
<TR>
<TD width="2%">&nbsp;</TD><TD width="2%">&nbsp;</TD>	<TD nowrap valign=top width="2%">
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">CLAUSE</FONT>&nbsp; &nbsp; &nbsp; 	</TD>
	<TD width="94%">
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">10.;</FONT>	</TD>
</TR>
<TR>
<TD width="2%">&nbsp;</TD>	<TD nowrap valign=top width="2%">
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">e.</FONT>&nbsp; &nbsp; &nbsp; 	</TD>
	<TD width="96%" colspan=2>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">loss of property while in the mail;</FONT>	</TD>
</TR>
</TABLE>
<DIV align="left">
<TABLE border=0 cellspacing=0>
<TR>
     <TD width=54%></TD>
     <TD width=45%></TD></TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=1 face="ArialMT,Arial,Helvetica,sans-serif">ICAP Bond (5-98)</FONT></TD>
	<TD align=left>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=1 face="ArialMT,Arial,Helvetica,sans-serif">Form 17-02-1421 (Ed. 5-98)</FONT></TD>
	<TD align=left>
<FONT size=1 face="ArialMT,Arial,Helvetica,sans-serif">Page 12 of 19</FONT></TD>
</TR>
</TABLE>
</DIV>
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<A name="page_16"></A><BR>

<P style="text-align: left;">
<B><I><FONT size=3 face="Arial-BoldItalicMT,Arial,Helvetica,sans-serif">Conditions And Limitations</FONT></I></B></P>
<P style="text-align: left;">
<I><FONT size=2 face="Arial-ItalicMT,Arial,Helvetica,sans-serif">Specific Exclusions -Applicable To All Insuring Clauses Except Insuring Clause 1.</FONT></I></P>
<P style="text-align: left;">
<I><FONT size=2 face="Arial-ItalicMT,Arial,Helvetica,sans-serif">(continued)</FONT></I></P>
<TABLE border=0 cellspacing=0>
<TR>
	<TD nowrap valign=top width="2%">
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">f.</FONT>&nbsp; &nbsp; &nbsp; 	</TD>
	<TD width="98%">
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">loss resulting from the failure for any reason of a financial or depository institution, its receiver or other liquidator to pay or deliver funds or other </FONT><B><FONT size=2 face="Arial-BoldMT,Arial,Helvetica,sans-serif">Property </FONT></B><FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">to the ASSURED provided further that this Section 3.f. shall not apply to loss of </FONT><B><FONT size=2 face="Arial-BoldMT,Arial,Helvetica,sans-serif">Property </FONT></B><FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">resulting directly from robbery, burglary, misplacement, mysterious unexplainable disappearance, damage, destruction or removal from the possession, custody or control of the ASSURED.</FONT>	</TD>
</TR>
<TR>
	<TD nowrap valign=top width="2%">
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">g.</FONT>&nbsp; &nbsp; &nbsp; 	</TD>
	<TD width="98%">
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">loss of </FONT><B><FONT size=2 face="Arial-BoldMT,Arial,Helvetica,sans-serif">Property </FONT></B><FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">while in the custody of a </FONT><B><FONT size=2 face="Arial-BoldMT,Arial,Helvetica,sans-serif">Transportation Company</FONT></B><FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">, provided however, that this Section 3.g. shall not apply to INSURING</FONT>	</TD>
</TR>
<TR>
<TD width="10%">&nbsp;</TD>	<TD width="90%">
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">CLAUSE 3.;</FONT>	</TD>
</TR>
<TR>
	<TD nowrap valign=top width="2%">
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">h.</FONT>&nbsp; &nbsp; &nbsp; 	</TD>
	<TD width="98%">
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">loss resulting from entries or changes made by a natural person with authorized access to a </FONT><B><FONT size=2 face="Arial-BoldMT,Arial,Helvetica,sans-serif">Computer System </FONT></B><FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">who acts in good faith on instructions, unless such instructions are given to that person by a software contractor or its partner, officer, or employee authorized by the ASSURED to design, develop, prepare, supply, service, write or implement programs for the ASSURED's </FONT><B><FONT size=2 face="Arial-BoldMT,Arial,Helvetica,sans-serif">Computer System</FONT></B><FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">; or</FONT>	</TD>
</TR>
<TR>
	<TD nowrap valign=top width="2%">
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">i.</FONT>&nbsp; &nbsp; &nbsp; 	</TD>
	<TD width="98%">
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">loss resulting directly or indirectly from the input of data into a </FONT><B><FONT size=2 face="Arial-BoldMT,Arial,Helvetica,sans-serif">Computer System </FONT></B><FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">terminal, either on the premises of the customer of the ASSURED or under the control of such a customer, by a customer or other person who had authorized access to the customer's authentication mechanism.</FONT>	</TD>
</TR>
</TABLE>
<DIV align="left">
<TABLE border=0 cellspacing=0>
<TR>
     <TD width=23%></TD>
     <TD width=4%></TD>
     <TD width=2%></TD>
     <TD width=4%></TD>
     <TD width=64%></TD></TR>
<TR valign="bottom">
	<TD align=left>
<I><FONT size=2 face="Arial-ItalicMT,Arial,Helvetica,sans-serif">Specific Exclusions -</FONT></I></TD>
	<TD align=right>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">4</FONT></TD>
	<TD align=left>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">.</FONT></TD>
	<TD align=left colspan=2>
<B><FONT size=2 face="Arial-BoldMT,Arial,Helvetica,sans-serif">This bond does not directly or indirectly cover:</FONT></B></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<I><FONT size=2 face="Arial-ItalicMT,Arial,Helvetica,sans-serif">Applicable To All Insuring</FONT></I></TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">a.</FONT></TD>
	<TD align=left>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">loss resulting from the complete or partial non-payment of or default on any</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<I><FONT size=2 face="Arial-ItalicMT,Arial,Helvetica,sans-serif">Clauses Except Insuring</FONT></I></TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">loan whether such loan was procured in good faith or through trick, artifice,</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<I><FONT size=2 face="Arial-ItalicMT,Arial,Helvetica,sans-serif">Clauses 1., 4., And 5.</FONT></I></TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">fraud or false pretenses; provided, however, this Section 4.a. shall not apply</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">to INSURING CLAUSE 8.;</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">b.</FONT></TD>
	<TD align=left>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">loss resulting from forgery or any alteration;</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">c.</FONT></TD>
	<TD align=left>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">loss involving a counterfeit provided, however, this Section 4.c. shall not</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=center colspan=5 style="border-bottom:1px solid #000000;">
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">apply to INSURING CLAUSE 5. or 6.</FONT></TD>
</TR>
<TR>
	<TD colspan=5><HR noshade size=1></TD></TR>
<TR>
	<TD colspan=5>
&nbsp;</TD>
</TR>
<TR>
	<TD colspan=5>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<I><FONT size=2 face="Arial-ItalicMT,Arial,Helvetica,sans-serif">Limit Of Liability/Non-</FONT></I></TD>
	<TD align=right>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">5</FONT></TD>
	<TD align=left>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">.</FONT></TD>
	<TD align=left colspan=2>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">At all times prior to termination of this Bond, this Bond shall continue in force for</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<I><FONT size=2 face="Arial-ItalicMT,Arial,Helvetica,sans-serif">Reduction And Non-</FONT></I></TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left colspan=2>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">the limit stated in the applicable sections of ITEM 2. of the DECLARATIONS,</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<I><FONT size=2 face="Arial-ItalicMT,Arial,Helvetica,sans-serif">Accumulation Of Liability</FONT></I></TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left colspan=2>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">notwithstanding any previous loss for which the COMPANY may have paid or be</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left colspan=2>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">liable to pay under this Bond provided, however, that the liability of the COMPANY</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left colspan=2>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">under this Bond with respect to all loss resulting from:</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">a.</FONT></TD>
	<TD align=left>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">any one act of burglary, robbery or hold-up, or attempt thereat, in which no</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
<B><FONT size=2 face="Arial-BoldMT,Arial,Helvetica,sans-serif">Employee </FONT></B><FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">is concerned or implicated, or</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">b.</FONT></TD>
	<TD align=left>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">any one unintentional or negligent act on the part of any one person</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">resulting in damage to or destruction or misplacement of </FONT><B><FONT size=2 face="Arial-BoldMT,Arial,Helvetica,sans-serif">Property</FONT></B><FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">, or</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">c.</FONT></TD>
	<TD align=left>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">all acts, other than those specified in a. above, of any one person, or</FONT></TD>
</TR>
</TABLE>
</DIV>
<P style="MARGIN:0px">&nbsp;</P>
<DIV align="left">
<TABLE border=0 cellspacing=0>
<TR>
     <TD width=54%></TD>
     <TD width=45%></TD></TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=1 face="ArialMT,Arial,Helvetica,sans-serif">ICAP Bond (5-98)</FONT></TD>
	<TD align=left>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=1 face="ArialMT,Arial,Helvetica,sans-serif">Form 17-02-1421 (Ed. 5-98)</FONT></TD>
	<TD align=left>
<FONT size=1 face="ArialMT,Arial,Helvetica,sans-serif">Page 13 of 19</FONT></TD>
</TR>
</TABLE>
</DIV>
<P style="MARGIN:0px">&nbsp;</P>

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<A name="page_17"></A><BR>

<P style="text-align: left;">
<B><I><FONT size=3 face="Arial-BoldItalicMT,Arial,Helvetica,sans-serif">Conditions And Limitations</FONT></I></B></P>
<P style="text-align: left;">
<I><FONT size=2 face="Arial-ItalicMT,Arial,Helvetica,sans-serif">Limit Of Liability/Non-Reduction And Non-Accumulation Of Liability </FONT></I><I><FONT size=2 face="Arial-ItalicMT,Arial,Helvetica,sans-serif">(continued)</FONT></I></P>
<P style="text-align: left;">
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">d. any one casualty or event other than those specified in a., b., or c. above, shall be deemed to be one loss and shall be limited to the applicable LIMIT OF LIABILITY stated in ITEM 2. of the DECLARATIONS of this Bond irrespective of the total amount of such loss or losses and shall not be cumulative in amounts from year to year or from period to period.</FONT></P>
<P style="text-align: left;">
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">All acts, as specified in c. above, of any one person which</FONT></P>
<TABLE border=0 cellspacing=0>
<TR>
	<TD nowrap valign=top width="2%">
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">i.</FONT>&nbsp; &nbsp; &nbsp; 	</TD>
	<TD width="98%">
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">directly or indirectly aid in any way wrongful acts of any other person or persons, or</FONT>	</TD>
</TR>
<TR>
	<TD nowrap valign=top width="2%">
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">ii.</FONT>&nbsp; &nbsp; &nbsp; 	</TD>
	<TD width="98%">
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">permit the continuation of wrongful acts of any other person or persons</FONT>	</TD>
</TR>
</TABLE>
<P style="text-align: left;">
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">whether such acts are committed with or without the knowledge of the wrongful acts of the person so aided, and whether such acts are committed with or without the intent to aid such other person, shall be deemed to be one loss with the wrongful acts of all persons so aided.</FONT></P>
<DIV align="left">
<TABLE border=0 cellspacing=0>
<TR>
     <TD width=24%></TD>
     <TD width=4%></TD>
     <TD width=2%></TD>
     <TD width=4%></TD>
     <TD width=64%></TD></TR>
<TR valign="bottom">
	<TD align=left>
<I><FONT size=2 face="Arial-ItalicMT,Arial,Helvetica,sans-serif">Discovery</FONT></I></TD>
	<TD align=right>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">6</FONT></TD>
	<TD align=left>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">.</FONT></TD>
	<TD align=left colspan=2>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">This Bond applies only to loss first discovered by an officer of the ASSURED</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left colspan=2>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">during the BOND PERIOD. Discovery occurs at the earlier of an officer of the</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left colspan=2>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">ASSURED being aware of:</FONT></TD>
</TR>
<TR>
	<TD colspan=5>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">a.</FONT></TD>
	<TD align=left>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">facts which may subsequently result in a loss of a type covered by this Bond,</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">or</FONT></TD>
</TR>
<TR>
	<TD colspan=5>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">b.</FONT></TD>
	<TD align=left>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">an actual or potential claim in which it is alleged that the ASSURED is liable</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">to a third party,</FONT></TD>
</TR>
<TR>
	<TD colspan=5>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left colspan=2>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">regardless of when the act or acts causing or contributing to such loss occurred,</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left colspan=2>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">even though the amount of loss does not exceed the applicable DEDUCTIBLE</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left style="border-bottom:1px solid #000000;">
&nbsp;</TD>
	<TD align=left style="border-bottom:1px solid #000000;">
&nbsp;</TD>
	<TD align=left style="border-bottom:1px solid #000000;">
&nbsp;</TD>
	<TD align=left colspan=2 style="border-bottom:1px solid #000000;">
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">AMOUNT, or the exact amount or details of loss may not then be known.</FONT></TD>
</TR>
<TR>
	<TD colspan=5>
&nbsp;</TD>
</TR>
<TR>
	<TD colspan=5>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<I><FONT size=2 face="Arial-ItalicMT,Arial,Helvetica,sans-serif">Notice To Company -</FONT></I></TD>
	<TD align=right>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">7</FONT></TD>
	<TD align=left>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">.</FONT></TD>
	<TD align=left>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">a.</FONT></TD>
	<TD align=left>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">The ASSURED shall give the COMPANY notice thereof at the earliest</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<I><FONT size=2 face="Arial-ItalicMT,Arial,Helvetica,sans-serif">Proof - Legal Proceedings</FONT></I></TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">practicable moment, not to exceed sixty (60) days after discovery of loss, in</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<I><FONT size=2 face="Arial-ItalicMT,Arial,Helvetica,sans-serif">Against Company</FONT></I></TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">an amount that is in excess of 50% of the applicable DEDUCTIBLE</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">AMOUNT, as stated in ITEM 2. of the DECLARATIONS.</FONT></TD>
</TR>
<TR>
	<TD colspan=5>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">b.</FONT></TD>
	<TD align=left>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">The ASSURED shall furnish to the COMPANY proof of loss, duly sworn to,</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">with full particulars within six (6) months after such discovery.</FONT></TD>
</TR>
<TR>
	<TD colspan=5>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">c.</FONT></TD>
	<TD align=left>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">Securities listed in a proof of loss shall be identified by certificate or bond</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">numbers, if issued with them.</FONT></TD>
</TR>
<TR>
	<TD colspan=5>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">d.</FONT></TD>
	<TD align=left>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">Legal proceedings for the recovery of any loss under this Bond shall not be</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">brought prior to the expiration of sixty (60) days after the proof of loss is filed</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">with the COMPANY or after the expiration of twenty-four (24) months from</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">the discovery of such loss.</FONT></TD>
</TR>
<TR>
	<TD colspan=5>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">e.</FONT></TD>
	<TD align=left>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">This Bond affords coverage only in favor of the ASSURED. No claim, suit,</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">action or legal proceedings shall be brought under this Bond by anyone</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">other than the ASSURED.</FONT></TD>
</TR>
</TABLE>
</DIV>
<P style="MARGIN:0px">&nbsp;</P>
<DIV align="left">
<TABLE border=0 cellspacing=0>
<TR>
     <TD width=54%></TD>
     <TD width=45%></TD></TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=1 face="ArialMT,Arial,Helvetica,sans-serif">ICAP Bond (5-98)</FONT></TD>
	<TD align=left>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=1 face="ArialMT,Arial,Helvetica,sans-serif">Form 17-02-1421 (Ed. 5-98)</FONT></TD>
	<TD align=left>
<FONT size=1 face="ArialMT,Arial,Helvetica,sans-serif">Page 14 of 19</FONT></TD>
</TR>
</TABLE>
</DIV>
<P style="MARGIN:0px">&nbsp;</P>

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<A name="page_18"></A><BR>

<DIV align="left">
<TABLE border=0 cellspacing=0>
<TR>
     <TD width=24%></TD>
     <TD width=4%></TD>
     <TD width=2%></TD>
     <TD width=4%></TD>
     <TD width=64%></TD></TR>
<TR valign="bottom">
	<TD align=left>
<B><I><FONT size=3 face="Arial-BoldItalicMT,Arial,Helvetica,sans-serif">Conditions And</FONT></I></B></TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<B><I><FONT size=3 face="Arial-BoldItalicMT,Arial,Helvetica,sans-serif">Limitations</FONT></I></B></TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
</TR>
<TR>
	<TD colspan=5>
&nbsp;</TD>
</TR>
<TR>
	<TD colspan=5>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<I><FONT size=2 face="Arial-ItalicMT,Arial,Helvetica,sans-serif">Notice To Company -</FONT></I></TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">f.</FONT></TD>
	<TD align=right>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">Proof of loss involving </FONT><B><FONT size=2 face="Arial-BoldMT,Arial,Helvetica,sans-serif">Voice Initiated Funds Transfer Instruction </FONT></B><FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">shall</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<I><FONT size=2 face="Arial-ItalicMT,Arial,Helvetica,sans-serif">Proof - Legal Proceedings</FONT></I></TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">include electronic recordings of such instructions.</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<I><FONT size=2 face="Arial-ItalicMT,Arial,Helvetica,sans-serif">Against Company</FONT></I></TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left style="border-bottom:1px solid #000000;">
<I><FONT size=2 face="Arial-ItalicMT,Arial,Helvetica,sans-serif">(continued)</FONT></I></TD>
	<TD align=left style="border-bottom:1px solid #000000;">
&nbsp;</TD>
	<TD align=left style="border-bottom:1px solid #000000;">
&nbsp;</TD>
	<TD align=left style="border-bottom:1px solid #000000;">
&nbsp;</TD>
	<TD align=left style="border-bottom:1px solid #000000;">
&nbsp;</TD>
</TR>
<TR>
	<TD colspan=5>
&nbsp;</TD>
</TR>
<TR>
	<TD colspan=5>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<I><FONT size=2 face="Arial-ItalicMT,Arial,Helvetica,sans-serif">Deductible Amount</FONT></I></TD>
	<TD align=right>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">8</FONT></TD>
	<TD align=left>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">.</FONT></TD>
	<TD align=left colspan=2>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">The COMPANY shall not be liable under any INSURING CLAUSES of this Bond</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left colspan=2>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">on account of loss unless the amount of such loss, after deducting the net amount</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left colspan=2>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">of all reimbursement and/or recovery obtained or made by the ASSURED, other</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left colspan=2>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">than from any Bond or policy of insurance issued by an insurance company and</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left colspan=2>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">covering such loss, or by the COMPANY on account thereof prior to payment by</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left colspan=2>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">the COMPANY of such loss, shall exceed the DEDUCTIBLE AMOUNT set forth in</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left colspan=2>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">ITEM 3. of the DECLARATIONS, and then for such excess only, but in no event</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left colspan=2>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">for more than the applicable LIMITS OF LIABILITY stated in ITEM 2. of the</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left colspan=2>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">DECLARATIONS.</FONT></TD>
</TR>
<TR>
	<TD colspan=5>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left colspan=2>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">There shall be no deductible applicable to any loss under INSURING CLAUSE 1.</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left style="border-bottom:1px solid #000000;">
&nbsp;</TD>
	<TD align=left style="border-bottom:1px solid #000000;">
&nbsp;</TD>
	<TD align=left style="border-bottom:1px solid #000000;">
&nbsp;</TD>
	<TD align=left colspan=2 style="border-bottom:1px solid #000000;">
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">sustained by any </FONT><B><FONT size=2 face="Arial-BoldMT,Arial,Helvetica,sans-serif">Investment Company</FONT></B><FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">.</FONT></TD>
</TR>
<TR>
	<TD colspan=5>
&nbsp;</TD>
</TR>
<TR>
	<TD colspan=5>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<I><FONT size=2 face="Arial-ItalicMT,Arial,Helvetica,sans-serif">Valuation</FONT></I></TD>
	<TD align=right>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">9</FONT></TD>
	<TD align=left>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">.</FONT></TD>
	<TD align=left colspan=2>
<B><FONT size=2 face="Arial-BoldMT,Arial,Helvetica,sans-serif">BOOKS OF ACCOUNT OR OTHER RECORDS</FONT></B></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left colspan=2>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">The value of any loss of </FONT><B><FONT size=2 face="Arial-BoldMT,Arial,Helvetica,sans-serif">Property </FONT></B><FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">consisting of books of account or other records</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left colspan=2>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">used by the ASSURED in the conduct of its business shall be the amount paid by</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left colspan=2>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">the ASSURED for blank books, blank pages, or other materials which replace the</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left colspan=2>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">lost books of account or other records, plus the cost of labor paid by the</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left colspan=2>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">ASSURED for the actual transcription or copying of data to reproduce such books</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left colspan=2>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">of account or other records.</FONT></TD>
</TR>
<TR>
	<TD colspan=5>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left colspan=2>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">The value of any loss of </FONT><B><FONT size=2 face="Arial-BoldMT,Arial,Helvetica,sans-serif">Property </FONT></B><FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">other than books of account or other records</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left colspan=2>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">used by the ASSURED in the conduct of its business, for which a claim is made</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left colspan=2>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">shall be determined by the average market value of such </FONT><B><FONT size=2 face="Arial-BoldMT,Arial,Helvetica,sans-serif">Property </FONT></B><FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">on the</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left colspan=2>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">business day immediately preceding discovery of such loss provided, however,</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left colspan=2>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">that the value of any </FONT><B><FONT size=2 face="Arial-BoldMT,Arial,Helvetica,sans-serif">Property </FONT></B><FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">replaced by the ASSURED with the consent of the</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left colspan=2>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">COMPANY and prior to the settlement of any claim for such </FONT><B><FONT size=2 face="Arial-BoldMT,Arial,Helvetica,sans-serif">Property </FONT></B><FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">shall be the</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=center colspan=5>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">actual market value at the time of replacement.</FONT></TD>
</TR>
<TR>
	<TD colspan=5>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left colspan=2>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">In the case of a loss of interim certificates, warrants, rights or other securities, the</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left colspan=2>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">production of which is necessary to the exercise of subscription, conversion,</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left colspan=2>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">redemption or deposit privileges, the value of them shall be the market value of</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left colspan=2>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">such privileges immediately preceding their expiration if said loss is not discovered</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left colspan=2>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">until after their expiration. If no market price is quoted for such </FONT><B><FONT size=2 face="Arial-BoldMT,Arial,Helvetica,sans-serif">Property </FONT></B><FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">or for</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left colspan=2>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">such privileges, the value shall be fixed by agreement between the parties.</FONT></TD>
</TR>
<TR>
	<TD colspan=5>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left colspan=2>
<B><FONT size=2 face="Arial-BoldMT,Arial,Helvetica,sans-serif">OTHER PROPERTY</FONT></B></TD>
</TR>
<TR>
	<TD colspan=5>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left colspan=2>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">The value of any loss of </FONT><B><FONT size=2 face="Arial-BoldMT,Arial,Helvetica,sans-serif">Property</FONT></B><FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">, other than as stated above, shall be the actual</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left colspan=2>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">cash value or the cost of repairing or replacing such </FONT><B><FONT size=2 face="Arial-BoldMT,Arial,Helvetica,sans-serif">Property </FONT></B><FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">with </FONT><B><FONT size=2 face="Arial-BoldMT,Arial,Helvetica,sans-serif">Property </FONT></B><FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">of</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left colspan=2>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">like quality and value, whichever is less.</FONT></TD>
</TR>
</TABLE>
</DIV>
<P style="MARGIN:0px">&nbsp;</P>
<DIV align="left">
<TABLE border=0 cellspacing=0>
<TR>
     <TD width=54%></TD>
     <TD width=45%></TD></TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=1 face="ArialMT,Arial,Helvetica,sans-serif">ICAP Bond (5-98)</FONT></TD>
	<TD align=left>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=1 face="ArialMT,Arial,Helvetica,sans-serif">Form 17-02-1421 (Ed. 5-98)</FONT></TD>
	<TD align=left>
<FONT size=1 face="ArialMT,Arial,Helvetica,sans-serif">Page 15 of 19</FONT></TD>
</TR>
</TABLE>
</DIV>
<P style="MARGIN:0px">&nbsp;</P>

<HR noshade align="center" width="100%" size=2><DIV STYLE="page-break-before: always">&nbsp;</div>



<!--$$/page=-->
<A name="page_19"></A><BR>

<P style="text-align: left;">
<B><I><FONT size=3 face="Arial-BoldItalicMT,Arial,Helvetica,sans-serif">Conditions And</FONT></I></B><BR>
<B><I><FONT size=3 face="Arial-BoldItalicMT,Arial,Helvetica,sans-serif">Limitations</FONT></I></B><BR>
<I><FONT size=2 face="Arial-ItalicMT,Arial,Helvetica,sans-serif">(continued)</FONT></I></P>
<DIV align="left">
<TABLE border=0 cellspacing=0>
<TR>
     <TD width=22%></TD>
     <TD width=6%></TD>
     <TD width=2%></TD>
     <TD width=4%></TD>
     <TD width=64%></TD></TR>
<TR valign="bottom">
	<TD align=left>
<I><FONT size=2 face="Arial-ItalicMT,Arial,Helvetica,sans-serif">Securities Settlement</FONT></I></TD>
	<TD align=right>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">10</FONT></TD>
	<TD align=left>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">.</FONT></TD>
	<TD align=right colspan=2>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">In the event of a loss of securities covered under this Bond, the COMPANY may,</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left colspan=2>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">at its sole discretion, purchase replacement securities, tender the value of the</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left colspan=2>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">securities in money, or issue its indemnity to effect replacement securities.</FONT></TD>
</TR>
<TR>
	<TD colspan=5>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left colspan=2>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">The indemnity required from the ASSURED under the terms of this Section</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left colspan=2>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">against all loss, cost or expense arising from the replacement of securities by the</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left colspan=2>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">COMPANY'S indemnity shall be:</FONT></TD>
</TR>
<TR>
	<TD colspan=5>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">a.</FONT></TD>
	<TD align=right>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">for securities having a value less than or equal to the applicable</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=right>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">DEDUCTIBLE AMOUNT - one hundred (100%) percent;</FONT></TD>
</TR>
<TR>
	<TD colspan=5>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">b.</FONT></TD>
	<TD align=right>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">for securities having a value in excess of the DEDUCTIBLE AMOUNT but</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=right>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">within the applicable LIMIT OF LIABILITY - the percentage that the</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=right>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">DEDUCTIBLE AMOUNT bears to the value of the securities;</FONT></TD>
</TR>
<TR>
	<TD colspan=5>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">c.</FONT></TD>
	<TD align=right>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">for securities having a value greater than the applicable LIMIT OF LIABILITY</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=right>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">- the percentage that the DEDUCTIBLE AMOUNT and portion in excess of</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=center>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">the applicable LIMIT OF LIABILITY bears to the value of the securities.</FONT></TD>
</TR>
<TR>
	<TD colspan=5>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left colspan=2>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">The value referred to in Section 10.a., b., and c. is the value in accordance with</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left colspan=2>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">Section 9, VALUATION, regardless of the value of such securities at the time the</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left colspan=2>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">loss under the COMPANY'S indemnity is sustained.</FONT></TD>
</TR>
<TR>
	<TD colspan=5>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left colspan=2>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">The COMPANY is not required to issue its indemnity for any portion of a loss of</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left colspan=2>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">securities which is not covered by this Bond; however, the COMPANY may do so</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left colspan=2>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">as a courtesy to the ASSURED and at its sole discretion.</FONT></TD>
</TR>
<TR>
	<TD colspan=5>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left colspan=2>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">The ASSURED shall pay the proportion of the Company's premium charge for the</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left colspan=2>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">Company's indemnity as set forth in Section 10.a., b., and c. No portion of the</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left colspan=2>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">LIMIT OF LIABILITY shall be used as payment of premium for any indemnity</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left style="border-bottom:1px solid #000000;">
&nbsp;</TD>
	<TD align=left style="border-bottom:1px solid #000000;">
&nbsp;</TD>
	<TD align=left style="border-bottom:1px solid #000000;">
&nbsp;</TD>
	<TD align=left colspan=2 style="border-bottom:1px solid #000000;">
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">purchased by the ASSURED to obtain replacement securities.</FONT></TD>
</TR>
<TR>
	<TD colspan=5>
&nbsp;</TD>
</TR>
<TR>
	<TD colspan=5>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left colspan=2>
<I><FONT size=2 face="Arial-ItalicMT,Arial,Helvetica,sans-serif">Subrogation - Assignment - </FONT></I><FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">11.</FONT></TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left colspan=2>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">In the event of a payment under this Bond, the COMPANY shall be subrogated to</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<I><FONT size=2 face="Arial-ItalicMT,Arial,Helvetica,sans-serif">Recovery</FONT></I></TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left colspan=2>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">all of the ASSURED'S rights of recovery against any person or entity to the extent</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left colspan=2>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">of such payment. On request, the ASSURED shall deliver to the COMPANY an</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left colspan=2>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">assignment of the ASSURED'S rights, title and interest and causes of action</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left colspan=2>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">against any person or entity to the extent of such payment.</FONT></TD>
</TR>
<TR>
	<TD colspan=5>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left colspan=2>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">Recoveries, whether effected by the COMPANY or by the ASSURED, shall be</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left colspan=2>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">applied net of the expense of such recovery in the following order:</FONT></TD>
</TR>
<TR>
	<TD colspan=5>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">a.</FONT></TD>
	<TD align=right>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">first, to the satisfaction of the ASSURED'S loss which would otherwise have</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=right>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">been paid but for the fact that it is in excess of the applicable LIMIT OF</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=right>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">LIABILITY,</FONT></TD>
</TR>
<TR>
	<TD colspan=5>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">b.</FONT></TD>
	<TD align=right>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">second, to the COMPANY in satisfaction of amounts paid in settlement of</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=right>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">the ASSURED'S claim,</FONT></TD>
</TR>
<TR>
	<TD colspan=5>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">c.</FONT></TD>
	<TD align=right>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">third, to the ASSURED in satisfaction of the applicable DEDUCTIBLE</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=right>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">AMOUNT, and</FONT></TD>
</TR>
</TABLE>
</DIV>
<P style="MARGIN:0px">&nbsp;</P>
<DIV align="left">
<TABLE border=0 cellspacing=0>
<TR>
     <TD width=54%></TD>
     <TD width=45%></TD></TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=1 face="ArialMT,Arial,Helvetica,sans-serif">ICAP Bond (5-98)</FONT></TD>
	<TD align=left>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=1 face="ArialMT,Arial,Helvetica,sans-serif">Form 17-02-1421 (Ed. 5-98)</FONT></TD>
	<TD align=left>
<FONT size=1 face="ArialMT,Arial,Helvetica,sans-serif">Page 16 of 19</FONT></TD>
</TR>
</TABLE>
</DIV>
<P style="MARGIN:0px">&nbsp;</P>

<HR noshade align="center" width="100%" size=2><DIV STYLE="page-break-before: always">&nbsp;</div>



<!--$$/page=-->
<A name="page_20"></A><BR>

<DIV align="left">
<TABLE border=0 cellspacing=0>
<TR>
     <TD width=24%></TD>
     <TD width=4%></TD>
     <TD width=2%></TD>
     <TD width=3%></TD>
     <TD width=64%></TD></TR>
<TR valign="bottom">
	<TD align=left>
<B><I><FONT size=3 face="Arial-BoldItalicMT,Arial,Helvetica,sans-serif">Conditions And</FONT></I></B></TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<B><I><FONT size=3 face="Arial-BoldItalicMT,Arial,Helvetica,sans-serif">Limitations</FONT></I></B></TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
</TR>
<TR>
	<TD colspan=5>
&nbsp;</TD>
</TR>
<TR>
	<TD colspan=5>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<I><FONT size=2 face="Arial-ItalicMT,Arial,Helvetica,sans-serif">Subrogation - Assignment -</FONT></I></TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">d.</FONT></TD>
	<TD align=right>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">fourth, to the ASSURED in satisfaction of any loss suffered by the</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<I><FONT size=2 face="Arial-ItalicMT,Arial,Helvetica,sans-serif">Recovery</FONT></I></TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=right>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">ASSURED which was not covered under this Bond.</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<I><FONT size=2 face="Arial-ItalicMT,Arial,Helvetica,sans-serif">(continued)</FONT></I></TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left colspan=2>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">Recovery from reinsurance or indemnity of the COMPANY shall not be deemed a</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left style="border-bottom:1px solid #000000;">
&nbsp;</TD>
	<TD align=left style="border-bottom:1px solid #000000;">
&nbsp;</TD>
	<TD align=left style="border-bottom:1px solid #000000;">
&nbsp;</TD>
	<TD align=left colspan=2 style="border-bottom:1px solid #000000;">
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">recovery under this section.</FONT></TD>
</TR>
<TR>
	<TD colspan=5>
&nbsp;</TD>
</TR>
<TR>
	<TD colspan=5>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<I><FONT size=2 face="Arial-ItalicMT,Arial,Helvetica,sans-serif">Cooperation Of Assured</FONT></I></TD>
	<TD align=right>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">12</FONT></TD>
	<TD align=left>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">.</FONT></TD>
	<TD align=left colspan=2>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">At the COMPANY'S request and at reasonable times and places designated by</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left colspan=2>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">the COMPANY, the ASSURED shall:</FONT></TD>
</TR>
<TR>
	<TD colspan=5>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">a.</FONT></TD>
	<TD align=right>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">submit to examination by the COMPANY and subscribe to the same under</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=right>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">oath,</FONT></TD>
</TR>
<TR>
	<TD colspan=5>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">b.</FONT></TD>
	<TD align=right>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">produce for the COMPANY'S examination all pertinent records, and</FONT></TD>
</TR>
<TR>
	<TD colspan=5>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">c.</FONT></TD>
	<TD align=right>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">cooperate with the COMPANY in all matters pertaining to the loss.</FONT></TD>
</TR>
<TR>
	<TD colspan=5>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left colspan=2>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">The ASSURED shall execute all papers and render assistance to secure to the</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left colspan=2>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">COMPANY the rights and causes of action provided for under this Bond. The</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left style="border-bottom:1px solid #000000;">
&nbsp;</TD>
	<TD align=left style="border-bottom:1px solid #000000;">
&nbsp;</TD>
	<TD align=left style="border-bottom:1px solid #000000;">
&nbsp;</TD>
	<TD align=left colspan=2 style="border-bottom:1px solid #000000;">
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">ASSURED shall do nothing after loss to prejudice such rights or causes of action.</FONT></TD>
</TR>
<TR>
	<TD colspan=5>
&nbsp;</TD>
</TR>
<TR>
	<TD colspan=5>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<I><FONT size=2 face="Arial-ItalicMT,Arial,Helvetica,sans-serif">Termination</FONT></I></TD>
	<TD align=right>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">13</FONT></TD>
	<TD align=left>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">.</FONT></TD>
	<TD align=left colspan=2>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">If the Bond is for a sole ASSURED, it shall not be terminated unless written notice</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left colspan=2>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">shall have been given by the acting party to the affected party and to the</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left colspan=2>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">Securities and Exchange Commission, Washington, D.C., not less than sixty (60)</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left colspan=2>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">days prior to the effective date of such termination.</FONT></TD>
</TR>
<TR>
	<TD colspan=5>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left colspan=2>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">If the Bond is for a joint ASSURED, it shall not be terminated unless written notice</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left colspan=2>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">shall have been given by the acting party to the affected party, and by the</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left colspan=2>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">COMPANY to all ASSURED </FONT><B><FONT size=2 face="Arial-BoldMT,Arial,Helvetica,sans-serif">Investment Companies </FONT></B><FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">and to the Securities and</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left colspan=2>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">Exchange Commission, Washington, D.C., not less than sixty (60) days prior to</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left colspan=2>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">the effective date of such termination.</FONT></TD>
</TR>
<TR>
	<TD colspan=5>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left colspan=2>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">This Bond will terminate as to any one ASSURED, other than an </FONT><B><FONT size=2 face="Arial-BoldMT,Arial,Helvetica,sans-serif">Investment</FONT></B></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left colspan=2>
<B><FONT size=2 face="Arial-BoldMT,Arial,Helvetica,sans-serif">Company</FONT></B><FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">:</FONT></TD>
</TR>
<TR>
	<TD colspan=5>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">a.</FONT></TD>
	<TD align=right>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">immediately on the taking over of such ASSURED by a receiver or other</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=right>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">liquidator or by State or Federal officials, or</FONT></TD>
</TR>
<TR>
	<TD colspan=5>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">b.</FONT></TD>
	<TD align=right>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">immediately on the filing of a petition under any State or Federal statute</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=right>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">relative to bankruptcy or reorganization of the ASSURED, or assignment for</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">the benefit of creditors of the ASSURED, or</FONT></TD>
</TR>
<TR>
	<TD colspan=5>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">c.</FONT></TD>
	<TD align=right>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">immediately upon such ASSURED ceasing to exist, whether through merger</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=right>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">into another entity, disposition of all of its assets or otherwise.</FONT></TD>
</TR>
<TR>
	<TD colspan=5>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left colspan=2>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">The COMPANY shall refund the unearned premium computed at short rates in</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left colspan=2>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">accordance with the standard short rate cancellation tables if terminated by the</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left colspan=2>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">ASSURED or pro rata if terminated for any other reason.</FONT></TD>
</TR>
</TABLE>
</DIV>
<P style="MARGIN:0px">&nbsp;</P>
<DIV align="left">
<TABLE border=0 cellspacing=0>
<TR>
     <TD width=54%></TD>
     <TD width=45%></TD></TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=1 face="ArialMT,Arial,Helvetica,sans-serif">ICAP Bond (5-98)</FONT></TD>
	<TD align=left>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=1 face="ArialMT,Arial,Helvetica,sans-serif">Form 17-02-1421 (Ed. 5-98)</FONT></TD>
	<TD align=left>
<FONT size=1 face="ArialMT,Arial,Helvetica,sans-serif">Page 17 of 19</FONT></TD>
</TR>
</TABLE>
</DIV>
<P style="MARGIN:0px">&nbsp;</P>

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<DIV align="left">
<TABLE border=0 cellspacing=0>
<TR>
     <TD width=23%></TD>
     <TD width=76%></TD></TR>
<TR valign="top">
	<TD width=23%><P><B><I><FONT size=3 face="Arial-BoldItalicMT,Arial,Helvetica,sans-serif">Conditions And Limitations</FONT></I></B></P>
<P><I><FONT size=2 face="Arial-ItalicMT,Arial,Helvetica,sans-serif">Termination (continued)</FONT></I></P>
</TD>
	<TD width=76% colspan=1><P><FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">If any partner, director, trustee, or officer or supervisory employee of an ASSURED not acting in collusion with an </FONT><B><FONT size=2 face="Arial-BoldMT,Arial,Helvetica,sans-serif">Employee </FONT></B><FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">learns of any dishonest act committed by such </FONT><B><FONT size=2 face="Arial-BoldMT,Arial,Helvetica,sans-serif">Employee </FONT></B><FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">at any time, whether in the employment of the ASSURED or otherwise, whether or not such act is of the type covered under this Bond, and whether against the ASSURED or any other person or entity, the ASSURED:</FONT></P>
</TD>
</TR>
</TABLE>
</DIV>
<P style="MARGIN:0px">&nbsp;</P>
<TABLE border=0 cellspacing=0>
<TR>
	<TD nowrap valign=top width="2%">
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">a.</FONT>&nbsp; &nbsp; &nbsp; 	</TD>
	<TD width="98%">
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">shall immediately remove such </FONT><B><FONT size=2 face="Arial-BoldMT,Arial,Helvetica,sans-serif">Employee </FONT></B><FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">from a position that would enable such </FONT><B><FONT size=2 face="Arial-BoldMT,Arial,Helvetica,sans-serif">Employee </FONT></B><FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">to cause the ASSURED to suffer a loss covered by this Bond; and</FONT>	</TD>
</TR>
<TR>
	<TD nowrap valign=top width="2%">
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">b.</FONT>&nbsp; &nbsp; &nbsp; 	</TD>
	<TD width="98%">
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">within forty-eight (48) hours of learning that an </FONT><B><FONT size=2 face="Arial-BoldMT,Arial,Helvetica,sans-serif">Employee </FONT></B><FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">has committed any dishonest act, shall notify the COMPANY, of such action and provide full particulars of such dishonest act.</FONT>	</TD>
</TR>
</TABLE>
<P style="text-align: left;">
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">The COMPANY may terminate coverage as respects any </FONT><B><FONT size=2 face="Arial-BoldMT,Arial,Helvetica,sans-serif">Employee </FONT></B><FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">sixty (60) days after written notice is received by each ASSURED </FONT><B><FONT size=2 face="Arial-BoldMT,Arial,Helvetica,sans-serif">Investment Company </FONT></B><FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">and the Securities and Exchange Commission, Washington, D.C. of its desire to terminate this Bond as to such </FONT><B><FONT size=2 face="Arial-BoldMT,Arial,Helvetica,sans-serif">Employee</FONT></B><FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">.</FONT></P>
<DIV align="left">
<TABLE border=0 cellspacing=0>
<TR>
     <TD width=22%></TD>
     <TD width=6%></TD>
     <TD width=2%></TD>
     <TD width=3%></TD>
     <TD width=64%></TD></TR>
<TR valign="bottom">
	<TD align=left>
<I><FONT size=2 face="Arial-ItalicMT,Arial,Helvetica,sans-serif">Other Insurance</FONT></I></TD>
	<TD align=right>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">14</FONT></TD>
	<TD align=left>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">.</FONT></TD>
	<TD align=left colspan=2>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">Coverage under this Bond shall apply only as excess over any valid and collectible</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left colspan=2>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">insurance, indemnity or suretyship obtained by or on behalf of:</FONT></TD>
</TR>
<TR>
	<TD colspan=5>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">a.</FONT></TD>
	<TD align=right>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">the ASSURED,</FONT></TD>
</TR>
<TR>
	<TD colspan=5>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">b.</FONT></TD>
	<TD align=right>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">a </FONT><B><FONT size=2 face="Arial-BoldMT,Arial,Helvetica,sans-serif">Transportation Company</FONT></B><FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">, or</FONT></TD>
</TR>
<TR>
	<TD colspan=5>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">c.</FONT></TD>
	<TD align=right>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">another entity on whose premises the loss occurred or which employed the</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=right>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">person causing the loss or engaged the messenger conveying the </FONT><B><FONT size=2 face="Arial-BoldMT,Arial,Helvetica,sans-serif">Property</FONT></B></TD>
</TR>
<TR valign="bottom">
	<TD align=left style="border-bottom:1px solid #000000;">
&nbsp;</TD>
	<TD align=left style="border-bottom:1px solid #000000;">
&nbsp;</TD>
	<TD align=left style="border-bottom:1px solid #000000;">
&nbsp;</TD>
	<TD align=left style="border-bottom:1px solid #000000;">
&nbsp;</TD>
	<TD align=right style="border-bottom:1px solid #000000;">
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">involved.</FONT></TD>
</TR>
<TR>
	<TD colspan=5>
&nbsp;</TD>
</TR>
<TR>
	<TD colspan=5>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<I><FONT size=2 face="Arial-ItalicMT,Arial,Helvetica,sans-serif">Conformity</FONT></I></TD>
	<TD align=right>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">15</FONT></TD>
	<TD align=left>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">.</FONT></TD>
	<TD align=left colspan=2>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">If any limitation within this Bond is prohibited by any law controlling this Bond's</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left colspan=2>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">construction, such limitation shall be deemed to be amended so as to equal the</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left style="border-bottom:1px solid #000000;">
&nbsp;</TD>
	<TD align=left style="border-bottom:1px solid #000000;">
&nbsp;</TD>
	<TD align=left style="border-bottom:1px solid #000000;">
&nbsp;</TD>
	<TD align=left colspan=2 style="border-bottom:1px solid #000000;">
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">minimum period of limitation provided by such law.</FONT></TD>
</TR>
<TR>
	<TD colspan=5>
&nbsp;</TD>
</TR>
<TR>
	<TD colspan=5>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<I><FONT size=2 face="Arial-ItalicMT,Arial,Helvetica,sans-serif">Change or Modification</FONT></I></TD>
	<TD align=right>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">16</FONT></TD>
	<TD align=left>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">.</FONT></TD>
	<TD align=left colspan=2>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">This Bond or any instrument amending or affecting this Bond may not be changed</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left colspan=2>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">or modified orally No change in or modification of this Bond shall be effective</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left colspan=2>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">except when made by written endorsement to this Bond signed by an authorized</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left colspan=2>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">representative of the COMPANY.</FONT></TD>
</TR>
<TR>
	<TD colspan=5>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left colspan=2>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">If this Bond is for a sole ASSURED, no change or modification which would</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left colspan=2>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">adversely affect the rights of the ASSURED shall be effective prior to sixty (60)</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left colspan=2>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">days after written notice has been furnished to the Securities and Exchange</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left colspan=2>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">Commission, Washington, D.C., by the acting party.</FONT></TD>
</TR>
</TABLE>
</DIV>
<P style="MARGIN:0px">&nbsp;</P>
<DIV align="left">
<TABLE border=0 cellspacing=0>
<TR>
     <TD width=54%></TD>
     <TD width=45%></TD></TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=1 face="ArialMT,Arial,Helvetica,sans-serif">ICAP Bond (5-98)</FONT></TD>
	<TD align=left>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=1 face="ArialMT,Arial,Helvetica,sans-serif">Form 17-02-1421 (Ed. 5-98)</FONT></TD>
	<TD align=left>
<FONT size=1 face="ArialMT,Arial,Helvetica,sans-serif">Page 18 of 19</FONT></TD>
</TR>
</TABLE>
</DIV>
<P style="MARGIN:0px">&nbsp;</P>

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<DIV align="left">
<TABLE border=0 cellspacing=0>
<TR>
     <TD width=25%></TD>
     <TD width=74%></TD></TR>
<TR valign="top">
	<TD width=25%><P><B><I><FONT size=3 face="Arial-BoldItalicMT,Arial,Helvetica,sans-serif">Conditions And Limitations</FONT></I></B></P>
<P><I><FONT size=2 face="Arial-ItalicMT,Arial,Helvetica,sans-serif">Change or Modification (continued)</FONT></I></P>
</TD>
	<TD width=74% colspan=1><P><FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">If this Bond is for a joint ASSURED, no charge or modification which would adversely affect the rights of the ASSURED shall be effective prior to sixty (60) days after written notice has been furnished to all insured </FONT><B><FONT size=2 face="Arial-BoldMT,Arial,Helvetica,sans-serif">Investment Companies </FONT></B><FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">and to the Securities and Exchange Commission, Washington, D.C., by the COMPANY.</FONT></P>
</TD>
</TR>
</TABLE>
</DIV>
<P style="MARGIN:0px">&nbsp;</P>
<DIV align="left">
<TABLE border=0 cellspacing=0>
<TR>
     <TD width=54%></TD>
     <TD width=45%></TD></TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=1 face="ArialMT,Arial,Helvetica,sans-serif">ICAP Bond (5-98)</FONT></TD>
	<TD align=left>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=1 face="ArialMT,Arial,Helvetica,sans-serif">Form 17-02-1421 (Ed. 5-98)</FONT></TD>
	<TD align=left>
<FONT size=1 face="ArialMT,Arial,Helvetica,sans-serif">Page 19 of 19</FONT></TD>
</TR>
</TABLE>
</DIV>
<P style="MARGIN:0px">&nbsp;</P>

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<A name="page_23"></A><BR>

<DIV align="left">
<TABLE border=0 cellspacing=0>
<TR>
     <TD width=44%></TD>
     <TD width=28%></TD>
     <TD width=26%></TD></TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left style="TEXT-INDENT:2.000000px">
<B><FONT size=2 face="Arial-BoldMT,Arial,Helvetica,sans-serif">ENDORSEMENT/RIDER</FONT></B></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">Effective date of</FONT></TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">this endorsement/rider: December 31, 2011</FONT></TD>
	<TD align=left colspan=2>
<B><FONT size=2 face="Arial-BoldMT,Arial,Helvetica,sans-serif">FEDERAL INSURANCE COMPANY</FONT></B></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">Endorsement/Rider No.</FONT></TD>
	<TD align=left>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">1</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">To be attached to and</FONT></TD>
	<TD align=left>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">form a part of Bond No.</FONT></TD>
	<TD align=left>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">81906724</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left colspan=2>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">Issued to: JOHN HANCOCK FUNDS; JOHN HANCOCK FUNDS II; JOHN</FONT></TD>
	<TD align=left>
&nbsp;</TD>
</TR>
</TABLE>
</DIV>
<P style="MARGIN:0px">&nbsp;</P>
<P style="text-align: center;">
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">HANCOCK FUNDS III; JOHN HANCOCK VARIABLE INSURANCE TRUST</FONT></P>
<P style="text-align: center;">
<B><FONT size=2 face="Arial-BoldMT,Arial,Helvetica,sans-serif">COMPLIANCE WITH APPLICABLE TRADE SANCTION LAWS</FONT></B></P>
<P style="text-align: left;">
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">It is agreed that this insurance does not apply to the extent that trade or economic sanctions or other similar laws or regulations prohibit the coverage provided by this insurance.</FONT></P>
<P style="text-align: left;">
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">The title and any headings in this endorsement/rider are solely for convenience and form no part of the terms and conditions of coverage.</FONT></P>
<P style="text-align: left;">
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">All other terms, conditions and limitations of this Bond shall remain unchanged.</FONT></P>
<P align="center">
<IMG src="ga_jhfjhfiiinewx23x1.jpg" border=0>
</P>
<P style="text-align: center;">
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">Authorized Representative</FONT></P>
<P style="text-align: left;">
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">14-02-9228 (02/2010)</FONT></P>
<P style="text-align: left;">
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">Page 1</FONT></P>

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<P style="text-align: center;">
<B><FONT size=2 face="Arial-BoldMT,Arial,Helvetica,sans-serif">FEDERAL INSURANCE COMPANY</FONT></B></P>
<DIV align="left">
<TABLE border=0 cellspacing=0>
<TR>
     <TD width=62%></TD>
     <TD width=37%></TD></TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">Endorsement No:</FONT></TD>
	<TD align=left>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">2</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">Bond Number:</FONT></TD>
	<TD align=left>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">81906724</FONT></TD>
</TR>
</TABLE>
</DIV>
<P style="MARGIN:0px">&nbsp;</P>
<P style="text-align: left;">
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">NAME OF ASSURED: JOHN HANCOCK FUNDS; JOHN HANCOCK FUNDS II; JOHN</FONT></P>
<P style="text-align: left;">
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">HANCOCK FUNDS III; JOHN HANCOCK VARIABLE INSURANCE TRUST</FONT></P>
<P style="text-align: center;">
<B><FONT size=2 face="Arial-BoldMT,Arial,Helvetica,sans-serif">TERMINATION-NONRENEWAL-NOTICE ENDORSEMENT</FONT></B></P>
<P style="text-align: left;">
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">It is agreed that this Bond is amended as follows:</FONT></P>
<TABLE border=0 cellspacing=0>
<TR>
	<TD nowrap valign=top width="2%">
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">1.</FONT>&nbsp; &nbsp; &nbsp; 	</TD>
	<TD width="98%" colspan=2>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">By adding to Section 13., Termination, the following:</FONT>	</TD>
</TR>
<TR>
<TD width="2%">&nbsp;</TD>	<TD nowrap valign=top width="2%">
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">"Termination</FONT>&nbsp; &nbsp; &nbsp; 	</TD>
	<TD width="96%">
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">By The Company</FONT>	</TD>
</TR>
<TR>
<TD width="2%">&nbsp;</TD>	<TD nowrap valign=top width="2%">
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">Bonds</FONT>&nbsp; &nbsp; &nbsp; 	</TD>
	<TD width="96%">
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">In Effect For More Than Sixty (60) Days</FONT>	</TD>
</TR>
<TR>
<TD width="2%">&nbsp;</TD>	<TD nowrap valign=top width="2%">
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">If</FONT>&nbsp; &nbsp; &nbsp; 	</TD>
	<TD width="96%">
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">this Bond has been in effect for more than sixty (60) days, or, if this Bond is a renewal, the COMPANY</FONT>	</TD>
</TR>
<TR>
<TD width="2%">&nbsp;</TD>	<TD nowrap valign=top width="2%">
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">may</FONT>&nbsp; &nbsp; &nbsp; 	</TD>
	<TD width="96%">
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">terminate by providing written notice of cancellation at least sixty (60) days before the effective date</FONT>	</TD>
</TR>
<TR>
<TD width="2%">&nbsp;</TD>	<TD nowrap valign=top width="2%">
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">of</FONT>&nbsp; &nbsp; &nbsp; 	</TD>
	<TD width="96%">
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">termination for at least one of the following reasons:</FONT>	</TD>
</TR>
<TR>
<TD width="2%">&nbsp;</TD>	<TD nowrap valign=top width="2%">
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">1.</FONT>&nbsp; &nbsp; &nbsp; 	</TD>
	<TD width="96%">
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">Nonpayment of premium;</FONT>	</TD>
</TR>
<TR>
<TD width="2%">&nbsp;</TD>	<TD nowrap valign=top width="2%">
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">2.</FONT>&nbsp; &nbsp; &nbsp; 	</TD>
	<TD width="96%">
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">Discovery of fraud or material misrepresentation in obtaining this Bond or in the presentation of a claim thereunder;</FONT>	</TD>
</TR>
<TR>
<TD width="2%">&nbsp;</TD>	<TD nowrap valign=top width="2%">
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">3.</FONT>&nbsp; &nbsp; &nbsp; 	</TD>
	<TD width="96%">
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">Discovery of willful or reckless acts or omissions or violation of any provision of this Bond on the part of the ASSURED which substantially and materially increases any hazard insured against, and which occurred subsequent to the inception of the current BOND PERIOD;</FONT>	</TD>
</TR>
<TR>
<TD width="2%">&nbsp;</TD>	<TD nowrap valign=top width="2%">
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">4.</FONT>&nbsp; &nbsp; &nbsp; 	</TD>
	<TD width="96%">
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">Conviction of the ASSURED of a crime arising out of acts increasing the hazard insured against;</FONT>	</TD>
</TR>
<TR>
<TD width="2%">&nbsp;</TD>	<TD nowrap valign=top width="2%">
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">5.</FONT>&nbsp; &nbsp; &nbsp; 	</TD>
	<TD width="96%">
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">Material change in the risk which increases the risk of loss after insurance coverage has been issued or renewed, except to the extent that the COMPANY should reasonably have foreseen the change, or contemplated the risk when the contract was written;</FONT>	</TD>
</TR>
<TR>
<TD width="2%">&nbsp;</TD>	<TD nowrap valign=top width="2%">
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">6.</FONT>&nbsp; &nbsp; &nbsp; 	</TD>
	<TD width="96%">
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">Determination by the Commissioner that the continuation of the Bond would jeopardize a COMPANY'S solvency or would place the COMPANY in violation of the insurance laws of any state;</FONT>	</TD>
</TR>
<TR>
<TD width="2%">&nbsp;</TD>	<TD nowrap valign=top width="2%">
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">7.</FONT>&nbsp; &nbsp; &nbsp; 	</TD>
	<TD width="96%">
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">Determination by the Commissioner that continuation of the present premium volume of the COMPANY would jeopardize the COMPANY'S policyholders, creditors or the public;</FONT>	</TD>
</TR>
<TR>
<TD width="2%">&nbsp;</TD>	<TD nowrap valign=top width="2%">
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">8.</FONT>&nbsp; &nbsp; &nbsp; 	</TD>
	<TD width="96%">
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">Such other reasons that are approved by the Commissioner;</FONT>	</TD>
</TR>
<TR>
<TD width="2%">&nbsp;</TD>	<TD nowrap valign=top width="2%">
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">9.</FONT>&nbsp; &nbsp; &nbsp; 	</TD>
	<TD width="96%">
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">Determination by the Commissioner that the COMPANY no longer has adequate reinsurance to meet the ASSUREDS needs;</FONT>	</TD>
</TR>
<TR>
<TD width="2%">&nbsp;</TD>	<TD nowrap valign=top width="2%">
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">10.</FONT>&nbsp; &nbsp; &nbsp; 	</TD>
	<TD width="96%">
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">Substantial breaches of contractual duties, conditions or warranties; or</FONT>	</TD>
</TR>
<TR>
<TD width="2%">&nbsp;</TD>	<TD nowrap valign=top width="2%">
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">11.</FONT>&nbsp; &nbsp; &nbsp; 	</TD>
	<TD width="96%">
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">Unfavorable underwriting facts, specific to the ASSURED, existing that were not present at the inception of the Bond.</FONT>	</TD>
</TR>
</TABLE>
<DIV align="left">
<TABLE border=0 cellspacing=0>
<TR>
     <TD width=61%></TD>
     <TD width=38%></TD></TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">ICAP Bond</FONT></TD>
	<TD align=left>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">Form 17-02-1360 (Rev. 10-99)</FONT></TD>
	<TD align=left>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">Page 1</FONT></TD>
</TR>
</TABLE>
</DIV>
<P style="MARGIN:0px">&nbsp;</P>

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<P style="text-align: left;">
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">Bonds In Effect Sixty (60) Days Or Less</FONT></P>
<P style="text-align: left;">
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">If this Bond has been in effect for sixty (60) days or less, and it is not a renewal Bond, the COMPANY may terminate for any reason by providing written notice of termination at least sixty (60) days before the effective date of termination.</FONT></P>
<P style="text-align: left;">
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">Notice Of Termination</FONT></P>
<P style="text-align: left;">
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">Notice of termination under this Section shall be mailed or delivered, by certified mail, return receipt provided by the United States Postal Service, to the ASSURED and to the authorized agent or broker, if any, at least sixty (60) days prior to the effective date of cancellation at the address shown on the DECLARATIONS of this Bond.</FONT></P>
<P style="text-align: left;">
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">If this Bond is cancelled for nonpayment of premium, the COMPANY will mail or deliver, by certified mail, return receipt provided by the United States Postal Service, a written notice at least thirty (30) days before the effective date of cancellation. The cancellation notice shall contain information regarding the amount of premium due and the due date, and shall state the effect of nonpayment by the due date. Cancellation shall not be effective if payment of the amount due is made prior to the effective date of cancellation.</FONT></P>
<P style="text-align: left;">
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">All notice of cancellation shall state the reason(s) for cancellation.</FONT></P>
<P style="text-align: left;">
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">There is no liability on the part of, and no cause of action of any nature shall arise against, the COMPANY, its authorized representatives, its employees, or any firm, person or corporation furnishing to the COMPANY, information relating to the reasons for cancellation or nonrenewal, for any statement made by them in complying or enabling the COMPANY to comply with this Section, for the provision of information pertaining thereto, or for statements made or evidence submitted at any hearings conducted in connection therewith, if such information was provided in good faith and without malice.</FONT></P>
<P style="text-align: left;">
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">Notice Of Nonrenewal</FONT></P>
<P style="text-align: left;">
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">If the COMPANY elects not to renew this Bond, the COMPANY shall mail or deliver written notice, by certified mail, return receipt, provided by the United States Postal Service, to the ASSURED, at his last known address, at least sixty (60) days before the expiration date or before the anniversary date, if this Bond has been written for a term of more than one (1) year. Such notice shall also be mailed to the ASSURED'S agent or broker, if any.</FONT></P>
<P style="text-align: left;">
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">Such notice shall contain all of the following:</FONT></P>
<TABLE border=0 cellspacing=0>
<TR>
	<TD nowrap valign=top width="2%">
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">a.</FONT>&nbsp; &nbsp; &nbsp; 	</TD>
	<TD width="98%">
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">Bond Number:</FONT>	</TD>
</TR>
<TR>
	<TD nowrap valign=top width="2%">
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">b.</FONT>&nbsp; &nbsp; &nbsp; 	</TD>
	<TD width="98%">
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">Date of Notice;</FONT>	</TD>
</TR>
<TR>
	<TD nowrap valign=top width="2%">
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">c.</FONT>&nbsp; &nbsp; &nbsp; 	</TD>
	<TD width="98%">
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">Reason for Cancellation;</FONT>	</TD>
</TR>
<TR>
	<TD nowrap valign=top width="2%">
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">d.</FONT>&nbsp; &nbsp; &nbsp; 	</TD>
	<TD width="98%">
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">Expiration Date of the Bond;</FONT>	</TD>
</TR>
<TR>
	<TD nowrap valign=top width="2%">
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">e.</FONT>&nbsp; &nbsp; &nbsp; 	</TD>
	<TD width="98%">
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">Effective Date and Hour of Cancellation.</FONT>	</TD>
</TR>
</TABLE>
<P style="text-align: left;">
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">Notice of nonrenewal shall not be required if the COMPANY or a COMPANY within the same insurance group has offered to issue a renewal Bond, the ASSURED has obtained replacement coverage or has agreed in writing to obtain replacement coverage, the ASSURED has requested or agreed to nonrenewal, or the Bond is expressly designated as nonrenewable.</FONT></P>
<DIV align="left">
<TABLE border=0 cellspacing=0>
<TR>
     <TD width=61%></TD>
     <TD width=38%></TD></TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">ICAP Bond</FONT></TD>
	<TD align=left>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">Form 17-02-1360 (Rev. 10-99)</FONT></TD>
	<TD align=left>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">Page 2</FONT></TD>
</TR>
</TABLE>
</DIV>
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<TABLE border=0 cellspacing=0>
<TR>
<TD width="10%">&nbsp;</TD>	<TD width="90%">
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">Return Premium Calculations</FONT>	</TD>
</TR>
<TR>
<TD width="10%">&nbsp;</TD>	<TD width="90%">
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">Any unearned premiums which have been paid by the ASSURED shall be refunded to the ASSURED on a pro rata basis if terminated by the COMPANY or the ASSURED. The unearned premiums shall be refunded to the ASSURED within forty-five (45) days of receipt of the request for cancellation or the effective date of cancellation, whichever is later.</FONT>	</TD>
</TR>
<TR>
<TD width="10%">&nbsp;</TD>	<TD width="90%">
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">Conditional Renewal</FONT>	</TD>
</TR>
<TR>
<TD width="10%">&nbsp;</TD>	<TD width="90%">
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">If the COMPANY offers or purports to renew the Bond, but on less favorable terms or at higher rates, the new terms or higher premiums may take effect on the renewal date, if the COMPANY mails or delivers by certified mail, return receipt provided by the United States Postal Service, to the ASSURED, notice of the new terms or premiums at least sixty (60) days prior to the renewal date. If the COMPANY notifies the ASSURED within sixty (60) days prior to the renewal date, the new terms or premiums do not take effect until sixty (60) days after the notice is mailed or delivered, in which case, the ASSURED may elect to cancel the renewal Bond within the sixty (60) day period. If the COMPANY does not notify the ASSURED of the new terms or premiums, the COMPANY shall continue the Bond at the expiring terms and premiums until notice is given or until the effective date of replacement coverage is obtained by the ASSURED, whichever occurs first.&#148;</FONT>	</TD>
</TR>
<TR>
	<TD nowrap valign=top width="2%">
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">2.</FONT>&nbsp; &nbsp; &nbsp; 	</TD>
	<TD width="98%">
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">It is further understood and agreed that for the purposes of Section 13., Termination, any occurrence listed in this Section shall be considered to be a request by the ASSURED to immediately terminate this Bond.</FONT>	</TD>
</TR>
</TABLE>
<P style="text-align: left;">
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">This Endorsement applies to loss discovered after 12:01 a.m. on December 31, 2011.</FONT></P>
<P style="text-align: left;">
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">ALL OTHER TERMS AND CONDITIONS OF THIS BOND REMAIN UNCHANGED.</FONT></P>
<IMG src="ga_jhfjhfiiinewx26x1.jpg" border=0>
<BR>
<DIV align="left">
<TABLE border=0 cellspacing=0>
<TR>
     <TD width=61%></TD>
     <TD width=38%></TD></TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">ICAP Bond</FONT></TD>
	<TD align=left>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">Form 17-02-1360 (Rev. 10-99)</FONT></TD>
	<TD align=left>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">Page 3</FONT></TD>
</TR>
</TABLE>
</DIV>
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<P style="text-align: left;">
<B><FONT size=2 face="Arial-BoldMT,Arial,Helvetica,sans-serif">FEDERAL INSURANCE COMPANY</FONT></B></P>
<P style="text-align: left;">
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">Endorsement No.: 3</FONT></P>
<P style="text-align: left;">
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">Bond Number: 81906724</FONT></P>
<P style="text-align: left;">
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">NAME OF ASSURED: JOHN HANCOCK FUNDS; JOHN HANCOCK FUNDS II; JOHN</FONT></P>
<P style="text-align: left;">
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">HANCOCK FUNDS III; JOHN HANCOCK VARIABLE INSURANCE TRUST</FONT></P>
<P style="text-align: center;">
<B><FONT size=2 face="Arial-BoldMT,Arial,Helvetica,sans-serif">UNAUTHORIZED SIGNATURE ENDORSEMENT</FONT></B></P>
<P style="text-align: left;">
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">It is agreed that this Bond is amended as follows:</FONT></P>
<TABLE border=0 cellspacing=0>
<TR>
	<TD nowrap valign=top width="2%">
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">1.</FONT>&nbsp; &nbsp; &nbsp; 	</TD>
	<TD width="98%" colspan=3>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">By adding the following INSURING CLAUSE:</FONT>	</TD>
</TR>
<TR>
<TD width="2%">&nbsp;</TD>	<TD nowrap valign=top width="2%">
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">12.</FONT>&nbsp; &nbsp; &nbsp; 	</TD>
	<TD width="96%" colspan=2>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">Unauthorized Signature</FONT>	</TD>
</TR>
<TR>
<TD width="2%">&nbsp;</TD><TD width="2%">&nbsp;</TD>	<TD nowrap valign=top width="2%">
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">Loss</FONT>&nbsp; &nbsp; &nbsp; 	</TD>
	<TD width="94%">
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">resulting directly from the ASSURED having accepted, paid or cashed any check or</FONT>	</TD>
</TR>
<TR>
<TD width="2%">&nbsp;</TD><TD width="2%">&nbsp;</TD>	<TD nowrap valign=top width="2%">
<B><FONT size=2 face="Arial-BoldMT,Arial,Helvetica,sans-serif">Withdrawal</FONT></B>&nbsp; &nbsp; &nbsp; 	</TD>
	<TD width="94%">
<B><FONT size=2 face="Arial-BoldMT,Arial,Helvetica,sans-serif">Order </FONT></B><FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">made or drawn on or against the account of the ASSURED&#146;S customer which</FONT>	</TD>
</TR>
<TR>
<TD width="2%">&nbsp;</TD><TD width="2%">&nbsp;</TD>	<TD nowrap valign=top width="2%">
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">bears</FONT>&nbsp; &nbsp; &nbsp; 	</TD>
	<TD width="94%">
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">the signature or endorsement of one other than a person whose name and signature is on</FONT>	</TD>
</TR>
<TR>
<TD width="2%">&nbsp;</TD><TD width="2%">&nbsp;</TD>	<TD nowrap valign=top width="2%">
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">file</FONT>&nbsp; &nbsp; &nbsp; 	</TD>
	<TD width="94%">
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">with the ASSURED as a signatory on such account.</FONT>	</TD>
</TR>
<TR>
<TD width="2%">&nbsp;</TD><TD width="2%">&nbsp;</TD>	<TD nowrap valign=top width="2%">
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">It</FONT>&nbsp; &nbsp; &nbsp; 	</TD>
	<TD width="94%">
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">shall be a condition precedent to the ASSURED'S right of recovery under this INSURING</FONT>	</TD>
</TR>
<TR>
<TD width="2%">&nbsp;</TD><TD width="2%">&nbsp;</TD>	<TD nowrap valign=top width="2%">
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">CLAUSE</FONT>&nbsp; &nbsp; &nbsp; 	</TD>
	<TD width="94%">
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">that the ASSURED shall have on file signatures of all the persons who are signatories</FONT>	</TD>
</TR>
<TR>
<TD width="2%">&nbsp;</TD><TD width="2%">&nbsp;</TD>	<TD nowrap valign=top width="2%">
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">on</FONT>&nbsp; &nbsp; &nbsp; 	</TD>
	<TD width="94%">
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">such account.</FONT>	</TD>
</TR>
<TR>
	<TD nowrap valign=top width="2%">
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">2.</FONT>&nbsp; &nbsp; &nbsp; 	</TD>
	<TD width="98%" colspan=3>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">By adding to Section 1., Definitions, the following:</FONT>	</TD>
</TR>
<TR>
<TD width="2%">&nbsp;</TD>	<TD nowrap valign=top width="2%">
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">aa.</FONT>&nbsp; &nbsp; &nbsp; 	</TD>
	<TD width="96%" colspan=2>
<B><FONT size=2 face="Arial-BoldMT,Arial,Helvetica,sans-serif">Instruction </FONT></B><FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">means a written order to the issuer of an </FONT><B><FONT size=2 face="Arial-BoldMT,Arial,Helvetica,sans-serif">Uncertificated Security </FONT></B><FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">requesting that the</FONT>	</TD>
</TR>
<TR>
<TD width="2%">&nbsp;</TD><TD width="2%">&nbsp;</TD>	<TD nowrap valign=top width="2%">
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">transfer,</FONT>&nbsp; &nbsp; &nbsp; 	</TD>
	<TD width="94%">
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">pledge or release from pledge of the specified </FONT><B><FONT size=2 face="Arial-BoldMT,Arial,Helvetica,sans-serif">Uncertificated Security </FONT></B><FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">be registered.</FONT>	</TD>
</TR>
<TR>
<TD width="2%">&nbsp;</TD>	<TD nowrap valign=top width="2%">
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">bb.</FONT>&nbsp; &nbsp; &nbsp; 	</TD>
	<TD width="96%" colspan=2>
<B><FONT size=2 face="Arial-BoldMT,Arial,Helvetica,sans-serif">Uncertificated Security </FONT></B><FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">means a share, participation or other interest in property of or an</FONT>	</TD>
</TR>
<TR>
<TD width="2%">&nbsp;</TD><TD width="2%">&nbsp;</TD>	<TD nowrap valign=top width="2%">
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">enterprise</FONT>&nbsp; &nbsp; &nbsp; 	</TD>
	<TD width="94%">
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">of the issuer or an obligation of the issuer, which is:</FONT>	</TD>
</TR>
<TR>
<TD width="2%">&nbsp;</TD><TD width="2%">&nbsp;</TD>	<TD nowrap valign=top width="2%">
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">(1)</FONT>&nbsp; &nbsp; &nbsp; 	</TD>
	<TD width="94%">
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">not represented by an instrument and the transfer of which is registered on books maintained for that purpose by or on behalf of the issuer, and</FONT>	</TD>
</TR>
<TR>
<TD width="2%">&nbsp;</TD><TD width="2%">&nbsp;</TD>	<TD nowrap valign=top width="2%">
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">(2)</FONT>&nbsp; &nbsp; &nbsp; 	</TD>
	<TD width="94%">
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">of a type commonly dealt in on securities exchanges or markets, and</FONT>	</TD>
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<TR>
<TD width="2%">&nbsp;</TD><TD width="2%">&nbsp;</TD>	<TD nowrap valign=top width="2%">
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">(3)</FONT>&nbsp; &nbsp; &nbsp; 	</TD>
	<TD width="94%">
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">either one of a class or series or by its terms divisible into a class or series of shares, participations, interests or obligations.</FONT>	</TD>
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     <TD width=60%></TD>
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	<TD align=left>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">ICAP Bond</FONT></TD>
	<TD align=left>
&nbsp;</TD>
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<TR valign="bottom">
	<TD align=left>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">Form 17-02-5602 (Ed. 10-03)</FONT></TD>
	<TD align=left>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">Page 1</FONT></TD>
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<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">cc.</FONT>&nbsp; &nbsp; &nbsp; 	</TD>
	<TD width="98%">
<B><FONT size=2 face="Arial-BoldMT,Arial,Helvetica,sans-serif">Withdrawal Order </FONT></B><FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">means a non-negotiable instrument, other than an </FONT><B><FONT size=2 face="Arial-BoldMT,Arial,Helvetica,sans-serif">Instruction</FONT></B><FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">, signed by a customer of the ASSURED authorizing the ASSURED to debit the customer&#146;s account in the amount of funds stated therein.</FONT>	</TD>
</TR>
</TABLE>
<P style="text-align: left;">
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">This Endorsement applies to loss discovered after 12:01 a.m. on December 31, 2011.</FONT></P>
<P style="text-align: left;">
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">ALL OTHER TERMS AND CONDITIONS OF THIS BOND REMAIN UNCHANGED.</FONT></P>
<P style="text-align: left;">
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">Date: January 6, 2012</FONT></P>
<IMG src="ga_jhfjhfiiinewx28x1.jpg" border=0>
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<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">ICAP Bond</FONT></TD>
	<TD align=left>
&nbsp;</TD>
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	<TD align=left>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">Form 17-02-5602 (Ed. 10-03)</FONT></TD>
	<TD align=left>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">Page 2</FONT></TD>
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<P style="text-align: left;">
<B><FONT size=2 face="Arial-BoldMT,Arial,Helvetica,sans-serif">FEDERAL INSURANCE COMPANY</FONT></B></P>
<P style="text-align: left;">
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">Endorsement No.: 4</FONT></P>
<P style="text-align: left;">
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">Bond Number: 81906724</FONT></P>
<P style="text-align: left;">
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">NAME OF ASSURED: JOHN HANCOCK FUNDS; JOHN HANCOCK FUNDS II; JOHN</FONT></P>
<P style="text-align: left;">
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">HANCOCK FUNDS III; JOHN HANCOCK VARIABLE INSURANCE TRUST</FONT></P>
<P style="text-align: center;">
<B><FONT size=2 face="Arial-BoldMT,Arial,Helvetica,sans-serif">AUTOMATED TELEPHONE TRANSACTION ENDORSEMENT</FONT></B></P>
<P style="text-align: left;">
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">It is agreed that this Bond is amended as follows:</FONT></P>
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	<TD nowrap valign=top width="2%">
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">1.</FONT>&nbsp; &nbsp; &nbsp; 	</TD>
	<TD width="98%" colspan=3>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">By adding the following INSURING CLAUSE:</FONT>	</TD>
</TR>
<TR>
<TD width="2%">&nbsp;</TD>	<TD nowrap valign=top width="2%">
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">13.</FONT>&nbsp; &nbsp; &nbsp; 	</TD>
	<TD width="96%" colspan=2>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">Automated Telephone System Transaction</FONT>	</TD>
</TR>
<TR>
<TD width="2%">&nbsp;</TD><TD width="2%">&nbsp;</TD>	<TD nowrap valign=top width="2%">
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">Loss</FONT>&nbsp; &nbsp; &nbsp; 	</TD>
	<TD width="94%">
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">resulting directly from the ASSURED having transferred funds on the faith of any</FONT>	</TD>
</TR>
<TR>
<TD width="2%">&nbsp;</TD><TD width="2%">&nbsp;</TD>	<TD nowrap valign=top width="2%">
<B><FONT size=2 face="Arial-BoldMT,Arial,Helvetica,sans-serif">Automated</FONT></B>&nbsp; &nbsp; &nbsp; 	</TD>
	<TD width="94%">
<B><FONT size=2 face="Arial-BoldMT,Arial,Helvetica,sans-serif">Phone System (APS) Transaction</FONT></B><FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">, where the request for such </FONT><B><FONT size=2 face="Arial-BoldMT,Arial,Helvetica,sans-serif">APS</FONT></B>	</TD>
</TR>
<TR>
<TD width="2%">&nbsp;</TD><TD width="2%">&nbsp;</TD>	<TD nowrap valign=top width="2%">
<B><FONT size=2 face="Arial-BoldMT,Arial,Helvetica,sans-serif">Transaction</FONT></B>&nbsp; &nbsp; &nbsp; 	</TD>
	<TD width="94%">
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">is unauthorized or fraudulent and is made with the intent to deceive. In order for</FONT>	</TD>
</TR>
<TR>
<TD width="2%">&nbsp;</TD><TD width="2%">&nbsp;</TD>	<TD nowrap valign=top width="2%">
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">coverage</FONT>&nbsp; &nbsp; &nbsp; 	</TD>
	<TD width="94%">
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">to apply under this INSURING CLAUSE the ASSURED shall maintain and follow all</FONT>	</TD>
</TR>
<TR>
<TD width="2%">&nbsp;</TD><TD width="2%">&nbsp;</TD>	<TD nowrap valign=top width="2%">
<B><FONT size=2 face="Arial-BoldMT,Arial,Helvetica,sans-serif">APS</FONT></B>&nbsp; &nbsp; &nbsp; 	</TD>
	<TD width="94%">
<B><FONT size=2 face="Arial-BoldMT,Arial,Helvetica,sans-serif">Designated Procedures</FONT></B><FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">. A single failure of the ASSURED to maintain and follow a</FONT>	</TD>
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<TR>
<TD width="2%">&nbsp;</TD><TD width="2%">&nbsp;</TD>	<TD nowrap valign=top width="2%">
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">particular</FONT>&nbsp; &nbsp; &nbsp; 	</TD>
	<TD width="94%">
<B><FONT size=2 face="Arial-BoldMT,Arial,Helvetica,sans-serif">APS Designated Procedure </FONT></B><FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">in a particular </FONT><B><FONT size=2 face="Arial-BoldMT,Arial,Helvetica,sans-serif">APS Transaction </FONT></B><FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">will not preclude</FONT>	</TD>
</TR>
<TR>
<TD width="2%">&nbsp;</TD><TD width="2%">&nbsp;</TD>	<TD nowrap valign=top width="2%">
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">coverage</FONT>&nbsp; &nbsp; &nbsp; 	</TD>
	<TD width="94%">
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">under this INSURING CLAUSE.</FONT>	</TD>
</TR>
<TR>
	<TD nowrap valign=top width="2%">
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">2.</FONT>&nbsp; &nbsp; &nbsp; 	</TD>
	<TD width="98%" colspan=3>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">By adding to Section 1., Definitions, the following:</FONT>	</TD>
</TR>
<TR>
<TD width="2%">&nbsp;</TD>	<TD nowrap valign=top width="2%">
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">dd.</FONT>&nbsp; &nbsp; &nbsp; 	</TD>
	<TD width="96%" colspan=2>
<B><FONT size=2 face="Arial-BoldMT,Arial,Helvetica,sans-serif">APS Designated Procedures </FONT></B><FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">means all of the following procedures:</FONT>	</TD>
</TR>
<TR>
<TD width="2%">&nbsp;</TD><TD width="2%">&nbsp;</TD>	<TD nowrap valign=top width="2%">
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">(1)</FONT>&nbsp; &nbsp; &nbsp; 	</TD>
	<TD width="94%">
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">No </FONT><B><FONT size=2 face="Arial-BoldMT,Arial,Helvetica,sans-serif">APS Transaction </FONT></B><FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">shall be executed unless the shareholder or unitholder to whose account such an </FONT><B><FONT size=2 face="Arial-BoldMT,Arial,Helvetica,sans-serif">APS Transaction </FONT></B><FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">relates has previously elected to </FONT><B><FONT size=2 face="Arial-BoldMT,Arial,Helvetica,sans-serif">APS</FONT></B>	</TD>
</TR>
<TR>
<TD width="10%">&nbsp;</TD><TD width="10%">&nbsp;</TD><TD width="10%">&nbsp;</TD>	<TD width="70%">
<B><FONT size=2 face="Arial-BoldMT,Arial,Helvetica,sans-serif">Transactions</FONT></B><FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">. (Election in Application)</FONT>	</TD>
</TR>
<TR>
<TD width="2%">&nbsp;</TD><TD width="2%">&nbsp;</TD>	<TD nowrap valign=top width="2%">
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">(2)</FONT>&nbsp; &nbsp; &nbsp; 	</TD>
	<TD width="94%">
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">All </FONT><B><FONT size=2 face="Arial-BoldMT,Arial,Helvetica,sans-serif">APS Transactions </FONT></B><FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">shall be logged or otherwise recorded and the records shall be retained for at least six (6) months. (Logging)</FONT>	</TD>
</TR>
<TR>
<TD width="10%">&nbsp;</TD><TD width="10%">&nbsp;</TD><TD width="10%">&nbsp;</TD>	<TD width="70%">
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">Information contained in the records shall be capable of being retrieved and produced within a reasonable time after retrieval of specific information is requested, at a success rate of no less than 85 percent.</FONT>	</TD>
</TR>
<TR>
<TD width="2%">&nbsp;</TD><TD width="2%">&nbsp;</TD>	<TD nowrap valign=top width="2%">
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">(3)</FONT>&nbsp; &nbsp; &nbsp; 	</TD>
	<TD width="94%">
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">The caller in any request for an </FONT><B><FONT size=2 face="Arial-BoldMT,Arial,Helvetica,sans-serif">APS Transaction</FONT></B><FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">, before executing that </FONT><B><FONT size=2 face="Arial-BoldMT,Arial,Helvetica,sans-serif">APS Transaction </FONT></B><FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">must enter a personal identification number (PIN), social security number and account number. (Identity Test)</FONT>	</TD>
</TR>
<TR>
<TD width="10%">&nbsp;</TD><TD width="10%">&nbsp;</TD><TD width="10%">&nbsp;</TD>	<TD width="70%">
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">If the caller fails to enter a correct PIN within three (3) attempts, the caller must not be allowed additional attempts during the same telephone call to enter the PIN. The caller may either be instructed to redial a customer service representative or may be immediately connected to such a representative. (Limited attempts to Enter PIN)</FONT>	</TD>
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<DIV align="left">
<TABLE border=0 cellspacing=0>
<TR>
     <TD width=60%></TD>
     <TD width=39%></TD></TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">ICAP Bond</FONT></TD>
	<TD align=left>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">Form 17-02-2345 (Ed. 10-00)</FONT></TD>
	<TD align=left>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">Page 1</FONT></TD>
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	<TD nowrap valign=top width="2%">
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">(4)</FONT>&nbsp; &nbsp; &nbsp; 	</TD>
	<TD width="98%">
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">A written confirmation of any </FONT><B><FONT size=2 face="Arial-BoldMT,Arial,Helvetica,sans-serif">APS Transaction </FONT></B><FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">or change of address shall be mailed to the shareholder or unitholder to whose account such transaction relates, at the record address, by the end of the insured's next regular processing cycle, but in no event later than five (5) business days following such </FONT><B><FONT size=2 face="Arial-BoldMT,Arial,Helvetica,sans-serif">APS Transaction</FONT></B><FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">. (Written Confirmation)</FONT>	</TD>
</TR>
<TR>
	<TD nowrap valign=top width="2%">
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">(5)</FONT>&nbsp; &nbsp; &nbsp; 	</TD>
	<TD width="98%">
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">Access to the equipment which permits the entity receiving the </FONT><B><FONT size=2 face="Arial-BoldMT,Arial,Helvetica,sans-serif">APS Transaction </FONT></B><FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">request to process and effect the transaction shall be limited in the following manner:</FONT>	</TD>
</TR>
</TABLE>
<P style="text-align: left;">
<FONT size=3 face="ArialMT,Arial,Helvetica,sans-serif">(Access to APS Equipment)</FONT></P>
<TABLE border=0 cellspacing=0>
<TR>
	<TD nowrap valign=top width="2%">
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">ee.</FONT>&nbsp; &nbsp; &nbsp; 	</TD>
	<TD width="98%">
<B><FONT size=2 face="Arial-BoldMT,Arial,Helvetica,sans-serif">APS Election </FONT></B><FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">means any election concerning various account features available to the shareholder or unitholder which is made through the </FONT><B><FONT size=2 face="Arial-BoldMT,Arial,Helvetica,sans-serif">Automated Phone System </FONT></B><FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">by means of information transmitted by an individual caller through use of a </FONT><B><FONT size=2 face="Arial-BoldMT,Arial,Helvetica,sans-serif">Automated Phone System</FONT></B><FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">.</FONT>	</TD>
</TR>
<TR>
<TD width="10%">&nbsp;</TD>	<TD width="90%">
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">These features include account statements, auto exchange, auto asset builder, automatic withdrawal, dividend/capital gain options, dividend sweep, telephone balance consent and change of address.</FONT>	</TD>
</TR>
<TR>
	<TD nowrap valign=top width="2%">
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">ff.</FONT>&nbsp; &nbsp; &nbsp; 	</TD>
	<TD width="98%">
<B><FONT size=2 face="Arial-BoldMT,Arial,Helvetica,sans-serif">APS Exchange </FONT></B><FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">means any exchange of shares or units in a registered account of one fund into shares or units in an account with the same tax identification number and same ownership-type code of another fund in the same complex pursuant to exchange privileges of the two funds, which exchange is requested through the </FONT><B><FONT size=2 face="Arial-BoldMT,Arial,Helvetica,sans-serif">Automated Phone System </FONT></B><FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">by means of information transmitted by an individual caller through use of an </FONT><B><FONT size=2 face="Arial-BoldMT,Arial,Helvetica,sans-serif">Automated Phone System</FONT></B><FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">.</FONT>	</TD>
</TR>
<TR>
	<TD nowrap valign=top width="2%">
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">gg.</FONT>&nbsp; &nbsp; &nbsp; 	</TD>
	<TD width="98%">
<B><FONT size=2 face="Arial-BoldMT,Arial,Helvetica,sans-serif">APS Purchase </FONT></B><FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">means any purchase of shares or units issued by an </FONT><B><FONT size=2 face="Arial-BoldMT,Arial,Helvetica,sans-serif">Investment Company </FONT></B><FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">which is requested through an </FONT><B><FONT size=2 face="Arial-BoldMT,Arial,Helvetica,sans-serif">Automated Phone System</FONT></B><FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">.</FONT>	</TD>
</TR>
<TR>
	<TD nowrap valign=top width="2%">
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">hh.</FONT>&nbsp; &nbsp; &nbsp; 	</TD>
	<TD width="98%">
<B><FONT size=2 face="Arial-BoldMT,Arial,Helvetica,sans-serif">APS Redemption </FONT></B><FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">means any redemption of shares or units issued by an </FONT><B><FONT size=2 face="Arial-BoldMT,Arial,Helvetica,sans-serif">Investment Company </FONT></B><FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">which it requested through the telephone by means of information transmitted by an individual caller through use of a </FONT><B><FONT size=2 face="Arial-BoldMT,Arial,Helvetica,sans-serif">Automated Phone System</FONT></B><FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">.</FONT>	</TD>
</TR>
<TR>
	<TD nowrap valign=top width="2%">
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">ii.</FONT>&nbsp; &nbsp; &nbsp; 	</TD>
	<TD width="98%">
<B><FONT size=2 face="Arial-BoldMT,Arial,Helvetica,sans-serif">APS Transaction </FONT></B><FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">means any </FONT><B><FONT size=2 face="Arial-BoldMT,Arial,Helvetica,sans-serif">APS Purchase, APS Redemption, APS Election </FONT></B><FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">or </FONT><B><FONT size=2 face="Arial-BoldMT,Arial,Helvetica,sans-serif">APS Exchange</FONT></B><FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">.</FONT>	</TD>
</TR>
<TR>
	<TD nowrap valign=top width="2%">
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">jj.</FONT>&nbsp; &nbsp; &nbsp; 	</TD>
	<TD width="98%">
<B><FONT size=2 face="Arial-BoldMT,Arial,Helvetica,sans-serif">Automated Phone System </FONT></B><FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">means an automated system which receives and converts to executable instructions transmissions through the </FONT><B><FONT size=2 face="Arial-BoldMT,Arial,Helvetica,sans-serif">Automated Phone System </FONT></B><FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">through use of a touch-tone keypad or other tone system; and always excluding transmissions from a computer system or part thereof.</FONT>	</TD>
</TR>
</TABLE>
<TABLE border=0 cellspacing=0>
<TR>
	<TD nowrap valign=top width="2%">
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">3.</FONT>&nbsp; &nbsp; &nbsp; 	</TD>
	<TD width="98%">
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">By adding the following Section after Section 4., Specific Exclusions-Applicable To All Insuring Clauses Except 1., 4., 5.:</FONT>	</TD>
</TR>
</TABLE>
<P style="text-align: left;">
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">Section 4.A.. Specific Exclusion-Applicable to Insuring Clause 13</FONT></P>
<P style="text-align: left;">
<B><FONT size=2 face="Arial-BoldMT,Arial,Helvetica,sans-serif">This Bond does not directly or indirectly cover under Insuring Clause 13:</FONT></B></P>
<P style="text-align: left;">
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">Loss resulting from:</FONT></P>
<TABLE border=0 cellspacing=0>
<TR>
	<TD nowrap valign=top width="2%">
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">a.</FONT>&nbsp; &nbsp; &nbsp; 	</TD>
	<TD width="98%" colspan=2>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">the redemption of shares or units, where the proceeds of such redemption are made payable</FONT>	</TD>
</TR>
<TR>
<TD width="2%">&nbsp;</TD>	<TD nowrap valign=top width="2%">
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">to</FONT>&nbsp; &nbsp; &nbsp; 	</TD>
	<TD width="96%">
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">other than:</FONT>	</TD>
</TR>
<TR>
<TD width="2%">&nbsp;</TD>	<TD nowrap valign=top width="2%">
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">(1)</FONT>&nbsp; &nbsp; &nbsp; 	</TD>
	<TD width="96%">
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">the shares or units of record,</FONT>	</TD>
</TR>
<TR>
<TD width="2%">&nbsp;</TD>	<TD nowrap valign=top width="2%">
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">(2)</FONT>&nbsp; &nbsp; &nbsp; 	</TD>
	<TD width="96%">
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">a person designated to receive redemption proceeds, or</FONT>	</TD>
</TR>
<TR>
<TD width="2%">&nbsp;</TD>	<TD nowrap valign=top width="2%">
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">(3)</FONT>&nbsp; &nbsp; &nbsp; 	</TD>
	<TD width="96%">
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">a bank account designated to receive redemption proceeds, or</FONT>	</TD>
</TR>
<TR>
	<TD nowrap valign=top width="2%">
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">b.</FONT>&nbsp; &nbsp; &nbsp; 	</TD>
	<TD width="98%" colspan=2>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">the redemption of shares or units, where the proceeds of such redemption are paid by check</FONT>	</TD>
</TR>
<TR>
<TD width="2%">&nbsp;</TD>	<TD nowrap valign=top width="2%">
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">mailed</FONT>&nbsp; &nbsp; &nbsp; 	</TD>
	<TD width="96%">
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">to any address, unless such address has either been designated the shareholder or</FONT>	</TD>
</TR>
<TR>
<TD width="2%">&nbsp;</TD>	<TD nowrap valign=top width="2%">
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">unitholder</FONT>&nbsp; &nbsp; &nbsp; 	</TD>
	<TD width="96%">
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">by voice through an </FONT><B><FONT size=2 face="Arial-BoldMT,Arial,Helvetica,sans-serif">Automated Phone System </FONT></B><FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">or in writing, at least thirty (30)</FONT>	</TD>
</TR>
<TR>
<TD width="2%">&nbsp;</TD>	<TD nowrap valign=top width="2%">
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">days</FONT>&nbsp; &nbsp; &nbsp; 	</TD>
	<TD width="96%">
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">prior to such redemption, or</FONT>	</TD>
</TR>
</TABLE>
<DIV align="left">
<TABLE border=0 cellspacing=0>
<TR>
     <TD width=60%></TD>
     <TD width=39%></TD></TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">ICAP Bond</FONT></TD>
	<TD align=left>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">Form 17-02-2345 (Ed. 10-00)</FONT></TD>
	<TD align=left>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">Page 2</FONT></TD>
</TR>
</TABLE>
</DIV>
<P style="MARGIN:0px">&nbsp;</P>

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<TABLE border=0 cellspacing=0>
<TR>
	<TD nowrap valign=top width="2%">
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">c.</FONT>&nbsp; &nbsp; &nbsp; 	</TD>
	<TD width="98%">
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">the redemption of shares or units, where shareholder or unitholder of the ASSURED designated bank account of record.</FONT>	</TD>
</TR>
</TABLE>
<P style="text-align: left;">
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">This Endorsement applies to loss discovered after 12:01 a.m. on December 31, 2011.</FONT></P>
<P style="text-align: left;">
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">ALL OTHER TERMS AND CONDITIONS OF THIS BOND REMAIN UNCHANGED.</FONT></P>
<P style="text-align: left;">
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">Date: January 6, 2012</FONT></P>
<IMG src="ga_jhfjhfiiinewx31x1.jpg" border=0>
<BR>
<DIV align="left">
<TABLE border=0 cellspacing=0>
<TR>
     <TD width=60%></TD>
     <TD width=39%></TD></TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">ICAP Bond</FONT></TD>
	<TD align=left>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">Form 17-02-2345 (Ed. 10-00)</FONT></TD>
	<TD align=left>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">Page 3</FONT></TD>
</TR>
</TABLE>
</DIV>
<P style="MARGIN:0px">&nbsp;</P>

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<DIV align="left">
<TABLE border=0 cellspacing=0>
<TR>
     <TD width=23%></TD>
     <TD width=55%></TD>
     <TD width=20%></TD></TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left colspan=2 style="TEXT-INDENT:46.000000px">
<B><FONT size=2 face="Arial-BoldMT,Arial,Helvetica,sans-serif">FEDERAL INSURANCE COMPANY</FONT></B></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left colspan=2 style="TEXT-INDENT:46.000000px">
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">Endorsement No.: 5</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left style="TEXT-INDENT:46.000000px">
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">Bond Number:</FONT></TD>
	<TD align=right>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">81906724</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">NAME OF ASSURED:</FONT></TD>
	<TD align=left colspan=2>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">JOHN HANCOCK FUNDS; JOHN HANCOCK FUNDS II; JOHN</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left colspan=2>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">HANCOCK FUNDS III; JOHN HANCOCK VARIABLE INSURANCE TRUST</FONT></TD>
</TR>
</TABLE>
</DIV>
<P style="MARGIN:0px">&nbsp;</P>
<P style="text-align: center;">
<B><FONT size=2 face="Arial-BoldMT,Arial,Helvetica,sans-serif">TELEFACSIMILE INSTRUCTION FRAUD ENDORSEMENT</FONT></B></P>
<P style="text-align: left;">
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">It is agreed that this Bond is amended as follows:</FONT></P>
<TABLE border=0 cellspacing=0>
<TR>
	<TD nowrap valign=top width="2%">
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">1.</FONT>&nbsp; &nbsp; &nbsp; 	</TD>
	<TD width="98%" colspan=3>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">By adding the following INSURING CLAUSE:</FONT>	</TD>
</TR>
<TR>
<TD width="2%">&nbsp;</TD>	<TD nowrap valign=top width="2%">
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">14.</FONT>&nbsp; &nbsp; &nbsp; 	</TD>
	<TD width="96%" colspan=2>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">Telefacsimile Instruction</FONT>	</TD>
</TR>
<TR>
<TD width="2%">&nbsp;</TD><TD width="2%">&nbsp;</TD>	<TD nowrap valign=top width="2%">
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">Loss</FONT>&nbsp; &nbsp; &nbsp; 	</TD>
	<TD width="94%">
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">resulting directly from the ASSURED having transferred, paid or delivered any</FONT>	</TD>
</TR>
<TR>
<TD width="2%">&nbsp;</TD><TD width="2%">&nbsp;</TD>	<TD nowrap valign=top width="2%">
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">funds</FONT>&nbsp; &nbsp; &nbsp; 	</TD>
	<TD width="94%">
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">or other </FONT><B><FONT size=2 face="Arial-BoldMT,Arial,Helvetica,sans-serif">Property </FONT></B><FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">or established any credit, debited any account or given any</FONT>	</TD>
</TR>
<TR>
<TD width="2%">&nbsp;</TD><TD width="2%">&nbsp;</TD>	<TD nowrap valign=top width="2%">
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">value</FONT>&nbsp; &nbsp; &nbsp; 	</TD>
	<TD width="94%">
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">on the faith of any fraudulent instructions sent by a </FONT><B><FONT size=2 face="Arial-BoldMT,Arial,Helvetica,sans-serif">Customer</FONT></B><FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">, financial institution</FONT>	</TD>
</TR>
<TR>
<TD width="2%">&nbsp;</TD><TD width="2%">&nbsp;</TD>	<TD nowrap valign=top width="2%">
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">or</FONT>&nbsp; &nbsp; &nbsp; 	</TD>
	<TD width="94%">
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">another office of the ASSURED by </FONT><B><FONT size=2 face="Arial-BoldMT,Arial,Helvetica,sans-serif">Telefacsimile </FONT></B><FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">directly to the ASSURED authorizing</FONT>	</TD>
</TR>
<TR>
<TD width="2%">&nbsp;</TD><TD width="2%">&nbsp;</TD>	<TD nowrap valign=top width="2%">
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">or</FONT>&nbsp; &nbsp; &nbsp; 	</TD>
	<TD width="94%">
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">acknowledging the transfer, payment or delivery of funds or </FONT><B><FONT size=2 face="Arial-BoldMT,Arial,Helvetica,sans-serif">Property </FONT></B><FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">or the</FONT>	</TD>
</TR>
<TR>
<TD width="2%">&nbsp;</TD><TD width="2%">&nbsp;</TD>	<TD nowrap valign=top width="2%">
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">establishment</FONT>&nbsp; &nbsp; &nbsp; 	</TD>
	<TD width="94%">
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">of a credit or the debiting of an account or the giving of value by the</FONT>	</TD>
</TR>
<TR>
<TD width="2%">&nbsp;</TD><TD width="2%">&nbsp;</TD>	<TD nowrap valign=top width="2%">
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">ASSURED</FONT>&nbsp; &nbsp; &nbsp; 	</TD>
	<TD width="94%">
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">where such </FONT><B><FONT size=2 face="Arial-BoldMT,Arial,Helvetica,sans-serif">Telefacsimile </FONT></B><FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">instructions:</FONT>	</TD>
</TR>
<TR>
<TD width="2%">&nbsp;</TD><TD width="2%">&nbsp;</TD>	<TD nowrap valign=top width="2%">
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">a.</FONT>&nbsp; &nbsp; &nbsp; 	</TD>
	<TD width="94%">
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">bear a valid test key exchanged between the ASSURED and a </FONT><B><FONT size=2 face="Arial-BoldMT,Arial,Helvetica,sans-serif">Customer </FONT></B><FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">or another financial institution with authority to use such test key for </FONT><B><FONT size=2 face="Arial-BoldMT,Arial,Helvetica,sans-serif">Telefacsimile </FONT></B><FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">instructions in the ordinary course of business, but which test key has been wrongfully obtained by a person who was not authorized to initiate, make, validate or authenticate a test key arrangement, and</FONT>	</TD>
</TR>
<TR>
<TD width="2%">&nbsp;</TD><TD width="2%">&nbsp;</TD>	<TD nowrap valign=top width="2%">
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">b.</FONT>&nbsp; &nbsp; &nbsp; 	</TD>
	<TD width="94%">
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">fraudulently purport to have been sent by such </FONT><B><FONT size=2 face="Arial-BoldMT,Arial,Helvetica,sans-serif">Customer </FONT></B><FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">or financial institution when such </FONT><B><FONT size=2 face="Arial-BoldMT,Arial,Helvetica,sans-serif">Telefacsimile </FONT></B><FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">instructions were transmitted without the knowledge or consent of such </FONT><B><FONT size=2 face="Arial-BoldMT,Arial,Helvetica,sans-serif">Customer </FONT></B><FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">or financial institution by a person other than such </FONT><B><FONT size=2 face="Arial-BoldMT,Arial,Helvetica,sans-serif">Customer </FONT></B><FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">or financial institution and which bear a </FONT><B><FONT size=2 face="Arial-BoldMT,Arial,Helvetica,sans-serif">Forgery </FONT></B><FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">of a signature, provided that the </FONT><B><FONT size=2 face="Arial-BoldMT,Arial,Helvetica,sans-serif">Telefacsimile </FONT></B><FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">instruction was verified by a direct call back to an employee of the financial institution, or a person thought by the ASSURED to be the </FONT><B><FONT size=2 face="Arial-BoldMT,Arial,Helvetica,sans-serif">Customer</FONT></B><FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">, or an employee of another financial institution.</FONT>	</TD>
</TR>
<TR>
	<TD nowrap valign=top width="2%">
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">2.</FONT>&nbsp; &nbsp; &nbsp; 	</TD>
	<TD width="98%" colspan=3>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">By deleting from Section 1., Definitions, the definition of </FONT><B><FONT size=2 face="Arial-BoldMT,Arial,Helvetica,sans-serif">Customer </FONT></B><FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">in its entirety, and substituting</FONT>	</TD>
</TR>
<TR>
<TD width="2%">&nbsp;</TD>	<TD nowrap valign=top width="2%">
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">the</FONT>&nbsp; &nbsp; &nbsp; 	</TD>
	<TD width="96%" colspan=2>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">following:</FONT>	</TD>
</TR>
<TR>
<TD width="2%">&nbsp;</TD>	<TD nowrap valign=top width="2%">
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">d.</FONT>&nbsp; &nbsp; &nbsp; 	</TD>
	<TD width="96%" colspan=2>
<B><FONT size=2 face="Arial-BoldMT,Arial,Helvetica,sans-serif">Customer </FONT></B><FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">means an individual, corporate, partnership, trust customer, shareholder or</FONT>	</TD>
</TR>
<TR>
<TD width="2%">&nbsp;</TD><TD width="2%">&nbsp;</TD>	<TD nowrap valign=top width="2%">
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">subscriber</FONT>&nbsp; &nbsp; &nbsp; 	</TD>
	<TD width="94%">
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">of an Investment Company which has a written agreement with the ASSURED</FONT>	</TD>
</TR>
<TR>
<TD width="2%">&nbsp;</TD><TD width="2%">&nbsp;</TD>	<TD nowrap valign=top width="2%">
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">for</FONT>&nbsp; &nbsp; &nbsp; 	</TD>
	<TD width="94%">
<B><FONT size=2 face="Arial-BoldMT,Arial,Helvetica,sans-serif">Voice Initiated Funds Transfer Instruction </FONT></B><FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">or </FONT><B><FONT size=2 face="Arial-BoldMT,Arial,Helvetica,sans-serif">Telefacsimile </FONT></B><FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">Instruction.</FONT>	</TD>
</TR>
</TABLE>
<DIV align="left">
<TABLE border=0 cellspacing=0>
<TR>
     <TD width=62%></TD>
     <TD width=37%></TD></TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">ICAP Bond</FONT></TD>
	<TD align=left>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">Form 17-02-2367 (Rev. 10-03)</FONT></TD>
	<TD align=left>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">Page 1</FONT></TD>
</TR>
</TABLE>
</DIV>
<P style="MARGIN:0px">&nbsp;</P>

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<TABLE border=0 cellspacing=0>
<TR>
	<TD nowrap valign=top width="2%">
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">3.</FONT>&nbsp; &nbsp; &nbsp; 	</TD>
	<TD width="98%" colspan=2>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">By adding to Section 1., Definitions, the following:</FONT>	</TD>
</TR>
<TR>
<TD width="2%">&nbsp;</TD>	<TD nowrap valign=top width="2%">
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">kk.</FONT>&nbsp; &nbsp; &nbsp; 	</TD>
	<TD width="96%">
<B><FONT size=2 face="Arial-BoldMT,Arial,Helvetica,sans-serif">Telefacsimile </FONT></B><FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">means a system of transmitting written documents by electronic signals over telephone lines to equipment maintained by the ASSURED for the purpose of reproducing a copy of said document. </FONT><B><FONT size=2 face="Arial-BoldMT,Arial,Helvetica,sans-serif">Telefacsimile </FONT></B><FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">does not mean electronic communication sent by Telex or similar means of communication, or through an electronic communication system or through an automated clearing house.</FONT>	</TD>
</TR>
<TR>
	<TD nowrap valign=top width="2%">
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">4.</FONT>&nbsp; &nbsp; &nbsp; 	</TD>
	<TD width="98%" colspan=2>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">By adding to Section 3., Specific Exclusions Applicable to All Insuring Clauses Except Insuring</FONT>	</TD>
</TR>
<TR>
<TD width="2%">&nbsp;</TD>	<TD nowrap valign=top width="2%">
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">Clause</FONT>&nbsp; &nbsp; &nbsp; 	</TD>
	<TD width="96%">
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">1. the following:</FONT>	</TD>
</TR>
<TR>
<TD width="2%">&nbsp;</TD>	<TD nowrap valign=top width="2%">
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">d.</FONT>&nbsp; &nbsp; &nbsp; 	</TD>
	<TD width="96%">
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">loss resulting directly or indirectly from </FONT><B><FONT size=2 face="Arial-BoldMT,Arial,Helvetica,sans-serif">Telefacsimile </FONT></B><FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">instructions provided, however, this exclusion shall not apply to this INSURING CLAUSE.</FONT>	</TD>
</TR>
</TABLE>
<P style="text-align: left;">
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">This Endorsement applies to loss discovered after 12:01 a.m. on December 31, 2011.</FONT></P>
<P style="text-align: left;">
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">ALL OTHER TERMS AND CONDITIONS OF THIS BOND REMAIN UNCHANGED.</FONT></P>
<P style="text-align: left;">
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">Date: January 6, 2012</FONT></P>
<IMG src="ga_jhfjhfiiinewx33x1.jpg" border=0>
<BR>
<DIV align="left">
<TABLE border=0 cellspacing=0>
<TR>
     <TD width=62%></TD>
     <TD width=37%></TD></TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">ICAP Bond</FONT></TD>
	<TD align=left>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">Form 17-02-2367 (Rev. 10-03)</FONT></TD>
	<TD align=left>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">Page 2</FONT></TD>
</TR>
</TABLE>
</DIV>
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<P style="text-align: center;">
<B><FONT size=2 face="Arial-BoldMT,Arial,Helvetica,sans-serif">FEDERAL INSURANCE COMPANY</FONT></B></P>
<DIV align="left">
<TABLE border=0 cellspacing=0>
<TR>
     <TD width=62%></TD>
     <TD width=37%></TD></TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">Endorsement No.:</FONT></TD>
	<TD align=left>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">6</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">Bond Number:</FONT></TD>
	<TD align=left>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">81906724</FONT></TD>
</TR>
</TABLE>
</DIV>
<P style="MARGIN:0px">&nbsp;</P>
<P style="text-align: left;">
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">NAME OF ASSURED: JOHN HANCOCK FUNDS; JOHN HANCOCK FUNDS II; JOHN</FONT></P>
<P style="text-align: left;">
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">HANCOCK FUNDS III; JOHN HANCOCK VARIABLE INSURANCE TRUST</FONT></P>
<P style="text-align: center;">
<B><FONT size=2 face="Arial-BoldMT,Arial,Helvetica,sans-serif">STOP PAYMENT ORDER OR REFUSAL TO PAY CHECK ENDORSEMENT</FONT></B></P>
<P style="text-align: left;">
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">It is agreed that this Bond is amended as follows:</FONT></P>
<TABLE border=0 cellspacing=0>
<TR>
	<TD nowrap valign=top width="2%">
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">1.</FONT>&nbsp; &nbsp; &nbsp; 	</TD>
	<TD width="98%">
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">By adding the following INSURING CLAUSE: &#147;15. Stop Payment Order or Refusal to Pay Check</FONT>	</TD>
</TR>
</TABLE>
<P style="text-align: center;">
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">Loss resulting directly from the ASSURED being legally liable to pay compensatory damages for:</FONT></P>
<TABLE border=0 cellspacing=0>
<TR>
	<TD nowrap valign=top width="2%">
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">a.</FONT>&nbsp; &nbsp; &nbsp; 	</TD>
	<TD width="98%">
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">complying or failing to comply with notice from any customer of the ASSURED or any authorized representative of such customer, to stop payment on any check or draft made or drawn upon or against the ASSURED by such customer or by any authorized representative of such customer, or</FONT>	</TD>
</TR>
<TR>
	<TD nowrap valign=top width="2%">
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">b.</FONT>&nbsp; &nbsp; &nbsp; 	</TD>
	<TD width="98%">
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">refusing to pay any check or draft made or drawn upon or against the ASSURED by any customer of the ASSURED or by any authorized representative of such customer.&#148;</FONT>	</TD>
</TR>
</TABLE>
<TABLE border=0 cellspacing=0>
<TR>
	<TD nowrap valign=top width="2%">
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">2.</FONT>&nbsp; &nbsp; &nbsp; 	</TD>
	<TD width="98%" colspan=3>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">By adding the following Specific Exclusion:</FONT>	</TD>
</TR>
<TR>
<TD width="2%">&nbsp;</TD>	<TD nowrap valign=top width="2%">
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">&#147;Section</FONT>&nbsp; &nbsp; &nbsp; 	</TD>
	<TD width="96%" colspan=2>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">4.A. Specific Exclusions &#150; Applicable to INSURING CLAUSE 15</FONT>	</TD>
</TR>
<TR>
<TD width="2%">&nbsp;</TD>	<TD nowrap valign=top width="2%">
<B><FONT size=2 face="Arial-BoldMT,Arial,Helvetica,sans-serif">This</FONT></B>&nbsp; &nbsp; &nbsp; 	</TD>
	<TD width="96%" colspan=2>
<B><FONT size=2 face="Arial-BoldMT,Arial,Helvetica,sans-serif">Bond does not directly or indirectly cover:</FONT></B>	</TD>
</TR>
<TR>
<TD width="2%">&nbsp;</TD>	<TD nowrap valign=top width="2%">
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">a.</FONT>&nbsp; &nbsp; &nbsp; 	</TD>
	<TD width="96%" colspan=2>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">liability assumed by the ASSURED by agreement under any contract, unless such liability would</FONT>	</TD>
</TR>
<TR>
<TD width="2%">&nbsp;</TD><TD width="2%">&nbsp;</TD>	<TD nowrap valign=top width="2%">
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">have</FONT>&nbsp; &nbsp; &nbsp; 	</TD>
	<TD width="94%">
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">attached to the ASSURED even in the absence of such agreement,</FONT>	</TD>
</TR>
<TR>
<TD width="2%">&nbsp;</TD>	<TD nowrap valign=top width="2%">
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">b.</FONT>&nbsp; &nbsp; &nbsp; 	</TD>
	<TD width="96%" colspan=2>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">loss arising out of:</FONT>	</TD>
</TR>
<TR>
<TD width="2%">&nbsp;</TD><TD width="2%">&nbsp;</TD>	<TD nowrap valign=top width="2%">
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">(1)</FONT>&nbsp; &nbsp; &nbsp; 	</TD>
	<TD width="94%">
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">libel, slander, wrongful entry, eviction, defamation, false arrest, false imprisonment, malicious prosecution, assault or battery,</FONT>	</TD>
</TR>
<TR>
<TD width="2%">&nbsp;</TD><TD width="2%">&nbsp;</TD>	<TD nowrap valign=top width="2%">
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">(2)</FONT>&nbsp; &nbsp; &nbsp; 	</TD>
	<TD width="94%">
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">sickness, disease, physical bodily harm, mental or emotional distress or anguish, or death of any person, or</FONT>	</TD>
</TR>
<TR>
<TD width="2%">&nbsp;</TD><TD width="2%">&nbsp;</TD>	<TD nowrap valign=top width="2%">
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">(3)</FONT>&nbsp; &nbsp; &nbsp; 	</TD>
	<TD width="94%">
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">discrimination.&#148;</FONT>	</TD>
</TR>
<TR>
	<TD nowrap valign=top width="2%">
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">This</FONT>&nbsp; &nbsp; &nbsp; 	</TD>
	<TD width="98%" colspan=3>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">Endorsement applies to loss discovered after 12:01 a.m. on December 31, 2011.</FONT>	</TD>
</TR>
</TABLE>
<P style="text-align: left;">
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">ALL OTHER TERMS AND CONDITIONS OF THIS BOND REMAIN UNCHANGED.</FONT></P>
<P style="text-align: left;">
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">Date: January 6, 2012</FONT></P>
<IMG src="ga_jhfjhfiiinewx34x1.jpg" border=0>
<BR>
<P style="text-align: left;">
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">ICAP Bond</FONT></P>
<P style="text-align: left;">
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">Form 17-02-2365 (Ed. 10-00)</FONT></P>

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<P style="text-align: left;">
<B><FONT size=2 face="Arial-BoldMT,Arial,Helvetica,sans-serif">FEDERAL INSURANCE COMPANY</FONT></B></P>
<P style="text-align: left;">
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">Endorsement No.: 7</FONT></P>
<P style="text-align: left;">
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">Bond Number: 81906724</FONT></P>
<P style="text-align: left;">
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">NAME OF ASSURED: JOHN HANCOCK FUNDS; JOHN HANCOCK FUNDS II; JOHN</FONT></P>
<P style="text-align: left;">
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">HANCOCK FUNDS III; JOHN HANCOCK VARIABLE INSURANCE TRUST</FONT></P>
<P style="text-align: center;">
<B><FONT size=2 face="Arial-BoldMT,Arial,Helvetica,sans-serif">EXTENDED COMPUTER SYSTEMS ENDORSEMENT</FONT></B></P>
<P style="text-align: left;">
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">It is agreed that this Bond is amended as follows:</FONT></P>
<TABLE border=0 cellspacing=0>
<TR>
	<TD nowrap valign=top width="2%">
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">1.</FONT>&nbsp; &nbsp; &nbsp; 	</TD>
	<TD width="98%" colspan=4>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">By adding the following INSURING CLAUSE:</FONT>	</TD>
</TR>
<TR>
<TD width="2%">&nbsp;</TD>	<TD nowrap valign=top width="2%">
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">16.</FONT>&nbsp; &nbsp; &nbsp; 	</TD>
	<TD width="96%" colspan=3>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">Extended Computer Systems</FONT>	</TD>
</TR>
<TR>
<TD width="2%">&nbsp;</TD><TD width="2%">&nbsp;</TD>	<TD nowrap valign=top width="2%">
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">A.</FONT>&nbsp; &nbsp; &nbsp; 	</TD>
	<TD width="94%" colspan=2>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">Electronic Data, Electronic Media, Electronic Instruction</FONT>	</TD>
</TR>
<TR>
<TD width="2%">&nbsp;</TD><TD width="2%">&nbsp;</TD><TD width="2%">&nbsp;</TD>	<TD nowrap valign=top width="2%">
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">Loss</FONT>&nbsp; &nbsp; &nbsp; 	</TD>
	<TD width="92%">
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">resulting directly from:</FONT>	</TD>
</TR>
<TR>
<TD width="2%">&nbsp;</TD><TD width="2%">&nbsp;</TD><TD width="2%">&nbsp;</TD>	<TD nowrap valign=top width="2%">
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">(1)</FONT>&nbsp; &nbsp; &nbsp; 	</TD>
	<TD width="92%">
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">the fraudulent modification of </FONT><B><FONT size=2 face="Arial-BoldMT,Arial,Helvetica,sans-serif">Electronic Data, Electronic Media </FONT></B><FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">or </FONT><B><FONT size=2 face="Arial-BoldMT,Arial,Helvetica,sans-serif">Electronic Instruction </FONT></B><FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">being stored within or being run within any system covered under this INSURING CLAUSE,</FONT>	</TD>
</TR>
<TR>
<TD width="2%">&nbsp;</TD><TD width="2%">&nbsp;</TD><TD width="2%">&nbsp;</TD>	<TD nowrap valign=top width="2%">
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">(2)</FONT>&nbsp; &nbsp; &nbsp; 	</TD>
	<TD width="92%">
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">robbery, burglary, larceny or theft of </FONT><B><FONT size=2 face="Arial-BoldMT,Arial,Helvetica,sans-serif">Electronic Data, Electronic Media </FONT></B><FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">or</FONT>	</TD>
</TR>
<TR>
<TD width="10%">&nbsp;</TD><TD width="10%">&nbsp;</TD><TD width="10%">&nbsp;</TD><TD width="10%">&nbsp;</TD>	<TD width="60%">
<B><FONT size=2 face="Arial-BoldMT,Arial,Helvetica,sans-serif">Electronic Instructions</FONT></B><FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">,</FONT>	</TD>
</TR>
<TR>
<TD width="2%">&nbsp;</TD><TD width="2%">&nbsp;</TD><TD width="2%">&nbsp;</TD>	<TD nowrap valign=top width="2%">
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">(3)</FONT>&nbsp; &nbsp; &nbsp; 	</TD>
	<TD width="92%">
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">the acts of a hacker causing damage or destruction of </FONT><B><FONT size=2 face="Arial-BoldMT,Arial,Helvetica,sans-serif">Electronic Data, Electronic Media </FONT></B><FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">or </FONT><B><FONT size=2 face="Arial-BoldMT,Arial,Helvetica,sans-serif">Electronic Instruction </FONT></B><FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">owned by the ASSURED or for which the ASSURED is legally liable, while stored within a </FONT><B><FONT size=2 face="Arial-BoldMT,Arial,Helvetica,sans-serif">Computer System </FONT></B><FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">covered under this INSURING CLAUSE, or</FONT>	</TD>
</TR>
<TR>
<TD width="2%">&nbsp;</TD><TD width="2%">&nbsp;</TD><TD width="2%">&nbsp;</TD>	<TD nowrap valign=top width="2%">
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">(4)</FONT>&nbsp; &nbsp; &nbsp; 	</TD>
	<TD width="92%">
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">the damage or destruction of </FONT><B><FONT size=2 face="Arial-BoldMT,Arial,Helvetica,sans-serif">Electronic Data, Electronic Media </FONT></B><FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">or </FONT><B><FONT size=2 face="Arial-BoldMT,Arial,Helvetica,sans-serif">Electronic Instruction </FONT></B><FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">owned by the ASSURED or for which the ASSURED is legally liable while stored within a </FONT><B><FONT size=2 face="Arial-BoldMT,Arial,Helvetica,sans-serif">Computer System </FONT></B><FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">covered under INSURING CLAUSE 8, provided such damage or destruction was caused by a computer program or similar instruction which was written or altered to intentionally incorporate a hidden instruction designed to damage or destroy </FONT><B><FONT size=2 face="Arial-BoldMT,Arial,Helvetica,sans-serif">Electronic Data, Electronic Media</FONT></B><FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">, or</FONT>	</TD>
</TR>
<TR>
<TD width="10%">&nbsp;</TD><TD width="10%">&nbsp;</TD><TD width="10%">&nbsp;</TD><TD width="10%">&nbsp;</TD>	<TD width="60%">
<B><FONT size=2 face="Arial-BoldMT,Arial,Helvetica,sans-serif">Electronic Instruction </FONT></B><FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">in the </FONT><B><FONT size=2 face="Arial-BoldMT,Arial,Helvetica,sans-serif">Computer System </FONT></B><FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">in which the computer program or instruction so written or so altered is used.</FONT>	</TD>
</TR>
</TABLE>
<DIV align="left">
<TABLE border=0 cellspacing=0>
<TR>
     <TD width=60%></TD>
     <TD width=39%></TD></TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">ICAP2 Bond</FONT></TD>
	<TD align=left>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">Form 17-02-2976 (Ed. 1-02)</FONT></TD>
	<TD align=left>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">Page 1</FONT></TD>
</TR>
</TABLE>
</DIV>
<P style="MARGIN:0px">&nbsp;</P>

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<TABLE border=0 cellspacing=0>
<TR>
	<TD nowrap valign=top width="2%">
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">B.</FONT>&nbsp; &nbsp; &nbsp; 	</TD>
	<TD width="98%" colspan=2>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">Electronic Communication</FONT>	</TD>
</TR>
<TR>
<TD width="2%">&nbsp;</TD>	<TD nowrap valign=top width="2%">
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">Loss</FONT>&nbsp; &nbsp; &nbsp; 	</TD>
	<TD width="96%">
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">resulting directly from the ASSURED having transferred, paid or delivered any</FONT>	</TD>
</TR>
<TR>
<TD width="2%">&nbsp;</TD>	<TD nowrap valign=top width="2%">
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">funds</FONT>&nbsp; &nbsp; &nbsp; 	</TD>
	<TD width="96%">
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">or property, established any credit, debited any account or given any value on the</FONT>	</TD>
</TR>
<TR>
<TD width="2%">&nbsp;</TD>	<TD nowrap valign=top width="2%">
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">faith</FONT>&nbsp; &nbsp; &nbsp; 	</TD>
	<TD width="96%">
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">of any electronic communications directed to the ASSURED, which were</FONT>	</TD>
</TR>
<TR>
<TD width="2%">&nbsp;</TD>	<TD nowrap valign=top width="2%">
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">transmitted</FONT>&nbsp; &nbsp; &nbsp; 	</TD>
	<TD width="96%">
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">or appear to have been transmitted through:</FONT>	</TD>
</TR>
<TR>
<TD width="2%">&nbsp;</TD>	<TD nowrap valign=top width="2%">
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">(1)</FONT>&nbsp; &nbsp; &nbsp; 	</TD>
	<TD width="96%">
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">an </FONT><B><FONT size=2 face="Arial-BoldMT,Arial,Helvetica,sans-serif">Electronic Communication System</FONT></B><FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">,</FONT>	</TD>
</TR>
<TR>
<TD width="2%">&nbsp;</TD>	<TD nowrap valign=top width="2%">
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">(2)</FONT>&nbsp; &nbsp; &nbsp; 	</TD>
	<TD width="96%">
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">an automated clearing house or custodian, or</FONT>	</TD>
</TR>
<TR>
<TD width="2%">&nbsp;</TD>	<TD nowrap valign=top width="2%">
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">(3)</FONT>&nbsp; &nbsp; &nbsp; 	</TD>
	<TD width="96%">
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">a Telex, TWX, or similar means of communication,</FONT>	</TD>
</TR>
<TR>
<TD width="2%">&nbsp;</TD>	<TD nowrap valign=top width="2%">
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">directly</FONT>&nbsp; &nbsp; &nbsp; 	</TD>
	<TD width="96%">
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">into the ASSURED'S </FONT><B><FONT size=2 face="Arial-BoldMT,Arial,Helvetica,sans-serif">Computer System </FONT></B><FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">or </FONT><B><FONT size=2 face="Arial-BoldMT,Arial,Helvetica,sans-serif">Communication Terminal</FONT></B><FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">, and</FONT>	</TD>
</TR>
<TR>
<TD width="2%">&nbsp;</TD>	<TD nowrap valign=top width="2%">
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">fraudulently</FONT>&nbsp; &nbsp; &nbsp; 	</TD>
	<TD width="96%">
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">purport to have been sent by a customer, automated clearing house,</FONT>	</TD>
</TR>
<TR>
<TD width="2%">&nbsp;</TD>	<TD nowrap valign=top width="2%">
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">custodian,</FONT>&nbsp; &nbsp; &nbsp; 	</TD>
	<TD width="96%">
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">or financial institution, but which communications were either not sent by said</FONT>	</TD>
</TR>
<TR>
<TD width="2%">&nbsp;</TD>	<TD nowrap valign=top width="2%">
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">customer,</FONT>&nbsp; &nbsp; &nbsp; 	</TD>
	<TD width="96%">
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">automated clearing house, custodian, or financial institution, or were</FONT>	</TD>
</TR>
<TR>
<TD width="2%">&nbsp;</TD>	<TD nowrap valign=top width="2%">
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">fraudulently</FONT>&nbsp; &nbsp; &nbsp; 	</TD>
	<TD width="96%">
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">modified during physical transit of </FONT><B><FONT size=2 face="Arial-BoldMT,Arial,Helvetica,sans-serif">Electronic Media </FONT></B><FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">to the ASSURED or</FONT>	</TD>
</TR>
<TR>
<TD width="2%">&nbsp;</TD>	<TD nowrap valign=top width="2%">
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">during</FONT>&nbsp; &nbsp; &nbsp; 	</TD>
	<TD width="96%">
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">electronic transmission to the ASSURED'S </FONT><B><FONT size=2 face="Arial-BoldMT,Arial,Helvetica,sans-serif">Computer System </FONT></B><FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">or</FONT>	</TD>
</TR>
<TR>
<TD width="2%">&nbsp;</TD>	<TD nowrap valign=top width="2%">
<B><FONT size=2 face="Arial-BoldMT,Arial,Helvetica,sans-serif">Communication</FONT></B>&nbsp; &nbsp; &nbsp; 	</TD>
	<TD width="96%">
<B><FONT size=2 face="Arial-BoldMT,Arial,Helvetica,sans-serif">Terminal</FONT></B><FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">.</FONT>	</TD>
</TR>
<TR>
	<TD nowrap valign=top width="2%">
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">C.</FONT>&nbsp; &nbsp; &nbsp; 	</TD>
	<TD width="98%" colspan=2>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">Electronic Transmission</FONT>	</TD>
</TR>
<TR>
<TD width="2%">&nbsp;</TD>	<TD nowrap valign=top width="2%">
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">Loss</FONT>&nbsp; &nbsp; &nbsp; 	</TD>
	<TD width="96%">
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">resulting directly from a customer of the ASSURED, any automated clearing house,</FONT>	</TD>
</TR>
<TR>
<TD width="2%">&nbsp;</TD>	<TD nowrap valign=top width="2%">
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">custodian,</FONT>&nbsp; &nbsp; &nbsp; 	</TD>
	<TD width="96%">
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">or financial institution having transferred, paid or delivered any funds or property,</FONT>	</TD>
</TR>
<TR>
<TD width="2%">&nbsp;</TD>	<TD nowrap valign=top width="2%">
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">established</FONT>&nbsp; &nbsp; &nbsp; 	</TD>
	<TD width="96%">
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">any credit, debited any account or given any value on the faith of any electronic</FONT>	</TD>
</TR>
<TR>
<TD width="2%">&nbsp;</TD>	<TD nowrap valign=top width="2%">
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">communications,</FONT>&nbsp; &nbsp; &nbsp; 	</TD>
	<TD width="96%">
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">purporting to have been directed by the ASSURED to such customer,</FONT>	</TD>
</TR>
<TR>
<TD width="2%">&nbsp;</TD>	<TD nowrap valign=top width="2%">
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">automated</FONT>&nbsp; &nbsp; &nbsp; 	</TD>
	<TD width="96%">
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">clearing house, custodian, or financial institution initiating, authorizing, or</FONT>	</TD>
</TR>
<TR>
<TD width="2%">&nbsp;</TD>	<TD nowrap valign=top width="2%">
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">acknowledging,</FONT>&nbsp; &nbsp; &nbsp; 	</TD>
	<TD width="96%">
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">the transfer, payment, delivery or receipt of funds or property, which</FONT>	</TD>
</TR>
<TR>
<TD width="2%">&nbsp;</TD>	<TD nowrap valign=top width="2%">
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">communications</FONT>&nbsp; &nbsp; &nbsp; 	</TD>
	<TD width="96%">
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">were transmitted through:</FONT>	</TD>
</TR>
<TR>
<TD width="2%">&nbsp;</TD>	<TD nowrap valign=top width="2%">
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">(1)</FONT>&nbsp; &nbsp; &nbsp; 	</TD>
	<TD width="96%">
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">an </FONT><B><FONT size=2 face="Arial-BoldMT,Arial,Helvetica,sans-serif">Electronic Communication System</FONT></B><FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">,</FONT>	</TD>
</TR>
<TR>
<TD width="2%">&nbsp;</TD>	<TD nowrap valign=top width="2%">
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">(2)</FONT>&nbsp; &nbsp; &nbsp; 	</TD>
	<TD width="96%">
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">an automated clearing house or custodian, or</FONT>	</TD>
</TR>
<TR>
<TD width="2%">&nbsp;</TD>	<TD nowrap valign=top width="2%">
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">(3)</FONT>&nbsp; &nbsp; &nbsp; 	</TD>
	<TD width="96%">
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">a Telex, TWX, or similar means of communication,</FONT>	</TD>
</TR>
<TR>
<TD width="2%">&nbsp;</TD>	<TD nowrap valign=top width="2%">
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">directly</FONT>&nbsp; &nbsp; &nbsp; 	</TD>
	<TD width="96%">
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">into a </FONT><B><FONT size=2 face="Arial-BoldMT,Arial,Helvetica,sans-serif">Computer System </FONT></B><FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">or </FONT><B><FONT size=2 face="Arial-BoldMT,Arial,Helvetica,sans-serif">Communication Terminal </FONT></B><FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">of said customer,</FONT>	</TD>
</TR>
<TR>
<TD width="2%">&nbsp;</TD>	<TD nowrap valign=top width="2%">
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">automated</FONT>&nbsp; &nbsp; &nbsp; 	</TD>
	<TD width="96%">
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">clearing house, custodian, or financial institution, and fraudulently purport to</FONT>	</TD>
</TR>
<TR>
<TD width="2%">&nbsp;</TD>	<TD nowrap valign=top width="2%">
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">have</FONT>&nbsp; &nbsp; &nbsp; 	</TD>
	<TD width="96%">
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">been directed by the ASSURED, but which communications were either not sent</FONT>	</TD>
</TR>
<TR>
<TD width="2%">&nbsp;</TD>	<TD nowrap valign=top width="2%">
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">by</FONT>&nbsp; &nbsp; &nbsp; 	</TD>
	<TD width="96%">
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">the ASSURED, or were fraudulently modified during physical transit of </FONT><B><FONT size=2 face="Arial-BoldMT,Arial,Helvetica,sans-serif">Electronic</FONT></B>	</TD>
</TR>
<TR>
<TD width="2%">&nbsp;</TD>	<TD nowrap valign=top width="2%">
<B><FONT size=2 face="Arial-BoldMT,Arial,Helvetica,sans-serif">Media</FONT></B>&nbsp; &nbsp; &nbsp; 	</TD>
	<TD width="96%">
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">from the ASSURED or during electronic transmission from the ASSURED'S</FONT>	</TD>
</TR>
<TR>
<TD width="2%">&nbsp;</TD>	<TD nowrap valign=top width="2%">
<B><FONT size=2 face="Arial-BoldMT,Arial,Helvetica,sans-serif">Computer</FONT></B>&nbsp; &nbsp; &nbsp; 	</TD>
	<TD width="96%">
<B><FONT size=2 face="Arial-BoldMT,Arial,Helvetica,sans-serif">System </FONT></B><FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">or </FONT><B><FONT size=2 face="Arial-BoldMT,Arial,Helvetica,sans-serif">Communication Terminal</FONT></B><FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">, and for which loss the ASSURED is</FONT>	</TD>
</TR>
<TR>
<TD width="2%">&nbsp;</TD>	<TD nowrap valign=top width="2%">
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">held</FONT>&nbsp; &nbsp; &nbsp; 	</TD>
	<TD width="96%">
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">to be legally liable.</FONT>	</TD>
</TR>
</TABLE>
<DIV align="left">
<TABLE border=0 cellspacing=0>
<TR>
     <TD width=60%></TD>
     <TD width=39%></TD></TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">ICAP2 Bond</FONT></TD>
	<TD align=left>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">Form 17-02-2976 (Ed. 1-02)</FONT></TD>
	<TD align=left>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">Page 2</FONT></TD>
</TR>
</TABLE>
</DIV>
<P style="MARGIN:0px">&nbsp;</P>

<HR noshade align="center" width="100%" size=2><DIV STYLE="page-break-before: always">&nbsp;</div>



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<A name="page_37"></A><BR>

<TABLE border=0 cellspacing=0>
<TR>
	<TD nowrap valign=top width="2%">
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">2.</FONT>&nbsp; &nbsp; &nbsp; 	</TD>
	<TD width="98%" colspan=3>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">By adding to Section 1., Definitions, the following:</FONT>	</TD>
</TR>
<TR>
<TD width="2%">&nbsp;</TD>	<TD nowrap valign=top width="2%">
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">ll.</FONT>&nbsp; &nbsp; &nbsp; 	</TD>
	<TD width="96%" colspan=2>
<B><FONT size=2 face="Arial-BoldMT,Arial,Helvetica,sans-serif">Communication Terminal </FONT></B><FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">means a teletype, teleprinter or video display terminal, or similar</FONT>	</TD>
</TR>
<TR>
<TD width="2%">&nbsp;</TD><TD width="2%">&nbsp;</TD>	<TD nowrap valign=top width="2%">
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">device</FONT>&nbsp; &nbsp; &nbsp; 	</TD>
	<TD width="94%">
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">capable of sending or receiving information electronically. </FONT><B><FONT size=2 face="Arial-BoldMT,Arial,Helvetica,sans-serif">Communication Terminal</FONT></B>	</TD>
</TR>
<TR>
<TD width="2%">&nbsp;</TD><TD width="2%">&nbsp;</TD>	<TD nowrap valign=top width="2%">
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">does</FONT>&nbsp; &nbsp; &nbsp; 	</TD>
	<TD width="94%">
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">not mean a telephone.</FONT>	</TD>
</TR>
<TR>
<TD width="2%">&nbsp;</TD>	<TD nowrap valign=top width="2%">
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">mm.</FONT>&nbsp; &nbsp; &nbsp; 	</TD>
	<TD width="96%" colspan=2>
<B><FONT size=2 face="Arial-BoldMT,Arial,Helvetica,sans-serif">Electronic Communication System </FONT></B><FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">means electronic communication operations by</FONT>	</TD>
</TR>
<TR>
<TD width="2%">&nbsp;</TD><TD width="2%">&nbsp;</TD>	<TD nowrap valign=top width="2%">
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">Fedwire,</FONT>&nbsp; &nbsp; &nbsp; 	</TD>
	<TD width="94%">
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">Clearing House Interbank Payment System (CHIPS), Society of Worldwide</FONT>	</TD>
</TR>
<TR>
<TD width="2%">&nbsp;</TD><TD width="2%">&nbsp;</TD>	<TD nowrap valign=top width="2%">
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">International</FONT>&nbsp; &nbsp; &nbsp; 	</TD>
	<TD width="94%">
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">Financial Telecommunication (SWIFT), similar automated interbank</FONT>	</TD>
</TR>
<TR>
<TD width="2%">&nbsp;</TD><TD width="2%">&nbsp;</TD>	<TD nowrap valign=top width="2%">
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">communication</FONT>&nbsp; &nbsp; &nbsp; 	</TD>
	<TD width="94%">
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">systems, and Internet access facilities.</FONT>	</TD>
</TR>
<TR>
<TD width="2%">&nbsp;</TD>	<TD nowrap valign=top width="2%">
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">nn.</FONT>&nbsp; &nbsp; &nbsp; 	</TD>
	<TD width="96%" colspan=2>
<B><FONT size=2 face="Arial-BoldMT,Arial,Helvetica,sans-serif">Electronic Data </FONT></B><FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">means facts or information converted to a form usable in </FONT><B><FONT size=2 face="Arial-BoldMT,Arial,Helvetica,sans-serif">Computer</FONT></B>	</TD>
</TR>
<TR>
<TD width="2%">&nbsp;</TD><TD width="2%">&nbsp;</TD>	<TD nowrap valign=top width="2%">
<B><FONT size=2 face="Arial-BoldMT,Arial,Helvetica,sans-serif">Systems</FONT></B>&nbsp; &nbsp; &nbsp; 	</TD>
	<TD width="94%">
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">and which is stored on </FONT><B><FONT size=2 face="Arial-BoldMT,Arial,Helvetica,sans-serif">Electronic Media </FONT></B><FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">for use by computer programs.</FONT>	</TD>
</TR>
<TR>
<TD width="2%">&nbsp;</TD>	<TD nowrap valign=top width="2%">
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">oo.</FONT>&nbsp; &nbsp; &nbsp; 	</TD>
	<TD width="96%" colspan=2>
<B><FONT size=2 face="Arial-BoldMT,Arial,Helvetica,sans-serif">Electronic Instruction </FONT></B><FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">means computer programs converted to a form usable in a </FONT><B><FONT size=2 face="Arial-BoldMT,Arial,Helvetica,sans-serif">Computer</FONT></B>	</TD>
</TR>
<TR>
<TD width="2%">&nbsp;</TD><TD width="2%">&nbsp;</TD>	<TD nowrap valign=top width="2%">
<B><FONT size=2 face="Arial-BoldMT,Arial,Helvetica,sans-serif">System</FONT></B>&nbsp; &nbsp; &nbsp; 	</TD>
	<TD width="94%">
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">to act upon </FONT><B><FONT size=2 face="Arial-BoldMT,Arial,Helvetica,sans-serif">Electronic Data</FONT></B><FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">.</FONT>	</TD>
</TR>
<TR>
<TD width="2%">&nbsp;</TD>	<TD nowrap valign=top width="2%">
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">pp.</FONT>&nbsp; &nbsp; &nbsp; 	</TD>
	<TD width="96%" colspan=2>
<B><FONT size=2 face="Arial-BoldMT,Arial,Helvetica,sans-serif">Electronic Media </FONT></B><FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">means the magnetic tape, magnetic disk, optical disk, or any other bulk</FONT>	</TD>
</TR>
<TR>
<TD width="2%">&nbsp;</TD><TD width="2%">&nbsp;</TD>	<TD nowrap valign=top width="2%">
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">media</FONT>&nbsp; &nbsp; &nbsp; 	</TD>
	<TD width="94%">
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">on which data is recorded.</FONT>	</TD>
</TR>
<TR>
	<TD nowrap valign=top width="2%">
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">3.</FONT>&nbsp; &nbsp; &nbsp; 	</TD>
	<TD width="98%" colspan=3>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">By adding the following Section after Section 4., Specific Exclusions-Applicable to All INSURING</FONT>	</TD>
</TR>
<TR>
<TD width="2%">&nbsp;</TD>	<TD nowrap valign=top width="2%">
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">CLAUSES</FONT>&nbsp; &nbsp; &nbsp; 	</TD>
	<TD width="96%" colspan=2>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">except 1., 4., and 5.:</FONT>	</TD>
</TR>
<TR>
<TD width="2%">&nbsp;</TD>	<TD nowrap valign=top width="2%">
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">Section</FONT>&nbsp; &nbsp; &nbsp; 	</TD>
	<TD width="96%" colspan=2>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">4.A. Specific Exclusions-Applicable to INSURING CLAUSE 16</FONT>	</TD>
</TR>
<TR>
<TD width="2%">&nbsp;</TD>	<TD nowrap valign=top width="2%">
<B><FONT size=2 face="Arial-BoldMT,Arial,Helvetica,sans-serif">This</FONT></B>&nbsp; &nbsp; &nbsp; 	</TD>
	<TD width="96%" colspan=2>
<B><FONT size=2 face="Arial-BoldMT,Arial,Helvetica,sans-serif">Bond does not directly or indirectly cover:</FONT></B>	</TD>
</TR>
<TR>
<TD width="2%">&nbsp;</TD>	<TD nowrap valign=top width="2%">
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">a.</FONT>&nbsp; &nbsp; &nbsp; 	</TD>
	<TD width="96%" colspan=2>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">loss resulting directly or indirectly from </FONT><B><FONT size=2 face="Arial-BoldMT,Arial,Helvetica,sans-serif">Forged</FONT></B><FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">, altered or fraudulent negotiable instruments,</FONT>	</TD>
</TR>
<TR>
<TD width="2%">&nbsp;</TD><TD width="2%">&nbsp;</TD>	<TD nowrap valign=top width="2%">
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">securities,</FONT>&nbsp; &nbsp; &nbsp; 	</TD>
	<TD width="94%">
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">documents or written instruments used as source documentation in the preparation</FONT>	</TD>
</TR>
<TR>
<TD width="2%">&nbsp;</TD><TD width="2%">&nbsp;</TD>	<TD nowrap valign=top width="2%">
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">of</FONT>&nbsp; &nbsp; &nbsp; 	</TD>
	<TD width="94%">
<B><FONT size=2 face="Arial-BoldMT,Arial,Helvetica,sans-serif">Electronic Data</FONT></B><FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">;</FONT>	</TD>
</TR>
<TR>
<TD width="2%">&nbsp;</TD>	<TD nowrap valign=top width="2%">
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">b.</FONT>&nbsp; &nbsp; &nbsp; 	</TD>
	<TD width="96%" colspan=2>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">loss of negotiable instruments, securities, documents or written instruments except as</FONT>	</TD>
</TR>
<TR>
<TD width="2%">&nbsp;</TD><TD width="2%">&nbsp;</TD>	<TD nowrap valign=top width="2%">
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">converted</FONT>&nbsp; &nbsp; &nbsp; 	</TD>
	<TD width="94%">
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">to </FONT><B><FONT size=2 face="Arial-BoldMT,Arial,Helvetica,sans-serif">Electronic Data </FONT></B><FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">and then only in that converted form;</FONT>	</TD>
</TR>
<TR>
<TD width="2%">&nbsp;</TD>	<TD nowrap valign=top width="2%">
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">c.</FONT>&nbsp; &nbsp; &nbsp; 	</TD>
	<TD width="96%" colspan=2>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">loss resulting from mechanical failure, faulty construction, error in design, latent defect, wear</FONT>	</TD>
</TR>
<TR>
<TD width="2%">&nbsp;</TD><TD width="2%">&nbsp;</TD>	<TD nowrap valign=top width="2%">
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">or</FONT>&nbsp; &nbsp; &nbsp; 	</TD>
	<TD width="94%">
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">tear, gradual deterioration, electrical disturbance, </FONT><B><FONT size=2 face="Arial-BoldMT,Arial,Helvetica,sans-serif">Electronic Media </FONT></B><FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">failure or breakdown or</FONT>	</TD>
</TR>
<TR>
<TD width="2%">&nbsp;</TD><TD width="2%">&nbsp;</TD>	<TD nowrap valign=top width="2%">
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">any</FONT>&nbsp; &nbsp; &nbsp; 	</TD>
	<TD width="94%">
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">malfunction or error in programming or error or omission in processing;</FONT>	</TD>
</TR>
<TR>
<TD width="2%">&nbsp;</TD>	<TD nowrap valign=top width="2%">
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">d.</FONT>&nbsp; &nbsp; &nbsp; 	</TD>
	<TD width="96%" colspan=2>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">loss resulting directly or indirectly from the input of </FONT><B><FONT size=2 face="Arial-BoldMT,Arial,Helvetica,sans-serif">Electronic Data </FONT></B><FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">at an authorized</FONT>	</TD>
</TR>
<TR>
<TD width="2%">&nbsp;</TD><TD width="2%">&nbsp;</TD>	<TD nowrap valign=top width="2%">
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">electronic</FONT>&nbsp; &nbsp; &nbsp; 	</TD>
	<TD width="94%">
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">terminal of an </FONT><B><FONT size=2 face="Arial-BoldMT,Arial,Helvetica,sans-serif">Electronic Funds Transfer System </FONT></B><FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">or a </FONT><B><FONT size=2 face="Arial-BoldMT,Arial,Helvetica,sans-serif">Customer</FONT></B>	</TD>
</TR>
<TR>
<TD width="2%">&nbsp;</TD><TD width="2%">&nbsp;</TD>	<TD nowrap valign=top width="2%">
<B><FONT size=2 face="Arial-BoldMT,Arial,Helvetica,sans-serif">Communication</FONT></B>&nbsp; &nbsp; &nbsp; 	</TD>
	<TD width="94%">
<B><FONT size=2 face="Arial-BoldMT,Arial,Helvetica,sans-serif">System </FONT></B><FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">by a person who had authorized access from a customer to that</FONT>	</TD>
</TR>
<TR>
<TD width="2%">&nbsp;</TD><TD width="2%">&nbsp;</TD>	<TD nowrap valign=top width="2%">
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">customer's</FONT>&nbsp; &nbsp; &nbsp; 	</TD>
	<TD width="94%">
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">authentication mechanism; or</FONT>	</TD>
</TR>
<TR>
<TD width="2%">&nbsp;</TD>	<TD nowrap valign=top width="2%">
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">e.</FONT>&nbsp; &nbsp; &nbsp; 	</TD>
	<TD width="96%" colspan=2>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">liability assumed by the ASSURED by agreement under any contract, unless such liability would</FONT>	</TD>
</TR>
<TR>
<TD width="2%">&nbsp;</TD><TD width="2%">&nbsp;</TD>	<TD nowrap valign=top width="2%">
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">have</FONT>&nbsp; &nbsp; &nbsp; 	</TD>
	<TD width="94%">
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">attached to the ASSURED even in the absence of such agreement; or</FONT>	</TD>
</TR>
<TR>
<TD width="2%">&nbsp;</TD>	<TD nowrap valign=top width="2%">
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">f.</FONT>&nbsp; &nbsp; &nbsp; 	</TD>
	<TD width="96%" colspan=2>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">loss resulting directly or indirectly from:</FONT>	</TD>
</TR>
<TR>
<TD width="2%">&nbsp;</TD><TD width="2%">&nbsp;</TD>	<TD nowrap valign=top width="2%">
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">(1)</FONT>&nbsp; &nbsp; &nbsp; 	</TD>
	<TD width="94%">
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">written instruction unless covered under this INSURING CLAUSE; or</FONT>	</TD>
</TR>
<TR>
<TD width="2%">&nbsp;</TD><TD width="2%">&nbsp;</TD>	<TD nowrap valign=top width="2%">
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">(2)</FONT>&nbsp; &nbsp; &nbsp; 	</TD>
	<TD width="94%">
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">instruction by voice over the telephone, unless covered under this INSURING CLAUSE.</FONT>	</TD>
</TR>
</TABLE>
<DIV align="left">
<TABLE border=0 cellspacing=0>
<TR>
     <TD width=60%></TD>
     <TD width=39%></TD></TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">ICAP2 Bond</FONT></TD>
	<TD align=left>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">Form 17-02-2976 (Ed. 1-02)</FONT></TD>
	<TD align=left>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">Page 3</FONT></TD>
</TR>
</TABLE>
</DIV>
<P style="MARGIN:0px">&nbsp;</P>

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<TABLE border=0 cellspacing=0>
<TR>
	<TD nowrap valign=top width="2%">
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">4.</FONT>&nbsp; &nbsp; &nbsp; 	</TD>
	<TD width="98%">
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">By adding to Section 9., Valuation, the following:</FONT>	</TD>
</TR>
<TR>
<TD width="10%">&nbsp;</TD>	<TD width="90%">
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">Electronic Data, Electronic Media, Or Electronic Instruction</FONT>	</TD>
</TR>
<TR>
<TD width="10%">&nbsp;</TD>	<TD width="90%">
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">In case of loss of, or damage to, </FONT><B><FONT size=2 face="Arial-BoldMT,Arial,Helvetica,sans-serif">Electronic Data, Electronic Media </FONT></B><FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">or </FONT><B><FONT size=2 face="Arial-BoldMT,Arial,Helvetica,sans-serif">Electronic Instruction </FONT></B><FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">used by the ASSURED in its business, the COMPANY shall be liable under this Bond only if such items are actually reproduced form other </FONT><B><FONT size=2 face="Arial-BoldMT,Arial,Helvetica,sans-serif">Electronic Data, Electronic Media </FONT></B><FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">or </FONT><B><FONT size=2 face="Arial-BoldMT,Arial,Helvetica,sans-serif">Electronic Instruction </FONT></B><FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">of the same kind or quality and then for not more than the cost of the blank media and/or the cost of labor for the actual transcription or copying of data which shall have been furnished by the ASSURED in order to reproduce such </FONT><B><FONT size=2 face="Arial-BoldMT,Arial,Helvetica,sans-serif">Electronic Data, Electronic Media </FONT></B><FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">or </FONT><B><FONT size=2 face="Arial-BoldMT,Arial,Helvetica,sans-serif">Electronic Instruction </FONT></B><FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">subject to the applicable SINGLE LOSS LIMIT OF LIABILITY.</FONT>	</TD>
</TR>
<TR>
<TD width="10%">&nbsp;</TD>	<TD width="90%">
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">However, if such </FONT><B><FONT size=2 face="Arial-BoldMT,Arial,Helvetica,sans-serif">Electronic Data </FONT></B><FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">can not be reproduced and said </FONT><B><FONT size=2 face="Arial-BoldMT,Arial,Helvetica,sans-serif">Electronic Data </FONT></B><FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">represents </FONT><B><FONT size=2 face="Arial-BoldMT,Arial,Helvetica,sans-serif">Securities </FONT></B><FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">or financial instruments having a value, then the loss will be valued as indicated in the SECURITIES and OTHER PROPERTY paragraphs of this Section.</FONT>	</TD>
</TR>
</TABLE>
<P style="text-align: left;">
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">This Endorsement applies to loss discovered after 12:01 a.m. on December 31, 2011.</FONT></P>
<P style="text-align: left;">
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">ALL OTHER TERMS AND CONDITIONS OF THIS BOND REMAIN UNCHANGED.</FONT></P>
<P style="text-align: left;">
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">Date: January 6, 2012</FONT></P>
<IMG src="ga_jhfjhfiiinewx38x1.jpg" border=0>
<BR>
<DIV align="left">
<TABLE border=0 cellspacing=0>
<TR>
     <TD width=60%></TD>
     <TD width=39%></TD></TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">ICAP2 Bond</FONT></TD>
	<TD align=left>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">Form 17-02-2976 (Ed. 1-02)</FONT></TD>
	<TD align=left>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">Page 4</FONT></TD>
</TR>
</TABLE>
</DIV>
<P style="MARGIN:0px">&nbsp;</P>

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<DIV align="left">
<TABLE border=0 cellspacing=0>
<TR>
     <TD width=43%></TD>
     <TD width=26%></TD>
     <TD width=30%></TD></TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left style="TEXT-INDENT:10.000000px">
<B><FONT size=2 face="Arial-BoldMT,Arial,Helvetica,sans-serif">ENDORSEMENT/RIDER</FONT></B></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">Effective date of</FONT></TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">this endorsement/rider: December 31, 2011</FONT></TD>
	<TD align=left colspan=2>
<B><FONT size=2 face="Arial-BoldMT,Arial,Helvetica,sans-serif">FEDERAL INSURANCE COMPANY</FONT></B></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">Endorsement/Rider No.</FONT></TD>
	<TD align=left>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">8</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">To be attached to and</FONT></TD>
	<TD align=left>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">form a part of Bond No.</FONT></TD>
	<TD align=left>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">81906724</FONT></TD>
</TR>
</TABLE>
</DIV>
<P style="MARGIN:0px">&nbsp;</P>
<DIV align="left">
<TABLE border=0 cellspacing=0>
<TR>
     <TD width=12%></TD>
     <TD width=87%></TD></TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">Issued to:</FONT></TD>
	<TD align=left>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">JOHN HANCOCK FUNDS; JOHN HANCOCK FUNDS II; JOHN</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">HANCOCK FUNDS III; JOHN HANCOCK VARIABLE INSURANCE TRUST</FONT></TD>
</TR>
</TABLE>
</DIV>
<P style="MARGIN:0px">&nbsp;</P>
<P style="text-align: center;">
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">AUTOMATIC INCREASE IN LIMITS ENDORSEMENT</FONT></P>
<P style="text-align: left;">
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">In consideration of the premium charged, it is agreed that General Agreements, Section C., Additional Offices or Employees-Consolidation, Merger or Purchase or Acquisition of Assets or Liabilities-Notice to Company, is amended by adding the following:</FONT></P>
<P style="text-align: left;">
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">If the ASSURED, while this Bond is in force, establish new funds other than by consolidation or merger with, purchase or acquisition of assets or liabilities of, another institution, such funds shall automatically be covered hereunder from the date of establishment.</FONT></P>
<P style="text-align: left;">
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">If the ASSURED, while this Bond is in force, require an increase in limits to comply with SEC Reg. 17g-1, due to an increase in assets, such increase shall automatically be covered hereunder from the date of such increase, but only as excess coverage. Such excess coverage shall not exceed five million dollars (&#36;5,000,000) in additional limits and shall be excess of this Bond and of the following excess Bond:</FONT></P>
<DIV align="left">
<TABLE border=0 cellspacing=0>
<TR>
     <TD width=27%></TD>
     <TD width=4%></TD>
     <TD width=63%></TD>
     <TD width=4%></TD></TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">Carrier:</FONT></TD>
	<TD align=right>
&nbsp;</TD>
	<TD align=right>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">ICI Mutual Insurance Company</FONT></TD>
	<TD align=left>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">Bond Number</FONT></TD>
	<TD align=right>
&nbsp;</TD>
	<TD align=right>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">87142108</FONT></TD>
	<TD align=left>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">B</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">Limits of Liability:</FONT></TD>
	<TD align=right>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">&#36;</FONT></TD>
	<TD align=right>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">15,000,000</FONT></TD>
	<TD align=left>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">Bond Period:</FONT></TD>
	<TD align=right>
&nbsp;</TD>
	<TD align=right>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">December 31, 2011 to December 31, 2012</FONT></TD>
	<TD align=left>
&nbsp;</TD>
</TR>
</TABLE>
</DIV>
<P style="MARGIN:0px">&nbsp;</P>
<P style="text-align: left;">
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">The title and any headings in this endorsement/rider are solely for convenience and form no part of the terms and conditions of coverage.</FONT></P>
<P style="text-align: left;">
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">All other terms, conditions and limitations of this Bond shall remain unchanged.</FONT></P>
<P align="center">
<IMG src="ga_jhfjhfiiinewx39x1.jpg" border=0>
</P>
<P style="text-align: center;">
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">Authorized Representative</FONT></P>
<P style="text-align: left;">
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">Q07-1972(08/2007)</FONT></P>
<P style="text-align: left;">
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">Page 1</FONT></P>

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<DIV align="left">
<TABLE border=0 cellspacing=0>
<TR>
     <TD width=43%></TD>
     <TD width=56%></TD></TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left style="TEXT-INDENT:41.000000px">
<B><FONT size=2 face="Arial-BoldMT,Arial,Helvetica,sans-serif">ENDORSEMENT/RIDER</FONT></B></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">Effective date of</FONT></TD>
	<TD align=left>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">this endorsement/rider: December 31, 2011</FONT></TD>
	<TD align=left>
<B><FONT size=2 face="Arial-BoldMT,Arial,Helvetica,sans-serif">FEDERAL INSURANCE COMPANY</FONT></B></TD>
</TR>
<TR valign="top">
	<TD width=43%>&nbsp;</TD>
	<TD width=56% colspan=1><P><FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">Endorsement/Rider No. 9 To be attached to and form a part of Bond No. 81906724</FONT></P>
</TD>
</TR>
</TABLE>
</DIV>
<P style="MARGIN:0px">&nbsp;</P>
<DIV align="left">
<TABLE border=0 cellspacing=0>
<TR>
     <TD width=12%></TD>
     <TD width=87%></TD></TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">Issued to:</FONT></TD>
	<TD align=left>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">JOHN HANCOCK FUNDS; JOHN HANCOCK FUNDS II; JOHN</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">HANCOCK FUNDS III; JOHN HANCOCK VARIABLE INSURANCE TRUST</FONT></TD>
</TR>
<TR>
	<TD colspan=2>
&nbsp;</TD>
</TR>
<TR>
	<TD colspan=2>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left style="TEXT-INDENT:19.000000px">
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">AMEND DEFINITION OF EMPLOYEE ENDORSEMENT</FONT></TD>
</TR>
</TABLE>
</DIV>
<P style="MARGIN:0px">&nbsp;</P>
<P style="text-align: left;">
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">In consideration of the premium charged, it is agreed that Section 1., Definitions, the term </FONT><B><FONT size=2 face="Arial-BoldMT,Arial,Helvetica,sans-serif">Employee </FONT></B><FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">is amended to include the following:</FONT></P>
<P style="text-align: center;">
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">Any natural person while in the service of the ASSURED solely while performing sub-advisory services for the ASSURED pursuant to a written contract.</FONT></P>
<P style="text-align: left;">
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">The title and any headings in this endorsement/rider are solely for convenience and form no part of the terms and conditions of coverage.</FONT></P>
<P style="text-align: left;">
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">All other terms, conditions and limitations of this Bond shall remain unchanged.</FONT></P>
<P align="center">
<IMG src="ga_jhfjhfiiinewx40x1.jpg" border=0>
</P>
<P style="text-align: center;">
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">Authorized Representative</FONT></P>
<P style="text-align: left;">
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">Q07-1957 (08/2007)</FONT></P>
<P style="text-align: left;">
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">Page 1</FONT></P>

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<DIV align="left">
<TABLE border=0 cellspacing=0>
<TR>
     <TD width=44%></TD>
     <TD width=28%></TD>
     <TD width=26%></TD></TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left style="TEXT-INDENT:2.000000px">
<B><FONT size=2 face="Arial-BoldMT,Arial,Helvetica,sans-serif">ENDORSEMENT/RIDER</FONT></B></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">Effective date of</FONT></TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">this endorsement/rider: December 31, 2011</FONT></TD>
	<TD align=left colspan=2>
<B><FONT size=2 face="Arial-BoldMT,Arial,Helvetica,sans-serif">FEDERAL INSURANCE COMPANY</FONT></B></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">Endorsement/Rider No.</FONT></TD>
	<TD align=left>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">10</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">To be attached to and</FONT></TD>
	<TD align=left>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">form a part of Bond No.</FONT></TD>
	<TD align=left>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">81906724</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left colspan=2>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">Issued to: JOHN HANCOCK FUNDS; JOHN HANCOCK FUNDS II; JOHN</FONT></TD>
	<TD align=left>
&nbsp;</TD>
</TR>
</TABLE>
</DIV>
<P style="MARGIN:0px">&nbsp;</P>
<P style="text-align: center;">
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">HANCOCK FUNDS III; JOHN HANCOCK VARIABLE INSURANCE TRUST</FONT></P>
<P style="text-align: center;">
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">DELETING VALUATION-OTHER PROPERTY AND AMENDING CHANGE OR MODIFICATION</FONT></P>
<P style="text-align: center;">
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">ENDORSEMENT</FONT></P>
<P style="text-align: left;">
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">In consideration of the premium charged, it is agreed that this Bond is amended as follows:</FONT></P>
<TABLE border=0 cellspacing=0>
<TR>
	<TD nowrap valign=top width="2%">
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">1.</FONT>&nbsp; &nbsp; &nbsp; 	</TD>
	<TD width="98%">
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">The paragraph titled Other Property in Section 9, Valuation, is deleted in its entirety.</FONT>	</TD>
</TR>
<TR>
	<TD nowrap valign=top width="2%">
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">2.</FONT>&nbsp; &nbsp; &nbsp; 	</TD>
	<TD width="98%">
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">The third paragraph in Section 16, Change or Modification, is deleted in its entirety and replaced with the following:</FONT>	</TD>
</TR>
<TR>
<TD width="10%">&nbsp;</TD>	<TD width="90%">
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">If this Bond is for a joint ASSURED, no change or modification which would adversely affect the rights of the ASSURED shall be effective prior to sixty (60) days after written notice has been furnished to all insured </FONT><B><FONT size=2 face="Arial-BoldMT,Arial,Helvetica,sans-serif">Investment Companies </FONT></B><FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">and the Securities and Exchange Commission, Washington, D.C., by the COMPANY.</FONT>	</TD>
</TR>
</TABLE>
<P style="text-align: left;">
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">The title and any headings in this endorsement/rider are solely for convenience and form no part of the terms and conditions of coverage.</FONT></P>
<P style="text-align: left;">
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">All other terms, conditions and limitations of this Bond shall remain unchanged.</FONT></P>
<P align="center">
<IMG src="ga_jhfjhfiiinewx41x1.jpg" border=0>
</P>
<P style="text-align: center;">
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">Authorized Representative</FONT></P>
<P style="text-align: left;">
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">17-02-2437 (12/2006) rev.</FONT></P>
<P style="text-align: left;">
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">Page 1</FONT></P>

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<DIV align="left">
<TABLE border=0 cellspacing=0>
<TR>
     <TD width=23%></TD>
     <TD width=53%></TD>
     <TD width=22%></TD></TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left colspan=2 style="TEXT-INDENT:41.000000px">
<B><FONT size=2 face="Arial-BoldMT,Arial,Helvetica,sans-serif">FEDERAL INSURANCE COMPANY</FONT></B></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left style="TEXT-INDENT:41.000000px">
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">Endorsement No:</FONT></TD>
	<TD align=left>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">11</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left style="TEXT-INDENT:41.000000px">
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">Bond Number:</FONT></TD>
	<TD align=left>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">81906724</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">NAME OF ASSURED:</FONT></TD>
	<TD align=left colspan=2>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">JOHN HANCOCK FUNDS; JOHN HANCOCK FUNDS II; JOHN</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left colspan=2>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">HANCOCK FUNDS III; JOHN HANCOCK VARIABLE INSURANCE TRUST</FONT></TD>
</TR>
</TABLE>
</DIV>
<P style="MARGIN:0px">&nbsp;</P>
<P style="text-align: center;">
<B><FONT size=2 face="Arial-BoldMT,Arial,Helvetica,sans-serif">NAME OF ASSURED ENDORSEMENT</FONT></B></P>
<P style="text-align: left;">
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">It is agreed that the NAME OF ASSURED in the DECLARATIONS is amended to read as follows:</FONT></P>
<DIV align="left">
<TABLE border=0 cellspacing=0>
<TR>
     <TD width=100%></TD></TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">JOHN HANCOCK FUNDS</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">JOHN HANCOCK FUNDS II</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">JOHN HANCOCK FUNDS III</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">JOHN HANCOCK VARIABLE INSURANCE TRUST</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">JOHN HANCOCK BANK AND THRIFT OPPORTUNITY FUND</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">JOHN HANCOCK BOND TRUST</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">JOHN HANCOCK CALIFORNIA TAX-FREE INCOME FUND</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">JOHN HANCOCK CAPITAL SERIES</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">JOHN HANCOCK CURRENT INTEREST</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">JOHN HANCOCK EMERGING MARKETS INCOME FUND</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">JOHN HANCOCK FLEXIBLE INCOME OPPORTUNITIES FUND</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">JOHN HANCOCK HEDGED EQUITY &amp; INCOME FUND</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">JOHN HANCOCK INCOME SECURITIES TRUST</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">JOHN HANCOCK INVESTMENT TRUST</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">JOHN HANCOCK INVESTMENT TRUST II</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">JOHN HANCOCK INVESTMENT TRUST III</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">JOHN HANCOCK INVESTORS TRUST</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">JOHN HANCOCK MUNICIPAL SECURITIES TRUST</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">JOHN HANCOCK PREFERRED INCOME FUND</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">JOHN HANCOCK PREFERRED INCOME FUND II</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">JOHN HANCOCK PREFERRED INCOME FUND III</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">JOHN HANCOCK PREMIUM DIVIDEND FUND</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">JOHN HANCOCK SERIES TRUST</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">JOHN HANCOCK SOVEREIGN BOND FUND</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">JOHN HANCOCK STRATEGIC SERIES</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">JOHN HANCOCK TAX-ADVANTAGED DIVIDEND INCOME FUND</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">JOHN HANCOCK TAX-ADVANTAGED GLOBAL SHAREHOLDER YIELD FUND</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">JOHN HANCOCK TAX-EXEMPT SERIES FUND</FONT></TD>
</TR>
</TABLE>
</DIV>
<P style="MARGIN:0px">&nbsp;</P>
<DIV align="left">
<TABLE border=0 cellspacing=0>
<TR>
     <TD width=88%></TD>
     <TD width=11%></TD></TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">This Endorsement applies to loss discovered after 12:01 a.m. on December 31, 2011.</FONT></TD>
	<TD align=left>
&nbsp;</TD>
</TR>
<TR>
	<TD colspan=2>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">ICAP Bond</FONT></TD>
	<TD align=left>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">Form 17-02-0949 (Rev. 1-97)</FONT></TD>
	<TD align=left>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">Page 1</FONT></TD>
</TR>
</TABLE>
</DIV>
<P style="MARGIN:0px">&nbsp;</P>

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<P style="text-align: left;">
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">ALL OTHER TERMS AND CONDITIONS OF THIS BOND REMAIN UNCHANGED.</FONT></P>
<P style="text-align: left;">
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">Date: January 6, 2012</FONT></P>
<IMG src="ga_jhfjhfiiinewx43x1.jpg" border=0>
<BR>
<DIV align="left">
<TABLE border=0 cellspacing=0>
<TR>
     <TD width=60%></TD>
     <TD width=39%></TD></TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">ICAP Bond</FONT></TD>
	<TD align=left>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">Form 17-02-0949 (Ed. 1-97)</FONT></TD>
	<TD align=left>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">Page 2</FONT></TD>
</TR>
</TABLE>
</DIV>
<P style="MARGIN:0px">&nbsp;</P>

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<P style="text-align: right;">
<B><FONT size=2 face="Arial-BoldMT,Arial,Helvetica,sans-serif">ENDORSEMENT/RIDER</FONT></B></P>
<DIV align="left">
<TABLE border=0 cellspacing=0>
<TR>
     <TD width=53%></TD>
     <TD width=32%></TD>
     <TD width=13%></TD></TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">Effective date of</FONT></TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">this endorsement/rider: December 31, 2011</FONT></TD>
	<TD align=left colspan=2>
<B><FONT size=2 face="Arial-BoldMT,Arial,Helvetica,sans-serif">FEDERAL INSURANCE COMPANY</FONT></B></TD>
</TR>
<TR>
	<TD colspan=3>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">Endorsement/Rider No.</FONT></TD>
	<TD align=left>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">12</FONT></TD>
</TR>
<TR>
	<TD colspan=3>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">To be attached to and</FONT></TD>
	<TD align=left>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">form a part of Policy No.</FONT></TD>
	<TD align=left>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">81906724</FONT></TD>
</TR>
</TABLE>
</DIV>
<P style="MARGIN:0px">&nbsp;</P>
<DIV align="left">
<TABLE border=0 cellspacing=0>
<TR>
     <TD width=12%></TD>
     <TD width=87%></TD></TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">Issued to:</FONT></TD>
	<TD align=left>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">JOHN HANCOCK FUNDS; JOHN HANCOCK FUNDS II; JOHN</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">HANCOCK FUNDS III; JOHN HANCOCK VARIABLE INSURANCE TRUST</FONT></TD>
</TR>
</TABLE>
</DIV>
<P style="MARGIN:0px">&nbsp;</P>
<P style="text-align: center;">
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">AMEND NAME OF ASSURED (NEW FUNDS) ENDORSEMENT</FONT></P>
<P style="text-align: left;">
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">In consideration of the premium charged, is agreed that:</FONT></P>
<TABLE border=0 cellspacing=0>
<TR>
	<TD nowrap valign=top width="2%">
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">1.</FONT>&nbsp; &nbsp; &nbsp; 	</TD>
	<TD width="98%">
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">The NAME OF ASSURED, as set forth on the DECLARATIONS of this Bond, shall include any newly created, merged, consolidated or terminated registered investment company sponsored by an ASSURED or any newly created portfolio of an ASSURED. Provided, however, that this provision shall not apply to a registered investment company that is created as a result of a merger, consolidation or acquisition with any other registered investment company.</FONT>	</TD>
</TR>
</TABLE>
<P style="text-align: left;">
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">The title and any headings in this endorsement/rider are solely for convenience and form no part of the terms and conditions of coverage.</FONT></P>
<P style="text-align: left;">
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">All other terms, conditions and limitations of this Policy shall remain unchanged.</FONT></P>
<P align="center">
<IMG src="ga_jhfjhfiiinewx44x1.jpg" border=0>
</P>
<P style="text-align: center;">
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">Authorized Representative</FONT></P>
<P style="text-align: left;">
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">Q09-1831 (11/2009)</FONT></P>
<P style="text-align: left;">
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">Page 1</FONT></P>

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<DIV align="left">
<TABLE border=0 cellspacing=0>
<TR>
     <TD width=43%></TD>
     <TD width=56%></TD></TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left style="TEXT-INDENT:41.000000px">
<B><FONT size=2 face="Arial-BoldMT,Arial,Helvetica,sans-serif">ENDORSEMENT/RIDER</FONT></B></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">Effective date of</FONT></TD>
	<TD align=left>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">this endorsement/rider: December 31, 2011</FONT></TD>
	<TD align=left>
<B><FONT size=2 face="Arial-BoldMT,Arial,Helvetica,sans-serif">FEDERAL INSURANCE COMPANY</FONT></B></TD>
</TR>
<TR valign="top">
	<TD width=43%>&nbsp;</TD>
	<TD width=56% colspan=1><P><FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">Endorsement/Rider No. 13 To be attached to and form a part of Bond No. 81906724</FONT></P>
</TD>
</TR>
</TABLE>
</DIV>
<P style="MARGIN:0px">&nbsp;</P>
<DIV align="left">
<TABLE border=0 cellspacing=0>
<TR>
     <TD width=12%></TD>
     <TD width=87%></TD></TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">Issued to:</FONT></TD>
	<TD align=left>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">JOHN HANCOCK FUNDS; JOHN HANCOCK FUNDS II; JOHN</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">HANCOCK FUNDS III; JOHN HANCOCK VARIABLE INSURANCE TRUST</FONT></TD>
</TR>
</TABLE>
</DIV>
<P style="MARGIN:0px">&nbsp;</P>
<P style="text-align: center;">
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">AMEND DISCOVERY AND NOTICE ENDORSEMENT</FONT></P>
<P style="text-align: left;">
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">In consideration of the premium charged, it is agreed that this Bond is amended as follows:</FONT></P>
<TABLE border=0 cellspacing=0>
<TR>
	<TD nowrap valign=top width="2%">
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">(1)</FONT>&nbsp; &nbsp; &nbsp; 	</TD>
	<TD width="98%" colspan=2>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">Section 6., Discovery, is deleted in its entirety and replaced it with the following:</FONT>	</TD>
</TR>
<TR>
<TD width="2%">&nbsp;</TD>	<TD nowrap valign=top width="2%">
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">Discovery</FONT>&nbsp; &nbsp; &nbsp; 	</TD>
	<TD width="96%">
	</TD>
</TR>
<TR>
<TD width="2%">&nbsp;</TD>	<TD nowrap valign=top width="2%">
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">This</FONT>&nbsp; &nbsp; &nbsp; 	</TD>
	<TD width="96%">
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">Bond applies only to loss first discovered by the President, General Counsel or Risk Manager of</FONT>	</TD>
</TR>
<TR>
<TD width="2%">&nbsp;</TD>	<TD nowrap valign=top width="2%">
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">the</FONT>&nbsp; &nbsp; &nbsp; 	</TD>
	<TD width="96%">
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">ASSURED during the BOND PERIOD. Discovery occurs at the earlier of the President, General</FONT>	</TD>
</TR>
<TR>
<TD width="2%">&nbsp;</TD>	<TD nowrap valign=top width="2%">
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">Counsel</FONT>&nbsp; &nbsp; &nbsp; 	</TD>
	<TD width="96%">
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">or Risk Manager of the ASSURED being aware of:</FONT>	</TD>
</TR>
<TR>
<TD width="2%">&nbsp;</TD>	<TD nowrap valign=top width="2%">
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">a.</FONT>&nbsp; &nbsp; &nbsp; 	</TD>
	<TD width="96%">
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">facts which may subsequently result in a loss of a type covered by this Bond, or</FONT>	</TD>
</TR>
<TR>
<TD width="2%">&nbsp;</TD>	<TD nowrap valign=top width="2%">
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">b.</FONT>&nbsp; &nbsp; &nbsp; 	</TD>
	<TD width="96%">
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">an actual or potential claim in which it is alleged that the ASSURED is liable to a third party,</FONT>	</TD>
</TR>
<TR>
<TD width="2%">&nbsp;</TD>	<TD nowrap valign=top width="2%">
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">regardless</FONT>&nbsp; &nbsp; &nbsp; 	</TD>
	<TD width="96%">
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">of when the act or acts causing or contributing to such loss occurred, even though the</FONT>	</TD>
</TR>
<TR>
<TD width="2%">&nbsp;</TD>	<TD nowrap valign=top width="2%">
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">amount</FONT>&nbsp; &nbsp; &nbsp; 	</TD>
	<TD width="96%">
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">of loss does not exceed the applicable DEDUCTIBLE AMOUNT, or the exact amount or details</FONT>	</TD>
</TR>
<TR>
<TD width="2%">&nbsp;</TD>	<TD nowrap valign=top width="2%">
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">of</FONT>&nbsp; &nbsp; &nbsp; 	</TD>
	<TD width="96%">
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">loss may not then be known.</FONT>	</TD>
</TR>
<TR>
	<TD nowrap valign=top width="2%">
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">(2)</FONT>&nbsp; &nbsp; &nbsp; 	</TD>
	<TD width="98%" colspan=2>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">Section 7., Notice to Company-Proof-Legal Proceedings Against Company, is amended by deleting</FONT>	</TD>
</TR>
<TR>
<TD width="2%">&nbsp;</TD>	<TD nowrap valign=top width="2%">
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">paragraph</FONT>&nbsp; &nbsp; &nbsp; 	</TD>
	<TD width="96%">
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">a. and replacing it with the following:</FONT>	</TD>
</TR>
<TR>
<TD width="2%">&nbsp;</TD>	<TD nowrap valign=top width="2%">
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">a.</FONT>&nbsp; &nbsp; &nbsp; 	</TD>
	<TD width="96%">
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">The ASSURED shall give the COMPANY notice thereof at the earliest practicable moment, not to exceed sixty (60) days after discovery of loss by President, General Counsel or Risk Manager of the ASSURED, in an amount that is in excess of fifty percent (50%) of the applicable DEDUCTIBLE AMOUNT, as stated in ITEM 2. of the DECLARATIONS</FONT><B><FONT size=2 face="Arial-BoldMT,Arial,Helvetica,sans-serif">.</FONT></B>	</TD>
</TR>
</TABLE>
<P style="text-align: left;">
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">The title and any headings in this endorsement/rider are solely for convenience and form no part of the terms and conditions of coverage.</FONT></P>
<P style="text-align: left;">
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">All other terms, conditions and limitations of this Bond shall remain unchanged.</FONT></P>
<P align="center">
<IMG src="ga_jhfjhfiiinewx45x1.jpg" border=0>
</P>
<P style="text-align: center;">
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">Authorized Representative</FONT></P>
<P style="text-align: left;">
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">14-02-14521 (08/2008)</FONT></P>
<P style="text-align: left;">
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">Page 1</FONT></P>

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<P style="text-align: center;">
<B><I><FONT size=2 face="Arial-BoldItalicMT,Arial,Helvetica,sans-serif">Important Notice:</FONT></I></B></P>
<P style="text-align: left;">
<B><FONT size=2 face="Arial-BoldMT,Arial,Helvetica,sans-serif">The SEC Requires Proof of Your Fidelity Insurance Policy</FONT></B></P>
<P style="text-align: left;">
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">Your company is now required to file an electronic copy of your fidelity insurance coverage (Chubb&#146;s ICAP Bond policy) to the Securities and Exchange Commission (SEC), according to rules adopted by the SEC on June 12, 2006.</FONT></P>
<P style="text-align: left;">
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">Chubb is in the process of providing your agent/broker with an electronic copy of your insurance policy as well as instructions on how to submit this proof of fidelity insurance coverage to the SEC. You can expect to receive this information from your agent/broker shortly.</FONT></P>
<P style="text-align: left;">
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">The electronic copy of your policy is provided by Chubb solely as a convenience and does not affect the terms and conditions of coverage as set forth in the paper policy you receive by mail. The terms and conditions of the policy mailed to you, which are the same as those set forth in the electronic copy, constitute the entire agreement between your company and Chubb.</FONT></P>
<P style="text-align: left;">
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">If you have any questions, please contact your agent or broker.</FONT></P>
<P style="text-align: left;">
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">Form 14-02-12160 (ed. 7/2006)</FONT></P>

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<P style="text-align: center;">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><FONT size=5 face="Arial-BoldMT,Arial,Helvetica,sans-serif">POLICYHOLDER DISCLOSURE NOTICE OF</FONT></B></P>
<P style="text-align: center;">
<B><FONT size=5 face="Arial-BoldMT,Arial,Helvetica,sans-serif">TERRORISM INSURANCE COVERAGE</FONT></B></P>
<P style="text-align: center;">
<B><FONT size=3 face="Arial-BoldMT,Arial,Helvetica,sans-serif">(for policies with no terrorism exclusion or sublimit)</FONT></B></P>
<P style="text-align: left;">
<FONT size=3 face="ArialMT,Arial,Helvetica,sans-serif">You are hereby notified that, under the Terrorism Risk Insurance Act (the &#147;Act&#148;), effective December 26, 2007, this policy makes available to you insurance for losses arising out of certain acts of terrorism. Terrorism is defined as any act certified by the Secretary of the Treasury, in concurrence with the Secretary of State and the Attorney General of the United States, to be an act of terrorism; to be a violent act or an act that is dangerous to human life, property or infrastructure; to have resulted in damage within the United States, or outside the United States in the case of an air carrier or vessel or the premises of a United States Mission; and to have been committed by an individual or individuals as part of an effort to coerce the civilian population of the United States or to influence the policy or affect the conduct of the United States Government by coercion.</FONT></P>
<P style="text-align: left;">
<FONT size=3 face="ArialMT,Arial,Helvetica,sans-serif">You should know that the insurance provided by your policy for losses caused by acts of terrorism is partially reimbursed by the United States under the formula set forth in the Act. Under this formula, the United States pays 85% of covered terrorism losses that exceed the statutorily established deductible to be paid by the insurance company providing the coverage.</FONT></P>
<P style="text-align: left;">
<FONT size=3 face="ArialMT,Arial,Helvetica,sans-serif">However, if aggregate insured losses attributable to terrorist acts certified under the Act exceed &#36;100 billion in a Program Year (January 1 through December 31), the Treasury shall not make any payment for any portion of the amount of such losses that exceeds &#36;100 billion.</FONT></P>
<P style="text-align: left;">
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">10-02-1281 (Ed. 1/2003)</FONT></P>

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<P style="text-align: left;">
<FONT size=3 face="ArialMT,Arial,Helvetica,sans-serif">If aggregate insured losses attributable to terrorist acts certified under the Act exceed &#36;100 billion in a Program Year (January 1 through December 31) and we have met our insurer deductible under the Act, we shall not be liable for the payment of any portion of the amount of such losses that exceeds &#36;100 billion, and in such case insured losses up to that amount are subject to pro rata allocation in accordance with procedures established by the Secretary of the Treasury.</FONT></P>
<P style="text-align: left;">
<FONT size=3 face="ArialMT,Arial,Helvetica,sans-serif">The portion of your policy&#146;s annual premium that is attributable to insurance for such acts of terrorism is: &#36; </FONT><B><FONT size=3 face="Arial-BoldMT,Arial,Helvetica,sans-serif">-0-.</FONT></B></P>
<P style="text-align: left;">
<FONT size=3 face="ArialMT,Arial,Helvetica,sans-serif">If you have any questions about this notice, please contact your agent or broker.</FONT></P>
<P style="text-align: left;">
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">10-02-1281 (Ed. 1/2003)</FONT></P>

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<P style="text-align: center;">
<B><FONT size=4 face="Arial-BoldMT,Arial,Helvetica,sans-serif">IMPORTANT NOTICE TO POLICYHOLDERS</FONT></B></P>
<P style="text-align: left;">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">All of the members of the Chubb Group of Insurance companies doing business in the United States (hereinafter &#147;Chubb&#148;) distribute their products through licensed insurance brokers and agents (&#147;producers&#148;). Detailed information regarding the types of compensation paid by Chubb to producers on US insurance transactions is available under the Producer Compensation link located at the bottom of the page at www.chubb.com, or by calling 1-866-588-9478. Additional information may be available from your producer.</FONT></P>
<P style="text-align: left;">
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">Thank you for choosing Chubb.</FONT></P>
<P style="text-align: left;">
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">10-02-1295 (ed. 6/2007)</FONT></P>

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<P style="text-align: left;">
<B><FONT size=5 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">ICI MUTUAL INSURANCE COMPANY,</FONT></B></P>
<P style="text-align: center;">
<B><FONT size=5 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">a Risk Retention Group</FONT></B></P>
<P style="text-align: center;">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=3 face="TimesNewRomanPSMT,Times New Roman,Times,serif">1401 H St. NW Washington DC 20005</FONT></P>
<P style="text-align: center;">
<B><FONT size=3 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">INVESTMENT COMPANY BLANKET BOND</FONT></B></P>
<P style="text-align: center;">
<B><FONT size=3 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">(EXCESS)</FONT></B></P>

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<P style="text-align: center;">
<B><FONT size=5 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">ICI MUTUAL INSURANCE COMPANY, a Risk Retention Group</FONT></B></P>
<P style="text-align: center;">
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">1401 H St. NW</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Washington, DC 20005</FONT><BR>
<BR>
<B><FONT size=3 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">DECLARATIONS</FONT></B></P>
<P style="text-align: left;">
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">NOTICE</FONT></P>
<P style="text-align: left;">
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">This policy is issued by your risk retention group. Your risk retention group may not be subject to all of the insurance laws and regulations of your state. State insurance insolvency guaranty funds are not available for your risk retention group.</FONT></P>
<DIV align="left">
<TABLE border=0 cellspacing=0>
<TR>
     <TD width=6%></TD>
     <TD width=20%></TD>
     <TD width=20%></TD>
     <TD width=2%></TD>
     <TD width=29%></TD>
     <TD width=2%></TD>
     <TD width=14%></TD>
     <TD width=2%></TD></TR>
<TR valign="bottom">
	<TD align=left>
<B><FONT size=2 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">Item 1.</FONT></B></TD>
	<TD align=left colspan=2 style="TEXT-INDENT:2.000000px">
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Name of Insured (the &#147;Insured&#148;)</FONT></TD>
	<TD align=right>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=right>
&nbsp;</TD>
	<TD align=right>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Bond Number</FONT></TD>
	<TD align=left>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left colspan=2 style="TEXT-INDENT:3.000000px">
<B><FONT size=2 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">John Hancock Funds</FONT></B></TD>
	<TD align=right>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=right>
&nbsp;</TD>
	<TD align=right>
<B><FONT size=2 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">87142111</FONT></B></TD>
	<TD align=left>
<B><FONT size=2 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">B</FONT></B></TD>
</TR>
<TR>
	<TD colspan=8>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left style="TEXT-INDENT:2.000000px">
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Principal Office:</FONT></TD>
	<TD align=left>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">601 Congress Street</FONT></TD>
	<TD align=right>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=right>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Boston, MA 02210</FONT></TD>
	<TD align=right>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=right>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
</TR>
<TR>
	<TD colspan=8>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left style="TEXT-INDENT:2.000000px">
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Mailing Address:</FONT></TD>
	<TD align=left>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">601 Congress Street</FONT></TD>
	<TD align=right>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=right>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left style="border-bottom:1px solid #000000;">
&nbsp;</TD>
	<TD align=left style="border-bottom:1px solid #000000;">
&nbsp;</TD>
	<TD align=left style="border-bottom:1px solid #000000;">
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Boston, MA 02210</FONT></TD>
	<TD align=right style="border-bottom:1px solid #000000;">
&nbsp;</TD>
	<TD align=left style="border-bottom:1px solid #000000;">
&nbsp;</TD>
	<TD align=right style="border-bottom:1px solid #000000;">
&nbsp;</TD>
	<TD align=left style="border-bottom:1px solid #000000;">
&nbsp;</TD>
	<TD align=left style="border-bottom:1px solid #000000;">
&nbsp;</TD>
</TR>
<TR>
	<TD colspan=8>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<B><FONT size=2 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">Item 2.</FONT></B></TD>
	<TD align=right colspan=6 style="border-bottom:1px solid #000000;">
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Bond Period: from 12:01 a.m. on __</FONT><FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">December 31, 2011</FONT><FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">__ to 12:01 a.m. on __</FONT><FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">December 31,</FONT></TD>
	<TD align=left style="border-bottom:1px solid #000000;">
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=right colspan=6>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">2012</FONT><FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">__, or the earlier effective date of the termination of this Bond, standard time at the</FONT></TD>
	<TD align=left>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left style="border-bottom:1px solid #000000;">
&nbsp;</TD>
	<TD align=left colspan=2 style="border-bottom:1px solid #000000;" style="TEXT-INDENT:1.000000px">
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Principal Office as to each of said dates.</FONT></TD>
	<TD align=right style="border-bottom:1px solid #000000;">
&nbsp;</TD>
	<TD align=left style="border-bottom:1px solid #000000;">
&nbsp;</TD>
	<TD align=right style="border-bottom:1px solid #000000;">
&nbsp;</TD>
	<TD align=left style="border-bottom:1px solid #000000;">
&nbsp;</TD>
	<TD align=left style="border-bottom:1px solid #000000;">
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<B><FONT size=2 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">Item 3.</FONT></B></TD>
	<TD align=left style="TEXT-INDENT:1.000000px">
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Limit of Liability&#151;</FONT></TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=right>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=right>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=right>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=right>
&nbsp;</TD>
	<TD align=right>
<B><FONT size=1 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">DEDUCTIBLE</FONT></B></TD>
	<TD align=left>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=right>
&nbsp;</TD>
	<TD align=center>
<B><FONT size=1 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">LIMIT OF LIABILITY</FONT></B></TD>
	<TD align=right>
&nbsp;</TD>
	<TD align=right>
<B><FONT size=1 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">AMOUNT </FONT></B><B><SUP><FONT size=1 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">1</FONT></SUP></B></TD>
	<TD align=left>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left colspan=2>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">EMPLOYEE</FONT></TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=right>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">&#36;</FONT></TD>
	<TD align=center>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">15,000,000</FONT></TD>
	<TD align=right>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">&#36;</FONT></TD>
	<TD align=right>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">15,000,000</FONT></TD>
	<TD align=left>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left colspan=2>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">PREMISES</FONT></TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=right>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">&#36;</FONT></TD>
	<TD align=center>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">15,000,000</FONT></TD>
	<TD align=right>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">&#36;</FONT></TD>
	<TD align=right>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">15,000,000</FONT></TD>
	<TD align=left>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left colspan=2>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">TRANSIT</FONT></TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=right>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">&#36;</FONT></TD>
	<TD align=center>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">15,000,000</FONT></TD>
	<TD align=right>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">&#36;</FONT></TD>
	<TD align=right>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">15,000,000</FONT></TD>
	<TD align=left>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left colspan=2>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">FORGERY OR ALTERATION</FONT></TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=right>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">&#36;</FONT></TD>
	<TD align=center>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">15,000,000</FONT></TD>
	<TD align=right>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">&#36;</FONT></TD>
	<TD align=right>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">15,000,000</FONT></TD>
	<TD align=left>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left colspan=2>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">EXTENDED FORGERY</FONT></TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=right>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">&#36;</FONT></TD>
	<TD align=center>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">15,000,000</FONT></TD>
	<TD align=right>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">&#36;</FONT></TD>
	<TD align=right>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">15,000,000</FONT></TD>
	<TD align=left>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left colspan=2>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">COUNTERFEIT CURRENCY</FONT></TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=right>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">&#36;</FONT></TD>
	<TD align=center>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">15,000,000</FONT></TD>
	<TD align=right>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">&#36;</FONT></TD>
	<TD align=right>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">15,000,000</FONT></TD>
	<TD align=left>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left colspan=2>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">COMPUTER SYSTEM</FONT></TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=right>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">&#36;</FONT></TD>
	<TD align=center>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">15,000,000</FONT></TD>
	<TD align=right>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">&#36;</FONT></TD>
	<TD align=right>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">15,000,000</FONT></TD>
	<TD align=left>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left colspan=3>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">VOICE-INITIATED TRANSFER INSTRUCTIONS</FONT></TD>
	<TD align=right>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">&#36;</FONT></TD>
	<TD align=center>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">15,000,000</FONT></TD>
	<TD align=right>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">&#36;</FONT></TD>
	<TD align=right>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">15,000,000</FONT></TD>
	<TD align=left>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left colspan=3>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">AUTOMATIC TELEPHONE TRANSACTIONS</FONT></TD>
	<TD align=right>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">&#36;</FONT></TD>
	<TD align=center>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">15,000,000</FONT></TD>
	<TD align=right>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">&#36;</FONT></TD>
	<TD align=right>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">15,000,000</FONT></TD>
	<TD align=left>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left colspan=3>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">TELEFACSIMILE INSTRUCTIONS</FONT></TD>
	<TD align=right>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">&#36;</FONT></TD>
	<TD align=center>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">15,000,000</FONT></TD>
	<TD align=right>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">&#36;</FONT></TD>
	<TD align=right>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">15,000,000</FONT></TD>
	<TD align=left>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left colspan=2>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">THREATS TO PERSONS</FONT></TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=right>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">&#36;</FONT></TD>
	<TD align=center>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">15,000,000</FONT></TD>
	<TD align=right>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">&#36;</FONT></TD>
	<TD align=right>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">15,000,000</FONT></TD>
	<TD align=left>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left colspan=3>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">UNCOLLECTIBLE ITEMS OF DEPOSIT</FONT></TD>
	<TD align=right>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">&#36;</FONT></TD>
	<TD align=center>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">15,000,000</FONT></TD>
	<TD align=right>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">&#36;</FONT></TD>
	<TD align=right>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">15,000,000</FONT></TD>
	<TD align=left>
&nbsp;</TD>
</TR>
<TR>
	<TD colspan=8>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left colspan=3 style="border-bottom:1px solid #000000;">
<FONT size=1 face="TimesNewRomanPSMT,Times New Roman,Times,serif">1 </FONT><FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Plus the applicable deductible of the Primary Bond</FONT></TD>
	<TD align=right style="border-bottom:1px solid #000000;">
&nbsp;</TD>
	<TD align=left style="border-bottom:1px solid #000000;">
&nbsp;</TD>
	<TD align=right style="border-bottom:1px solid #000000;">
&nbsp;</TD>
	<TD align=left style="border-bottom:1px solid #000000;">
&nbsp;</TD>
	<TD align=left style="border-bottom:1px solid #000000;">
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left colspan=2 style="border-bottom:3px double #000000;">
<B><FONT size=2 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">Item 4. </FONT></B><FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">PRIMARY BOND&#151;</FONT></TD>
	<TD align=left style="border-bottom:3px double #000000;">
&nbsp;</TD>
	<TD align=right style="border-bottom:3px double #000000;">
&nbsp;</TD>
	<TD align=left style="border-bottom:3px double #000000;">
&nbsp;</TD>
	<TD align=right style="border-bottom:3px double #000000;">
&nbsp;</TD>
	<TD align=left style="border-bottom:3px double #000000;">
&nbsp;</TD>
	<TD align=left style="border-bottom:3px double #000000;">
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=center colspan=2>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Federal Insurance Company</FONT></TD>
	<TD align=right>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=right>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left style="border-bottom:3px double #000000;">
&nbsp;</TD>
	<TD align=center style="border-bottom:3px double #000000;">
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Bond No. 81906724</FONT></TD>
	<TD align=left style="border-bottom:3px double #000000;">
&nbsp;</TD>
	<TD align=right style="border-bottom:3px double #000000;">
&nbsp;</TD>
	<TD align=left style="border-bottom:3px double #000000;">
&nbsp;</TD>
	<TD align=right style="border-bottom:3px double #000000;">
&nbsp;</TD>
	<TD align=left style="border-bottom:3px double #000000;">
&nbsp;</TD>
	<TD align=left style="border-bottom:3px double #000000;">
&nbsp;</TD>
</TR>
<TR>
	<TD colspan=8>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<B><FONT size=2 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">Item 5.</FONT></B></TD>
	<TD align=right colspan=6>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">The liability of ICI Mutual Insurance Company, a Risk Retention Group (the &#147;Underwriter&#148;) is</FONT></TD>
	<TD align=left>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left colspan=4 style="TEXT-INDENT:1.000000px">
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">subject to the terms of the following Riders attached hereto:</FONT></TD>
	<TD align=right>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
</TR>
<TR>
	<TD colspan=8>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left style="TEXT-INDENT:1.000000px">
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Riders 1</FONT></TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=right>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=right>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
</TR>
<TR>
	<TD colspan=8>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left style="border-bottom:3px double #000000;">
&nbsp;</TD>
	<TD align=left colspan=4 style="border-bottom:3px double #000000;" style="TEXT-INDENT:1.000000px">
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">and of all Riders applicable to this Bond issued during the Bond Period.</FONT></TD>
	<TD align=right style="border-bottom:3px double #000000;">
&nbsp;</TD>
	<TD align=left style="border-bottom:3px double #000000;">
&nbsp;</TD>
	<TD align=left style="border-bottom:3px double #000000;">
&nbsp;</TD>
</TR>
<TR>
	<TD colspan=8>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left colspan=3 style="border-bottom:1px solid #000000;" style="TEXT-INDENT:20.000000px">
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">By: ___</FONT><FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">/S/ Matthew Link</FONT><FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">___________</FONT></TD>
	<TD align=right>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left colspan=2>
<FONT size=1 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Excess Bond (01/09</FONT></TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=right>
&nbsp;</TD>
	<TD align=left>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Authorized Representative</FONT></TD>
	<TD align=right>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
</TR>
</TABLE>
</DIV>
<P style="MARGIN:0px">&nbsp;</P>

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<P style="text-align: left;">
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">NOTICE</FONT></P>
<P style="text-align: left;">
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">This policy is issued by your risk retention group. Your risk retention group may not be subject to all of the insurance laws and regulations of your state. State insurance insolvency guaranty funds are not available for your risk retention group.</FONT></P>
<P style="text-align: left;">
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">ICI Mutual Insurance Company, a Risk Retention Group (&#147;Underwriter&#148;), in consideration of the required premium, and in reliance on the application and all other information furnished to the Underwriter by the Insured, and subject to and in accordance with the Declarations, General Agreements, Provisions, Conditions and Limitations of this bond, agrees to indemnify the Insured for loss, discovered during the Bond Period, which would otherwise have been paid under the </FONT><B><FONT size=2 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">Primary Bond </FONT></B><FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">but for the fact that the loss exceeds the limit of liability of such Primary Bond. Coverage under this bond shall follow the terms and conditions of the </FONT><B><FONT size=2 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">Primary Bond, </FONT></B><FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">except with respect to:</FONT></P>
<TABLE border=0 cellspacing=0>
<TR>
	<TD nowrap valign=top width="2%">
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">a.</FONT>&nbsp; &nbsp; &nbsp; 	</TD>
	<TD width="98%">
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Any coverage exceptions specified by riders attached to this bond;</FONT>	</TD>
</TR>
<TR>
	<TD nowrap valign=top width="2%">
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">b.</FONT>&nbsp; &nbsp; &nbsp; 	</TD>
	<TD width="98%">
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">The deductible amounts and limits of liability as stated in ITEM 3. of the Declarations and;</FONT>	</TD>
</TR>
<TR>
	<TD nowrap valign=top width="2%">
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">c.</FONT>&nbsp; &nbsp; &nbsp; 	</TD>
	<TD width="98%">
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">The General Agreements, Provisions, Conditions and Limitations set forth herein.</FONT>	</TD>
</TR>
</TABLE>
<P style="text-align: center;">
<B><FONT size=2 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">GENERAL AGREEMENTS</FONT></B></P>
<TABLE border=0 cellspacing=0>
<TR>
	<TD nowrap valign=top width="2%">
<B><FONT size=2 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">A.</FONT></B>&nbsp; &nbsp; &nbsp; 	</TD>
	<TD width="98%">
<B><FONT size=2 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">CHANGE OR MODIFICATION OF PRIMARY BOND</FONT></B>	</TD>
</TR>
<TR>
<TD width="10%">&nbsp;</TD>	<TD width="90%">
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">If after the inception date of this bond the </FONT><B><FONT size=2 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">Primary Bond </FONT></B><FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">is changed or modified, written notice of any such change or modification shall be given to the Underwriter as soon as practicable, not to exceed thirty (30) days after such change or modification, together with such information as the Underwriter may request. There shall be no coverage under this bond for any loss arising from or in any way related to such change or modification until such time as the Underwriter is advised of and specifically agrees by written endorsement to provide coverage for such change or modification.</FONT>	</TD>
</TR>
<TR>
	<TD nowrap valign=top width="2%">
<B><FONT size=2 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">B.</FONT></B>&nbsp; &nbsp; &nbsp; 	</TD>
	<TD width="98%">
<B><FONT size=2 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">LOSS--NOTICE--PROOF--LEGAL PROCEEDINGS</FONT></B>	</TD>
</TR>
<TR>
<TD width="10%">&nbsp;</TD>	<TD width="90%">
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">This Bond is for the use and benefit only of the Insured and the Underwriter shall not be liable hereunder for loss sustained by anyone other than the Insured (except that if the Insured includes such other loss in the Insured's proof of loss, the Underwriter shall consider its liability therefor.) As soon as practicable and not more than sixty (60) days after discovery of any loss covered hereunder, the Insured shall give the Underwriter written notice thereof and, as soon as practicable and within one year after such discovery, shall also furnish to the Underwriter affirmative proof of loss with full particulars. The Underwriter may extend the sixty day notice period or the one year proof of loss period if the Insured requests an extension and shows good cause therefor.</FONT>	</TD>
</TR>
<TR>
<TD width="10%">&nbsp;</TD>	<TD width="90%">
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">The Underwriter shall not be liable hereunder for loss of Securities unless each of the Securities is identified in such proof of loss by a certificate or bond number or by such identification means as the Underwriter may require. The Underwriter shall have a reasonable period after receipt of a proper affirmative proof of loss within which to investigate the claim, but where the loss is of Securities and is clear and undisputed, settlement shall be made within forty-eight (48) hours even if the loss involves Securities of which duplicates may be obtained.</FONT>	</TD>
</TR>
<TR>
<TD width="10%">&nbsp;</TD>	<TD width="90%">
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">The Insured shall not bring legal proceedings against the Underwriter to recover any loss hereunder</FONT>	</TD>
</TR>
<TR>
	<TD nowrap valign=top width="2%">
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">prior</FONT>&nbsp; &nbsp; &nbsp; 	</TD>
	<TD width="98%">
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">to sixty (60) days after filing such proof of loss or subsequent to twenty-four (24) months after</FONT>	</TD>
</TR>
<TR>
	<TD nowrap valign=top width="2%">
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">the</FONT>&nbsp; &nbsp; &nbsp; 	</TD>
	<TD width="98%">
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">discovery of such loss or, in the case of a legal proceeding to recover hereunder on account of any</FONT>	</TD>
</TR>
<TR>
	<TD nowrap valign=top width="2%">
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">judgment</FONT>&nbsp; &nbsp; &nbsp; 	</TD>
	<TD width="98%">
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">against the Insured in or settlement of any suit or to recover court costs or attorneys' fees</FONT>	</TD>
</TR>
<TR>
	<TD nowrap valign=top width="2%">
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">paid</FONT>&nbsp; &nbsp; &nbsp; 	</TD>
	<TD width="98%">
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">in any such suit, twenty-four (24) months after the date of the final judgment in or settlement of</FONT>	</TD>
</TR>
</TABLE>
<P style="text-align: left;">
<FONT size=3 face="TimesNewRomanPSMT,Times New Roman,Times,serif">2</FONT></P>

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<P style="text-align: left;">
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">such suit. If any limitation in this bond is prohibited by any applicable law, such limitation shall be deemed to be amended to be equal to the minimum period of limitation permitted by such law.</FONT></P>
<P style="text-align: left;">
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Notice hereunder shall be given to Manager, Professional Liability Claims, ICI Mutual Insurance Company, 1401 H St. NW, Washington, DC 20005.</FONT></P>
<P style="text-align: center;">
<B><FONT size=2 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">PROVISIONS, CONDITIONS AND LIMITATIONS</FONT></B></P>
<P style="text-align: left;">
<B><FONT size=2 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">SECTION 1. DEFINITIONS</FONT></B></P>
<TABLE border=0 cellspacing=0>
<TR>
	<TD nowrap valign=top width="2%">
<B><FONT size=2 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">a.</FONT></B>&nbsp; &nbsp; &nbsp; 	</TD>
	<TD width="98%" colspan=2>
<B><FONT size=2 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">Deductible Amount </FONT></B><FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">means the amount stated in ITEM 3. of the Declarations, applicable to each</FONT>	</TD>
</TR>
<TR>
<TD width="2%">&nbsp;</TD>	<TD nowrap valign=top width="2%">
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Single</FONT>&nbsp; &nbsp; &nbsp; 	</TD>
	<TD width="96%">
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Loss. In no event shall this </FONT><B><FONT size=2 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">Deductible Amount </FONT></B><FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">be reduced for any reason, including but not</FONT>	</TD>
</TR>
<TR>
<TD width="2%">&nbsp;</TD>	<TD nowrap valign=top width="2%">
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">limited</FONT>&nbsp; &nbsp; &nbsp; 	</TD>
	<TD width="96%">
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">to, the non-existence, invalidity, insufficiency or uncollectibility of any </FONT><B><FONT size=2 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">Underlying Bond(s)</FONT></B><FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">,</FONT>	</TD>
</TR>
<TR>
<TD width="2%">&nbsp;</TD>	<TD nowrap valign=top width="2%">
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">including</FONT>&nbsp; &nbsp; &nbsp; 	</TD>
	<TD width="96%">
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">the insolvency or dissolution of any Insurer providing coverage under any </FONT><B><FONT size=2 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">Underlying</FONT></B>	</TD>
</TR>
<TR>
<TD width="2%">&nbsp;</TD>	<TD nowrap valign=top width="2%">
<B><FONT size=2 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">Bond(s)</FONT></B>&nbsp; &nbsp; &nbsp; 	</TD>
	<TD width="96%">
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">.</FONT>	</TD>
</TR>
<TR>
	<TD nowrap valign=top width="2%">
<B><FONT size=2 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">b.</FONT></B>&nbsp; &nbsp; &nbsp; 	</TD>
	<TD width="98%" colspan=2>
<B><FONT size=2 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">Primary Bond </FONT></B><FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">means the bond scheduled in ITEM 5. of the Declarations or any bond that may</FONT>	</TD>
</TR>
<TR>
<TD width="2%">&nbsp;</TD>	<TD nowrap valign=top width="2%">
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">replace</FONT>&nbsp; &nbsp; &nbsp; 	</TD>
	<TD width="96%">
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">or substitute for such bond.</FONT>	</TD>
</TR>
<TR>
	<TD nowrap valign=top width="2%">
<B><FONT size=2 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">c.</FONT></B>&nbsp; &nbsp; &nbsp; 	</TD>
	<TD width="98%" colspan=2>
<B><FONT size=2 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">Single Loss </FONT></B><FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">means:</FONT>	</TD>
</TR>
<TR>
<TD width="2%">&nbsp;</TD>	<TD nowrap valign=top width="2%">
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">(1)</FONT>&nbsp; &nbsp; &nbsp; 	</TD>
	<TD width="96%">
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">all loss resulting from any one actual or attempted theft committed by one person, or</FONT>	</TD>
</TR>
<TR>
<TD width="2%">&nbsp;</TD>	<TD nowrap valign=top width="2%">
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">(2)</FONT>&nbsp; &nbsp; &nbsp; 	</TD>
	<TD width="96%">
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">all loss caused by any one act (other than a theft or a dishonest or fraudulent act) committed by one person, or</FONT>	</TD>
</TR>
<TR>
<TD width="2%">&nbsp;</TD>	<TD nowrap valign=top width="2%">
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">(3)</FONT>&nbsp; &nbsp; &nbsp; 	</TD>
	<TD width="96%">
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">all loss caused by dishonest or fraudulent acts committed by one person, or</FONT>	</TD>
</TR>
<TR>
<TD width="2%">&nbsp;</TD>	<TD nowrap valign=top width="2%">
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">(4)</FONT>&nbsp; &nbsp; &nbsp; 	</TD>
	<TD width="96%">
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">all expenses incurred with respect to any one audit or examination, or</FONT>	</TD>
</TR>
<TR>
<TD width="2%">&nbsp;</TD>	<TD nowrap valign=top width="2%">
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">(5)</FONT>&nbsp; &nbsp; &nbsp; 	</TD>
	<TD width="96%">
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">all loss caused by any one occurrence or event other than those specified in subsections (1) through (4) above.</FONT>	</TD>
</TR>
<TR>
	<TD nowrap valign=top width="2%">
<B><FONT size=2 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">d.</FONT></B>&nbsp; &nbsp; &nbsp; 	</TD>
	<TD width="98%" colspan=2>
<B><FONT size=2 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">Underlying Bond </FONT></B><FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">means the </FONT><B><FONT size=2 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">Primary Bond </FONT></B><FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">and all other insurance coverage referred to in ITEM 4.</FONT>	</TD>
</TR>
<TR>
<TD width="2%">&nbsp;</TD>	<TD nowrap valign=top width="2%">
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Of</FONT>&nbsp; &nbsp; &nbsp; 	</TD>
	<TD width="96%">
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">the Declarations.</FONT>	</TD>
</TR>
</TABLE>
<P style="text-align: left;">
<B><FONT size=2 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">SECTION 2. SINGLE LOSS LIMIT OF LIABILITY</FONT></B></P>
<P style="text-align: left;">
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">The Underwriter&#146;s liability for each </FONT><B><FONT size=2 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">Single Loss </FONT></B><FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">shall not exceed the Limit of Liability as stated in ITEM 3. of the Declarations.</FONT></P>
<P style="text-align: left;">
<B><FONT size=2 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">SECTION 3. DISCOVERY</FONT></B></P>
<P style="text-align: left;">
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">For all purposes under this bond, a loss is discovered, and discovery of a loss occurs, when the Insured</FONT></P>
<TABLE border=0 cellspacing=0>
<TR>
	<TD nowrap valign=top width="2%">
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">(1)</FONT>&nbsp; &nbsp; &nbsp; 	</TD>
	<TD width="98%">
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">becomes aware of facts, or</FONT>	</TD>
</TR>
<TR>
	<TD nowrap valign=top width="2%">
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">(2)</FONT>&nbsp; &nbsp; &nbsp; 	</TD>
	<TD width="98%">
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">receives notice of an actual or potential claim by a third party which alleges that the Insured is liable under circumstances, which would cause a reasonable person to assume that loss covered by this bond has been or is likely to be incurred even though the exact amount or details of loss may not be known.</FONT>	</TD>
</TR>
</TABLE>
<P style="text-align: left;">
<B><FONT size=2 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">SECTION 4. ASSIGNMENT OF RIGHTS</FONT></B></P>
<P style="text-align: left;">
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Upon payment to the Insured hereunder for any loss, the Underwriter shall be subrogated to the extent of such payment to all of the Insured's rights and claims in connection with such loss; provided,</FONT></P>

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<P style="text-align: left;">
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">however, that the Underwriter shall not be subrogated to any such rights or claims one named Insured under this bond may have against another named Insured under this bond. At the request of the Underwriter, the Insured shall execute all assignments or other documents and take such action as the Underwriter may deem necessary or desirable to secure and perfect such rights and claims, including the execution of documents necessary to enable the Underwriter to bring suit in the name of the Insured.</FONT></P>
<P style="text-align: left;">
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Assignment of any rights or claims under this bond shall not bind the Underwriter without the Underwriter's written consent.</FONT></P>
<P style="text-align: left;">
<B><FONT size=2 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">SECTION 5. COOPERATION OF INSURED</FONT></B></P>
<P style="text-align: left;">
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">At the Underwriter&#146;s request and at reasonable times and places designated by the Underwriter the Insured shall:</FONT></P>
<TABLE border=0 cellspacing=0>
<TR>
	<TD nowrap valign=top width="2%">
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">a.</FONT>&nbsp; &nbsp; &nbsp; 	</TD>
	<TD width="98%">
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">submit to examination by the Underwriter and subscribe to the same under oath, and</FONT>	</TD>
</TR>
<TR>
	<TD nowrap valign=top width="2%">
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">b.</FONT>&nbsp; &nbsp; &nbsp; 	</TD>
	<TD width="98%">
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">produce for the Underwriter&#146;s examination all pertinent records, and</FONT>	</TD>
</TR>
<TR>
	<TD nowrap valign=top width="2%">
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">c.</FONT>&nbsp; &nbsp; &nbsp; 	</TD>
	<TD width="98%">
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">cooperate with the Underwriter in all matters pertaining to the loss.</FONT>	</TD>
</TR>
</TABLE>
<P style="text-align: left;">
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">The Insured shall execute all papers and render assistance to secure for the Underwriter the rights and causes of action provided for under this bond. The Insured shall do nothing after loss to prejudice such rights or causes of action.</FONT></P>
<P style="text-align: left;">
<B><FONT size=2 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">SECTION 6. TERMINATION</FONT></B></P>
<P style="text-align: left;">
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">The Underwriter may terminate this bond as to any Insured or all Insureds only by written notice to such Insured or Insureds and, if this bond is terminated as to any investment company registered under the Investment Company Act of 1940, to each such investment company terminated thereby and to the Securities and Exchange Commission, Washington, D.C., in all cases not less than sixty (60) days prior to the effective date of termination specified in such notice.</FONT></P>
<P style="text-align: left;">
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">The Insured may terminate this bond only by written notice to the Underwriter not less than sixty (60) days prior to the effective date of the termination specified in such notice. Notwithstanding the foregoing, when the Insured terminates this bond as to any investment company registered under the Investment Company Act of 1940, the effective date of termination shall be not less than sixty (60) days from the date the Underwriter provides written notice of the termination to each such investment company terminated thereby and to the Securities and Exchange Commission, Washington, D.C.</FONT></P>
<P style="text-align: left;">
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">This bond will terminate as to any Insured entity that is not an investment company registered under the Investment Company Act of 1940 immediately and without notice upon (1) the takeover of such Insured's business by any State or Federal official or agency, or by any receiver or liquidator, or (2) the filing of a petition under any State or Federal statute relative to bankruptcy or reorganization of the Insured, or assignment for the benefit of creditors of the Insured.</FONT></P>
<P style="text-align: left;">
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Premiums are earned until the effective date of termination. The Underwriter shall refund the unearned premium computed at short rates in accordance with the Underwriter's standard short rate cancellation tables if this bond is terminated by the Insured or pro rata if this bond is terminated by the Underwriter.</FONT></P>
<P style="text-align: left;">
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Upon the detection by any Insured that an employee (as defined in the </FONT><B><FONT size=2 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">Primary Bond</FONT></B><FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">) has committed any dishonest or fraudulent act(s) or theft, the Insured shall immediately remove such employee from a position that may enable such employee to cause the Insured to suffer a loss by any</FONT></P>

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<P style="text-align: left;">
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">subsequent dishonest or fraudulent act(s) or theft. The Insured, within two (2) business days of such detection, shall notify the Underwriter with full and complete particulars of the detected dishonest or fraudulent act(s) or theft.</FONT></P>
<P style="text-align: left;">
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">For purposes of this section, detection occurs when any partner, officer, or supervisory employee of any Insured, who is not in collusion with such employee, becomes aware that the employee has committed any dishonest or fraudulent act(s) or theft.</FONT></P>
<P style="text-align: left;">
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">This bond shall terminate as to any employee (as defined in the </FONT><B><FONT size=2 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">Primary Bond</FONT></B><FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">) by written notice from the Underwriter to each Insured and, if such employee is an employee of an Insured investment company registered under the Investment Company Act of 1940, to the Securities and Exchange Commission, in all cases not less than sixty (60) days prior to the effective date of termination specified in such notice.</FONT></P>
<P style="text-align: left;">
<B><FONT size=2 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">SECTION 7. CONFORMITY</FONT></B></P>
<P style="text-align: left;">
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">If any limitation within this bond is prohibited by any law controlling this bond&#146;s construction, such limitation shall be deemed to be amended so as to equal the minimum period of limitation provided by such law.</FONT></P>
<P style="text-align: left;">
<B><FONT size=2 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">SECTION 8. CHANGE OR MODIFICATION</FONT></B></P>
<P style="text-align: left;">
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">This bond may only be modified by written Rider forming a part hereof over the signature of the Underwriter's authorized representative. Any Rider which modifies the coverage provided by Insuring Agreement A, Fidelity (or the equivalent insuring agreement) of the Primary Bond in a manner which adversely affects the rights of an Insured investment company registered under the Investment Company Act of 1940 shall not become effective until at least sixty (60) days after the Underwriter has given written notice thereof to the Securities and Exchange Commission, Washington, D.C., and to each Insured investment company registered under the Investment Company Act of 1940 affected thereby.</FONT></P>
<P style="text-align: left;">
<B><FONT size=2 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">SECTION 9. DEDUCTIBLE AMOUNT; LIMIT OF LIABILITY</FONT></B></P>
<P style="text-align: left;">
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">The Underwriter shall not be liable under any Insuring Agreement unless the amount of the loss covered thereunder, after deducting the net amount of all reimbursement and/or recovery received by the Insured with respect to such loss (other than from the </FONT><B><FONT size=2 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">Primary Bond </FONT></B><FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">or from any other bond, suretyship or insurance policy), shall exceed the applicable </FONT><B><FONT size=2 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">Deductible Amount</FONT></B><FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">; in such case the Underwriter shall be liable only for such excess, subject to the applicable Limit of Liability and other agreements, provisions, conditions and limitations of this bond.</FONT></P>
<P style="text-align: left;">
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">The maximum liability of the Underwriter for any Single Loss covered by any Insuring Agreement under this bond shall be the Limit of Liability applicable to such Insuring Agreement, subject to the applicable </FONT><B><FONT size=2 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">Deductible Amount </FONT></B><FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">and the other agreements, provisions, conditions and limitations of this bond.</FONT></P>
<P style="text-align: center;">
<FONT size=3 face="TimesNewRomanPSMT,Times New Roman,Times,serif">5</FONT></P>

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<P style="text-align: center;">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><FONT size=5 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">ICI MUTUAL INSURANCE COMPANY, a Risk Retention Group INVESTMENT COMPANY BLANKET BOND</FONT></B></P>
<P style="text-align: center;">
<B><FONT size=3 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">(EXCESS BOND)</FONT></B></P>
<DIV align="left">
<TABLE border=0 cellspacing=0>
<TR>
     <TD width=24%></TD>
     <TD width=38%></TD>
     <TD width=8%></TD>
     <TD width=25%></TD>
     <TD width=3%></TD></TR>
<TR valign="bottom">
	<TD align=left style="border-bottom:1px solid #000000;">
&nbsp;</TD>
	<TD align=left style="border-bottom:1px solid #000000;" style="TEXT-INDENT:21.000000px">
<B><FONT size=3 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">RIDER NO. 1</FONT></B></TD>
	<TD align=left style="border-bottom:1px solid #000000;">
&nbsp;</TD>
	<TD align=left style="border-bottom:1px solid #000000;">
&nbsp;</TD>
	<TD align=left style="border-bottom:1px solid #000000;">
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<B><FONT size=1 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">INSURED</FONT></B></TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=right>
<B><FONT size=1 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">BOND NUMBER</FONT></B></TD>
	<TD align=left>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left style="border-bottom:1px solid #000000;">
<B><FONT size=3 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">John Hancock Funds</FONT></B></TD>
	<TD align=left style="border-bottom:1px solid #000000;">
&nbsp;</TD>
	<TD align=left style="border-bottom:1px solid #000000;">
&nbsp;</TD>
	<TD align=right style="border-bottom:1px solid #000000;">
<B><FONT size=3 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">87142111</FONT></B></TD>
	<TD align=left style="border-bottom:1px solid #000000;">
<B><FONT size=3 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">B</FONT></B></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<B><FONT size=1 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">EFFECTIVE DATE</FONT></B></TD>
	<TD align=left style="TEXT-INDENT:16.000000px">
<B><FONT size=1 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">BOND PERIOD</FONT></B></TD>
	<TD align=right colspan=2>
<B><FONT size=1 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">AUTHORIZED REPRESENTATIVE</FONT></B></TD>
	<TD align=left>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left style="border-bottom:1px solid #000000;">
<B><FONT size=3 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">December 31, 2011</FONT></B></TD>
	<TD align=left colspan=2 style="border-bottom:1px solid #000000;">
<B><FONT size=3 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">December 31, 2011 to December 31, 2012</FONT></B></TD>
	<TD align=center style="border-bottom:1px solid #000000;">
<B><FONT size=3 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">/S/ Matthew Link</FONT></B></TD>
	<TD align=left style="border-bottom:1px solid #000000;">
&nbsp;</TD>
</TR>
</TABLE>
</DIV>
<P style="MARGIN:0px">&nbsp;</P>
<P style="text-align: left;">
<FONT size=3 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Most property and casualty insurers, including ICI Mutual Insurance Company, a Risk Retention Group (&#147;ICI Mutual&#148;), are subject to the requirements of the Terrorism Risk Insurance Act of 2002, as amended (the &#147;Act&#148;). The Act establishes a Federal insurance backstop under which ICI Mutual and these other insurers will be partially reimbursed for future </FONT><B><FONT size=3 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">&#147;insured losses&#148; </FONT></B><FONT size=3 face="TimesNewRomanPSMT,Times New Roman,Times,serif">resulting from certified </FONT><B><FONT size=3 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">&#147;acts of terrorism.&#148; </FONT></B><FONT size=3 face="TimesNewRomanPSMT,Times New Roman,Times,serif">(Each of these </FONT><B><FONT size=3 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">bolded terms </FONT></B><FONT size=3 face="TimesNewRomanPSMT,Times New Roman,Times,serif">is defined by the Act.) The Act also places certain disclosure and other obligations on ICI Mutual and these other insurers.</FONT></P>
<P style="text-align: left;">
<FONT size=3 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Pursuant to the Act, any future losses to ICI Mutual caused by certified </FONT><B><FONT size=3 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">&#147;acts of terrorism&#148; </FONT></B><FONT size=3 face="TimesNewRomanPSMT,Times New Roman,Times,serif">will be partially reimbursed by the United States government under a formula established by the Act. Under this formula, the United States government will reimburse ICI Mutual for 90% of ICI Mutual&#146;s </FONT><B><FONT size=3 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">&#147;insured losses&#148; </FONT></B><FONT size=3 face="TimesNewRomanPSMT,Times New Roman,Times,serif">in excess of a statutorily established deductible until total insured losses of all participating insurers reach &#36;100 billion. If total &#147;insured losses&#148; of all property and casualty insurers reach &#36;100 billion during any applicable period, the Act provides that the insurers will not be liable under their policies for their portions of such losses that exceed such amount. Amounts otherwise payable under this bond may be reduced as a result.</FONT></P>
<P style="text-align: left;">
<FONT size=3 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Coverage under this bond remains subject to all applicable terms, conditions and limitations of the bond (including exclusions) that are permissible under the Act. The portion of the premium that is attributable to any coverage potentially available under the bond for </FONT><B><FONT size=3 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">&#147;acts of terrorism&#148; </FONT></B><FONT size=3 face="TimesNewRomanPSMT,Times New Roman,Times,serif">is one percent (1%).</FONT></P>
<P style="text-align: left;">
<FONT size=3 face="TimesNewRomanPSMT,Times New Roman,Times,serif">RX53.0-01 (7/06)</FONT></P>

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<DIV align="left">
<TABLE border=0 cellspacing=0>
<TR>
     <TD width=100%></TD></TR>
<TR valign="bottom">
	<TD align=left>
<B><FONT size=2 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">John Hancock Bank and Thrift Opportunity Fund</FONT></B></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<B><FONT size=2 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">John Hancock Bond Trust</FONT></B></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<B><FONT size=2 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">John Hancock California Tax-Free Income Fund</FONT></B></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<B><FONT size=2 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">John Hancock Capital Series</FONT></B></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<B><FONT size=2 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">John Hancock Current Interest</FONT></B></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<B><FONT size=2 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">John Hancock Emerging Markets Income Fund</FONT></B></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<B><FONT size=2 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">John Hancock Flexible Income Opportunities Fund</FONT></B></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<B><FONT size=2 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">John Hancock Funds III</FONT></B></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<B><FONT size=2 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">John Hancock Hedged Equity &amp; Income Fund</FONT></B></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<B><FONT size=2 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">John Hancock Income Securities Trust</FONT></B></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<B><FONT size=2 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">John Hancock Investment Trust</FONT></B></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<B><FONT size=2 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">John Hancock Investment Trust II</FONT></B></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<B><FONT size=2 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">John Hancock Investment Trust III</FONT></B></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<B><FONT size=2 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">John Hancock Investors Trust</FONT></B></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<B><FONT size=2 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">John Hancock Municipal Securities Trust</FONT></B></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<B><FONT size=2 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">John Hancock Preferred Income Fund</FONT></B></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<B><FONT size=2 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">John Hancock Preferred Income Fund II</FONT></B></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<B><FONT size=2 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">John Hancock Preferred Income Fund III</FONT></B></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<B><FONT size=2 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">John Hancock Premium Dividend Fund</FONT></B></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<B><FONT size=2 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">John Hancock Series Trust</FONT></B></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<B><FONT size=2 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">John Hancock Sovereign Bond Fund</FONT></B></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<B><FONT size=2 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">John Hancock Strategic Series</FONT></B></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<B><FONT size=2 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">John Hancock Tax-Advantaged Dividend Income Fund</FONT></B></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<B><FONT size=2 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">John Hancock Tax-Advantaged Global Shareholder Yield Fund</FONT></B></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<B><FONT size=2 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">John Hancock Tax-Exempt Series Fund</FONT></B></TD>
</TR>
<TR>
	<TD>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<B><FONT size=2 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">collectively referred to as the (&#147;Trusts&#148;)</FONT></B></TD>
</TR>
</TABLE>
</DIV>
<P style="MARGIN:0px">&nbsp;</P>
<P style="text-align: left;">
<U><FONT size=4 face="TimesNewRomanPSMT,Times New Roman,Times,serif">December 6, 2011 Board of Trustees Meeting Resolution</FONT></U></P>
<P style="text-align: left;">
<U><FONT size=4 face="TimesNewRomanPSMT,Times New Roman,Times,serif">2011-2012 Joint Financial Institutions (Fidelity) Bond (the &#147;Joint Bond&#148;)</FONT></U></P>
<P style="text-align: left;">
<B><FONT size=4 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">WHEREAS</FONT></B><FONT size=4 face="TimesNewRomanPSMT,Times New Roman,Times,serif">, Rule 17g-1 under the 1940 Act governs the required bonding of the Trusts&#146; officers and employees under a joint fidelity bond;</FONT></P>
<P style="text-align: left;">
<B><FONT size=4 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">WHEREAS</FONT></B><FONT size=4 face="TimesNewRomanPSMT,Times New Roman,Times,serif">, the Trustees desire to approve the continuation of the Joint Bond for a one-year term ending December 31, 2012; and</FONT></P>
<P style="text-align: left;">
<B><FONT size=4 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">WHEREAS</FONT></B><FONT size=4 face="TimesNewRomanPSMT,Times New Roman,Times,serif">, the Trustees of the Trusts have considered the allocation of premiums for the Joint Bond among the John Hancock Trusts and have determined that the allocation should be based on the premium (including tax) of &#36;98,106 it is:</FONT></P>
<P style="text-align: left;">
<B><FONT size=4 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">RESOLVED</FONT></B><FONT size=4 face="TimesNewRomanPSMT,Times New Roman,Times,serif">, that the Joint Bond issued by Federal Insurance Company (Chubb) and ICI Mutual Insurance Company, covering each officer and employee of the John Hancock Trusts against larceny and embezzlement, in</FONT></P>

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<P style="text-align: left;">
<FONT size=4 face="TimesNewRomanPSMT,Times New Roman,Times,serif">the amount of &#36;30 million for a one-year term ending December 31, 2012, and in the proposed form presented at this meeting, after consideration of all factors deemed relevant by the Board, including, but not limited to: (i) the expected value of the aggregate assets of the John Hancock Trusts to which any officer or employee of such Trusts may have access; (ii) the type and terms of the arrangements made for the custody and safekeeping of such assets; and (iii) the nature of the securities in the John Hancock Trusts&#146; portfolios, be, and it hereby is, determined to be reasonable in form and amount, and hereby approved;</FONT></P>
<P style="text-align: left;">
<B><FONT size=4 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">FURTHER RESOLVED</FONT></B><FONT size=4 face="TimesNewRomanPSMT,Times New Roman,Times,serif">, that the portion of the premium for the Joint Bond to be paid by each Trust, in substantially the form presented at this Meeting, after consideration of all factors deemed relevant by the Board, including, but not limited to: (i) the number of the other parties named as insureds; (ii) the nature of the business activities of such other parties; (iii) the amount of the Joint Bond; (iv) the amount of the premium for such Joint Bond; (v) the ratable allocation of the premium among all parties named as insureds; and (vi) the extent to which the share of the premium allocated to each Trust is less than the premium such Trust would have had to pay if it had provided and maintained a single insured bond, be, and it hereby is, approved; and</FONT></P>
<P style="text-align: left;">
<B><FONT size=4 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">FURTHER RESOLVED</FONT></B><FONT size=4 face="TimesNewRomanPSMT,Times New Roman,Times,serif">, that the appropriate officers of the Trusts be, and each hereby is, authorized to increase the amount of the Joint Bond coverage from time to time to ensure adequate coverage based upon the value of the Trusts&#146; assets and to enable the Trusts to remain in compliance with the 1940 Act and the rules promulgated thereunder;</FONT></P>
<P style="text-align: left;">
<B><FONT size=4 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">FURTHER RESOLVED</FONT></B><FONT size=4 face="TimesNewRomanPSMT,Times New Roman,Times,serif">, that the continuation of the Joint Insured Bond Agreement among the John Hancock Trusts (the &#147;Joint Bond Agreement&#148;), in substantially the form presented at this Meeting, providing in substance that, in the event any recovery is received under the Joint Bond as a result of a loss sustained by the Trusts and any one or more other named insureds, the Trusts shall receive an equitable and proportionate share of the recovery, but in no event less than the amount it would have received had it provided and maintained a single bond with the minimum coverage required by paragraph (d)(1) of Rule 17g-1 under the 1940 Act, be, and it hereby is, approved;</FONT></P>
<P style="text-align: left;">
<B><FONT size=4 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">FURTHER RESOLVED</FONT></B><FONT size=4 face="TimesNewRomanPSMT,Times New Roman,Times,serif">, that the Secretary of the Trusts or his delegate be, and each hereby is, authorized to make all necessary filings and give all</FONT></P>

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<P style="text-align: left;">
<FONT size=4 face="TimesNewRomanPSMT,Times New Roman,Times,serif">notices and information with respect to such Joint Bond and the Joint Bond Agreement required by paragraph (g) of Rule 17g-1 under the 1940 Act; and</FONT></P>
<P style="text-align: left;">
<B><FONT size=4 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">FURTHER RESOLVED</FONT></B><FONT size=4 face="TimesNewRomanPSMT,Times New Roman,Times,serif">, that the appropriate officers of the Trusts be, and each hereby is, authorized to make any and all payments and to do any and all such further acts, in the name of the Trusts and on its behalf, as they, or any of them, may determine to be necessary or desirable and proper, with the advice of counsel, in connection with or in furtherance of the foregoing resolutions.</FONT></P>

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<P style="text-align: center;">
<B><FONT size=2 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">Agreement Relating to Joint Insured Bond</FONT></B></P>
<P style="text-align: left;">
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">WHEREAS, each of the parties hereto is a named insured under a &#147;joint insured bond,&#148; as that term is defined in Rule 17g-1 under the Investment Company Act of 1940 (the &#147;1940 Act&#148;); and</FONT></P>
<P style="text-align: left;">
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">WHEREAS, Rule 17g-1(f) under the 1940 Act requires an agreement between all the named insureds under a joint insured bond;</FONT></P>
<P style="text-align: left;">
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">NOW, THEREFORE, the parties hereto hereby agree as follows:</FONT></P>
<P style="text-align: left;">
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">In the event recovery is received under the joint insured bond as a result of a loss sustained by any two or more of the named insureds, each insured shall receive an equitable and proportionate share of the recovery, but at least equal to the amount which it would have received had it provided and maintained a single insured bond with the minimum coverage required by paragraph (d)(1) of Rule 17g-1 under the 1940 Act.</FONT></P>
<P style="text-align: left;">
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">IN WITNESS WHEREOF, each of the parties hereto has caused this Agreement to be executed on its behalf by the undersigned thereunto duly authorized on October 26, 2011.</FONT></P>
<P style="text-align: left;">
<B><FONT size=2 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">JOHN HANCOCK VARIABLE INSURANCE TRUST</FONT></B><BR>
<B><FONT size=2 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">(formerly known as John Hancock Trust)</FONT></B><BR>
<B><FONT size=2 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">on behalf of each of its Series</FONT></B><BR>
<BR>
<B><FONT size=2 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">JOHN HANCOCK FUNDS II</FONT></B><BR>
<B><FONT size=2 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">on behalf of each of its Series</FONT></B><BR>
<BR>
<B><FONT size=2 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">John HANCOCK FUNDS III</FONT></B><BR>
<B><FONT size=2 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">on behalf of each of its series</FONT></B><BR>
<BR>
<B><FONT size=2 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">JOHN HANCOCK BOND TRUST</FONT></B><BR>
<B><FONT size=2 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">on behalf of each of its series</FONT></B><BR>
<BR>
<B><FONT size=2 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">JOHN HANCOCK CAPITAL SERIES</FONT></B><BR>
<B><FONT size=2 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">on behalf of each of its series</FONT></B></P>
<P style="text-align: left;">
<B><FONT size=2 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">JOHN HANCOCK CALIFORNIA TAX-FREE INCOME FUND</FONT></B><BR>
<B><FONT size=2 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">on behalf of each of its series</FONT></B></P>
<P style="text-align: left;">
<B><FONT size=2 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">JOHN HANCOCK CURRENT INTEREST</FONT></B><BR>
<B><FONT size=2 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">on behalf of each of its series</FONT></B><BR>
<BR>
<B><FONT size=2 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">JOHN HANCOCK INVESTMENT TRUST</FONT></B><BR>
<B><FONT size=2 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">on behalf of each of its series</FONT></B></P>
<P style="text-align: left;">
<B><FONT size=2 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">JOHN HANCOCK INVESTMENT TRUST II</FONT></B><BR>
<B><FONT size=2 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">on behalf of each of its series</FONT></B><BR>
<BR>
<B><FONT size=2 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">JOHN HANCOCK INVESTMENT TRUST III</FONT></B><BR>
<B><FONT size=2 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">on behalf of each of its series</FONT></B><BR>
<BR>
<B><FONT size=2 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">JOHN HANCOCK MUNICIPAL SERIES TRUST</FONT></B><BR>
<B><FONT size=2 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">on behalf of each of its series</FONT></B></P>

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<P style="text-align: left;">
<B><FONT size=2 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">JOHN HANCOCK SERIES TRUST</FONT></B><BR>
<B><FONT size=2 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">on behalf of each of its series</FONT></B><BR>
<BR>
<B><FONT size=2 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">JOHN HANCOCK SOVEREIGN BOND FUND</FONT></B><BR>
<B><FONT size=2 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">on behalf of its of its series</FONT></B><BR>
<BR>
<B><FONT size=2 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">JOHN HANCOCK STRATEGIC SERIES</FONT></B><BR>
<B><FONT size=2 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">on behalf of each of its series</FONT></B><BR>
<BR>
<B><FONT size=2 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">JOHN HANCOCK TAX-EXEMPT SERIES FUND</FONT></B><BR>
<B><FONT size=2 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">on behalf of each of its series</FONT></B><BR>
<BR>
<B><FONT size=2 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">JOHN HANCOCK BANK AND THRIFT OPPORTUNITY FUND</FONT></B><BR>
<B><FONT size=2 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">on behalf of each of its series</FONT></B><BR>
<BR>
<B><FONT size=2 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">JOHN HANCOCK EMERGING MARKETS INCOME FUND</FONT></B><BR>
<B><FONT size=2 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">on behalf of its of its series</FONT></B><BR>
<BR>
<B><FONT size=2 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">JOHN HANCOCK FLEXIBLE INCOME OPPORTUNITIES FUND</FONT></B><BR>
<B><FONT size=2 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">on behalf of its of its series</FONT></B><BR>
<BR>
<B><FONT size=2 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">JOHN HANCOCK HEDGED EQUITY &amp; INCOME FUND</FONT></B><BR>
<B><FONT size=2 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">on behalf of its of its series</FONT></B><BR>
<BR>
<B><FONT size=2 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">JOHN HANCOCK INCOME SECURITES TRUST</FONT></B><BR>
<B><FONT size=2 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">on behalf of each of its series</FONT></B><BR>
<BR>
<B><FONT size=2 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">JOHN HANCOCK INVESTORS TRUST</FONT></B><BR>
<B><FONT size=2 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">on behalf of each of its series</FONT></B><BR>
<BR>
<B><FONT size=2 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">JOHN HANCOCK PREFERRED INCOME FUND</FONT></B><BR>
<B><FONT size=2 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">on behalf of each of its series</FONT></B><BR>
<BR>
<B><FONT size=2 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">JOHN HANCOCK PREFERRED INCOME FUND II</FONT></B><BR>
<B><FONT size=2 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">on behalf of each of its series</FONT></B><BR>
<BR>
<B><FONT size=2 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">JOHN HANCOCK PREFERRED INCOME FUND III</FONT></B><BR>
<B><FONT size=2 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">on behalf of each of its series</FONT></B></P>

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<P style="text-align: left;">
<B><FONT size=2 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">JOHN HANCOCK PREMIUM DIVIDEND FUND</FONT></B><BR>
<B><FONT size=2 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">on behalf of each of its series</FONT></B><BR>
<BR>
<B><FONT size=2 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">JOHN HANCOCK TAX-ADVANTAGED DIVIDEND INCOME FUND</FONT></B><BR>
<B><FONT size=2 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">on behalf of each of its series</FONT></B><BR>
<BR>
<B><FONT size=2 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">JOHN HANCOCK TAX-ADVANTAGED GLOBAL SHAREHOLDER YIELD FUND</FONT></B><BR>
<B><FONT size=2 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">on behalf of each of its series</FONT></B><BR>
<B><FONT size=2 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">_______________________________________________</FONT></B><BR>
<BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Executed on behalf of each Trust and its relevant Series referenced above:</FONT></P>
<P style="text-align: left;">
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">By: /s/ Betsy Anne Seel</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Name: Betsy Anne Seel</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Title: Assistant Secretary</FONT></P>

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<P style="text-align: center;">
<FONT size=3 face="TimesNewRomanPSMT,Times New Roman,Times,serif">STATEMENT REGARDING SINGLE BOND AMOUNT</FONT></P>
<P style="text-align: left;">
<FONT size=3 face="TimesNewRomanPSMT,Times New Roman,Times,serif">If the investment companies shown below had not been named as an insured under this joint insured bond, they would have provided and maintained a single bond in the amount of at least:</FONT></P>
<DIV align="left">
<TABLE border=0 cellspacing=0>
<TR>
     <TD width=80%></TD>
     <TD width=3%></TD>
     <TD width=16%></TD></TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=3 face="TimesNewRomanPSMT,Times New Roman,Times,serif">John Hancock Bank and Thrift Opportunity Fund</FONT></TD>
	<TD align=right>
<FONT size=3 face="TimesNewRomanPSMT,Times New Roman,Times,serif">&#36;</FONT></TD>
	<TD align=left style="TEXT-INDENT:1.000000px">
<FONT size=3 face="TimesNewRomanPSMT,Times New Roman,Times,serif">750,000</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=3 face="TimesNewRomanPSMT,Times New Roman,Times,serif">John Hancock Bond Trust</FONT></TD>
	<TD align=right>
<FONT size=3 face="TimesNewRomanPSMT,Times New Roman,Times,serif">&#36;</FONT></TD>
	<TD align=left style="TEXT-INDENT:1.000000px">
<FONT size=3 face="TimesNewRomanPSMT,Times New Roman,Times,serif">1,250,000</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=3 face="TimesNewRomanPSMT,Times New Roman,Times,serif">John Hancock California Tax-Free Income Fund</FONT></TD>
	<TD align=right>
<FONT size=3 face="TimesNewRomanPSMT,Times New Roman,Times,serif">&#36;</FONT></TD>
	<TD align=left style="TEXT-INDENT:1.000000px">
<FONT size=3 face="TimesNewRomanPSMT,Times New Roman,Times,serif">750,000</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=3 face="TimesNewRomanPSMT,Times New Roman,Times,serif">John Hancock Capital Series</FONT></TD>
	<TD align=right>
<FONT size=3 face="TimesNewRomanPSMT,Times New Roman,Times,serif">&#36;</FONT></TD>
	<TD align=left style="TEXT-INDENT:1.000000px">
<FONT size=3 face="TimesNewRomanPSMT,Times New Roman,Times,serif">1,700,000</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=3 face="TimesNewRomanPSMT,Times New Roman,Times,serif">John Hancock Current Interest</FONT></TD>
	<TD align=right>
<FONT size=3 face="TimesNewRomanPSMT,Times New Roman,Times,serif">&#36;</FONT></TD>
	<TD align=left style="TEXT-INDENT:1.000000px">
<FONT size=3 face="TimesNewRomanPSMT,Times New Roman,Times,serif">750,000</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=3 face="TimesNewRomanPSMT,Times New Roman,Times,serif">John Hancock Emerging Markets Income Fund</FONT></TD>
	<TD align=right>
<FONT size=3 face="TimesNewRomanPSMT,Times New Roman,Times,serif">&#36;</FONT></TD>
	<TD align=left style="TEXT-INDENT:1.000000px">
<FONT size=3 face="TimesNewRomanPSMT,Times New Roman,Times,serif">50,000</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=3 face="TimesNewRomanPSMT,Times New Roman,Times,serif">John Hancock Flexible Income Opportunities Fund</FONT></TD>
	<TD align=right>
<FONT size=3 face="TimesNewRomanPSMT,Times New Roman,Times,serif">&#36;</FONT></TD>
	<TD align=left style="TEXT-INDENT:1.000000px">
<FONT size=3 face="TimesNewRomanPSMT,Times New Roman,Times,serif">50,000</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=3 face="TimesNewRomanPSMT,Times New Roman,Times,serif">John Hancock Hedged Equity &amp; Income Fund</FONT></TD>
	<TD align=right>
<FONT size=3 face="TimesNewRomanPSMT,Times New Roman,Times,serif">&#36;</FONT></TD>
	<TD align=left style="TEXT-INDENT:1.000000px">
<FONT size=3 face="TimesNewRomanPSMT,Times New Roman,Times,serif">750,000</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=3 face="TimesNewRomanPSMT,Times New Roman,Times,serif">John Hancock Funds II</FONT></TD>
	<TD align=right>
<FONT size=3 face="TimesNewRomanPSMT,Times New Roman,Times,serif">&#36;</FONT></TD>
	<TD align=left style="TEXT-INDENT:1.000000px">
<FONT size=3 face="TimesNewRomanPSMT,Times New Roman,Times,serif">2,500,000</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=3 face="TimesNewRomanPSMT,Times New Roman,Times,serif">John Hancock Funds III</FONT></TD>
	<TD align=right>
<FONT size=3 face="TimesNewRomanPSMT,Times New Roman,Times,serif">&#36;</FONT></TD>
	<TD align=left style="TEXT-INDENT:1.000000px">
<FONT size=3 face="TimesNewRomanPSMT,Times New Roman,Times,serif">2,500,000</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=3 face="TimesNewRomanPSMT,Times New Roman,Times,serif">John Hancock Income Securities Trust</FONT></TD>
	<TD align=right>
<FONT size=3 face="TimesNewRomanPSMT,Times New Roman,Times,serif">&#36;</FONT></TD>
	<TD align=left style="TEXT-INDENT:1.000000px">
<FONT size=3 face="TimesNewRomanPSMT,Times New Roman,Times,serif">750,000</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=3 face="TimesNewRomanPSMT,Times New Roman,Times,serif">John Hancock Investors Trust</FONT></TD>
	<TD align=right>
<FONT size=3 face="TimesNewRomanPSMT,Times New Roman,Times,serif">&#36;</FONT></TD>
	<TD align=left style="TEXT-INDENT:1.000000px">
<FONT size=3 face="TimesNewRomanPSMT,Times New Roman,Times,serif">750,000</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=3 face="TimesNewRomanPSMT,Times New Roman,Times,serif">John Hancock Investment Trust</FONT></TD>
	<TD align=right>
<FONT size=3 face="TimesNewRomanPSMT,Times New Roman,Times,serif">&#36;</FONT></TD>
	<TD align=left style="TEXT-INDENT:1.000000px">
<FONT size=3 face="TimesNewRomanPSMT,Times New Roman,Times,serif">2,500,000</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=3 face="TimesNewRomanPSMT,Times New Roman,Times,serif">John Hancock Investment Trust II</FONT></TD>
	<TD align=right>
<FONT size=3 face="TimesNewRomanPSMT,Times New Roman,Times,serif">&#36;</FONT></TD>
	<TD align=left style="TEXT-INDENT:1.000000px">
<FONT size=3 face="TimesNewRomanPSMT,Times New Roman,Times,serif">1,250,000</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=3 face="TimesNewRomanPSMT,Times New Roman,Times,serif">John Hancock Investment Trust III</FONT></TD>
	<TD align=right>
<FONT size=3 face="TimesNewRomanPSMT,Times New Roman,Times,serif">&#36;</FONT></TD>
	<TD align=left style="TEXT-INDENT:1.000000px">
<FONT size=3 face="TimesNewRomanPSMT,Times New Roman,Times,serif">450,000</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=3 face="TimesNewRomanPSMT,Times New Roman,Times,serif">John Hancock Municipal Securities Trust</FONT></TD>
	<TD align=right>
<FONT size=3 face="TimesNewRomanPSMT,Times New Roman,Times,serif">&#36;</FONT></TD>
	<TD align=left style="TEXT-INDENT:1.000000px">
<FONT size=3 face="TimesNewRomanPSMT,Times New Roman,Times,serif">1,000,000</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=3 face="TimesNewRomanPSMT,Times New Roman,Times,serif">John Hancock Preferred Income Fund</FONT></TD>
	<TD align=right>
<FONT size=3 face="TimesNewRomanPSMT,Times New Roman,Times,serif">&#36;</FONT></TD>
	<TD align=left style="TEXT-INDENT:1.000000px">
<FONT size=3 face="TimesNewRomanPSMT,Times New Roman,Times,serif">1,000,000</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=3 face="TimesNewRomanPSMT,Times New Roman,Times,serif">John Hancock Preferred Income Fund II</FONT></TD>
	<TD align=right>
<FONT size=3 face="TimesNewRomanPSMT,Times New Roman,Times,serif">&#36;</FONT></TD>
	<TD align=left style="TEXT-INDENT:1.000000px">
<FONT size=3 face="TimesNewRomanPSMT,Times New Roman,Times,serif">900,000</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=3 face="TimesNewRomanPSMT,Times New Roman,Times,serif">John Hancock Preferred Income Fund III</FONT></TD>
	<TD align=right>
<FONT size=3 face="TimesNewRomanPSMT,Times New Roman,Times,serif">&#36;</FONT></TD>
	<TD align=left style="TEXT-INDENT:1.000000px">
<FONT size=3 face="TimesNewRomanPSMT,Times New Roman,Times,serif">1,000,000</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=3 face="TimesNewRomanPSMT,Times New Roman,Times,serif">John Hancock Premium Dividend Fund</FONT></TD>
	<TD align=right>
<FONT size=3 face="TimesNewRomanPSMT,Times New Roman,Times,serif">&#36;</FONT></TD>
	<TD align=left style="TEXT-INDENT:1.000000px">
<FONT size=3 face="TimesNewRomanPSMT,Times New Roman,Times,serif">1,000,000</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=3 face="TimesNewRomanPSMT,Times New Roman,Times,serif">John Hancock Series Trust</FONT></TD>
	<TD align=right>
<FONT size=3 face="TimesNewRomanPSMT,Times New Roman,Times,serif">&#36;</FONT></TD>
	<TD align=left style="TEXT-INDENT:1.000000px">
<FONT size=3 face="TimesNewRomanPSMT,Times New Roman,Times,serif">300,000</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=3 face="TimesNewRomanPSMT,Times New Roman,Times,serif">John Hancock Sovereign Bond Fund</FONT></TD>
	<TD align=right>
<FONT size=3 face="TimesNewRomanPSMT,Times New Roman,Times,serif">&#36;</FONT></TD>
	<TD align=left style="TEXT-INDENT:1.000000px">
<FONT size=3 face="TimesNewRomanPSMT,Times New Roman,Times,serif">1,250,000</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=3 face="TimesNewRomanPSMT,Times New Roman,Times,serif">John Hancock Strategic Series</FONT></TD>
	<TD align=right>
<FONT size=3 face="TimesNewRomanPSMT,Times New Roman,Times,serif">&#36;</FONT></TD>
	<TD align=left style="TEXT-INDENT:1.000000px">
<FONT size=3 face="TimesNewRomanPSMT,Times New Roman,Times,serif">1,700,000</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=3 face="TimesNewRomanPSMT,Times New Roman,Times,serif">John Hancock Tax-Advantaged Dividend Income Fund</FONT></TD>
	<TD align=right>
<FONT size=3 face="TimesNewRomanPSMT,Times New Roman,Times,serif">&#36;</FONT></TD>
	<TD align=left style="TEXT-INDENT:1.000000px">
<FONT size=3 face="TimesNewRomanPSMT,Times New Roman,Times,serif">1,250,000</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=3 face="TimesNewRomanPSMT,Times New Roman,Times,serif">John Hancock Tax-Advantaged Global Shareholder Yield Fund</FONT></TD>
	<TD align=right>
<FONT size=3 face="TimesNewRomanPSMT,Times New Roman,Times,serif">&#36;</FONT></TD>
	<TD align=left style="TEXT-INDENT:1.000000px">
<FONT size=3 face="TimesNewRomanPSMT,Times New Roman,Times,serif">525,000</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=3 face="TimesNewRomanPSMT,Times New Roman,Times,serif">John Hancock Tax-Exempt Series Fund</FONT></TD>
	<TD align=right>
<FONT size=3 face="TimesNewRomanPSMT,Times New Roman,Times,serif">&#36;</FONT></TD>
	<TD align=left style="TEXT-INDENT:1.000000px">
<FONT size=3 face="TimesNewRomanPSMT,Times New Roman,Times,serif">600,000</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=3 face="TimesNewRomanPSMT,Times New Roman,Times,serif">John Hancock Variable Insurance Trust</FONT></TD>
	<TD align=right>
<FONT size=3 face="TimesNewRomanPSMT,Times New Roman,Times,serif">&#36;</FONT></TD>
	<TD align=left style="TEXT-INDENT:1.000000px">
<FONT size=3 face="TimesNewRomanPSMT,Times New Roman,Times,serif">2,500,000</FONT></TD>
</TR>
</TABLE>
</DIV>
<P style="MARGIN:0px">&nbsp;</P>

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<P style="text-align: center;">
<FONT size=3 face="TimesNewRomanPSMT,Times New Roman,Times,serif">PREMIUM PERIOD</FONT></P>
<P style="text-align: left;">
<FONT size=3 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Premiums have been paid for the period </FONT><B><FONT size=3 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">December 31, 2011 to December 31, 2012</FONT></B><FONT size=3 face="TimesNewRomanPSMT,Times New Roman,Times,serif">.</FONT></P>

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