<SEC-DOCUMENT>0001133228-14-001158.txt : 20140318
<SEC-HEADER>0001133228-14-001158.hdr.sgml : 20140318
<ACCEPTANCE-DATETIME>20140318092221
ACCESSION NUMBER:		0001133228-14-001158
CONFORMED SUBMISSION TYPE:	40-17G
PUBLIC DOCUMENT COUNT:		2
FILED AS OF DATE:		20140318
DATE AS OF CHANGE:		20140318
EFFECTIVENESS DATE:		20140318

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			JOHN HANCOCK PREMIUM DIVIDEND FUND
		CENTRAL INDEX KEY:			0000855886
		IRS NUMBER:				043097281
		STATE OF INCORPORATION:			MA
		FISCAL YEAR END:			1031

	FILING VALUES:
		FORM TYPE:		40-17G
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	811-05908
		FILM NUMBER:		14699521

	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 PATRIOT PREMIUM DIVIDEND FUND II
		DATE OF NAME CHANGE:	19990518

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	PATRIOT PREMIUM DIVIDEND FUND II
		DATE OF NAME CHANGE:	19920703
</SEC-HEADER>
<DOCUMENT>
<TYPE>40-17G
<SEQUENCE>1
<FILENAME>e371539_40-17g.htm
<DESCRIPTION>FIDELITY BOND
<TEXT>
<HTML>
<HEAD>
<TITLE></TITLE>
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<P STYLE="margin: 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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    <TD STYLE="width: 50%; border-top: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">601 Congress Street&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Boston, Massachusetts 02210-2805&nbsp;</P></TD>
    <TD STYLE="width: 50%; border-top: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><IMG SRC="image_001.jpg" ALT=""></TD></TR>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B>&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>March 18, 2014</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Securities and Exchange Commission</P>

<P STYLE="margin: 0pt 0">Washington<FONT STYLE="font: 10pt Times New Roman, Times, Serif">, DC 20549</FONT></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.5in; text-align: left">RE:</TD><TD STYLE="text-align: justify">John Hancock Bond Trust (File No. 811-03006)</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">John Hancock California Tax-Free Income
Fund (File No. 811-05979)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">John Hancock Capital Series (File No. 811-01677)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">John Hancock Current Interest (File No.
811-02485)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">John Hancock Emerging Markets Income Fund
(File No. 811-22586)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">John Hancock Financial Opportunities Fund
(file No. 811-08568)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">John Hancock Flexible Income Opportunities
Fund (File No. 811-22587)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">John Hancock Floating Rate High Income Fund
(File No. 811-22879)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">John Hancock Funds II (File No. 811-21779)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">John Hancock Funds III (File No. 811-21777)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">John Hancock Hedged Equity &amp; Income
Fund (File No. 811-22441)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">John Hancock Income Securities Trust (File
No. 811-04186)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">John Hancock Investment Trust (File No.
811-00560)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">John Hancock Investment Trust II (File No.
811-03999)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">John Hancock Investment Trust III (File
No. 811-04630)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">John Hancock Investors Trust (File No. 811-04173)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">John Hancock Municipal Securities Trust
(File No. 811-05968)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">John Hancock Preferred Income Fund (File
No. 811-21131)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">John Hancock Preferred Income Fund II (File
No. 811-21202)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">John Hancock Preferred Income Fund III (File
No. 811-21287)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">John Hancock Premium Dividend Fund (File
No. 811-05908)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">John Hancock Sovereign Bond Fund (File No.
811-02402)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">John Hancock Strategic Diversified Income
Fund (File No. 811-22675)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">John Hancock Strategic Series (File No.
811-04651)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">John Hancock Tax-Advantaged Dividend Income
Fund (File No. 811-21416)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">John Hancock Tax-Advantaged Global Shareholder
Yield Fund (File No. 811-22056)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">John Hancock Tax-Exempt Series Fund (File
No. 811-05079)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">John Hancock Variable Insurance Trust (File
No. 811-04146)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(collectively the &ldquo;Registrants&rdquo;
or the &ldquo;Assured&rdquo;)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Dear Sir/Madam:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">On behalf of the Registrants, enclosed for filing, pursuant
to Rule 17g-1 under the Investment Company Act of 1940, as amended (the &ldquo;1940 Act&rdquo;), are the following documents:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">1.</TD><TD>A copy of the joint insured fidelity bond no. <B>81906724</B> issued by Chubb Group of Insurance Companies.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">2.</TD><TD>A copy of Endorsement / Rider No. 1 to the Registrants&rsquo; joint bond no. <B>81906724</B> regarding name of Assured.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">3.</TD><TD>A copy of Endorsement No. 2 to the Registrants&rsquo; joint bond no. <B>81906724</B> amending Section 13 relating to terminations,
non-renewals and notices.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">4.</TD><TD>A copy of Endorsement No. 3 to the Registrants&rsquo; joint bond no. <B>81906724 </B>regarding unauthorized signatures.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">5.</TD><TD>A copy of Endorsement No. 4 to the Registrants&rsquo; joint bond no. <B>81906724</B> regarding automated telephone transactions.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">6.</TD><TD>A copy of Endorsement No. 5 to the Registrants&rsquo; joint bond no<B>. 81906724</B> regarding telefacsimile instructions.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in">&nbsp;</P>

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        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">601 Congress Street&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Boston, Massachusetts 02210-2805&nbsp;</P></TD>
    <TD STYLE="border-top: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; width: 50%"><IMG SRC="image_001.jpg" ALT=""></TD></TR>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">7.</TD><TD>A copy of Endorsement No. 6 to the Registrants&rsquo; joint bond no. <B>81906724</B> regarding stop payment orders or refusals
to pay checks.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">8.</TD><TD>A copy of Endorsement No. 7 to the Registrants&rsquo; joint bond no. <B>81906724 </B>regarding extended computer systems&rsquo;
electronic data, media, instructions, communications and transmissions.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">9.</TD><TD>A copy of Endorsement / Rider No. 8 to the Registrants&rsquo; joint bond no. <B>81906724</B> regarding automatic increase in
limits.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">10.</TD><TD>A copy of Endorsement / Rider No. 9 to the Registrants&rsquo; joint bond no. <B>81906724</B> regarding definition of employee.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">11.</TD><TD>A copy of Endorsement / Rider No. 10 to the Registrants&rsquo; joint bond no. <B>81906724 </B>regarding deleting valuation,
other property and amending change or modification.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">12.</TD><TD>A copy of Endorsement No. 11 to the Registrant&rsquo;s joint bond no. <B>81906724</B> regarding compliance with applicable
trade sanction laws.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">13.</TD><TD>A copy of Endorsement / Rider No. 12 to the Registrants&rsquo; joint bond no. <B>81906724</B> regarding amending the name of
the Assured relating to new funds.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">14.</TD><TD>A copy of Endorsement / Rider No. 13 to the Registrants&rsquo; joint bond no. <B>81906724</B> regarding amending discovery
and notice.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">15.</TD><TD>A copy of the excess joint insured fidelity bond no. <B>87142113B</B> issued by ICI Mutual Insurance Company.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">16.</TD><TD>A copy of Rider No. 1 to the Registrant&rsquo;s joint bond no. <B>87142113B </B>regarding requirements of the Terrorism Risk
Insurance Act of 2002, as amended.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">17.</TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">A copy of the resolutions of the Board of Trustees approving the bonds.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">18.</TD><TD>A copy of the agreement among the Registrants entered into pursuant to paragraph (f) of Regulation 17g-1.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">19.</TD><TD>A statement showing the single bond amount (if the Registrants had not been named as an insured under this joint insured bond).</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">20.</TD><TD>A statement showing that premiums have been paid for the period <B>December 31, 2013</B> to<B> December 31, 2014.</B></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Sincerely,</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><U>/s/ Betsy Anne Seel</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Betsy Anne Seel</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Assistant Secretary</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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    <TD STYLE="width: 100%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 18pt"><FONT STYLE="font: 18pt Times New Roman, Times, Serif"><B>POLICYHOLDER</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 18pt"><FONT STYLE="font: 18pt Times New Roman, Times, Serif"><B>DISCLOSURE NOTICE OF</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 18pt"><FONT STYLE="font: 18pt Times New Roman, Times, Serif"><B>TERRORISM INSURANCE COVERAGE</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>(for policies with no terrorism exclusion or sublimit)</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">You are hereby notified that, under the Terrorism Risk Insurance Act (the &ldquo;Act&rdquo;), effective</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">December 26, 2007, this policy makes available to you insurance for losses arising out of</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">certain acts of terrorism. Terrorism is defined as any act certified by the Secretary of the</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Treasury, in concurrence with the Secretary of State and the Attorney General of the</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">United States, to be an act of terrorism; to be a violent act or an act that is dangerous to</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">human life, property or infrastructure; to have resulted in damage within the United</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">States, or outside the United States in the case of an air carrier or vessel or the premises</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">of a United States Mission; and to have been committed by an individual or individuals as</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">part of an effort to coerce the civilian population of the United States or to influence the</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">policy or affect the conduct of the United States Government by coercion.</FONT></TD></TR>
<TR>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">You should know that the insurance provided by your policy for losses caused by acts of</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">terrorism is partially reimbursed by the United States under the formula set forth in the</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Act. Under this formula, the United States pays 85% of covered terrorism losses that</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">exceed the statutorily established deductible to be paid by the insurance company</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">providing the coverage.</FONT></TD></TR>
<TR>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">However, if aggregate insured losses attributable to terrorist acts certified under the Act</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">exceed $100 billion in a Program Year (January 1 through December 31), the Treasury</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">shall not make any payment for any portion of the amount of such losses that exceeds</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">$100 billion.</FONT></TD></TR>
</TABLE>
<P STYLE="margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">10-02-1281 (Ed. 1/2003)</P>

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<P STYLE="text-align: left; margin-top: 0pt; margin-bottom: 0pt"><A NAME="page_2"></A>&nbsp;</P>

<TABLE BORDER="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif">
<TR>
    <TD STYLE="width: 100%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">If aggregate insured losses attributable to terrorist acts certified under the Act exceed</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">$100 billion in a Program Year (January 1 through December 31) and we have met our</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">insurer deductible under the Act, we shall not be liable for the payment of any portion of</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">the amount of such losses that exceeds $100 billion, and in such case insured losses up</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">to that amount are subject to pro rata allocation in accordance with procedures</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">established by the Secretary of the Treasury.</FONT></TD></TR>
<TR>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">The portion of your policy&rsquo;s annual premium that is attributable to insurance for such acts</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">of terrorism is: $ <B>-0-.</B></FONT></TD></TR>
<TR>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">If you have any questions about this notice, please contact your agent or broker.</FONT></TD></TR>
</TABLE>
<P STYLE="margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">10-02-1281 (Ed. 1/2003)</P>

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<P STYLE="text-align: left; margin-top: 0pt; margin-bottom: 0pt"><A NAME="page_3"></A>&nbsp;</P>

<TABLE BORDER="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif">
<TR>
    <TD STYLE="width: 100%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 12pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>IMPORTANT NOTICE TO POLICYHOLDERS</B></FONT></TD></TR>
<TR>
    <TD>&nbsp;</TD></TR>
<TR>
    <TD>&nbsp;</TD></TR>
<TR>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-indent: 35.99pt; text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">All of the members of the Chubb Group of Insurance companies doing business in the United</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">States (hereinafter &ldquo;Chubb&rdquo;) distribute their products through licensed insurance brokers and agents</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(&ldquo;producers&rdquo;). Detailed information regarding the types of compensation paid by Chubb to producers on</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">US insurance transactions is available under the Producer Compensation link located at the bottom of the</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">page at www.chubb.com, or by calling 1-866-588-9478. Additional information may be available from</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">your producer.</FONT></TD></TR>
<TR>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-indent: 35.99pt; text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Thank you for choosing Chubb.</FONT></TD></TR>
</TABLE>
<P STYLE="margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">10-02-1295 (ed. 6/2007)</P>

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<P STYLE="text-align: left; margin-top: 0pt; margin-bottom: 0pt"><A NAME="page_4"></A>&nbsp;</P>

<TABLE BORDER="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif">
<TR>
    <TD STYLE="width: 100%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B><I>Important Notice:</I></B></FONT></TD></TR>
<TR>
    <TD>&nbsp;</TD></TR>
<TR>
    <TD>&nbsp;</TD></TR>
<TR>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>The SEC Requires Proof of Your Fidelity Insurance Policy</B></FONT></TD></TR>
<TR>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Your company is now required to file an electronic copy of your fidelity insurance coverage</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(Chubb&rsquo;s ICAP Bond policy) to the Securities and Exchange Commission (SEC), according to</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">rules adopted by the SEC on June 12, 2006.</FONT></TD></TR>
<TR>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Chubb is in the process of providing your agent/broker with an electronic copy of your insurance</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">policy as well as instructions on how to submit this proof of fidelity insurance coverage to the</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">SEC. You can expect to receive this information from your agent/broker shortly.</FONT></TD></TR>
<TR>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">The electronic copy of your policy is provided by Chubb solely as a convenience and does not</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">affect the terms and conditions of coverage as set forth in the paper policy you receive by mail.</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">The terms and conditions of the policy mailed to you, which are the same as those set forth in</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">the electronic copy, constitute the entire agreement between your company and Chubb.</FONT></TD></TR>
<TR>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">If you have any questions, please contact your agent or broker.</FONT></TD></TR>
</TABLE>
<P STYLE="margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">Form 14-02-12160 (ed.
7/2006)</P>

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<P STYLE="text-align: left; margin-top: 0pt; margin-bottom: 0pt"><A NAME="page_5"></A>&nbsp;</P>

<TABLE BORDER="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif">
<TR>
    <TD STYLE="width: 8%">&nbsp;</TD>
    <TD STYLE="width: 4%">&nbsp;</TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 12%">&nbsp;</TD>
    <TD STYLE="width: 6%">&nbsp;</TD>
    <TD STYLE="width: 14%">&nbsp;</TD>
    <TD STYLE="width: 7%">&nbsp;</TD>
    <TD STYLE="width: 8%">&nbsp;</TD>
    <TD STYLE="width: 15%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 23%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Chubb Group of Insurance Companies</B></FONT></TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-indent: 0pt; text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>DECLARATIONS</B></FONT></TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD COLSPAN="4" STYLE="text-indent: 0pt; text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>FINANCIAL INSTITUTION INVESTMENT</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD COLSPAN="4" STYLE="text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">15 Mountain View Road, Warren, New Jersey 07059</FONT></TD>
    <TD COLSPAN="4" STYLE="text-indent: 0pt; text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>COMPANY ASSET PROTECTION BOND</B></FONT></TD></TR>
<TR>
    <TD COLSPAN="11">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="11">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="6" STYLE="text-indent: 3.6pt; text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">NAME OF ASSURED (including its <B>Subsidiaries</B>):</FONT></TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-indent: 0.01pt; text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Bond Number: 81906724</FONT></TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="11">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="4" STYLE="text-indent: 3.6pt; text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">JOHN HANCOCK FUNDS</FONT></TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD COLSPAN="4" STYLE="text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>FEDERAL INSURANCE COMPANY</B></FONT></TD></TR>
<TR>
    <TD COLSPAN="11">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="11">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="4" STYLE="text-indent: 3.6pt; text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">601 CONGRESS STREET</FONT></TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD COLSPAN="4" STYLE="text-indent: 0pt; text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Incorporated under the laws of Indiana</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="4" STYLE="text-indent: 3.6pt; text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">BOSTON, MA 02210</FONT></TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD COLSPAN="4" STYLE="text-indent: 0pt; text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">a stock insurance company herein called the COMPANY</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD COLSPAN="4" STYLE="text-indent: 0pt; text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Capital Center, 251 North Illinois, Suite 1100</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-indent: 0pt; text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Indianapolis, IN 46204-1927</FONT></TD>
    <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="11">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="11">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-indent: 3.6pt; text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>ITEM 1.</B></FONT></TD>
    <TD COLSPAN="3" STYLE="text-indent: 4.49pt; text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">BOND PERIOD:</FONT></TD>
    <TD STYLE="text-align: right; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">from</FONT></TD>
    <TD STYLE="text-indent: 0.01pt; text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">12:01 a.m. on</FONT></TD>
    <TD COLSPAN="2" STYLE="text-indent: 0.03pt; text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">December 31, 2013</FONT></TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">to</FONT></TD>
    <TD STYLE="text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">12:01 a.m. on</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">December 31, 2014</FONT></TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="11">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-indent: 3.59pt; text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>ITEM 2.</B></FONT></TD>
    <TD COLSPAN="6" STYLE="text-indent: 4.5pt; text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">LIMITS OF LIABILITY--DEDUCTIBLE AMOUNTS:</FONT></TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="11">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD COLSPAN="10" STYLE="text-align: right; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">If &ldquo;Not Covered&rdquo; is inserted below opposite any specified INSURING CLAUSE, such INSURING CLAUSE</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD COLSPAN="10" STYLE="text-align: right; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">and any other reference shall be deemed to be deleted. <B>There shall be no deductible applicable to any</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD COLSPAN="8" STYLE="text-indent: 4.49pt; text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>loss under INSURING CLAUSE 1. sustained by any Investment Company.</B></FONT></TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="11">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-indent: 0.06pt; text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">DEDUCTIBLE</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD COLSPAN="4" STYLE="border-bottom: #000000 1px solid; text-indent: 4.49pt; text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">INSURING CLAUSE</FONT></TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-indent: 9pt; text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">LIMIT OF LIABILITY</FONT></TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: #000000 1px solid; text-align: right; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">AMOUNT</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: right; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">1</FONT></TD>
    <TD STYLE="text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">.</FONT></TD>
    <TD STYLE="text-indent: 7.21pt; text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Employee</FONT></TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-indent: 9.04pt; text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">$</FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">15,000,000</FONT></TD>
    <TD STYLE="text-indent: 0.09pt; text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">$</FONT></TD>
    <TD STYLE="text-align: right; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">0</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: right; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">2</FONT></TD>
    <TD STYLE="text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">.</FONT></TD>
    <TD COLSPAN="2" STYLE="text-indent: 7.22pt; text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">On Premises</FONT></TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-indent: 8.97pt; text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">$</FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">15,000,000</FONT></TD>
    <TD STYLE="text-indent: 0.05pt; text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">$</FONT></TD>
    <TD STYLE="text-align: right; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">150,000</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: right; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">3</FONT></TD>
    <TD STYLE="text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">.</FONT></TD>
    <TD STYLE="text-indent: 7.22pt; text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">In Transit</FONT></TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-indent: 9.01pt; text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">$</FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">15,000,000</FONT></TD>
    <TD STYLE="text-indent: 0.06pt; text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">$</FONT></TD>
    <TD STYLE="text-align: right; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">150,000</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: right; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">4</FONT></TD>
    <TD STYLE="text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">.</FONT></TD>
    <TD COLSPAN="2" STYLE="text-indent: 7.22pt; text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Forgery or Alteration</FONT></TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-indent: 8.99pt; text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">$</FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">15,000,000</FONT></TD>
    <TD STYLE="text-indent: 0.05pt; text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">$</FONT></TD>
    <TD STYLE="text-align: right; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">150,000</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: right; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">5</FONT></TD>
    <TD STYLE="text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">.</FONT></TD>
    <TD COLSPAN="2" STYLE="text-indent: 7.22pt; text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Extended Forgery</FONT></TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-indent: 9.03pt; text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">$</FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">15,000,000</FONT></TD>
    <TD STYLE="text-indent: 0.08pt; text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">$</FONT></TD>
    <TD STYLE="text-align: right; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">150,000</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: right; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">6</FONT></TD>
    <TD STYLE="text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">.</FONT></TD>
    <TD COLSPAN="2" STYLE="text-indent: 7.21pt; text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Counterfeit Money</FONT></TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-indent: 9.01pt; text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">$</FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">15,000,000</FONT></TD>
    <TD STYLE="text-indent: 0.06pt; text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">$</FONT></TD>
    <TD STYLE="text-align: right; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">150,000</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: right; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">7</FONT></TD>
    <TD STYLE="text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">.</FONT></TD>
    <TD COLSPAN="2" STYLE="text-indent: 7.22pt; text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Threats to Person</FONT></TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-indent: 8.98pt; text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">$</FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">15,000,000</FONT></TD>
    <TD STYLE="text-indent: 0.06pt; text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">$</FONT></TD>
    <TD STYLE="text-align: right; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">150,000</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: right; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">8</FONT></TD>
    <TD STYLE="text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">.</FONT></TD>
    <TD COLSPAN="2" STYLE="text-indent: 7.22pt; text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Computer System</FONT></TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-indent: 9.03pt; text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">$</FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">15,000,000</FONT></TD>
    <TD STYLE="text-indent: 0.08pt; text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">$</FONT></TD>
    <TD STYLE="text-align: right; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">150,000</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: right; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">9</FONT></TD>
    <TD STYLE="text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">.</FONT></TD>
    <TD COLSPAN="4" STYLE="text-indent: 7.22pt; text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Voice Initiated Funds Transfer Instruction</FONT></TD>
    <TD STYLE="text-indent: 9.01pt; text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">$</FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">15,000,000</FONT></TD>
    <TD STYLE="text-indent: 0.1pt; text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">$</FONT></TD>
    <TD STYLE="text-align: right; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">150,000</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: right; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">10</FONT></TD>
    <TD STYLE="text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">.</FONT></TD>
    <TD COLSPAN="3" STYLE="text-indent: 7.21pt; text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Uncollectible Items of Deposit</FONT></TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-indent: 8.94pt; text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">$</FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">15,000,000</FONT></TD>
    <TD STYLE="text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">$</FONT></TD>
    <TD STYLE="text-align: right; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">150,000</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: right; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">11</FONT></TD>
    <TD STYLE="text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">.</FONT></TD>
    <TD COLSPAN="2" STYLE="text-indent: 7.2pt; text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Audit Expense</FONT></TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-indent: 9.03pt; text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">$</FONT></TD>
    <TD STYLE="text-align: right; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">150,000</FONT></TD>
    <TD STYLE="text-indent: 0.07pt; text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">$</FONT></TD>
    <TD STYLE="text-align: right; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">0</FONT></TD></TR>
<TR>
    <TD COLSPAN="11">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="11">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>ITEM 3.</B></FONT></TD>
    <TD COLSPAN="10" STYLE="text-align: right; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">THE LIABILITY OF THE COMPANY IS ALSO SUBJECT TO THE TERMS OF THE FOLLOWING</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD COLSPAN="7" STYLE="text-indent: 0.9pt; text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">ENDORSEMENTS EXECUTED SIMULTANEOUSLY HEREWITH:</FONT></TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="11">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="text-indent: 0.89pt; text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">1 - 13</FONT></TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="11">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="11" STYLE="text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>IN WITNESS WHEREOF, THE COMPANY </B>has caused this Bond to be signed by its authorized officers, but it shall not be</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="8" STYLE="text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">valid unless also signed by an authorized representative of the Company.</FONT></TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD></TR>
</TABLE>
<P STYLE="margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="margin: 0pt 0; text-indent: 0.5in"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B><U>/s/ Maureen A. Brundage</U></B></FONT></TD>
    <TD STYLE="width: 50%; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B><U>/s/ Paul J. Krump</U></B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Secretary</B></FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>President</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Countersigned by <U>January 14, 2014</U></B></FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B><U>/s/ Paul N. Morrissette</U></B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Authorized Representative</B></FONT></TD></TR>
</TABLE>


<P STYLE="margin: 0pt 0; text-indent: 0.5in"></P>

<P STYLE="margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="text-align: left; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE BORDER="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif">
<TR>
    <TD STYLE="width: 56%">&nbsp;</TD>
    <TD STYLE="width: 44%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">ICAP Bond (5-98) - Federal</FONT></TD>
    <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Form 17-02-1421 (Ed. 5-98)</FONT></TD>
    <TD STYLE="text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Page 1 of 1</FONT></TD></TR>
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<P STYLE="text-align: left; margin-top: 0pt; margin-bottom: 0pt"><A NAME="page_6"></A>&nbsp;</P>

<TABLE BORDER="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif">
<TR>
    <TD STYLE="width: 21%">&nbsp;</TD>
    <TD STYLE="width: 7%">&nbsp;</TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 3%">&nbsp;</TD>
    <TD STYLE="width: 4%">&nbsp;</TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 61%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="text-align: right; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">The COMPANY, in consideration of payment of the required premium, and in reliance</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="text-align: right; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">on the APPLICATION and all other statements made and information furnished to the</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="text-align: right; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">COMPANY by the ASSURED, and subject to the DECLARATIONS made a part of this</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="text-align: right; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Bond and to all other terms and conditions of this Bond, agrees to pay the ASSURED</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: #000000 1px solid; text-align: right; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">for:</FONT></TD>
    <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="7">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="7">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B><I>Insuring Clauses</I></B></FONT></TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="7">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="7">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><I>Employee</I></FONT></TD>
    <TD STYLE="text-align: right; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">1</FONT></TD>
    <TD STYLE="text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">.</FONT></TD>
    <TD COLSPAN="4" STYLE="text-align: right; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Loss resulting directly from <B>Larceny </B>or <B>Embezzlement </B>committed by any</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="7" STYLE="border-bottom: #000000 1px solid; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Employee</B>, alone or in collusion with others.</FONT></TD></TR>
<TR>
    <TD COLSPAN="7"><HR SIZE="1" NOSHADE></TD></TR>
<TR>
    <TD COLSPAN="7">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="7">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="7">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><I>On Premises</I></FONT></TD>
    <TD STYLE="text-align: right; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">2</FONT></TD>
    <TD STYLE="text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">.</FONT></TD>
    <TD COLSPAN="4" STYLE="text-align: right; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Loss of <B>Property </B>resulting directly from robbery, burglary, false pretenses,</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD COLSPAN="4" STYLE="text-align: right; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">common law or statutory larceny, misplacement, mysterious unexplainable</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD COLSPAN="4" STYLE="text-align: right; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">disappearance, damage, destruction or removal, from the possession, custody or</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD COLSPAN="4" STYLE="text-align: right; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">control of the ASSURED, while such <B>Property </B>is lodged or deposited at premises</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>
    <TD COLSPAN="4" STYLE="border-bottom: #000000 1px solid; text-indent: 0pt; text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">located anywhere.</FONT></TD></TR>
<TR>
    <TD COLSPAN="7">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="7">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><I>In Transit</I></FONT></TD>
    <TD STYLE="text-align: right; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">3</FONT></TD>
    <TD STYLE="text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">.</FONT></TD>
    <TD COLSPAN="4" STYLE="text-align: right; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Loss of <B>Property </B>resulting directly from common law or statutory larceny,</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD COLSPAN="4" STYLE="text-align: right; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">misplacement, mysterious unexplainable disappearance, damage or destruction,</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD COLSPAN="4" STYLE="text-indent: 0pt; text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">while the <B>Property </B>is in transit anywhere:</FONT></TD></TR>
<TR>
    <TD COLSPAN="7">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-indent: 0pt; text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">a.</FONT></TD>
    <TD COLSPAN="3" STYLE="text-align: right; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">in an armored motor vehicle, including loading and unloading thereof,</FONT></TD></TR>
<TR>
    <TD COLSPAN="7">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-indent: 0pt; text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">b.</FONT></TD>
    <TD COLSPAN="3" STYLE="text-align: right; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">in the custody of a natural person acting as a messenger of the ASSURED,</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: right; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">or</FONT></TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="7">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-indent: 0pt; text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">c.</FONT></TD>
    <TD COLSPAN="3" STYLE="text-align: right; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">in the custody of a <B>Transportation Company </B>and being transported in a</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="text-align: right; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">conveyance other than an armored motor vehicle provided, however, that</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">covered <B>Property </B>transported in such manner is limited to the following:</FONT></TD></TR>
<TR>
    <TD COLSPAN="7">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: right; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(1</FONT></TD>
    <TD STYLE="text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">)</FONT></TD>
    <TD STYLE="text-align: right; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">written records,</FONT></TD></TR>
<TR>
    <TD COLSPAN="7">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: right; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(2</FONT></TD>
    <TD STYLE="text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">)</FONT></TD>
    <TD STYLE="text-align: right; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">securities issued in registered form, which are not endorsed or are</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="7" STYLE="font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">restrictively endorsed, or</FONT></TD></TR>
<TR>
    <TD COLSPAN="7">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: right; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(3</FONT></TD>
    <TD STYLE="text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">)</FONT></TD>
    <TD STYLE="text-align: right; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">negotiable instruments not payable to bearer, which are not endorsed</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: right; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">or are restrictively endorsed.</FONT></TD></TR>
<TR>
    <TD COLSPAN="7">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD COLSPAN="4" STYLE="text-align: right; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Coverage under this INSURING CLAUSE begins immediately on the receipt of</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD COLSPAN="4" STYLE="text-align: right; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">such <B>Property </B>by the natural person or <B>Transportation Company </B>and ends</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD COLSPAN="4" STYLE="text-indent: 0pt; text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">immediately on delivery to the premises of the addressee or to any representative</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD COLSPAN="4" STYLE="text-indent: 0pt; text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">of the addressee located anywhere.</FONT></TD></TR>
</TABLE>
<P STYLE="margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="text-align: left; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE BORDER="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif">
<TR>
    <TD STYLE="width: 56%">&nbsp;</TD>
    <TD STYLE="width: 44%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">ICAP Bond (5-98)</FONT></TD>
    <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Form 17-02-1421 (Ed. 5-98)</FONT></TD>
    <TD STYLE="text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Page 1 of 19</FONT></TD></TR>
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<TR>
    <TD STYLE="width: 22%">&nbsp;</TD>
    <TD STYLE="width: 6%">&nbsp;</TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 4%">&nbsp;</TD>
    <TD STYLE="width: 5%">&nbsp;</TD>
    <TD STYLE="width: 61%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B><I>Insuring Clauses</I></B></FONT></TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><I>(continued)</I></FONT></TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="6">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="6">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><I>Forgery Or Alteration</I></FONT></TD>
    <TD STYLE="text-align: right; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">4</FONT></TD>
    <TD STYLE="text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">.</FONT></TD>
    <TD COLSPAN="3" STYLE="text-indent: 0.02pt; text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Loss resulting directly from:</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-indent: 0pt; text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">a.</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: right; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Forgery </B>on, or fraudulent material alteration of, any bills of exchange,</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">checks, drafts, acceptances, certificates of deposits, promissory notes, due</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">bills, money orders, orders upon public treasuries, letters of credit, other</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">written promises, orders or directions to pay sums certain in money, or</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-indent: 0pt; text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">receipts for the withdrawal of <B>Property</B>, or</FONT></TD></TR>
<TR>
    <TD COLSPAN="6">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-indent: 0pt; text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">b.</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: right; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">transferring, paying or delivering any funds or other <B>Property</B>, or establishing</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">any credit or giving any value in reliance on any written instructions, advices</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">or applications directed to the ASSURED authorizing or acknowledging the</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">transfer, payment, delivery or receipt of funds or other <B>Property</B>, which</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">instructions, advices or applications fraudulently purport to bear the</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">handwritten signature of any customer of the ASSURED, or shareholder or</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">subscriber to shares of an <B>Investment Company</B>, or of any financial</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">institution or <B>Employee </B>but which instructions, advices or applications either</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">bear a <B>Forgery </B>or have been fraudulently materially altered without the</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">knowledge and consent of such customer, shareholder, subscriber, financial</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-indent: 0pt; text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">institution or <B>Employee</B>;</FONT></TD></TR>
<TR>
    <TD COLSPAN="6">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="text-align: right; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">excluding, however, under this INSURING CLAUSE any loss covered under</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="text-align: right; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">INSURING CLAUSE 5. of this Bond, whether or not coverage for INSURING</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="text-indent: 0pt; text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">CLAUSE 5. is provided for in the DECLARATIONS of this Bond.</FONT></TD></TR>
<TR>
    <TD COLSPAN="6">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="text-align: right; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">For the purpose of this INSURING CLAUSE, a mechanically reproduced facsimile</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-bottom: #000000 1px solid; text-indent: 0pt; text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, 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 STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><I>Extended Forgery</I></FONT></TD>
    <TD STYLE="text-align: right; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">5</FONT></TD>
    <TD STYLE="text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">.</FONT></TD>
    <TD COLSPAN="3" STYLE="text-align: right; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Loss resulting directly from the ASSURED having, in good faith, and in the</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="text-align: right; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">ordinary course of business, for its own account or the account of others in any</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">capacity:</FONT></TD>
    <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="6">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">a.</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: right; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">acquired, accepted or received, accepted or received, sold or delivered, or</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">given value, extended credit or assumed liability, in reliance on any original</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Securities, documents or other written instruments </B>which prove to:</FONT></TD></TR>
<TR>
    <TD COLSPAN="6">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(1)</FONT></TD>
    <TD STYLE="text-align: right; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">bear a <B>Forgery </B>or a fraudulently material alteration,</FONT></TD></TR>
<TR>
    <TD COLSPAN="6">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(2)</FONT></TD>
    <TD STYLE="text-align: right; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">have been lost or stolen, or</FONT></TD></TR>
<TR>
    <TD COLSPAN="6">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(3)</FONT></TD>
    <TD STYLE="text-align: right; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">be <B>Counterfeit</B>, or</FONT></TD></TR>
<TR>
    <TD COLSPAN="6">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">b.</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: right; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">guaranteed in writing or witnessed any signatures on any transfer,</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">assignment, bill of sale, power of attorney, guarantee, endorsement or other</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">obligation upon or in connection with any <B>Securities, documents or other</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>written instruments</B>.</FONT></TD></TR>
<TR>
    <TD COLSPAN="6">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="text-align: right; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Actual physical possession, and continued actual physical possession if taken as</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="text-align: right; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">collateral, of such <B>Securities, documents or other written instruments </B>by an</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="text-align: right; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Employee, Custodian</B>, or a Federal or State chartered deposit institution of the</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="text-align: right; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">ASSURED is a condition precedent to the ASSURED having relied on such items.</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="text-align: right; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Release or return of such collateral is an acknowledgment by the ASSURED that it</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">no longer relies on such collateral.</FONT></TD></TR>
</TABLE>
<P STYLE="margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="text-align: left; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE BORDER="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif">
<TR>
    <TD STYLE="width: 56%">&nbsp;</TD>
    <TD STYLE="width: 44%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">ICAP Bond (5-98)</FONT></TD>
    <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Form 17-02-1421 (Ed. 5-98)</FONT></TD>
    <TD STYLE="text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Page 2 of 19</FONT></TD></TR>
</TABLE>
<P STYLE="margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

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<TABLE BORDER="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif">
<TR>
    <TD STYLE="width: 21%">&nbsp;</TD>
    <TD STYLE="width: 6%">&nbsp;</TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 4%">&nbsp;</TD>
    <TD STYLE="width: 4%">&nbsp;</TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 61%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B><I>Insuring Clauses</I></B></FONT></TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="7">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="7">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><I>Extended Forgery</I></FONT></TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD COLSPAN="4" STYLE="text-indent: 0pt; text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">For the purpose of this INSURING CLAUSE, a mechanically reproduced facsimile</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #000000 1px solid; text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><I>(continued)</I></FONT></TD>
    <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>
    <TD COLSPAN="4" STYLE="border-bottom: #000000 1px solid; text-indent: 0pt; text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, 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 STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><I>Counterfeit Money</I></FONT></TD>
    <TD STYLE="text-align: right; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">6</FONT></TD>
    <TD STYLE="text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">.</FONT></TD>
    <TD COLSPAN="4" STYLE="text-indent: 0.02pt; text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Loss resulting directly from the receipt by the ASSURED in good faith of any</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>
    <TD COLSPAN="4" STYLE="border-bottom: #000000 1px solid; text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Counterfeit </B>money.</FONT></TD></TR>
<TR>
    <TD COLSPAN="7">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="7">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><I>Threats To Person</I></FONT></TD>
    <TD STYLE="text-align: right; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">7</FONT></TD>
    <TD STYLE="text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">.</FONT></TD>
    <TD COLSPAN="4" STYLE="text-indent: 0.02pt; text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Loss resulting directly from surrender of <B>Property </B>away from an office of the</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD COLSPAN="4" STYLE="text-indent: 0pt; text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">ASSURED as a result of a threat communicated to the ASSURED to do bodily</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD COLSPAN="4" STYLE="text-indent: 0pt; text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">harm to an <B>Employee </B>as defined in Section 1.e. (1), (2) and (5), a <B>Relative </B>or</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD COLSPAN="4" STYLE="text-indent: 0pt; text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">invitee of such <B>Employee</B>, or a resident of the household of such <B>Employee</B>, who</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD COLSPAN="4" STYLE="text-indent: 0pt; text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">is, or allegedly is, being held captive provided, however, that prior to the surrender</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD COLSPAN="4" STYLE="text-indent: 0pt; text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">of such <B>Property</B>:</FONT></TD></TR>
<TR>
    <TD COLSPAN="7">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-indent: 0pt; text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">a.</FONT></TD>
    <TD COLSPAN="3" STYLE="text-align: right; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">the <B>Employee </B>who receives the threat has made a reasonable effort to</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, 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 STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-indent: 0pt; text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">b.</FONT></TD>
    <TD COLSPAN="3" STYLE="text-align: right; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">the ASSURED has made a reasonable effort to notify the Federal Bureau of</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="text-align: right; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Investigation and local law enforcement authorities concerning such threat.</FONT></TD></TR>
<TR>
    <TD COLSPAN="7">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD COLSPAN="4" STYLE="text-indent: 0pt; text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">It is agreed that for purposes of this INSURING CLAUSE, any <B>Employee </B>of the</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD COLSPAN="4" STYLE="text-indent: 0pt; text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">ASSURED, as set forth in the preceding paragraph, shall be deemed to be an</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD COLSPAN="4" STYLE="text-indent: 0pt; text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">ASSURED hereunder, but only with respect to the surrender of money, securities</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD COLSPAN="4" STYLE="text-indent: 0pt; text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">and other tangible personal property in which such <B>Employee </B>has a legal or</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>
    <TD COLSPAN="4" STYLE="border-bottom: #000000 1px solid; text-indent: 0pt; text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">equitable interest.</FONT></TD></TR>
<TR>
    <TD COLSPAN="7">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="7">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><I>Computer System</I></FONT></TD>
    <TD STYLE="text-align: right; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">8</FONT></TD>
    <TD STYLE="text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">.</FONT></TD>
    <TD COLSPAN="4" STYLE="text-indent: 0.02pt; text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Loss resulting directly from fraudulent:</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-indent: 0pt; text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">a.</FONT></TD>
    <TD COLSPAN="3" STYLE="text-align: right; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">entries of data into, or</FONT></TD></TR>
<TR>
    <TD COLSPAN="7">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-indent: 0pt; text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">b.</FONT></TD>
    <TD COLSPAN="3" STYLE="text-indent: 0.02pt; text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">changes of data elements or programs within,</FONT></TD></TR>
<TR>
    <TD COLSPAN="7">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD COLSPAN="4" STYLE="text-indent: 0pt; text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">a <B>Computer System</B>, provided the fraudulent entry or change causes:</FONT></TD></TR>
<TR>
    <TD COLSPAN="7">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: right; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(1</FONT></TD>
    <TD STYLE="text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">)</FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">funds or other property to be transferred, paid or delivered,</FONT></TD></TR>
<TR>
    <TD COLSPAN="7">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: right; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(2</FONT></TD>
    <TD STYLE="text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">)</FONT></TD>
    <TD STYLE="text-align: right; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">an account of the ASSURED or of its customer to be added, deleted,</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="7" STYLE="font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">debited or credited, or</FONT></TD></TR>
<TR>
    <TD COLSPAN="7">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: right; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(3</FONT></TD>
    <TD STYLE="text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">)</FONT></TD>
    <TD STYLE="text-align: right; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">an unauthorized account or a fictitious account to be debited or</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: right; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">credited.</FONT></TD></TR>
</TABLE>
<P STYLE="margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="text-align: left; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE BORDER="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif">
<TR>
    <TD STYLE="width: 56%">&nbsp;</TD>
    <TD STYLE="width: 44%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">ICAP Bond (5-98)</FONT></TD>
    <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Form 17-02-1421 (Ed. 5-98)</FONT></TD>
    <TD STYLE="text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Page 3 of 19</FONT></TD></TR>
</TABLE>
<P STYLE="margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<HR ALIGN="CENTER" SIZE="2" NOSHADE STYLE="width: 100%">


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<P STYLE="text-align: left; margin-top: 0pt; margin-bottom: 0pt"><A NAME="page_9"></A>&nbsp;</P>

<TABLE BORDER="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif">
<TR>
    <TD STYLE="width: 22%">&nbsp;</TD>
    <TD STYLE="width: 6%">&nbsp;</TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 4%">&nbsp;</TD>
    <TD STYLE="width: 66%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B><I>Insuring Clauses</I></B></FONT></TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><I>(continued)</I></FONT></TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="5">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="5">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><I>Voice Initiated Funds</I></FONT></TD>
    <TD STYLE="text-align: right; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">9</FONT></TD>
    <TD STYLE="text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">.</FONT></TD>
    <TD COLSPAN="2" STYLE="text-indent: 0.04pt; text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Loss resulting directly from <B>Voice Initiated Funds Transfer Instruction </B>directed</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><I>Transfer Instruction</I></FONT></TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-indent: 0.02pt; text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">to the ASSURED authorizing the transfer of dividends or redemption proceeds of</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-indent: 0.02pt; text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Investment Company </B>shares from a <B>Customer's </B>account, provided such <B>Voice</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-indent: 0.02pt; text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Initiated Funds Transfer Instruction </B>was:</FONT></TD></TR>
<TR>
    <TD COLSPAN="5">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-indent: 0.02pt; text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">a.</FONT></TD>
    <TD STYLE="text-align: right; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">received at the ASSURED'S offices by those <B>Employees </B>of the ASSURED</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: right; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">specifically authorized to receive the <B>Voice Initiated Funds Transfer</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: right; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Instruction</B>,</FONT></TD></TR>
<TR>
    <TD COLSPAN="5">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-indent: 0.02pt; text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">b.</FONT></TD>
    <TD STYLE="text-align: right; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">made by a person purporting to be a <B>Customer</B>, and</FONT></TD></TR>
<TR>
    <TD COLSPAN="5">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-indent: 0.02pt; text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">c.</FONT></TD>
    <TD STYLE="text-align: right; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">made by said person for the purpose of causing the ASSURED or <B>Customer</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: right; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">to sustain a loss or making an improper personal financial gain for such</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: right; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">person or any other person.</FONT></TD></TR>
<TR>
    <TD COLSPAN="5">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-indent: 0.02pt; text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">In order for coverage to apply under this INSURING CLAUSE, all <B>Voice Initiated</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-indent: 0.02pt; text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Funds Transfer Instructions </B>must be received and processed in accordance with</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-indent: 0.02pt; text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">the Designated Procedures outlined in the APPLICATION furnished to the</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-indent: 0.02pt; text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">COMPANY.</FONT></TD></TR>
<TR>
    <TD COLSPAN="5">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="5">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><I>Uncollectible Items of</I></FONT></TD>
    <TD STYLE="text-align: right; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">10</FONT></TD>
    <TD STYLE="text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">.</FONT></TD>
    <TD COLSPAN="2" STYLE="text-indent: 0.02pt; text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Loss resulting directly from the ASSURED having credited an account of a</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><I>Deposit</I></FONT></TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-indent: 0.02pt; text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">customer, shareholder or subscriber on the faith of any <B>Items of Deposit </B>which</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-indent: 0.02pt; text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">prove to be uncollectible, provided that the crediting of such account causes:</FONT></TD></TR>
<TR>
    <TD COLSPAN="5">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-indent: 0.02pt; text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">a.</FONT></TD>
    <TD STYLE="text-align: right; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">redemptions or withdrawals to be permitted,</FONT></TD></TR>
<TR>
    <TD COLSPAN="5">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-indent: 0.02pt; text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">b.</FONT></TD>
    <TD STYLE="text-align: right; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">shares to be issued, or</FONT></TD></TR>
<TR>
    <TD COLSPAN="5">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-indent: 0.02pt; text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">c.</FONT></TD>
    <TD STYLE="text-align: right; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">dividends to be paid,</FONT></TD></TR>
<TR>
    <TD COLSPAN="5">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="5" STYLE="font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">from an account of an <B>Investment Company</B>.</FONT></TD></TR>
<TR>
    <TD COLSPAN="5">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-indent: 0.02pt; text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">In order for coverage to apply under this INSURING CLAUSE, the ASSURED</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-indent: 0.02pt; text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">must hold <B>Items of Deposit </B>for the minimum number of days stated in the</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-indent: 0.02pt; text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">APPLICATION before permitting any redemptions or withdrawals, issuing any</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-indent: 0.02pt; text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">shares or paying any dividends with respect to such <B>Items of Deposit</B>.</FONT></TD></TR>
<TR>
    <TD COLSPAN="5">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-indent: 0.02pt; text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Items of Deposit </B>shall not be deemed uncollectible until the ASSURED'S</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-indent: 0.02pt; text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">standard collection procedures have failed.</FONT></TD></TR>
<TR>
    <TD COLSPAN="5">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="5">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><I>Audit Expense</I></FONT></TD>
    <TD STYLE="text-align: right; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">11</FONT></TD>
    <TD STYLE="text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">.</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Expense incurred by the ASSURED for that part of the cost of audits or</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-indent: 0.02pt; text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">examinations required by any governmental regulatory authority or self-regulatory</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-indent: 0.02pt; text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">organization to be conducted by such authority, organization or their appointee by</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-indent: 0.02pt; text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">reason of the discovery of loss sustained by the ASSURED and covered by this</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-indent: 0.02pt; text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Bond.</FONT></TD></TR>
</TABLE>
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<P STYLE="text-align: left; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

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<TR>
    <TD STYLE="width: 56%">&nbsp;</TD>
    <TD STYLE="width: 44%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">ICAP Bond (5-98)</FONT></TD>
    <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Form 17-02-1421 (Ed. 5-98)</FONT></TD>
    <TD STYLE="text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Page 4 of 19</FONT></TD></TR>
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<P STYLE="text-align: left; margin-top: 0pt; margin-bottom: 0pt"><A NAME="page_10"></A>&nbsp;</P>

<TABLE BORDER="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif">
<TR>
    <TD STYLE="width: 23%">&nbsp;</TD>
    <TD STYLE="width: 4%">&nbsp;</TD>
    <TD STYLE="width: 4%">&nbsp;</TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 67%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B><I>General Agreements</I></B></FONT></TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="5">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="5">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><I>Additional Companies</I></FONT></TD>
    <TD STYLE="text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">A.</FONT></TD>
    <TD COLSPAN="3" STYLE="text-align: right; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">If more than one corporation, or <B>Investment Company</B>, or any combination of</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><I>Included As Assured</I></FONT></TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="text-indent: 0pt; text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">them is included as the ASSURED herein:</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: right; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(1</FONT></TD>
    <TD STYLE="text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">)</FONT></TD>
    <TD STYLE="text-align: right; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">The total liability of the COMPANY under this Bond for loss or losses</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: right; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">sustained by any one or more or all of them shall not exceed the limit for</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: right; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">which the COMPANY would be liable under this Bond if all such loss were</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-indent: 0.01pt; text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">sustained by any one of them.</FONT></TD></TR>
<TR>
    <TD COLSPAN="5">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: right; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(2</FONT></TD>
    <TD STYLE="text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">)</FONT></TD>
    <TD STYLE="text-align: right; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Only the first named ASSURED shall be deemed to be the sole agent of the</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: right; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">others for all purposes under this Bond, including but not limited to the giving</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: right; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">or receiving of any notice or proof required to be given and for the purpose of</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: right; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">effecting or accepting any amendments to or termination of this Bond. The</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: right; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">COMPANY shall furnish each <B>Investment Company </B>with a copy of the</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: right; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Bond and with any amendment thereto, together with a copy of each formal</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: right; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">filing of claim by any other named ASSURED and notification of the terms of</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: right; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, 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 STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: right; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(3</FONT></TD>
    <TD STYLE="text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">)</FONT></TD>
    <TD STYLE="text-align: right; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">The COMPANY shall not be responsible for the proper application of any</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: right; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">payment made hereunder to the first named ASSURED.</FONT></TD></TR>
<TR>
    <TD COLSPAN="5">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: right; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(4</FONT></TD>
    <TD STYLE="text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">)</FONT></TD>
    <TD STYLE="text-align: right; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Knowledge possessed or discovery made by any partner, director, trustee,</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: right; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">officer or supervisory employee of any ASSURED shall constitute knowledge</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: right; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">or discovery by all the ASSUREDS for the purposes of this Bond.</FONT></TD></TR>
<TR>
    <TD COLSPAN="5">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: right; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(5</FONT></TD>
    <TD STYLE="text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">)</FONT></TD>
    <TD STYLE="text-align: right; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">If the first named ASSURED ceases for any reason to be covered under this</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: right; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Bond, then the ASSURED next named on the APPLICATION shall thereafter</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: #000000 1px solid; text-align: right; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, 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 STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><I>Representation Made By</I></FONT></TD>
    <TD STYLE="text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">B.</FONT></TD>
    <TD COLSPAN="3" STYLE="text-align: right; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">The ASSURED represents that all information it has furnished in the</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><I>Assured</I></FONT></TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="text-align: right; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">APPLICATION for this Bond or otherwise is complete, true and correct. Such</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="text-align: right; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">APPLICATION and other information constitute part of this Bond.</FONT></TD></TR>
<TR>
    <TD COLSPAN="5">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="text-align: right; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">The ASSURED must promptly notify the COMPANY of any change in any fact or</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="text-align: right; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">circumstance which materially affects the risk assumed by the COMPANY under</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="text-align: right; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">this Bond.</FONT></TD></TR>
<TR>
    <TD COLSPAN="5">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="text-align: right; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Any intentional misrepresentation, omission, concealment or incorrect statement of</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="text-align: right; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">a material fact, in the APPLICATION or otherwise, shall be grounds for recision of</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="text-align: right; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">this Bond.</FONT></TD></TR>
</TABLE>
<P STYLE="margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

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<TR>
    <TD STYLE="width: 56%">&nbsp;</TD>
    <TD STYLE="width: 44%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">ICAP Bond (5-98)</FONT></TD>
    <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Form 17-02-1421 (Ed. 5-98)</FONT></TD>
    <TD STYLE="text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Page 5 of 19</FONT></TD></TR>
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    <TD STYLE="width: 25%">&nbsp;</TD>
    <TD STYLE="width: 3%">&nbsp;</TD>
    <TD STYLE="width: 6%">&nbsp;</TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 64%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B><I>General Agreements</I></B></FONT></TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><I>(continued)</I></FONT></TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="5">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><I>Additional Offices Or</I></FONT></TD>
    <TD STYLE="text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">C.</FONT></TD>
    <TD COLSPAN="3" STYLE="text-align: right; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">If the ASSURED, other than an <B>Investment Company</B>, while this Bond is in force,</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><I>Employees - Consolidation,</I></FONT></TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="text-align: right; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">merges or consolidates with, or purchases or acquires assets or liabilities of</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><I>Merger Or Purchase Or</I></FONT></TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="text-align: right; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">another institution, the ASSURED shall not have the coverage afforded under this</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><I>Acquisition Of Assets Or</I></FONT></TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="text-align: right; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Bond for loss which has:</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><I>Liabilities - Notice To</I></FONT></TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: right; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(1</FONT></TD>
    <TD STYLE="text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">)</FONT></TD>
    <TD STYLE="text-align: right; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">occurred or will occur on premises, or</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><I>Company</I></FONT></TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: right; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(2</FONT></TD>
    <TD STYLE="text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">)</FONT></TD>
    <TD STYLE="text-align: right; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">been caused or will be caused by an employee, or</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: right; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(3</FONT></TD>
    <TD STYLE="text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">)</FONT></TD>
    <TD STYLE="text-indent: 0.01pt; text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">arisen or will arise out of the assets or liabilities,</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="text-align: right; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">of such institution, unless the ASSURED:</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: right; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">a.</FONT></TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: right; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">gives the COMPANY written notice of the proposed consolidation, merger or</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: right; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">purchase or acquisition of assets or liabilities prior to the proposed effective</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: right; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">date of such action, and</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: right; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">b.</FONT></TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: right; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">obtains the written consent of the COMPANY to extend some or all of the</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: right; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">coverage provided by this Bond to such additional exposure, and</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: #000000 1px solid; text-align: right; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">c.</FONT></TD>
    <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: #000000 1px solid; text-align: right; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, 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 STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><I>Change Of Control -</I></FONT></TD>
    <TD STYLE="text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">D.</FONT></TD>
    <TD COLSPAN="3" STYLE="text-align: right; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">When the ASSURED learns of a change in control (other than in an <B>Investment</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><I>Notice To Company</I></FONT></TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="text-align: right; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Company</B>), as set forth in Section 2(a) (9) of the Investment Company Act of</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: right; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">1940,</FONT></TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: right; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">the ASSURED shall within sixty (60) days give written notice to the</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="text-align: right; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">COMPANY setting forth:</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: right; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(1</FONT></TD>
    <TD STYLE="text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">)</FONT></TD>
    <TD STYLE="text-align: right; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">the names of the transferors and transferees (or the names of the beneficial</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: right; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">owners if the voting securities are registered in another name),</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: right; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(2</FONT></TD>
    <TD STYLE="text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">)</FONT></TD>
    <TD STYLE="text-align: right; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">the total number of voting securities owned by the transferors and the</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: right; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">transferees (or the beneficial owners), both immediately before and after the</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-indent: 0.01pt; text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">transfer, and</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: right; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(3</FONT></TD>
    <TD STYLE="text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">)</FONT></TD>
    <TD STYLE="text-align: right; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">the total number of outstanding voting securities.</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="text-align: right; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Failure to give the required notice shall result in termination of coverage for any</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-bottom: #000000 1px solid; text-align: right; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, 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 STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><I>Court Costs And</I></FONT></TD>
    <TD STYLE="text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">E.</FONT></TD>
    <TD COLSPAN="3" STYLE="text-align: right; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">The COMPANY will indemnify the ASSURED for court costs and reasonable</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><I>Attorneys&rsquo; Fees</I></FONT></TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="text-align: right; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">attorneys' fees incurred and paid by the ASSURED in defense, whether or not</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="text-align: right; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">successful, whether or not fully litigated on the merits and whether or not settled,</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="text-align: right; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">of any claim, suit or legal proceeding with respect to which the ASSURED would</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="text-align: right; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">be entitled to recovery under this Bond. However, with respect to INSURING</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="text-indent: 0.01pt; text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">CLAUSE 1., this Section shall only apply in the event that:</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: right; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(1</FONT></TD>
    <TD STYLE="text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">)</FONT></TD>
    <TD STYLE="text-indent: 0.01pt; text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">an <B>Employee </B>admits to being guilty of <B>Larceny or Embezzlement</B>,</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: right; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(2</FONT></TD>
    <TD STYLE="text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">)</FONT></TD>
    <TD STYLE="text-align: right; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">an <B>Employee </B>is adjudicated to be guilty of <B>Larceny or Embezzlement</B>, or</FONT></TD></TR>
</TABLE>
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    <TD STYLE="width: 56%">&nbsp;</TD>
    <TD STYLE="width: 44%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">ICAP Bond (5-98)</FONT></TD>
    <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Form 17-02-1421 (Ed. 5-98)</FONT></TD>
    <TD STYLE="text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Page 6 of 19</FONT></TD></TR>
</TABLE>
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    <TD STYLE="width: 26%">&nbsp;</TD>
    <TD STYLE="width: 7%">&nbsp;</TD>
    <TD STYLE="width: 67%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B><I>General Agreements</I></B></FONT></TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="3">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="3">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><I>Court Costs And</I></FONT></TD>
    <TD STYLE="text-indent: 0pt; text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(3)</FONT></TD>
    <TD STYLE="text-align: right; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">in the absence of 1 or 2 above, an arbitration panel agrees, after a review of</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><I>Attorneys&rsquo; Fees</I></FONT></TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: right; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">an agreed statement of facts between the COMPANY and the ASSURED,</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><I>(continued)</I></FONT></TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: right; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">that an <B>Employee </B>would be found guilty of <B>Larceny or Embezzlement </B>if</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">such <B>Employee </B>were prosecuted.</FONT></TD></TR>
<TR>
    <TD COLSPAN="3">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-indent: 0pt; text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">The ASSURED shall promptly give notice to the COMPANY of any such suit or</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-indent: 0pt; text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">legal proceeding and at the request of the COMPANY shall furnish copies of all</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-indent: 0pt; text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">pleadings and pertinent papers to the COMPANY. The COMPANY may, at its</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-indent: 0pt; text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">sole option, elect to conduct the defense of all or part of such legal proceeding.</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-indent: 0pt; text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">The defense by the COMPANY shall be in the name of the ASSURED through</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-indent: 0pt; text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">attorneys selected by the COMPANY. The ASSURED shall provide all reasonable</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-indent: 0pt; text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">information and assistance as required by the COMPANY for such defense.</FONT></TD></TR>
<TR>
    <TD COLSPAN="3">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-indent: 0pt; text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">If the COMPANY declines to defend the ASSURED, no settlement without the</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-indent: 0pt; text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">prior written consent of the COMPANY nor judgment against the ASSURED shall</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-indent: 0pt; text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">determine the existence, extent or amount of coverage under this Bond.</FONT></TD></TR>
<TR>
    <TD COLSPAN="3">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-indent: 0pt; text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">If the amount demanded in any such suit or legal proceeding is within the</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-indent: 0pt; text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">DEDUCTIBLE AMOUNT, if any, the COMPANY shall have no liability for court</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-indent: 0pt; text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">costs and attorney's fees incurred in defending all or part of such suit or legal</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-indent: 0pt; text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">proceeding.</FONT></TD></TR>
<TR>
    <TD COLSPAN="3">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-indent: 0pt; text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">If the amount demanded in any such suit or legal proceeding is in excess of the</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-indent: 0pt; text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">LIMIT OF LIABILITY stated in ITEM 2. of the DECLARATIONS for the applicable</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-indent: 0pt; text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">INSURING CLAUSE, the COMPANY'S liability for court costs and attorney's fees</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-indent: 0pt; text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">incurred in defending all or part of such suit or legal proceedings is limited to the</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-indent: 0pt; text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">proportion of such court costs and attorney's fees incurred that the LIMIT OF</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-indent: 0pt; text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">LIABILITY stated in ITEM 2. of the DECLARATIONS for the applicable INSURING</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-indent: 0pt; text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">CLAUSE bears to the total of the amount demanded in such suit or legal</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-indent: 0pt; text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">proceeding.</FONT></TD></TR>
<TR>
    <TD COLSPAN="3">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-indent: 0pt; text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">If the amount demanded is any such suit or legal proceeding is in excess of the</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-indent: 0pt; text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">DEDUCTIBLE AMOUNT, if any, but within the LIMIT OF LIABILITY stated in ITEM</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-indent: 0pt; text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">2.</FONT></TD>
    <TD STYLE="text-align: right; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">of the DECLARATIONS for the applicable INSURING CLAUSE, the</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-indent: 0pt; text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">COMPANY'S liability for court costs and attorney's fees incurred in defending all or</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-indent: 0pt; text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">part of such suit or legal proceedings shall be limited to the proportion of such</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-indent: 0pt; text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">court costs or attorney's fees that the amount demanded that would be payable</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-indent: 0pt; text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">under this Bond after application of the DEDUCTIBLE AMOUNT, bears to the total</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-indent: 0pt; text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">amount demanded.</FONT></TD></TR>
<TR>
    <TD COLSPAN="3">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-indent: 0pt; text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Amounts paid by the COMPANY for court costs and attorneys' fees shall be in</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">addition to the LIMIT OF LIABILITY stated in ITEM 2. of the DECLARATIONS.</FONT></TD></TR>
</TABLE>
<P STYLE="margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="text-align: left; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE BORDER="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif">
<TR>
    <TD STYLE="width: 56%">&nbsp;</TD>
    <TD STYLE="width: 44%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">ICAP Bond (5-98)</FONT></TD>
    <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Form 17-02-1421 (Ed. 5-98)</FONT></TD>
    <TD STYLE="text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Page 7 of 19</FONT></TD></TR>
</TABLE>
<P STYLE="margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<HR ALIGN="CENTER" SIZE="2" NOSHADE STYLE="width: 100%">


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<P STYLE="text-align: left; margin-top: 0pt; margin-bottom: 0pt"><A NAME="page_13"></A>&nbsp;</P>

<TABLE BORDER="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif">
<TR>
    <TD STYLE="width: 20%">&nbsp;</TD>
    <TD STYLE="width: 7%">&nbsp;</TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 4%">&nbsp;</TD>
    <TD STYLE="width: 4%">&nbsp;</TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 61%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B><I>Conditions And</I></B></FONT></TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B><I>Limitations</I></B></FONT></TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="7">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="7">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><I>Definitions</I></FONT></TD>
    <TD STYLE="text-align: right; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">1</FONT></TD>
    <TD STYLE="text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">.</FONT></TD>
    <TD COLSPAN="4" STYLE="text-indent: 0.01pt; text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">As used in this Bond:</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">a.</FONT></TD>
    <TD COLSPAN="3" STYLE="text-align: right; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Computer System </B>means a computer and all input, output, processing,</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="text-align: right; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">storage, off-line media libraries, and communication facilities which are</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="text-align: right; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">connected to the computer and which are under the control and supervision</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="text-align: right; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, 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 STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-indent: 0pt; text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">b.</FONT></TD>
    <TD COLSPAN="3" STYLE="text-align: right; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Counterfeit </B>means an imitation of an actual valid original which is intended</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="text-indent: 0pt; text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">to deceive and be taken as the original.</FONT></TD></TR>
<TR>
    <TD COLSPAN="7">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-indent: 0pt; text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">c.</FONT></TD>
    <TD COLSPAN="3" STYLE="text-align: right; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Custodian </B>means the institution designated by an <B>Investment Company </B>to</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="text-align: right; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">maintain possession and control of its assets.</FONT></TD></TR>
<TR>
    <TD COLSPAN="7">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">d.</FONT></TD>
    <TD COLSPAN="3" STYLE="text-align: right; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Customer </B>means an individual, corporate, partnership, trust customer,</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="text-align: right; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">shareholder or subscriber of an <B>Investment Company </B>which has a written</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="text-align: right; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">agreement with the ASSURED for <B>Voice Initiated Funds Transfer</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="text-align: right; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Instruction</B>.</FONT></TD></TR>
<TR>
    <TD COLSPAN="7">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-indent: 0pt; text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">e.</FONT></TD>
    <TD COLSPAN="3" STYLE="text-indent: 0pt; text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Employee </B>means:</FONT></TD></TR>
<TR>
    <TD COLSPAN="7">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: right; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(1</FONT></TD>
    <TD STYLE="text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">)</FONT></TD>
    <TD STYLE="text-indent: 0.02pt; text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">an officer of the ASSURED,</FONT></TD></TR>
<TR>
    <TD COLSPAN="7">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: right; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(2</FONT></TD>
    <TD STYLE="text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">)</FONT></TD>
    <TD STYLE="text-align: right; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">a natural person while in the regular service of the ASSURED at any of</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: right; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">the ASSURED'S premises and compensated directly by the ASSURED</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: right; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">through its payroll system and subject to the United States Internal</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: right; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Revenue Service Form W-2 or equivalent income reporting plans of</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: right; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">other countries, and whom the ASSURED has the right to control and</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: right; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">direct both as to the result to be accomplished and details and means</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: right; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">by which such result is accomplished in the performance of such</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-indent: 0.01pt; text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">service,</FONT></TD></TR>
<TR>
    <TD COLSPAN="7">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: right; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(3</FONT></TD>
    <TD STYLE="text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">)</FONT></TD>
    <TD STYLE="text-align: right; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">a guest student pursuing studies or performing duties in any of the</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="7" STYLE="font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">ASSURED'S premises,</FONT></TD></TR>
<TR>
    <TD COLSPAN="7">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: right; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(4</FONT></TD>
    <TD STYLE="text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">)</FONT></TD>
    <TD STYLE="text-align: right; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">an attorney retained by the ASSURED and an employee of such</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: right; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">attorney while either is performing legal services for the ASSURED,</FONT></TD></TR>
<TR>
    <TD COLSPAN="7">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: right; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(5</FONT></TD>
    <TD STYLE="text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">)</FONT></TD>
    <TD STYLE="text-align: right; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">a natural person provided by an employment contractor to perform</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: right; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">employee duties for the ASSURED under the ASSURED'S supervision</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: right; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">at any of the ASSURED'S premises,</FONT></TD></TR>
<TR>
    <TD COLSPAN="7">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: right; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(6</FONT></TD>
    <TD STYLE="text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">)</FONT></TD>
    <TD STYLE="text-align: right; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">an employee of an institution merged or consolidated with the</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: right; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">ASSURED prior to the effective date of this Bond,</FONT></TD></TR>
<TR>
    <TD COLSPAN="7">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: right; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(7</FONT></TD>
    <TD STYLE="text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">)</FONT></TD>
    <TD STYLE="text-align: right; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">a director or trustee of the ASSURED, but only while performing acts</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: right; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">within the scope of the customary and usual duties of any officer or</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: right; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">other employee of the ASSURED or while acting as a member of any</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: right; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">committee duly elected or appointed to examine or audit or have</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: right; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">custody of or access to <B>Property </B>of the ASSURED, or</FONT></TD></TR>
</TABLE>
<P STYLE="margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="text-align: left; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE BORDER="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif">
<TR>
    <TD STYLE="width: 56%">&nbsp;</TD>
    <TD STYLE="width: 44%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">ICAP Bond (5-98)</FONT></TD>
    <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Form 17-02-1421 (Ed. 5-98)</FONT></TD>
    <TD STYLE="text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Page 8 of 19</FONT></TD></TR>
</TABLE>
<P STYLE="margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<HR ALIGN="CENTER" SIZE="2" NOSHADE STYLE="width: 100%">


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<P STYLE="text-align: left; margin-top: 0pt; margin-bottom: 0pt"><A NAME="page_14"></A>&nbsp;</P>

<TABLE BORDER="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif">
<TR>
    <TD STYLE="width: 23%">&nbsp;</TD>
    <TD STYLE="width: 10%">&nbsp;</TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 4%">&nbsp;</TD>
    <TD STYLE="width: 61%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B><I>Conditions And</I></B></FONT></TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B><I>Limitations</I></B></FONT></TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="5">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="5">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><I>Definitions</I></FONT></TD>
    <TD STYLE="text-align: right; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(8</FONT></TD>
    <TD STYLE="text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">)</FONT></TD>
    <TD COLSPAN="2" STYLE="text-indent: 0pt; text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">each natural person, partnership or corporation authorized by written</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><I>(continued)</I></FONT></TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">agreement with the ASSURED to perform services as electronic data</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-indent: 0pt; text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">processor of checks or other accounting records related to such checks but</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">only while such person, partnership or corporation is actually performing</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-indent: 0pt; text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">such services and not:</FONT></TD></TR>
<TR>
    <TD COLSPAN="5">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-indent: 0pt; text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">a.</FONT></TD>
    <TD STYLE="text-align: right; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">creating, preparing, modifying or maintaining the ASSURED'S</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-indent: 0pt; text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">computer software or programs, or</FONT></TD></TR>
<TR>
    <TD COLSPAN="5">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-indent: 0pt; text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">b.</FONT></TD>
    <TD STYLE="text-align: right; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">acting as transfer agent or in any other agency capacity in issuing</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: right; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">checks, drafts or securities for the ASSURED,</FONT></TD></TR>
<TR>
    <TD COLSPAN="5">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: right; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(9</FONT></TD>
    <TD STYLE="text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">)</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: right; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">any partner, officer or employee of an investment advisor, an underwriter</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(distributor), a transfer agent or shareholder accounting recordkeeper, or an</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">administrator, for an <B>Investment Company </B>while performing acts coming</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">within the scope of the customary and usual duties of an officer or employee</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">of an <B>Investment Company </B>or acting as a member of any committee duly</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">elected or appointed to examine, audit or have custody of or access to</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-indent: 0pt; text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Property </B>of <B>an Investment Company</B>.</FONT></TD></TR>
<TR>
    <TD COLSPAN="5">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-indent: 0pt; text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">The term <B>Employee </B>shall not include any partner, officer or employee of a</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-indent: 0pt; text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">transfer agent, shareholder accounting recordkeeper or administrator:</FONT></TD></TR>
<TR>
    <TD COLSPAN="5">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-indent: 0pt; text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">a.</FONT></TD>
    <TD STYLE="text-align: right; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">which is not an "affiliated person" (as defined in Section 2(a) of the</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: right; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Investment Company Act of 1940) of an <B>Investment Company </B>or of</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: right; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">the investment advisor or underwriter (distributor) of such <B>Investment</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: right; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Company</B>, or</FONT></TD></TR>
<TR>
    <TD COLSPAN="5">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-indent: 0pt; text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">b.</FONT></TD>
    <TD STYLE="text-align: right; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">which is a "bank" (as defined in Section 2(a) of the Investment</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="5" STYLE="font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Company Act of 1940).</FONT></TD></TR>
<TR>
    <TD COLSPAN="5">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: right; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">This Bond does not afford coverage in favor of the employers of</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: right; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">persons as set forth in e. (4), (5) and (8) above, and upon payment to</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: right; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">the ASSURED by the COMPANY resulting directly from <B>Larceny or</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: right; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Embezzlement </B>committed by any of the partners, officers or</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: right; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">employees of such employers, whether acting alone or in collusion with</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: right; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">others, an assignment of such of the ASSURED'S rights and causes of</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: right; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">action as it may have against such employers by reason of such acts</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: right; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">so committed shall, to the extent of such payment, be given by the</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: right; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">ASSURED to the COMPANY, and the ASSURED shall execute all</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: right; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">papers necessary to secure to the COMPANY the rights provided for</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: right; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">herein.</FONT></TD></TR>
<TR>
    <TD COLSPAN="5">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Each employer of persons as set forth in e.(4), (5) and (8) above and the</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">partners, officers and other employees of such employers shall collectively</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">be deemed to be one person for all the purposes of this Bond; excepting,</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-indent: 0pt; text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">however, the fifth paragraph of Section 13.</FONT></TD></TR>
<TR>
    <TD COLSPAN="5">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-indent: 0pt; text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Independent contractors not specified in e.(4), (5) or (8) above,</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">intermediaries, agents, brokers or other representatives of the same general</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-indent: 0pt; text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">character shall not be considered <B>Employees</B>.</FONT></TD></TR>
</TABLE>
<P STYLE="margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="text-align: left; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE BORDER="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif">
<TR>
    <TD STYLE="width: 56%">&nbsp;</TD>
    <TD STYLE="width: 44%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">ICAP Bond (5-98)</FONT></TD>
    <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Form 17-02-1421 (Ed. 5-98)</FONT></TD>
    <TD STYLE="text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Page 9 of 19</FONT></TD></TR>
</TABLE>
<P STYLE="margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

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<P STYLE="text-align: left; margin-top: 0pt; margin-bottom: 0pt"><A NAME="page_15"></A>&nbsp;</P>

<TABLE BORDER="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif">
<TR>
    <TD STYLE="width: 23%">&nbsp;</TD>
    <TD STYLE="width: 10%">&nbsp;</TD>
    <TD STYLE="width: 67%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B><I>Conditions And</I></B></FONT></TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B><I>Limitations</I></B></FONT></TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="3">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="3">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><I>Definitions</I></FONT></TD>
    <TD STYLE="text-indent: 0pt; text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">f.</FONT></TD>
    <TD STYLE="text-indent: 0pt; text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Forgery </B>means the signing of the name of another natural person with the</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><I>(continued)</I></FONT></TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-indent: 0pt; text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">intent to deceive but does not mean a signature which consists in whole or in</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-indent: 0pt; text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">part of one's own name, with or without authority, in any capacity for any</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-indent: 0pt; text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">purpose.</FONT></TD></TR>
<TR>
    <TD COLSPAN="3">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-indent: 0pt; text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">g.</FONT></TD>
    <TD STYLE="text-indent: 0pt; text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Investment Company </B>means any investment company registered under the</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-indent: 0pt; text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Investment Company Act of 1940 and listed under the NAME OF ASSURED</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-indent: 0pt; text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">on the DECLARATIONS.</FONT></TD></TR>
<TR>
    <TD COLSPAN="3">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-indent: 0pt; text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">h.</FONT></TD>
    <TD STYLE="text-indent: 0pt; text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Items of Deposit </B>means one or more checks or drafts drawn upon a</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-indent: 0pt; text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">financial institution in the United States of America.</FONT></TD></TR>
<TR>
    <TD COLSPAN="3">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-indent: 0pt; text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">i.</FONT></TD>
    <TD STYLE="text-indent: 0pt; text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Larceny or Embezzlement </B>means larceny or embezzlement as defined in</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-indent: 0pt; text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Section 37 of the Investment Company Act of 1940.</FONT></TD></TR>
<TR>
    <TD COLSPAN="3">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-indent: 0pt; text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">j.</FONT></TD>
    <TD STYLE="text-indent: 0pt; text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Property </B>means money, revenue and other stamps; securities; including any</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-indent: 0pt; text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">note, stock, treasury stock, bond, debenture, evidence of indebtedness,</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-indent: 0pt; text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">certificate of deposit, certificate of interest or participation in any profit-</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-indent: 0pt; text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">sharing agreement, collateral trust certificate, preorganization certificate or</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-indent: 0pt; text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">subscription, transferable share, investment contract, voting trust certificate,</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-indent: 0pt; text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">certificate of deposit for a security, fractional undivided interest in oil, gas, or</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-indent: 0pt; text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">other mineral rights, any interest or instruments commonly known as a</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-indent: 0pt; text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">security under the Investment Company Act of 1940, any other certificate of</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-indent: 0pt; text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">interest or participation in, temporary or interim certificate for, receipt for,</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-indent: 0pt; text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">guarantee of, or warrant or right to subscribe to or purchase any of the</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-indent: 0pt; text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">foregoing; bills of exchange; acceptances; checks; withdrawal orders; money</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-indent: 0pt; text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">orders; travelers' letters of credit; bills of lading; abstracts of title; insurance</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-indent: 0pt; text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">policies, deeds, mortgages on real estate and/or upon chattels and interests</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-indent: 0pt; text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">therein; assignments of such policies, deeds or mortgages; other valuable</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-indent: 0pt; text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">papers, including books of accounts and other records used by the</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-indent: 0pt; text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">ASSURED in the conduct of its business (but excluding all electronic data</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-indent: 0pt; text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">processing records); and, all other instruments similar to or in the nature of</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-indent: 0pt; text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">the foregoing in which the ASSURED acquired an interest at the time of the</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-indent: 0pt; text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">ASSURED'S consolidation or merger with, or purchase of the principal</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">assets of, a predecessor or which are held by the ASSURED for any</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">purpose or in any capacity and whether so held gratuitously or not and</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">whether or not the ASSURED is liable therefor.</FONT></TD></TR>
<TR>
    <TD COLSPAN="3">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">k.</FONT></TD>
    <TD STYLE="text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Relative </B>means the spouse of an <B>Employee </B>or partner of the ASSURED</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">and any unmarried child supported wholly by, or living in the home of, such</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Employee </B>or partner and being related to them by blood, marriage or legal</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">guardianship.</FONT></TD></TR>
<TR>
    <TD COLSPAN="3">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">l.</FONT></TD>
    <TD STYLE="text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Securities, documents or other written instruments </B>means original</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(including original counterparts) negotiable or non-negotiable instruments, or</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-indent: 0pt; text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">assignments thereof, which in and of themselves represent an equitable</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-indent: 0pt; text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">interest, ownership, or debt and which are in the ordinary course of business</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-indent: 0pt; text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">transferable by delivery of such instruments with any necessary</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-indent: 0pt; text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">endorsements or assignments.</FONT></TD></TR>
</TABLE>
<P STYLE="margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="text-align: left; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE BORDER="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif">
<TR>
    <TD STYLE="width: 55%">&nbsp;</TD>
    <TD STYLE="width: 45%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">ICAP Bond (5-98)</FONT></TD>
    <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Form 17-02-1421 (Ed. 5-98)</FONT></TD>
    <TD STYLE="text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Page 10 of 19</FONT></TD></TR>
</TABLE>
<P STYLE="margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

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<P STYLE="text-align: left; margin-top: 0pt; margin-bottom: 0pt"><A NAME="page_16"></A>&nbsp;</P>

<TABLE BORDER="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif">
<TR>
    <TD STYLE="width: 23%">&nbsp;</TD>
    <TD STYLE="width: 4%">&nbsp;</TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 4%">&nbsp;</TD>
    <TD STYLE="width: 67%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B><I>Conditions And</I></B></FONT></TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B><I>Limitations</I></B></FONT></TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="5">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="5">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><I>Definitions</I></FONT></TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-indent: 0pt; text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">m.</FONT></TD>
    <TD STYLE="text-indent: 0.01pt; text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Subsidiary </B>means any organization that, at the inception date of this Bond,</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><I>(continued)</I></FONT></TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-indent: 0.01pt; text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">is named in the APPLICATION or is created during the BOND PERIOD and</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-indent: 0.01pt; text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">of which more than fifty percent (50%) of the outstanding securities or voting</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-indent: 0.01pt; text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">rights representing the present right to vote for election of directors is owned</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-indent: 0.01pt; text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">or controlled by the ASSURED either directly or through one or more of its</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-indent: 0.01pt; text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">subsidiaries.</FONT></TD></TR>
<TR>
    <TD COLSPAN="5">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-indent: 0pt; text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">n.</FONT></TD>
    <TD STYLE="text-indent: 0.01pt; text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Transportation Company </B>means any organization which provides its own</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-indent: 0.01pt; text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">or its leased vehicles for transportation or which provides freight forwarding</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-indent: 0.01pt; text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">or air express services.</FONT></TD></TR>
<TR>
    <TD COLSPAN="5">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-indent: 0pt; text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">o.</FONT></TD>
    <TD STYLE="text-indent: 0.01pt; text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Voice Initiated Election </B>means any election concerning dividend options</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-indent: 0.01pt; text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">available to <B>Investment Company </B>shareholders or subscribers which is</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-indent: 0.01pt; text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">requested by voice over the telephone.</FONT></TD></TR>
<TR>
    <TD COLSPAN="5">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-indent: 0pt; text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">p.</FONT></TD>
    <TD STYLE="text-indent: 0.01pt; text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Voice Initiated Redemption </B>means any redemption of shares issued by an</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-indent: 0.01pt; text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Investment Company </B>which is requested by voice over the telephone.</FONT></TD></TR>
<TR>
    <TD COLSPAN="5">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-indent: 0pt; text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">q.</FONT></TD>
    <TD STYLE="text-indent: 0.01pt; text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Voice Initiated Funds Transfer Instruction </B>means any <B>Voice Initiated</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-indent: 0.01pt; text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Redemption </B>or <B>Voice Initiated Election</B>.</FONT></TD></TR>
<TR>
    <TD COLSPAN="5">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-indent: 0pt; text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">For the purposes of these definitions, the singular includes the plural and the</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-indent: 0pt; text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">plural includes the singular, unless otherwise indicated.</FONT></TD></TR>
<TR>
    <TD COLSPAN="5">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="5">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><I>General Exclusions -</I></FONT></TD>
    <TD STYLE="text-align: right; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">2</FONT></TD>
    <TD STYLE="text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">.</FONT></TD>
    <TD COLSPAN="2" STYLE="text-indent: 0pt; text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>This bond does not directly or indirectly cover:</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><I>Applicable to All Insuring</I></FONT></TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-indent: 0pt; text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">a.</FONT></TD>
    <TD STYLE="text-indent: 0.01pt; text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">loss not reported to the COMPANY in writing within sixty (60) days after</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><I>Clauses</I></FONT></TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-indent: 0.01pt; text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">termination of this Bond as an entirety;</FONT></TD></TR>
<TR>
    <TD COLSPAN="5">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">b.</FONT></TD>
    <TD STYLE="text-indent: 0.02pt; text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">loss due to riot or civil commotion outside the United States of America and</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-indent: 0.01pt; text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Canada, or any loss due to military, naval or usurped power, war or</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-indent: 0.01pt; text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">insurrection. This Section 2.b., however, shall not apply to loss which occurs</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-indent: 0.01pt; text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">in transit in the circumstances recited in INSURING CLAUSE 3., provided</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-indent: 0.01pt; text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">that when such transit was initiated there was no knowledge on the part of</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-indent: 0.01pt; text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">any person acting for the ASSURED of such riot, civil commotion, military,</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-indent: 0.01pt; text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">naval or usurped power, war or insurrection;</FONT></TD></TR>
<TR>
    <TD COLSPAN="5">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-indent: 0pt; text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">c.</FONT></TD>
    <TD STYLE="text-indent: 0pt; text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">loss resulting from the effects of nuclear fission or fusion or radioactivity;</FONT></TD></TR>
<TR>
    <TD COLSPAN="5">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-indent: 0pt; text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">d.</FONT></TD>
    <TD STYLE="text-indent: 0.02pt; text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">loss of potential income including, but not limited to, interest and dividends</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-indent: 0.01pt; text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">not realized by the ASSURED or by any customer of the ASSURED;</FONT></TD></TR>
<TR>
    <TD COLSPAN="5">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-indent: 0pt; text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">e.</FONT></TD>
    <TD STYLE="text-indent: 0.02pt; text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">damages of any type for which the ASSURED is legally liable, except</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-indent: 0.01pt; text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">compensatory damages, but not multiples thereof, arising from a loss</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-indent: 0.01pt; text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">covered under this Bond;</FONT></TD></TR>
<TR>
    <TD COLSPAN="5">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-indent: 0pt; text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">f.</FONT></TD>
    <TD STYLE="text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">costs, fees and expenses incurred by the ASSURED in establishing the</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-indent: 0.01pt; text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">existence of or amount of loss under this Bond, except to the extent covered</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-indent: 0.01pt; text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">under INSURING CLAUSE 11.;</FONT></TD></TR>
<TR>
    <TD COLSPAN="5">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-indent: 0pt; text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">g.</FONT></TD>
    <TD STYLE="text-indent: 0.02pt; text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">loss resulting from indirect or consequential loss of any nature;</FONT></TD></TR>
</TABLE>
<P STYLE="margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="text-align: left; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE BORDER="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif">
<TR>
    <TD STYLE="width: 55%">&nbsp;</TD>
    <TD STYLE="width: 45%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">ICAP Bond (5-98)</FONT></TD>
    <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Form 17-02-1421 (Ed. 5-98)</FONT></TD>
    <TD STYLE="text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Page 11 of 19</FONT></TD></TR>
</TABLE>
<P STYLE="margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

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<P STYLE="text-align: left; margin-top: 0pt; margin-bottom: 0pt"><A NAME="page_17"></A>&nbsp;</P>

<TABLE BORDER="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif">
<TR>
    <TD STYLE="width: 23%">&nbsp;</TD>
    <TD STYLE="width: 4%">&nbsp;</TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 4%">&nbsp;</TD>
    <TD STYLE="width: 4%">&nbsp;</TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 4%">&nbsp;</TD>
    <TD STYLE="width: 57%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B><I>Conditions And</I></B></FONT></TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B><I>Limitations</I></B></FONT></TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="8">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><I>General Exclusions -</I></FONT></TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-indent: 0pt; text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">h.</FONT></TD>
    <TD COLSPAN="4" STYLE="text-align: right; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">loss resulting from dishonest acts by any member of the Board of Directors</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><I>Applicable to All Insuring</I></FONT></TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD COLSPAN="4" STYLE="text-align: right; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">or Board of Trustees of the ASSURED who is not an <B>Employee</B>, acting</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><I>Clauses</I></FONT></TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD COLSPAN="4" STYLE="text-align: right; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">alone or in collusion with others;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><I>(continued)</I></FONT></TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-indent: 0pt; text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">i.</FONT></TD>
    <TD COLSPAN="4" STYLE="text-align: right; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">loss, or that part of any loss, resulting solely from any violation by the</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="8" STYLE="font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">ASSURED or by any <B>Employee</B>:</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: right; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(1</FONT></TD>
    <TD STYLE="text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">)</FONT></TD>
    <TD COLSPAN="2" STYLE="text-indent: 0pt; text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">of any law regulating:</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-indent: 0pt; text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">a.</FONT></TD>
    <TD STYLE="text-align: right; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">the issuance, purchase or sale of securities,</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-indent: 0pt; text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">b.</FONT></TD>
    <TD STYLE="text-align: right; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">securities transactions on security or commodity exchanges or</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: right; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">the over the counter market,</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">c.</FONT></TD>
    <TD STYLE="text-align: right; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">investment companies,</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">d.</FONT></TD>
    <TD STYLE="text-align: right; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">investment advisors, or</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: right; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(2</FONT></TD>
    <TD STYLE="text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">)</FONT></TD>
    <TD COLSPAN="2" STYLE="text-indent: 0pt; text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">of any rule or regulation made pursuant to any such law; or</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-indent: 0pt; text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">j.</FONT></TD>
    <TD COLSPAN="4" STYLE="text-align: right; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">loss of confidential information, material or data;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-indent: 0pt; text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">k.</FONT></TD>
    <TD COLSPAN="4" STYLE="text-align: right; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">loss resulting from voice requests or instructions received over the</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD COLSPAN="4" STYLE="text-align: right; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">telephone, provided however, this Section 2.k. shall not apply to INSURING</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>
    <TD COLSPAN="4" STYLE="border-bottom: #000000 1px solid; text-align: right; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">CLAUSE 7. or 9.</FONT></TD></TR>
<TR>
    <TD COLSPAN="8">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="8">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><I>Specific Exclusions -</I></FONT></TD>
    <TD STYLE="text-align: right; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">3</FONT></TD>
    <TD STYLE="text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">.</FONT></TD>
    <TD COLSPAN="5" STYLE="text-indent: 0pt; text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>This Bond does not directly or indirectly cover:</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><I>Applicable To All Insuring</I></FONT></TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-indent: 0pt; text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">a.</FONT></TD>
    <TD COLSPAN="4" STYLE="text-align: right; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">loss caused by an <B>Employee</B>, provided, however, this Section 3.a. shall not</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><I>Clauses Except Insuring</I></FONT></TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD COLSPAN="4" STYLE="text-align: right; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">apply to loss covered under INSURING CLAUSE 2. or 3. which results</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><I>Clause 1.</I></FONT></TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD COLSPAN="4" STYLE="text-align: right; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">directly from misplacement, mysterious unexplainable disappearance, or</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="8" STYLE="font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">damage or destruction of <B>Property</B>;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-indent: 0pt; text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">b.</FONT></TD>
    <TD COLSPAN="4" STYLE="text-align: right; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">loss through the surrender of property away from premises of the ASSURED</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD COLSPAN="4" STYLE="text-align: right; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">as a result of a threat:</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: right; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(1</FONT></TD>
    <TD STYLE="text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">)</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: right; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">to do bodily harm to any natural person, except loss of <B>Property </B>in</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">transit in the custody of any person acting as messenger of the</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">ASSURED, provided that when such transit was initiated there was no</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">knowledge by the ASSURED of any such threat, and provided further</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-indent: 0pt; text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">that this Section 3.b. shall not apply to INSURING CLAUSE 7., or</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: right; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(2</FONT></TD>
    <TD STYLE="text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">)</FONT></TD>
    <TD COLSPAN="2" STYLE="text-indent: 0pt; text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">to do damage to the premises or <B>Property </B>of the ASSURED;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-indent: 0pt; text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">c.</FONT></TD>
    <TD COLSPAN="4" STYLE="text-align: right; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">loss resulting from payments made or withdrawals from any account</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD COLSPAN="4" STYLE="text-align: right; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">involving erroneous credits to such account;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-indent: 0pt; text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">d.</FONT></TD>
    <TD COLSPAN="4" STYLE="text-align: right; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">loss involving <B>Items of Deposit </B>which are not finally paid for any reason</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD COLSPAN="4" STYLE="text-align: right; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">provided however, that this Section 3.d. shall not apply to INSURING</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD COLSPAN="4" STYLE="text-align: right; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">CLAUSE 10.;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">e.</FONT></TD>
    <TD COLSPAN="4" STYLE="text-align: right; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">loss of property while in the mail;</FONT></TD></TR>
</TABLE>
<P STYLE="margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="text-align: left; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE BORDER="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif">
<TR>
    <TD STYLE="width: 55%">&nbsp;</TD>
    <TD STYLE="width: 45%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">ICAP Bond (5-98)</FONT></TD>
    <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Form 17-02-1421 (Ed. 5-98)</FONT></TD>
    <TD STYLE="text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Page 12 of 19</FONT></TD></TR>
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<TR>
    <TD STYLE="width: 24%">&nbsp;</TD>
    <TD STYLE="width: 4%">&nbsp;</TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 4%">&nbsp;</TD>
    <TD STYLE="width: 66%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B><I>Conditions And</I></B></FONT></TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B><I>Limitations</I></B></FONT></TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="5">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="5">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><I>Specific Exclusions -</I></FONT></TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-indent: 0pt; text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">f.</FONT></TD>
    <TD STYLE="text-indent: 0.01pt; text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">loss resulting from the failure for any reason of a financial or depository</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><I>Applicable To All Insuring</I></FONT></TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-indent: 0.01pt; text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">institution, its receiver or other liquidator to pay or deliver funds or other</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><I>Clauses Except Insuring</I></FONT></TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-indent: 0.01pt; text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Property </B>to the ASSURED provided further that this Section 3.f. shall not</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><I>Clause 1.</I></FONT></TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-indent: 0.01pt; text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">apply to loss of <B>Property </B>resulting directly from robbery, burglary,</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><I>(continued)</I></FONT></TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-indent: 0.01pt; text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">misplacement, mysterious unexplainable disappearance, damage,</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-indent: 0.01pt; text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">destruction or removal from the possession, custody or control of the</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-indent: 0.01pt; text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">ASSURED.</FONT></TD></TR>
<TR>
    <TD COLSPAN="5">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">g.</FONT></TD>
    <TD STYLE="text-indent: 0.02pt; text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">loss of <B>Property </B>while in the custody of a <B>Transportation Company</B>,</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-indent: 0.01pt; text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">provided however, that this Section 3.g. shall not apply to INSURING</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-indent: 0.01pt; text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">CLAUSE 3.;</FONT></TD></TR>
<TR>
    <TD COLSPAN="5">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">h.</FONT></TD>
    <TD STYLE="text-indent: 0.03pt; text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">loss resulting from entries or changes made by a natural person with</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-indent: 0pt; text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">authorized access to a <B>Computer System </B>who acts in good faith on</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-indent: 0pt; text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">instructions, unless such instructions are given to that person by a software</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-indent: 0pt; text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">contractor or its partner, officer, or employee authorized by the ASSURED to</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-indent: 0pt; text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">design, develop, prepare, supply, service, write or implement programs for</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-indent: 0.01pt; text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">the ASSURED's <B>Computer System</B>; or</FONT></TD></TR>
<TR>
    <TD COLSPAN="5">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">i.</FONT></TD>
    <TD STYLE="text-indent: 0.04pt; text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">loss resulting directly or indirectly from the input of data into a <B>Computer</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-indent: 0.01pt; text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>System </B>terminal, either on the premises of the customer of the ASSURED</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-indent: 0.01pt; text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">or under the control of such a customer, by a customer or other person who</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: #000000 1px solid; text-indent: 0.01pt; text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">had authorized access to the customer's authentication mechanism.</FONT></TD></TR>
<TR>
    <TD COLSPAN="5">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="5">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><I>Specific Exclusions -</I></FONT></TD>
    <TD STYLE="text-align: right; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">4</FONT></TD>
    <TD STYLE="text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">.</FONT></TD>
    <TD COLSPAN="2" STYLE="text-indent: 0pt; text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>This bond does not directly or indirectly cover:</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><I>Applicable To All Insuring</I></FONT></TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-indent: 0pt; text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">a.</FONT></TD>
    <TD STYLE="text-indent: 0pt; text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">loss resulting from the complete or partial non-payment of or default on any</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><I>Clauses Except Insuring</I></FONT></TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-indent: 0.01pt; text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">loan whether such loan was procured in good faith or through trick, artifice,</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><I>Clauses 1., 4., And 5.</I></FONT></TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-indent: 0.01pt; text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">fraud or false pretenses; provided, however, this Section 4.a. shall not apply</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-indent: 0.01pt; text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">to INSURING CLAUSE 8.;</FONT></TD></TR>
<TR>
    <TD COLSPAN="5">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">b.</FONT></TD>
    <TD STYLE="text-indent: 0.02pt; text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">loss resulting from forgery or any alteration;</FONT></TD></TR>
<TR>
    <TD COLSPAN="5">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">c.</FONT></TD>
    <TD STYLE="text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">loss involving a counterfeit provided, however, this Section 4.c. shall not</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: #000000 1px solid; text-indent: 0.01pt; text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">apply to INSURING CLAUSE 5. or 6.</FONT></TD></TR>
<TR>
    <TD COLSPAN="5">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="5">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><I>Limit Of Liability/Non-</I></FONT></TD>
    <TD STYLE="text-align: right; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">5</FONT></TD>
    <TD STYLE="text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">.</FONT></TD>
    <TD COLSPAN="2" STYLE="text-indent: 0pt; text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">At all times prior to termination of this Bond, this Bond shall continue in force for</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><I>Reduction And Non-</I></FONT></TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-indent: 0pt; text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">the limit stated in the applicable sections of ITEM 2. of the DECLARATIONS,</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><I>Accumulation Of Liability</I></FONT></TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-indent: 0pt; text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">notwithstanding any previous loss for which the COMPANY may have paid or be</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-indent: 0pt; text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">liable to pay under this Bond provided, however, that the liability of the COMPANY</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-indent: 0pt; text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">under this Bond with respect to all loss resulting from:</FONT></TD></TR>
<TR>
    <TD COLSPAN="5">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-indent: 0pt; text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">a.</FONT></TD>
    <TD STYLE="text-indent: 0.02pt; text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">any one act of burglary, robbery or hold-up, or attempt thereat, in which no</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-indent: 0.01pt; text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Employee </B>is concerned or implicated, or</FONT></TD></TR>
<TR>
    <TD COLSPAN="5">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-indent: 0pt; text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">b.</FONT></TD>
    <TD STYLE="text-indent: 0.02pt; text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">any one unintentional or negligent act on the part of any one person</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-indent: 0.01pt; text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">resulting in damage to or destruction or misplacement of <B>Property</B>, or</FONT></TD></TR>
<TR>
    <TD COLSPAN="5">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-indent: 0pt; text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">c.</FONT></TD>
    <TD STYLE="text-indent: 0pt; text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">all acts, other than those specified in a. above, of any one person, or</FONT></TD></TR>
</TABLE>
<P STYLE="margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="text-align: left; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE BORDER="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif">
<TR>
    <TD STYLE="width: 55%">&nbsp;</TD>
    <TD STYLE="width: 45%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">ICAP Bond (5-98)</FONT></TD>
    <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Form 17-02-1421 (Ed. 5-98)</FONT></TD>
    <TD STYLE="text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Page 13 of 19</FONT></TD></TR>
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<TABLE BORDER="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif">
<TR>
    <TD STYLE="width: 24%">&nbsp;</TD>
    <TD STYLE="width: 4%">&nbsp;</TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 4%">&nbsp;</TD>
    <TD STYLE="width: 66%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B><I>Conditions And</I></B></FONT></TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B><I>Limitations</I></B></FONT></TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="5">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="5">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><I>Limit Of Liability/Non-</I></FONT></TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-indent: 0pt; text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">d.</FONT></TD>
    <TD STYLE="text-indent: 0pt; text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">any one casualty or event other than those specified in a., b., or c. above,</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><I>Reduction And Non-</I></FONT></TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-indent: 0pt; text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">shall be deemed to be one loss and shall be limited to the applicable LIMIT OF</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><I>Accumulation Of Liability</I></FONT></TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-indent: 0pt; text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">LIABILITY stated in ITEM 2. of the DECLARATIONS of this Bond irrespective of</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><I>(continued)</I></FONT></TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-indent: 0pt; text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">the total amount of such loss or losses and shall not be cumulative in amounts</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-indent: 0pt; text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">from year to year or from period to period.</FONT></TD></TR>
<TR>
    <TD COLSPAN="5">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-indent: 0pt; text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">All acts, as specified in c. above, of any one person which</FONT></TD></TR>
<TR>
    <TD COLSPAN="5">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-indent: 0pt; text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">i.</FONT></TD>
    <TD STYLE="text-indent: 0.03pt; text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">directly or indirectly aid in any way wrongful acts of any other person or</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-indent: 0pt; text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">persons, or</FONT></TD></TR>
<TR>
    <TD COLSPAN="5">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-indent: 0pt; text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">ii.</FONT></TD>
    <TD STYLE="text-indent: 0.02pt; text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">permit the continuation of wrongful acts of any other person or persons</FONT></TD></TR>
<TR>
    <TD COLSPAN="5">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-indent: 0pt; text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">whether such acts are committed with or without the knowledge of the wrongful</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-indent: 0pt; text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">acts of the person so aided, and whether such acts are committed with or without</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-indent: 0pt; text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">the intent to aid such other person, shall be deemed to be one loss with the</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-indent: 0pt; text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">wrongful acts of all persons so aided.</FONT></TD></TR>
<TR>
    <TD COLSPAN="5">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="5">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><I>Discovery</I></FONT></TD>
    <TD STYLE="text-align: right; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">6</FONT></TD>
    <TD STYLE="text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">.</FONT></TD>
    <TD COLSPAN="2" STYLE="text-indent: 0pt; text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">This Bond applies only to loss first discovered by an officer of the ASSURED</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-indent: 0pt; text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">during the BOND PERIOD. Discovery occurs at the earlier of an officer of the</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-indent: 0pt; text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">ASSURED being aware of:</FONT></TD></TR>
<TR>
    <TD COLSPAN="5">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-indent: 0pt; text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">a.</FONT></TD>
    <TD STYLE="text-indent: 0.02pt; text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">facts which may subsequently result in a loss of a type covered by this Bond,</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-indent: 0pt; text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">or</FONT></TD></TR>
<TR>
    <TD COLSPAN="5">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-indent: 0pt; text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">b.</FONT></TD>
    <TD STYLE="text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">an actual or potential claim in which it is alleged that the ASSURED is liable</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-indent: 0pt; text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">to a third party,</FONT></TD></TR>
<TR>
    <TD COLSPAN="5">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-indent: 0pt; text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">regardless of when the act or acts causing or contributing to such loss occurred,</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-indent: 0pt; text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">even though the amount of loss does not exceed the applicable DEDUCTIBLE</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-indent: 0pt; text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, 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 STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><I>Notice To Company -</I></FONT></TD>
    <TD STYLE="text-align: right; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">7</FONT></TD>
    <TD STYLE="text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">.</FONT></TD>
    <TD STYLE="text-indent: 0.01pt; text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">a.</FONT></TD>
    <TD STYLE="text-indent: 0.02pt; text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">The ASSURED shall give the COMPANY notice thereof at the earliest</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><I>Proof - Legal Proceedings</I></FONT></TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-indent: 0pt; text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">practicable moment, not to exceed sixty (60) days after discovery of loss, in</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><I>Against Company</I></FONT></TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-indent: 0pt; text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">an amount that is in excess of 50% of the applicable DEDUCTIBLE</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-indent: 0pt; text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">AMOUNT, as stated in ITEM 2. of the DECLARATIONS.</FONT></TD></TR>
<TR>
    <TD COLSPAN="5">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">b.</FONT></TD>
    <TD STYLE="text-indent: 0pt; text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">The ASSURED shall furnish to the COMPANY proof of loss, duly sworn to,</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-indent: 0pt; text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">with full particulars within six (6) months after such discovery.</FONT></TD></TR>
<TR>
    <TD COLSPAN="5">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">c.</FONT></TD>
    <TD STYLE="text-indent: 0pt; text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Securities listed in a proof of loss shall be identified by certificate or bond</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-indent: 0pt; text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">numbers, if issued with them.</FONT></TD></TR>
<TR>
    <TD COLSPAN="5">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">d.</FONT></TD>
    <TD STYLE="text-indent: 0.02pt; text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Legal proceedings for the recovery of any loss under this Bond shall not be</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-indent: 0pt; text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">brought prior to the expiration of sixty (60) days after the proof of loss is filed</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-indent: 0pt; text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">with the COMPANY or after the expiration of twenty-four (24) months from</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-indent: 0pt; text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">the discovery of such loss.</FONT></TD></TR>
<TR>
    <TD COLSPAN="5">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">e.</FONT></TD>
    <TD STYLE="text-indent: 0.01pt; text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">This Bond affords coverage only in favor of the ASSURED. No claim, suit,</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-indent: 0pt; text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">action or legal proceedings shall be brought under this Bond by anyone</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-indent: 0pt; text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">other than the ASSURED.</FONT></TD></TR>
</TABLE>
<P STYLE="margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="text-align: left; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

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<TR>
    <TD STYLE="width: 55%">&nbsp;</TD>
    <TD STYLE="width: 45%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">ICAP Bond (5-98)</FONT></TD>
    <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Form 17-02-1421 (Ed. 5-98)</FONT></TD>
    <TD STYLE="text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Page 14 of 19</FONT></TD></TR>
</TABLE>
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    <TD STYLE="width: 24%">&nbsp;</TD>
    <TD STYLE="width: 4%">&nbsp;</TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 4%">&nbsp;</TD>
    <TD STYLE="width: 66%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B><I>Conditions And</I></B></FONT></TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B><I>Limitations</I></B></FONT></TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="5">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="5">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><I>Notice To Company -</I></FONT></TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-indent: 0pt; text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">f.</FONT></TD>
    <TD STYLE="text-align: right; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Proof of loss involving <B>Voice Initiated Funds Transfer Instruction </B>shall</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><I>Proof - Legal Proceedings</I></FONT></TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: right; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">include electronic recordings of such instructions.</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><I>Against Company</I></FONT></TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #000000 1px solid; text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><I>(continued)</I></FONT></TD>
    <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="5">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="5">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><I>Deductible Amount</I></FONT></TD>
    <TD STYLE="text-align: right; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">8</FONT></TD>
    <TD STYLE="text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">.</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">The COMPANY shall not be liable under any INSURING CLAUSES of this Bond</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-indent: 0pt; text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">on account of loss unless the amount of such loss, after deducting the net amount</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-indent: 0pt; text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">of all reimbursement and/or recovery obtained or made by the ASSURED, other</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-indent: 0pt; text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">than from any Bond or policy of insurance issued by an insurance company and</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-indent: 0pt; text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">covering such loss, or by the COMPANY on account thereof prior to payment by</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-indent: 0pt; text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">the COMPANY of such loss, shall exceed the DEDUCTIBLE AMOUNT set forth in</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-indent: 0pt; text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">ITEM 3. of the DECLARATIONS, and then for such excess only, but in no event</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-indent: 0pt; text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">for more than the applicable LIMITS OF LIABILITY stated in ITEM 2. of the</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-indent: 0pt; text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">DECLARATIONS.</FONT></TD></TR>
<TR>
    <TD COLSPAN="5">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-indent: 0pt; text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">There shall be no deductible applicable to any loss under INSURING CLAUSE 1.</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-indent: 0pt; text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">sustained by any <B>Investment Company</B>.</FONT></TD></TR>
<TR>
    <TD COLSPAN="5">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="5">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><I>Valuation</I></FONT></TD>
    <TD STYLE="text-align: right; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">9</FONT></TD>
    <TD STYLE="text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">.</FONT></TD>
    <TD COLSPAN="2" STYLE="text-indent: 0pt; text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>BOOKS OF ACCOUNT OR OTHER RECORDS</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-indent: 0pt; text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">The value of any loss of <B>Property </B>consisting of books of account or other records</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-indent: 0pt; text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">used by the ASSURED in the conduct of its business shall be the amount paid by</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-indent: 0pt; text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">the ASSURED for blank books, blank pages, or other materials which replace the</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-indent: 0pt; text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">lost books of account or other records, plus the cost of labor paid by the</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-indent: 0pt; text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">ASSURED for the actual transcription or copying of data to reproduce such books</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-indent: 0pt; text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">of account or other records.</FONT></TD></TR>
<TR>
    <TD COLSPAN="5">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-indent: 0pt; text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">The value of any loss of <B>Property </B>other than books of account or other records</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-indent: 0pt; text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">used by the ASSURED in the conduct of its business, for which a claim is made</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-indent: 0pt; text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">shall be determined by the average market value of such <B>Property </B>on the</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-indent: 0pt; text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">business day immediately preceding discovery of such loss provided, however,</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-indent: 0pt; text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">that the value of any <B>Property </B>replaced by the ASSURED with the consent of the</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-indent: 0pt; text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">COMPANY and prior to the settlement of any claim for such <B>Property </B>shall be the</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="5" STYLE="font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">actual market value at the time of replacement.</FONT></TD></TR>
<TR>
    <TD COLSPAN="5">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-indent: 0pt; text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">In the case of a loss of interim certificates, warrants, rights or other securities, the</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-indent: 0pt; text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">production of which is necessary to the exercise of subscription, conversion,</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-indent: 0pt; text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">redemption or deposit privileges, the value of them shall be the market value of</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-indent: 0pt; text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">such privileges immediately preceding their expiration if said loss is not discovered</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-indent: 0pt; text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">until after their expiration. If no market price is quoted for such <B>Property </B>or for</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-indent: 0pt; text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">such privileges, the value shall be fixed by agreement between the parties.</FONT></TD></TR>
<TR>
    <TD COLSPAN="5">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-indent: 0pt; text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>OTHER PROPERTY</B></FONT></TD></TR>
<TR>
    <TD COLSPAN="5">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-indent: 0pt; text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">The value of any loss of <B>Property</B>, other than as stated above, shall be the actual</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-indent: 0pt; text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">cash value or the cost of repairing or replacing such <B>Property </B>with <B>Property </B>of</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-indent: 0pt; text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">like quality and value, whichever is less.</FONT></TD></TR>
</TABLE>
<P STYLE="margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="text-align: left; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE BORDER="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif">
<TR>
    <TD STYLE="width: 55%">&nbsp;</TD>
    <TD STYLE="width: 45%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">ICAP Bond (5-98)</FONT></TD>
    <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Form 17-02-1421 (Ed. 5-98)</FONT></TD>
    <TD STYLE="text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Page 15 of 19</FONT></TD></TR>
</TABLE>
<P STYLE="margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

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<P STYLE="text-align: left; margin-top: 0pt; margin-bottom: 0pt"><A NAME="page_21"></A>&nbsp;</P>

<TABLE BORDER="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif">
<TR>
    <TD STYLE="width: 22%">&nbsp;</TD>
    <TD STYLE="width: 6%">&nbsp;</TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 4%">&nbsp;</TD>
    <TD STYLE="width: 66%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B><I>Conditions And</I></B></FONT></TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B><I>Limitations</I></B></FONT></TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><I>(continued)</I></FONT></TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="5">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="5">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><I>Securities Settlement</I></FONT></TD>
    <TD STYLE="text-align: right; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">10</FONT></TD>
    <TD STYLE="text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">.</FONT></TD>
    <TD COLSPAN="2" STYLE="text-indent: 0pt; text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">In the event of a loss of securities covered under this Bond, the COMPANY may,</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-indent: 0pt; text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">at its sole discretion, purchase replacement securities, tender the value of the</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-indent: 0pt; text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">securities in money, or issue its indemnity to effect replacement securities.</FONT></TD></TR>
<TR>
    <TD COLSPAN="5">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-indent: 0pt; text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">The indemnity required from the ASSURED under the terms of this Section</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-indent: 0pt; text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">against all loss, cost or expense arising from the replacement of securities by the</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-indent: 0pt; text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">COMPANY'S indemnity shall be:</FONT></TD></TR>
<TR>
    <TD COLSPAN="5">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-indent: 0pt; text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">a.</FONT></TD>
    <TD STYLE="text-align: right; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">for securities having a value less than or equal to the applicable</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: right; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">DEDUCTIBLE AMOUNT - one hundred (100%) percent;</FONT></TD></TR>
<TR>
    <TD COLSPAN="5">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-indent: 0pt; text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">b.</FONT></TD>
    <TD STYLE="text-align: right; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">for securities having a value in excess of the DEDUCTIBLE AMOUNT but</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: right; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">within the applicable LIMIT OF LIABILITY - the percentage that the</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: right; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">DEDUCTIBLE AMOUNT bears to the value of the securities;</FONT></TD></TR>
<TR>
    <TD COLSPAN="5">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-indent: 0pt; text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">c.</FONT></TD>
    <TD STYLE="text-align: right; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">for securities having a value greater than the applicable LIMIT OF LIABILITY</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: right; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">- the percentage that the DEDUCTIBLE AMOUNT and portion in excess of</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">the applicable LIMIT OF LIABILITY bears to the value of the securities.</FONT></TD></TR>
<TR>
    <TD COLSPAN="5">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-indent: 0pt; text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">The value referred to in Section 10.a., b., and c. is the value in accordance with</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-indent: 0pt; text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Section 9, VALUATION, regardless of the value of such securities at the time the</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-indent: 0pt; text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">loss under the COMPANY'S indemnity is sustained.</FONT></TD></TR>
<TR>
    <TD COLSPAN="5">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-indent: 0pt; text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">The COMPANY is not required to issue its indemnity for any portion of a loss of</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-indent: 0pt; text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">securities which is not covered by this Bond; however, the COMPANY may do so</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-indent: 0pt; text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">as a courtesy to the ASSURED and at its sole discretion.</FONT></TD></TR>
<TR>
    <TD COLSPAN="5">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-indent: 0pt; text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">The ASSURED shall pay the proportion of the Company's premium charge for the</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-indent: 0pt; text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Company's indemnity as set forth in Section 10.a., b., and c. No portion of the</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-indent: 0pt; text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">LIMIT OF LIABILITY shall be used as payment of premium for any indemnity</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-indent: 0pt; text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, 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 STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><I>Subrogation - Assignment - </I>11.</FONT></TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-indent: 0pt; text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">In the event of a payment under this Bond, the COMPANY shall be subrogated to</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><I>Recovery</I></FONT></TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-indent: 0pt; text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">all of the ASSURED'S rights of recovery against any person or entity to the extent</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-indent: 0pt; text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">of such payment. On request, the ASSURED shall deliver to the COMPANY an</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-indent: 0pt; text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">assignment of the ASSURED'S rights, title and interest and causes of action</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-indent: 0pt; text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">against any person or entity to the extent of such payment.</FONT></TD></TR>
<TR>
    <TD COLSPAN="5">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-indent: 0pt; text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Recoveries, whether effected by the COMPANY or by the ASSURED, shall be</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">applied net of the expense of such recovery in the following order:</FONT></TD></TR>
<TR>
    <TD COLSPAN="5">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">a.</FONT></TD>
    <TD STYLE="text-align: right; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">first, to the satisfaction of the ASSURED'S loss which would otherwise have</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: right; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">been paid but for the fact that it is in excess of the applicable LIMIT OF</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: right; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">LIABILITY,</FONT></TD></TR>
<TR>
    <TD COLSPAN="5">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">b.</FONT></TD>
    <TD STYLE="text-align: right; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">second, to the COMPANY in satisfaction of amounts paid in settlement of</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: right; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">the ASSURED'S claim,</FONT></TD></TR>
<TR>
    <TD COLSPAN="5">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-indent: 0pt; text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">c.</FONT></TD>
    <TD STYLE="text-align: right; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">third, to the ASSURED in satisfaction of the applicable DEDUCTIBLE</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: right; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">AMOUNT, and</FONT></TD></TR>
</TABLE>
<P STYLE="margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="text-align: left; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE BORDER="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif">
<TR>
    <TD STYLE="width: 55%">&nbsp;</TD>
    <TD STYLE="width: 45%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">ICAP Bond (5-98)</FONT></TD>
    <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Form 17-02-1421 (Ed. 5-98)</FONT></TD>
    <TD STYLE="text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Page 16 of 19</FONT></TD></TR>
</TABLE>
<P STYLE="margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<HR ALIGN="CENTER" SIZE="2" NOSHADE STYLE="width: 100%">


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<P STYLE="text-align: left; margin-top: 0pt; margin-bottom: 0pt"><A NAME="page_22"></A>&nbsp;</P>

<TABLE BORDER="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif">
<TR>
    <TD STYLE="width: 24%">&nbsp;</TD>
    <TD STYLE="width: 4%">&nbsp;</TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 4%">&nbsp;</TD>
    <TD STYLE="width: 66%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B><I>Conditions And</I></B></FONT></TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B><I>Limitations</I></B></FONT></TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="5">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="5">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><I>Subrogation - Assignment -</I></FONT></TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-indent: 0pt; text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">d.</FONT></TD>
    <TD STYLE="text-align: right; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">fourth, to the ASSURED in satisfaction of any loss suffered by the</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><I>Recovery</I></FONT></TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: right; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">ASSURED which was not covered under this Bond.</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><I>(continued)</I></FONT></TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-indent: 0pt; text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Recovery from reinsurance or indemnity of the COMPANY shall not be deemed a</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-indent: 0pt; text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">recovery under this section.</FONT></TD></TR>
<TR>
    <TD COLSPAN="5">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="5">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><I>Cooperation Of Assured</I></FONT></TD>
    <TD STYLE="text-align: right; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">12</FONT></TD>
    <TD STYLE="text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">.</FONT></TD>
    <TD COLSPAN="2" STYLE="text-indent: 0pt; text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">At the COMPANY'S request and at reasonable times and places designated by</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-indent: 0pt; text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">the COMPANY, the ASSURED shall:</FONT></TD></TR>
<TR>
    <TD COLSPAN="5">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-indent: 0pt; text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">a.</FONT></TD>
    <TD STYLE="text-align: right; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">submit to examination by the COMPANY and subscribe to the same under</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: right; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">oath,</FONT></TD></TR>
<TR>
    <TD COLSPAN="5">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-indent: 0pt; text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">b.</FONT></TD>
    <TD STYLE="text-align: right; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">produce for the COMPANY'S examination all pertinent records, and</FONT></TD></TR>
<TR>
    <TD COLSPAN="5">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-indent: 0pt; text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">c.</FONT></TD>
    <TD STYLE="text-align: right; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">cooperate with the COMPANY in all matters pertaining to the loss.</FONT></TD></TR>
<TR>
    <TD COLSPAN="5">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-indent: 0pt; text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">The ASSURED shall execute all papers and render assistance to secure to the</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">COMPANY the rights and causes of action provided for under this Bond. The</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, 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 STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><I>Termination</I></FONT></TD>
    <TD STYLE="text-align: right; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">13</FONT></TD>
    <TD STYLE="text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">.</FONT></TD>
    <TD COLSPAN="2" STYLE="text-indent: 0.01pt; text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">If the Bond is for a sole ASSURED, it shall not be terminated unless written notice</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-indent: 0pt; text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">shall have been given by the acting party to the affected party and to the</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-indent: 0pt; text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Securities and Exchange Commission, Washington, D.C., not less than sixty (60)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-indent: 0pt; text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">days prior to the effective date of such termination.</FONT></TD></TR>
<TR>
    <TD COLSPAN="5">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-indent: 0pt; text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">If the Bond is for a joint ASSURED, it shall not be terminated unless written notice</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-indent: 0pt; text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">shall have been given by the acting party to the affected party, and by the</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-indent: 0pt; text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">COMPANY to all ASSURED <B>Investment Companies </B>and to the Securities and</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-indent: 0pt; text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Exchange Commission, Washington, D.C., not less than sixty (60) days prior to</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-indent: 0pt; text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">the effective date of such termination.</FONT></TD></TR>
<TR>
    <TD COLSPAN="5">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-indent: 0pt; text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">This Bond will terminate as to any one ASSURED, other than an <B>Investment</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-indent: 0pt; text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Company</B>:</FONT></TD></TR>
<TR>
    <TD COLSPAN="5">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-indent: 0pt; text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">a.</FONT></TD>
    <TD STYLE="text-align: right; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">immediately on the taking over of such ASSURED by a receiver or other</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: right; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">liquidator or by State or Federal officials, or</FONT></TD></TR>
<TR>
    <TD COLSPAN="5">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-indent: 0pt; text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">b.</FONT></TD>
    <TD STYLE="text-align: right; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">immediately on the filing of a petition under any State or Federal statute</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: right; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">relative to bankruptcy or reorganization of the ASSURED, or assignment for</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: right; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">the benefit of creditors of the ASSURED, or</FONT></TD></TR>
<TR>
    <TD COLSPAN="5">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-indent: 0pt; text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">c.</FONT></TD>
    <TD STYLE="text-align: right; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">immediately upon such ASSURED ceasing to exist, whether through merger</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: right; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">into another entity, disposition of all of its assets or otherwise.</FONT></TD></TR>
<TR>
    <TD COLSPAN="5">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-indent: 0pt; text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">The COMPANY shall refund the unearned premium computed at short rates in</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-indent: 0pt; text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">accordance with the standard short rate cancellation tables if terminated by the</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-indent: 0pt; text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">ASSURED or pro rata if terminated for any other reason.</FONT></TD></TR>
</TABLE>
<P STYLE="margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="text-align: left; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE BORDER="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif">
<TR>
    <TD STYLE="width: 55%">&nbsp;</TD>
    <TD STYLE="width: 45%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">ICAP Bond (5-98)</FONT></TD>
    <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Form 17-02-1421 (Ed. 5-98)</FONT></TD>
    <TD STYLE="text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Page 17 of 19</FONT></TD></TR>
</TABLE>
<P STYLE="margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<HR ALIGN="CENTER" SIZE="2" NOSHADE STYLE="width: 100%">


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<P STYLE="text-align: left; margin-top: 0pt; margin-bottom: 0pt"><A NAME="page_23"></A>&nbsp;</P>

<TABLE BORDER="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif">
<TR>
    <TD STYLE="width: 23%">&nbsp;</TD>
    <TD STYLE="width: 5%">&nbsp;</TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 4%">&nbsp;</TD>
    <TD STYLE="width: 66%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B><I>Conditions And</I></B></FONT></TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B><I>Limitations</I></B></FONT></TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="5">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="5">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><I>Termination</I></FONT></TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-indent: 0pt; text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">If any partner, director, trustee, or officer or supervisory employee of an</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><I>(continued)</I></FONT></TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-indent: 0pt; text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">ASSURED not acting in collusion with an <B>Employee </B>learns of any dishonest act</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-indent: 0pt; text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">committed by such <B>Employee </B>at any time, whether in the employment of the</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-indent: 0pt; text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">ASSURED or otherwise, whether or not such act is of the type covered under this</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-indent: 0pt; text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Bond, and whether against the ASSURED or any other person or entity, the</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-indent: 0pt; text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">ASSURED:</FONT></TD></TR>
<TR>
    <TD COLSPAN="5">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-indent: 0pt; text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">a.</FONT></TD>
    <TD STYLE="text-align: right; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">shall immediately remove such <B>Employee </B>from a position that would enable</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: right; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">such <B>Employee </B>to cause the ASSURED to suffer a loss covered by this</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: right; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Bond; and</FONT></TD></TR>
<TR>
    <TD COLSPAN="5">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-indent: 0pt; text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">b.</FONT></TD>
    <TD STYLE="text-align: right; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">within forty-eight (48) hours of learning that an <B>Employee </B>has committed</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: right; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">any dishonest act, shall notify the COMPANY, of such action and provide full</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="5" STYLE="font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">particulars of such dishonest act.</FONT></TD></TR>
<TR>
    <TD COLSPAN="5">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-indent: 0pt; text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">The COMPANY may terminate coverage as respects any <B>Employee </B>sixty (60)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-indent: 0pt; text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">days after written notice is received by each ASSURED <B>Investment Company</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-indent: 0pt; text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">and the Securities and Exchange Commission, Washington, D.C. of its desire to</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-indent: 0pt; text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">terminate this Bond as to such <B>Employee</B>.</FONT></TD></TR>
<TR>
    <TD COLSPAN="5">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="5">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><I>Other Insurance</I></FONT></TD>
    <TD STYLE="text-align: right; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">14</FONT></TD>
    <TD STYLE="text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">.</FONT></TD>
    <TD COLSPAN="2" STYLE="text-indent: 0.01pt; text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Coverage under this Bond shall apply only as excess over any valid and collectible</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-indent: 0pt; text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">insurance, indemnity or suretyship obtained by or on behalf of:</FONT></TD></TR>
<TR>
    <TD COLSPAN="5">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-indent: 0pt; text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">a.</FONT></TD>
    <TD STYLE="text-align: right; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">the ASSURED,</FONT></TD></TR>
<TR>
    <TD COLSPAN="5">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-indent: 0pt; text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">b.</FONT></TD>
    <TD STYLE="text-indent: 0.01pt; text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">a <B>Transportation Company</B>, or</FONT></TD></TR>
<TR>
    <TD COLSPAN="5">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-indent: 0pt; text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">c.</FONT></TD>
    <TD STYLE="text-align: right; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">another entity on whose premises the loss occurred or which employed the</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: right; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">person causing the loss or engaged the messenger conveying the <B>Property</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: #000000 1px solid; text-align: right; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">involved.</FONT></TD></TR>
<TR>
    <TD COLSPAN="5">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="5">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><I>Conformity</I></FONT></TD>
    <TD STYLE="text-align: right; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">15</FONT></TD>
    <TD STYLE="text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">.</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">If any limitation within this Bond is prohibited by any law controlling this Bond's</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-indent: 0pt; text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">construction, such limitation shall be deemed to be amended so as to equal the</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-indent: 0pt; text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, 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 STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><I>Change or Modification</I></FONT></TD>
    <TD STYLE="text-align: right; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">16</FONT></TD>
    <TD STYLE="text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">.</FONT></TD>
    <TD COLSPAN="2" STYLE="text-indent: 0.01pt; text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">This Bond or any instrument amending or affecting this Bond may not be changed</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-indent: 0pt; text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">or modified orally. No change in or modification of this Bond shall be effective</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-indent: 0pt; text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">except when made by written endorsement to this Bond signed by an authorized</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-indent: 0pt; text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">representative of the COMPANY.</FONT></TD></TR>
<TR>
    <TD COLSPAN="5">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-indent: 0pt; text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">If this Bond is for a sole ASSURED, no change or modification which would</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-indent: 0pt; text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">adversely affect the rights of the ASSURED shall be effective prior to sixty (60)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-indent: 0pt; text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">days after written notice has been furnished to the Securities and Exchange</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-indent: 0pt; text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Commission, Washington, D.C., by the acting party.</FONT></TD></TR>
</TABLE>
<P STYLE="margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="text-align: left; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE BORDER="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif">
<TR>
    <TD STYLE="width: 55%">&nbsp;</TD>
    <TD STYLE="width: 45%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">ICAP Bond (5-98)</FONT></TD>
    <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Form 17-02-1421 (Ed. 5-98)</FONT></TD>
    <TD STYLE="text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Page 18 of 19</FONT></TD></TR>
</TABLE>
<P STYLE="margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
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<P STYLE="text-align: left; margin-top: 0pt; margin-bottom: 0pt"><A NAME="page_24"></A>&nbsp;</P>

<TABLE BORDER="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif">
<TR>
    <TD STYLE="width: 26%">&nbsp;</TD>
    <TD STYLE="width: 74%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B><I>Conditions And</I></B></FONT></TD>
    <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B><I>Limitations</I></B></FONT></TD>
    <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="2">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="2">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><I>Change or Modification</I></FONT></TD>
    <TD STYLE="text-indent: 0pt; text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">If this Bond is for a joint ASSURED, no charge or modification which would</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><I>(continued)</I></FONT></TD>
    <TD STYLE="text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">adversely affect the rights of the ASSURED shall be effective prior to sixty (60)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">days after written notice has been furnished to all insured <B>Investment Companies</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">and to the Securities and Exchange Commission, Washington, D.C., by the</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">COMPANY.</FONT></TD></TR>
</TABLE>
<P STYLE="margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="text-align: left; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

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<TR>
    <TD STYLE="width: 55%">&nbsp;</TD>
    <TD STYLE="width: 45%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">ICAP Bond (5-98)</FONT></TD>
    <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Form 17-02-1421 (Ed. 5-98)</FONT></TD>
    <TD STYLE="text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Page 19 of 19</FONT></TD></TR>
</TABLE>
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    <DIV STYLE="page-break-before: always; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
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<P STYLE="text-align: left; margin-top: 0pt; margin-bottom: 0pt"><A NAME="page_25"></A>&nbsp;</P>

<TABLE BORDER="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif">
<TR>
    <TD STYLE="width: 81%">&nbsp;</TD>
    <TD STYLE="width: 19%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="text-indent: 252pt; text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>FEDERAL INSURANCE COMPANY</B></FONT></TD></TR>
<TR>
    <TD COLSPAN="2">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-indent: 252pt; text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Endorsement No:</FONT></TD>
    <TD STYLE="text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">1</FONT></TD></TR>
<TR>
    <TD COLSPAN="2">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-indent: 252pt; text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Bond Number:</FONT></TD>
    <TD STYLE="text-indent: 0.07pt; text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">81906724</FONT></TD></TR>
<TR>
    <TD COLSPAN="2">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #000000 1px solid; text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">NAME OF ASSURED: JOHN HANCOCK FUNDS</FONT></TD>
    <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="2">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="2">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="2">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-indent: 147.06pt; text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>NAME OF ASSURED ENDORSEMENT</B></FONT></TD>
    <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="2">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="text-indent: 0pt; text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">It is agreed that the NAME OF ASSURED in the DECLARATIONS is amended to read as follows:</FONT></TD></TR>
<TR>
    <TD COLSPAN="2">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="2">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="2">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>JOHN HANCOCK FUNDS listed as the Named Assured on the Declarations Page</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #000000 1px solid; text-indent: 0pt; text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Includes the following Trusts:</B></FONT></TD>
    <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="2">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="2">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">John Hancock Financial Opportunities Fund</FONT></TD>
    <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">John Hancock Bond Trust</FONT></TD>
    <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">John Hancock California Tax-Free Income Fund</FONT></TD>
    <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">John Hancock Capital Series</FONT></TD>
    <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">John Hancock Current Interest</FONT></TD>
    <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">John Hancock Emerging Markets Income Fund</FONT></TD>
    <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">John Hancock Flexible Income Opportunities Fund</FONT></TD>
    <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="2">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">John Hancock Floating Rate High Income Fund</FONT></TD>
    <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">John Hancock Hedged Equity &amp; Income Fund</FONT></TD>
    <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">John Hancock Income Securities Trust</FONT></TD>
    <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">John Hancock Investment Trust</FONT></TD>
    <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">John Hancock Investment Trust II</FONT></TD>
    <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">John Hancock Investment Trust III</FONT></TD>
    <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">John Hancock Investors Trust</FONT></TD>
    <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">John Hancock Municipal Securities Trust</FONT></TD>
    <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">John Hancock Preferred Income Fund</FONT></TD>
    <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">John Hancock Preferred Income Fund II</FONT></TD>
    <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">John Hancock Preferred Income Fund III</FONT></TD>
    <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">John Hancock Premium Dividend Fund</FONT></TD>
    <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">John Hancock Series Trust</FONT></TD>
    <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">John Hancock Sovereign Bond Fund</FONT></TD>
    <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">John Hancock Strategic Diversified Income Fund</FONT></TD>
    <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">John Hancock Strategic Series</FONT></TD>
    <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">John Hancock Tax-Advantaged Dividend Income Fund</FONT></TD>
    <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">John Hancock Tax-Advantaged Global Shareholder Yield Fund</FONT></TD>
    <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">John Hancock Tax-Exempt Series Fund</FONT></TD>
    <TD STYLE="text-align: left">&nbsp;</TD></TR>
</TABLE>
<P STYLE="margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="text-align: left; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE BORDER="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif">
<TR>
    <TD STYLE="width: 63%">&nbsp;</TD>
    <TD STYLE="width: 37%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>JOHN HANCOCK FUNDS II</B></FONT></TD>
    <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">ICAP Bond</FONT></TD>
    <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Form 17-02-0949 (Rev. 1-97)</FONT></TD>
    <TD STYLE="text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Page 1</FONT></TD></TR>
</TABLE>
<P STYLE="margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
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<P STYLE="text-indent: 0.5in; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: left; margin-top: 0pt; margin-bottom: 0pt"><A NAME="page_26"></A>&nbsp;</P>

<TABLE BORDER="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif">
<TR>
    <TD STYLE="width: 100%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>JOHN HANCOCK FUNDS III</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>JOHN HANCOCK VARIABLE INSURANCE TRUST</B></FONT></TD></TR>
<TR>
    <TD>&nbsp;</TD></TR>
<TR>
    <TD>&nbsp;</TD></TR>
<TR>
    <TD>&nbsp;</TD></TR>
<TR>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">This Endorsement applies to loss discovered after 12:01 a.m. on December 31, 2013.</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">ALL OTHER TERMS AND CONDITIONS OF THIS BOND REMAIN UNCHANGED.</FONT></TD></TR>
</TABLE>
<P STYLE="margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">Date: January 14, 2014</P>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="width: 4%; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>By</B></FONT></TD>
    <TD STYLE="width: 46%; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B><U>/s/ Paul N. Morrissette</U></B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Authorized Representative</B></FONT></TD></TR>
</TABLE>


<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"></P>

<P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt"></P>

<P STYLE="text-align: left; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE BORDER="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif">
<TR>
    <TD STYLE="width: 61%">&nbsp;</TD>
    <TD STYLE="width: 39%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">ICAP Bond</FONT></TD>
    <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Form 17-02-0949 (Ed. 1-97)</FONT></TD>
    <TD STYLE="text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Page 2</FONT></TD></TR>
</TABLE>
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    <DIV STYLE="page-break-before: always; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
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<P STYLE="text-indent: 0.5in; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: left; margin-top: 0pt; margin-bottom: 0pt"><A NAME="page_27"></A>&nbsp;</P>

<TABLE BORDER="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif">
<TR>
    <TD STYLE="width: 3%">&nbsp;</TD>
    <TD STYLE="width: 3%">&nbsp;</TD>
    <TD STYLE="width: 5%">&nbsp;</TD>
    <TD STYLE="width: 3%">&nbsp;</TD>
    <TD STYLE="width: 63%">&nbsp;</TD>
    <TD STYLE="width: 23%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-indent: 220.5pt; text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>FEDERAL INSURANCE COMPANY</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-indent: 220.5pt; text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Endorsement No:</FONT></TD>
    <TD STYLE="text-align: right; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">2</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-indent: 220.5pt; text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Bond Number:</FONT></TD>
    <TD STYLE="text-align: right; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">81906724</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="5" STYLE="border-bottom: #000000 1px solid; text-indent: 0pt; text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">NAME OF ASSURED: JOHN HANCOCK FUNDS</FONT></TD>
    <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="6">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="6">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="6" STYLE="font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>TERMINATION-NONRENEWAL-NOTICE ENDORSEMENT</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="5" STYLE="text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">It is agreed that this Bond is amended as follows:</FONT></TD>
    <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: right; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">1</FONT></TD>
    <TD STYLE="text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">.</FONT></TD>
    <TD COLSPAN="3" STYLE="text-indent: 0.01pt; text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">By adding to Section 13., Termination, the following:</FONT></TD>
    <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="text-indent: 0pt; text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">"Termination By The Company</FONT></TD>
    <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="text-indent: 0pt; text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Bonds In Effect For More Than Sixty (60) Days</FONT></TD>
    <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD COLSPAN="4" STYLE="text-align: right; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">If 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 STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD COLSPAN="4" STYLE="text-align: right; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">may terminate by providing written notice of cancellation at least sixty (60) days before the effective date</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="text-indent: 0pt; text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">of termination for at least one of the following reasons:</FONT></TD>
    <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: right; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">1</FONT></TD>
    <TD STYLE="text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">.</FONT></TD>
    <TD STYLE="text-indent: 0.91pt; text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Nonpayment of premium;</FONT></TD>
    <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: right; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">2</FONT></TD>
    <TD STYLE="text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">.</FONT></TD>
    <TD COLSPAN="2" STYLE="text-indent: 0.92pt; text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Discovery of fraud or material misrepresentation in obtaining this Bond or in the presentation of a</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">claim thereunder;</FONT></TD>
    <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: right; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">3</FONT></TD>
    <TD STYLE="text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">.</FONT></TD>
    <TD COLSPAN="2" STYLE="text-indent: 0.93pt; text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Discovery of willful or reckless acts or omissions or violation of any provision of this Bond on the</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-indent: 0.89pt; text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">part of the ASSURED which substantially and materially increases any hazard insured against,</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-indent: 0.89pt; text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">and which occurred subsequent to the inception of the current BOND PERIOD;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: right; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">4</FONT></TD>
    <TD STYLE="text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">.</FONT></TD>
    <TD COLSPAN="2" STYLE="text-indent: 0.91pt; text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Conviction of the ASSURED of a crime arising out of acts increasing the hazard insured against;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: right; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">5</FONT></TD>
    <TD STYLE="text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">.</FONT></TD>
    <TD COLSPAN="2" STYLE="text-indent: 0.93pt; text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Material change in the risk which increases the risk of loss after insurance coverage has been</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-indent: 0.89pt; text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">issued or renewed, except to the extent that the COMPANY should reasonably have foreseen the</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-indent: 0.89pt; text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">change, or contemplated the risk when the contract was written;</FONT></TD>
    <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: right; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">6</FONT></TD>
    <TD STYLE="text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">.</FONT></TD>
    <TD COLSPAN="2" STYLE="text-indent: 0.92pt; text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Determination by the Commissioner that the continuation of the Bond would jeopardize a</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-indent: 0.89pt; text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">COMPANY'S solvency or would place the COMPANY in violation of the insurance laws of any</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-indent: 0.89pt; text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">state;</FONT></TD>
    <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: right; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">7</FONT></TD>
    <TD STYLE="text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">.</FONT></TD>
    <TD COLSPAN="2" STYLE="text-indent: 0.92pt; text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Determination by the Commissioner that continuation of the present premium volume of the</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="6" STYLE="font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">COMPANY would jeopardize the COMPANY'S policyholders, creditors or the public;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: right; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">8</FONT></TD>
    <TD STYLE="text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">.</FONT></TD>
    <TD STYLE="text-indent: 0.91pt; text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Such other reasons that are approved by the Commissioner;</FONT></TD>
    <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: right; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">9</FONT></TD>
    <TD STYLE="text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">.</FONT></TD>
    <TD COLSPAN="2" STYLE="text-indent: 0.92pt; text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Determination by the Commissioner that the COMPANY no longer has adequate reinsurance to</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">meet the ASSUREDS needs;</FONT></TD>
    <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: right; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">10</FONT></TD>
    <TD STYLE="text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">.</FONT></TD>
    <TD STYLE="text-indent: 0.91pt; text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Substantial breaches of contractual duties, conditions or warranties; or</FONT></TD>
    <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: right; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">11</FONT></TD>
    <TD STYLE="text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">.</FONT></TD>
    <TD COLSPAN="2" STYLE="text-indent: 0.92pt; text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Unfavorable underwriting facts, specific to the ASSURED, existing that were not present at the</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-indent: 0.9pt; text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">inception of the Bond.</FONT></TD>
    <TD STYLE="text-align: left">&nbsp;</TD></TR>
</TABLE>
<P STYLE="margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="text-align: left; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE BORDER="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif">
<TR>
    <TD STYLE="width: 62%">&nbsp;</TD>
    <TD STYLE="width: 38%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">ICAP Bond</FONT></TD>
    <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Form 17-02-1360 (Rev. 10-99)</FONT></TD>
    <TD STYLE="text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Page 1</FONT></TD></TR>
</TABLE>
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    <DIV STYLE="page-break-before: always; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
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<P STYLE="text-indent: 0.5in; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: left; margin-top: 0pt; margin-bottom: 0pt"><A NAME="page_28"></A>&nbsp;</P>

<TABLE BORDER="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif">
<TR>
    <TD STYLE="width: 3%">&nbsp;</TD>
    <TD STYLE="width: 97%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="text-indent: 0pt; text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Bonds In Effect Sixty (60) Days Or Less</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="text-indent: 0pt; text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">If this Bond has been in effect for sixty (60) days or less, and it is not a renewal Bond, the COMPANY</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="text-indent: 0pt; text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">may terminate for any reason by providing written notice of termination at least sixty (60) days before</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="text-indent: 0pt; text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">the effective date of termination.</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="text-indent: 0pt; text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Notice Of Termination</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="text-indent: 0pt; text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Notice of termination under this Section shall be mailed or delivered, by certified mail, return receipt</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="text-indent: 0pt; text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">provided by the United States Postal Service, to the ASSURED and to the authorized agent or broker, if</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="text-indent: 0pt; text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">any, at least sixty (60) days prior to the effective date of cancellation at the address shown on the</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="text-indent: 0pt; text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">DECLARATIONS of this Bond.</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="text-indent: 0pt; text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">If this Bond is cancelled for nonpayment of premium, the COMPANY will mail or deliver, by certified</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="text-indent: 0pt; text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">mail, return receipt provided by the United States Postal Service, a written notice at least thirty (30) days</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="text-indent: 0pt; text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">before the effective date of cancellation. The cancellation notice shall contain information regarding the</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="text-indent: 0pt; text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">amount of premium due and the due date, and shall state the effect of nonpayment by the due date.</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="text-indent: 0pt; text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Cancellation shall not be effective if payment of the amount due is made prior to the effective date of</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="text-indent: 0pt; text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">cancellation.</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="text-indent: 0pt; text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">All notice of cancellation shall state the reason(s) for cancellation.</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="text-indent: 0pt; text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">There is no liability on the part of, and no cause of action of any nature shall arise against, the</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="text-indent: 0pt; text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">COMPANY, its authorized representatives, its employees, or any firm, person or corporation furnishing</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">to the COMPANY, information relating to the reasons for cancellation or nonrenewal, for any statement</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">made by them in complying or enabling the COMPANY to comply with this Section, for the provision of</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">information pertaining thereto, or for statements made or evidence submitted at any hearings conducted</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="text-indent: 0pt; text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">in connection therewith, if such information was provided in good faith and without malice.</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="text-indent: 0pt; text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Notice Of Nonrenewal</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="text-indent: 0pt; text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">If the COMPANY elects not to renew this Bond, the COMPANY shall mail or deliver written notice, by</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="text-indent: 0pt; text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">certified mail, return receipt, provided by the United States Postal Service, to the ASSURED, at his last</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="text-indent: 0pt; text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">known address, at least sixty (60) days before the expiration date or before the anniversary date, if this</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Bond has been written for a term of more than one (1) year. Such notice shall also be mailed to the</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">ASSURED'S agent or broker, if any.</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Such notice shall contain all of the following:</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">a.</FONT></TD>
    <TD STYLE="text-indent: 0.01pt; text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Bond Number:</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">b.</FONT></TD>
    <TD STYLE="text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Date of Notice;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">c.</FONT></TD>
    <TD STYLE="text-indent: 0pt; text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Reason for Cancellation;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">d.</FONT></TD>
    <TD STYLE="text-indent: 0pt; text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Expiration Date of the Bond;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">e.</FONT></TD>
    <TD STYLE="text-indent: 0.01pt; text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Effective Date and Hour of Cancellation.</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Notice of nonrenewal shall not be required if the COMPANY or a COMPANY within the same insurance</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">group has offered to issue a renewal Bond, the ASSURED has obtained replacement coverage or has</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">agreed in writing to obtain replacement coverage, the ASSURED has requested or agreed to</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">nonrenewal, or the Bond is expressly designated as nonrenewable.</FONT></TD></TR>
</TABLE>
<P STYLE="margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="text-align: left; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE BORDER="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif">
<TR>
    <TD STYLE="width: 62%">&nbsp;</TD>
    <TD STYLE="width: 38%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">ICAP Bond</FONT></TD>
    <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Form 17-02-1360 (Rev. 10-99)</FONT></TD>
    <TD STYLE="text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Page 2</FONT></TD></TR>
</TABLE>
<P STYLE="margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
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<P STYLE="text-indent: 0.5in; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: left; margin-top: 0pt; margin-bottom: 0pt"><A NAME="page_29"></A>&nbsp;</P>

<TABLE BORDER="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif">
<TR>
    <TD STYLE="width: 3%">&nbsp;</TD>
    <TD STYLE="width: 3%">&nbsp;</TD>
    <TD STYLE="width: 94%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Return Premium Calculations</FONT></TD></TR>
<TR>
    <TD COLSPAN="3">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Any unearned premiums which have been paid by the ASSURED shall be refunded to the ASSURED</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">on a pro rata basis if terminated by the COMPANY or the ASSURED. The unearned premiums shall be</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">refunded to the ASSURED within forty-five (45) days of receipt of the request for cancellation or the</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">effective date of cancellation, whichever is later.</FONT></TD></TR>
<TR>
    <TD COLSPAN="3">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Conditional Renewal</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">If the COMPANY offers or purports to renew the Bond, but on less favorable terms or at higher rates,</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-indent: 0pt; text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">the new terms or higher premiums may take effect on the renewal date, if the COMPANY mails or</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-indent: 0pt; text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">delivers by certified mail, return receipt provided by the United States Postal Service, to the ASSURED,</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-indent: 0pt; text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">notice of the new terms or premiums at least sixty (60) days prior to the renewal date. If the COMPANY</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-indent: 0pt; text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">notifies the ASSURED within sixty (60) days prior to the renewal date, the new terms or premiums do</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-indent: 0pt; text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">not take effect until sixty (60) days after the notice is mailed or delivered, in which case, the ASSURED</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-indent: 0pt; text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">may elect to cancel the renewal Bond within the sixty (60) day period. If the COMPANY does not notify</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-indent: 0pt; text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">the ASSURED of the new terms or premiums, the COMPANY shall continue the Bond at the expiring</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-indent: 0pt; text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">terms and premiums until notice is given or until the effective date of replacement coverage is obtained</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-indent: 0pt; text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">by the ASSURED, whichever occurs first.&rdquo;</FONT></TD></TR>
<TR>
    <TD COLSPAN="3">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: right; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">2</FONT></TD>
    <TD STYLE="text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">.</FONT></TD>
    <TD STYLE="text-indent: 0.02pt; text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">It is further understood and agreed that for the purposes of Section 13., Termination, any occurrence</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">listed in this Section shall be considered to be a request by the ASSURED to immediately terminate this</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Bond.</FONT></TD></TR>
<TR>
    <TD COLSPAN="3">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="3">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="3">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="3">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">This Endorsement applies to loss discovered after 12:01 a.m. on December 31, 2013.</FONT></TD></TR>
<TR>
    <TD COLSPAN="3">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="3">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="3">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="3">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">ALL OTHER TERMS AND CONDITIONS OF THIS BOND REMAIN UNCHANGED.</FONT></TD></TR>
</TABLE>
<P STYLE="margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">Date: January 14, 2014</P>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="width: 4%; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>By</B></FONT></TD>
    <TD STYLE="width: 46%; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B><U>/s/ Paul N. Morrissette</U></B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Authorized Representative</B></FONT></TD></TR>
</TABLE>


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<P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt"></P>

<P STYLE="text-align: left; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>


<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"></P>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"></P>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt"></P>

<P STYLE="text-align: left; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE BORDER="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif">
<TR>
    <TD STYLE="width: 62%">&nbsp;</TD>
    <TD STYLE="width: 38%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">ICAP Bond</FONT></TD>
    <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Form 17-02-1360 (Rev. 10-99)</FONT></TD>
    <TD STYLE="text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Page 3</FONT></TD></TR>
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<P STYLE="text-align: left; margin-top: 0pt; margin-bottom: 0pt"><A NAME="page_30"></A>&nbsp;</P>

<TABLE BORDER="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif">
<TR>
    <TD STYLE="width: 3%">&nbsp;</TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 5%">&nbsp;</TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 4%">&nbsp;</TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 57%">&nbsp;</TD>
    <TD STYLE="width: 25%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>FEDERAL INSURANCE COMPANY</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Endorsement No.: 3</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-indent: 194.44pt; text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Bond Number:</FONT></TD>
    <TD STYLE="text-align: right; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">81906724</FONT></TD></TR>
<TR>
    <TD COLSPAN="8">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="8">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="7" STYLE="border-bottom: #000000 1px solid; text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">NAME OF ASSURED: JOHN HANCOCK FUNDS</FONT></TD>
    <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="8" STYLE="font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>UNAUTHORIZED SIGNATURE ENDORSEMENT</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="7" STYLE="text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">It is agreed that this Bond is amended as follows:</FONT></TD>
    <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: right; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">1</FONT></TD>
    <TD STYLE="text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">.</FONT></TD>
    <TD COLSPAN="5" STYLE="text-indent: 0.01pt; text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">By adding the following INSURING CLAUSE:</FONT></TD>
    <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: right; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">12</FONT></TD>
    <TD STYLE="text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">.</FONT></TD>
    <TD COLSPAN="3" STYLE="text-indent: 0.02pt; text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Unauthorized Signature</FONT></TD>
    <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD COLSPAN="4" STYLE="text-align: right; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Loss resulting directly from the ASSURED having accepted, paid or cashed any check or</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD COLSPAN="4" STYLE="text-align: right; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Withdrawal Order </B>made or drawn on or against the account of the ASSURED&rsquo;S customer which</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD COLSPAN="4" STYLE="text-align: right; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">bears the signature or endorsement of one other than a person whose name and signature is on</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">file with the ASSURED as a signatory on such account.</FONT></TD>
    <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD COLSPAN="4" STYLE="text-align: right; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">It shall be a condition precedent to the ASSURED'S right of recovery under this INSURING</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD COLSPAN="4" STYLE="text-align: right; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">CLAUSE that the ASSURED shall have on file signatures of all the persons who are signatories</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">on such account.</FONT></TD>
    <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: right; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">2</FONT></TD>
    <TD STYLE="text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">.</FONT></TD>
    <TD COLSPAN="5" STYLE="text-indent: 0.01pt; text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">By adding to Section 1., Definitions, the following:</FONT></TD>
    <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: right; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">r.</FONT></TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD COLSPAN="4" STYLE="text-align: right; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Instruction </B>means a written order to the issuer of an <B>Uncertificated Security </B>requesting that the</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD COLSPAN="4" STYLE="text-align: right; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">transfer, pledge or release from pledge of the specified <B>Uncertificated Security </B>be registered.</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: right; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">s.</FONT></TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD COLSPAN="4" STYLE="text-align: right; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Uncertificated Security </B>means a share, participation or other interest in property of or an</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="text-indent: 0pt; text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">enterprise of the issuer or an obligation of the issuer, which is:</FONT></TD>
    <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: right; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(1</FONT></TD>
    <TD STYLE="text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">)</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: right; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">not represented by an instrument and the transfer of which is registered on books</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">maintained for that purpose by or on behalf of the issuer, and</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: right; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(2</FONT></TD>
    <TD STYLE="text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">)</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: right; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">of a type commonly dealt in on securities exchanges or markets, and</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: right; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(3</FONT></TD>
    <TD STYLE="text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">)</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: right; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">either one of a class or series or by its terms divisible into a class or series of shares,</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-indent: 0.04pt; text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">participations, interests or obligations.</FONT></TD>
    <TD STYLE="text-align: left">&nbsp;</TD></TR>
</TABLE>
<P STYLE="margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="text-align: left; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE BORDER="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif">
<TR>
    <TD STYLE="width: 61%">&nbsp;</TD>
    <TD STYLE="width: 39%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">ICAP Bond</FONT></TD>
    <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Form 17-02-5602 (Ed. 10-03)</FONT></TD>
    <TD STYLE="text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Page 1</FONT></TD></TR>
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<P STYLE="text-align: left; margin-top: 0pt; margin-bottom: 0pt"><A NAME="page_31"></A>&nbsp;</P>

<TABLE BORDER="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif">
<TR>
    <TD STYLE="width: 8%">&nbsp;</TD>
    <TD STYLE="width: 92%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-indent: 25.2pt; text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">t.</FONT></TD>
    <TD STYLE="text-indent: 0pt; text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Withdrawal Order </B>means a non-negotiable instrument, other than an <B>Instruction</B>, signed by a</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-indent: 0pt; text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">customer of the ASSURED authorizing the ASSURED to debit the customer&rsquo;s account in the</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">amount of funds stated therein.</FONT></TD></TR>
<TR>
    <TD COLSPAN="2">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="2">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="2">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="2">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">This Endorsement applies to loss discovered after 12:01 a.m. on December 31, 2013.</FONT></TD></TR>
<TR>
    <TD COLSPAN="2">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="2">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">ALL OTHER TERMS AND CONDITIONS OF THIS BOND REMAIN UNCHANGED.</FONT></TD></TR>
</TABLE>
<P STYLE="margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">Date: January 14, 2014</P>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="width: 4%; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>By</B></FONT></TD>
    <TD STYLE="width: 46%; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B><U>/s/ Paul N. Morrissette</U></B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Authorized Representative</B></FONT></TD></TR>
</TABLE>
<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt"></P>

<P STYLE="text-align: left; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE BORDER="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif">
<TR>
    <TD STYLE="width: 61%">&nbsp;</TD>
    <TD STYLE="width: 39%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">ICAP Bond</FONT></TD>
    <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Form 17-02-5602 (Ed. 10-03)</FONT></TD>
    <TD STYLE="text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Page 2</FONT></TD></TR>
</TABLE>
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<P STYLE="text-align: left; margin-top: 0pt; margin-bottom: 0pt"><A NAME="page_32"></A>&nbsp;</P>

<TABLE BORDER="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif">
<TR>
    <TD STYLE="width: 3%">&nbsp;</TD>
    <TD STYLE="width: 3%">&nbsp;</TD>
    <TD STYLE="width: 10%">&nbsp;</TD>
    <TD STYLE="width: 3%">&nbsp;</TD>
    <TD STYLE="width: 57%">&nbsp;</TD>
    <TD STYLE="width: 24%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-indent: 194.43pt; text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>FEDERAL INSURANCE COMPANY</B></FONT></TD></TR>
<TR>
    <TD COLSPAN="6">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-indent: 194.44pt; text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Endorsement No.: 4</FONT></TD></TR>
<TR>
    <TD COLSPAN="6">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-indent: 194.44pt; text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Bond Number:</FONT></TD>
    <TD STYLE="text-align: right; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">81906724</FONT></TD></TR>
<TR>
    <TD COLSPAN="6">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="6">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="6">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="5" STYLE="border-bottom: #000000 1px solid; text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">NAME OF ASSURED: JOHN HANCOCK FUNDS</FONT></TD>
    <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="6">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="6" STYLE="font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>AUTOMATED TELEPHONE TRANSACTION ENDORSEMENT</B></FONT></TD></TR>
<TR>
    <TD COLSPAN="6">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="5" STYLE="text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">It is agreed that this Bond is amended as follows:</FONT></TD>
    <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: right; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">1</FONT></TD>
    <TD STYLE="text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">.</FONT></TD>
    <TD COLSPAN="3" STYLE="text-indent: 0.01pt; text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">By adding the following INSURING CLAUSE:</FONT></TD>
    <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">13. Automated Telephone System Transaction</FONT></TD>
    <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD COLSPAN="4" STYLE="text-align: right; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Loss resulting directly from the ASSURED having transferred funds on the faith of any</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD COLSPAN="4" STYLE="text-align: right; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Automated Phone System (APS) Transaction</B>, where the request for such <B>APS</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD COLSPAN="4" STYLE="text-align: right; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Transaction </B>is unauthorized or fraudulent and is made with the intent to deceive. In order for</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD COLSPAN="4" STYLE="text-align: right; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">coverage to apply under this INSURING CLAUSE the ASSURED shall maintain and follow all</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD COLSPAN="4" STYLE="text-align: right; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>APS Designated Procedures</B>. A single failure of the ASSURED to maintain and follow a</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD COLSPAN="4" STYLE="text-align: right; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">particular <B>APS Designated Procedure </B>in a particular <B>APS Transaction </B>will not preclude</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="text-indent: 25.2pt; text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">coverage under this INSURING CLAUSE.</FONT></TD>
    <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: right; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">2</FONT></TD>
    <TD STYLE="text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">.</FONT></TD>
    <TD COLSPAN="3" STYLE="text-indent: 0.01pt; text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">By adding to Section 1., Definitions, the following:</FONT></TD>
    <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="6">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="text-indent: 0pt; text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">u. <B>APS Designated Procedures </B>means all of the following procedures:</FONT></TD>
    <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="6">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: right; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(1</FONT></TD>
    <TD STYLE="text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">)</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: right; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">No <B>APS Transaction </B>shall be executed unless the shareholder or unitholder to whose</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">account such an <B>APS Transaction </B>relates has previously elected to <B>APS</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-indent: 0.04pt; text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Transactions</B>. (Election in Application)</FONT></TD>
    <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="6">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: right; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(2</FONT></TD>
    <TD STYLE="text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">)</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: right; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">All <B>APS Transactions </B>shall be logged or otherwise recorded and the records shall be</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-indent: 0.04pt; text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">retained for at least six (6) months. (Logging)</FONT></TD>
    <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Information contained in the records shall be capable of being retrieved and produced</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">within a reasonable time after retrieval of specific information is requested, at a success</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-indent: 0.04pt; text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">rate of no less than 85 percent.</FONT></TD>
    <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="6">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: right; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(3</FONT></TD>
    <TD STYLE="text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">)</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: right; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">The caller in any request for an <B>APS Transaction</B>, before executing that <B>APS</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Transaction </B>must enter a personal identification number (PIN), social security number</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-indent: 0.04pt; text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">and account number. (Identity Test)</FONT></TD>
    <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">If the caller fails to enter a correct PIN within three (3) attempts, the caller must not be</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">allowed additional attempts during the same telephone call to enter the PIN. The caller</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">may either be instructed to redial a customer service representative or may be</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-indent: 0.04pt; text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">immediately connected to such a representative. (Limited attempts to Enter PIN)</FONT></TD></TR>
</TABLE>
<P STYLE="margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="text-align: left; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE BORDER="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif">
<TR>
    <TD STYLE="width: 61%">&nbsp;</TD>
    <TD STYLE="width: 39%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">ICAP Bond</FONT></TD>
    <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Form 17-02-2345 (Ed. 10-00)</FONT></TD>
    <TD STYLE="text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Page 1</FONT></TD></TR>
</TABLE>
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<P STYLE="text-align: left; margin-top: 0pt; margin-bottom: 0pt"><A NAME="page_33"></A>&nbsp;</P>

<TABLE BORDER="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif">
<TR>
    <TD STYLE="width: 3%">&nbsp;</TD>
    <TD STYLE="width: 3%">&nbsp;</TD>
    <TD STYLE="width: 5%">&nbsp;</TD>
    <TD STYLE="width: 4%">&nbsp;</TD>
    <TD STYLE="width: 3%">&nbsp;</TD>
    <TD STYLE="width: 82%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: right; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(4</FONT></TD>
    <TD STYLE="text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">)</FONT></TD>
    <TD STYLE="text-align: right; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">A written confirmation of any <B>APS Transaction </B>or change of address shall be mailed to</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: right; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">the shareholder or unitholder to whose account such transaction relates, at the record</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: right; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">address, by the end of the insured's next regular processing cycle, but in no event later</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">than five (5) business days following such <B>APS Transaction</B>. (Written Confirmation)</FONT></TD></TR>
<TR>
    <TD COLSPAN="6">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: right; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(5</FONT></TD>
    <TD STYLE="text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">)</FONT></TD>
    <TD STYLE="text-align: right; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Access to the equipment which permits the entity receiving the <B>APS Transaction</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: right; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">request to process and effect the transaction shall be limited in the following manner:</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: right; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(Access to APS Equipment)</FONT></TD></TR>
<TR>
    <TD COLSPAN="6">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-indent: 0pt; text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">v.</FONT></TD>
    <TD COLSPAN="3" STYLE="text-align: right; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>APS Election </B>means any election concerning various account features available to the</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="text-align: right; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">shareholder or unitholder which is made through the <B>Automated Phone System </B>by means of</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="text-align: right; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">information transmitted by an individual caller through use of a <B>Automated Phone System</B>.</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="text-align: right; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">These features include account statements, auto exchange, auto asset builder, automatic</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="text-align: right; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">withdrawal, dividend/capital gain options, dividend sweep, telephone balance consent and</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="text-align: right; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">change of address.</FONT></TD></TR>
<TR>
    <TD COLSPAN="6">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">w.</FONT></TD>
    <TD COLSPAN="3" STYLE="text-align: right; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>APS Exchange </B>means any exchange of shares or units in a registered account of one fund</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="text-align: right; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">into shares or units in an account with the same tax identification number and same</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="text-align: right; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">ownership-type code of another fund in the same complex pursuant to exchange privileges of</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="text-align: right; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">the two funds, which exchange is requested through the <B>Automated Phone System </B>by</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="text-align: right; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">means of information transmitted by an individual caller through use of an <B>Automated Phone</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="text-indent: 0pt; text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>System</B>.</FONT></TD></TR>
<TR>
    <TD COLSPAN="6">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-indent: 0pt; text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">x.</FONT></TD>
    <TD COLSPAN="3" STYLE="text-align: right; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>APS Purchase </B>means any purchase of shares or units issued by an <B>Investment Company</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="text-align: right; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">which is requested through an <B>Automated Phone System</B>.</FONT></TD></TR>
<TR>
    <TD COLSPAN="6">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">y.</FONT></TD>
    <TD COLSPAN="3" STYLE="text-align: right; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>APS Redemption </B>means any redemption of shares or units issued by an <B>Investment</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="text-align: right; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Company </B>which it requested through the telephone by means of information transmitted by</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="text-align: right; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">an individual caller through use of a <B>Automated Phone System</B>.</FONT></TD></TR>
<TR>
    <TD COLSPAN="6">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-indent: 0pt; text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">z.</FONT></TD>
    <TD COLSPAN="3" STYLE="text-align: right; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>APS Transaction </B>means any <B>APS Purchase, APS Redemption, APS Election </B>or <B>APS</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="text-align: right; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Exchange</B>.</FONT></TD></TR>
<TR>
    <TD COLSPAN="6">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-indent: 0pt; text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">aa.</FONT></TD>
    <TD COLSPAN="3" STYLE="text-align: right; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Automated Phone System </B>means an automated system which receives and converts to</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="text-align: right; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">executable instructions transmissions through the <B>Automated Phone System </B>through use of</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="text-align: right; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">a touch-tone keypad or other tone system; and always excluding transmissions from a</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="text-align: right; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">computer system or part thereof.</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: right; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">3</FONT></TD>
    <TD STYLE="text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">.</FONT></TD>
    <TD COLSPAN="4" STYLE="text-align: right; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">By adding the following Section after Section 4., Specific Exclusions-Applicable To All Insuring</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD COLSPAN="4" STYLE="text-indent: 0pt; text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Clauses Except 1., 4., 5.:</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD COLSPAN="4" STYLE="text-indent: 0pt; text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Section 4.A Specific Exclusion-Applicable to Insuring Clause 13</FONT></TD></TR>
<TR>
    <TD COLSPAN="6">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD COLSPAN="4" STYLE="text-indent: 0pt; text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>This Bond does not directly or indirectly cover under Insuring Clause 13:</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD COLSPAN="4" STYLE="text-indent: 0pt; text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Loss resulting from:</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-indent: 0pt; text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">a.</FONT></TD>
    <TD COLSPAN="3" STYLE="text-align: right; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">the redemption of shares or units, where the proceeds of such redemption are made payable</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="text-align: right; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">to other than:</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: right; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(1</FONT></TD>
    <TD STYLE="text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">)</FONT></TD>
    <TD STYLE="text-align: right; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">the shares or units of record,</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: right; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(2</FONT></TD>
    <TD STYLE="text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">)</FONT></TD>
    <TD STYLE="text-indent: 0.01pt; text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">a person designated to receive redemption proceeds, or</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: right; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(3</FONT></TD>
    <TD STYLE="text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">)</FONT></TD>
    <TD STYLE="text-align: right; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">a bank account designated to receive redemption proceeds, or</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-indent: 0pt; text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">b.</FONT></TD>
    <TD COLSPAN="3" STYLE="text-align: right; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">the redemption of shares or units, where the proceeds of such redemption are paid by check</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="text-align: right; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">mailed to any address, unless such address has either been designated the shareholder or</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="text-align: right; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">unitholder by voice through an <B>Automated Phone System </B>or in writing, at least thirty (30)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="text-align: right; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">days prior to such redemption, or</FONT></TD></TR>
</TABLE>
<P STYLE="margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="text-align: left; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE BORDER="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif">
<TR>
    <TD STYLE="width: 61%">&nbsp;</TD>
    <TD STYLE="width: 39%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">ICAP Bond</FONT></TD>
    <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Form 17-02-2345 (Ed. 10-00)</FONT></TD>
    <TD STYLE="text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Page 2</FONT></TD></TR>
</TABLE>
<P STYLE="margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
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<P STYLE="text-indent: 0.5in; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: left; margin-top: 0pt; margin-bottom: 0pt"><A NAME="page_34"></A>&nbsp;</P>

<TABLE BORDER="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif">
<TR>
    <TD STYLE="width: 8%">&nbsp;</TD>
    <TD STYLE="width: 74%">&nbsp;</TD>
    <TD STYLE="width: 3%">&nbsp;</TD>
    <TD STYLE="width: 4%">&nbsp;</TD>
    <TD STYLE="width: 11%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-indent: 25.19pt; text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">c.</FONT></TD>
    <TD STYLE="text-indent: 0pt; text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">the redemption of shares or units, where shareholder or unitholder</FONT></TD>
    <TD STYLE="text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">of</FONT></TD>
    <TD STYLE="text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">the</FONT></TD>
    <TD STYLE="text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">ASSURED</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">designated bank account of record.</FONT></TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="5">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="5">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">This Endorsement applies to loss discovered after 12:01 a.m. on December 31, 2013.</FONT></TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">ALL OTHER TERMS AND CONDITIONS OF THIS BOND REMAIN UNCHANGED.</FONT></TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD></TR>
</TABLE>
<P STYLE="margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">Date: January 14, 2014</P>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="width: 4%; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>By</B></FONT></TD>
    <TD STYLE="width: 46%; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B><U>/s/ Paul N. Morrissette</U></B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Authorized Representative</B></FONT></TD></TR>
</TABLE>
<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt"></P>

<P STYLE="text-align: left; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE BORDER="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif">
<TR>
    <TD STYLE="width: 61%">&nbsp;</TD>
    <TD STYLE="width: 39%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">ICAP Bond</FONT></TD>
    <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Form 17-02-2345 (Ed. 10-00)</FONT></TD>
    <TD STYLE="text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Page 3</FONT></TD></TR>
</TABLE>
<P STYLE="margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
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<P STYLE="text-indent: 0.5in; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: left; margin-top: 0pt; margin-bottom: 0pt"><A NAME="page_35"></A>&nbsp;</P>

<TABLE BORDER="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif">
<TR>
    <TD STYLE="width: 4%">&nbsp;</TD>
    <TD STYLE="width: 3%">&nbsp;</TD>
    <TD STYLE="width: 7%">&nbsp;</TD>
    <TD STYLE="width: 3%">&nbsp;</TD>
    <TD STYLE="width: 7%">&nbsp;</TD>
    <TD STYLE="width: 51%">&nbsp;</TD>
    <TD STYLE="width: 25%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-indent: 166.86pt; text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>FEDERAL INSURANCE COMPANY</B></FONT></TD></TR>
<TR>
    <TD COLSPAN="7">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-indent: 166.86pt; text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Endorsement No.: 5</FONT></TD></TR>
<TR>
    <TD COLSPAN="7">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-indent: 166.86pt; text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Bond Number:</FONT></TD>
    <TD STYLE="text-align: right; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">81906724</FONT></TD></TR>
<TR>
    <TD COLSPAN="7">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="7">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="7">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="5" STYLE="border-bottom: #000000 1px solid; text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">NAME OF ASSURED:</FONT></TD>
    <TD STYLE="border-bottom: #000000 1px solid; text-indent: 4.94pt; text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">JOHN HANCOCK FUNDS</FONT></TD>
    <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="7">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="7" STYLE="font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>TELEFACSIMILE INSTRUCTION FRAUD ENDORSEMENT</B></FONT></TD></TR>
<TR>
    <TD COLSPAN="7">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="6" STYLE="text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">It is agreed that this Bond is amended as follows:</FONT></TD>
    <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="7">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: right; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">1</FONT></TD>
    <TD STYLE="text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">.</FONT></TD>
    <TD COLSPAN="4" STYLE="text-indent: 0.01pt; text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">By adding the following INSURING CLAUSE:</FONT></TD>
    <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="7">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: right; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">14</FONT></TD>
    <TD STYLE="text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">.</FONT></TD>
    <TD COLSPAN="2" STYLE="text-indent: 0.01pt; text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Telefacsimile Instruction</FONT></TD>
    <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="7">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="text-align: right; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Loss resulting directly from the ASSURED having transferred, paid or delivered any</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="text-align: right; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">funds or other <B>Property </B>or established any credit, debited any account or given any</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="text-align: right; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">value on the faith of any fraudulent instructions sent by a <B>Customer</B>, financial institution</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="text-align: right; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">or another office of the ASSURED by <B>Telefacsimile </B>directly to the ASSURED authorizing</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="text-align: right; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">or acknowledging the transfer, payment or delivery of funds or <B>Property </B>or the</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="text-align: right; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">establishment of a credit or the debiting of an account or the giving of value by the</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">ASSURED where such <B>Telefacsimile </B>instructions:</FONT></TD>
    <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="7">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">a.</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: right; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">bear a valid test key exchanged between the ASSURED and a <B>Customer </B>or</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">another financial institution with authority to use such test key for <B>Telefacsimile</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">instructions in the ordinary course of business, but which test key has been</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">wrongfully obtained by a person who was not authorized to initiate, make,</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-indent: 4.85pt; text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">validate or authenticate a test key arrangement, and</FONT></TD></TR>
<TR>
    <TD COLSPAN="7">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-indent: 0pt; text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">b.</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: right; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">fraudulently purport to have been sent by such <B>Customer </B>or financial institution</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">when such <B>Telefacsimile </B>instructions were transmitted without the knowledge</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">or consent of such <B>Customer </B>or financial institution by a person other than such</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Customer </B>or financial institution and which bear a <B>Forgery </B>of a signature,</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">provided that the <B>Telefacsimile </B>instruction was verified by a direct call back to</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">an employee of the financial institution, or a person thought by the ASSURED to</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-indent: 4.86pt; text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">be the <B>Customer</B>, or an employee of another financial institution.</FONT></TD></TR>
<TR>
    <TD COLSPAN="7">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: right; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">2</FONT></TD>
    <TD STYLE="text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">.</FONT></TD>
    <TD COLSPAN="5" STYLE="text-align: right; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">By deleting from Section 1., Definitions, the definition of <B>Customer </B>in its entirety, and substituting</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="text-indent: 0pt; text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">the following:</FONT></TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="7">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: right; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">d.</FONT></TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="text-align: right; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Customer </B>means an individual, corporate, partnership, trust customer, shareholder or</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="text-align: right; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">subscriber of an Investment Company which has a written agreement with the ASSURED</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="text-indent: 0pt; text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">for <B>Voice Initiated Funds Transfer Instruction </B>or <B>Telefacsimile </B>Instruction.</FONT></TD></TR>
</TABLE>
<P STYLE="margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="text-align: left; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE BORDER="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif">
<TR>
    <TD STYLE="width: 63%">&nbsp;</TD>
    <TD STYLE="width: 37%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">ICAP Bond</FONT></TD>
    <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Form 17-02-2367 (Rev. 10-03)</FONT></TD>
    <TD STYLE="text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Page 1</FONT></TD></TR>
</TABLE>
<P STYLE="margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

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<P STYLE="text-indent: 0.5in; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: left; margin-top: 0pt; margin-bottom: 0pt"><A NAME="page_36"></A>&nbsp;</P>

<TABLE BORDER="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif">
<TR>
    <TD STYLE="width: 4%">&nbsp;</TD>
    <TD STYLE="width: 3%">&nbsp;</TD>
    <TD STYLE="width: 8%">&nbsp;</TD>
    <TD STYLE="width: 85%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: right; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">3</FONT></TD>
    <TD STYLE="text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">.</FONT></TD>
    <TD COLSPAN="2" STYLE="text-indent: 0.01pt; text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">By adding to Section 1., Definitions, the following:</FONT></TD></TR>
<TR>
    <TD COLSPAN="4">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-indent: 0pt; text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">bb.</FONT></TD>
    <TD STYLE="text-indent: 0pt; text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Telefacsimile </B>means a system of transmitting written documents by electronic signals</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-indent: 0pt; text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">over telephone lines to equipment maintained by the ASSURED for the purpose of</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-indent: 0pt; text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">reproducing a copy of said document. <B>Telefacsimile </B>does not mean electronic</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">communication sent by Telex or similar means of communication, or through an</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="4" STYLE="font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">electronic communication system or through an automated clearing house.</FONT></TD></TR>
<TR>
    <TD COLSPAN="4">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: right; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">4</FONT></TD>
    <TD STYLE="text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">.</FONT></TD>
    <TD COLSPAN="2" STYLE="text-indent: 0.01pt; text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">By adding to Section 3., Specific Exclusions Applicable to All Insuring Clauses Except Insuring</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Clause 1. the following:</FONT></TD></TR>
<TR>
    <TD COLSPAN="4">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-indent: 0pt; text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">j.</FONT></TD>
    <TD STYLE="text-indent: 0.05pt; text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">loss resulting directly or indirectly from <B>Telefacsimile </B>instructions provided, however, this</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-indent: 0pt; text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">exclusion shall not apply to this INSURING CLAUSE.</FONT></TD></TR>
<TR>
    <TD COLSPAN="4">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="4">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="4">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="4">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="4" STYLE="text-indent: 0pt; text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">This Endorsement applies to loss discovered after 12:01 a.m. on December 31, 2013.</FONT></TD></TR>
<TR>
    <TD COLSPAN="4">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="4">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="4" STYLE="text-indent: 0pt; text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">ALL OTHER TERMS AND CONDITIONS OF THIS BOND REMAIN UNCHANGED.</FONT></TD></TR>
</TABLE>
<P STYLE="margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">Date: January 14, 2014</P>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="width: 4%; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>By</B></FONT></TD>
    <TD STYLE="width: 46%; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B><U>/s/ Paul N. Morrissette</U></B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Authorized Representative</B></FONT></TD></TR>
</TABLE>
<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt"></P>

<P STYLE="text-align: left; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE BORDER="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif">
<TR>
    <TD STYLE="width: 63%">&nbsp;</TD>
    <TD STYLE="width: 37%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">ICAP Bond</FONT></TD>
    <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Form 17-02-2367 (Rev. 10-03)</FONT></TD>
    <TD STYLE="text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Page 2</FONT></TD></TR>
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    <TD COLSPAN="2" STYLE="text-indent: 194.7pt; text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>FEDERAL INSURANCE COMPANY</B></FONT></TD></TR>
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    <TD STYLE="text-indent: 194.7pt; text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Endorsement No.:</FONT></TD>
    <TD STYLE="text-align: right; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">6</FONT></TD></TR>
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    <TD STYLE="text-indent: 194.7pt; text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Bond Number:</FONT></TD>
    <TD STYLE="text-align: right; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">81906724</FONT></TD></TR>
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    <TD COLSPAN="8" STYLE="border-bottom: #000000 1px solid; text-indent: 0pt; text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">NAME OF ASSURED: JOHN HANCOCK FUNDS</FONT></TD>
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    <TD COLSPAN="9" STYLE="font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>STOP PAYMENT ORDER OR REFUSAL TO PAY CHECK ENDORSEMENT</B></FONT></TD></TR>
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    <TD COLSPAN="8" STYLE="text-indent: 0pt; text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">It is agreed that this Bond is amended as follows:</FONT></TD>
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    <TD STYLE="text-align: right; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">1</FONT></TD>
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    <TD COLSPAN="5" STYLE="text-indent: 0.01pt; text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">By adding the following INSURING CLAUSE:</FONT></TD>
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    <TD STYLE="text-align: right; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">15</FONT></TD>
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    <TD COLSPAN="3" STYLE="text-indent: 0pt; text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Stop Payment Order or Refusal to Pay Check</FONT></TD>
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    <TD COLSPAN="4" STYLE="text-align: right; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Loss resulting directly from the ASSURED being legally liable to pay compensatory damages</FONT></TD></TR>
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    <TD STYLE="text-align: right; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">for:</FONT></TD>
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    <TD STYLE="text-align: right; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">a.</FONT></TD>
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    <TD COLSPAN="2" STYLE="text-indent: 9.31pt; text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">complying or failing to comply with notice from any customer of the ASSURED or any</FONT></TD></TR>
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    <TD COLSPAN="2" STYLE="text-indent: 9.29pt; text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">authorized representative of such customer, to stop payment on any check or draft made or</FONT></TD></TR>
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    <TD COLSPAN="2" STYLE="text-indent: 9.29pt; text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">drawn upon or against the ASSURED by such customer or by any authorized</FONT></TD></TR>
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    <TD STYLE="text-indent: 9.29pt; text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">representative of such customer, or</FONT></TD>
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    <TD STYLE="text-align: right; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">b.</FONT></TD>
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    <TD COLSPAN="2" STYLE="text-indent: 9.32pt; text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">refusing to pay any check or draft made or drawn upon or against the ASSURED by any</FONT></TD></TR>
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    <TD COLSPAN="2" STYLE="text-indent: 9.29pt; text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">customer of the ASSURED or by any authorized representative of such customer.&rdquo;</FONT></TD></TR>
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    <TD STYLE="text-align: right; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">2</FONT></TD>
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    <TD COLSPAN="5" STYLE="text-indent: 0.01pt; text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">By adding the following Specific Exclusion:</FONT></TD>
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    <TD COLSPAN="5" STYLE="text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&ldquo;Section 4.A. Specific Exclusions &ndash; Applicable to INSURING CLAUSE 15</FONT></TD>
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    <TD COLSPAN="5" STYLE="text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>This Bond does not directly or indirectly cover:</B></FONT></TD>
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    <TD STYLE="text-align: right; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">a.</FONT></TD>
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    <TD COLSPAN="4" STYLE="text-align: right; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">liability assumed by the ASSURED by agreement under any contract, unless such liability would</FONT></TD></TR>
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    <TD COLSPAN="4" STYLE="text-align: right; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">have attached to the ASSURED even in the absence of such agreement,</FONT></TD></TR>
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    <TD STYLE="text-align: right; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">b.</FONT></TD>
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    <TD COLSPAN="3" STYLE="text-indent: 0.02pt; text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">loss arising out of:</FONT></TD>
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    <TD STYLE="text-align: right; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(1</FONT></TD>
    <TD STYLE="text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">)</FONT></TD>
    <TD COLSPAN="2" STYLE="text-indent: 9.24pt; text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">libel, slander, wrongful entry, eviction, defamation, false arrest, false imprisonment,</FONT></TD></TR>
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    <TD STYLE="text-indent: 9.29pt; text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">malicious prosecution, assault or battery,</FONT></TD>
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    <TD STYLE="text-align: right; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(2</FONT></TD>
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    <TD COLSPAN="2" STYLE="text-indent: 9.27pt; text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">sickness, disease, physical bodily harm, mental or emotional distress or anguish, or death of</FONT></TD></TR>
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    <TD STYLE="text-indent: 9.29pt; text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">any person, or</FONT></TD>
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    <TD STYLE="text-align: right; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(3</FONT></TD>
    <TD STYLE="text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">)</FONT></TD>
    <TD STYLE="text-indent: 9.26pt; text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">discrimination.&rdquo;</FONT></TD>
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    <TD COLSPAN="9" STYLE="text-align: right; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">This Endorsement applies to loss discovered after 12:01 a.m. on December 31, 2013.</FONT></TD></TR>
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    <TD COLSPAN="9" STYLE="text-align: right; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">ALL OTHER TERMS AND CONDITIONS OF THIS BOND REMAIN UNCHANGED.</FONT></TD></TR>
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<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">Date: January 14, 2014</P>

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    <TD STYLE="width: 4%; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>By</B></FONT></TD>
    <TD STYLE="width: 46%; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B><U>/s/ Paul N. Morrissette</U></B></FONT></TD></TR>
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    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Authorized Representative</B></FONT></TD></TR>
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<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">ICAP Bond</P>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">Form 17-02-2365 (Ed.
10-00)</P>

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    <TD COLSPAN="2" STYLE="text-indent: 169.24pt; text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>FEDERAL INSURANCE COMPANY</B></FONT></TD></TR>
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    <TD COLSPAN="2" STYLE="text-indent: 169.24pt; text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Endorsement No.: 7</FONT></TD></TR>
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    <TD STYLE="text-indent: 169.24pt; text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Bond Number:</FONT></TD>
    <TD STYLE="text-align: right; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">81906724</FONT></TD></TR>
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    <TD COLSPAN="5" STYLE="border-bottom: #000000 1px solid; text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">NAME OF ASSURED: JOHN HANCOCK FUNDS</FONT></TD>
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    <TD COLSPAN="6" STYLE="font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>EXTENDED COMPUTER SYSTEMS ENDORSEMENT</B></FONT></TD></TR>
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    <TD COLSPAN="6">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="5" STYLE="text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">It is agreed that this Bond is amended as follows:</FONT></TD>
    <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="6">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: right; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">1</FONT></TD>
    <TD STYLE="text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">.</FONT></TD>
    <TD COLSPAN="3" STYLE="text-indent: 0.01pt; text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">By adding the following INSURING CLAUSE:</FONT></TD>
    <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="6">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">16. Extended Computer Systems</FONT></TD>
    <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="text-indent: 25.2pt; text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">A. Electronic Data, Electronic Media, Electronic Instruction</FONT></TD>
    <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="text-indent: 50.4pt; text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Loss resulting directly from:</FONT></TD>
    <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="6">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: right; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(1</FONT></TD>
    <TD STYLE="text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">)</FONT></TD>
    <TD COLSPAN="2" STYLE="text-indent: 0pt; text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">the fraudulent modification of <B>Electronic Data, Electronic Media </B>or <B>Electronic</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-indent: 0.04pt; text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Instruction </B>being stored within or being run within any system covered under this</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-indent: 0.04pt; text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">INSURING CLAUSE,</FONT></TD>
    <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="6">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: right; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(2</FONT></TD>
    <TD STYLE="text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">)</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">robbery, burglary, larceny or theft of <B>Electronic Data, Electronic Media </B>or</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-indent: 0.04pt; text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Electronic Instructions</B>,</FONT></TD>
    <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="6">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: right; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(3</FONT></TD>
    <TD STYLE="text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">)</FONT></TD>
    <TD COLSPAN="2" STYLE="text-indent: 0.01pt; text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">the acts of a hacker causing damage or destruction of <B>Electronic Data,</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-indent: 0.04pt; text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Electronic Media </B>or <B>Electronic Instruction </B>owned by the ASSURED or for which</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-indent: 0.04pt; text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">the ASSURED is legally liable, while stored within a <B>Computer System </B>covered</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-indent: 0.04pt; text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">under this INSURING CLAUSE, or</FONT></TD>
    <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="6">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: right; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(4</FONT></TD>
    <TD STYLE="text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">)</FONT></TD>
    <TD COLSPAN="2" STYLE="text-indent: 0.01pt; text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">the damage or destruction of <B>Electronic Data, Electronic Media </B>or <B>Electronic</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-indent: 0.04pt; text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Instruction </B>owned by the ASSURED or for which the ASSURED is legally liable</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-indent: 0.04pt; text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">while stored within a <B>Computer System </B>covered under INSURING CLAUSE 8,</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-indent: 0.04pt; text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">provided such damage or destruction was caused by a computer program or</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-indent: 0.04pt; text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">similar instruction which was written or altered to intentionally incorporate a hidden</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-indent: 0.04pt; text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">instruction designed to damage or destroy <B>Electronic Data, Electronic Media</B>, or</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-indent: 0.04pt; text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Electronic Instruction </B>in the <B>Computer System </B>in which the computer program</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-indent: 0.04pt; text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">or instruction so written or so altered is used.</FONT></TD>
    <TD STYLE="text-align: left">&nbsp;</TD></TR>
</TABLE>
<P STYLE="margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="text-align: left; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE BORDER="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif">
<TR>
    <TD STYLE="width: 61%">&nbsp;</TD>
    <TD STYLE="width: 39%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">ICAP2 Bond</FONT></TD>
    <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Form 17-02-2976 (Ed. 1-02)</FONT></TD>
    <TD STYLE="text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Page 1</FONT></TD></TR>
</TABLE>
<P STYLE="margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<HR ALIGN="CENTER" SIZE="2" NOSHADE STYLE="width: 100%">


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    <DIV STYLE="page-break-before: always; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
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<P STYLE="text-indent: 0.5in; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: left; margin-top: 0pt; margin-bottom: 0pt"><A NAME="page_39"></A>&nbsp;</P>

<TABLE BORDER="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif">
<TR>
    <TD STYLE="width: 4%">&nbsp;</TD>
    <TD STYLE="width: 6%">&nbsp;</TD>
    <TD STYLE="width: 90%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">B.</FONT></TD>
    <TD COLSPAN="2" STYLE="text-indent: 0.05pt; text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Electronic Communication</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Loss resulting directly from the ASSURED having transferred, paid or delivered any</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">funds or property, established any credit, debited any account or given any value on the</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">faith of any electronic communications directed to the ASSURED, which were</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">transmitted or appear to have been transmitted through:</FONT></TD></TR>
<TR>
    <TD COLSPAN="3">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(1)</FONT></TD>
    <TD STYLE="text-indent: 0.03pt; text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">an <B>Electronic Communication System</B>,</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-indent: 0pt; text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(2)</FONT></TD>
    <TD STYLE="text-indent: 0.01pt; text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">an automated clearing house or custodian, or</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-indent: 0pt; text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(3)</FONT></TD>
    <TD STYLE="text-indent: 0pt; text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">a Telex, TWX, or similar means of communication,</FONT></TD></TR>
<TR>
    <TD COLSPAN="3">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-indent: 0pt; text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">directly into the ASSURED'S <B>Computer System </B>or <B>Communication Terminal</B>, and</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-indent: 0pt; text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">fraudulently purport to have been sent by a customer, automated clearing house,</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-indent: 0pt; text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">custodian, or financial institution, but which communications were either not sent by said</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-indent: 0pt; text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">customer, automated clearing house, custodian, or financial institution, or were</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-indent: 0pt; text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">fraudulently modified during physical transit of <B>Electronic Media </B>to the ASSURED or</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-indent: 0pt; text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">during electronic transmission to the ASSURED'S <B>Computer System </B>or</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-indent: 0pt; text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Communication Terminal</B>.</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-indent: 0pt; text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">C.</FONT></TD>
    <TD COLSPAN="2" STYLE="text-indent: 0.01pt; text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Electronic Transmission</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-indent: 0pt; text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Loss resulting directly from a customer of the ASSURED, any automated clearing house,</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-indent: 0pt; text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">custodian, or financial institution having transferred, paid or delivered any funds or property,</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-indent: 0pt; text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">established any credit, debited any account or given any value on the faith of any electronic</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-indent: 0pt; text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">communications, purporting to have been directed by the ASSURED to such customer,</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-indent: 0pt; text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">automated clearing house, custodian, or financial institution initiating, authorizing, or</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-indent: 0pt; text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">acknowledging, the transfer, payment, delivery or receipt of funds or property, which</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-indent: 0pt; text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">communications were transmitted through:</FONT></TD></TR>
<TR>
    <TD COLSPAN="3">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-indent: 0pt; text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(1)</FONT></TD>
    <TD STYLE="text-indent: 0.04pt; text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">an <B>Electronic Communication System</B>,</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-indent: 0pt; text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(2)</FONT></TD>
    <TD STYLE="text-indent: 0.01pt; text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">an automated clearing house or custodian, or</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-indent: 0pt; text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(3)</FONT></TD>
    <TD STYLE="text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">a Telex, TWX, or similar means of communication,</FONT></TD></TR>
<TR>
    <TD COLSPAN="3">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-indent: 0pt; text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">directly into a <B>Computer System </B>or <B>Communication Terminal </B>of said customer,</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-indent: 0pt; text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">automated clearing house, custodian, or financial institution, and fraudulently purport to</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-indent: 0pt; text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">have been directed by the ASSURED, but which communications were either not sent</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-indent: 0pt; text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">by the ASSURED, or were fraudulently modified during physical transit of <B>Electronic</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-indent: 0pt; text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Media </B>from the ASSURED or during electronic transmission from the ASSURED'S</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-indent: 0pt; text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Computer System </B>or <B>Communication Terminal</B>, and for which loss the ASSURED is</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-indent: 0pt; text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">held to be legally liable.</FONT></TD></TR>
</TABLE>
<P STYLE="margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="text-align: left; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE BORDER="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif">
<TR>
    <TD STYLE="width: 61%">&nbsp;</TD>
    <TD STYLE="width: 39%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">ICAP2 Bond</FONT></TD>
    <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Form 17-02-2976 (Ed. 1-02)</FONT></TD>
    <TD STYLE="text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Page 2</FONT></TD></TR>
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<P STYLE="text-align: left; margin-top: 0pt; margin-bottom: 0pt"><A NAME="page_40"></A>&nbsp;</P>

<TABLE BORDER="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif">
<TR>
    <TD STYLE="width: 3%">&nbsp;</TD>
    <TD STYLE="width: 3%">&nbsp;</TD>
    <TD STYLE="width: 5%">&nbsp;</TD>
    <TD STYLE="width: 5%">&nbsp;</TD>
    <TD STYLE="width: 84%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: right; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">2</FONT></TD>
    <TD STYLE="text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">.</FONT></TD>
    <TD COLSPAN="3" STYLE="text-indent: 0.01pt; text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">By adding to Section 1., Definitions, the following:</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-indent: 0pt; text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">cc.</FONT></TD>
    <TD COLSPAN="2" STYLE="text-indent: 0pt; text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Communication Terminal </B>means a teletype, teleprinter or video display terminal, or similar</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-indent: 0pt; text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">device capable of sending or receiving information electronically. <B>Communication Terminal</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-indent: 0pt; text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">does not mean a telephone.</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-indent: 0pt; text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">dd.</FONT></TD>
    <TD COLSPAN="2" STYLE="text-indent: 0pt; text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Electronic Communication System </B>means electronic communication operations by</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-indent: 0pt; text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Fedwire, Clearing House Interbank Payment System (CHIPS), Society of Worldwide</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-indent: 0pt; text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">International Financial Telecommunication (SWIFT), similar automated interbank</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-indent: 0pt; text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">communication systems, and Internet access facilities.</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-indent: 0pt; text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">ee.</FONT></TD>
    <TD COLSPAN="2" STYLE="text-indent: 0pt; text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Electronic Data </B>means facts or information converted to a form usable in <B>Computer</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="5" STYLE="font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Systems </B>and which is stored on <B>Electronic Media </B>for use by computer programs.</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-indent: 0pt; text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">ff.</FONT></TD>
    <TD COLSPAN="2" STYLE="text-indent: 0pt; text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Electronic Instruction </B>means computer programs converted to a form usable in a <B>Computer</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-indent: 0pt; text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>System </B>to act upon <B>Electronic Data</B>.</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-indent: 0pt; text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">gg.</FONT></TD>
    <TD COLSPAN="2" STYLE="text-indent: 0pt; text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Electronic Media </B>means the magnetic tape, magnetic disk, optical disk, or any other bulk</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-indent: 0pt; text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">media on which data is recorded.</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: right; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">3</FONT></TD>
    <TD STYLE="text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">.</FONT></TD>
    <TD COLSPAN="3" STYLE="text-align: right; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">By adding the following Section after Section 4., Specific Exclusions-Applicable to All INSURING</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="text-indent: 0pt; text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">CLAUSES except 1., 4., and 5.:</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="text-indent: 0pt; text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Section 4.A. Specific Exclusions-Applicable to INSURING CLAUSE 16</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="text-indent: 0pt; text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>This Bond does not directly or indirectly cover:</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-indent: 0pt; text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">a.</FONT></TD>
    <TD COLSPAN="2" STYLE="text-indent: 0.03pt; text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">loss resulting directly or indirectly from <B>Forged</B>, altered or fraudulent negotiable instruments,</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-indent: 0pt; text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">securities, documents or written instruments used as source documentation in the preparation</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-indent: 0pt; text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">of <B>Electronic Data</B>;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-indent: 0pt; text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">b.</FONT></TD>
    <TD COLSPAN="2" STYLE="text-indent: 0.02pt; text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">loss of negotiable instruments, securities, documents or written instruments except as</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-indent: 0pt; text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">converted to <B>Electronic Data </B>and then only in that converted form;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-indent: 0pt; text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">c.</FONT></TD>
    <TD COLSPAN="2" STYLE="text-indent: 0pt; text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">loss resulting from mechanical failure, faulty construction, error in design, latent defect, wear</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-indent: 0pt; text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">or tear, gradual deterioration, electrical disturbance, <B>Electronic Media </B>failure or breakdown or</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-indent: 0pt; text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">any malfunction or error in programming or error or omission in processing;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-indent: 0pt; text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">d.</FONT></TD>
    <TD COLSPAN="2" STYLE="text-indent: 0.03pt; text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">loss resulting directly or indirectly from the input of <B>Electronic Data </B>at an authorized</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">electronic terminal of an <B>Electronic Funds Transfer System </B>or a <B>Customer</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Communication System </B>by a person who had authorized access from a customer to that</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">customer's authentication mechanism; or</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">e.</FONT></TD>
    <TD COLSPAN="2" STYLE="text-indent: 0pt; text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">liability assumed by the ASSURED by agreement under any contract, unless such liability would</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">have attached to the ASSURED even in the absence of such agreement; or</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">f.</FONT></TD>
    <TD COLSPAN="2" STYLE="text-indent: 0.05pt; text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">loss resulting directly or indirectly from:</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(1)</FONT></TD>
    <TD STYLE="text-align: right; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">written instruction unless covered under this INSURING CLAUSE; or</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(2)</FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">instruction by voice over the telephone, unless covered under this INSURING CLAUSE.</FONT></TD></TR>
</TABLE>
<P STYLE="margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="text-align: left; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE BORDER="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif">
<TR>
    <TD STYLE="width: 61%">&nbsp;</TD>
    <TD STYLE="width: 39%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">ICAP2 Bond</FONT></TD>
    <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Form 17-02-2976 (Ed. 1-02)</FONT></TD>
    <TD STYLE="text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Page 3</FONT></TD></TR>
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<P STYLE="text-align: left; margin-top: 0pt; margin-bottom: 0pt"><A NAME="page_41"></A>&nbsp;</P>

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<TR>
    <TD STYLE="width: 3%">&nbsp;</TD>
    <TD STYLE="width: 3%">&nbsp;</TD>
    <TD STYLE="width: 94%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: right; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">4</FONT></TD>
    <TD STYLE="text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">.</FONT></TD>
    <TD STYLE="text-indent: 0pt; text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">By adding to Section 9., Valuation, the following:</FONT></TD></TR>
<TR>
    <TD COLSPAN="3">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-indent: 0pt; text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Electronic Data, Electronic Media, Or Electronic Instruction</FONT></TD></TR>
<TR>
    <TD COLSPAN="3">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-indent: 0pt; text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">In case of loss of, or damage to, <B>Electronic Data, Electronic Media </B>or <B>Electronic Instruction </B>used by</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">the ASSURED in its business, the COMPANY shall be liable under this Bond only if such items are</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">actually reproduced form other <B>Electronic Data, Electronic Media </B>or <B>Electronic Instruction </B>of the</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">same kind or quality and then for not more than the cost of the blank media and/or the cost of labor for</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">the actual transcription or copying of data which shall have been furnished by the ASSURED in order to</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">reproduce such <B>Electronic Data, Electronic Media </B>or <B>Electronic Instruction </B>subject to the applicable</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">SINGLE LOSS LIMIT OF LIABILITY.</FONT></TD></TR>
<TR>
    <TD COLSPAN="3">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">However, if such <B>Electronic Data </B>can not be reproduced and said <B>Electronic Data </B>represents</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-indent: 0pt; text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Securities </B>or financial instruments having a value, then the loss will be valued as indicated in the</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-indent: 0pt; text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">SECURITIES and OTHER PROPERTY paragraphs of this Section.</FONT></TD></TR>
<TR>
    <TD COLSPAN="3">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="3">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="3">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="3">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">This Endorsement applies to loss discovered after 12:01 a.m. on December 31, 2013.</FONT></TD></TR>
<TR>
    <TD COLSPAN="3">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="3">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">ALL OTHER TERMS AND CONDITIONS OF THIS BOND REMAIN UNCHANGED.</FONT></TD></TR>
</TABLE>
<P STYLE="margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">Date: January 14, 2014</P>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="width: 4%; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>By</B></FONT></TD>
    <TD STYLE="width: 46%; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B><U>/s/ Paul N. Morrissette</U></B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Authorized Representative</B></FONT></TD></TR>
</TABLE>
<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt"></P>

<P STYLE="text-align: left; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE BORDER="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif">
<TR>
    <TD STYLE="width: 61%">&nbsp;</TD>
    <TD STYLE="width: 39%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">ICAP2 Bond</FONT></TD>
    <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Form 17-02-2976 (Ed. 1-02)</FONT></TD>
    <TD STYLE="text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Page 4</FONT></TD></TR>
</TABLE>
<P STYLE="margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<HR ALIGN="CENTER" SIZE="2" NOSHADE STYLE="width: 100%">


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    <DIV STYLE="page-break-before: always; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
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<P STYLE="text-indent: 0.5in; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: left; margin-top: 0pt; margin-bottom: 0pt"><A NAME="page_42"></A>&nbsp;</P>

<TABLE BORDER="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif">
<TR>
    <TD STYLE="width: 32%">&nbsp;</TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 13%">&nbsp;</TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 23%">&nbsp;</TD>
    <TD STYLE="width: 28%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: right; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>ENDORSEMENT/RIDER</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-indent: 0pt; text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Effective date of</FONT></TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="text-indent: 0pt; text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">this endorsement/rider: December 31, 2013</FONT></TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>FEDERAL INSURANCE COMPANY</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-indent: 0pt; text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Endorsement/Rider No.</FONT></TD>
    <TD STYLE="text-align: right; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">8</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-indent: 0pt; text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">To be attached to and</FONT></TD>
    <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-indent: 0pt; text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">form a part of Bond No.</FONT></TD>
    <TD STYLE="text-align: right; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">81906724</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="border-bottom: #000000 1px solid; text-indent: 0pt; text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Issued to: JOHN HANCOCK FUNDS</FONT></TD>
    <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="6">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="6">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="6" STYLE="font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">AUTOMATIC INCREASE IN LIMITS ENDORSEMENT</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="6" STYLE="text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">In consideration of the premium charged, it is agreed that General Agreements, Section C., Additional Offices</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="6" STYLE="text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">or Employees-Consolidation, Merger or Purchase or Acquisition of Assets or Liabilities-Notice to Company, is</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">amended by adding the following:</FONT></TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="6" STYLE="text-indent: 25.2pt; text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">If the ASSURED, while this Bond is in force, establish new funds other than by consolidation or merger</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="6" STYLE="text-indent: 25.2pt; text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">with, purchase or acquisition of assets or liabilities of, another institution, such funds shall automatically</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="5" STYLE="text-indent: 25.2pt; text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">be covered hereunder from the date of establishment.</FONT></TD>
    <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="6" STYLE="text-indent: 25.2pt; text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">If the ASSURED, while this Bond is in force, require an increase in limits to comply with SEC Reg. 17g-</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="6" STYLE="text-indent: 25.2pt; text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">1, due to an increase in assets, such increase shall automatically be covered hereunder from the date</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="6" STYLE="text-indent: 25.2pt; text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">of such increase, but only as excess coverage. Such excess coverage shall not exceed five million</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="6" STYLE="text-indent: 25.2pt; text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">dollars ($5,000,000) in additional limits and shall be excess of this Bond and of the following excess</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-indent: 25.2pt; text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Bond:</FONT></TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-indent: 50.4pt; text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Carrier:</FONT></TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">ICI Mutual Insurance Company</FONT></TD>
    <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-indent: 50.4pt; text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Bond Number</FONT></TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">87142113</FONT></TD>
    <TD STYLE="text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">B</FONT></TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-indent: 50.4pt; text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Limits of Liability:</FONT></TD>
    <TD STYLE="text-align: right; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">$</FONT></TD>
    <TD STYLE="text-align: right; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">15,000,000</FONT></TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-indent: 50.4pt; text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Bond Period:</FONT></TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">December 31, 2013 to December 31, 2014</FONT></TD>
    <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="6">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="6" STYLE="text-indent: 0pt; text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">The title and any headings in this endorsement/rider are solely for convenience and form no part of the terms</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-indent: 0pt; text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">and conditions of coverage.</FONT></TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="6">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="6" STYLE="text-indent: 0pt; text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">All other terms, conditions and limitations of this Bond shall remain unchanged.</FONT></TD></TR>
</TABLE>
<P STYLE="margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="margin: 0pt 0; text-indent: 0.5in"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="width: 4%; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>By</B></FONT></TD>
    <TD STYLE="width: 46%; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B><U>/s/ Paul N. Morrissette</U></B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Authorized Representative</B></FONT></TD></TR>
</TABLE>
<P STYLE="margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt"></P>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">Q07-1972(08/2007)</P>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">Page 1</P>

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<P STYLE="text-align: left; margin-top: 0pt; margin-bottom: 0pt"><A NAME="page_43"></A>&nbsp;</P>

<TABLE BORDER="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif">
<TR>
    <TD STYLE="width: 43%">&nbsp;</TD>
    <TD STYLE="width: 57%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-indent: 143.15pt; text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>ENDORSEMENT/RIDER</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Effective date of</FONT></TD>
    <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">this endorsement/rider: December 31, 2013</FONT></TD>
    <TD STYLE="text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>FEDERAL INSURANCE COMPANY</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-indent: 0pt; text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Endorsement/Rider No. 9</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-indent: 0pt; text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">To be attached to and</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-indent: 0pt; text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">form a part of Bond No. 81906724</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #000000 1px solid; text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Issued to: JOHN HANCOCK FUNDS</FONT></TD>
    <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="2">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">AMEND DEFINITION OF EMPLOYEE ENDORSEMENT</FONT></TD></TR>
<TR>
    <TD COLSPAN="2">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="text-indent: 0pt; text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">In consideration of the premium charged, it is agreed that Section 1., Definitions, the term <B>Employee </B>is</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-indent: 0pt; text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">amended to include the following:</FONT></TD>
    <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="text-indent: 50.39pt; text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Any natural person while in the service of the ASSURED solely while performing sub-advisory</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="text-indent: 50.39pt; text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">services for the ASSURED pursuant to a written contract.</FONT></TD></TR>
<TR>
    <TD COLSPAN="2">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="2">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="text-indent: 0pt; text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">The title and any headings in this endorsement/rider are solely for convenience and form no part of the terms</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-indent: 0pt; text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">and conditions of coverage.</FONT></TD>
    <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="text-indent: 0pt; text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">All other terms, conditions and limitations of this Bond shall remain unchanged.</FONT></TD></TR>
</TABLE>
<P STYLE="margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="margin: 0pt 0; text-indent: 0.5in"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="width: 4%; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>By</B></FONT></TD>
    <TD STYLE="width: 46%; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B><U>/s/ Paul N. Morrissette</U></B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Authorized Representative</B></FONT></TD></TR>
</TABLE>
<P STYLE="margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt"></P>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">Q07-1957 (08/2007)</P>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">Page 1</P>

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<P STYLE="text-indent: 0.5in; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: left; margin-top: 0pt; margin-bottom: 0pt"><A NAME="page_44"></A>&nbsp;</P>

<TABLE BORDER="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif">
<TR>
    <TD STYLE="width: 3%">&nbsp;</TD>
    <TD STYLE="width: 3%">&nbsp;</TD>
    <TD STYLE="width: 38%">&nbsp;</TD>
    <TD STYLE="width: 32%">&nbsp;</TD>
    <TD STYLE="width: 24%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: right; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>ENDORSEMENT/RIDER</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="text-indent: 0pt; text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Effective date of</FONT></TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="text-indent: 0pt; text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">this endorsement/rider: December 31, 2013</FONT></TD>
    <TD COLSPAN="2" STYLE="text-indent: 37.97pt; text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>FEDERAL INSURANCE COMPANY</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-indent: 37.97pt; text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Endorsement/Rider No.</FONT></TD>
    <TD STYLE="text-align: right; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">10</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-indent: 37.97pt; text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">To be attached to and</FONT></TD>
    <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-indent: 37.97pt; text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">form a part of Bond No.</FONT></TD>
    <TD STYLE="text-align: right; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">81906724</FONT></TD></TR>
<TR>
    <TD COLSPAN="5">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="5">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="border-bottom: #000000 1px solid; text-indent: 0pt; text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Issued to: JOHN HANCOCK FUNDS</FONT></TD>
    <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="text-indent: 2.1pt; text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">DELETING VALUATION-OTHER PROPERTY AND AMENDING CHANGE OR MODIFICATION</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="5" STYLE="font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">ENDORSEMENT</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="5" STYLE="text-align: right; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">In consideration of the premium charged, it is agreed that this Bond is amended as follows:</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: right; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">1</FONT></TD>
    <TD STYLE="text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">.</FONT></TD>
    <TD COLSPAN="3" STYLE="text-indent: 0.02pt; text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">The paragraph titled Other Property in Section 9, Valuation, is deleted in its entirety.</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: right; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">2</FONT></TD>
    <TD STYLE="text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">.</FONT></TD>
    <TD COLSPAN="3" STYLE="text-indent: 0.02pt; text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">The third paragraph in Section 16, Change or Modification, is deleted in its entirety and replaced</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">with the following:</FONT></TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">If this Bond is for a joint ASSURED, no change or modification which would adversely affect the</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">rights of the ASSURED shall be effective prior to sixty (60) days after written notice has been</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">furnished to all insured <B>Investment Companies </B>and the Securities and Exchange Commission,</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Washington, D.C., by the COMPANY.</FONT></TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="5">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="5">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="5" STYLE="text-align: right; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">The title and any headings in this endorsement/rider are solely for convenience and form no part of the</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">terms and conditions of coverage.</FONT></TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="4" STYLE="text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">All other terms, conditions and limitations of this Bond shall remain unchanged.</FONT></TD>
    <TD STYLE="text-align: left">&nbsp;</TD></TR>
</TABLE>
<P STYLE="margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="margin: 0pt 0; text-indent: 0.5in"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="width: 4%; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>By</B></FONT></TD>
    <TD STYLE="width: 46%; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B><U>/s/ Paul N. Morrissette</U></B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Authorized Representative</B></FONT></TD></TR>
</TABLE>
<P STYLE="margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt"></P>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">17-02-2437 (12/2006)
rev.</P>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">Page 1</P>

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<P STYLE="text-align: left; margin-top: 0pt; margin-bottom: 0pt"><A NAME="page_45"></A>&nbsp;</P>

<TABLE BORDER="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif">
<TR>
    <TD STYLE="width: 42%">&nbsp;</TD>
    <TD STYLE="width: 58%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-indent: 147.17pt; text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>ENDORSEMENT/RIDER</B></FONT></TD></TR>
<TR>
    <TD COLSPAN="2">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Effective date of</FONT></TD>
    <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">this endorsement/rider: December 31, 2013</FONT></TD>
    <TD STYLE="text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">FEDERAL INSURANCE COMPANY</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Endorsement/Rider No. 11</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">To be attached to and</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">form a part of Policy No. 81906724</FONT></TD></TR>
<TR>
    <TD COLSPAN="2">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #000000 1px solid; text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Issued to: JOHN HANCOCK FUNDS</FONT></TD>
    <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>COMPLIANCE WITH APPLICABLE TRADE SANCTION LAWS</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">It is agreed that this insurance does not apply to the extent that trade or economic sanctions or other similar laws or</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">regulations prohibit the coverage provided by this insurance.</FONT></TD></TR>
<TR>
    <TD COLSPAN="2">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">The title and any headings in this endorsement/rider are solely for convenience and form no part of the terms and</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">conditions of coverage.</FONT></TD>
    <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">All other terms, conditions and limitations of this Policy shall remain unchanged.</FONT></TD></TR>
</TABLE>
<P STYLE="margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="margin: 0pt 0; text-indent: 0.5in"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="width: 4%; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>By</B></FONT></TD>
    <TD STYLE="width: 46%; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B><U>/s/ Paul N. Morrissette</U></B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Authorized Representative</B></FONT></TD></TR>
</TABLE>
<P STYLE="margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt"></P>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">14-02-9228 (2/2010)</P>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">Page 1</P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
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<P STYLE="text-align: left; margin-top: 0pt; margin-bottom: 0pt"><A NAME="page_46"></A>&nbsp;</P>

<TABLE BORDER="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif">
<TR>
    <TD STYLE="width: 4%">&nbsp;</TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 38%">&nbsp;</TD>
    <TD STYLE="width: 24%">&nbsp;</TD>
    <TD STYLE="width: 32%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: right; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>ENDORSEMENT/RIDER</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="text-indent: 0pt; text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Effective date of</FONT></TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="text-indent: 0pt; text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">this endorsement/rider: December 31, 2013</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>FEDERAL INSURANCE COMPANY</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-indent: 0pt; text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Endorsement/Rider No.</FONT></TD>
    <TD STYLE="text-align: right; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">12</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-indent: 0pt; text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">To be attached to and</FONT></TD>
    <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-indent: 0pt; text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">form a part of Policy No.</FONT></TD>
    <TD STYLE="text-align: right; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">81906724</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="border-bottom: #000000 1px solid; text-indent: 0pt; text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Issued to: JOHN HANCOCK FUNDS</FONT></TD>
    <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="5">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="5">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="5" STYLE="font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">AMEND NAME OF ASSURED (NEW FUNDS) ENDORSEMENT</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="4" STYLE="text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">In consideration of the premium charged, is agreed that:</FONT></TD>
    <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: right; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">1</FONT></TD>
    <TD STYLE="text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">.</FONT></TD>
    <TD COLSPAN="3" STYLE="text-indent: 0.01pt; text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">The NAME OF ASSURED, as set forth on the DECLARATIONS of this Bond, shall include any newly</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">created, merged, consolidated or terminated registered investment company sponsored by an ASSURED</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="text-indent: 0pt; text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">or any newly created portfolio of an ASSURED. Provided, however, that this provision shall not apply to a</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="text-indent: 0pt; text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">registered investment company that is created as a result of a merger, consolidation or acquisition with</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-indent: 0pt; text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">any other registered investment company.</FONT></TD>
    <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="5">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="5" STYLE="text-align: right; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">The title and any headings in this endorsement/rider are solely for convenience and form no part of the terms and</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="text-indent: 0pt; text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">conditions of coverage.</FONT></TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="5">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="5" STYLE="text-align: right; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">All other terms, conditions and limitations of this Policy shall remain unchanged.</FONT></TD></TR>
</TABLE>
<P STYLE="margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="margin: 0pt 0; text-indent: 0.5in"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="width: 4%; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>By</B></FONT></TD>
    <TD STYLE="width: 46%; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B><U>/s/ Paul N. Morrissette</U></B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Authorized Representative</B></FONT></TD></TR>
</TABLE>
<P STYLE="margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt"></P>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">Q09-1831 (11/2009)</P>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">Page 1</P>

<HR ALIGN="CENTER" SIZE="2" NOSHADE STYLE="width: 100%">


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    <DIV STYLE="page-break-before: always; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
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<P STYLE="text-indent: 0.5in; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: left; margin-top: 0pt; margin-bottom: 0pt"><A NAME="page_47"></A>&nbsp;</P>

<TABLE BORDER="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif">
<TR>
    <TD STYLE="width: 3%">&nbsp;</TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 5%">&nbsp;</TD>
    <TD STYLE="width: 33%">&nbsp;</TD>
    <TD STYLE="width: 57%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: right; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>ENDORSEMENT/RIDER</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="4" STYLE="text-indent: 0pt; text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Effective date of</FONT></TD>
    <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="4" STYLE="text-indent: 0pt; text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">this endorsement/rider: December 31, 2013</FONT></TD>
    <TD STYLE="text-align: right; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>FEDERAL INSURANCE COMPANY</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: right; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Endorsement/Rider No. 13</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: right; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">To be attached to and</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: right; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">form a part of Bond No. 81906724</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="border-bottom: #000000 1px solid; text-indent: 0pt; text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Issued to:</FONT></TD>
    <TD STYLE="border-bottom: #000000 1px solid; text-indent: 0.03pt; text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">JOHN HANCOCK FUNDS</FONT></TD>
    <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="5">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="5">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="5" STYLE="font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">AMEND DISCOVERY AND NOTICE ENDORSEMENT</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="5" STYLE="text-align: right; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">In consideration of the premium charged, it is agreed that this Bond is amended as follows:</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: right; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(1</FONT></TD>
    <TD STYLE="text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">)</FONT></TD>
    <TD COLSPAN="3" STYLE="text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Section 6., Discovery, is deleted in its entirety and replaced it with the following:</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-indent: 0.04pt; text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Discovery</FONT></TD>
    <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="text-indent: 0.04pt; text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">This Bond applies only to loss first discovered by the President, General Counsel or Risk Manager of</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="text-indent: 0.04pt; text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">the ASSURED during the BOND PERIOD. Discovery occurs at the earlier of the President, General</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="text-indent: 0.04pt; text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Counsel or Risk Manager of the ASSURED being aware of:</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-indent: 0.04pt; text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">a.</FONT></TD>
    <TD COLSPAN="2" STYLE="text-indent: 0.02pt; text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">facts which may subsequently result in a loss of a type covered by this Bond, or</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-indent: 0.04pt; text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">b.</FONT></TD>
    <TD COLSPAN="2" STYLE="text-indent: 0.01pt; text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">an actual or potential claim in which it is alleged that the ASSURED is liable to a third party,</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="text-indent: 0.04pt; text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">regardless of when the act or acts causing or contributing to such loss occurred, even though the</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="text-indent: 0.05pt; text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">amount of loss does not exceed the applicable DEDUCTIBLE AMOUNT, or the exact amount or details</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-indent: 0.04pt; text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">of loss may not then be known.</FONT></TD>
    <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: right; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(2</FONT></TD>
    <TD STYLE="text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">)</FONT></TD>
    <TD COLSPAN="3" STYLE="text-indent: 0pt; text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Section 7., Notice to Company-Proof-Legal Proceedings Against Company, is amended by deleting</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="text-indent: 0.04pt; text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">paragraph a. and replacing it with the following:</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-indent: 0.04pt; text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">a.</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: right; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">The ASSURED shall give the COMPANY notice thereof at the earliest practicable moment, not to</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">exceed sixty (60) days after discovery of loss by President, General Counsel or Risk Manager of</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">the ASSURED, in an amount that is in excess of fifty percent (50%) of the applicable</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">DEDUCTIBLE AMOUNT, as stated in ITEM 2. of the DECLARATIONS<B>.</B></FONT></TD></TR>
<TR>
    <TD COLSPAN="5">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="5" STYLE="text-align: right; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">The title and any headings in this endorsement/rider are solely for convenience and form no part of the terms</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="4" STYLE="text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">and conditions of coverage.</FONT></TD>
    <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="5" STYLE="text-align: right; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">All other terms, conditions and limitations of this Bond shall remain unchanged.</FONT></TD></TR>
</TABLE>
<P STYLE="margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="margin: 0pt 0; text-indent: 0.5in"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="width: 4%; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>By</B></FONT></TD>
    <TD STYLE="width: 46%; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B><U>/s/ Paul N. Morrissette</U></B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Authorized Representative</B></FONT></TD></TR>
</TABLE>
<P STYLE="margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt"></P>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">14-02-14521 (08/2008)</P>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">Page 1</P>


<P STYLE="margin: 0pt">&nbsp;</P>


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<P STYLE="font: 18pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>ICI MUTUAL INSURANCE COMPANY,</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>a Risk Retention Group</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">1401 H St. NW</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Washington DC 20005</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>INVESTMENT COMPANY BLANKET BOND</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>(EXCESS)</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>


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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt; padding-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: bold 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">ICI MUTUAL INSURANCE COMPANY,</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">a Risk Retention Group</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">1401 H St. NW</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Washington, DC 20005</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">DECLARATIONS</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">NOTICE</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><B>Item 1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Name
    of Insured (the &ldquo;Insured&rdquo;)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center">Bond Number</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 32%; font: bold 10pt Times New Roman, Times, Serif; text-align: left; text-indent: 0.25in; padding-left: 45pt">John Hancock Funds</TD><TD STYLE="width: 2%; font: bold 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="width: 32%; font: bold 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="width: 2%; font: bold 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="width: 32%; font: bold 10pt Times New Roman, Times, Serif; text-align: center">87142113B</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-indent: 0.5in; padding-left: 45pt">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; text-indent: 0.25in; padding-left: 45pt; vertical-align: top">Principal Office:</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">601 Congress Street<BR> Boston, MA 02210</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-left: 45pt">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; text-indent: 0.25in; padding-left: 45pt; vertical-align: top">Mailing Address:</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">601 Congress Street <BR> Boston, MA 02210</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; text-indent: 0.25in; padding-left: 45pt; vertical-align: top">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
</TABLE>


<!-- Field: Rule-Page --><DIV ALIGN="LEFT" STYLE="margin-top: 1pt; margin-bottom: 1pt"><DIV STYLE="font-size: 1pt; border-top: Black 0.75pt solid; width: 100%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 40.5pt; text-align: justify; text-indent: -40.5pt"><B>Item
2.&#9;</B>&nbsp;&nbsp;&nbsp;&nbsp;Bond Period: from 12:01 a.m. on <U>December 31, 2013</U> to 12:01 a.m. on <U>December 31, 2014</U>, or the earlier effective
date of the termination of this Bond, standard time at the Principal Office as to each of said dates.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; border-top: Black 0.75pt solid"><BR>
<B>Item
3.</B> Limit of Liability&mdash;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="vertical-align: bottom; width: 65%; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">&#9;</FONT></TD>
    <TD STYLE="width: 19%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt"><B>LIMIT OF LIABILITY</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 16%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt"><B>DEDUCTIBLE AMOUNT <FONT STYLE="font-family: Times New Roman, Times, Serif"><SUP>1</SUP></FONT></B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">EMPLOYEE </FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">$15,000,000</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">$15,000,000</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">PREMISES</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">$15,000,000</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">$15,000,000</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">TRANSIT </FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">$15,000,000</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">$15,000,000</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">FORGERY OR ALTERATION</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">$15,000,000</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">$15,000,000</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">EXTENDED FORGERY</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">$15,000,000</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">$15,000,000</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">COUNTERFEIT CURRENCY</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">$15,000,000</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">$15,000,000</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">COMPUTER SYSTEM</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">$15,000,000</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">$15,000,000</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">VOICE-INITIATED TRANSFER INSTRUCTIONS</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">$15,000,000</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">$15,000,000</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">AUTOMATIC TELEPHONE TRANSACTIONS</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">$15,000,000</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">$15,000,000</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">TELEFACSIMILE INSTRUCTIONS</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">$15,000,000</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">$15,000,000</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">THREATS TO PERSONS </FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">$15,000,000</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">$15,000,000</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">UNCOLLECTIBLE ITEMS OF DEPOSIT</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">$15,000,000</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">$15,000,000</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><SUP>1</SUP>&#9;Plus the applicable deductible
of the Primary Bond</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; border-top: Black 0.75pt solid; text-align: justify; border-bottom: Black 0.75pt solid"><B>Item</B>
<B>4. </B>PRIMARY BOND&mdash;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; border-top: Black 0.75pt solid; text-align: justify; border-bottom: Black 0.75pt solid">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal
Insurance Company</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 4.5pt; text-align: justify; text-indent: -4.5pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bond No.
81906724</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; border-top: Black 0.75pt solid; border-bottom: Black 0.75pt solid"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 40.5pt"></TD><TD STYLE="text-align: justify">&nbsp;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 40.5pt; text-align: justify; text-indent: -40.5pt"><B>Item
5.</B> &nbsp;&nbsp;&nbsp;The liability of ICI Mutual Insurance Company, a Risk Retention Group (the &ldquo;Underwriter&rdquo;) is subject to the
terms of the following Riders attached hereto:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40.5pt">Riders 1</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40.5pt; border-bottom: Black 2.25pt double">and
of all Riders applicable to this Bond issued during the Bond Period.<U> </U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 4.5pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&#9;By: ________<U>/S/ Maggie
Sullivan</U>________________</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt">Authorized Representative</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: left; margin-bottom: 0pt">Excess Bond (06/12)</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">NOTICE</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">ICI Mutual Insurance Company, a Risk Retention
Group (&ldquo;Underwriter&rdquo;), 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 <B>Primary Bond</B> but for the fact that the loss exceeds the limit of liability of such Primary
Bond.<B> </B>Coverage under this bond shall follow the terms and conditions of the <B>Primary Bond,</B> except with respect to:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">a.</TD><TD STYLE="text-align: justify">Any coverage exceptions specified by riders attached to this bond;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">b.</TD><TD STYLE="text-align: justify">The deductible amounts and limits of liability as stated in ITEM 3. of the Declarations; and</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left">c.</TD><TD STYLE="text-align: justify">The General Agreements, Provisions, Conditions and
Limitations set forth herein.</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>GENERAL AGREEMENTS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 27pt"><B>A.</B></TD><TD STYLE="text-align: justify"><B>CHANGE OR MODIFICATION OF PRIMARY BOND</B></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 27pt; text-align: justify">If after the inception date of
this bond the <B>Primary Bond</B> 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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 27pt; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 27pt"><B>B.</B></TD><TD STYLE="text-align: justify"><B>LOSS--NOTICE--PROOF--LEGAL PROCEEDINGS</B></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 27pt; text-align: justify">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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 27pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 27pt; text-align: justify">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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 27pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 27pt; text-align: justify">The Insured shall not bring legal
proceedings against the Underwriter to recover any loss hereunder prior to sixty (60) days after filing such proof of loss or subsequent
to twenty-four (24) months after the discovery of such loss or, in the case of a legal proceeding to recover hereunder on account
of</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 27pt; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 27pt; text-align: justify">any judgment against the Insured in or settlement of any suit or to recover court costs or attorneys' fees paid in any such
suit, twenty-four (24) months after the date of the final judgment in or settlement of 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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 27pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 27pt; text-align: justify">Notice hereunder shall be given
to Manager, Professional Liability Claims, ICI Mutual Insurance Company, 1401 H St. NW, Washington, DC 20005.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 27pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>PROVISIONS, CONDITIONS AND LIMITATIONS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>SECTION 1. DEFINITIONS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 27pt"><B>a.</B></TD><TD STYLE="text-align: justify"><B>Deductible Amount</B> means the amount stated in ITEM 3. of the Declarations, applicable to
each Single Loss. In no event shall this <B>Deductible Amount </B>be reduced for any reason, including but not limited to, the
non-existence, invalidity, insufficiency or uncollectibility of any <B>Underlying Bond(s)</B>, including the insolvency or dissolution
of any Insurer providing coverage under any <B>Underlying Bond(s)</B>.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 27pt"><B>b.</B></TD><TD STYLE="text-align: justify"><B>Primary Bond </B>means the bond scheduled in ITEM 5. of the Declarations or any bond that may
replace or substitute for such bond.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 27pt"><B>c.</B></TD><TD STYLE="text-align: justify"><B>Single Loss </B>means:</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 27pt"></TD><TD STYLE="width: 18pt">(1)</TD><TD STYLE="text-align: justify">all loss resulting from any one actual or attempted theft committed by one person, or</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 27pt"></TD><TD STYLE="width: 18pt">(2)</TD><TD STYLE="text-align: justify">all loss caused by any one act (other than a theft or a dishonest or fraudulent act) committed
by one person, or</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 27pt"></TD><TD STYLE="width: 18pt">(3)</TD><TD STYLE="text-align: justify">all loss caused by dishonest or fraudulent acts committed by one person, or</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 27pt"></TD><TD STYLE="width: 18pt">(4)</TD><TD STYLE="text-align: justify">all expenses incurred with respect to any one audit or examination, or</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 27pt"></TD><TD STYLE="width: 18pt">(5)</TD><TD STYLE="text-align: justify">all loss caused by any one occurrence or event other than those specified in subsections (1) through
(4) above.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 27pt"><B>d.</B></TD><TD STYLE="text-align: justify"><B>Underlying Bond</B> means the <B>Primary Bond</B> and all other insurance coverage referred
to in ITEM&nbsp;4. of the Declarations.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>SECTION 2. SINGLE LOSS LIMIT OF LIABILITY</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">The Underwriter&rsquo;s liability
for each <B>Single Loss</B> shall not exceed the Limit of Liability as stated in ITEM 3. of the Declarations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>SECTION 3. DISCOVERY</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 27pt; text-align: justify">For all purposes under this bond,
a loss is discovered, and discovery of a loss occurs, when the Insured</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 27pt; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 27pt"></TD><TD STYLE="width: 18pt">(1)</TD><TD STYLE="text-align: justify">becomes aware of facts, or</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 27pt"></TD><TD STYLE="width: 18pt">(2)</TD><TD STYLE="text-align: justify">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.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

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<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 14.9pt; text-align: justify; text-indent: -14.9pt"><B>SECTION
4. ASSIGNMENT OF RIGHTS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 14.9pt; text-align: justify; text-indent: -14.9pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 27pt; text-align: justify">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, 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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 27pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 27pt; text-align: justify">Assignment of any rights or claims
under this bond shall not bind the Underwriter without the Underwriter's written consent.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 27pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>SECTION 5. COOPERATION OF INSURED</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 27pt; text-align: justify">At the Underwriter&rsquo;s request
and at reasonable times and places designated by the Underwriter the Insured shall:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 27pt; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">a.</TD><TD STYLE="text-align: justify">submit to examination by the Underwriter and subscribe to the same under oath, and</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">b.</TD><TD STYLE="text-align: justify">produce for the Underwriter&rsquo;s examination all pertinent records, and</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">c.</TD><TD STYLE="text-align: justify">cooperate with the Underwriter in all matters pertaining to the loss.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 27pt; text-align: justify">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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 27pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>SECTION 6. TERMINATION</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 27pt; text-align: justify">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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 27pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 27pt; text-align: justify">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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 27pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 27pt; text-align: justify">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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 27pt; text-align: justify">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 27pt; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 27pt; text-align: justify; text-indent: 0in">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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 27pt; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 27pt; text-align: justify">Upon the detection by any Insured
that an employee (as defined in the <B>Primary Bond</B>) has committed any dishonest or fraudulent act(s) or theft, the Insured
shall immediately remove such employee from a position that may enable such employee to cause the Insured to suffer a loss by any
subsequent dishonest or fraudulent act(s) or theft. 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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 27pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 27pt; text-align: justify">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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 27pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 27pt; text-align: justify">This bond shall terminate as to
any employee (as defined in the <B>Primary Bond</B>) 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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 27pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>SECTION 7. CONFORMITY</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 27pt; text-align: justify">If any limitation within this
bond is prohibited by any law controlling this bond&rsquo;s construction, such limitation shall be deemed to be amended so as to
equal the minimum period of limitation provided by such law.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 27pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>SECTION 8. CHANGE OR MODIFICATION </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 27pt; text-align: justify">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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 27pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>SECTION 9. DEDUCTIBLE AMOUNT; LIMIT OF LIABILITY</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 27pt; text-align: justify">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<B> Primary Bond </B>or from any other bond,
suretyship or insurance policy), shall exceed the applicable <B>Deductible Amount</B>; 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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 27pt; text-align: justify">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 27pt; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 27pt; text-align: justify">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 <B>Deductible Amount</B> and the other agreements, provisions, conditions and limitations
of this bond.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 27pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>SECTION 10. COMPLIANCE WITH APPLICABLE
TRADE AND ECONOMIC SANCTIONS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 27pt; text-align: justify">This bond shall not be deemed
to provide any coverage, and the Underwriter shall not be required to pay any loss or provide any benefit hereunder, to the extent
that the provision of such coverage, payment of such loss or provision of such benefit would cause the Underwriter to be in violation
of any applicable trade or economic sanctions, laws or regulations, including, but not limited to, any sanctions, laws or regulations
administered and enforced by the U.S. Department of Treasury Office of Foreign Assets Control (OFAC).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 27pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 27pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 27pt; text-align: justify">&nbsp;</P>


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<P STYLE="font: 18pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>ICI MUTUAL INSURANCE COMPANY,</B></P>

<P STYLE="font: 18pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>a Risk Retention Group</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>INVESTMENT COMPANY BLANKET BOND</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>(EXCESS BOND)</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>RIDER NO. 1</B></P>

<!-- Field: Rule-Page --><DIV ALIGN="LEFT" STYLE="margin-top: 1pt; margin-bottom: 1pt"><DIV STYLE="font-size: 1pt; border-top: Black 0.75pt solid; width: 100%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 49%; font: bold 10pt Times New Roman, Times, Serif">INSURED</TD><TD STYLE="width: 2%; font: bold 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="width: 49%; font: bold 10pt Times New Roman, Times, Serif; text-align: right">BOND NUMBER</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 1pt">John Hancock Funds</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: right; padding-bottom: 1pt">87142113B</TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; border-bottom: Black 0.75pt solid"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 32%; font: bold 10pt Times New Roman, Times, Serif; text-align: left">EFFECTIVE DATE</TD><TD STYLE="width: 2%; font: bold 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="width: 1%; font: bold 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="width: 30%; font: bold 10pt Times New Roman, Times, Serif; text-align: center">BOND PERIOD</TD><TD STYLE="width: 1%; font: bold 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="width: 2%; font: bold 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="width: 32%; font: bold 10pt Times New Roman, Times, Serif; text-align: center">AUTHORIZED REPRESENTATIVE</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-bottom: 2.5pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; border-bottom: Black 1pt solid">December 31, 2013</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD><TD NOWRAP STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid">December 31, 2013 to December 31, 2014 </TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="text-align: center; border-bottom: Black 1pt solid"><B>/S/ Maggie Sullivan</B></TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Most property and casualty insurers, including
ICI Mutual Insurance Company, a Risk Retention Group (&ldquo;ICI Mutual&rdquo;), are subject to the requirements of the Terrorism
Risk Insurance Act of 2002, as amended (the &ldquo;Act&rdquo;). The Act establishes a Federal insurance backstop under which ICI
Mutual and these other insurers will be partially reimbursed for future <B>&ldquo;insured losses&rdquo;</B> resulting from certified<B>
&ldquo;acts of terrorism.&rdquo;</B> (Each of these <B>bolded terms </B>is defined by the Act.) The Act also places certain disclosure
and other obligations on ICI Mutual and these other insurers.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Pursuant to the Act, any future losses
to ICI Mutual caused by certified <B>&ldquo;acts of terrorism&rdquo;</B> 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 85% of ICI
Mutual&rsquo;s <B>&ldquo;insured losses&rdquo;</B> in excess of a statutorily established deductible until total insured losses
of all participating insurers reach $100 billion. If total &ldquo;insured losses&rdquo; of all property and casualty insurers reach
$100 billion during any applicable period, the Act provides that the insurers will not be liable under their policies for their
portions of such losses that exceed such amount. Amounts otherwise payable under this bond may be reduced as a result.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="margin: 0pt 0">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 <B>&ldquo;acts of terrorism&rdquo;</B> is one percent (1%).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR>
    <TD>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">RX53.0-01 (03/12)</P></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 44%; border: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><B>John Hancock Bond Trust</B></TD>
    <TD STYLE="width: 56%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><B>John Hancock Investors Trust</B></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><B>John Hancock California Tax-Free Income Fund</B></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><B>John Hancock Municipal Securities Trust</B></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><B>John Hancock Capital Series </B></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><B>John Hancock Preferred Income Fund</B></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><B>John Hancock Current Interest </B></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><B>John Hancock Preferred Income Fund II</B></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><B>John Hancock Emerging Markets Income Fund</B></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><B>John Hancock Preferred Income Fund III</B></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><B>John Hancock Financial Opportunities Fund</B></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><B>John Hancock Premium Dividend Fund</B></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><B>John Hancock Flexible Income Opportunities Fund</B></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><B>John Hancock Series Trust</B></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><B>John Hancock Floating Rate High Income Fund</B></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><B>John Hancock Sovereign Bond Fund</B></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><B>John Hancock Funds II</B></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><B>John Hancock Strategic Diversified Income Fund</B></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><B>John Hancock Funds III</B></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><B>John Hancock Strategic Series</B></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><B>John Hancock Hedged Equity &amp; Income Fund</B></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><B>John Hancock Tax-Advantaged Dividend Income Fund</B></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><B>John Hancock Income Securities Trust</B></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><B>John Hancock Tax-Advantaged Global Shareholder Yield Fund</B></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><B>John Hancock Investment Trust</B></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><B>John Hancock Tax-Exempt Series Fund</B></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><B>John Hancock Investment Trust II</B></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><B>John Hancock Variable Insurance Trust </B></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><B>John Hancock Investment Trust III</B></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><I>(Collectively referred to as the &ldquo;Trusts&rdquo;
and the series are collectively referred to as the &ldquo;Funds&rdquo;)</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I><U>2013-2014 Joint Financial Institutions
(Fidelity) Bond (the &ldquo;Joint Bond&rdquo;)</U></I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>WHEREAS</B>, Rule 17g-1 under the 1940
Act governs the required bonding of the Trusts&rsquo; officers and employees under a joint fidelity bond;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>WHEREAS</B>, the Trustees desire to
approve the Joint Bond for a one-year term ending December 31, 2014; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>WHEREAS</B>, 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 $98,106; it is:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>RESOLVED</B>, that the Joint Bond issued
by Federal Insurance Company (Chubb) and ICI Mutual Insurance Company, covering each officer and employee of the Trusts against
larceny and embezzlement, in the amount of $30 million for a one-year term ending December 31, 2014, 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 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)&nbsp;the nature of the securities in the
John Hancock Trusts&rsquo; portfolios, be, and it hereby is, determined to be reasonable in form and amount, and hereby approved;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>FURTHER RESOLVED</B>, 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)&nbsp;the ratable allocation of the premium among all parties named as insureds; and (vi)&nbsp;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</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>FURTHER RESOLVED</B>, 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&rsquo; assets and to enable the Trusts to remain in compliance with
the 1940 Act and the rules promulgated thereunder;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>FURTHER RESOLVED</B>, that the Joint
Insured Bond Agreement among the Trusts (the &ldquo;Joint Bond Agreement&rdquo;), 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;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>FURTHER RESOLVED</B>, that the Secretary
of the Trusts or his delegate be, and each hereby is, authorized to make all necessary filings and give all 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</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>FURTHER RESOLVED</B>, 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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Agreement Relating to Joint Insured Bond</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">WHEREAS, each of the parties hereto is a named
insured under a &ldquo;joint insured bond,&rdquo; as that term is defined in Rule 17g-1 under the Investment Company Act of 1940
(the &ldquo;1940 Act&rdquo;); and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">WHEREAS, Rule 17g-1(f) under the 1940 Act
requires an agreement between all the named insureds under a joint insured bond;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">NOW, THEREFORE, the parties hereto hereby
agree as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">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 February 11, 2014.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 100%; border: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><B>JOHN HANCOCK VARIABLE INSURANCE TRUST</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>on behalf of each of its Series</B></P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>JOHN HANCOCK FUNDS II</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>on behalf of each of its Series</B></P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>John HANCOCK FUNDS III</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>on behalf of each of its series</B></P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>JOHN HANCOCK BOND TRUST</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>on behalf of each of its series</B></P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>JOHN HANCOCK CAPITAL SERIES</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>on behalf of each of its series</B></P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>JOHN HANCOCK CALIFORNIA TAX-FREE INCOME
        FUND</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>on behalf of each of its series</B></P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>JOHN HANCOCK CURRENT INTEREST</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>on behalf of each of its series</B></P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>JOHN HANCOCK INVESTMENT TRUST</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>on behalf of each of its series</B></P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>JOHN HANCOCK INVESTMENT TRUST II</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>on behalf of each of its series</B></P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>JOHN HANCOCK INVESTMENT TRUST III</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>on behalf of each of its series </B></P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>JOHN HANCOCK MUNICIPAL SERIES TRUST</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>on behalf of each of its series</B></P></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 100%; border: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>JOHN HANCOCK SOVEREIGN BOND FUND</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>on behalf of its of its series</B></P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>JOHN HANCOCK STRATEGIC SERIES</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>on behalf of each of its series</B></P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>JOHN HANCOCK TAX-EXEMPT SERIES FUND</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>on behalf of each of its series</B></P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><B>JOHN HANCOCK EMERGING MARKETS INCOME FUND</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><B>on behalf of its of its series</B></P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: left; font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>JOHN HANCOCK FINANCIAL OPPORTUNITIES
        FUND</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><B>on behalf of each of its series</B></P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: left; font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><B>JOHN HANCOCK FLEXIBLE INCOME OPPORTUNITIES
        FUND</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><B>on behalf of each of its series</B></P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: left; font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><B>JOHN HANCOCK FLOATING RATE HIGH INCOME
        FUND</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><B>On behalf of each of its series</B></P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: left; font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><B>JOHN HANCOCK HEDGED EQUITY &amp; INCOME
        FUND </B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><B>on behalf of each of its series</B></P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>JOHN HANCOCK INCOME SECURITIES TRUST</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>on behalf of each of its series</B></P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>JOHN HANCOCK INVESTORS TRUST</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>on behalf of each of its series</B></P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>JOHN HANCOCK PREFERRED INCOME FUND</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>on behalf of each of its series</B></P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>JOHN HANCOCK PREFERRED INCOME FUND II</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>on behalf of each of its series</B></P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>JOHN HANCOCK PREFERRED INCOME FUND III</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>on behalf of each of its series</B></P></TD></TR>
</TABLE>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="border: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>JOHN HANCOCK PREMIUM DIVIDEND FUND </B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>on behalf of each of its series</B></P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><B>JOHN HANCOCK STRATEGIC DIVERSIFIED INCOME
        FUND</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>on behalf of each if its series</B></P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><B>JOHN HANCOCK TAX-ADVANTAGED DIVIDEND INCOME
        FUND</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>on behalf of each of its series</B></P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: left; font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><B>JOHN HANCOCK TAX-ADVANTAGED GLOBAL SHAREHOLDER
        YIELD FUND</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>on behalf of each of its series</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>_______________________________________________</B></P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; font-size: 10pt"><FONT STYLE="font-size: 10pt">Executed on behalf of each Trust and its relevant Series referenced above:</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 16%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; font-size: 10pt"><FONT STYLE="font-size: 10pt">By:</FONT></TD>
    <TD STYLE="width: 84%; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; font-size: 10pt"><FONT STYLE="font-size: 10pt">/s/ Betsy Anne Seel</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; font-size: 10pt"><FONT STYLE="font-size: 10pt">Name:</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; font-size: 10pt"><FONT STYLE="font-size: 10pt">Betsy Anne Seel</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; font-size: 10pt"><FONT STYLE="font-size: 10pt">Title:</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; font-size: 10pt"><FONT STYLE="font-size: 10pt">Assistant Secretary</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">STATEMENT REGARDING SINGLE BOND AMOUNT</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">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:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 88%; font: 10pt Times New Roman, Times, Serif; text-align: left">John Hancock Bond Trust</TD><TD STYLE="width: 2%; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="width: 10%; font: 10pt Times New Roman, Times, Serif; text-align: left">$1,500,000</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">John Hancock California Tax-Free Income Fund</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">$600,000</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">John Hancock Capital Series</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">$2,300,000</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">John Hancock Current Interest</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">$750,000</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">John Hancock Emerging Markets Income Fund</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">$50,000</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">John Hancock Financial Opportunities Fund</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">$900,000</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">John Hancock Flexible Income Opportunities Fund</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">$50,000</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">John Hancock Floating Rate High Income Fund</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">$50,000</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">John Hancock Funds II</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">$2,500,000</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">John Hancock Funds III</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">$2,500,000</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">John Hancock Hedged Equity &amp; Income Fund</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">$750,000</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">John Hancock Income Securities Trust</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">$750,000</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">John Hancock Investment Trust</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">$2,300,000</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">John Hancock Investment Trust II</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">$1,500,000</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">John Hancock Investment Trust III</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">$400,000</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">John Hancock Investors Trust</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">$750,000</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">John Hancock Municipal Securities Trust</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">$900,000</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">John Hancock Preferred Income Fund</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">$1,000,000</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">John Hancock Preferred Income Fund II</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">$900,000</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">John Hancock Preferred Income Fund III</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">$1,000,000</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">John Hancock Premium Dividend Fund</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">$1,250,000</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">John Hancock Series Trust (terminated 1/30/14)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">$0</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">John Hancock Sovereign Bond Fund</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">$1,500,000</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">John Hancock Strategic Diversified Income Fund</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">$50,000</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">John Hancock Strategic Series</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">$1,900,000</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">John Hancock Tax-Advantaged Dividend Income Fund</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">$1,250,000</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">John Hancock Tax-Advantaged Global Shareholder Yield Fund</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">$525,000</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">John Hancock Tax-Exempt Series Fund</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">$525,000</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">John Hancock Variable Insurance Trust</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">$2,500,000</TD></TR>
</TABLE>



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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">PREMIUM PERIOD</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Premiums have been paid for the period <B>December 31, 2013
to December 31, 2014</B>.</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; border-bottom: Black 1pt solid"></P>





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