-----BEGIN PRIVACY-ENHANCED MESSAGE-----
Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
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<SEC-DOCUMENT>0000950123-08-003037.txt : 20080317
<SEC-HEADER>0000950123-08-003037.hdr.sgml : 20080317
<ACCEPTANCE-DATETIME>20080317163527
ACCESSION NUMBER:		0000950123-08-003037
CONFORMED SUBMISSION TYPE:	40-17G
PUBLIC DOCUMENT COUNT:		4
FILED AS OF DATE:		20080317
DATE AS OF CHANGE:		20080317
EFFECTIVENESS DATE:		20080317

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			INDIA FUND INC
		CENTRAL INDEX KEY:			0000917100
		IRS NUMBER:				133749070
		STATE OF INCORPORATION:			MD
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		40-17G
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	811-08266
		FILM NUMBER:		08693325

	BUSINESS ADDRESS:	
		STREET 1:		345 PARK AVENUE
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10154
		BUSINESS PHONE:		866-800-8933

	MAIL ADDRESS:	
		STREET 1:		345 PARK AVENUE
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10154

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	INDIA FUND INC /NY NEW
		DATE OF NAME CHANGE:	19940106
</SEC-HEADER>
<DOCUMENT>
<TYPE>40-17G
<SEQUENCE>1
<FILENAME>y51493e40v17g.htm
<DESCRIPTION>40-17G
<TEXT>
<HTML>
<HEAD>
<TITLE>40-17G</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
<!-- PAGEBREAK -->
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>
<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>The India Fund, Inc.</B><BR>
345 Park Avenue<BR>
New York, New York 10154
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As required by Rule&nbsp;17g-1(g) under the Investment Company Act of 1940, as amended (the &#147;1940
Act&#148;), The India Fund, Inc. (the &#147;Fund&#148;), has filed with the Securities and Exchange Commission:
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>A copy of the Fund&#146;s Investment Company Blanket Bond; and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>An Assistant Secretary&#146;s Certificate certifying resolutions of the Fund&#146;s
Board of Directors, including a majority of the Board of Directors who are not
&#147;interested persons&#148; of the Fund under the 1940 Act, approving the form and
amount of the bond.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The premium for the fidelity bond has been paid for the period from 12:01&nbsp;a.m., Eastern
Standard Time, on February&nbsp;14, 2008 to 12:01&nbsp;a.m., Eastern Standard Time, on February&nbsp;14, 2009.
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>y51493exv99w1.htm
<DESCRIPTION>EX-99.1: INVESTMENT COMPANY BLANKET BOND
<TEXT>
<HTML>
<HEAD>
<TITLE>EX-99.1</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
<!-- PAGEBREAK -->
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<P align="right" style="font-size: 10pt"><B>Exhibit&nbsp;99.1</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><IMG src="y51493y5149301.gif" alt="(TRAVELERS LOGO)">
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>INVESTMENT COMPANY BLANKET BOND<BR>
St. Paul Fire and Marine Insurance Company</B><BR>
St. Paul, Minnesota 55102-1396<BR>
(A Stock Insurance Company, herein called Underwriter)
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="47%"></TD>
    <TD width="28%"></TD>
    <TD width="24%"></TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD align="left" valign="top"><B>DECLARATIONS</B></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><B>BOND NO. </B>490PB1822</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<!-- link2 "Item&nbsp;1. Name of Insured (herein called Insured):" -->
<DIV align="left"><A NAME="000"></A></DIV>
<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">Item&nbsp;1.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="98%">Name of Insured (herein called Insured):<BR>
THE INDIA FUND, INC.<BR>
Principal Address:<BR>
THE INDIA FUND, INC.<BR>
C/O BLACKSTONE ASIA ADVISORS L.L.C.<BR>
345 PARK AVENUE<BR>
NEW YORK, NY 10154</TD>
</TR>
</TABLE>
</DIV>



<!-- link2 "Item&nbsp;2. Bond Period from 12:01&nbsp;a.m. on 02/14/08 to 12:01&nbsp;a.m. on 02/14/09 the effective date of the termination or cancellation of the bond, standard time at the Principal Address as to each of said dates." -->
<DIV align="left"><A NAME="001"></A></DIV>
<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">Item&nbsp;2.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="98%">Bond Period from 12:01&nbsp;a.m. on 02/14/08 to 12:01&nbsp;a.m. on 02/14/09 the effective date of
the termination or cancellation of the bond, standard time at the Principal Address as to each
of said dates.</TD>
</TR>

</TABLE>
</DIV>


<!-- link2 "Item&nbsp;3. Limit of Liability" -->
<DIV align="left"><A NAME="002"></A></DIV>
<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR>
   <TD width="1%" nowrap align="left" valign="top">Item&nbsp;3.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="98%">Limit of Liability<BR>
Subject to Sections&nbsp;9, 10, and 12 hereof:</TD>
</TR>

</TABLE>
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="76%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">Limit of</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">Deductible</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">Liability</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">Amount</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Insuring Agreement A &#151; FIDELITY</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">2,000,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">0</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Insuring Agreement B &#151; AUDIT EXPENSE</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">50,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">5,000</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Insuring Agreement C &#151; PREMISES</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">2,000,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">25,000</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Insuring Agreement D &#151; TRANSIT</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">2,000,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">25,000</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Insuring Agreement E &#151; FORGERY OR ALTERATION</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">2,000,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">25,000</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Insuring Agreement F &#151; SECURITIES</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">2,000,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">25,000</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Insuring Agreement G &#151; COUNTERFEIT CURRENCY</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">2,000,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">25,000</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Insuring Agreement H &#151; STOP PAYMENT</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">50,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">5,000</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Insuring Agreement I &#151; UNCOLLECTIBLE ITEMS OF DEPOSIT</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">50,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">5,000</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">OPTIONAL COVERAGES ADDED BY RIDER:</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">J &#151; COMPUTER SYSTEMS</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">2,000,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">25,000</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">K &#151; UNAUTHORIZED SIGNATURES</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">50,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">5,000</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">If &#147;Not Covered&#148; is inserted above opposite any specified Insuring Agreement or Coverage, such
Insuring Agreement or Coverage and any other reference thereto in this bond shall be deemed to be
deleted therefrom.
</DIV>


<!-- link2 "Item&nbsp;4. Offices or Premises Covered &#151; Offices acquired or established subsequent to the effective date of this bond are covered according to the terms of General Agreement A. All the Insured&#146;s offices or premises in existence at the time this bond becomes effective are covered under this bond except the offices or premises located as follows: N/A" -->
<DIV align="left"><A NAME="003"></A></DIV>
<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">Item&nbsp;4.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="98%">Offices or Premises Covered &#151; Offices acquired or established subsequent to the effective
date of this bond are covered according to the terms of General Agreement A. All the Insured&#146;s
offices or premises in existence at the time this bond becomes effective are covered under
this bond except the offices or premises located as follows: N/A</TD>
</TR>

</TABLE>
</DIV>

<!-- link2 "Item&nbsp;5. The liability of the Underwriter is subject to the terms of the following endorsements or riders attached hereto: Endorsements or Riders No.&nbsp;1 through" -->
<DIV align="left"><A NAME="004"></A></DIV>
<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">Item&nbsp;5.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="98%">The liability of the Underwriter is subject to the terms of the following endorsements or
riders attached hereto: Endorsements or Riders No.&nbsp;1 through</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #textcolor#; background: #bgcolor#">
    <TD>ICB010 Ed.07-04, ICB011 Ed.07-04, ICB012 Ed.07-04, ICB057 Ed.04-05, ICB026
Ed.07-04, MEL2684 Ed.03-05</TD>
</TR>

</TABLE>
</DIV>
<DIV>
<P align="right" style="font-size: 10pt"><!-- Folio -->Page 1 of 2<!-- /Folio -->
</DIV>

<DIV style="margin-top: 6pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #textcolor#; background: #bgcolor#">
    <TD>ICB001 Rev. 7/04<BR>
&#169; 2004 The Travelers Companies, Inc.</TD>
</TABLE>
</TR>



</DIV>
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<!-- link2 "Item&nbsp;6. The Insured by the acceptance of this bond gives notice to the Underwriter terminating or canceling prior bonds or policy(ies) No.(s) 490PB1479 such termination or cancellation to be effective as of the time this bond becomes effective." -->
<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">Item&nbsp;6.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="98%">The Insured by the acceptance of this bond gives notice to the Underwriter terminating or
canceling prior bonds or policy(ies) No.(s) 490PB1479 such termination or cancellation to be
effective as of the time this bond becomes effective.</TD>
</TR>

</TABLE>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">IN WITNESS WHEREOF, the Company has caused this bond to be signed by its President and Secretary
and countersigned by a duly authorized representative of the Company.
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="40%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="20%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="20%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top">Countersigned:</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" valign="top" align="left">ST. PAUL FIRE AND MARINE INSURANCE COMPANY</TD>
</TR>

<TR style="font-size: 12pt">
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">/s/ Bruce Backberg<BR>
Secretary</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">/s/ Brian MacLean<BR>President&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
</TR>

<TR style="font-size: 10pt">
    <TD>&nbsp;</TD>
</TR>

<TR style="font-size: 1px">
    <TD colspan="1" valign="top" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Authorized Representative Countersigned At</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR style="font-size: 12pt">
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
</TR>

<TR style="font-size: 1px">
    <TD colspan="1" valign="top" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Countersignature Date</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>



<DIV align="right" style="font-size: 10pt"><!-- Folio -->Page 2 of 2<!-- /Folio -->
</DIV>

<DIV>&nbsp;</DIV>

<DIV style="font-size: 10pt">ICB001 Rev. 7/04<BR>
&#169; 2004 The Travelers Companies, Inc.</DIV>

</DIV>
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">




<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>INVESTMENT COMPANY BLANKET BOND</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Underwriter, in consideration of an agreed premium, and subject to the Declarations made a part
hereof, the General Agreements, Conditions and Limitations and other terms of this bond, agrees
with the Insured, in accordance with the Insuring Agreements hereof to which an amount of insurance
is applicable as set forth in Item&nbsp;3 of the Declarations and with respect to loss sustained by the
Insured at any time but discovered during the Bond Period, to indemnify and hold harmless the
Insured for:
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>INSURING AGREEMENTS</B>
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">(A)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>FIDELITY</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Loss resulting from any dishonest or fraudulent act(s), including Larceny or Embezzlement,
committed by an Employee, committed anywhere and whether committed alone or in collusion with
others, including loss of Property resulting from such acts of an Employee, which Property is
held by the Insured for any purpose or in any capacity and whether so held gratuitously or not
and whether or not the Insured is liable therefor.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Dishonest or fraudulent act(s) as used in this Insuring Agreement shall mean only dishonest or
fraudulent act(s) committed by such Employee with the manifest intent:</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>to cause the Insured to sustain such loss; and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>to obtain financial benefit for the Employee, or for any other Person or organization
intended by the Employee to receive such benefit, other than salaries, commissions, fees,
bonuses, promotions, awards, profit sharing, pensions or other employee benefits earned in
the normal course of employment.</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">(B)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>AUDIT EXPENSE</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Expense incurred by the Insured for that part of the costs of audits or examinations required by
any governmental regulatory authority to be conducted either by such authority or by an
independent accountant by reason of the discovery of loss sustained by the Insured through any
dishonest or fraudulent act(s), including Larceny or Embezzlement, of any of the Employees. The
total liability of the Underwriter for such expense by reason of such acts of any Employee or in
which such Employee is concerned or implicated or with respect to any one audit or examination
is limited to the amount stated opposite Audit Expense in Item&nbsp;3 of the Declarations; it being
understood, however, that such expense shall be deemed to be a loss sustained by the Insured
through any dishonest or fraudulent act(s), including Larceny or Embezzlement, of one or more of
the Employees, and the liability under this paragraph shall be in addition to the Limit of
Liability stated in Insuring Agreement (A)&nbsp;in Item&nbsp;3 of the Declarations.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">(C)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>ON PREMISES</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Loss of Property (occurring with or without negligence or violence) through robbery, burglary,
Larceny, theft, holdup, or other fraudulent means, misplacement, mysterious unexplainable
disappearance, damage thereto or destruction thereof, abstraction or removal from the
possession, custody or control of the Insured, and loss of subscription, conversion, redemption
or deposit privileges through the misplacement or loss of Property, while the Property is (or is
supposed or believed by the Insured to be) lodged or deposited within any offices or premises
located anywhere, except in an office listed in Item&nbsp;4 of the Declarations or amendment thereof
or in the mail or with a carrier for hire, other than an armored motor vehicle company, for the
purpose of transportation.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt">Office and Equipment
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(1)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>loss of or damage to furnishings, fixtures, stationery, supplies or equipment, within
any of the Insured&#146;s offices covered under this bond caused by Larceny or theft in, or by
burglary, robbery or hold-up of, such office, or attempt thereat, or by vandalism or
malicious mischief; or</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(2)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>loss through damage to any such office by Larceny or theft in, or by burglary, robbery
or hold-up of, such office, or attempt thereat, or to the interior of any such office by
vandalism or malicious mischief provided, in any event, that the Insured is the owner of
such offices, furnishings, fixtures, stationery, supplies or equipment or is legally liable
for such</TD>
</TR>

</TABLE>
</DIV>
<P align="center" style="font-size: 10pt"><!-- Folio -->Page 1 of 12<!-- /Folio -->

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">ICB005 Ed.
7-04<BR>
&#169;2004 The St. Paul Travelers Companies, Inc.&nbsp;&nbsp;All Right Reserved
</DIV>

</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV style="margin-top: 6pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #textcolor#; background: #bgcolor#">
    <TD width="1%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>loss or damage always excepting, however, all loss or damage through fire.</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">(D)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>IN TRANSIT</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Loss of Property (occurring with or without negligence or violence) through robbery, Larceny,
theft, hold-up, misplacement, mysterious unexplainable disappearance, being lost or otherwise
made away with, damage thereto or destruction thereof, and loss of subscription, conversion,
redemption or deposit privileges through the misplacement or loss of Property, while the
Property is in transit anywhere in the custody of any person or persons acting as messenger,
except while in the mail or with a carrier for hire, other than an armored motor vehicle
company, for the purpose of transportation, such transit to begin immediately upon receipt of
such Property by the transporting person or persons, and to end immediately upon delivery
thereof at destination.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">(E)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>FORGERY OR ALTERATION</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Loss through Forgery or alteration of or on:</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(1)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>any bills of exchange, checks, drafts, acceptances, certificates of deposit, promissory
notes, or other written promises, orders or directions to pay sums certain in money, due
bills, money orders, warrants, orders upon public treasuries, letters of credit; or</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(2)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>other written instructions, advices or applications directed to the Insured,
authorizing or acknowledging the transfer, payment, delivery or receipt of funds or
Property, which instructions, advices or applications purport to have been signed or
endorsed by any:</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="8%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>customer of the Insured, or</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="8%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>shareholder or subscriber to shares, whether certificated or uncertificated, of
any Investment Company, or</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="8%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(c)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>financial or banking institution or stockbroker,</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>but which instructions, advices or applications either bear the forged signature or
endorsement or have been altered without the knowledge and consent of such customer,
shareholder or subscriber to shares, or financial or banking institution or stockbroker; or</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(3)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>withdrawal orders or receipts for the withdrawal of funds or Property, or receipts or
certificates of deposit for Property and bearing the name of the Insured as issuer, or of
another Investment Company for which the Insured acts as agent,</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>excluding, however, any loss covered under Insuring Agreement (F)&nbsp;hereof whether or not
coverage for Insuring Agreement (F)&nbsp;is provided for in the Declarations of this bond.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Any check or draft (a)&nbsp;made payable to a fictitious payee and endorsed in the name of such
fictitious payee or (b)&nbsp;procured in a transaction with the maker or drawer thereof or with
one acting as an agent of such maker or drawer or anyone impersonating another and made or
drawn payable to the one so impersonated and endorsed by anyone other than the one
impersonated, shall be deemed to be forged as to such endorsement.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Mechanically reproduced facsimile signatures are treated the same as handwritten signatures.</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">(F)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>SECURITIES</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Loss sustained by the Insured, including loss sustained by reason of a violation of the
constitution by-laws, rules or regulations of any Self Regulatory Organization of which the
Insured is a member or which would have been imposed upon the Insured by the constitution,
by-laws, rules or regulations of any Self Regulatory Organization if the Insured had been a
member thereof,</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(1)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>through the Insured&#146;s having, in good faith and in the course of business, whether for
its own account or for the account of others, in any representative, fiduciary, agency or
any other capacity, either gratuitously or otherwise, purchased or otherwise acquired,
accepted or received, or sold or delivered, or given any value, extended any credit or
assumed any liability, on the faith of, or otherwise acted upon, any securities, documents
or other written instruments which prove to have been:</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="8%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>counterfeited, or</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="8%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>forged as to the signature of any maker, drawer, issuer, endorser, assignor,
lessee, transfer agent or</TD>
</TR>

</TABLE>
</DIV>
<P align="center" style="font-size: 10pt"><!-- Folio -->Page 2 of 12<!-- /Folio -->

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">ICB005 Ed.
7-04<BR>
&#169;2004 The St. Paul Travelers Companies, Inc.&nbsp;&nbsp;All Right Reserved
</DIV>
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV style="margin-top: 6pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #textcolor#; background: #bgcolor#">
    <TD width="8%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>registrar, acceptor, surety or guarantor or as to the signature of any person signing in
any other capacity, or</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="8%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(c)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>raised or otherwise altered, or lost, or stolen, or</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(2)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>through the Insured&#146;s having, in good faith and in the course of business, guaranteed
in writing or witnessed any signatures whether for valuable consideration or not and
whether or not such guaranteeing or witnessing is ultra vires the Insured, upon any
transfers, assignments, bills of sale, powers of attorney, guarantees, endorsements or
other obligations upon or in connection with any securities, documents or other written
instruments and which pass or purport to pass title to such securities, documents or other
written instruments; excluding losses caused by Forgery or alteration of, on or in those
instruments covered under Insuring Agreement (E)&nbsp;hereof.</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Securities, documents or other written instruments shall be deemed to mean original (including
original counterparts) negotiable or non-negotiable agreements which in and of themselves
represent an equitable interest, ownership, or debt, including an assignment thereof, which
instruments are, in the ordinary course of business, transferable by delivery of such agreements
with any necessary endorsement or assignment.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The word &#147;counterfeited&#148; as used in this Insuring Agreement shall be deemed to mean any
security, document or other written instrument which is intended to deceive and to be taken for
an original.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Mechanically reproduced facsimile signatures are treated the same as handwritten signatures.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">(G)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>COUNTERFEIT CURRENCY</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Loss through the receipt by the Insured, in good faith, of any counterfeited money orders or
altered paper currencies or coin of the United States of America or Canada issued or purporting
to have been issued by the United States of America or Canada or issued pursuant to a United
States of America or Canada statute for use as currency.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">(H)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>STOP PAYMENT</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Loss against any and all sums which the Insured shall become obligated to pay by reason of the
liability imposed upon the Insured by law for damages:</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>For having either complied with or failed to comply with any written notice of any customer,
shareholder or subscriber of the Insured or any Authorized Representative of such customer,
shareholder or subscriber to stop payment of any check or draft made or drawn by such
customer, shareholder or subscriber or any Authorized Representative of such customer,
shareholder or subscriber, or</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>For having refused to pay any check or draft made or drawn by any customer, shareholder or
subscriber of the Insured or any Authorized Representative of such customer, shareholder or
subscriber.</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">(I)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>UNCOLLECTIBLE ITEMS OF DEPOSIT</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Loss resulting from payments of dividends or fund shares, or withdrawals permitted from any
customer&#146;s, shareholder&#146;s, or subscriber&#146;s account based upon Uncollectible Items of Deposit of
a customer, shareholder or subscriber credited by the Insured or the Insured&#146;s agent to such
customer&#146;s, shareholder&#146;s or subscriber&#146;s Mutual Fund Account; or loss resulting from an Item of
Deposit processed through an Automated Clearing House which is reversed by the customer,
shareholder or subscriber and deemed uncollectible by the Insured.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Loss includes dividends and interest accrued not to exceed 15% of the Uncollectible Items which
are deposited.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>This Insuring Agreement applies to all Mutual Funds with &#147;exchange privileges&#148; if all Fund(s) in
the exchange program are insured by the Underwriter for Uncollectible Items of Deposit.
Regardless of the number of transactions between Fund(s), the minimum number of days of deposit
within the Fund(s) before withdrawal as declared in the Fund(s) prospectus shall begin from the
date a deposit was first credited to any Insured Fund(s).</TD>
</TR>


</TABLE>
</DIV>
<P align="center" style="font-size: 10pt"><!-- Folio -->Page 3 of 12<!-- /Folio -->

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">ICB005 Ed.
7-04<BR>
&#169;2004 The St. Paul Travelers Companies, Inc.&nbsp;&nbsp;All Right Reserved
</DIV>
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV style="margin-top: 6pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">



</TABLE>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>GENERAL AGREEMENTS</B>
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">A.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>ADDITIONAL OFFICES OR EMPLOYEES &#151; CONSOLIDATION OR MERGER &#151; NOTICE</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(1)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>If the Insured shall, while this bond is in force, establish any additional office or
offices, such offices shall be automatically covered hereunder from the dates of their
establishment, respectively. No notice to the Underwriter of an increase during any premium
period in the number of offices or in the number of Employees at any of the offices covered
hereunder need be given and no additional premium need be paid for the remainder of such
premium period.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(2)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>If an Investment Company, named as Insured herein, shall, while this bond is in force,
merge or consolidate with, or purchase the assets of another institution, coverage for such
acquisition shall apply automatically from the date of acquisition. The Insured shall
notify the Underwriter of such acquisition within 60&nbsp;days of said date, and an additional
premium shall be computed only if such acquisition involves additional offices or
employees.</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">B.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>WARRANTY</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>No statement made by or on behalf of the Insured, whether contained in the application or
otherwise, shall be deemed to be a warranty of anything except that it is true to the best of
the knowledge and belief of the person making the statement.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">C.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>COURT COSTS AND ATTORNEYS&#146; FEES</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>(Applicable to all Insuring Agreements or Coverages now or hereafter forming part of this bond)</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Underwriter will indemnify the Insured against court costs and reasonable attorneys&#146; fees
incurred and paid by the Insured in defense, whether or not successful, whether or not fully
litigated on the merits and whether or not settled, of any suit or legal proceeding brought
against the Insured to enforce the Insured&#146;s liability or alleged liability on account of any
loss, claim or damage which, if established against the Insured, would constitute a loss
sustained by the Insured covered under the terms of this bond provided, however, that with
respect to Insuring Agreement (A)&nbsp;this indemnity shall apply only in the event that:</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(1)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>an Employee admits to being guilty of any dishonest or fraudulent act(s), including
Larceny or Embezzlement; or</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(2)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>an Employee is adjudicated to be guilty of any dishonest or fraudulent act(s),
including Larceny or Embezzlement;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(3)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>in the absence of (1)&nbsp;or (2)&nbsp;above an arbitration panel agrees, after a review of an
agreed statement of facts, that an Employee would be found guilty of dishonesty if such
Employee were prosecuted.</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Insured shall promptly give notice to the Underwriter of any such suit or legal proceedings
and at the request of the Underwriter shall furnish it with copies of all pleadings and other
papers therein. At the Underwriter&#146;s election the Insured shall permit the Underwriter to
conduct the defense of such suit or legal proceeding, in the Insured&#146;s name, through attorneys
of the Underwriter<SUP style="font-size: 85%; vertical-align: text-top">&#146;</SUP>s selection. In such event, the Insured shall give all reasonable
information and assistance which the Underwriter shall deem necessary to the proper defense of
such suit or legal proceeding.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>If the amount of the Insured&#146;s liability or alleged liability is greater than the amount
recoverable under this bond, or if a Deductible Amount is applicable, or both, the liability of
the Underwriter under this General Agreement is limited to the proportion of court costs and
attorneys&#146; fees incurred and paid by the Insured or by the Underwriter that the amount
recoverable under this bond bears to the total of such amount plus the amount which is not so
recoverable. Such indemnity shall be in addition to the Limit of Liability for the applicable
Insuring Agreement or Coverage.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">D.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>FORMER EMPLOYEE</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Acts of an Employee, as defined in this bond, are covered under Insuring Agreement (A)&nbsp;only
while the Employee is in the Insured&#146;s employ. Should loss involving a former Employee of the
Insured be discovered subsequent to the termination of employment, coverage would still apply
under Insuring</TD>
</TR>

</TABLE>
</DIV>
<P align="center" style="font-size: 10pt"><!-- Folio -->Page 4 of 12<!-- /Folio -->

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">ICB005 Ed.
7-04<BR>
&#169;2004 The St. Paul Travelers Companies, Inc.&nbsp;&nbsp;All Right Reserved
</DIV>

</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV style="margin-top: 6pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #textcolor#; background: #bgcolor#">
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Agreement (A)&nbsp;if the direct proximate cause of the loss occurred while the former Employee
performed duties within the scope of his/her employment.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>THE FOREGOING INSURING AGREEMENTS AND GENERAL<BR>
AGREEMENTS ARE SUBJECT TO THE FOLLOWING<BR>
CONDITIONS AND LIMITATIONS:</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt">SECTION 1. DEFINITIONS
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The following terms, as used in this bond have the respective meanings stated in this Section:
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>&#147;Employee&#148; means:</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;(1)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>any of the Insured<SUP style="font-size: 85%; vertical-align: text-top">&#146;</SUP>s officers, partners, or employees, and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;(2)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>any of the officers or employees of any predecessor of the Insured whose principal
assets are acquired by the Insured by consolidation or merger with, or purchase of assets
or capital stock of, such predecessor, and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;(3)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>attorneys retained by the Insured to perform legal services for the Insured and the
employees of such attorneys while such attorneys or employees of such attorneys are
performing such services for the Insured, and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;(4)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>guest students pursuing their studies or duties in any of the Insured&#146;s offices, and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;(5)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>directors or trustees of the Insured, the investment advisor, underwriter
(distributor), transfer agent, or shareholder accounting record keeper, or administrator
authorized by written agreement to keep financial and/or other required records, but only
while performing acts coming within the scope of the usual duties of an officer or employee
or while acting as a member of any committee duly elected or appointed to examine or audit
or have custody of or access to the Property of the Insured, and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;(6)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>any individual or individuals assigned to perform the usual duties of an employee
within the premises of the Insured, by contract, or by any agency furnishing temporary
personnel on a contingent or part-time basis, and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;(7)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>each natural person, partnership or corporation authorized by written agreement with
the Insured to perform services as electronic data processor of checks or other accounting
records of the Insured, but excluding any such processor who acts as transfer agent or in
any other agency capacity in issuing checks, drafts or securities for the Insured, unless
included under sub-section (9)&nbsp;hereof, and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;(8)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>those persons so designated in Section&nbsp;15, Central Handling of Securities, and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;(9)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>any officer, partner, or Employee of:</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>an investment advisor,</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>an underwriter (distributor),</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(c)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>a transfer agent or shareholder accounting record-keeper, or</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(d)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>an administrator authorized by written agreement to keep financial and/or other
required records,</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>for an Investment Company named as Insured while performing acts coming within the scope of the
usual duties of an officer or Employee of any investment Company named as Insured herein, or
while acting as a member of any committee duly elected or appointed to examine or audit or have
custody of or access to the Property of any such Investment Company, provided that only
Employees or partners of a transfer agent, shareholder accounting record-keeper or administrator
which is an affiliated person, as defined in the Investment Company Act of 1940, of an
Investment Company named as Insured or is an affiliated person of the advisor, underwriter or
administrator of such Investment Company, and which is not a bank, shall be included within the
definition of Employee.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Each employer of temporary personnel or processors as set forth in sub-sections (6)&nbsp;and (7)&nbsp;of
Section 1(a) and their partners, officers and employees shall collectively be deemed to be one
person for all the purposes of this bond, excepting, however, the last paragraph of Section&nbsp;13.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Brokers, or other agents under contract or</TD>
</TR>

</TABLE>
</DIV>
<P align="center" style="font-size: 10pt"><!-- Folio -->Page 5 of 12<!-- /Folio -->

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">ICB005 Ed.
7-04<BR>
&#169;2004 The St. Paul Travelers Companies, Inc.&nbsp;&nbsp;All Right Reserved
</DIV>

</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV style="margin-top: 6pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #textcolor#; background: #bgcolor#">
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>representatives of the same general character shall not be considered Employees.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>&#147;Property&#148; means money (i.e. currency, coin, bank notes, Federal Reserve notes), postage and
revenue stamps, U.S. Savings Stamps, bullion, precious metals of all kinds and in any form and
articles made therefrom, jewelry, watches, necklaces, bracelets, gems, precious and
semi-precious stones, bonds, securities, evidences of debts, debentures, scrip, certificates,
interim receipts, warrants, rights, puts, calls, straddles, spreads, transfers, coupons,
drafts, bills of exchange, acceptances, notes, checks, withdrawal orders, money orders,
warehouse receipts, bills of lading, conditional sales contracts, abstracts of title,
insurance policies, deeds, mortgages under real estate and/or chattels and upon interests
therein, and assignments of such policies, mortgages and instruments, and other valuable
papers, including books of account and other records used by the Insured in the conduct of its
business, and all other instruments similar to or in the nature of the foregoing including
Electronic Representations of such instruments enumerated above (but excluding all data
processing records) in which the Insured has an interest or in which the Insured acquired or
should have acquired an interest by reason of a predecessor&#146;s declared financial condition at
the time of the Insured&#146;s consolidation or merger with, or purchase of the principal assets
of, such predecessor or which are held by the Insured for any purpose or in any capacity and
whether so held gratuitously or not and whether or not the Insured is liable therefor.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">(c)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>&#147;Forgery&#148; means the signing of the name of another with intent to deceive; it does not
include the signing of one&#146;s own name with or without authority, in any capacity, for any
purpose.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">(d)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>&#147;Larceny and Embezzlement&#148; as it applies to any named Insured means those acts as set forth
in Section&nbsp;37 of the Investment Company Act of 1940.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">(e)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>&#147;Items of Deposit&#148; means any one or more checks and drafts. Items of Deposit shall not be
deemed uncollectible until the Insured&#146;s collection procedures have failed.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt">SECTION 2. EXCLUSIONS THIS BOND DOES NOT COVER:
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>loss effected directly or indirectly by means of forgery or alteration of, on or in any
instrument, except when covered by Insuring Agreement (A), (E), (F)&nbsp;or (G).</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>loss due to riot or civil commotion outside the United States of America and Canada; or
loss due to military, naval or usurped power, war or insurrection unless such loss occurs
in transit in the circumstances recited in Insuring Agreement (D), and unless, when such
transit was initiated, there was no knowledge of such riot, civil commotion, military,
naval or usurped power, war or insurrection on the part of any person acting for the
Insured in initiating such transit.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;(c)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>loss, in time of peace or war, directly or indirectly caused by or resulting from the
effects of nuclear fission or fusion or radioactivity; provided, however, that this
paragraph shall not apply to loss resulting from industrial uses of nuclear energy.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;(d)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>loss resulting from any wrongful act or acts of any person who is a member of the Board
of Directors of the Insured or a member of any equivalent body by whatsoever name known
unless such person is also an Employee or an elected official, partial owner or partner of
the Insured in some other capacity, nor, in any event, loss resulting from the act or acts
of any person while acting in the capacity of a member of such Board or equivalent body.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;(e)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>loss resulting from the complete or partial non-payment of, or default upon, any loan
or transaction in the nature of, or amounting to, a loan made by or obtained from the
Insured or any of its partners, directors or Employees, whether authorized or unauthorized
and whether procured in good faith or through trick, artifice fraud or false pretenses,
unless such loss is covered under Insuring Agreement (A), (E)&nbsp;or (F).</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;(f)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>loss resulting from any violation by the Insured or by any Employee:</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(1)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>of law regulating (a)&nbsp;the issuance, purchase or sale of securities, (b)
securities transactions upon Security Exchanges or over the counter market, (c)
Investment Companies, or (d)&nbsp;Investment Advisors, or</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(2)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>of any rule or regulation made pursuant to any such law.</TD>
</TR>

</TABLE>
</DIV>
<P align="center" style="font-size: 10pt"><!-- Folio -->Page 6 of 12<!-- /Folio -->

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">ICB005 Ed.
7-04<BR>
&#169;2004 The St. Paul Travelers Companies, Inc.&nbsp;&nbsp;All Right Reserved
</DIV>
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV style="margin-top: 6pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">



</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>unless such loss, in the absence of such laws, rules or regulations, would be covered under
Insuring Agreements (A)&nbsp;or (E).</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;(g)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>loss of Property or loss of privileges through the misplacement or loss of Property as
set forth in Insuring Agreement (C)&nbsp;or (D)&nbsp;while the Property is in the custody of any
armored motor vehicle company, unless such loss shall be in excess of the amount recovered
or received by the Insured under (a)&nbsp;the Insured&#146;s contract with said armored motor vehicle
company, (b)&nbsp;insurance carried by said armored motor vehicle company for the benefit of
users of its service, and (c)&nbsp;all other insurance and indemnity in force in whatsoever form
carried by or for the benefit of users of said armored motor vehicle company&#146;s service, and
then this bond shall cover only such excess.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;(h)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>potential income, including but not limited to interest and dividends, not realized by
the Insured because of a loss covered under this bond, except as included under Insuring
Agreement (I).</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;(i)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>all damages of any type for which the Insured is legally liable, except direct
compensatory damages arising from a loss covered under this bond.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;(j)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>loss through the surrender of Property away from an office of the Insured as a result
of a threat:</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(1)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>to do bodily harm to any person, except loss of Property in transit in the
custody of any person acting as messenger provided that when such transit was initiated
there was no knowledge by the Insured of any such threat, or</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(2)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>to do damage to the premises or Property of the Insured, except when covered
under Insuring Agreement (A).</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;(k)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>all costs, fees and other expenses incurred by the Insured in establishing the
existence of or amount of loss covered under this bond unless such indemnity is provided
for under Insuring Agreement (B).</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;(l)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>loss resulting from payments made or withdrawals from the account of a customer of the
Insured, shareholder or subscriber to shares involving funds erroneously credited to such
account, unless such payments are made to or withdrawn by such depositors or representative
of such person, who is within the premises of the drawee bank of the Insured or within the
office of the Insured at the time of such payment or withdrawal or unless such payment is
covered under Insuring Agreement (A).</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;(m)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>any loss resulting from Uncollectible Items of Deposit which are drawn from a financial
institution outside the fifty states of the United States of America, District of Columbia,
and territories and possessions of the United States of America, and Canada.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt">SECTION 3. ASSIGNMENT OF RIGHTS
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">This bond does not afford coverage in favor of any Employers of temporary personnel or of
processors as set forth in sub-sections (6)&nbsp;and (7)&nbsp;of Section 1(a) of this bond, as aforesaid, and
upon payment to the Insured by the Underwriter on account of any loss through dishonest or
fraudulent act(s) including Larceny or Embezzlement committed by any of the partners, officers or
employees of such Employers, whether acting alone or in collusion with others, an assignment of
such of the Insured&#146;s rights and causes of action as it may have against such Employers by reason
of such acts so committed shall, to the extent of such payment, be given by the Insured to the
Underwriter, and the Insured shall execute all papers necessary to secure to the Underwriter the
rights herein provided for.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt">SECTION 4. LOSS &#151; NOTICE &#151; PROOF &#151; LEGAL PROCEEDINGS
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">This bond is for the use and benefit only of the Insured named in the Declarations and the
Underwriter shall not be liable hereunder for loss sustained by anyone other than the Insured
unless the Insured, in its sole discretion and at its option, shall include such loss in the
Insured&#146;s proof of loss. At the earliest practicable moment after discovery of any loss hereunder
the Insured shall give the Underwriter written notice thereof and shall also within six months
after such discovery furnish to the Underwriter affirmative proof of loss with full particulars. If
claim is made under this bond for loss of securities or shares, the Underwriter shall not be liable
unless each of such securities or shares is identified in such proof of loss by a certificate or
bond number or, where such securities or
</DIV>
<P align="center" style="font-size: 10pt"><!-- Folio -->Page 7 of 12<!-- /Folio -->

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">ICB005 Ed.
7-04<BR>
&#169;2004 The St. Paul Travelers Companies, Inc.&nbsp;&nbsp;All Right Reserved
</DIV>
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">shares are uncertificated, by such identification means as agreed to by the Underwriter. The
Underwriter shall have thirty days after notice and proof of loss within which to investigate the
claim, but where the loss is clear and undisputed, settlement shall be made within forty-eight
hours; and this shall apply notwithstanding the loss is made up wholly or in part of securities of
which duplicates may be obtained. Legal proceedings for recovery of any loss hereunder shall not be
brought prior to the expiration of sixty days after such proof of loss is filed with the
Underwriter nor after the expiration of twenty-four months from the discovery of such loss, except
that any action or proceedings to recover hereunder on account of any judgment against the Insured
in any suit mentioned in General Agreement C or to recover attorneys&#146; fees paid in any such suit,
shall be begun within twenty-four months from the date upon which the judgment in such suit shall
become final. If any limitation embodied in this bond is prohibited by any law controlling the
construction hereof, such limitation shall be deemed to be amended so as to be equal to the minimum
period of limitation permitted by such law.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 3%">Discovery occurs when the Insured:
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>becomes aware of facts, or</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>receives written notice of an actual or potential claim by a third party which alleges
that the Insured is liable under circumstances,</TD>
</TR>

</TABLE>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">which would cause a reasonable person to assume that a loss covered by the bond has been or will be
incurred even though the exact amount or details of loss may not be then known.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt">SECTION 5. VALUATION OF PROPERTY
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The value of any Property, except books of accounts or other records used by the Insured in the
conduct of its business, for the loss of which a claim shall be made hereunder, shall be determined
by the average market value of such Property on the business day next preceding the discovery of
such loss; provided, however, that the value of any Property replaced by the Insured prior to the
payment of claim therefor shall be the actual market value at the time of replacement; and further
provided that in case of a loss or misplacement of interim certificates, warrants, rights, or other
securities, the production of which is necessary to the exercise of subscription, conversion,
redemption or deposit privileges, the value thereof shall be the market value of such privileges
immediately preceding the expiration thereof if said loss or misplacement is not discovered until
after their expiration. If no market price is quoted for such Property or for such privileges, the
value shall be fixed by agreement between the parties or by arbitration.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">In case of any loss or damage to Property consisting of books of accounts or other records used by
the Insured in the conduct of its business, the Underwriter shall be liable under this bond only if
such books or records are actually reproduced and then for not more than the cost of blank books,
blank pages or other materials plus the cost of labor for the actual transcription or copying of
data which shall have been furnished by the Insured in order to reproduce such books and other
records.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt">SECTION 6. VALUATION OF PREMISES AND FURNISHINGS
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">In case of damage to any office of the Insured, or loss of or damage to the furnishings, fixtures,
stationery, supplies, equipment, safes or vaults therein, the Underwriter shall not be liable for
more than the actual cash value thereof, or for more than the actual cost of their replacement or
repair. The Underwriter may, at its election, pay such actual cash value or make such replacement
or repair. If the underwriter and the Insured cannot agree upon such cash value or such cost of
replacement or repair, such shall be determined by arbitration.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt">SECTION 7. LOST SECURITIES
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">If the Insured shall sustain a loss of securities the total value of which is in excess of the
limit stated in Item&nbsp;3 of the Declarations of this bond, the liability of the Underwriter shall be
limited to payment for, or duplication of, securities having value equal to the limit stated in
Item&nbsp;3 of the Declarations of this bond.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">If the Underwriter shall make payment to the Insured for any loss of securities, the Insured shall
thereupon assign to the Underwriter all of the Insured&#146;s rights, title and interest in and to said
securities.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">With respect to securities the value of which do not exceed the Deductible Amount (at the time of
the discovery of the loss) and for which the Underwriter may at its sole discretion and option and
at the request of the Insured issue a Lost Instrument Bond or Bonds to effect replacement thereof,
the Insured will pay the usual premium charged therefor and will indemnify the Underwriter against
all loss or expense that the Underwriter may sustain because of the issuance of such Lost
Instrument Bond or Bonds.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">With respect to securities the value of which exceeds the Deductible Amount (at the time of
discovery of the loss) and for which the Underwriter may issue or
</DIV>
<P align="center" style="font-size: 10pt"><!-- Folio -->Page 8 of 12<!-- /Folio -->

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">ICB005 Ed.
7-04<BR>
&#169;2004 The St. Paul Travelers Companies, Inc.&nbsp;&nbsp;All Right Reserved
</DIV>
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">arrange for the issuance of a Lost Instrument Bond or Bonds to effect replacement thereof, the
Insured agrees that it will pay as premium therefor a proportion of the usual premium charged
therefor, said proportion being equal to the percentage that the Deductible Amount bears to the
value of the securities upon discovery of the loss, and that it will indemnify the issuer of said
Lost Instrument Bond or Bonds against all loss and expense that is not recoverable from the
Underwriter under the terms and conditions of this Investment Company Blanket Bond subject to the
Limit of Liability hereunder.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt">SECTION 8. SALVAGE
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">in case of recovery, whether made by the Insured or by the Underwriter, on account of any loss in
excess of the Limit of Liability hereunder plus the Deductible Amount applicable to such loss, from
any source other than suretyship, insurance, reinsurance, security or indemnity taken by or for the
benefit of the Underwriter, the net amount of such recovery, less the actual costs and expenses of
making same, shall be applied to reimburse the Insured in full for the excess portion of such loss,
and the remainder, if any, shall be paid first in reimbursement of the Underwriter and thereafter
in reimbursement of the Insured for that part of such loss within the Deductible Amount. The
Insured shall execute all necessary papers to secure to the Underwriter the rights provided for
herein.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt">SECTION 9. NON-REDUCTION AND NONACCUMULATION OF LIABILITY AND TOTAL LIABILITY
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">At all times prior to termination hereof, this bond shall continue in force for the limit stated in
the applicable sections of Item&nbsp;3 of the Declarations of this bond notwithstanding any previous
loss for which the Underwriter may have paid or be liable to pay hereunder; PROVIDED, however, that
regardless of the number of years this bond shall continue in force and the number or premiums
which shall be payable or paid, the liability of the Underwriter under this bond with respect to
all loss resulting from:
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>any one act of burglary, robbery or holdup, or attempt thereat, in which no Partner or
Employee is concerned or implicated shall be deemed to be one loss, or</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>any one unintentional or negligent act on the part of any other person resulting in
damage to or destruction or misplacement of Property, shall be deemed to be one loss, or</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(c)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>all wrongful acts, other than those specified in (a)&nbsp;above, of any one person shall be
deemed to be one loss, or</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(d)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>all wrongful acts, other than those specified in (a)&nbsp;above, of one or more persons
(which dishonest act(s) or act(s) of Larceny or Embezzlement include, but are not limited
to, the failure of an Employee to report such acts of others) whose dishonest act or acts
intentionally or unintentionally, knowingly or unknowingly, directly or indirectly, aid or
aids in any way, or permits the continuation of, the dishonest act or acts of any other
person or persons shall be deemed to be one loss with the act or acts of the persons aided,
or</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(e)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>any one casualty or event other than those specified in (a), (b), (c)&nbsp;or (d)&nbsp;preceding,
shall be deemed to be one loss, and</TD>
</TR>

</TABLE>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">shall be limited to the applicable Limit of Liability stated in Item&nbsp;3 of the Declarations of this
bond irrespective of the total amount of such loss or losses and shall not be cumulative in amounts
from year to year or from period to period.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Sub-section (c)&nbsp;is not applicable to any situation to which the language of sub-section (d)
applies.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt">SECTION 10. LIMIT OF LIABILITY
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">With respect to any loss set forth in the PROVIDED clause of Section&nbsp;9 of this bond which is
recoverable or recovered in whole or in part under any other bonds or policies issued by the
Underwriter to the Insured or to any predecessor in interest of the Insured and terminated or
cancelled or allowed to expire and in which the period of discovery has not expired at the time any
such loss thereunder is discovered, the total liability of the Underwriter under this bond and
under other bonds or policies shall not exceed, in the aggregate, the amount carried hereunder on
such loss or the amount available to the Insured under such other bonds or policies, as limited by
the terms and conditions thereof, for any such loss if the latter amount be the larger.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt">SECTION 11. OTHER INSURANCE
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">If the Insured shall hold, as indemnity against any loss covered hereunder, any valid and
enforceable insurance or suretyship, the Underwriter shall be liable hereunder only for such amount
of such loss which is in excess of the amount of such other insurance or suretyship, not exceeding,
however, the Limit of Liability of this bond applicable to such loss.
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->Page 9 of 12<!-- /Folio -->

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">ICB005 Ed.
7-04<BR>
&#169;2004 The St. Paul Travelers Companies, Inc.&nbsp;&nbsp;All Right Reserved
</DIV>

</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">




<DIV align="left" style="font-size: 10pt; margin-top: 12pt">SECTION 12. DEDUCTIBLE
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Underwriter shall not be liable under any of the Insuring Agreements of this bond on account of
loss as specified, respectively, in sub-sections (a), (b), (c), (d)&nbsp;and (e)&nbsp;of Section&nbsp;9,
NON-REDUCTION AND NON-ACCUMULATION OF LIABILITY AND TOTAL LIABILITY, unless the amount of such
loss, after deducting the net amount of all reimbursement and/or recovery obtained or made by the
Insured, other than from any bond or policy of insurance issued by an insurance company and
covering such loss, or by the Underwriter on account thereof prior to payment by the Underwriter of
such loss, shall exceed the Deductible Amount set forth in Item&nbsp;3 of the Declarations hereof
(herein called Deductible Amount), and then for such excess only, but in no event for more than the
applicable Limit of Liability stated in Item&nbsp;3 of the Declarations.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Insured will bear, in addition to the Deductible Amount, premiums on Lost Instrument Bonds as
set forth in Section&nbsp;7.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">There shall be no deductible applicable to any loss under Insuring Agreement A sustained by any
Investment Company named as Insured herein.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt">SECTION 13. TERMINATION
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Underwriter may terminate this bond as an entirety by furnishing written notice specifying the
termination date, which cannot be prior to 60&nbsp;days after the receipt of such written notice by each
Investment Company named as Insured and the Securities and Exchange Commission, Washington, D.C.
The Insured may terminate this bond as an entirety by furnishing written notice to the Underwriter.
When the Insured cancels, the Insured shall furnish written notice to the Securities and Exchange
Commission, Washington, D.C., prior to 60&nbsp;days before the effective date of the termination. The
Underwriter shall notify all other Investment Companies named as Insured of the receipt of such
termination notice and the termination cannot be effective prior to 60&nbsp;days after receipt of
written notice by all other Investment Companies. Premiums are earned until the termination date as
set forth herein.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">This Bond will terminate as to any one Insured immediately upon taking over of such Insured by a
receiver or other liquidator or by State or Federal officials, or immediately upon the filing of a
petition under any State or Federal statute relative to bankruptcy or reorganization of the
Insured, or assignment for the benefit of creditors of the Insured, or immediately upon such
Insured ceasing to exist, whether through merger into another entity, or by disposition of all of
its assets.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Underwriter shall refund the unearned premium computed at short rates in accordance with the
standard short rate cancellation tables if terminated by the Insured or pro rata if terminated for
any other reason.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">This Bond shall terminate:
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>as to any Employee as soon as any partner, officer or supervisory Employee of the
Insured, who is not in collusion with such Employee, shall learn of any dishonest or
fraudulent act(s), including Larceny or Embezzlement on the part of such Employee without
prejudice to the loss of any Property then in transit in the custody of such Employee (see
Section&nbsp;16(d)), or</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>as to any Employee 60&nbsp;days after receipt by each Insured and by the Securities and
Exchange Commission of a written notice from the Underwriter of its desire to terminate
this bond as to such Employee, or</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(c)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>as to any person, who is a partner, officer or employee of any Electronic Data
Processor covered under this bond, from and after the time that the Insured or any partner
or officer thereof not in collusion with such person shall have knowledge or information
that such person has committed any dishonest or fraudulent act(s), including Larceny or
Embezzlement in the service of the Insured or otherwise, whether such act be committed
before or after the time this bond is effective.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt">SECTION 14. RIGHTS AFTER TERMINATION OR CANCELLATION
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">At any time prior to the termination or cancellation of this bond as an entirety, whether by the
Insured or the Underwriter, the Insured may give the Underwriter notice that it desires under this
bond an additional period of 12&nbsp;months within which to discover loss sustained by the Insured prior
to the effective date of such termination or cancellation and shall pay an additional premium
therefor.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Upon receipt of such notice from the Insured, the Underwriter shall give its written consent
thereto; provided, however, that such additional period of time shall terminate immediately:
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>on the effective date of any other</TD>
</TR>

</TABLE>
</DIV>
<P align="center" style="font-size: 10pt"><!-- Folio -->Page 10 of 12<!-- /Folio -->

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">ICB005 Ed.
7-04<BR>
&#169;2004 The St. Paul Travelers Companies, Inc.&nbsp;&nbsp;All Right Reserved
</DIV>

</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV style="margin-top: 6pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #textcolor#; background: #bgcolor#">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>insurance obtained by the Insured, its successor in business or any other party, replacing
in whole or in part the insurance afforded by this bond, whether or not such other insurance
provides coverage for loss sustained prior to its effective date, or</TD>
</TR>
<TR>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>upon takeover of the Insured&#146;s business by any State or Federal official or agency, or
by any receiver or liquidator, acting or appointed for this purpose without the necessity
of the Underwriter giving notice of such termination. In the event that such additional
period of time is terminated, as provided above, the Underwriter shall refund any unearned
premium.</TD>
</TR>

</TABLE>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The right to purchase such additional period for the discovery of loss may not be exercised by any
State or Federal official or agency, or by a receiver or liquidator, acting or appointed to take
over the Insured&#146;s business for the operation or for the liquidation thereof or for any purpose.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt">SECTION 15. CENTRAL HANDLING OF SECURITIES
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Securities included in the system for the central handling of securities established and maintained
by Depository Trust Company, Midwest Depository Trust Company, Pacific Securities Depository Trust
Company, and Philadelphia Depository Trust Company, hereinafter called Corporations, to the extent
of the Insured&#146;s interest therein as effected by the making of appropriate entries on the books and
records of such Corporations shall be deemed to be Property.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The words &#147;Employee&#148; and &#147;Employees&#148; shall be deemed to include the officers, partners, clerks and
other employees of the New York Stock Exchange, Boston Stock Exchange, Midwest Stock Exchange,
Pacific Stock Exchange and Philadelphia Stock Exchange, hereinafter called Exchanges, and of the
above named Corporations, and of any nominee in whose name is registered any security included
within the systems for the central handling of securities established and maintained by such
Corporations, and any employee or any recognized service company, while such officers, partners,
clerks and other employees and employees of service companies perform services for such
Corporations in the operation of such systems. For the purpose of the above definition a recognized
service company shall be any company providing clerks or other personnel to the said Exchanges or
Corporations on a contract basis.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Underwriter shall not be liable on account of any loss(es) in connection with the central
handling of securities within the systems established and maintained by such Corporations, unless
such loss(es) shall be in excess of the amount(s) recoverable or recovered under any bond or policy
of insurance indemnifying such Corporations against such loss(es), and then the Underwriter shall
be liable hereunder only for the Insured&#146;s share of such excess loss(es), but in no event for more
than the Limit of Liability applicable hereunder.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">For the purpose of determining the Insured&#146;s share of excess loss(es) it shall be deemed that the
Insured has an interest in any certificate representing any security included within such systems
equivalent to the interest the Insured then has in all certificates representing the same security
included within such systems and that such Corporations shall use their best judgment in
apportioning the amount(s) recoverable or recovered under any bond or policy of insurance
indemnifying such Corporations against such loss(es) in connection with the central handling of
securities within such systems among all those having an interest as recorded by appropriate
entries in the books and records of such Corporations in Property involved in such loss(es) on the
basis that each such interest shall share in the amount(s) so recoverable or recovered in the ratio
that the value of each such interest bears to the total value all such interests and that the
Insured&#146;s share of such excess loss(es) shall be the amount of the Insured&#146;s interest in such
Property in excess of the amount(s) so apportioned to the Insured by such Corporations.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">This bond does not afford coverage in favor of such Corporations or Exchanges or any nominee in
whose name is registered any security included within the systems for the central handling of
securities established and maintained by such Corporations, and upon payment to the Insured by the
Underwriter on account of any loss(es) within the systems, an assignment of such of the Insured&#146;s
rights and causes of action as it may have against such Corporations or Exchanges shall to the
extent of such payment, be given by the Insured to the Underwriter, and the Insured shall execute
all papers necessary to secure the Underwriter the rights provided for herein.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt">SECTION 16. ADDITIONAL COMPANIES INCLUDED AS INSURED
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">If more than one corporation, co-partnership or person or any combination of them be included as
the Insured herein:
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the total liability of the Underwriter</TD>
</TR>

</TABLE>
</DIV>
<P align="center" style="font-size: 10pt"><!-- Folio -->Page 11 of 12<!-- /Folio -->

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">ICB005 Ed.
7-04<BR>
&#169;2004 The St. Paul Travelers Companies, Inc.&nbsp;&nbsp;All Right Reserved
</DIV>

</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV style="margin-top: 6pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #textcolor#; background: #bgcolor#">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>hereunder for loss or losses sustained by any one or more or all of them shall not exceed
the limit for which the Underwriter would be liable hereunder if all such loss were
sustained by any one of them;</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the one first named herein shall be deemed authorized to make, adjust and receive and
enforce payment of all claims hereunder and shall be deemed to be the agent of the others
for such purposes and for the giving or receiving of any notice required or permitted to be
given by the terms hereof, provided that the Underwriter shall furnish each named
Investment Company with a copy of the bond and with any amendment thereto, together with a
copy of each formal filing of the settlement of each such claim prior to the execution of
such settlement;</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(c)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the Underwriter shall not be responsible for the proper application of any payment made
hereunder to said first named Insured;</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(d)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>knowledge possessed or discovery made by any partner, officer of supervisory Employee
of any Insured shall for the purposes of Section&nbsp;4 and Section&nbsp;13 of this bond constitute
knowledge or discovery by all the Insured; and</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(e)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>if the first named Insured ceases for any reason to be covered under this bond, then
the Insured next named shall thereafter be considered as the first, named Insured for the
purposes of this bond.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt">SECTION 17. NOTICE AND CHANGE OF CONTROL
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Upon the Insured obtaining knowledge of a transfer of its outstanding voting securities which
results in a change in control (as set forth in Section 2(a) (9)&nbsp;of the Investment Company Act of
1940) of the Insured, the Insured shall within thirty (30)&nbsp;days of such knowledge give written
notice to the Underwriter setting forth:
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the names of the transferors and transferees (or the names of the beneficial owners if
the voting securities are requested in another name), and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the total number of voting securities owned by the transferors and the transferees (or
the beneficial owners), both immediately before and after the transfer, and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(c)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the total number of outstanding voting securities.</TD>
</TR>

</TABLE>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">As used in this section, control means the power to exercise a controlling influence over the
management or policies of the Insured.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Failing to give the required notice shall result in termination of coverage of this bond, effective
upon the date of stock transfer for any loss in which any transferee is concerned or implicated.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Such notice is not required to be given in the case of an Insured which is an Investment Company.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt">SECTION 18. CHANGE OR MODIFICATION
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">This bond or any instrument amending or effecting same may not be changed or modified orally. No
changes in or modification thereof shall be effective unless made by written endorsement issued to
form a part hereof over the signature of the Underwriter&#146;s Authorized Representative. When a bond
covers only one Investment Company no change or modification which would adversely affect the
rights of the Investment Company shall be effective prior to 60&nbsp;days after written notification has
been furnished to the Securities and Exchange Commission, Washington, D.C., by the Insured or by
the Underwriter. If more than one Investment Company is named as the Insured herein, the
Underwriter shall give written notice to each Investment Company and to the Securities and Exchange
Commission, Washington, D.C., not less than 60&nbsp;days prior to the effective date of any change or
modification which would adversely affect the rights of such Investment Company.
</DIV>



<P align="center" style="font-size: 10pt"><!-- Folio -->Page 12 of 12<!-- /Folio -->

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">ICB005 Ed.
7-04<BR>
&#169;2004 The St. Paul Travelers Companies, Inc.&nbsp;&nbsp;All Right Reserved
</DIV>

</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">




<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>ENDORSEMENT OR RIDER NO.<BR>
THIS ENDORSEMENT CHANGES THE POLICY. PLEASE READ IT CAREFULLY.</B></DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The following spaces preceded by an
(*) need not be completed if this endorsement or rider and the Bond or Policy have the same inception date.</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="10%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="50%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="30%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->

<TR valign="bottom">
    <TD align="center" valign="top" nowrap>Attached to and Forming Part</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">Date Endorsement or
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">* Effective Date</TD>
</TR>

<TR valign="bottom">
    <TD align="center" valign="top">of Bond or Policy No.</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">Rider Executed</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">of Endorsement or Rider</TD>
</TR>

<TR valign="bottom">
    <TD align="center" valign="top">490PB1822
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">03/03/08
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">02/14/08</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top">&nbsp;
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">12:01&nbsp;A.M. Standard Time as</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top">&nbsp;
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Specified in the Bond or Policy</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>



<DIV align="left">
<DIV style="font-size: 3pt; margin-top: 16pt; width: 18%; border-top: 1px solid #000000">&nbsp;</DIV>
</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96"></TD>
</TR>

<TR valign="top">
    <TD nowrap align="left">*</TD>
    <TD>&nbsp;</TD>
    <TD>ISSUED TO</TD>
</TR>


<TR valign="top">
    <TD colspan="3" align="left"><B>THE INDIA FUND, INC.</B></TD>
</TR>

</TABLE>



<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>Computer Systems</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt">It is agreed that:
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">1.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The attached bond is amended by adding an additional Insuring Agreement as follows:</TD>
</TR>

</TABLE>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>INSURING AGREEMENT J COMPUTER SYSTEMS</B>
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Loss resulting directly from a fraudulent</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(1)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>entry of data into, or</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(2)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>change of data elements or program within a Computer System listed in the SCHEDULE
below, provided the fraudulent entry or change causes</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Property to be transferred, paid or delivered,</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>an account of the Insured, or of its customer, to be added, deleted,
debited or credited, or</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(c)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>an unauthorized account or a fictitious account to be debited or credited,
and provided further, the fraudulent entry or change is made or caused by an
individual acting with the manifest intent to</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="10%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(i)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>cause the Insured to sustain a loss, and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="10%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(ii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>obtain financial benefit for that individual or for other persons
intended by that individual to receive financial benefit.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt">SCHEDULE
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt">All systems utilized by the Insured
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">2.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>As used in this Rider, Computer System means</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" nowrap align="left">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>computers with related peripheral components, including storage components,
wherever located,</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" nowrap align="left">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>systems and applications software,</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" nowrap align="left">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(c)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>terminal devices, and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" nowrap align="left">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(d)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>related communication networks</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>by which data are electronically collected, transmitted, processed, stored and
retrieved.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">3.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>In addition to the exclusions in the attached bond, the following exclusions are applicable
to this Insuring Agreement:</TD>
</TR>

</TABLE>
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->Page 1 of 2<!-- /Folio -->
</DIV>

<DIV>&nbsp;</DIV>

<DIV style="font-size: 10pt">ICB011 Ed. 7-04<BR>&#169;2004 The St. Paul Travelers Companies, Inc. All Rights Reserved</DIV>
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">




<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>loss resulting directly or indirectly from the theft of confidential
information, material or data; and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>loss resulting directly or indirectly from entries or changes made by an
individual authorized to have access to a Computer System who acts in good faith on
instructions, unless such instructions are given to that individual by a software
contractor (or by a partner, officer or employee thereof) authorized by the Insured
to design, develop, prepare, supply, service, write or implement programs for the
Insured&#146;s Computer System.</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">4.&nbsp;&nbsp;&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The following portions of the attached bond are not applicable to this Rider:</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the portion preceding the Insuring Agreements which reads &#147;at any time but
discovered during the Bond Period&#148;;</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Section&nbsp;9 NONREDUCTION AND NON-ACCUMULATION OF LIABILITY of the Conditions
and Limitations; and</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(c)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Section&nbsp;10 LIMIT OF LIABILITY of the Conditions and Limitations.</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">5.&nbsp;&nbsp;&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The coverage afforded by this Rider applies only to loss discovered by the Insured during the
period this Rider is in force.</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">6.&nbsp;&nbsp;&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>All loss or series of losses involving the fraudulent activity of one individual, or
involving fraudulent activity, in which one individual is implicated, whether or not that
individual is specifically identified, shall be treated as one loss. A series of losses
involving unidentified individuals but arising from the same method of operation may be deemed
by the Underwriter to involve the same individual and in that event shall be treated as one
loss.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">7.&nbsp;&nbsp;&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Limit of Liability for the coverage provided by this
Rider shall be TWO MILLION</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Dollars ($2,000,000 ), it being understood, however, that such liability shall be a part of and
not in addition to the Limit of Liability stated in Item&nbsp;3 of the Declarations of the
attached bond or any amendment thereof.</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">8.&nbsp;&nbsp;&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Underwriter shall be liable hereunder for the amount by which one loss exceeds the
Deductible Amount applicable to the attached bond, but not in excess of the Limit of Liability
stated above.</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">9.&nbsp;&nbsp;&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>If any loss is covered under this Insuring Agreement and any other Insuring Agreement or
Coverage, the maximum amount payable for such loss shall not exceed the largest amount
available under any one Insuring Agreement or Coverage.</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">10.&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Coverage under this Rider shall terminate upon termination or cancellation of the bond to
which this Rider is attached. Coverage under this Rider may also be terminated or canceled
without canceling the bond as an entirety</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>60&nbsp;days after receipt by the Insured of written notice from the Underwriter of its
desire to terminate or cancel coverage under this Rider, or</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>immediately upon receipt by the Underwriter of a written request from the Insured to
terminate or cancel coverage under this Rider.</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Underwriter shall refund to the Insured the unearned premium for the coverage under this
Rider. The refund shall be computed at short rates if this Rider be terminated or canceled or
reduced by notice from, or at the instance of, the Insured.</TD>
</TR>

</TABLE>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Nothing herein contained shall be held to vary, alter, waive, or extend any of the terms,
conditions, provisions, agreements or limitations of the above mentioned Bond or Policy, other than
as above stated.
</DIV>


<TABLE width="100%" border="0" cellspacing="0" cellpadding="0" style="font-size: 10pt">
<TR>
    <TD width="48%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
</TR>
<TR>
    <TD valign="top" align="left">&nbsp;</TD>
    <TD colspan="3" align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD valign="top">By&nbsp;&nbsp;</TD>
    <TD colspan="2" style="border-bottom: 1px solid #000000" align="left">
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center">Authorized Representative&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
</TABLE>




<P align="center" style="font-size: 10pt"><!-- Folio -->Page 2 of 2<!-- /Folio -->
</DIV>


<DIV>&nbsp;</DIV>

<DIV style="font-size: 10pt">ICB011 Ed. 7-04<BR>&#169;2004 The St. Paul Travelers Companies, Inc. All Rights Reserved</DIV>
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">




<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>ENDORSEMENT OR RIDER NO.<BR>
THIS ENDORSEMENT CHANGES THE POLICY. PLEASE READ IT CAREFULLY.</B></DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The following spaces preceded by an (*) need not be completed if this endorsement or rider and
the Bond or Policy have the same inception date.</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="10%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="50%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="30%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD align="center" valign="top" nowrap>Attached to and Forming Part
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">Date Endorsement or
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">* Effective Date</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top">of Bond or Policy No.
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">Rider Executed
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">of Endorsement or Rider</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top">490PB1822
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">03/03/08
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">02/14/08</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top">&nbsp;
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">12:01&nbsp;A.M. Standard Time as</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top">&nbsp;
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Specified in the Bond or Policy</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>



<DIV align="left">
<DIV style="font-size: 3pt; margin-top: 16pt; width: 18%; border-top: 1px solid #000000">&nbsp;</DIV>
</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96"></TD>
</TR>

<TR valign="top">
    <TD nowrap align="left">*</TD>
    <TD>&nbsp;</TD>
    <TD>ISSUED TO</TD>
</TR>

<TR valign="top">
    <TD colspan="3" align="left"><B>THE INDIA FUND, INC.</B></TD>
</TR>

</TABLE>



<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>Unauthorized Signatures</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt">It is agreed that:
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">1.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The attached bond is amended by adding an additional Insuring Agreement as follows:</TD>
</TR>

</TABLE>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>INSURING AGREEMENT K UNAUTHORIZED SIGNATURE</B>
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(A)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Loss resulting directly from the Insured having accepted, paid or cashed any check or
withdrawal order, draft, made or drawn on a customer&#146;s account which bears the signature
or endorsement of one other than a person whose name and signature is on the application
on file with the Insured as a signatory on such account.</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(B)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>It shall be a condition precedent to the Insured&#146;s right of recovery under this Rider
that the Insured shall have on file signatures of all persons who are authorized
signatories on such account.</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">2.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The total liability of the Underwriter under Insuring Agreement K is limited to the sum of
FIFTY THOUSAND Dollars ($50,000), it being understood, however, that such liability shall be
part of and not in addition to the Limit of Liability stated in Item&nbsp;3 of the Declarations of
the attached bond or amendment thereof.</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">3.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>With respect to coverage afforded under this Rider, the Deductible Amount shall be FIVE
THOUSAND Dollars ($5,000).</TD>
</TR>

</TABLE>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Nothing herein contained shall be held to vary, alter, waive, or extend any of the terms,
conditions, provisions, agreements or limitations of the above mentioned Bond or Policy, other than
as above stated.
</DIV>


<TABLE width="100%" border="0" cellspacing="0" cellpadding="0" style="font-size: 10pt">
<TR>
    <TD width="48%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
</TR>
<TR>
    <TD valign="top" align="left">&nbsp;</TD>
    <TD colspan="3" align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD valign="top">By&nbsp;&nbsp;</TD>
    <TD colspan="2" style="border-bottom: 1px solid #000000" align="left">
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center">Authorized Representative&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
</TABLE>


<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">ICB012 Ed. 7-04<BR>
&#169; 2004 The St. Paul Travelers Companies, Inc. All Rights Reserved

</DIV>
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">




<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>ENDORSEMENT OR RIDER NO.<BR>
THIS ENDORSEMENT CHANGES THE POLICY. PLEASE READ IT CAREFULLY.</B></DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The following spaces preceded by an (*) need not be completed if this endorsement or rider and
the Bond or Policy have the same inception date.</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="10%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="50%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="30%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD align="center" valign="top" nowrap>Attached to and Forming Part</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">Date Endorsement or
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">* Effective Date</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top">of Bond or Policy No.
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">Rider Executed
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">of Endorsement or Rider</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top">490PB1822
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">03/03/08
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">02/14/08</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top">&nbsp;
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">12:01&nbsp;A.M. Standard Time as</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top">&nbsp;
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Specified in the Bond or Policy</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>



<DIV align="left">
<DIV style="font-size: 3pt; margin-top: 16pt; width: 18%; border-top: 1px solid #000000">&nbsp;</DIV>
</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96"></TD>
</TR>

<TR valign="top">
    <TD nowrap align="left">*</TD>
    <TD>&nbsp;</TD>
    <TD>ISSUED TO</TD>
</TR>

<TR valign="top">
    <TD colspan="3" align="left"><B>THE INDIA FUND, INC.</B></TD>
</TR>

</TABLE>



<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>Add Exclusions (n) &#038; (o)</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt">It is agreed that:
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%">&nbsp;</TD>
    <TD width="1%" nowrap align="left">1.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Section&nbsp;2, Exclusions, under General Agreements, is amended to include the following
sub-sections:</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(n)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>loss from the use of credit, debit, charge, access, convenience, identification, cash
management or other cards, whether such cards were issued or purport to have been issued
by the Insured or by anyone else, unless such loss is otherwise covered under Insuring
Agreement A.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(o)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the underwriter shall not be liable under the attached bond for loss due to liability
imposed upon the Insured as a result of the unlawful disclosure of non-public material
information by the Insured or any Employee, or as a result of any Employee acting upon
such information, whether authorized or unauthorized.</TD>
</TR>

</TABLE>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Nothing herein contained shall be held to vary, alter, waive, or extend any of the terms,
conditions, provisions, agreements or limitations of the above mentioned Bond or Policy, other than
as above stated.
</DIV>


<TABLE width="100%" border="0" cellspacing="0" cellpadding="0" style="font-size: 10pt">
<TR>
    <TD width="48%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
</TR>
<TR>
    <TD valign="top" align="left">&nbsp;</TD>
    <TD colspan="3" align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD valign="top">By&nbsp;&nbsp;</TD>
    <TD colspan="2" style="border-bottom: 1px solid #000000" align="left">
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center">Authorized Representative&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
</TABLE>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">ICB026 Ed. 7-04<BR>&#169;2004 The St. Paul Travelers Companies, Inc. All Rights Reserved
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">




<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>ENDORSEMENT OR RIDER NO.<BR>
THIS ENDORSEMENT CHANGES THE POLICY. PLEASE READ IT CAREFULLY.</B></DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The following spaces preceded by an (*) need not be completed if this endorsement or rider and
the Bond or Policy have the same inception date.</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="10%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="50%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="30%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD align="center" valign="top" nowrap>Attached to and Forming Part
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">Date Endorsement or
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">* Effective Date</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top">of Bond or Policy No.
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">Rider Executed
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">of Endorsement or Rider</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top">490PB1822
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">03/03/08
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">02/14/08</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top">&nbsp;
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">12:01&nbsp;A.M. Standard Time as</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top">&nbsp;
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Specified in the Bond or Policy</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>



<DIV align="left">
<DIV style="font-size: 3pt; margin-top: 16pt; width: 18%; border-top: 1px solid #000000">&nbsp;</DIV>
</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96"></TD>
</TR>

<TR valign="top">
    <TD nowrap align="left">*</TD>
    <TD>&nbsp;</TD>
    <TD>ISSUED TO</TD>
</TR>

<TR valign="top">
    <TD colspan="3" align="left"><B>THE INDIA FUND, INC.</B></TD>
</TR>

</TABLE>



<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>New York Statutory Rider</B>
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">1.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The first paragraph of Section&nbsp;13. &#147;TERMINATION&#148; under Conditions and Limitations is amended
by adding the following:</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Cancellation of this bond by the Underwriter is subject to the following provisions:</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>If the bond has been in effect for 60&nbsp;days or less, it may be canceled by the Underwriter for
any reason. Such cancellation shall be effective 60&nbsp;days after the Underwriter mails a notice
of cancellation to the first-named Insured at the mailing address shown in the bond. However,
if the bond has been in effect for more than 60&nbsp;days or is a renewal, then cancellation must be
based on one of the followings grounds:</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(A)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>non-payment of premium, however, that a notice of cancellation on this ground shall
inform the insured of the amount due;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(B)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>conviction of crime arising out of acts increasing the hazard insured against;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(C)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>discovery of fraud or material misrepresentation in the obtaining of the bond or in
the presentation of claim thereunder;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(D)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>after issuance of the bond or after the last renewal date, discovery of an act or
omission, or a violation of any bond condition that substantially and materially increases
the hazard Insured against, and which occurred subsequent to inception of the current bond
period;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(E)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>material change in the nature or extent of the risk, occurring after issuance or last
annual renewal anniversary date of the bond, which causes the risk of loss to be
substantially and materially increased beyond that contemplated at the time the bond was
issued or last renewed;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(F)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the cancellation is required pursuant to a determination by the superintendent that
continuation of the present premium volume of the Insurer would jeopardize the Insurer&#146;s
solvency or be hazardous to the interest of the Insureds, the Insurer&#146;s creditors or the
public;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(G)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>a determination by the superintendent that the continuation of the bond would
violate, or would place the Insurer in violation of, any provision of the New York State
Insurance laws;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(H)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>where the Insurer has reason to believe, in good faith and with sufficient cause,
that there is a possible risk or danger that the Insured property will be destroyed by the
Insured for the purpose of collecting the insurance proceeds, provided, however, that:</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(i)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>a notice of cancellation on this ground shall inform the Insured in plain
language that the Insured must act within ten days if review by the Insurance
Department of the State of New York of the ground for cancellation is desired,</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(ii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>notice of cancellation on this ground shall be provided simultaneously by
the Insurer to the Insurance Department of the State of New York, and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(iii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>upon written request of the Insured made to the Insurance Department of
the State of New York within ten days from the Insured&#146;s receipt of notice of
cancellation on this ground, the department shall undertake a review of the ground
for cancellation to determine whether or not the Insurer has satisfied the criteria
for cancellation specified in this subparagraph; if</TD>
</TR>

</TABLE>
</DIV>


<DIV style="font-size: 10pt">&nbsp;</DIV>

<DIV align="center" style="font-size: 10pt"><!-- Folio -->Page 1 of 2<!-- /Folio -->
</DIV>


<DIV>&nbsp;</DIV>


<DIV style="font-size: 10pt">ICB057 Ed. 4-05<BR>&#169;2005 The St. Paul Travelers Companies, Inc. All Rights
Reserved</DIV>

</DIV>
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV style="margin-top: 6pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #textcolor#; background: #bgcolor#">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>after such review the department finds no sufficient cause for cancellation on this
ground, the notice of cancellation on this ground shall be deemed null and void.</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Cancellation based on one of the above grounds shall be effective 60&nbsp;days after the notice of
cancellation is mailed or delivered to the Named Insured, at the address shown on the bond, and
to its authorized agent or broker.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">2.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>If the Underwriter elects not to replace a bond at the termination of the Bond Period, it
shall notify the Insured not more than 120&nbsp;days nor less than 60&nbsp;days before termination. If
such notice is given late, the bond shall continue in effect for 60&nbsp;days after such notice is
given. The Aggregate Limit of Liability shall not be increased or reinstated. The notice not
to replace shall be mailed to the Insured and its broker or agent.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">3.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>If the Underwriter elects to replace the bond, but with a change of limits, reduced coverage,
increased deductible, additional exclusion, or upon increased premiums in excess of ten
percent (exclusive of any premium increase as a result of experience rating), the Underwriter
must mail written notice to the Insured and its agent or broker not more than 120&nbsp;days nor
less than 60&nbsp;days before replacement. If such notice is given late, the replacement bond shall
be in effect with the same terms, conditions and rates as the terminated bond for 60&nbsp;days
after such notice is given.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">4.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Underwriter may elect to simply notify the Insured that the bond will either be not
renewed or renewed with different terms, conditions or rates. In this event, the Underwriter
will inform the Insured that a second notice will be sent at a later date specifying the
Underwriter&#146;s exact intention. The Underwriter shall inform the Insured that, in the meantime,
coverage shall continue on the same terms, conditions and rates as the expiring bond until the
expiration date of the bond or 60&nbsp;days after the second notice is mailed or delivered,
whichever is later.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Nothing herein contained shall be held to vary, alter, waive, or extend any of the terms,
conditions, provisions, agreements or limitations of the above mentioned Bond or Policy, other than
as above stated.
</DIV>


<TABLE width="100%" border="0" cellspacing="0" cellpadding="0" style="font-size: 10pt">
<TR>
    <TD width="48%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
</TR>
<TR>
    <TD valign="top" align="left">&nbsp;</TD>
    <TD colspan="3" align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD valign="top">By&nbsp;&nbsp;</TD>
    <TD colspan="2" style="border-bottom: 1px solid #000000" align="left">
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center">Authorized Representative&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
</TABLE>


<DIV align="center" style="font-size: 10pt"><!-- Folio -->Page 2 of 2<!-- /Folio -->
</DIV>


<DIV>&nbsp;</DIV>


<DIV style="font-size: 10pt">ICB057 Ed. 4-05<BR>&#169;2005 The St. Paul Travelers Companies, Inc. All Right Reserved
</DIV>
</DIV>
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">




<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>ENDORSEMENT OR RIDER NO.<BR>
THIS ENDORSEMENT CHANGES THE POLICY. PLEASE READ IT CAREFULLY.</B></DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The following spaces preceded by an (*) need not be completed if this endorsement or rider and
the Bond or Policy have the same inception date.</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="10%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="50%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="30%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD align="center" valign="top" nowrap>Attached to and Forming Part
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">Date Endorsement or
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">* Effective Date</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top">of Bond or Policy No.
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">Rider Executed
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">of Endorsement or Rider</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top">490PB1822
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">03/03/08
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">02/14/08</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top">&nbsp;
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">12:01&nbsp;A.M. Standard Time as</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top">&nbsp;
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Specified in the Bond or Policy</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>



<DIV align="left">
<DIV style="font-size: 3pt; margin-top: 16pt; width: 18%; border-top: 1px solid #000000">&nbsp;</DIV>
</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96"></TD>
</TR>

<TR valign="top">
    <TD nowrap align="left">*</TD>
    <TD>&nbsp;</TD>
    <TD>ISSUED TO</TD>
</TR>

<TR valign="top">
    <TD colspan="3" align="left"><B>THE INDIA FUND, INC.</B></TD>
</TR>

</TABLE>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>Named Insured Endorsement</B></DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt">It is agreed that:</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">1.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>From and after the time this rider becomes effective the Insured under the attached bond are:</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>THE INDIA FUND, INC.C/O BLACKSTONE ASIA ADVISORS L.L.C., including any Officers or Employees of
the following entities, while providing services on behalf of THE INDIA FUND, INC. C/O
BLACKSTONE ASIA ADVISORS L.L.C.:</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-left: 6%; margin-top: 6pt">Investment Manager:<BR>
Country Adviser:<BR>Administrator:<Br>Transfer Agent:<Br>Custodian:<Br>Sub-Administrator:</DIV>

<DIV align="left" style="font-size: 10pt; margin-left: 50%; margin-top: -68pt">Blackstone Asia Advisors L.L.C.<BR>
Blackstone Fund Services India Private Limited<BR>
Blackstone Asia Advisors L.L.C.<BR>PFPC, Inc.<BR>Deutsche Bank AG<BR>PFPC, INC.</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">2.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The first named Insured shall act for itself and for each and all of the Insured for all the
purposes of the attached bond.</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">3.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Knowledge possessed or discovery made by any Insured or by any partner or officer thereof
shall for all the purposes of the attached bond constitute knowledge or discovery by all the
Insured.</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">4.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>If, prior to the termination of the attached bond in its entirety, the attached bond is
terminated as to any Insured, there shall be no liability for any loss sustained by such
Insured unless discovered before the time such termination as to such Insured becomes
effective.</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">5.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The liability of the Underwriter for loss or losses sustained by any or all of the Insured
shall not exceed the amount for which the Underwriter would be liable had all such loss or
losses been sustained by any one of the Insured. Payment by the Underwriter to the first named
Insured of loss sustained by any Insured shall fully release the Underwriter on account of
such loss.</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">6.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>If the first named Insured ceases for any reason to be covered under the attached bond, then
the Insured next named shall thereafter be considered as the first named Insured for all the
purposes of the attached bond.</TD>
</TR>

</TABLE>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Nothing herein contained shall be held to vary, alter, waive, or extend any of the terms,
conditions, provisions, agreements or limitations of the above mentioned Bond or Policy, other than
as above stated.
</DIV>


<TABLE width="100%" border="0" cellspacing="0" cellpadding="0" style="font-size: 10pt">
<TR>
    <TD width="48%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
</TR>
<TR>
    <TD valign="top" align="left">&nbsp;</TD>
    <TD colspan="3" align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD valign="top">By&nbsp;&nbsp;</TD>
    <TD colspan="2" style="border-bottom: 1px solid #000000" align="left">
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center">Authorized Representative&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
</TABLE>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">ICB010 Ed. 7-04<BR>&#169;2004 The St. Paul Travelers Companies, Inc. All Rights Reserved
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The following spaces preceded by an (*) need not be completed if this endorsement or rider and the
Bond or Policy have the same inception date.
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="10%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="50%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="30%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD align="center" valign="top" nowrap>Attached to and Forming Part
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">Date Endorsement or
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">* Effective Date</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top">of Bond or Policy No.
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">Rider Executed
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">of Endorsement or Rider</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top">490PB1822
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">03/03/08
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">02/14/08</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top">&nbsp;
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">12:01&nbsp;A.M. Standard Time as</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top">&nbsp;
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Specified in the Bond or Policy</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>



<DIV align="left">
<DIV style="font-size: 3pt; margin-top: 16pt; width: 18%; border-top: 1px solid #000000">&nbsp;</DIV>
</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96"></TD>
</TR>

<TR valign="top">
    <TD nowrap align="left">*</TD>
    <TD>&nbsp;</TD>
    <TD>ISSUED TO</TD>
</TR>


<TR valign="top">
    <TD colspan="3"><B>THE INDIA FUND, INC.</B></TD>
</TR>

</TABLE>



<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>AUTOMATIC COVERAGE FOR NEW INVESTMENT COMPANIES/INCREASE IN LIMITS<BR>
MEL2684 &#151; Ed. 3/05 &#151; For use with ICB005 &#151; Ed. 7/04</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt">It is agreed that:
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">1.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>General Agreement A., Additional Offices or Employees &#151; Consolidation or Merger &#151; Notice, is
amended to include the following paragraph:</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(3)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>If the Insured shall, while this bond is in force, establish any new Investment
Companies other than by consolidation or merger with, or purchase or acquisition of assets
or liabilities of, another institution, such Investment Companies shall automatically be
covered hereunder from the date of such establishment without the payment of additional
premium for the remainder of such premium period.</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">2.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Section&nbsp;10., Limit of Liability, is amended to include the following paragraph:</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>If the Insured shall, while this bond is in force, require an increase in limits to comply with
SEC Reg. 17g-1, due to an increase in asset size of current Investment Companies insured under
the bond or the addition of new Investment Companies, such increase in limits shall
automatically be covered hereunder from the date of such increase without the payment of
additional premium for the remainder of the premium period.</TD>
</TR>

</TABLE>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Nothing herein contained shall be held to vary, alter, waive, or extend any of the terms,
conditions, provisions, agreements or limitations of the above mentioned Bond or Policy, other than
as above stated.
</DIV>


<TABLE width="100%" border="0" cellspacing="0" cellpadding="0" style="font-size: 10pt">
<TR>
    <TD width="48%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
</TR>
<TR>
    <TD valign="top" align="left">&nbsp;</TD>
    <TD colspan="3" align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD valign="top">By&nbsp;&nbsp;</TD>
    <TD colspan="2" style="border-bottom: 1px solid #000000" align="left">
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center">Authorized Representative&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR>
    <TD colspan="2" align="left">&#169;&nbsp;2005 The St. Paul
Travelers Companies, Inc. All Rights Reserved</TD>
    <TD>&nbsp;</TD>
</TR>

</TABLE>

<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.2
<SEQUENCE>3
<FILENAME>y51493exv99w2.htm
<DESCRIPTION>EX-99.2: SECRETARY'S CERTIFICATE
<TEXT>
<HTML>
<HEAD>
<TITLE>EX-99.2</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
<!-- PAGEBREAK -->
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="right" style="font-size: 10pt; margin-top: 6pt"><B>Exhibit
99.2</B></DIV>


<TABLE width="100%" border="0" cellspacing="0" cellpadding="0" style="font-size: 10pt">
<TR>
    <TD width="48%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
</TR>

</TABLE>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>THE INDIA FUND, INC.</B></DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 6pt"><B>SECRETARY&#146;S CERTIFICATE</B></DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The undersigned, Dana Buono, Assistant Secretary of The India Fund, Inc. (the &#147;Fund&#148;), hereby
certifies that set forth below is a copy of the resolutions duly adopted by the Board of Directors
of the Fund on February&nbsp;19, 2008, and that said resolutions continue in full force and effect:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">RESOLVED, that it is the finding of the Directors at this Meeting
that the fidelity bond written by St. Paul Fire &#038; Marine Insurance
Co. (the &#147;Bond&#148;) maintained on behalf of the Fund including the
officers and employees of the Fund, and which provides coverage in
the amount of $2,000,000 in accordance with the requirements of
Rule&nbsp;17g-1 promulgated by the Securities and Exchange Commission
under Section&nbsp;17(g) of the Investment Company Act of 1940, as
amended (the &#147;1940 Act&#148;), is reasonable in form and amount, after
having given due consideration to, among other things, the value of
the aggregate assets of the Fund to which any person covered under
the Bond may have access, the type and terms of the arrangements
made for the custody and safekeeping of the Fund&#146;s assets and the
nature of those assets; and further &nbsp; &nbsp;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">RESOLVED, that the premium of $13,600 to be paid by the Fund under
the Bond be, and hereby is, ratified and approved by resolution of a
majority of the Board of Directors (all directors voting) and
separately by a majority of the Directors who are not &#147;interested
persons&#148; of the Fund within the meaning of the 1940 Act; and further
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">RESOLVED, that the Bond be, and hereby is, ratified and approved by
resolution of a majority of the Board of Directors (all Directors
voting) and separately by a majority of the Directors who are not
&#147;interested persons&#148; of the Fund within the meaning of the 1940 Act;
and further &nbsp; &nbsp;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">RESOLVED, that an appropriate officer of the Fund shall, to the
extent required, file the Bond with the Securities and Exchange
Commission and give notices required under paragraph&nbsp;(g) of
Rule&nbsp;17g-1 promulgated by the Securities and Exchange Commission
under the 1940 Act; and further &nbsp;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">RESOLVED, that the officers of the Fund, or any of them, are
authorized to make any and all payments and to do any and all other
acts, in the name of the Fund and on its behalf, as they, or any of
them, may determine to be necessary or desirable and proper in
connection with or in furtherance of the foregoing resolutions.
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="right" style="font-size: 10pt; margin-top: 6pt">2</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;IN WITNESS WHEREOF, I have hereunto signed my name this 17th day of March, 2008.
</DIV>

<TABLE width="100%" border="0" cellspacing="0" cellpadding="0" style="font-size: 10pt">
<TR>
    <TD width="48%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
</TR>
<TR>
    <TD valign="top" align="left">&nbsp;</TD>
    <TD colspan="3" align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD colspan="3" style="border-bottom: 1px solid #000000" align="left">                                                  /s/ Dana Buono
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD colspan="3" align="left">Dana Buono&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD colspan="3" align="left">Assistant Secretary&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

</TABLE>

<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

</BODY>
</HTML>
</TEXT>
</DOCUMENT>
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end
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-----END PRIVACY-ENHANCED MESSAGE-----
